Document:

Exhibit 10.6

 

Empower Ltd.

245 Park Avenue

38th Floor

New York, NY 10167

 

	Empower Sponsor Holdings LLC	August 21, 2020

245 Park Avenue

38th Floor

New York, NY 10167

 

	RE:	Securities Subscription Agreement

 

Gentlemen:

 

This agreement (this “Agreement”)
is entered into on August 21, 2020 by and between Empower Sponsor Holdings LLC, a Delaware limited liability company (the
“Subscriber” or “you”), and Empower Ltd., a Cayman Islands exempted company (the “Company”).
Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to subscribe for and purchase 7,187,500
Class B ordinary shares, $0.0001 par value per share (the “Shares”), up to 937,500 of which are subject to forfeiture
by you if the underwriters of the initial public offering (“IPO”) of units (“Units”) of the
Company do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company and the
Subscriber’s agreements regarding such Shares are as follows:

 

	 	1.	Subscription and Purchase of Securities.

 

1.1. Subscription
and Purchase of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving
in the form of a capital contribution, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby subscribes
for and purchases the Shares from the Company, 937,500 of which are subject to forfeiture, on the terms and subject to the conditions
set forth in this Agreement. All references in this Agreement to shares of the Company being forfeited shall take effect as surrenders
for no consideration of such shares as a matter of Cayman Islands law.

 

1.2. Surrender
of Class B Ordinary Share. Upon the issue of the Shares, the Subscriber hereby surrenders to the Company for no consideration
the one Class B ordinary share held by the Subscriber following the incorporation of the Company.

 

	 	2.	Representations, Warranties and Agreements.

 

2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1. No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Shares.

 

2.1.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the limited liability company agreement
of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute,
rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3. Formation,
Registration and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under
the laws of the State of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. Upon execution and delivery by you, this Agreement will be a legal, valid and binding agreement of Subscriber,
enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to
general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

     

     

    

 

2.1.4. Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares
for an indefinite period of time because the Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”) and therefore cannot be sold unless subsequently registered under the Securities Act or an
exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its investment in the
Company and has the capacity to protect its own interests. Subscriber must bear the economic risk of this investment until the
Shares are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an exemption from
registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares
and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other
representations or information in making its investment decision, whether written or oral, relating to the Company, its operations
and/or its prospects.

 

2.1.6. Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof in violation
of the registration requirements of the Securities Act. The Subscriber did not decide to enter into this Agreement as a result
of any general solicitation or general advertising within the meaning of Rule 502 of Regulation D under the Securities
Act.

 

2.1.7. Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries representing
the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge
or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration
under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its
Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required
to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber
agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may
not be available to the Subscriber for the resale of the Shares until one year following consummation of the initial business combination
of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual
transfer restrictions.

 

2.1.8. No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required or necessary
on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

    2

     

    

 

2.2. Company’s
Representations, Warranties and Agreements. To induce the Subscriber to subscribe for and purchase the Shares, the Company
hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1. Incorporation
and Power. The Company is a Cayman Islands exempted company and is qualified to do business in every jurisdiction in which
the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.2.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the memorandum and articles of association
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute,
rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration in the Company’s
register of members, the Shares will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with,
and payment pursuant to, the terms hereof, and registration in the Company’s register of members, the Subscriber will have
or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and other agreements to which the Shares may be subject, (b) transfer restrictions under federal and
state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4. No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this
Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief
in connection with any transactions.

 

3. Forfeiture of Shares.

 

3.1. Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the representative(s) of the
underwriters of the Company’s IPO is not exercised in full, the Subscriber acknowledges and agrees that it shall forfeit
any and all rights to such number of Shares (up to an aggregate of 2,250,000 Shares and pro rata based upon the percentage of the
Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial shareholders
prior to the IPO, if any) will own an aggregate number of Shares (not including (i) Class A ordinary shares of the Company,
$0.0001 par value per share (the “Class A Shares” and, together with the Shares, “Ordinary Shares”),
issuable upon exercise of any warrants, (ii) any securities purchased by Subscriber in the Company’s IPO or in the aftermarket
or (iii) the Shares issued to the Subscriber in respect of the forward purchase) equal to 20% of the issued and outstanding
Ordinary Shares immediately following the IPO.

 

3.2. Termination
of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the
Subscriber (or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall take such
action as is appropriate to cancel such Shares.

 

4. Waiver of Liquidation Distributions;
Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and
all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be
established for the benefit of the Company’s public shareholders and into which substantially all of the proceeds of the
IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s
failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases securities
in the IPO or in the aftermarket, any Class A Shares so purchased shall be eligible to receive any liquidating distributions
by the Company. However, in no event will the Subscriber have the right to redeem any Ordinary Shares into funds held in the Trust
Account upon the successful completion of an initial business combination.

 

    3

     

    

 

5. Restrictions on Transfer.

 

5.1. Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR
ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.2. Additional
Shares or Substituted Securities. In the event of the declaration of a share capitalization, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share sub-division, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5
and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number
and/or class of Shares subject to this Section 5 and Section 3.

 

5.3. Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6. Other Agreements.

 

6.1. Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and
delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or
such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1)
business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3. Entire
Agreement. This Agreement, together with that certain insider letter to be entered into between Subscriber and the Company
and the agreements to be entered into between the Company, the Subscriber and the anchor investors with respect to the forward
purchase, substantially in the forms to be filed as exhibits to the Registration Statement on Form S-1 associated with the
Company’s IPO, embody the entire agreement and understanding between the Subscriber and the Company with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect,
or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

    4

     

    

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5. Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of the State of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10. No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.11. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.12. No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

    5

     

    

 

6.13. Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15. Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

6.16. Mutual
Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting and Tender of
Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates and submits
for approval to the Company’s shareholders and shall not seek redemption or repurchase with respect to such Shares. Additionally,
the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s shareholders
in connection with an initial business combination negotiated by the Company

 

[Signature Page Follows]

 

    6

     

    

 

If the foregoing accurately sets forth our understanding and
agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	Empower Ltd.
	 	 	 
	 	By:	/s/
    Andrew Spring
	 	 	Name:
     Andrew Spring
	 	 	Title:
     Chief Financial Officer

 

Accepted and agreed as of the date first written above.

 

	Empower Sponsor Holdings LLC 	 
	 	 
	By:	/s/
    Andrew Spring	 
	 	Name:  Andrew
    Spring	 
	 	Title:  Chief Financial
    Officer	 

 

[Signature Page to Securities Subscription Agreement]Exhibit 10.5

 

EXECUTION VERSION

 

 

 

CREDIT AGREEMENT

 

Dated as of January 2, 2014

 

among

 

GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP,

as Borrower,

 

GROSVENOR HOLDINGS, L.L.C.,

as Holdings I,

 

GROSVENOR HOLDINGS II, L.L.C.,

as Holdings II,

 

GCMH GP, L.L.C.,

 

GCM, L.L.C.,

 

The Several Lenders

from Time to Time Parties Hereto,

 

GOLDMAN SACHS BANK USA,

as Administrative Agent, Collateral Agent and Swingline Lender

 

BMO HARRIS BANK N.A.

as Letter of Credit Issuer

 

BANK OF MONTREAL, CHICAGO BRANCH

as Letter of Credit Issuer

 

 

 

CREDIT SUISSE SECURITIES (USA) LLC, GOLDMAN SACHS BANK USA, BMO

CAPITAL MARKETS CORP. AND J.P. MORGAN SECURITIES LLC,

as Joint Lead Arrangers and Joint Bookrunners,

 

CREDIT SUISSE AG,

as Syndication Agent and

 

BMO HARRIS BANK N.A. AND JPMORGAN CHASE BANK,
N.A.,

as Co-Documentation Agents

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	SECTION 1. 	Definitions	2
	1.1	Defined Terms	2
	1.2	Other Interpretive
    Provisions	77
	1.3	Accounting Terms	78
	1.4	Rounding	78
	1.5	References to Agreements,
    Laws, etc	78
	1.6	Times of Day	79
	1.7	Timing of Payment or
    Performance	79
	1.8	Letter of Credit Amounts	79
	1.9	Currency Equivalents
    Generally	79
	1.10	Pro Forma Basis	80
	1.11	Classification of Loans
    and Borrowings	80
	 	 	 
	SECTION 2.	Amount and Terms of
    Credit Facilities	80
	2.1	Loans	80
	2.2	Minimum Amount of Each
    Borrowing; Maximum Number of Borrowings	82
	2.3	Notice of Borrowing	83
	2.4	Disbursement of Funds	84
	2.5	Repayment of Loans;
    Evidence of Debt	86
	2.6	Conversions and Continuations	88
	2.7	Pro Rata Borrowings	89
	2.8	Interest	89
	2.9	Interest Periods	90
	2.10	Increased Costs, Illegality,
    Etc	91
	2.11
    	Compensation	93
	2.12	Change of Lending Office	94
	2.13	Notice of Certain Costs	94
	2.14	Incremental Facilities	94
	2.15	Extensions of Term
    Loans, Revolving Credit Loans and Revolving Credit Commitments and Additional/Replacement Revolving Credit Loans and Additional/Replacement
    Revolving Credit Commitments	99
	2.16	Defaulting Lenders	103
	 	 	 
	SECTION 3.	Letters of Credit	106
	3.1	Issuance of Letters
    of Credit	106
	3.2	Letter of Credit Requests	107
	3.3	Letter of Credit Participations	109
	3.4	Agreement to Repay
    Letter of Credit Drawings	111
	3.5	Increased Costs	114
	3.6	New or Successor Letter
    of Credit Issuer	114
	3.7	Role of Letter of Credit
    Issuer	115
	3.8	Cash Collateral	116
	3.9	Conflict with Issuer
    Documents	117
	3.10	Letters of Credit Issued
    for Restricted Subsidiaries	117
	3.11	Existing Letters of
    Credit	117
	3.12	Applicability of ISP
    and UCP	117

 

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	SECTION 4.	Fees; Commitment Reductions and Terminations.	118
	4.1	Fees	118
	4.2	Voluntary Reduction of Commitments	119
	4.3	Mandatory Termination of Commitments	120
	 	 	 
	SECTION 5.	Payments	121
	5.1	Voluntary Prepayments	121
	5.2	Mandatory Prepayments	122
	5.3	Method and Place of Payment	127
	5.4	Net Payments	128
	5.5	Computations of Interest and Fees	132
	5.6	Limit on Rate of Interest	132
	 	 	 
	SECTION 6.	Conditions Precedent to Closing Date	133
	6.1	No Company Material Adverse Effect	133
	6.2	Credit Documents	133
	6.3	Acquisition Consummated	134
	6.4	Financial Statements	134
	6.5	Collateral	134
	6.6	Legal Opinions	135
	6.7	Closing Date Certificates	135
	6.8	Corporate Proceedings	135
	6.9	Corporate Documents	136
	6.10	Fees and Expenses	136
	6.11	Solvency Certificate	136
	6.12	Refinancing	136
	6.13	Insurance Certificates	136
	6.14	PATRIOT ACT	136
	 	 	 
	SECTION 7.	Additional Conditions Precedent	137
	7.1	No Default; Representations and Warranties	137
	7.2	Notice of Borrowing; Letter of Credit Request	137
	 	 	 
	SECTION 8.	Representations, Warranties and Agreements	138
	8.1	Corporate Status	138
	8.2	Corporate Power and Authority; Enforceability	138
	8.3	No Violation	139
	8.4	Litigation	139
	8.5	Margin Regulations	139
	8.6	Governmental Approvals	139
	8.7	Investment Company Act	139
	8.8	True and Complete Disclosure	140

 

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	8.9	Financial Condition; Financial Statements	140
	8.10	Tax Returns and Payments, etc	140
	8.11	Compliance with ERISA	141
	8.12	Subsidiaries	141
	8.13	Intellectual Property	142
	8.14	Environmental Laws	142
	8.15	Properties, Assets and Rights	142
	8.16	Compliance With Laws	143
	8.17	Solvency	143
	8.18	Employee Matters	143
	8.19	Anti-Terrorism Laws, Etc	143
	8.20	No Default	143
	8.21	Security Documents	144
	8.22	OFAC	145
	8.23	Insurance	145
	8.24	Use of Proceeds	145
	 	 	 
	SECTION 9.	Affirmative Covenants	145
	9.1	Information Covenants	145
	9.2	Books, Records and Inspections	149
	9.3	Maintenance of Ratings	149
	9.4	Maintenance of Insurance	149
	9.5	Payment of Taxes	150
	9.6	Consolidated Corporate Franchises	150
	9.7	Compliance with Statutes	150
	9.8	ERISA	151
	9.9	Good Repair	151
	9.10	Transactions with Affiliates	151
	9.11	End of Fiscal Years; Fiscal Quarters	153
	9.12	Additional Guarantors, Grantors and GP Obligors	154
	9.13	Pledges of Additional Stock and Evidence of Indebtedness	154
	9.14	Changes in Business	155
	9.15	Further Assurances	155
	9.16	Use of Proceeds	156
	9.17	Designation of Subsidiaries	157
	9.18	Post-Closing Covenant	157
	 	 	 
	SECTION 10.	Negative Covenants	157
	10.1	Limitation on Indebtedness	157
	10.2	Limitation on Liens	164
	10.3	Limitation on Fundamental Changes	168
	10.4	Limitation on Sale of Assets	170
	10.5	Limitation on Investments	172
	10.6	Limitation on Dividends	176
	10.7	Limitations on Debt Payments and Amendments	180
	10.8	Limitations on Sale Leasebacks	180
	10.9	Financial Covenant	181
	10.10	Permitted Activities of the Parent GPs	181
	10.11	Amendments or Waivers of Organizational Documents	181
	10.12	Burdensome Agreements	182

 

    iii

     

    

 

	SECTION 11.	Events of Default	183
	11.1	Payments	183
	11.2	Representations, etc	183
	11.3	Covenants	183
	11.4	Default Under Other Agreements	184
	11.5	Bankruptcy, etc	184
	11.6	ERISA	185
	11.7	Guarantee	185
	11.8	Security Documents	185
	11.9	Judgments	185
	11.10	Change of Control	186
	11.11	Borrower’s Right to Cure	186
	 	 	 
	SECTION 12.	The Administrative Agent and the Collateral Agent	188
	12.1	Appointment	188
	12.2	Delegation of Duties	188
	12.3	Exculpatory Provisions	189
	12.4	Reliance by Administrative Agent	190
	12.5	Notice of Default	190
	12.6	Non-Reliance on Administrative Agent and Other Lenders	191
	12.7	Indemnification	191
	12.8	Successor Agent	192
	12.9	Withholding Tax	193
	12.10	Rights as a Lender	193
	12.11	No Other Duties, Etc	193
	12.12	Administrative Agent May File Proofs of Claim	193
	12.13	Secured Cash Management Agreements and Secured Hedge Agreements	194
	12.14	Intercreditor Agreements	194
	 	 	 
	SECTION 13.	Miscellaneous	195
	13.1	Amendments and Waivers	195
	13.2	Notices	198
	13.3	No Waiver; Cumulative Remedies	199
	13.4	Survival of Representations and Warranties	200
	13.5	Payment of Expenses and Taxes; Indemnification	200
	13.6	Successors and Assigns; Participations and Assignments	202
	13.7	Replacements of Lenders under Certain Circumstances	212
	13.8	Adjustments; Set-off	213
	13.9	Counterparts	214
	13.10	Severability	214
	13.11	Integration	214
	13.12	GOVERNING LAW	214
	13.13	Submission to Jurisdiction; Waivers	215
	13.14	No Advisory or Fiduciary Responsibility	215
	13.15	WAIVERS OF JURY TRIAL	216
	13.16	Confidentiality	216
	13.17	USA PATRIOT Act	217
	13.18	Legend	217
	13.19	Release of Collateral and Guarantee Obligations; Subordination of Liens	217

 

    iv

     

    

 

SCHEDULES

 

	Schedule 1.1(a)	Commitments of Lenders
	Schedule 1.1(b)	Existing Letters of Credit
	Schedule 8.9	Potential Non-Cash Adjustments
	Schedule 8.12	Subsidiaries
	Schedule 8.15	Owned Real Property
	Schedule 8.21	UCC Filing Offices
	Schedule 9.10	Affiliate Transactions
	Schedule 9.18	Post-Closing Obligations
	Schedule 10.1	Indebtedness
	Schedule 10.2	Liens
	Schedule 10.5	Investments
	Schedule 10.12	Burdensome Agreements
	Schedule 13.2	Addresses for Notices

 

EXHIBITS

 

	Exhibit A	Form of Guarantee
	Exhibit B	Form of Security Agreement
	Exhibit C	Form of Pledge Agreement
	Exhibit D-1	Form of GP Undertaking
	Exhibit D-2	Form of Parent GP Undertaking
	Exhibit E	Form of Notice of Borrowing
	Exhibit F	Form of Letter of Credit Request
	Exhibit G	Form of Closing Date Certificate
	Exhibit H-1	Form of Legal Opinion of Simpson Thacher & Bartlett LLP
	Exhibit H-2	Form of Legal Opinion of Sidley Austin LLP
	Exhibit I-1	Form of Promissory Note (Term Loans)
	Exhibit I-2	Form of Promissory Note (Incremental Term Loans)
	Exhibit I-3	Form of Promissory Note (Revolving Credit and Swingline Loans)
	Exhibit I-4	Form of Promissory Note (Additional/Replacement Revolving Credit and Swingline Loans)
	Exhibit J-1	Form of Senior Priority Lien Intercreditor Agreement
	Exhibit J-2	Form of Junior Priority Lien Intercreditor Agreement
	Exhibit K	Form of Assignment and Acceptance
	Exhibit L	Form of Affiliated Lender Assignment and Acceptance
	Exhibit M	Form of Solvency Certificate
	Exhibit N	Form of Tax Compliance Certificate
	Exhibit O	Form of Intercompany Note
	Exhibit P	Form of Mortgage
	Exhibit Q	Form of Perfection Certificate

 

    v

     

    

 

CREDIT
AGREEMENT, dated as of January 2, 2014, among GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP, an Illinois limited liability
limited partnership (the “Borrower”), GROSVENOR HOLDINGS, L.L.C., an Illinois limited liability company
(“Holdings I”), GROSVENOR HOLDINGS II, L.L.C., a Delaware limited liability company (“Holdings
II”), GCMH GP, L.L.C., a Delaware limited liability company (“GCMH GP”), GCM, L.L.C.,
a Delaware limited liability company (“GCM LLC”), the banks, financial institutions and other investors from time
to time parties hereto as lenders (each a “Lender” and, collectively, the “Lenders”; each
as hereinafter further defined), GOLDMAN SACHS BANK USA, as Administrative Agent, Collateral Agent and Swingline Lender,
BMO HARRIS BANK N.A., as a Letter of Credit Issuer and BANK OF MONTREAL, CHICAGO BRANCH, as a Letter of Credit Issuer
with respect to the Existing Letters of Credit.

 

RECITALS:

 

WHEREAS, capitalized terms used in these
Recitals and the preamble to this Agreement shall have the respective meanings set forth for such terms in Section 1.1 hereof;

 

WHEREAS, pursuant to and in accordance
with the Purchase Agreement, the Borrower intends to directly or indirectly acquire (the “Acquisition”) all
of the Capital Stock of CFIG Newco from Credit Suisse Private Equity Advisers and certain related assets from CSAM.

 

WHEREAS, the Borrower, Holdings I, GCMH
GP, GCM LLC, certain subsidiaries of the Borrower, the lending institutions party thereto (the “Original Lenders”)
and Goldman Sachs Credit Partners L.P., as administrative agent and collateral agent, are parties to that certain Credit and Guaranty
Agreement, dated as of December 5, 2006 (as heretofore amended, supplemented or otherwise modified from time to time, the “Original
Credit Agreement”), pursuant to which the Original Lenders extended or committed to extend certain credit facilities
to the Borrower;

 

WHEREAS, the
Borrower has requested that, immediately upon the satisfaction in full of the applicable conditions precedent set forth in
Section 6 below, the Lenders and Letter of Credit Issuers extend a total of $510,000,000 of credit to the Borrower in the
form of (i) $460,000,000 in aggregate principal amount of term loans to be borrowed on the Closing Date (such facility, the
“Initial Term Loan Facility”) and (ii) $50,000,000 in aggregate principal amount of Revolving Credit
Commitments (such facility, the “Revolving Credit Facility”);

 

WHEREAS, the Borrower intends to use a
portion of the proceeds of the initial Borrowings under the Credit Facilities to repay existing indebtedness under the Original
Credit Agreement in an aggregate principal amount of approximately $232,560,624 and all other existing third party Indebtedness
for borrowed money of the Borrower, the Company and their respective Subsidiaries (other than the Closing Date Indebtedness), at
which time all existing commitments, security interests and guarantees in respect of the Original Credit Agreement and all other
relevant documents and all obligations thereunder will be terminated, released and discharged in full (other than contingent obligations,
which by their terms survive such termination) (the “Refinancing Transaction”);

 

    1

     

    

 

WHEREAS, in connection with the foregoing
and as an inducement for the Lenders and the Letter of Credit Issuers to extend the credit contemplated hereunder, the Borrower
has agreed to secure all of its Obligations by granting to the Collateral Agent, for the benefit of the Secured Parties, a first
priority Lien on substantially all of its assets (except for Liens permitted pursuant to Section 10.2), including a pledge of all
of the Capital Stock (other than Excluded Capital Stock) of each of its Subsidiaries; and

 

WHEREAS, in connection with the foregoing
and as an inducement for the Lenders and Letter of Credit Issuers to extend the credit contemplated hereunder, (a) the Guarantors
have agreed to guarantee the Obligations and to secure their respective guarantees by granting to the Collateral Agent, for the
benefit of the Secured Parties, a first priority Lien on their respective assets (except for Liens permitted pursuant to Section
10.2), including a pledge of all of the Capital Stock (other than Excluded Capital Stock) of each of their respective Subsidiaries,
and (b) Holdings and the GP Obligors have agreed to grant to the Collateral Agent, for the benefit of the Secured Parties, a first
priority Lien on certain other Collateral.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the
premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

SECTION 1. Definitions

 

1.1 Defined
Terms. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context
otherwise requires:

 

“ABR” shall mean, for any day,
a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate in effect on such day plus 1/2
of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its
“prime rate”, (c) the Eurodollar Rate for such day plus 1.00% and (d) solely with respect to the Initial Term Loans,
2.00%. The “prime rate” is a rate set by the Administrative Agent based upon various factors including the Administrative
Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above or below such announced rate. If the Administrative Agent shall have determined (which
determination should be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate due to
its inability to obtain sufficient quotations in accordance with the terms of the definition thereof, after notice is provided
to the Borrower, the ABR shall be determined without regard to clause (a) of the preceding sentence until the circumstances giving
rise to such inability no longer exist. Any change in the ABR due to a change in the “prime rate”, the Federal Funds
Effective Rate or the Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the
“prime rate”, the Federal Funds Effective Rate or the Eurodollar Rate, respectively.

 

“ABR Loan” shall mean each
Loan bearing interest at a rate determined by reference to the ABR and, in any event, shall include all Swingline Loans.

 

“Acceptable
Reinvestment Commitment” shall mean a binding commitment of the Borrower or any Restricted Subsidiary entered into
at any time prior to the end of the Reinvestment Period to reinvest the proceeds of an Asset Sale Prepayment Event or
Recovery Prepayment Event.

 

    2

     

    

 

“Account Control Agreements”
shall have the meaning assigned to such term in the Security Agreement.

 

“Acquired EBITDA” shall mean,
with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any period, the amount for such period
of Consolidated EBITDA of such Pro Forma Entity (determined as if references to the Borrower and the Restricted Subsidiaries in
the definition of the term “Consolidated EBITDA” were references to such Pro Forma Entity and its subsidiaries that
will become Restricted Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity in accordance with GAAP,
and adjusted by any applicable Pro Forma Adjustment.

 

“Acquired Entity or Business”
shall have the meaning provided in the definition of the term “Consolidated EBITDA”.

 

“Additional Lender” shall have the meaning
provided in Section 2.14(d).

 

“acquired Person” shall have the meaning provided in Section 10.1(k).

 

“Acquisition” shall have the meaning
assigned to such term in the recitals to this

Agreement.

 

“Additional/Replacement Revolving Credit Commitment” shall have the meaning provided in Section 2.14(a).

 

“Additional/Replacement Revolving Credit Facility” shall mean each Class of Additional/Replacement Revolving Credit Commitments made pursuant to Section 2.14(a).

 

“Additional/Replacement Revolving Credit Lender” shall mean, at any time, any Lender that has an Additional/Replacement Revolving Credit Commitment.

 

“Additional/Replacement Revolving Credit
Loans” shall mean any Loan made to the Borrower under a Class of Additional/Replacement Revolving Credit Commitments.

 

“Adjusted Total Additional/Replacement
Revolving Credit Commitment” shall mean, at any time, with respect to any Class of Additional/Replacement Revolving Credit
Commitments, the Total Additional/Replacement Revolving Credit Commitment for such Class less the aggregate Additional/Replacement
Revolving Credit Commitments of all Defaulting Lenders in such Class.

 

“Adjusted Total Extended Revolving Credit
Commitment” shall mean, at any time, with respect to any Class of Extended Revolving Credit Commitments, the Total Extended
Revolving Credit Commitment for such Class less the aggregate Extended Revolving Credit Commitments of all Defaulting Lenders
in such Class.

 

    3

     

    

 

“Adjusted Total Revolving Credit Commitment”
shall mean, at any time, with respect to the Revolving Credit Facility, the Total Revolving Credit Commitment less the aggregate
Revolving Credit Commitments of all Defaulting Lenders.

 

“Administrative Agent” shall
mean Goldman Sachs or any successor to Goldman Sachs appointed in accordance with the provisions of Section 12.8, together with
any of its Affiliates as it shall so designate, as the administrative agent for the Lenders under this Agreement and the other
Credit Documents.

 

“Administrative Agent’s Office”
shall mean the address and, as appropriate, account of the Administrative Agent set forth on Schedule 13.2 or such other address
or account as the Administrative Agent may hereafter designate in writing as such to the other parties hereto.

 

“Affiliate” shall mean, with
respect to any Person, another Person that directly or indirectly, through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified; provided that no Grosvenor Fund shall be deemed to be an Affiliate
of the Borrower or its Subsidiaries. The term “Control” shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting
power, by contract or otherwise. The terms “Controlling” and “Controlled” shall have meanings
correlative thereto.

 

“Affiliated Lender” shall mean a Non-Debt
Fund Affiliate or a Debt Fund Affiliate.

 

“Affiliated Lender Assignment and Acceptance”
shall have the meaning provided in Section 13.6(g)(i)(C).

 

“Affiliated Lender Register” shall have
the meaning provided in Section 13.6(j).

 

“Agent Parties” shall have the meaning
provided in Section 13.2(d).

 

“Agents” shall mean each of (i) the
Administrative Agent and (ii) the Collateral Agent.

 

“Agreement” shall mean this Credit Agreement.

 

“Anti-Terrorism Laws” shall have the
meaning provided in Section 8.19.

 

“Applicable Laws” shall mean,
as to any Person, any international, foreign, federal, state and local law (including common law), statute, regulation, ordinance,
treaty, rule, order, code, regulation, decree, guideline, judgment, consent decree, writ, injunction, settlement agreement or governmental
requirement enacted, promulgated or imposed or entered into or agreed by any Governmental Authority, in each case applicable to
or binding on such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

 

    4

     

    

 

“Applicable
Margin” shall mean a percentage per annum equal to (a) with respect to the Initial Term Loans, (i) for Eurodollar
Loans, 2.75% and (ii) for ABR Loans, 1.75% and (b) with respect to Revolving Credit Loans and Swingline Loans (it being
understood that all Swingline Loans shall be ABR Loans), (i) from the Closing Date until the first Business Day that
immediately follows the Initial Financial Statement Delivery Date, (A) for Eurodollar Loans, 2.75% and (B) for ABR Loans,
1.75% and (ii) thereafter, as set forth on the grid below, as determined by reference to the First Lien Secured Leverage
Ratio, as set forth in the most recent officer’s certificate received by the Administrative Agent pursuant to Section
9.1(d):

 

	Pricing Level	 	First Lien Secured
    Leverage Ratio	 	Applicable
 Margin for
 Revolving
 Credit Loans
 that are
 Eurodollar
 Loans	 	 	Applicable Margin for
 Revolving Credit
 Loans that are ABR Loans
 and Swingline Loans	 
	1	 	Greater than 2.25:1.00	 	 	2.75	%	 	 	1.75	%
	2	 	Less than or equal to 2.25:1.00 but greater than 1.75:1.00	 	 	2.50	%	 	 	1.50	%
	3	 	Less than or equal to 1.75:1.00	 	 	2.25	%	 	 	1.25	%

 

Any increase
or decrease in the Applicable Margin for Revolving Credit Loans or Swingline Loans resulting from a change in the First Lien
Secured Leverage Ratio shall become effective as of the first Business Day immediately following the date Section 9.1
Financials and the related officer’s certificate are delivered to the Administrative Agent pursuant to Section 9.1(a)
or 9.1(b) and Section 9.1(d), respectively; provided that at the option of the Required Revolving Class Lenders, the
highest pricing level (as set forth in the table above) shall apply (a) as of the first Business Day after the date on which
Section 9.1 Financials were required to have been delivered but have not been delivered pursuant to Section 9.1 and shall
continue to so apply to and including the date on which such Section 9.1 Financials are so delivered (and thereafter the
pricing level otherwise determined in accordance with this definition shall apply) and (b) as of the first Business Day after
an Event of Default under Section 11.1 or Section 11.5 shall have occurred and be continuing and the Administrative Agent has
notified the Borrower that the highest pricing level applies, and shall continue to so apply to but excluding the date on
which such Event of Default shall cease to be continuing (and thereafter the pricing level otherwise determined in accordance
with this definition shall apply).

 

In the event
that the Administrative Agent and the Borrower determine that any Section 9.1 Financials previously delivered were incorrect
or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and
such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an
“Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (a) the Borrower
shall as soon as practicable deliver to the Administrative Agent the correct Section 9.1 Financials for such Applicable
Period, (b) the Applicable Margin shall be determined as if the pricing level for such higher Applicable Margin were
applicable for such Applicable Period, and (c) the Borrower shall within 10 Business Days of demand thereof by the
Administrative Agent pay to the Administrative Agent the accrued additional interest owing as a result of such increased
Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in
accordance with this Agreement. This paragraph shall not limit the rights of the Administrative Agent and Lenders with
respect to Section 2.8(c) and Section 11.

 

    5

     

    

 

“Applicable Period”
shall have the meaning provided in the definition of the term “Applicable Margin”.

 

“Applicable Reserve Requirement”
shall mean, at any time, for any Eurodollar Loan, the maximum rate (expressed as a decimal, carried out to five decimal places)
at which reserves (including any basic, marginal, special, supplemental, emergency or other reserves) are required to be maintained
by member banks of the United States Federal Reserve System with respect to “Eurocurrency liabilities” (as such term
is defined in Regulation D) under regulations issued from time to time by the Board or other applicable banking regulator, whether
or not applicable to any Lender. Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect
any other reserves required to be maintained by such member banks with respect to (a) any category of liabilities that includes
deposits by reference to which the applicable Eurodollar Rate or any other interest rate for a Loan is to be determined or (b)
any category of extensions of credit or other assets that includes Eurodollar Loans. A Eurodollar Loan shall be deemed to constitute
Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without the benefit of credits for proration,
exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on Eurodollar Loans
shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

 

“Approved Fund”
shall mean any Person (other than a natural person) that is a bona fide debt fund that is primarily engaged in, or advises funds
or other investment vehicles that are engaged in, making, purchasing, holding or investing in commercial loans, bonds and similar
extensions of credit or securities in the ordinary course of business and that is administered, advised or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Asset Sale Prepayment Event”
shall mean any Disposition (or series of related Dispositions) of any business unit, asset or property of the Borrower or any Restricted
Subsidiary (including any Disposition of any Capital Stock of any Subsidiary of the Borrower owned by the Borrower or any Restricted
Subsidiary); provided, that the term “Asset Sale Prepayment Event” shall not include (a) any Recovery Event,
(b) any Disposition (or series of related Dispositions) permitted under clauses (a), (b), (d)(i), (e), (f), (h), (l), (m) or (o)
of Section 10.4 or (c) any redemptions of investments in Grosvenor Funds.

 

“Assignment and Acceptance”
shall mean an assignment and acceptance entered into by a Lender and an Eligible Assignee (with the consent of any party whose
consent is required by Section 13.6) substantially in the form of Exhibit K.

 

    6

     

    

 

“Authorized Officer”
shall mean the Chairman of the Board, the Vice Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer,
the Chief Operating Officer, the General Counsel and any other authorized officer or other authorized person acting in a similar
capacity of the relevant Person, with respect to limited liability companies or partnerships that do not have officers, any manager,
managing member or general partner thereof, any other senior officer or authorized officer or other authorized person acting in
a similar capacity of Holdings, the Borrower or any other Credit Party designated as such in writing to the Administrative Agent
by Holdings, the Borrower or any other Credit Party, as applicable, and, with respect to any document (other than the solvency
certificate) delivered on the Closing Date, the Secretary or the Assistant Secretary of any Credit Party. Any document delivered
hereunder that is signed by an Authorized Officer shall be conclusively presumed to have been authorized by all necessary corporate,
limited liability company, partnership and/or other action on the part of Holdings, the Borrower or any other Credit Party and
such Authorized Officer shall be conclusively presumed to have acted on behalf of such Person.

 

“Auto-Extension
Letter of Credit” shall have the meaning provided in Section 3.2(e).

 

“Available Amount”
shall mean, at any time (the “Available Amount Reference Time”), an amount equal at such time to (a) the sum
(which shall not be less than zero) of, without duplication:

 

(i) $20,000,000
(the “Starter Basket”);

 

(ii) with
respect to each fiscal quarter (beginning with the fiscal quarter ended March 31, 2014), the amount (which amount shall not be
less than zero) of Excess Cash Flow for such fiscal quarter that is not required to be offered to prepay Term Loans pursuant to
Section 5.2(a)(ii) (without giving effect to Section 5.2(h));

 

(iii) to
the extent not already included in the calculation of Consolidated Net Income, the aggregate amount of all returns, profits, distributions
and similar amounts (in each case, to the extent received in cash or cash equivalents) received by the Borrower or any Restricted
Subsidiary from any Investment (which amounts shall not exceed the amount (when combined with any amount set forth in clause (v)
below) of such Investment (valued at the Fair Market Value of such Investment at the time such Investment was made)) to the extent
such Investment was made by using the Available Amount during the period from and including the Business Day immediately following
the Closing Date through and including the Available Amount Reference Time (other than the portion of any such dividends and other
distributions that is used by the Borrower or any Restricted Subsidiary to pay taxes);

 

(iv) to the
extent not already included in the calculation of Consolidated Net Income, the Net Cash Proceeds of any public or private
issuance of Capital Stock by the Borrower or any Parent Entity of the Borrower made during the period from and including the
Business Day immediately following the Closing Date through and including the Available Amount Reference Time (other than
Cure Amounts and proceeds from the issuance of Disqualified Capital Stock) to the extent such Net Cash Proceeds are received
by or contributed to the Borrower;

 

    7

     

    

 

(v) to
the extent not already included in the calculation of Consolidated Net Income or applied to prepay the Term Loans in accordance
with Section 5.2(a)(i) or to prepay or redeem any secured Permitted Additional Debt, the aggregate amount of all Net Cash Proceeds
received by the Borrower or any Restricted Subsidiary in connection with the Disposition of its ownership interest in any Investment
to any Person (other than to the Borrower or a Restricted Subsidiary) to the extent such Investment was made by using the Available
Amount during the period from and including the Business Day immediately following the Closing Date through and including the Available
Amount Reference Time (which amount shall not exceed the amount (when combined with any amount set forth in clause (iii) above)
of such Investment (valued at the Fair Market Value of such Investment at the time such Investment was made));

 

(vi) the
amount of any Investment of the Borrower or any of its Restricted Subsidiaries in any Unrestricted Subsidiary that has been re-designated
as a Restricted Subsidiary pursuant to Section 9.17 or that has been merged, amalgamated or consolidated with or into the Borrower
or any of its Restricted Subsidiaries pursuant to Section 10.3, in each case following the Closing Date and at or prior to the
Available Amount Reference Time, in each case, such amount not to exceed the lesser of (x) the Fair Market Value (as determined
in good faith by the Borrower) of the Investments of the Borrower and its Restricted Subsidiaries in such Unrestricted Subsidiary
at the time of such re-designation or merger or consolidation and (y) the Fair Market Value of the amount originally invested from
the Available Amount by the Borrower and its Restricted Subsidiaries in such Unrestricted Subsidiary;

 

(vii) capital
contributions to the Borrower made in cash, cash equivalents or other property (measured at the Fair Market Value thereof) during
the period from and including the Business Day immediately following the Closing Date through and including the Available Amount
Reference Time (other than Cure Amounts and proceeds from the issuance of Disqualified Capital Stock); and

 

(viii) to
the extent not already included in the calculation of Consolidated Net Income, the Net Cash Proceeds received by the Borrower from
the issuance of Disqualified Capital Stock or Permitted Additional Debt during the period from and including the Business Day immediately
following the Closing Date through and including the Available Amount Reference Time to the extent exchanged or converted into
Qualified Capital Stock of the Borrower;

 

minus (b) the sum of, without duplication and without
taking into account the proposed portion of the amount calculated above to be used at the applicable Available Amount Reference
Time:

 

(i) the aggregate amount of any Investments made by
the Borrower or any Restricted Subsidiary using the amounts set forth in Section 10.5(j)(iii)(B)(2), 10.5(k)(ii) or
10.5(z)(B) after the Closing Date and on or prior to the Available Amount Reference Time;

 

    8

     

    

 

(ii) the
aggregate amount of Dividends made by the Borrower using the amounts set forth in clause (ii) of Section 10.6(h) after the Closing
Date and on or prior to the Available Amount Reference Time; and

 

(iii) the
aggregate amount expended of prepayments, repurchases, redemptions and defeasances made by the Borrower or any Restricted Subsidiary
using the amounts set forth in clause (iii)(B) of the proviso to Section 10.7(a) after the Closing Date and on or prior to the
Available Amount Reference Time.

 

“Available Amount Reference
Time” shall have the meaning provided in the definition of the term “Available Amount”.

 

“Available Revolving Credit
Commitment” shall mean an amount equal to the excess, if any, of (a) the amount of the Total Revolving Credit Commitment
over (b) the sum of (i) the aggregate principal amount of all Revolving Credit Loans (excluding Swingline Loans) then outstanding
and (ii) the aggregate Letter of Credit Obligations at such time.

 

“Bankruptcy Code”
shall mean the provisions of Title 11 of the United States Code, 11 USC §§ 191 et seq., as amended, or any similar federal
or state law for the relief of debtors.

 

“Beneficial Owner”
shall mean, in the case of a Lender (including the Swingline Lender and the Letter of Credit Issuer), the beneficial owner of any
amounts payable under any Credit Document for U.S. federal withholding tax purposes.

 

“Benefited Lender” shall have the
meaning provided in Section 13.8(a).

 

“BMO” shall mean BMO Harris Bank N.A.

 

“Board” shall mean
the Board of Governors of the Federal Reserve System of the United States (or any successor).

 

“Board of Directors”
shall mean, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in the
case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the Board of
Directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.

 

“Borrower” shall have the meaning
provided in the preamble to this Agreement.

 

“Borrower Materials” shall have the meaning provided in Section
9.1(j).

 

    9

     

    

 

“Borrowing”
shall mean and include (a) the incurrence of Swingline Loans from the Swingline Lender on a given date (or swingline loans
under any Extended Revolving Credit Commitments from any swingline lender thereunder on a given date), (b) the incurrence of
one Type of Initial Term Loan on the Closing Date (or resulting from conversions on a given date after the Closing Date)
having, in the case of Eurodollar Loans, the same Interest Period (provided that ABR Loans incurred pursuant to
Section 2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans), (c) the incurrence of one Type and
Class of Incremental Term Loan on an Incremental Facility Closing Date (or resulting from conversions on a given date after
the applicable Incremental Facility Closing Date) having, in the case of Eurodollar Loans, the same Interest Period (provided
that ABR Loans incurred pursuant to Section 2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans),
(d) the incurrence of one Type of Revolving Credit Loan on a given date (or resulting from conversions on a given date)
having, in the case of Eurodollar Loans, the same Interest Period (provided that ABR Loans incurred pursuant to
Section 2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans), (e) the incurrence of one Type and
Class of Additional/Replacement Revolving Credit Loan on a given date (or resulting from conversions on a given date) having,
in the case of Eurodollar Loans, the same Interest Period (provided that ABR Loans incurred pursuant to Section
2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans) and (f) the incurrence of one Type of Extended
Revolving Credit Loan of a specified Class on a given date (or resulting from conversions on a given date) having, in the
case of Eurodollar Loans, the same Interest Period (provided that ABR Loans incurred pursuant to Section 2.10(b) shall
be considered part of any related Borrowing of Eurodollar Loans).

 

“Business Day” shall
mean any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or
are in fact closed in, the state where the Administrative Agent’s Office is located or in New York City and, if such day
relates to any Eurodollar Loan, shall mean any such day that is also a London Banking Day.

 

“Capital Expenditures”
shall mean, for any period, the aggregate of, without duplication, (a) all expenditures (whether paid in cash or accrued as liabilities)
by the Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included
as additions during such period to property, plant or equipment reflected in the consolidated balance sheet of the Borrower and
the Restricted Subsidiaries and (b) all fixed asset additions financed through Capitalized Lease Obligations incurred by the Borrower
and the Restricted Subsidiaries and recorded on the balance sheet in accordance with GAAP during such period; provided that
the term “Capital Expenditures” shall not include:

 

(i) expenditures
made in connection with the replacement, substitution, restoration or repair of assets to the extent financed from insurance proceeds
or compensation awards paid on account of a Recovery Event,

 

(ii) the
purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross
amount of such purchase price is reduced by the credit granted by the seller of such equipment for the equipment being traded in
at such time,

 

(iii) the
purchase of plant, property or equipment to the extent financed with the proceeds of Dispositions outside the ordinary course of
business that are not required to be applied to prepay Term Loans pursuant to Section 5.2(a)(i) or to prepay or redeem any secured
Permitted Additional Debt;

 

(iv) expenditures
that constitute any part of Consolidated Lease Expense,

 

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(v) expenditures
that are accounted for as capital expenditures by the Borrower or any Restricted Subsidiary and that actually are paid for or reimbursed
by a Person other than the Borrower or any Restricted Subsidiary and for which neither the Borrower nor any Restricted Subsidiary
has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such Person or any
other Person (whether before, during or after such period, it being understood, however, that only the amount of expenditures actually
provided or incurred by the Borrower or any Restricted Subsidiary in such period and not the amount required to be provided or
incurred in any future period shall constitute “Capital Expenditures” in the applicable period),

 

(vi) the
book value of any asset owned by the Borrower or any Restricted Subsidiary prior to or during such period to the extent that such
book value is included as a capital expenditure during such period as a result of such Person reusing or beginning to reuse such
asset during such period without a corresponding expenditure actually having been made in such period; provided that (x)
any expenditure necessary in order to permit such asset to be reused shall be included as a Capital Expenditure during the period
in which such expenditure actually is made and (y) such book value shall have been included in Capital Expenditures when such asset
was originally acquired,

 

(vii) any
expenditures made as payments of the consideration for a Permitted Acquisition (or Investments similar to those made for Permitted
Acquisitions) and expenditures made in connection with the Transactions,

 

(viii) any
capitalized interest expense and internal costs reflected as additions to property, plant or equipment in the consolidated balance
sheet of the Borrower and the Restricted Subsidiaries, or

 

(ix) any
non-cash compensation or other non-cash costs reflected as additions to property, plant and equipment in the consolidated balance
sheet of the Borrower and the Restricted Subsidiaries.

 

“Capital Stock”
shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person (other than a corporation and including membership interests and partnership
interests) and, except to the extent constituting Indebtedness, any and all warrants, rights or options to purchase, acquire or
exchange any of the foregoing.

 

“Capitalized Lease”
shall mean, as applied to any Person, all leases of property that have been or should be, in accordance with GAAP, recorded as
capitalized leases of such Person; provided that all leases of any Person that are or would be characterized as operating
leases in accordance with GAAP on the Closing Date (whether or not such operating leases were in effect on such date) shall continue
to be accounted for as operating leases (and not as Capitalized Leases) for purposes of this Agreement regardless of any change
in GAAP following the date that would otherwise require such leases to be recharacterized as Capitalized Leases.

 

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“Capitalized
Lease Obligations” shall mean, as applied to any Person, all obligations under Capitalized Leases of such Person or
any of its Subsidiaries, in each case taken at the amount thereof accounted for as liabilities
in accordance with GAAP; provided that all obligations of any Person that are or would be characterized as operating
lease obligations in accordance with GAAP on the Closing Date (whether or not such operating lease obligations were in effect
on such date) shall continue to be accounted for as operating lease obligations (and not as Capitalized Lease Obligations)
for purposes of this Agreement regardless of any change in GAAP following the date that would otherwise require such
obligations to be recharacterized as Capitalized Lease Obligations.

 

“Cash Collateral” shall have the meaning
provided in Section 3.8(c).

 

“Cash Collateralize” shall have the meaning provided in Section 3.8(c).

 

“Cash Management Agreement”
shall mean any agreement entered into from time to time by the Borrower or any of its Restricted Subsidiaries in connection with
cash management services for collections, other Cash Management Services and for operating, payroll and trust accounts of such
Person, including automatic clearing house services, controlled disbursement services, electronic funds transfer services, information
reporting services, lockbox services, stop payment services and wire transfer services.

 

“Cash Management Bank”
shall mean any Person that is a Lender, Joint Bookrunner, an Agent or any Affiliate of a Lender, Joint Bookrunner or an Agent at
the time it provides any Cash Management Services or that shall have become a Lender or an Affiliate of the Lender at any time
after it has provided any Cash Management Services.

 

“Cash Management Obligations”
shall mean obligations owed by the Borrower or any Restricted Subsidiary to any Cash Management Bank in connection with, or in
respect of, any Cash Management Services.

 

“Cash Management Services”
shall mean (a) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services,
(b) treasury management services (including controlled disbursement, overdraft automatic clearing house fund transfer services,
return items and interstate depository network services) and (c) any other demand deposit or operating account relationships or
other cash management services, including any Cash Management Agreements.

 

“CFC” shall mean
a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

“CFIG Newco” means CFIG Holdings,
LLC, a Delaware limited liability company.

 

“Change
in Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein
to the contrary, Basel III, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, adopted or issued.

 

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“Change of Control”
shall mean and be deemed to have occurred if:

 

		(a)	after an initial public offering of the Capital Stock
of the Borrower, any person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act,
but excluding any employee benefit plan of such person, entity or “group” and their respective Subsidiaries and any
person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than the
Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership (as defined in SEC Rules 13(d)-3 and
13(d)-5) of Capital Stock having the power to vote or direct the voting of such Capital Stock having more than the greater of
(A) 35% of the ordinary voting power for the election of Board of Directors of the Borrower and (B) the percentage of the ordinary
voting power for the election of Board of Directors of the Borrower owned in the aggregate, directly or indirectly, beneficially,
by the Permitted Holders, unless in the case of either clause (A) or (B) above, the Permitted Holders have, at such time, the
right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the members
of the Board of Directors of the Borrower;

 

		(b)	a “change of control” or any comparable term under any documentation governing any Indebtedness for borrowed money
owed to a third party by the Borrower or any of its Restricted Subsidiaries with an aggregate outstanding principal amount in excess
of $20,000,000 shall have occurred; and/or

 

		(c)	prior to an initial public offering of the Capital Stock of the Borrower, the Permitted Holders shall cease to beneficially
own and control (directly or indirectly) greater than 50% (or 35%, so long as the Permitted Holders Control the Borrower) of the
Voting Stock of the Borrower;

 

		(d)	the Borrower shall cease to beneficially own and control 100% of the limited partnership interests of Grosvenor; and/or

 

		(e)	GCM LLC shall cease to beneficially own and control 100% of the general partnership interests of
Grosvenor.

 

provided that, (i) at any time when at least a
majority of the outstanding Voting Stock of the Borrower is directly or indirectly owned by a Parent Entity, all references in
clauses (a) and (c) above to “Borrower” shall be deemed to refer to the ultimate Parent Entity that directly or indirectly
owns such Voting Stock of the Borrower and (ii) no Change of Control shall be deemed to have occurred as a result of any transaction
that consists of multiple or intermediate corporate restructuring or reorganization steps, as long as the ultimate result of such
transaction does not cause a Change of Control as described in clauses (a), (b), (c), (d) or (e) above.

 

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“Class”, when used in reference to any Loan or Borrowing, shall
refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans, Initial Term Loans, Incremental
Term Loans (of a Class), Extended Term Loans (of the same Extension Series), Extended Revolving Credit Loans (of the same Extension
Series and any related swingline loans thereunder), Additional/Replacement Revolving Credit Loans (and any related swingline loans
thereunder) or Swingline Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving
Credit Commitment, an Initial Term Loan Commitment, an Incremental Term Loan Commitment (of a Class), an Extended Revolving Credit
Commitment (of the same Extension Series and any related swingline commitment thereunder), an Additional/Replacement Revolving
Credit Commitment (and any related swingline commitment thereunder) or a Swingline Commitment, and when used in reference to any
Lender, refers to whether such Lender has a Loan or Commitment of any such Class.

 

“Closing Date” shall
mean the date upon which the conditions set forth in Section 6 are satisfied, which date is January 2, 2014.

 

“Closing Date Indebtedness” shall
mean Indebtedness described on Schedule 10.1.

 

“Code” shall mean
the Internal Revenue Code of 1986, as amended from time to time. Section references to the Code are to the Code, as in effect on
the Closing Date, and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor.

 

“Co-Documentation Agents”
shall mean the Persons identified on the cover page of this Agreement as such, each in its respective capacity as documentation
agent under this Agreement.

 

“Collateral” shall
have the meaning provided for such term or a similar term in each of the Security Documents; provided that with respect
to any Mortgages, “Collateral” shall mean “Mortgaged Property” as defined therein.

 

“Collateral Agent”
shall mean Goldman Sachs or any successor appointed in accordance with the provisions of Section 12.8, together with its Affiliates,
as the collateral agent for the Secured Parties.

 

“Company”
shall have the meaning given to such term in the Purchase Agreement.

 

“Company Material Adverse
Effect” shall have the meaning given to such term in the Purchase Agreement.

 

“Commitment”
shall mean, with respect to each Lender (in each case, to the extent applicable to such Lender), such Lender’s
Revolving Credit Commitment, Initial Term Loan Commitment, Incremental Term Loan Commitment, Extended Revolving Credit
Commitment, Additional/Replacement Revolving Credit Commitment or any combination thereof (as the context requires) and (b)
with respect to the Swingline Lender or swingline lender under any Extended Revolving Credit Commitments or
Additional/Replacement Revolving Credit Commitment, its Swingline Commitment or swingline commitment, as applicable.

 

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“Commitment Fee” shall have the meaning
provided in Section 4.1(a).

 

“Commitment
Fee Rate” shall mean a rate equal to (a) from the Closing Date until the first Business Day that immediately
follows the Initial Financial Statement Delivery Date, 0.50% per annum, and (b) thereafter, the rate per annum determined in
accordance with the grid set forth below, as determined by reference to the First Lien Secured Leverage Ratio, as set forth
in the most recent officer’s certificate received by the Administrative Agent pursuant to Section 9.1(d). Any increase
or decrease in the Commitment Fee Rate resulting from a change in the First Lien Secured Leverage Ratio shall become
effective as of the first Business Day immediately following the date Section 9.1 Financials and the related officer’s
certificate are delivered to the Administrative Agent pursuant to Section 9.1(a) or 9.1(b) and Section 9.1(d), respectively; provided
that at the option of the Required Revolving Class Lenders, the highest Commitment Fee Rate set forth in the grid below shall
apply (i) as of the first Business Day after the date on which Section 9.1 Financials were required to have been delivered
but have not been delivered pursuant to Section 9.1 and shall continue to so apply to and including the date on which such
Section 9.1 Financials are so delivered (and thereafter the Commitment Fee Rate otherwise determined in accordance with this
definition shall apply) and (ii) as of the first Business Day after an Event of Default under Section 11.1 or Section 11.5
shall have occurred and be continuing and the Administrative Agent has notified the Borrower that the highest Commitment Fee
Rate applies, and shall continue to so apply to but excluding the date on which such Event of Default shall cease to be
continuing (and thereafter the Commitment Fee Rate otherwise determined in accordance with this definition shall apply):

 

	First Lien
    Secured Leverage Ratio	 	Applicable Revolving
 Commitment Fee
 Percentage	 
	> 2.25:1.00	 	 	0.50	%
	≤ 2.25:1.00	 	 	0.375	%

 

“Confidential Information” shall have
the meaning provided in Section 13.16.

 

“Confidential Information
Memorandum” shall mean the Confidential Information Memorandum of the Borrower dated November 13, 2013, delivered to
the prospective lenders in connection with this Agreement.

 

“Consolidated
EBITDA” shall mean, for any period, the Consolidated Net Income for such period, plus:

 

		(a)	without duplication and to the extent already deducted
(and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

 

(i) total interest expense and, to
the extent not reflected in such total interest expense, any losses on Hedging Obligations or other derivative instruments
entered into for the purpose of hedging interest rate risk, net of interest income and gains on such Hedging Obligations or
such derivative instruments, bank and letter of credit fees, amortization of deferred financing fees or costs and costs of
surety bonds in connection with financing activities,

 

    15

     

    

 

(ii) provision
for taxes based on income, profits or capital, including federal, foreign, state, franchise, excise, unincorporated business, gross
receipts and similar taxes and foreign withholding taxes paid or accrued during such period (including in respect of repatriated
funds and any penalties and interest related to such taxes),

 

(iii) depreciation
and amortization (including amortization of intangible assets established through purchase accounting),

 

(iv) Non-Cash
Charges,

 

(v) extraordinary,
unusual or non-recurring charges (including any unusual or non-recurring operating expenses directly attributable to the implementation
of cost savings initiatives and executive employment agreements), severance costs, relocation costs, integration costs and facilities’
opening costs, retention or completion bonuses, and costs related to closure and/or consolidation of facilities,

 

(vi) restructuring
charges, accruals or reserves and related charges (including restructuring costs related to Permitted Acquisitions prior to and
after the Closing Date); provided that the aggregate amount of add-backs made pursuant to this clause (vi) shall not exceed
an amount equal to 25.0% of Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended prior to
the determination date (and such determination shall be made prior to the making of, and without giving effect to, any adjustments
pursuant to this clause (vi)),

 

(vii) (A)
the amount of management, monitoring, consulting and advisory fees, indemnities and related expenses paid or accrued in such period
to (or on behalf of) the Sponsor (including any amortization thereof) and (B) the amount of expenses relating to payments made
to option holders of the Borrower or any Parent Entity in connection with, or as a result of, any distribution being made to shareholders
of such Person or its direct or indirect parent companies, which payments are being made to compensate such option holders as though
they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted in this
Agreement,

 

(viii) losses
on Dispositions, disposals or abandonments (other than Dispositions, disposals or abandonments in the ordinary course of business),

 

(ix) any
costs or expenses incurred pursuant to any management equity plan or share option plan or any other management or employee
benefit plan or agreement or share subscription or shareholder agreement, to the extent such costs or expenses are funded
with cash proceeds contributed to the capital of the Borrower or the net cash proceeds of any issuance of Capital Stock
(other than Disqualified Capital Stock) of the Borrower (or any Parent Entity thereof),

 

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(x) any
non-cash loss attributable to the mark-to-market movement in the valuation of Hedging Obligations (to the extent the cash impact
resulting from such loss has not been realized) or other derivative instruments pursuant to Accounting Standards Codification 815,

 

(xi) any
loss relating to amounts paid in cash prior to the stated settlement date of any Hedging Obligation that has been reflected in
Consolidated Net Income for such period,

 

(xii) any gain
relating to Hedging Obligations associated with transactions realized in the current period that has been reflected in Consolidated
Net Income in prior periods and excluded from Consolidated EBITDA pursuant to clauses (b)(v) and (b)(vi) below,

 

(xiii) cash
receipts (or any netting arrangements resulting in reduced cash expenses) not included in Consolidated EBITDA in any period to
the extent non-cash gains relating to such receipts were deducted in the calculation of Consolidated EBITDA pursuant to paragraph
(b) below for any previous period and not added back,

 

(xiv) any
expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with any Investment,
acquisition or any sale, conveyance, transfer or other Disposition of assets permitted under this Agreement, to the extent actually
indemnified or reimbursed, or, so long as the Borrower has received notification from the applicable provider that it intends to
indemnify or reimburse such expenses, charges or losses and such amount is in fact indemnified or reimbursed within 180 days of
the date of such notification,

 

(xv) to
the extent covered by insurance and actually reimbursed, or, so long as the Borrower has received notification from the insurer
such amount will be reimbursed by the insurer and only to the extent that such amount is in fact reimbursed within 180 days of
the date of such notification, expenses, charges or losses with respect to liability or casualty events or business interruption,

 

(xvi) amounts
(without duplication) paid, reserved or expensed in connection with earn-out obligations in connection with any acquisition of
a business or Person, including in respect of the Transactions,

 

(xvii) amounts
paid as Management Bonuses, and

 

(xviii) any
amounts paid to employees of the Borrower and the Restricted Subsidiaries by a Parent Entity that are recorded as compensation
expense of the Borrower in accordance with GAAP,

 

    17

     

    

 

less

 

		(b)	without duplication
and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

 

(i) extraordinary,
unusual or non-recurring gains,

 

(ii) non-cash
gains (for the avoidance of doubt, the accrual of Performance Fees shall not constitute a non-cash gain),

 

(iii) gains
on Dispositions, disposals or abandonments (other than Dispositions, disposals or abandonments in the ordinary course of business),

 

(iv) any
non-cash gain attributable to the mark-to-market movement in the valuation of Hedging Obligations (to the extent the cash impact
resulting from such gain has not been realized) or other derivative instruments pursuant to Accounting Standards Codification 815,

 

(v) any
gain relating to amounts received in cash prior to the stated settlement date of any Hedging Obligation that has been reflected
in Consolidated Net Income in such period,

 

(vi) any
loss relating to Hedging Obligations associated with transactions realized in the current period that has been reflected in Consolidated
Net Income in any prior period and excluded from Consolidated EBITDA pursuant to clause (a)(xi) or (a)(xii) above, and

 

(viii) any expenses, charges or losses included
in Consolidated EBITDA in any prior period pursuant to clauses (a)(xiv) or (a)(xv) of this definition, but not in fact indemnified
or reimbursed, as the case may be, within 180 days of the date of notification as described in such clause,

 

plus

 

		(c)	an adjustment equal to the amount, without duplication
of any amount otherwise included in any other clause of the definition of “Consolidated EBITDA”, of the Pro Forma
Adjustment shall be added to Consolidated EBITDA (including the portion thereof occurring prior to the relevant acquisition or
Disposition) as specified in the Pro Forma Adjustment Certificate delivered to the Administrative Agent (for further delivery
to the Lenders),

 

in each case, as determined on a consolidated basis for the Borrower
and the Restricted Subsidiaries in accordance with GAAP; provided that,

 

(I) to the
extent included in the Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA currency
translation or transaction gains and losses related to currency remeasurements of Indebtedness (including the net loss or
gain resulting from Hedging Agreements for currency exchange risk);

 

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(II) there
shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property,
business or asset acquired by the Borrower or any Restricted Subsidiary during such period (other than any Unrestricted Subsidiary)
to the extent not subsequently sold, transferred or otherwise disposed of during such period (but not including the Acquired EBITDA
of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset
acquired, including pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an “Acquired
Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary
during such period (each, a “Converted Restricted Subsidiary”), in each case based on the Acquired EBITDA of
such Pro Forma Entity for such period (including the portion thereof occurring prior to such acquisition or conversion) determined
on a historical Pro Forma Basis, as adjusted (without duplication) by any applicable Pro Forma Adjustment; and

 

(III) there
shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset
(other than any Unrestricted Subsidiary) sold, transferred or otherwise Disposed of, closed or classified as discontinued operations
by the Borrower or any Restricted Subsidiary to the extent not subsequently reacquired, reclassified or continued, in each case,
during such period (each such Person, property, business or asset so sold, transferred or otherwise Disposed of or closed, a “Sold
Entity or Business”), and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary
during such period (each, a “Converted Unrestricted Subsidiary”), in each case based on the Disposed EBITDA
of such Pro Forma Entity for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure,
reclassification or conversion) determined on a historical Pro Forma Basis; provided that notwithstanding any classification
under GAAP of any Person or business in respect of which a definitive agreement for the Disposition thereof has been entered into
as discontinued operations, the Disposed EBITDA of such Person or business shall not be excluded pursuant to this paragraph (III)
until such Disposition shall have been consummated.

 

Notwithstanding anything to the contrary contained herein and subject
to adjustment as provided in clauses (II) and (III) of the immediately preceding proviso with respect to acquisitions and Dispositions
occurring following the Closing Date and adjustments as provided under clause (c) above, Consolidated EBITDA shall be deemed to
be $38,468,014, $45,301,719, $37,562,441 and $37,371,263 for the fiscal-quarters ended December 31, 2012, March 31, 2013, June
30, 2013 and September 30, 2013, respectively.

 

“Consolidated First Lien Debt”
shall mean, as of any date of determination, Consolidated Total Debt as of such date of determination that is secured by a Lien
on any of the Collateral on an equal priority basis (but without regard to control of remedies) or senior basis with the Liens
on the Collateral securing the Obligations.

 

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“Consolidated Interest Expense”
shall mean, for any period, the aggregate cash interest expense (including that attributable to Capitalized Leases in accordance
with GAAP), net of cash interest income, of the Borrower and the Restricted Subsidiaries on a consolidated basis with respect to
all outstanding Indebtedness of the Borrower and the Restricted Subsidiaries, including all commissions, discounts and other fees
and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Hedging Agreements
for Indebtedness, but excluding, however, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees
and expenses, pay-in-kind interest expense, the amortization of original issue discount resulting from Indebtedness below par and
any other amounts of non-cash interest (including as a result of the effects of purchase accounting), (b) the accretion or accrual
of discounted liability during such period, (c) any interest in respect of items excluded from Indebtedness in the proviso to the
definition thereof, (d) any non-cash interest expense attributable to the movement in the mark-to-market valuation of Hedging Obligations
or other derivative instruments pursuant to Accounting Standards Codification 815, (e) any one-time cash costs associated with
breakage costs in respect of interest rate Hedging Agreements, (f) all additional interest or liquidated damages then owing pursuant
to any registration rights agreement and any comparable “additional interest” or liquidated damages with respect to
other securities designed to compensate the holders thereof for a failure to publicly register such securities, (g) any expense
resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or, if applicable,
purchase accounting, and (h) any expensing of commitment and other financing fees (excluding, for the avoidance of doubt, the Commitment
Fee).

 

“Consolidated Lease Expense”
shall mean, for any period, all rental expenses of a Person and its Restricted Subsidiaries during such period under operating
leases for real or personal property, but excluding real estate taxes, insurance costs and common area maintenance charges and
net of sublease income; provided that Consolidated Lease Expense shall not include (a) obligations under vehicle leases
entered into in the ordinary course of business, (b) all such rental expenses associated with assets acquired pursuant to a Permitted
Acquisition (or Investments similar to those made for Permitted Acquisitions) to the extent that such rental expenses relate to
operating leases (i) in effect at the time of (and immediately prior to) such acquisition and (ii) related to periods prior to
such acquisition, (c) Capitalized Lease Obligations, all as determined on a consolidated basis in accordance with GAAP, and (d)
the effects from applying purchase accounting.

 

“Consolidated Net Income” shall
mean, for any period, the net income (loss) attributable to the Borrower and the Restricted Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP, excluding, without duplication,

 

		(a)	extraordinary items for such period,

 

		(b)	the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income,

 

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		(c)	Transaction Expenses and any fees and expenses (including
any commissions, discounts, and other fees or charges) incurred during such period, or any amortization thereof for such period,
in connection with any acquisition, investment, asset disposition, issuance or repayment of debt, issuance of equity securities,
refinancing or recapitalization transaction or amendment or other modification of any debt instrument (in each case, including
any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed and/or not successful)
and any charges or non-recurring merger costs incurred during such period as a result of any such transaction,

 

		(d)	any income (loss) for such period attributable to the early extinguishment of Indebtedness (including Term Loans), Hedging
Agreements or other derivative instruments,

 

		(e)	accruals and reserves that are established or adjusted in accordance with GAAP or changes as a result of the adoption or modification
of accounting policies during such period,

 

		(f)	stock-based, partnership interest-based and similar incentive-based compensation award or arrangement expenses (including with
respect to any profits interest relating to membership interests in any partnership or limited liability company),

 

		(g)	any income (loss) for such period of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting, shall be excluded; provided that Consolidated Net Income of the Borrower shall be increased by the
amount of dividends or distributions or other payments that are actually paid in cash or Permitted Investments (or, if not paid
in cash or Permitted Investments, but later converted into cash or Permitted Investments, upon such conversion) to the referent
Person or a Restricted Subsidiary thereof in respect of such period,

 

		(h)	net income of any Restricted Subsidiary (other than a Guarantor) to the extent that during such period (or, for purposes of
calculating the Available Amount, either during such period or in respect of any future period), there exists any encumbrance or
restriction on the ability of such Restricted Subsidiary to pay dividends or make any other distributions in cash on the Capital
Stock of such Restricted Subsidiary, except to the extent of cash actually distributed during such period to the Borrower or any
Guarantor,

 

		(i)	any income (loss) for such period of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into
or consolidated with the Borrower or any Restricted Subsidiary (except to the extent required for any calculation of Consolidated
EBITDA on a Pro Forma Basis), and

 

		(j)	any income (loss) for such period resulting from the purchase or acquisition, and subsequent cancellation, of any Term Loans
hereunder by any Purchasing Borrower Party pursuant to the provisions of Section 13.6.

  

    21

     

    

 

For the avoidance of doubt, there shall be included in Consolidated Net Income,
without duplication, Performance Fees accrued by the Borrower or any of its Restricted Subsidiaries during the period.

 

There shall be excluded from Consolidated Net
Income for any period the effects from applying purchase accounting, including applying purchase accounting to inventory, property
and equipment, software and other intangible assets and deferred revenue required or permitted by GAAP and related authoritative
pronouncements (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result
of the Transactions, any acquisition consummated prior to the Closing Date and any Permitted Acquisitions (or Investments similar
to those made for Permitted Acquisitions) or the amortization or write-off of any amounts thereof.

 

“Consolidated Secured Debt”
shall mean, as of any date of determination, Consolidated Total Debt as of such date of determination that is secured by a Lien
on any of the assets or property of the Borrower or any Restricted Subsidiary.

 

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

 

“Consolidated
Total Debt” shall mean, as of any date of determination, (a) the sum of the aggregate principal amount of
indebtedness of the Borrower and the Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in
accordance with GAAP (but excluding the effects of any discounting of indebtedness resulting from the application of purchase
accounting in connection with any Permitted Acquisition or Investments similar to those made for Permitted Acquisitions),
consisting of indebtedness for borrowed money, Unpaid Drawings, Capitalized Lease Obligations and debt obligations evidenced
by promissory notes or similar instruments minus (b) the aggregate amount of cash and cash equivalents included in the
cash accounts not identified as “restricted” on the consolidated balance sheet of the Borrower and the Restricted
Subsidiaries as at such date; provided that (x) until the earlier of (A) the payment of the Special Dividend and (B)
the date that is six months after the Closing Date, unrestricted cash and cash equivalents in an amount equal to $72,000,000
will be deducted from the amount described in clause (b) above and (y) in addition to the deduction described in the
foregoing clause (i), until the date that is 15 months after the Closing Date, unrestricted cash and cash equivalents in an
amount equal to $30,000,000 less the aggregate amount of Management Bonuses theretofore paid on or after the Closing Date
will be deducted from the amount described in clause (b) above. It is understood that to the extent the Borrower or any
Restricted Subsidiary issues or incurs any Indebtedness hereunder and receives the proceeds of such Indebtedness, for
purposes of determining any incurrence test under this Agreement and whether the Borrower is in Pro Forma Compliance with any
such test, the proceeds of such issuances or incurrence shall not be considered cash for purposes of any
“netting” pursuant to clause (b) of this definition.

 

“Contract Consideration” shall
have the meaning provided in the definition of the term “Excess Cash Flow”.

  

“Contractual Obligation” shall
mean, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound other than the Obligations.

 

    22

     

    

 

“Converted Restricted Subsidiary”
shall have the meaning provided in the definition of the term “Consolidated EBITDA”.

 

“Converted Unrestricted Subsidiary”
shall have the meaning provided in the definition of the term “Consolidated EBITDA”.

 

“Corrective Extension Amendment”
shall have the meaning provided in Section 2.15(e).

 

“Credit Agreement
Refinancing Indebtedness” shall mean (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing
Debt or (c) Permitted Unsecured Refinancing Debt; provided that, in each case, such Indebtedness is issued, incurred or
otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to modify, extend,
refinance, renew, replace or refund, in whole or in part, existing Term Loans or existing Revolving Credit Loans (or unused Revolving
Credit Commitments), any then-existing Additional/Replacement Revolving Credit Loans (or unused Additional/Replacement Revolving
Credit Commitments), any then-existing Extended Revolving Credit Loans (or unused Extended Revolving Credit Commitments), or any
Loans under any then-existing Incremental Facility (or, if applicable, unused Commitments thereunder), or any then-existing Credit
Agreement Refinancing Indebtedness (“Refinanced Debt”); provided, further, that (i) the
terms and conditions of such Indebtedness (excluding pricing, interest rate margins, rate floors, discounts, fees, premiums and
optional prepayment or redemption provisions) are not materially more favorable (when taken as whole) to the lenders or investors
providing such Indebtedness than the terms and conditions of the Refinanced Debt (when taken as a whole) (except for covenants
or other provisions applicable only to periods after the Latest Maturity Date) (provided that in the event
any financial maintenance covenant is added for the benefit of (x) lenders or investors providing any such Indebtedness in the
form of a term loan facility, no consent shall be required by the Administrative Agent or any of the Lenders if such financial
maintenance covenant is also added for the benefit of all Credit Facilities remaining outstanding after the issuance or incurrence
of such term loan facility or (y) lenders or investors providing any such Indebtedness in the form of a revolving credit facility,
no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant is also
added for the benefit of any portion of the Revolving Credit Facility remaining outstanding after the issuance or incurrence of
such revolving credit facility), (ii) any such Indebtedness in the form of notes or debentures or which extends, refinances, renews,
replaces or refunds, in whole or in part, existing Term Loans shall have a maturity that is at least 91 days after the maturity
of the Refinanced Debt and a Weighted Average Life to Maturity equal to or greater than the then remaining Weighted Average Life
to Maturity of the Refinanced Debt, (iii) any such Indebtedness which extends, refinances, renews, replaces or refunds any existing
Revolving Credit Loans (or unused Revolving Credit Commitments), any then-existing Additional/Replacement Revolving Credit Loans
(or unused Additional/Replacement Revolving Credit Commitments) or any then-existing Extended Revolving Credit Loans (or unused
Extended Revolving Credit Commitments) shall have a maturity that is at least 91 days after the
maturity of the Refinanced Debt, (iv) except to the extent otherwise permitted under this Agreement (but subject to a dollar-for-dollar
usage of any other basket set forth in Section 10.1, if applicable), such Indebtedness shall not have a greater principal amount
(or accreted value, if applicable) than the principal amount (or accreted value, if applicable) of the Refinanced Debt plus accrued
interest, fees and premiums (if any) thereon and fees and expenses associated with the refinancing plus an amount equal to any
existing commitments unutilized and letters of credit undrawn, (v) such Refinanced Debt shall be repaid, defeased or satisfied
and discharged on a dollar-for-dollar basis (and any unused commitments under such Refinanced Debt shall be permanently terminated),
and all accrued interest, fees and premiums (if any) in connection therewith shall be paid, substantially concurrently with the
date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained, (vi) except to the extent otherwise permitted
hereunder, the aggregate unused revolving commitments under such Credit Agreement Refinancing Indebtedness shall not exceed the
unused Revolving Credit Commitments, Additional/Replacement Revolving Credit Commitments or Extended Revolving Credit Commitments,
as applicable, being replaced plus undrawn letters of credit and (vii) any such Indebtedness in the form of notes or debentures
or which extends, renews, replaces or refinances, in whole or in part, existing Term Loans shall not require any mandatory repayment
or redemption (other than (x) in the case of notes or debentures, customary change of control, asset sale event or insurance or
condemnation event offer and customary acceleration any time after an event of default or upon any Event of Default and (y) in
the case of any term loans, mandatory prepayments that are on terms not materially more favorable to the lenders or holders providing
such Indebtedness than those applicable to the Refinanced Debt) prior to the 91st day after the maturity date of the Refinanced
Debt.

 

    23

     

    

 

“Credit Documents” shall mean
this Agreement, the Guarantee, the Security Documents, the Parent GP Undertakings, the Fee Letter, each Letter of Credit, any promissory
notes issued by the Borrower hereunder, any Incremental Agreement, any Extension Agreement and any Customary Intercreditor Agreement
entered into after the Closing Date to which the Collateral Agent and/or Administrative Agent is a party.

 

“Credit Event” shall mean and
include the making (but not the conversion or continuation) of a Loan and the issuance, or increase in the amount, of a Letter
of Credit.

 

“Credit Facility” shall mean
the Initial Term Loan Facility, any Incremental Term Loan Facility, the Revolving Credit Facility, any Additional/Replacement Revolving
Credit Facility, any Extended Term Loan Facility or any Extended Revolving Credit Facility, as applicable.

 

“Credit Party” shall mean the Borrower
and each of the Guarantors.

 

“Credit Suisse” shall mean Credit Suisse AG, Cayman Islands Branch.

 

“Credit Suisse Private Equity Advisers”
shall mean Credit Suisse Private Equity Advisers LLC, a Delaware limited liability company.

 

“CSAM” shall mean Credit Suisse
Asset Management, LLC, a Delaware limited liability company.

 

    24

     

    

 

“CS Securities” shall mean Credit Suisse
Securities (USA) LLC.

 

“Cure Amount” shall have the meaning provided in Section 11.11(a).

 

“Cure Deadline”
shall have the meaning provided in Section 11.11(a).

 

“Cure Right” shall have the meaning provided in Section
11.11(a).

 

“Customary Intercreditor Agreement”
shall mean (a) to the extent executed in connection with the incurrence of secured Indebtedness, the security of which is not intended
to rank junior or senior to the Liens securing the Obligations (but without regard to the control of remedies), at the option of
the Borrower and the Administrative Agent acting together, either (i) any intercreditor agreement substantially in the form of
the Senior Priority Lien Intercreditor Agreement or (ii) a customary intercreditor agreement in a form reasonably acceptable to
the Administrative Agent and the Borrower, which agreement shall provide that the Liens securing such Indebtedness shall not rank
junior or senior to the Lien securing the Obligations (but without regard to the control of remedies) and (b) to the extent executed
in connection with the incurrence of secured Indebtedness, the security of which is intended to rank junior to the Liens securing
the Obligations, at the option of the Borrower and the Administrative Agent acting together, either (i) an intercreditor agreement
substantially in the form of the Junior Priority Lien Intercreditor Agreement or (ii) a customary intercreditor agreement in a
form reasonably acceptable to the Administrative Agent and the Borrower, which agreement shall provide that the Liens securing
such Indebtedness shall rank junior to the Lien securing the Obligations.

 

“Debt Fund Affiliate” shall
mean any Affiliate of the Borrower (other than the Borrower or any Subsidiary of the Borrower or any Grosvenor Fund or any natural
person) (x) that is a bona fide debt fund that is primarily engaged in, or advises funds or other investment vehicles that are
engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit or securities
in the ordinary course, (y) the investment decisions of which are not directly or indirectly controlled by any of the direct or
indirect equityholders of the Borrower (other than individuals that are managers, directors, employees or investment professionals
of such Affiliate that would be a Debt Fund Affiliate but for the application of this clause (y)) and (z) either (A) that maintains
information barriers in place restricting the sharing of investment-related and other information between it and the direct and
indirect equityholders of the Borrower or (B) whose managers have fiduciary duties to the investors of such Affiliate independent
of their fiduciary duties to the investors in the direct and indirect equityholders of the Borrower.

 

“Debt Incurrence Prepayment Event”
shall mean any issuance or incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, but excluding
Indebtedness permitted to be issued or incurred under Section 10.1 (other than Incremental Term Loans incurred in reliance on clause
(i) of the proviso to Section 2.14(b) and, to the extent relating to Term Loans, Credit Agreement Refinancing Indebtedness).

 

“Debtor Relief
Laws” shall mean the Bankruptcy Code, and any other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of
the United States or other applicable jurisdictions from time to time in effect.

 

    25

     

    

 

“Default” shall mean any event,
act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulting Lender” shall mean
any Revolving Credit Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition
of “Lender Default”.

 

“Designated Non-Cash Consideration”
shall mean the Fair Market Value of non-cash consideration received by the Borrower or its Restricted Subsidiaries in connection
with a Disposition pursuant to Section 10.4(c) that is designated as Designated Non-Cash Consideration pursuant to a certificate
of an Authorized Officer of the Borrower delivered to the Administrative Agent, setting forth the basis of such valuation (which
amount will be reduced by the Fair Market Value of the portion of the non-cash consideration converted to cash within 180 days
following the consummation of the applicable Disposition).

 

“Disposed EBITDA” shall mean,
with respect to any Sold Entity or Business or Converted Unrestricted Subsidiary for any period, the amount for such period of
Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined as if references to the Borrower
and the Restricted Subsidiaries in the definition of the term “Consolidated EBITDA” (and in the component financial
definitions used therein) were references to such Sold Entity or Business and its Subsidiaries or to such Converted Unrestricted
Subsidiary and its Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business, (and without duplication)
without limiting the effect of any Pro Forma Adjustment made in connection with the disposition of such Sold Entity or Business
or Converted Unrestricted Subsidiary.

 

“Disposition” shall have the
meaning provided in Section 10.4. The term “Dispose” shall have a meaning correlative thereto.

 

“Disqualified
Capital Stock” shall mean any Capital Stock that, by its terms (or by the terms of any security or other Capital
Stock into which it is convertible or for which it is putable or exchangeable) or upon the happening of any event or
condition, (a) matures or is mandatorily redeemable (other than solely for Qualified Capital Stock), pursuant to a sinking
fund obligation or otherwise, other than as a result of a change of control, asset sale event or insurance or condemnation
event and customary acceleration any time after an event of default so long as any rights of the holders thereof upon the
occurrence of a change of control, asset sale event or insurance or condemnation event and customary acceleration any time
after an event of default shall be subject to the prior repayment in full of the Loans and all other Obligations (other than
Hedging Obligations under any Secured Hedging Agreement, Cash Management Obligations under Secured Cash Management Agreements
or contingent indemnification obligations), or (b) is redeemable or exchangeable at the option of the holder thereof (other
than solely for Qualified Capital Stock), other than as a result of a change of control, asset sale or insurance or
condemnation event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale event
or insurance or condemnation event shall be subject to the prior repayment in full of the Loans
and all other Obligations (other than Hedging Obligations under any Secured Hedging Agreement, Cash Management Obligations
under Secured Cash Management Agreements or contingent indemnification obligations), in whole or in part, or (c) provides for
the scheduled payment of dividends in cash, in each case prior to the date that is 91 days after the Latest Maturity Date; provided
that if such Capital Stock is issued pursuant to any plan for the benefit of employees of the Borrower (or any Parent Entity
thereof) or any of its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Capital Stock solely because it may be required to be repurchased by the Borrower (or any Parent Entity thereof)
or any of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

 

    26

     

    

 

“Distressed Person” shall have
the meaning assigned to such term in the definition of “Lender-Related Distress Event”.

 

“Disqualified Lenders” shall
mean any bank, financial institution or other institutional lender or investor and those Persons who are competitors of the Borrower
that have been, in each case, separately identified in writing by the Borrower to CS Securities and Goldman Sachs on or prior to
November 12, 2013.

 

“Dividends” shall have the meaning provided
in Section 10.6.

 

“Dollars” and “$”
shall mean dollars in lawful currency of the United States of America.

 

“Domestic Subsidiary” shall
mean each Subsidiary of the Borrower that is organized under the Applicable Laws of the United States, any state thereof or the
District of Columbia.

 

“Drawing” shall have the meaning provided
in Section 3.4(b).

 

“Effective Yield” shall mean,
with respect to any Indebtedness and as of any date of determination, the sum of (i) the higher of (A) the Eurodollar Rate on such
date for a deposit in dollars with a maturity of one month and (B) any LIBOR “floor” applicable to such Indebtedness
as of such date, (ii) the interest rate margin as of such date (with such interest rate margin to be determined by reference to
the Eurodollar Rate), and (iii) the amount of OID and upfront fees thereon (converted to yield assuming a four-year average life
and without any present value discount).

 

“Eligible Assignee” shall mean
(a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (subject, in each case, to such consents,
if any, as may be required under Section 13.6(b)), other than, in each case, (i) a natural person, (ii) a Defaulting Lender or
(iii) a Disqualified Lender.

 

“Environmental
Claims” shall mean any and all administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, notices of noncompliance or violation, investigations (other than internal reports prepared by the Borrower or
any of its Subsidiaries (a) in the ordinary course of such Person’s business or (b) as required in connection with a
financing transaction or an acquisition or disposition of real estate) or proceedings (hereinafter,
“Claims”) relating in any way to any Environmental Law or any permit issued, or any approval given, under
any such Environmental Law, including (i) any and all Claims by governmental or regulatory authorities for enforcement,
cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law and (ii) any
and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive
relief resulting from the Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of
injury to health, safety or the environment.

 

    27

     

    

 

“Environmental Law” shall mean
any Applicable Law relating to pollution or the protection of the environment or to exposure to chemicals, materials or substances
that are harmful or deleterious to the environment, human health or safety.

 

“ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended from time to time. Section references to ERISA are to ERISA as in effect on
the Closing Date and any subsequent provisions of ERISA amendatory thereof, supplemental thereto or substituted therefor.

 

“ERISA Affiliate” shall mean
each person (as defined in Section 3(9) of ERISA) that together with the Borrower or a Subsidiary thereof would be deemed to be
a “single employer” within the meaning of Section 414(b) or (c) of the Code or, solely for purposes of Section 302
of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or 414(o) of the Code.

 

“Eurodollar Borrowing” shall mean each
Borrowing of a Eurodollar Loan.

 

“Eurodollar Loan” shall mean
any Loan bearing interest at rate determined by reference to the Eurodollar Rate.

 

“Eurodollar Rate” shall mean:

 

		(a)	for any Interest Period with respect to a Eurodollar
Loan, the rate per annum determined by the Administrative Agent by dividing (x) (i) the British Bankers Association LIBOR Rate
(“BBA LIBOR”), as published by Reuters (or such other commercially available source providing quotations of
BBA LIBOR as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London
Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period or (ii) if such rate is not available at such time for any reason, the
rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day
of such Interest Period in same day funds in the approximate amount of the Eurodollar Loan being made, continued or converted
by Goldman Sachs and with a term equivalent to such Interest Period would be offered by Goldman Sachs’ London Branch to
major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking
Days prior to the commencement of such Interest Period, by (y) an amount equal to 1.00 minus the Applicable Reserve Requirement;
and

 

    28

     

    

 

		(b)	for any interest calculation with respect to an ABR Loan
on any date, the rate per annum as of such date determined by the Administrative Agent by dividing (x) (i) BBA LIBOR, as published
by Reuters (or such other commercially available source providing quotations of BBA LIBOR as may be designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to such date for Dollar deposits
being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not
available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits
in Dollars for delivery on the date of determination in same-day funds in the approximate amount of the ABR Loan being made or
maintained and with a term equal to one month would be offered by Goldman Sachs’ London Branch to major banks in the London
interbank eurodollar loan market at their request at the date and time of determination, by (y) an amount equal to 1.00 minus
the Applicable Reserve Requirement;

 

provided that in the event the Eurodollar Rate for any Eurodollar
Borrowing of Initial Term Loans determined in accordance with clause (a) above would be less than 1.00%, then the Eurodollar Rate
for the applicable Eurodollar Borrowing of Initial Term Loans shall instead be 1.00%.

 

“Event of Default” shall have the meaning
provided in Section 11.

 

“Excess Cash Flow” shall mean,
for any period, an amount (not less than zero) equal to the excess of

 

		(a)	the sum, without duplication, of:

 

(i) Consolidated
Net Income for such period;

 

(ii) an
amount equal to the amount of all Non-Cash Charges to the extent deducted in arriving at such Consolidated Net Income (including
reclassifications or adjustments related to Indebtedness, including hedging-related adjustments);

 

(iii) decreases
in Net Working Capital (except as a result of the reclassification of items from short-term to long-term or vice versa), decreases
in long-term accounts receivable and increases in the long-term portion of deferred revenue for such period (other than any such
decreases or increases, as applicable, arising from acquisitions or Dispositions outside the ordinary course of property by the
Borrower or any of its Restricted Subsidiaries completed during such period or the application of purchase accounting);

 

    29

     

    

(iv) an
amount equal to the aggregate net non-cash loss on the Disposition of assets, business units or property by the Borrower and the
Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent deducted
in arriving at such Consolidated Net Income;

 

(v) cash
payments received in respect of Hedging Agreements during such period to the extent not included in arriving at such Consolidated
Net Income; and

 

(vi) income
tax expense to the extent deducted in arriving at such Consolidated Net Income; minus

 

		(b)	the sum, without duplication, of:

 

(i) an
amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income and cash charges included
in clauses (a) through (h) of the definition of the term “Consolidated Net Income” (including reclassifications or
adjustments related to Indebtedness, including hedging-related adjustments);

 

(ii) without
duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the amount of Capital Expenditures made in
cash or accrued during such period, (or to be used for Capital Expenditures within the succeeding twelve months pursuant to binding
agreements in effect as of the end of such period), except to the extent that such Capital Expenditures or acquisitions of Intellectual
Property or acquisitions were financed (or will be financed) by the issuance or incurrence of long-term Indebtedness by, or the
issuance of Capital Stock by, or the making of capital contributions to, the Borrower or any of the Restricted Subsidiaries or
using the proceeds of any Disposition outside the ordinary course of business;

 

(iii) the
aggregate amount of all principal payments of Indebtedness of the Borrower and the Restricted Subsidiaries (including (A) the
principal component of payments in respect of Capitalized Lease Obligations, (B) all principal payments of Permitted
Additional Debt and Credit Agreement Refinancing Indebtedness and (C) the amount of any mandatory prepayment of Term Loans
actually made pursuant to Section 5.2(a)(i) and any mandatory redemption or prepayment of Credit Agreement Refinancing
Indebtedness or Permitted Additional Debt pursuant to the corresponding provisions of the governing documentation thereof, in
any such case from the proceeds of any Disposition and that resulted in an increase to Consolidated Net Income and not in
excess of the amount of such increase but excluding (1) all other prepayments and/or redemptions of Loans and (2) all
prepayments of revolving credit loans and swingline loans (in each case, other than the Loans) permitted hereunder made
during such period (other than in respect of any revolving credit facility to the extent there is an equivalent permanent
reduction in commitment thereunder)), except to the extent financed by the issuance or incurrence of long-term Indebtedness
by, or the issuance of Capital Stock by, or the making of capital contributions to, the Borrower or any of the Restricted
Subsidiaries or using the proceeds of any Disposition outside the ordinary course of business;

 

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(iv) an
amount equal to the aggregate net non-cash gain on the Disposition of property by the Borrower and the Restricted Subsidiaries
during such period (other than the Disposition of property in the ordinary course of business) to the extent included in arriving
at such Consolidated Net Income;

 

(v) increases
in Net Working Capital (except as a result of the reclassification of items from short term to long term or vice versa), increases
in long term accounts receivable and decreases in the long-term portion of deferred revenue for such period (other than any such
increases or decreases, as applicable, arising from acquisitions or Dispositions outside the ordinary course of business by the
Borrower and the Restricted Subsidiaries during such period or the application of purchase accounting);

 

(vi) cash
payments by the Borrower and the Restricted Subsidiaries during such period in respect of long-term liabilities of the Borrower
and the Restricted Subsidiaries other than Indebtedness, except to the extent that such payments were financed by the issuance
or incurrence of long-term Indebtedness by, or the issuance of Capital Stock by, or the making of capital contributions to, the
Borrower or any of the Restricted Subsidiaries or using the proceeds of any Disposition outside the ordinary course of business;

 

(vii) without
duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the amount of cash used to consummate acquisitions
permitted hereunder (other than the Acquisition) or other Investments made in cash (other than Investments made pursuant to Sections
10.5(b), (g), (i), (r), and (q)) made during such period, (or to be made within the succeeding twelve months pursuant to binding
agreements in effect as of the end of such period), except to the extent that such Investments were (or will be) financed by the
issuance or incurrence of long-term Indebtedness (other than Indebtedness under this Agreement incurred on the Closing Date) by,
or the issuance of Capital Stock by, or the making of capital contributions to, the Borrower or any of the Restricted Subsidiaries
or using the proceeds of any Disposition outside the ordinary course of business;

 

(viii) the
amount of Dividends paid in cash during such period (other than pursuant clauses (g), (h), or (i) to Section 10.6), except to the
extent that such Dividends were financed by the issuance or incurrence of long-term Indebtedness by, or the issuance of Capital
Stock by, or the making of capital contributions to, the Borrower or any of the Restricted Subsidiaries or using the proceeds of
any Disposition outside the ordinary course of business;

 

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(ix) the
aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries in cash during such period
(including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed
during such period, except to the extent that such expenditures were financed by the issuance or incurrence of long-term
Indebtedness by, or the issuance of Capital Stock by, or the making of capital contributions to, the Borrower or any of the
Restricted Subsidiaries or using the proceeds of any Disposition outside the ordinary course of business;

 

(x) the
aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and the Restricted Subsidiaries
during such period that are required to be made in connection with any prepayment of Indebtedness, except to the extent that such
payments were financed by the issuance or incurrence of long-term Indebtedness by, or the issuance of Capital Stock by, or the
making of capital contributions to, the Borrower or any of the Restricted Subsidiaries or using the proceeds of any Disposition
outside the ordinary course of business;

 

(xi) without
duplication of amounts deducted from Excess Cash Flow in the then-applicable or other periods, the aggregate consideration required
to be paid in cash by the Borrower or any of the Restricted Subsidiaries pursuant to binding contracts (the “Contract
Consideration”) entered into prior to or during such period relating to Permitted Acquisitions (or Investments similar
to those made for Permitted Acquisitions), Capital Expenditures or acquisitions of Intellectual Property to be consummated or made
during the period of four consecutive fiscal quarters of the Borrower following the end of such period; provided that to
the extent that the aggregate amount of cash actually utilized to finance such Permitted Acquisitions (or Investments similar to
those made for Permitted Acquisitions), Capital Expenditures or acquisitions of Intellectual Property during such following period
of four consecutive fiscal quarters (except to the extent financed by the issuance or incurrence of long-term Indebtedness by,
or the issuance of Capital Stock by, or the making of capital contributions to, the Borrower or any of the Restricted Subsidiaries
or using the proceeds of any Disposition outside the ordinary course of business) is less than the Contract Consideration, the
amount of such shortfall shall be added to the calculation of Excess Cash Flow, at the end of such period of four consecutive fiscal
quarters;

 

(xii) the
aggregate amounts added back to Consolidated Net Income in calculating Consolidated EBITDA pursuant to clause (a)(xvi), to the
extent paid in cash during such period (and in the case of the fiscal quarters beginning with the fiscal quarter ending March 31,
2016 and ending with the fiscal quarter ending June 30, 2019, the amount of earn-outs (including the Post Closing Purchase Price)
or other similar payments expected to be paid under the Purchase Agreement);

 

(xiii) income
taxes, including penalties and interest, paid in cash in such period,

 

(xiv) Tax
Distributions; and

  

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(xv)
cash expenditures made in respect of Hedging Agreements during such period to the extent not deducted in arriving at such Consolidated
Net Income.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Rate” shall mean
on any day with respect to any currency (other than Dollars), the rate at which such currency may be exchanged into any other currency
(including Dollars), as set forth at approximately 11:00 a.m. (London time) on such day on the Reuters World Currency Page for
such currency. In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate shall be determined
by reference to such other publicly available service for displaying exchange rates as may be agreed by the Administrative Agent
and the Borrower, or, in the absence of such agreement, such Exchange Rate shall instead be the arithmetic average of the spot
rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such currency
are then being conducted, at or about 11:00 a.m., local time, on such date for the purchase of the relevant currency for delivery
two Business Days later.

 

“Excluded Capital Stock” shall mean:

 

		(a)	any Capital Stock with respect to which the Administrative Agent and the Borrower reasonably agree that the cost or other consequences
(including any material adverse tax consequences) of pledging such Capital Stock shall be excessive relative to the value to be
obtained by the Secured Parties therefrom,

 

		(b)	any Capital Stock that is Voting Stock of any Foreign Subsidiary or FSHCO in excess of 65% of the outstanding Capital Stock
that is Voting Stock of such class,

 

		(c)	any Capital Stock to the extent the pledge thereof would be prohibited by any Applicable Law (including any legally effective
requirement to obtain the consent of any Governmental Authority unless such consent has been obtained),

 

		(d)	the Capital Stock of any Unrestricted Subsidiary,

 

		(e)	any “margin stock” and Capital Stock of any Person, other than any wholly-owned (disregarding general partner and
managing member interests) Restricted Subsidiary to the extent, and for so long as, the pledge of such Capital Stock would be prohibited
by, or create an enforceable right of termination in favor of any other party thereto (other than the Borrower or a Guarantor)
under, the terms of any Organizational Document, joint venture agreement or shareholders’ agreement applicable to such Person,
after giving effect to the applicable anti-assignment provisions of the UCC or other similar Applicable Laws,

 

		(f)	any Capital Stock of the Borrower held by the Sponsor,

 

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		(g)	any Capital Stock of any Subsidiary to the extent that the pledge of such Capital Stock would result in material adverse tax
consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower in consultation with the Administrative
Agent and notified in writing to the Collateral Agent, and

 

		(h)	the Capital Stock of any Subsidiary of a Foreign Subsidiary or FSHCO.

 

“Excluded Information” shall
have the meaning assigned to such term in Section 13.6(g)(i)(H).

 

“Excluded Property” shall have the meaning
provided in the Security Agreement.

 

“Excluded Subsidiary” shall mean:

 

		(a)	any Subsidiary that is not a wholly-owned (disregarding general partner and managing member interests) Subsidiary on any date
such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements of Section 9.12 (for so long as
such Subsidiary remains a non-wholly-owned (disregarding general partner and managing member interests) Subsidiary),

 

		(b)	any Subsidiary, including any regulated entity that is subject to net worth or net capital or similar capital and surplus restrictions
or other regulatory requirements, that is prohibited by Applicable Law or by Contractual Obligations existing on the Closing Date
(including any registered broker-dealer) or, with respect to any Subsidiary acquired by the Borrower or a Restricted Subsidiary
after the Closing Date (so long as such prohibition is not incurred in contemplation of such acquisition), Contractual Obligations
existing on the date such Subsidiary is so acquired, in each case from guaranteeing the Obligations at the time such Subsidiary
becomes a Restricted Subsidiary (and for so long as such prohibition or any replacement or renewal thereof is in effect),

 

		(c)	any Subsidiary that would require any consent, approval, license or authorization from any Governmental Authority to provide
a Guarantee unless such consent, approval, license or authorization has been received, or is received after commercially reasonable
efforts by such Subsidiary to obtain the same, which efforts may be requested by the Administrative Agent,

 

		(d)	any Subsidiary that is (i) a FSHCO or (ii) a CFC,

 

		(e)	any Subsidiary that is a direct or indirect subsidiary of (i) a FSHCO or (ii) a CFC,

 

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		(f)	any Immaterial Subsidiary (provided that the Borrower
shall not be permitted to exclude Immaterial Subsidiaries from guaranteeing the Obligations to the extent that (i) the aggregate
amount of gross revenue for all Immaterial Subsidiaries (other than Unrestricted Subsidiaries) excluded by this clause (f) exceeds
10% of the consolidated gross revenues of the Borrower and its Domestic Subsidiaries that are Restricted Subsidiaries for the
most recent Test Period ended on or prior to the date of determination or (ii) the aggregate amount of total assets for all Immaterial
Subsidiaries (other than Unrestricted Subsidiaries) excluded by this clause (f) exceeds 10% of the aggregate amount of total assets
of the Borrower and its Domestic Subsidiaries that are Restricted Subsidiaries as at the end of the most recent Test Period ended
on or prior to the date of determination),

 

		(g)	any Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent in consultation with the Borrower
(confirmed in writing by notice to the Borrower and the Collateral Agent), the cost or other consequences (including any material
adverse tax consequences) of providing a guarantee shall be excessive relative to the value to be afforded by the Secured Parties
therefrom,

 

		(h)	any Foreign Subsidiary and any Unrestricted Subsidiary,

 

		(i)	any Domestic Subsidiary acquired pursuant to a Permitted Acquisition involving the assumption of pre-existing Indebtedness
that is incurred pursuant to Section 10.1(j), and each Restricted Subsidiary acquired in such Permitted Acquisition that guarantees
such Indebtedness to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Restricted
Subsidiary is a party prohibits such Restricted Subsidiary from guaranteeing the Obligations (so long as such prohibition is not
incurred in contemplation of such acquisition),

 

		(j)	any Subsidiary to the extent that the guarantee of the Obligations would result in material adverse tax consequences (including
as a result of the operation of Section 956 of the Code) to the Borrower or any Subsidiary as reasonably determined by the Borrower
in consultation with the Administrative Agent and notified in writing to the Collateral Agent,

 

		(k)	any not-for-profit Subsidiaries, and

 

		(l)	any customary special purpose securitization Subsidiary;

 

provided that, notwithstanding the foregoing, the term “Excluded
Subsidiary” shall not include Grosvenor (or its successor as the Borrower’s principal operating subsidiary and principal
registered investment adviser (in which case this proviso shall cease to apply with respect to Grosvenor and shall apply instead
to such successor)).

 

“Excluded Taxes” shall have the meaning
provided in Section 5.4(a).

 

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“Exclusive IP Licenses”
shall mean any exclusive Intellectual Property license, sublicense or cross-license granted by the Borrower or any of its Restricted
Subsidiaries to another Person under any material Intellectual Property, which license, sublicense or cross-license materially
limits the ability of the Borrower or its Restricted Subsidiaries to continue to use such Intellectual Property in its business.

 

Existing Class” shall
mean Existing Term Loan Classes and each Class of Existing Revolving Credit Commitments.

 

“Existing Letters of Credit”
shall mean the Letters of Credit listed on Schedule 1.1(b).

 

“Existing Revolving Credit
Class” shall have the meaning provided in Section 2.15(a)(ii).

 

“Existing Revolving Credit
Commitments” shall have the meaning provided in Section 2.15(a)(ii).

 

“Existing Revolving Credit
Loans” shall have the meaning provided in Section 2.15(a)(ii).

 

“Existing Term Loan Class” shall have
the meaning provided in Section 2.15(a).

 

“Expected Cure Amount” shall have the meaning provided in Section 11.11(b).

 

“Extended Loans/Commitments”
shall mean Extended Term Loans, Extended Revolving Credit Loans and/or Extended Revolving Credit Commitments.

 

“Extended Revolving Credit
Commitments” shall have the meaning provided in Section 2.15(a)(ii).

 

“Extended Revolving Credit
Facility” shall mean each Class of Extended Revolving Credit Commitments established pursuant to Section 2.15(a)(ii).

 

“Extended Revolving Credit
Loans” shall have the meaning provided in Section 2.15(a)(ii).

 

“Extended Term Loan Facility”
shall mean each Class of Extended Term Loans made pursuant to Section 2.15.

 

“Extended Term Loan Repayment Amount”
shall have the meaning provided in

Section 2.5(c).

“Extended Term Loans” shall have the
meaning provided in Section 2.15(a).

 

“Extending Lender” shall have the meaning provided in Section 2.15(b).

 

“Extension Agreement” shall have the meaning provided in Section 2.15(c).

 

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“Extension Date” shall have the meaning provided in Section
2.15(d).

 

“Extension Election” shall have the meaning provided in Section 2.15(b).

 

“Extension Request” shall mean
Term Loan Extension Requests and Revolving Credit Extension Requests.

 

“Extension Series” shall mean
all Extended Term Loans or Extended Revolving Credit Commitments (as applicable) that are established pursuant to the same Extension
Agreement (or any subsequent Extension Agreement to the extent such Extension Agreement expressly provides that the Extended Term
Loans or Extended Revolving Credit Commitments, as applicable, provided for therein are intended to be a part of any previously
established Extension Series) and that provide for the same interest margins, extension fees, if any, and amortization schedule.

 

“Fair Market Value” shall mean,
with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale
of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length
and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset,
as reasonably determined by the Borrower.

 

“Fair Value” shall mean the
amount at which the assets (both tangible and intangible), in their entirety, of a Person and its Subsidiaries taken as a whole
would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable
knowledge of the relevant facts, with neither being under any compulsion to act.

 

“FATCA” shall mean Sections
1471 through 1474 of the Code, as of the Closing Date (and any amended or successor version that is substantively comparable and
not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any laws, regulations
or other official pronouncements implementing intergovernmental agreements entered into in connection with such Sections and any
agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“FCPA” shall mean Foreign Corrupt Practices
Act of 1977, as amended,

 

“Federal Funds Effective Rate”
shall mean, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal
Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on
the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds
Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged
to Goldman Sachs on such day on such transactions as determined by the Administrative Agent.

 

“Fees” shall mean all amounts
payable pursuant to, or referred to in, Section 4.1.

 

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“Fee Letter” shall mean the
Second Amended and Restated Fee Letter dated November 12, 2013, among the Borrower, Credit Suisse, CS Securities, Goldman Sachs,
BMO, BMO Capital Markets Corp., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC.

 

“Financial Covenant Event of Default”
shall have the meaning provided in Section 11.3.

 

“First Lien Obligations” shall
mean the Obligations, Permitted First Priority Refinancing Debt and the Permitted Additional Debt Obligations (other than any Permitted
Additional Debt Obligations that are unsecured or are secured by a Lien ranking junior to the Lien securing the Obligations), collectively.

 

“First Lien Secured Leverage Ratio”
shall mean, as of any date of determination, the ratio of (a) Consolidated First Lien Debt as of the last day of the most recently
ended Test Period on or prior to such date of determination to (b) Consolidated EBITDA for such Test Period.

 

“Flood Insurance Laws” shall
mean, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto,
(ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National
Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance
Reform Act of 2004 as now or hereafter in effect or any successor statute thereto.

 

“Foreign Asset Sale” shall have the meaning
provided in Section 5.2(h).

 

“Foreign Plan” shall mean any
pension plan maintained or contributed to by the Borrower or any Restricted Subsidiary with respect to employees employed outside
the United States.

 

“Foreign Recovery Event” shall have the
meaning provided in Section 5.2(h).

 

“Foreign Subsidiary” shall
mean each Subsidiary of the Borrower that is not a Domestic Subsidiary.

 

“Fronting Fee” shall have the meaning
provided in Section 4.1(b).

 

“FSHCO” shall mean any direct
or indirect Domestic Subsidiary that has no material assets other than Capital Stock of one or more direct or indirect Foreign
Subsidiaries that are CFCs.

 

“GAAP” shall mean generally
accepted accounting principles in the United States of America as in effect from time to time, which shall exclude Grosvenor Fund
consolidation (other than as used in Section 9.1(a)).

 

“GCMH GP” shall have the meaning provided
in the preamble to this Agreement.

 

“GCM LLC” shall have the meaning provided in the preamble to this Agreement.

 

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“Goldman Sachs” shall mean Goldman Sachs Bank USA.

 

“Governmental Authority” shall
mean the government of the United States, any foreign country or any multinational authority, or any state, province, territory
or other political subdivision thereof, and any entity, body or authority exercising executive, legislative, judicial, taxing,
regulatory or administrative functions of or pertaining to government, including the PBGC and other quasi-governmental entities
established to perform such functions.

 

“GP Collateral” shall mean the “Collateral”
as defined in the GP Undertaking.

 

“GP Entities” shall mean, collectively,
(i) each Grosvenor Fund GP and (ii) each general partner, managing member or equivalent, if any, of such Grosvenor Fund GP.

 

“GP Obligors” shall have the meaning
assigned to such term in the GP

Undertaking.

 

“GP Undertaking” shall mean
the General Partner Undertaking, substantially in the form of Exhibit D-1 attached hereto, by and between the Borrower, the GP
Obligors and the Collateral Agent for the benefit of the Secured Parties.

 

“Grosvenor” shall mean Grosvenor Capital
Management, L.P., an Illinois limited

partnership.

 

“Grosvenor Fund” means any
investment fund or managed account for which and for so long as Grosvenor or any of its Affiliates serves as general partner, managing
member, investment manager, investment adviser or sub-adviser, as applicable.

 

“Grosvenor Fund Documents”
means all limited partnership agreements, subscription agreements, management agreements, advisory agreements, administration agreements
and other similar documents and agreements as in effect from time to time for each Grosvenor Fund, together with any amendments,
supplements or modifications thereto.

 

“Grosvenor Fund GP” shall mean,
each (i) general partner, managing member or equivalent thereof of any Grosvenor Fund and (ii) other Affiliate of the Borrower
entitled to receive Performance Fees or Management Fees.

 

“Guarantee” shall mean the
Guarantee, dated as of the Closing Date, made by each Guarantor in favor of the Collateral Agent for the benefit of the Secured
Parties, substantially in the form of Exhibit A.

 

“Guarantee
Obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any
Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,
including any obligation of such Person, whether or not contingent, (a) to purchase any such Indebtedness or any property
constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such
Indebtedness or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor, (c) to purchase or lease property, securities or services primarily for the purpose
of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness or
(d) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided that
the term “Guarantee Obligations” shall not include endorsements of instruments for deposit or collection in the
ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into
in connection with any acquisition or disposition of assets permitted under this Agreement (other than with respect to
Indebtedness). The amount of any Guarantee Obligation shall be deemed to be an amount equal to the stated or determinable
amount of the Indebtedness in respect of which such Guarantee Obligation is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as
determined by such Person in good faith.

 

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“Guarantors” shall mean (a)
Grosvenor and each other direct or indirect wholly-owned (disregarding general partner and managing member interests) Domestic
Subsidiary (other than any Excluded Subsidiary) on the Closing Date and (b) each Subsidiary that becomes a party to the Guarantee
after the Closing Date pursuant to Section 9.12; provided that no Grosvenor Fund shall be a Guarantor.

 

“Hazardous Materials” shall
mean (a) any petroleum or petroleum products, radioactive materials, friable asbestos, urea formaldehyde foam insulation, transformers
or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls, and radon gas; and (b)
any chemicals, materials or substances defined as or included in the definition of “hazardous substances”, “hazardous
waste”, “hazardous materials”, “extremely hazardous waste”, “restricted hazardous waste”,
“toxic substances”, “toxic pollutants”, “contaminants”, or “pollutants”, or words
of similar import, under any applicable Environmental Law.

 

“Hedge Bank” shall mean any
Person that is a Lender, an Agent or an Affiliate of a Lender or an Agent and that is a counterparty to a Hedging Agreement with
a Credit Party or one of its Restricted Subsidiaries, in its capacity as such, at the time it enters into such Hedging Agreement
or at any time after it has entered into such Hedging Agreement.

 

“Hedging Agreement” shall mean
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

 

    40

     

    

 

“Hedging Obligations” shall
mean, with respect to any Person, the obligations of such Person under Hedging Agreements.

 

“Historical Financial Statements”
shall mean, as of the Closing Date, (a) the audited consolidated balance sheets of the Borrower and its consolidated Subsidiaries
(but not the Company and its subsidiaries) at the end of, and related statements of income and cash flows of the Borrower and its
consolidated Subsidiaries (but not the Company and its subsidiaries) for, the fiscal years ended December 31, 2010, December 31,
2011 and December 31, 2012 and (b) the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries (but
not the Company and its subsidiaries) as at the end of, and related statements of income and cash flows of the Borrower and its
consolidated Subsidiaries (but not the Company and its subsidiaries) for, the fiscal quarters ended March 31, 2013, June 30, 2013
and September 30, 2013.

 

“Holdings”
shall mean, collectively, (i) subject to clause (iii), Holdings I (as defined in the preamble to this Agreement), (ii) subject
to clause (iii), Holdings II (as defined in the preamble to this Agreement) and (iii) at the election of the Borrower, any other
Person or Persons (the “New Holdings”) designated by the Borrower that is a Subsidiary of (or are Subsidiaries
of) Holdings I or Holdings II or of any Parent Entity of Holdings I or Holdings II (or any previous New Holdings, as the case
may be) (as applicable, a “Previous Holdings”); provided that (a) all or a portion of the Capital Stock
of the Borrower owned by a Previous Holdings is contributed or otherwise transferred to such New Holdings and pledged to secure
the Obligations, (b) such New Holdings shall expressly assume all the obligations with respect to the stock so transferred of
the applicable Previous Holdings under this Agreement and the other Credit Documents pursuant to a supplement hereto or thereto
in form reasonably satisfactory to the Administrative Agent, (c) such New Holdings shall have delivered to the Administrative
Agent a certificate of an Authorized Officer stating that such substitution and any supplements to the Credit Documents preserve
the perfection and priority of the Liens under the Security Documents, (d) if reasonably requested by the Administrative Agent,
an opinion of counsel shall be delivered by the Borrower to the Administrative Agent to the effect that such substitution does
not violate this Agreement or any other Credit Document, and (e) no Default or Event of Default has occurred and is continuing
at the time of such substitution and such substitution does not result in any Default or Event of Default or material tax liability;
provided, further, that if each of the foregoing is satisfied, and all of the Capital Stock of the Borrower owned by the
applicable Previous Holdings is contributed or otherwise transferred to such New Holdings, the applicable transferring Previous
Holdings shall be automatically released of all its obligations under the Credit Documents and any reference to the applicable
“Holdings” in the Credit Documents shall be meant to refer to the applicable “New Holdings” (it being
understood that two or more Persons can collectively constitute “Holdings”).

 

“ICC” shall have the meaning provided
in the definition of the term “UCP”.

 

“Identified
Contingent Liabilities” shall mean the maximum estimated amount of liabilities reasonably likely to result from
pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of a Person
and its subsidiaries taken as a whole after giving effect to the Transactions (including the execution and delivery of this
Agreement, the making of the Loans and the use of proceeds of such Loans, in each case on the date in question) (including
all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in Stated
Liabilities), as identified and explained in terms of their nature and estimated magnitude by Authorized Officers of such
Person.

 

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“Immaterial Subsidiary” shall
mean, at any date of determination, any Restricted Subsidiary of the Borrower (a) whose total assets (when combined with the assets
of such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany obligations) at the last day of the most recent
Test Period ended on or prior to such determination date were less than 5% of the aggregate of total assets of the Borrower and
its Domestic Subsidiaries that are Restricted Subsidiaries at such date and (b) whose gross revenues (when combined with the revenues
of such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany obligations) for such Test Period were less
than 5% of the consolidated gross revenues of the Borrower and its Domestic Subsidiaries that are Restricted Subsidiaries for such
period, in each case determined in accordance with GAAP.

 

“Incremental Agreement” shall have the
meaning set forth in Section 2.14(f).

 

“Incremental Amount” means,
at any time of determination, an amount equal to: (x) the total of (A) $150,000,000 plus (B) all voluntary prepayments of
Initial Term Loans and all voluntary and permanent reductions of the Revolving Credit Commitments made prior to such time minus
(C) the aggregate amount of Incremental Facilities incurred and/or established pursuant to Section 2.14 prior to such time in reliance
on this clause (x) minus (D) the aggregate amount of Incremental Equivalent Debt incurred prior to such time in reliance
on this clause (x); plus (y) an additional amount such that, after giving Pro Forma Effect to the incurrence of any such
Incremental Facility or Incremental Equivalent Debt pursuant to this clause (y) (and after giving effect to any Specified Transaction
to be consummated in connection therewith (including the incurrence or repayment of Indebtedness subsequent to the end of the Test
Period and on or prior to the date of such incurrence) and assuming that all Incremental Revolving Credit Commitment Increases
and/or Additional/Replacement Revolving Credit Commitments then outstanding were fully drawn), the Borrower would be in compliance
with (A) in the case of any Incremental Facility or Incremental Equivalent Debt (other than any Incremental Equivalent Debt that
is unsecured or secured by a Lien junior in priority to the Lien securing the Obligations), a First Lien Secured Leverage Ratio
as of the Test Period most recently ended on or prior to such incurrence, calculated on a Pro Forma Basis, as if such incurrence
(and transaction) had occurred on the first day of such Test Period, that is no greater than 3.75:1.0 (with the proceeds of any
such incurrence not constituting cash or cash equivalents for purposes of calculating such ratio) and (B) in the case of Incremental
Equivalent Debt that is unsecured or secured by a Lien junior in priority to the Lien securing the Obligations, a Senior Secured
Leverage Ratio as of the Test Period most recently ended on or prior to such incurrence, calculated on a Pro Forma Basis, as if
such incurrence (and transaction) had occurred on the first day of such Test Period, that is no greater than 4.75:1.0 (with any
such Incremental Equivalent Debt that is unsecured being deemed to be secured for purposes of calculating such ratio, and with
the proceeds of any such incurrence not constituting cash or cash equivalents for purposes of calculating such ratio).

 

“Incremental Commitments” shall have
the meaning provided in Section 2.14(a).

 

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“Incremental Equivalent Debt”
shall have the meaning provided in Section 10.1(u).

 

“Incremental Facilities” shall have the
meaning provided in Section 2.14(a).

 

“Incremental Facility Closing Date”
shall have the meaning provided in Section 2.14(f).

 

“Incremental Revolving
Credit Commitment Increase” shall have the meaning provided in Section 2.14(a).

 

“Incremental Revolving Credit Commitment
Increase Lender” shall have the meaning provided in Section 2.14(g).

 

“Incremental Term Loan Commitment”
shall mean the Commitment of any Lender to make Incremental Term Loans of a particular Class pursuant to Section 2.14(a).

 

“Incremental Term Loan Facility”
shall mean each Class of Incremental Term Loans made pursuant to Section 2.14.

 

“Incremental Term
Loan Maturity Date” shall mean, with respect to any Class of Incremental Term Loans made pursuant to Section 2.14, the
final maturity date thereof.

 

“Incremental Term Loans” shall have the
meaning provided in Section 2.14(a).

 

“Indebtedness” shall mean,
as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

		(a)	all indebtedness of such Person for borrowed money
and all indebtedness of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

 

		(b)	the maximum amount (after giving effect to any prior drawings or reductions which have been reimbursed) of all letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, performance bonds and similar instruments
issued or created by or for the account of such Person;

 

		(c)	net Hedging Obligations of such Person;

 

		(d)	all obligations of such Person to pay the deferred
purchase price of property or services (other than (i) current trade liabilities (but not any refinancings, extensions, renewals,
or replacements thereof) incurred in the ordinary course of business and maturing within 365 days after the incurrence thereof
except if such trade liabilities bear interest, (ii) any earn-out obligation (or other similar obligations under the Purchase
Agreement (including with respect to the Post Closing Purchase Price)) until such obligation becomes a liability on the balance
sheet of such Person in accordance with GAAP and (iii) obligations resulting from take-or-pay contracts entered into in the ordinary
course of business);

 

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		(e)	indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial
development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited
in recourse;

 

		(f)	all Capitalized Lease Obligations;

 

		(g)	all obligations of such Person in respect of Disqualified Capital Stock; and

 

		(h)	all Guarantee Obligations of such Person in respect of any of the foregoing;

 

provided that Indebtedness shall not include (i) prepaid
or deferred revenue arising in the ordinary course of business and (ii) purchase price holdbacks arising in the ordinary course
of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the
seller of such asset.

 

For all purposes hereof, the Indebtedness of any
Person shall (A) include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s
liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would be included in the calculation
of Consolidated Total Debt of such Person and (B) in the case of the Borrower and its Subsidiaries, exclude all intercompany Indebtedness
having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.
The amount of any net Hedging Obligations on any date shall be deemed to be the Swap Termination Value thereof as of such date.
The amount of Indebtedness of any Person for purposes of clause (e) above shall be deemed to be equal to the lesser of (i) the
aggregate unpaid amount of such Indebtedness and (ii) the Fair Market Value of the property encumbered thereby as determined by
such Person in good faith.

 

“Indemnified Parties” shall have the
meaning provided in Section 13.5(a).

 

“Initial Financial Statement Delivery
Date” shall mean the date on which Section 9.1 Financials are delivered to the Administrative Agent under Section 9.1(a)
for the fiscal quarter ended March 31, 2014.

 

“Initial Term Lender” shall
mean each Lender with an Initial Term Loan Commitment or holding an Initial Term Loan.

 

“Initial Term Loan” shall have the meaning
provided in Section 2.1(a).

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“Initial
Term Loan Commitment” shall mean, (a) in the case of each Lender that is a Lender on the Closing Date, the amount, if
any, set forth opposite such Lender’s name on Schedule 1.1(a) as such Lender’s “Initial Term Loan Commitment”
and (b) in the case of any Lender that becomes a Lender after the Closing Date, the amount specified as such Lender’s “Initial
Term Loan Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the Total Initial
Term Loan Commitment, in each case as the same may be changed from time to time pursuant to the terms hereof. The aggregate amount
of the Initial Term Loan Commitments as of the Closing Date is $460,000,000.

 

“Initial Term Loan Facility”
shall have the meaning provided in the recitals to this Agreement.

 

“Initial Term Loan Maturity Date”
shall mean January 2, 2021; provided that if such date is not a Business Day, the “Initial Term Loan Maturity Date”
will be the Business Day immediately following such date.

 

“Initial Term Loan Repayment Amount”
shall have the meaning provided in Section 2.5(b).

 

“Initial Term Loan Repayment Date” shall
have the meaning provided in Section 2.5(b).

 

“Intellectual Property” shall
have the meaning provided for such term or a similar term in the Security Agreement.

 

“Intercompany Note” shall mean
the Intercompany Subordinated Note, dated as of the Closing Date, substantially in the form of Exhibit O, executed by the Borrower
and each other Subsidiary of the Borrower party thereto.

 

“Interest Coverage Ratio” shall
mean, as of any date of determination, the ratio of (a) Consolidated EBITDA for the most recently ended Test Period ended on or
prior to such date of determination to (b) Consolidated Interest Expense for such Test Period; provided that, for purposes
of calculating the Interest Coverage Ratio for any period ending prior to the first anniversary of the Closing Date, Consolidated
Interest Expense shall be an amount equal to actual Consolidated Interest Expense from the Closing Date through the date of determination
multiplied by a fraction the numerator of which is 365 and the denominator of which is the number of days from the Closing Date
through the date of determination. In the event that the Borrower or any Restricted Subsidiary incurs, assumes, guarantees, repays,
redeems, retires or extinguishes any Indebtedness (other than Indebtedness incurred under any revolving credit facility that has
not been permanently repaid) subsequent to the commencement of the period for which the Interest Coverage Ratio is being calculated,
but prior to or simultaneously with the event for which the calculation of the Interest Coverage Ratio is made, then the Interest
Coverage Ratio shall be calculated giving Pro Forma Effect to such incurrence, assumption, guarantee, repayment, redemption, retirement
or extinguishing of Indebtedness as if the same had occurred at the beginning of the applicable Test Period.

 

“Interest Period” shall mean,
with respect to any Eurodollar Loans, the interest period applicable thereto, as determined pursuant to Section 2.9.

 

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“Investment” shall have the meaning provided in Section 10.5.

 

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

 

“Issuer Documents” shall mean
with respect to any Letter of Credit, any Letter of Credit Request, and any other document, agreement and instrument entered into
by the applicable Letter of Credit Issuer and the Borrower (or any Restricted Subsidiary) or in favor of such Letter of Credit
Issuer and relating to such Letter of Credit.

 

“Joint Bookrunners” shall mean
the Persons listed on the cover page of this Agreement as such in their capacities as Joint Bookrunners under this Agreement.

 

“Joint Lead Arrangers” shall
mean the Persons listed on the cover page of this Agreement as such in their capacities as Joint Lead Arrangers under this Agreement.

 

“Junior Priority Lien Intercreditor Agreement”
shall mean an intercreditor agreement substantially in the form of Exhibit J-2 among the Administrative Agent and/or the Collateral
Agent and one or more representatives for the holders of one or more classes of Indebtedness permitted by this Agreement and that
is intended (and/or required) to be secured on a junior lien basis to the Liens securing the Obligations, with such modifications
thereto as the Administrative Agent and Borrower may reasonably agree.

 

“Latest Maturity Date” shall
mean, with respect to any Indebtedness or Capital Stock, the latest Maturity Date applicable to any Credit Facility that is outstanding
hereunder as determined on the date such Indebtedness is issued or incurred or such Capital Stock is issued.

 

“Lender” shall mean (a) the
Persons listed on Schedule 1.1(a), (b) any other Person that shall become a party hereto as a “lender” pursuant to
Section 13.6 and (c) each Person that becomes a party hereto as a “lender” pursuant to the terms of Section 2.14, in
each case other than a Person who ceases to be a “Lender”.

 

“Lender
Default” shall mean (i) the refusal (in writing) or failure of any Revolving Credit Lender or
Additional/Replacement Revolving Credit Lender to make available its portion of any Revolving Credit Loans, Extended
Revolving Credit Loans or Additional/Replacement Revolving Credit Loans (or related letters of credit participations or
participations in swingline loans), as applicable, which refusal or failure is not cured within two Business Days after the
date of such refusal or failure, unless such Lender notifies the Administrative Agent and Borrower in writing that such
failure is the result of such Lender’s determination that one or more of the conditions precedent to funding has not
been satisfied (which conditions precedent, together with the applicable Default, if any, shall be specifically identified in
such writing); (ii) the failure of any Revolving Credit Lender or Additional/Replacement Revolving Credit Lender to pay over
to the Administrative Agent, any Letter of Credit Issuer or any other Lender any other amount required to be paid by it
hereunder within two Business Days of the date when due; (iii) a Revolving Credit Lender or Additional/Replacement Revolving
Credit Lender has notified the Borrower or the Administrative Agent that it does not intend or expect to comply with any of
its funding obligations or has made a public statement to that effect with respect to its funding obligations with respect to
Revolving Credit Loans, Extended Revolving Credit Loans or Additional/Replacement Revolving Credit Loans (or related letters
of credit participations or participations in swingline loans); (iv) the failure by a Revolving Credit Lender or
Additional/Replacement Revolving Credit Lender to confirm within three Business Days in a manner reasonably satisfactory to
the Administrative Agent that it will comply with its obligations with respect to Revolving Credit Loans, Extended Revolving
Credit Loans or Additional/Replacement Revolving Credit Loans (or related letters of credit participations or participations
in swingline loans); or (v) a Distressed Person with respect to such Revolving Credit Lender or Additional/Replacement
Revolving Credit Lender has admitted in writing that it is insolvent or such Distressed Person becomes subject to a
Lender-Related Distress Event.

 

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“Lender-Related
Distress Event” shall mean, with respect to any Revolving Credit Lender or Additional/Replacement Revolving Credit
Lender, that such Lender or any Person that directly or indirectly controls such Lender (each, a “Distressed
Person”), as the case may be, is or becomes subject to a voluntary or involuntary case with respect to such
Distressed Person under any Debtor Relief Law, or a custodian, conservator, receiver or similar official is appointed for
such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any
person that directly or indirectly controls such Distressed Person is subject to a forced liquidation, or such Distressed
Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any
Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; provided
that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of
any Capital Stock in any such Lender or any person that directly or indirectly controls such Lender by a Governmental
Authority or an instrumentality thereof.

 

“Letter of Credit” shall have the meaning
provided in Section 3.1(a).

 

“Letter of Credit Borrowing”
shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date
when made or refinanced as a Borrowing.

 

“Letter of Credit Commitment”
shall mean $15,000,000, as the same may be reduced from time to time pursuant to Section 4.2.

 

“Letter of Credit Exposure”
shall mean, with respect to any Lender, at any time, the sum of (a) the amount of any Unpaid Drawings in respect of which such
Lender has made (or is required to have made) Revolving Credit Loans pursuant to Section 3.4 at such time and (b) such Lender’s
Revolving Credit Commitment Percentage of the Letter of Credit Obligations at such time (excluding the portion thereof consisting
of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) Revolving Credit Loans pursuant to
Section 3.4).

 

“Letter of Credit Fee” shall have the
meaning provided in Section 4.1(c).

 

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“Letter of Credit Issuer” shall
mean (a) BMO, (b) solely with respect to any Existing Letters of Credit, the applicable issuing bank under such Existing Letter
of Credit or an Affiliate thereof to the extent such issuing bank or Affiliate shall have become party to this Agreement, and (c)
any one or more Persons who shall become a Letter of Credit Issuer pursuant to Section 3.6. Any Letter of Credit Issuer may, in
its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Letter of Credit Issuer, and in each
such case the term “Letter of Credit Issuer” shall include any such Affiliate with respect to Letters of Credit issued
by such Affiliate. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other
Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable
Letter of Credit or to all Letter of Credit Issuers, as the context requires.

 

“Letter of Credit Maturity Date”
shall mean the date that is five Business Days prior to the Revolving Credit Maturity Date.

 

“Letter of Credit Obligations”
shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit
plus the aggregate of all Unpaid Drawings, including all Letter of Credit Borrowings. For purposes of computing the amount
available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section
1.8. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms, but any amount
may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“Letter of Credit Participant” shall
have the meaning provided in Section 3.3(a).

 

“Letter of Credit Participation” shall have the meaning provided
in Section 3.3(a).

 

“Letter of Credit Request” shall have the meaning provided in Section 3.2(b).

 

“Lien” shall mean any mortgage,
pledge, security interest, hypothecation, assignment, lien (statutory or other) or similar encumbrance, and any easement, right-of-way,
license, restriction (including zoning restrictions), defect, exception or irregularity in title or similar charge or encumbrance
(including any agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in
the nature thereof); provided that in no event shall an operating lease be deemed to be a Lien.

 

“Loan” shall mean any Revolving
Credit Loan, Additional/Replacement Revolving Credit Loan, Extended Revolving Credit Loan, Swingline Loan (including any swingline
loan pursuant to an Extended Revolving Credit Facility or an Additional/Replacement Revolving Credit Facility) or Term Loan made
by any Lender hereunder.

 

“London Banking Day” shall
mean any day on which dealings in Dollar deposits are conducted by and among banks in the London interbank eurodollar market.

 

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“Management Bonuses” shall
mean signing and retention bonuses to be paid to the management of the Company in connection with the Acquisition in an aggregate
amount not to exceed $30,000,000.

 

“Management Fees” shall mean
(a) fees (excluding Performance Fees) payable to the Borrower or any of its Affiliates in connection with the day to day management
and administration of any Grosvenor Fund (whether pursuant to the Grosvenor Fund Documents or otherwise), and shall include amounts,
if any, by which such fees are paid through deductions from the capital account of any defaulting limited partner of any such Grosvenor
Fund, and (b) other fee-based revenue (excluding Performance Fees) payable to the Borrower or any of its Affiliates and generated
through the formation of new investment partnerships, investment vehicles, managed accounts or similar investment vehicles or arrangements,
or other arrangements or new lines of business that contribute additional fee-based revenue (excluding Performance Fees) to the
Borrower or any of its Affiliates.

 

“Mandatory Borrowing” shall have the
meaning provided in Section 2.1(e).

 

“Master Agreement” shall have
the meaning provided in the definition of the term “Hedging Agreement”.

 

“Material Adverse Effect” shall
mean an event, circumstance or condition that, individually or in the aggregate, has had or could reasonably be expected to have
a material and adverse effect on (a) the business, results of operations or financial condition of the Borrower and the Restricted
Subsidiaries, taken as a whole, (b) the ability of the Borrower and the Guarantors, taken as a whole, to perform their payment
obligations under the Credit Documents or (c) the rights and remedies of the Administrative Agent, the Collateral Agent or the
Lenders under the Credit Documents.

 

“Maturity Date” shall mean
the Initial Term Loan Maturity Date, any Incremental Term Loan Maturity Date, the Revolving Credit Maturity Date, any maturity
date related to any Class of Extended Revolving Credit Commitments, any maturity date related to any Class of Additional/Replacement
Revolving Credit Commitments, any maturity date related to any Class of Extended Term Loans, or the Swingline Maturity Date, as
applicable.

 

“Minimum Borrowing Amount”
shall mean (a) with respect to a Borrowing of Term Loans or Revolving Credit Loans, $1,000,000 and (b) with respect to a Borrowing
of Swingline Loans, $100,000.

 

“Moody’s” shall mean
Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 

“Mortgage” shall mean a mortgage
or a deed of trust, deed to secure debt, trust deed or other security document entered into by the owner of a Mortgaged Property
in favor of the Collateral Agent for the benefit of the Secured Parties evidencing a Lien on such Mortgaged Property, substantially
in the form of Exhibit P (with such changes thereto as may be necessary to account for local law matters) or otherwise in such
form as reasonably agreed between the Borrower and the Collateral Agent.

 

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“Mortgaged Property” shall
mean Real Property owned in fee with respect to which a Mortgage is required to be granted pursuant to Section 9.15(b).

 

“Multiemployer Plan” shall
mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, a Restricted Subsidiary or an ERISA
Affiliate had an obligation to contribute over the five preceding calendar years.

 

“Necessary Cure Amount” shall
have the meaning provided in Section 11.11(b).

 

“Net Cash Proceeds” shall mean,
with respect to any Prepayment Event, any issuance of Capital Stock, any capital contribution or any Disposition of any Investment,
(a) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only
as and when received and, with respect to any Recovery Event, any insurance proceeds or condemnation awards in respect of such
Recovery Event) received by or on behalf of the Borrower or any of the Restricted Subsidiaries in respect of such Prepayment Event,
issuance of Capital Stock, capital contribution or Disposition of any Investment, less (b) the sum of:

 

(i) in
the case of any Prepayment Event or such Disposition, the amount, if any, of all taxes paid or estimated to be payable by the Borrower
or any of the Restricted Subsidiaries in connection with such Prepayment Event or such Disposition (including withholding taxes
imposed on the repatriation of any such Net Cash Proceeds),

 

(ii) in
the case of any Prepayment Event or such Disposition, the amount of any reasonable reserve established in accordance with GAAP
against any liabilities (other than any amounts deducted pursuant to clause (i) above) (x) associated with the assets that are
the subject of such Prepayment Event or such Disposition and (y) retained by the Borrower or any of the Restricted Subsidiaries,
including any pension and other post-employment benefit liabilities and liabilities related to environmental matters or against
any indemnification obligations associated with such transaction; provided that the amount of any subsequent reduction of
such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds
of such Prepayment Event or such Disposition occurring on the date of such reduction,

 

(iii) in
the case of any Prepayment Event or such Disposition, the amount of any principal amount, premium or penalty, if any, interest
or other amounts on any Indebtedness secured by a Lien on the assets that are the subject of such Prepayment Event or such Disposition
to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation
of such Prepayment Event or such Disposition and such Indebtedness is actually so repaid (it being understood that the foregoing
clause (iii) shall not apply with respect to any Indebtedness under the Credit Documents, secured Permitted Additional Debt or
secured Credit Agreement Refinancing Indebtedness),

 

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(iv) in the
case of any Asset Sale Prepayment Event, the amount of any proceeds of such Asset Sale Prepayment Event that the Borrower or
the applicable Restricted Subsidiary has reinvested (or intends to reinvest), or has entered into an Acceptable Reinvestment
Commitment to reinvest, within the Reinvestment Period, in the business of the Borrower or any of the Restricted Subsidiaries
(subject to Section 9.14), provided that:

 

(A) the
Borrower or the applicable Restricted Subsidiary shall comply with Sections 9.12, 9.13 and 9.15(b) with respect to such
reinvestment, if applicable,

 

(B) any
portion of such proceeds that has not been so reinvested or made subject to an Acceptable Reinvestment Commitment within the Reinvestment
Period shall (x) be deemed to be Net Cash Proceeds of an Asset Sale Prepayment Event occurring on the later of (1) the last day
of the Reinvestment Period and (2) 180 days after the date that the Borrower or such Restricted Subsidiary shall have entered into
such Acceptable Reinvestment Commitment and (y) be applied to the repayment of Term Loans in accordance with Section 5.2(a)(i)
and to the repayment or redemption of any secured Permitted Additional Debt or Credit Agreement Refinancing Indebtedness to the
extent permitted under Section 5.2(a)(i), and

 

(C) subject
to clause (B) above, any proceeds subject to an Acceptable Reinvestment Commitment that is (I) later canceled or terminated for
any reason before such proceeds are applied in accordance therewith or (II) not consummated (i.e., the reinvestment contemplated
by such Acceptable Reinvestment Commitment is not made) shall be applied to the repayment of Term Loans in accordance with Section
5.2(a)(i) and to the repayment or redemption of any secured Permitted Additional Debt or Credit Agreement Refinancing Indebtedness
to the extent permitted under Section 5.2(a)(i), unless the Borrower or the applicable Restricted Subsidiary enters into another
Acceptable Reinvestment Commitment with respect to such proceeds prior to the end of the Reinvestment Period,

 

(v) in the case of any Recovery
Prepayment Event, the amount of any proceeds of such Recovery Prepayment Event (x) that the Borrower or the applicable
Restricted Subsidiary has reinvested (or intends to reinvest), or has entered into an Acceptable Reinvestment Commitment to
reinvest, within the Reinvestment Period, in the business of the Borrower or any of the Restricted Subsidiaries (subject to
Section 9.14), including for the repair, restoration or replacement of the asset or assets subject to such Recovery
Prepayment Event, or (y) for which the Borrower or the applicable Restricted Subsidiary has provided a Restoration
Certification prior to the end of the Reinvestment Period, provided that:

 

(A) the
Borrower or the applicable Restricted Subsidiary shall comply with Sections 9.12, 9.13 and 9.15(b) with respect to such reinvestment,
if applicable,

 

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(B) any portion
of such proceeds that has not been so reinvested or made subject to an Acceptable Reinvestment Commitment or Restoration Certification
within the Reinvestment Period shall (x) be deemed to be Net Cash Proceeds of a Recovery Prepayment Event occurring on the later
of (1) the last day of the Reinvestment Period and (2) 180 days after the date that the Borrower or such Restricted Subsidiary
shall have entered into an Acceptable Reinvestment Commitment or shall have provided a Restoration Certification and (y) be applied
to the repayment of Term Loans in accordance with Section 5.2(a)(i), and to the repayment or redemption of any secured Permitted
Additional Debt or Credit Agreement Refinancing Indebtedness to the extent permitted under Section 5.2(a)(i), and

 

(C) subject
to clause (B) above, any proceeds subject to an Acceptable Reinvestment Commitment or a Restoration Certification that is (I)
later canceled or terminated for any reason before such proceeds are applied in accordance therewith or (II) not consummated
(i.e., the reinvestment, repair, restoration or replacement contemplated by such Acceptable Reinvestment Commitment or
Restoration Certification, as the case may be, is not made) shall be applied to the repayment of Term Loans in accordance
with Section 5.2(a)(i) and to the repayment or redemption of any secured Permitted Additional Debt or Credit Agreement
Refinancing Indebtedness to the extent permitted under Section 5.2(a)(i), unless the Borrower or the applicable Restricted
Subsidiary enters into another Acceptable Reinvestment Commitment or provides another Restoration Certification with respect
to such proceeds prior to the end of the Reinvestment Period,

 

(vi) in
the case of any Asset Sale Prepayment Event or Recovery Prepayment Event by any non-wholly-owned Restricted Subsidiary, the pro
rata portion of the net cash proceeds thereof (calculated without regard to this clause (vi)) attributable to minority interests
and not available for distribution to or for the account of the Borrower or a wholly-owned Restricted Subsidiary as a result thereof,
and

 

(vii) in
the case of any Prepayment Event, such Disposition, issuance of Capital Stock or capital contribution, reasonable and customary
fees, commissions, expenses (including attorney’s fees, investment banking fees, survey costs, title insurance premiums and
search and recording charges, transfer taxes, deed or mortgage recording taxes and other customary expenses and brokerage, consultant
and other customary fees), issuance costs, discounts and other costs and expenses paid by the Borrower or any of the Restricted
Subsidiaries, as applicable, in connection with such Prepayment Event (other than those payable to the Borrower or any Restricted
Subsidiary of the Borrower), in each case only to the extent not already deducted in arriving at the amount referred to in clause
(a) above.

 

“Net Working
Capital” shall mean, at any date, (a) the cumulative sum of all amounts that would in conformity with GAAP
constitute “current assets” on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries at
such date, excluding assets constituting (i) cash, cash equivalents and bank overdrafts, (ii) taxes receivable and deferred
income taxes of all such Persons, (iii) property, plant and equipment of all such Persons and (iv) goodwill and intangibles
of all such Persons, minus (b) the cumulative sum of all amounts that would, in conformity with GAAP, constitute
“current liabilities” on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries on such
date, excluding (i) Indebtedness, (ii) taxes payable and deferred income taxes of all such Persons, (iii) stockholder’s
equity of all such Persons and (iv) Dividends payable of all such Persons.

 

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“New Holdings” shall have the meaning
provided in the definition of the term “Holdings”.

 

“Non-Cash Charges” shall mean
(a) any impairment charge or asset write-off or write-down related to intangible assets (including goodwill), long-lived assets,
and investments in debt and equity securities pursuant to GAAP, (b) all losses from investments recorded using the equity method,
(c) all Non-Cash Compensation Expenses, (d) the non-cash impact of purchase accounting, (e) the non-cash impact of accounting changes
or restatements and (f) other non-cash charges (provided, in each case, that if any non-cash charges represent an accrual
or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted
from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period).

 

“Non-Cash Compensation Expense”
shall mean any non-cash expenses and costs (including but not limited to deferred compensation) that result from the issuance of
stock-based awards, partnership interest-based awards and similar incentive-based compensation awards or arrangements and any deferred
and non-cash compensation, including any gains or losses attributable to changes in the valuation of deferred compensation.

 

“Non-Consenting Lender” shall have the
meaning provided in Section 13.7(b).

 

“Non-Debt Fund Affiliate” shall
mean any Affiliate of the Borrower (other than the Borrower or any Subsidiary of the Borrower or any natural person) that is not
a Debt Fund Affiliate.

 

“Non-Defaulting Lender” shall
mean and include each Lender other than a Defaulting Lender.

 

“Non-Excluded Taxes” shall have the meaning
provided in Section 5.4(a).

 

“Non-Extension Notice Date” shall have the meaning provided in Section 3.2(e).

 

“Non-U.S.
Lender” shall have the meaning provided in Section 5.4(d).

 

“Note” shall have the meaning provided
in Section 13.6(c).

 

“Notice of Borrowing” shall have the
meaning provided in Section 2.3(a).

 

“Notice of Conversion or Continuation”
shall have the meaning provided in Section 2.6(a).

 

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“Obligations”
shall mean the collective reference to (a) the due and punctual payment of (i) the principal of and premium, if any, and
interest at the applicable rate provided in this Agreement (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, 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 Borrower under this 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, including fees, costs, expenses and indemnities, 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), of the Borrower or any other Credit Party
to any of the Secured Parties under this Agreement and the other Credit Documents, (b) the due and punctual payment and
performance of all the covenants, agreements, obligations and liabilities of the Borrower under or pursuant to this Agreement
and the other Credit Documents, (c) the due and punctual payment and performance of all the covenants, agreements,
obligations and liabilities of each other Credit Party (or Holdings, the Parent GPs and the GP Entities, as applicable) under
or pursuant to this Agreement or the other Credit Documents, (d) the due and punctual payment and performance of all Hedging
Obligations under each Secured Hedging Agreement and (e) the due and punctual payment and performance of all Cash Management
Obligations under each Secured Cash Management Agreement. Notwithstanding the foregoing, (i) unless otherwise agreed to by
the Borrower and any Hedge Bank or Cash Management Bank, the obligations of the Borrower or any Subsidiary under any Secured
Hedging Agreement and under any Secured Cash Management Agreement shall be secured and guaranteed pursuant to the Security
Documents and the Guarantee only to the extent that, and for so long as, the other Obligations are so secured and guaranteed
and (ii) any release of Collateral or Guarantors effected in the manner permitted by this Agreement and the other Credit
Documents shall not require the consent of the holders of Hedging Obligations under Secured Hedging Agreements or of the
holders of Cash Management Obligations under Secured Cash Management Agreements.

 

“OFAC” means the Office of
Foreign Assets Control of the United States Department of the Treasury.

 

“OID” shall have the meaning provided
in Section 13.18.

 

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

 

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“Original Credit Agreement”
shall have the meaning provided in the recitals to this Agreement.

 

“Original Lender” shall have the meaning
provided in the recitals to this Agreement.

 

“Other Taxes” shall have the meaning
provided in Section 5.4(b).

 

“Parent Entity” shall mean
any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of the Borrower.

 

“Parent GP Undertakings” shall
mean the Parent General Partner Undertakings, substantially in the form of Exhibit D-2 attached hereto, by and between the Borrower,
each Parent GP and the Collateral Agent for the benefit of the Secured Parties.

 

“Parent GPs” shall mean GCMH
GP, GCM LLC or any successor to either of the foregoing as the general partner of the Borrower or Grosvenor, respectively.

 

“Participant” shall have the meaning
provided in Section 13.6(d).

 

“Participant Register” shall have the meaning provided in Section 13.6(d)(ii).

 

“PATRIOT ACT” shall have the meaning
provided in Section 8.19.

 

“PBGC” shall mean the Pension
Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto.

 

“Pension Plan” shall mean any
employee pension benefit plan (as defined in Section 3(2) of ERISA, other than a Multiemployer Plan) subject to the provisions
of Title IV of ERISA, Section 412 or Section 430 of the Code or Section 302 of ERISA sponsored, maintained or contributed to by
the Borrower, a Restricted Subsidiary or an ERISA Affiliate or, solely with respect to representations and covenants that relate
to liability under Section 4069 of ERISA, that was so maintained and in respect of which the Borrower, any Restricted Subsidiary
or ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated.

 

“Perfection Certificate” shall
mean a certificate in the form of Exhibit Q or any other form approved by the Administrative Agent in its reasonable discretion.

 

“Performance Fees” shall mean,
for any period, all incentive, carry, performance, carried interest, profit sharing and other similar fees or allocations payable
to or accrued by Grosvenor or any of its Affiliates pursuant to the Grosvenor Fund Documents or otherwise during such period.

 

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“Permitted
Acquisition” shall mean (a) the Acquisition and (b) any other acquisition, by merger or otherwise, by the Borrower
or any of the Restricted Subsidiaries of assets (including any assets constituting a business unit, line of business or
division) or Capital Stock, so long as (i) if such acquisition involves the acquisition of Capital Stock of a Person that upon
such acquisition would become a Subsidiary, such acquisition shall result in the issuer of such Capital Stock becoming a
Restricted Subsidiary and, to the extent required by Section 9.12, a Guarantor or GP Obligor, as applicable; (ii) to the
extent required by Sections 9.12, 9.13 and/or 9.15(b), such acquisition shall result in the Collateral Agent, for the benefit
of the Secured Parties, being granted a security interest in any Capital Stock or any assets so acquired; (iii) before and
after giving effect to such acquisition, no Event of Default under Section 11.1 or 11.5 shall have occurred and be
continuing; (iv) the acquired Person or assets are in the same or a generally related line of business as the Borrower and
the Subsidiaries; and (v) the Borrower shall be in compliance, on a Pro Forma Basis after giving effect to such acquisition
(including any Indebtedness assumed or permitted to exist or incurred pursuant to Sections 10.1(j) and 10.1(k) respectively,
and any related Pro Forma Adjustment), with the covenant set forth in Section 10.9, as such covenant is recomputed as of the
last day of the most recently ended Test Period under such Section as if such acquisition had occurred on the first day of
such Test Period (regardless of whether such covenant was required to be tested as of the end of the most recently ended
fiscal quarter).

 

“Permitted Acquisition Consideration”
shall mean in connection with any Permitted Acquisition, the aggregate amount (as valued at the Fair Market Value of such Permitted
Acquisition at the time such Permitted Acquisition is made) of, without duplication: (a) the purchase consideration paid or payable
in cash for such Permitted Acquisition, whether payable at or prior to the consummation of such Permitted Acquisition or deferred
for payment at any future time, whether or not any such future payment is subject to the occurrence of any contingency, and including
any and all payments representing the purchase price and any assumptions of Indebtedness and/or Guarantee Obligations, “earn-outs”
and other agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to
or contingent upon the revenues, income, cash flow or profits (or the like) of any Person or business and (b) the aggregate amount
of Indebtedness incurred or assumed in connection with such Permitted Acquisition; provided, in each case, that any such
future payment that is subject to a contingency shall be considered Permitted Acquisition Consideration only to the extent of the
reserve, if any, required under GAAP (as determined at the time of the consummation of such Permitted Acquisition) to be established
in respect thereof by the Borrower or its Restricted Subsidiaries.

 

“Permitted
Additional Debt” shall mean senior secured or senior unsecured, senior subordinated or subordinated debt (which
debt, if secured, may either have the same lien priority as the Obligations or may be secured by a Lien ranking junior to the
Lien securing the Obligations), in each case issued or incurred by the Borrower or a Guarantor; provided that (a) the
terms of such Indebtedness do not provide for maturity or any scheduled mandatory repayment, mandatory redemption, mandatory
offer to purchase or sinking fund obligation prior to the date that is 91 days after the Latest Maturity Date, other than,
subject (except in the case of any First Lien Obligations) to the prior repayment of or the prior offer to repay (and to the
extent such offer is accepted, the prior repayment of) the Obligations hereunder (other than Hedging Obligations under any
Secured Hedging Agreement, Cash Management Obligations under Secured Cash Management Agreements or contingent indemnification
obligations), customary offers to purchase upon a change of control, asset sale or insurance or condemnation event and
customary acceleration rights upon an event of default, (b) the terms and conditions of such Indebtedness (excluding interest
rates (including through fixed interest rates), interest rate margins, rate floors, fees, funding discounts, original issue
discounts and optional redemption or prepayment terms and premiums), taken as a whole, are not materially more restrictive on
the Borrower and its Restricted Subsidiaries than the terms of this Agreement (except for covenants or other provisions
applicable only to periods after the Latest Maturity Date) (provided that in the event any financial maintenance
covenant is added for the benefit of lenders or investors providing any Permitted Additional Debt the terms and conditions of
such indebtedness will be deemed not to be more restrictive than the terms and conditions of the Credit Facilities if such
financial maintenance covenant is also added for the benefit of the Credit Facilities); provided that a certificate of
an Authorized Officer of the Borrower delivered to the Administrative Agent at least five Business Days prior to the
incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such
Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that
such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions
satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period
that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees), (c) if
such Indebtedness is secured, such Indebtedness shall not be secured by any property or assets other than the Collateral and
shall be subject to an applicable Customary Intercreditor Agreement and (d) the Borrower shall be the only primary obligor of
such Indebtedness and no Subsidiary of the Borrower (other than a Guarantor) shall be a guarantor under such
Indebtedness.

 

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“Permitted Additional Debt Documents”
shall mean any document or instrument (including any guarantee, security agreement or mortgage) issued or executed and delivered
with respect to any Permitted Additional Debt by any Credit Party.

 

“Permitted Additional Debt Obligations”
shall mean, if any secured Permitted Additional Debt has been incurred or issued and is outstanding, the collective reference to
(a) the due and punctual payment of (i) the principal of and premium, if any, and interest at the applicable rate provided in the
applicable Permitted Additional Debt Documents (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 any such Permitted
Additional Debt, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment, redemption or
otherwise and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, 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), of the Borrower or any
other Credit Party to any of the Permitted Additional Debt Secured Parties under the applicable Permitted Additional Debt Documents
and (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrower or any Credit
Party under or pursuant to applicable Permitted Additional Debt Documents.

 

“Permitted Additional Debt Secured Parties”
shall mean the holders from time to time of the secured Permitted Additional Debt Obligations (and any representative on their
behalf).

 

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“Permitted First Priority Refinancing
Debt” shall mean any secured Indebtedness incurred by the Borrower and/or the Guarantors in the form of one or more series
of senior secured notes or loans; provided that (i) such Indebtedness is secured by all or a portion of the Collateral on
a basis that is not junior and not senior to the Liens securing the Obligations (but without regard to the control of remedies)
and is not secured by any property or assets other than the Collateral, (ii) such Indebtedness satisfies the applicable requirements
set forth in the provisos to the definition of “Credit Agreement Refinancing Indebtedness”, (iii) such Indebtedness
is not at any time guaranteed by any Subsidiaries of the Borrower other than Subsidiaries that are Guarantors and such Indebtedness
is not at any time borrowed by any Person other than the Borrower and (iv) the Borrower, the holders of such Indebtedness (or their
representative) and the Administrative Agent and/or the Collateral Agent shall be party to a Customary Intercreditor Agreement.

 

“Permitted Holders” shall mean
(a) at any time, all Persons then comprising the senior management of Grosvenor who, directly or indirectly, including through
Holdings or otherwise, hold Voting Stock of the Borrower (excluding those Persons who become members of the senior management of
Grosvenor as a result of or in anticipation of a specific acquisition of Capital Stock in Holdings or Borrower by an acquiror),
and the spouse, descendants, executor or administrator of the estate or other legal representative of any such Person, all trusts
for the benefit of the foregoing or their heirs or any one or more of them, and all partnerships, corporations, foundations, or
other entities directly or indirectly controlled by the foregoing or any one or more of them and (b) the Sponsor.

 

“Permitted Investments” shall mean:

 

		(a)	Dollars and, with respect to any Foreign Subsidiaries, other currencies held by such Foreign Subsidiary, in each case in the
ordinary course of business;

 

		(b)	securities issued or unconditionally guaranteed or insured by the United States government or any agency or instrumentality
thereof, in each case having maturities of not more than 24 months from the date of acquisition thereof;

 

		(c)	securities issued by any state, commonwealth or territory of the United States of America or any political subdivision or taxing
authority of any such state, commonwealth or territory or any public instrumentality thereof or any political subdivision or taxing
authority of any such state, commonwealth or territory or any public instrumentality thereof having maturities of not more than
24 months from the date of acquisition thereof and, at the time of acquisition, having an investment grade rating generally obtainable
from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, then
from another nationally recognized rating service);

 

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		(d)	commercial
paper or variable or fixed rate notes issued by or guaranteed by any Revolving Credit Lender or any bank holding company owning
any such Lender;

 

		(e)	commercial paper, repurchase agreements and similar instruments or variable or fixed rate notes maturing no more than 12 months
after the date of creation thereof and, at the time of acquisition, having a rating of at least A-2 or P-2 from either S&P
or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from
another nationally recognized rating service);

 

		(f)	time deposits with, or domestic and eurodollar certificates of deposit or bankers’ acceptances maturing no more than
two years after the date of acquisition thereof issued by, any Revolving Credit Lender or any other bank having combined capital
and surplus of not less than $250,000,000 in the case of U.S. domestic banks and $100,000,000 (or the Dollar equivalent thereof)
in the case of foreign banks;

 

		(g)	repurchase agreements with a term of not more than 30 days for underlying securities of the type described in clauses (b),
(c) and (f) above entered into with any bank meeting the qualifications specified in clause (f) above or securities dealers of
recognized national standing;

 

		(h)	marketable short-term money market and similar securities having a rating of at least A-2 or P-2 from either S&P or Moody’s
(or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another nationally
recognized rating service);

 

		(i)	investments with average maturities of 12 months or less from the date of acquisition in money market funds rated within the
top three ratings category by S&P or Moody’s; and

 

		(j)	shares of investment companies that are registered under the Investment Company Act of 1940, as amended, and the investments
of which are comprised of at least 90% of one or more of the types of securities described in clauses (a) through (i) above.

 

In the case of investments by any Restricted Foreign
Subsidiary or investments made in a country outside the United States of America, Permitted Investments shall also include
(i) investments of the type and maturity described in clauses (a) through (j) above of foreign obligors, which investments or
obligors (or the parents of such obligors) have ratings, described in such clauses or equivalent ratings from comparable
foreign rating agencies and (ii) other short-term investments utilized by Restricted Foreign Subsidiaries in accordance with
normal investment practices for cash management in investments analogous to the foregoing investments in clauses (a) through
(j) and in this paragraph.

 

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“Permitted
Junior Priority Refinancing Debt” shall mean secured Indebtedness incurred by the Borrower and/or the Guarantors in
the form of one or more series of second lien (or other junior lien) secured notes or debentures or second lien (or other
junior lien) secured loans; provided that (i) such Indebtedness is secured by all or a portion of the Collateral on a
second priority (or other junior priority) basis to the Liens securing the Obligations and any other First Lien Obligations
and is not secured by any property or assets other than the Collateral, (ii) such Indebtedness satisfies the applicable
requirements set forth in the provisos in the definition of “Credit Agreement Refinancing Indebtedness” (provided
that such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and
any other First Lien Obligations, notwithstanding any provision to the contrary contained in the definition of “Credit
Agreement Refinancing Indebtedness”), (iii) the holders of such Indebtedness (or their representative) and the
Administrative Agent and/or the Collateral Agent shall be party to a Customary Intercreditor Agreement, and (iv) such
Indebtedness is not at any time guaranteed by any Subsidiaries of the Borrower other than Subsidiaries that are Guarantors
and such Indebtedness is not at any time borrowed by any Person other than the Borrower.

 

“Permitted Liens” shall mean:

 

		(a)	Liens for taxes, assessments or other governmental
charges or claims that are either (i) not yet due overdue by more than 30 days or (ii) being diligently contested in good faith
by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP,

 

		(b)	Liens in respect of property or assets of the Borrower
or any of its Restricted Subsidiaries imposed by law, such as landlord’s, carriers’, warehousemen’s, repairmen’s,
construction contractors’ and mechanics’ Liens and other similar Liens, in each case so long as such Liens arise in
the ordinary course of business and do not individually or in the aggregate have a Material Adverse Effect,

 

		(c)	Liens arising from judgments or decrees for the payment
of money in circumstances not constituting an Event of Default under Section 11.9,

 

		(d)	Liens incurred or pledges or deposits made in connection
with workers’ compensation, unemployment insurance and other types of social security or similar legislation and deposits
securing liabilities to insurance carriers under insurance or self-insurance arrangements in respect of such obligations, or to
secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts,
trade contracts, performance and return-of-money bonds and other similar obligations (including letters of credit issued in lieu
of any such bonds or to support the issuance thereof and including those to secure health, safety and environmental obligations)
incurred in the ordinary course of business,

 

		(e)	ground leases or subleases, licenses or sublicenses
in respect of Real Property on which facilities owned or leased by the Borrower or any of its Restricted Subsidiaries are located,

 

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		(f)	easements, rights-of-way,
licenses, restrictions (including zoning restrictions), minor title defects, exceptions or irregularities in title, encroachments,
protrusions and other similar charges or encumbrances, which in each case do not, individually or in the aggregate, materially
detract from the value of the Real Property of the Borrower and its Restricted Subsidiaries, taken as a whole, or interfere in
any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole, and that were not incurred
in connection with and do not secure any Indebtedness, and to the extent reasonably agreed by the Administrative Agent, any exception
on the title policies issued in connection with any Mortgaged Property,

 

		(g)	any interest or title of a lessor, sublessor, licensor
or sublicensor or secured by a lessor’s, sublessor’s, licensor’s or sublicensor’s interest under any lease,
sublease, license or sublicense permitted by this Agreement,

 

		(h)	Liens in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection with the importation of goods,

 

		(i)	Liens on goods or inventory the purchase, shipment or storage
price of which is financed by a documentary letter of credit or bankers’ acceptance issued or created for the account of
the Borrower or any of its Restricted Subsidiaries; provided that any such Lien secures only the obligations of the Borrower
or such Restricted Subsidiaries in respect of any such letter of credit to the extent permitted under Section 10.1,

 

		(j)	licenses, sublicenses and cross-licenses of Intellectual
Property entered into in the ordinary course of business,

 

		(k)	Liens arising from precautionary UCC financing statement
or similar filings made in respect of operating leases entered into by the Borrower or any of its Restricted Subsidiaries,

 

		(l)	any zoning or similar law or right reserved to, or vested
in, any Governmental Authority to control or regulate the use of any Real Property that does not materially interfere with the
ordinary course of conduct of the business of the Borrower and its Restricted Subsidiaries, taken as a whole,

 

		(m)	leases, licenses, subleases or sublicenses granted to others
in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower and its
Restricted Subsidiaries, taken as a whole or (ii) secure any Indebtedness, and

 

		(n)	Liens created in the ordinary course of business in
favor of banks and other financial institutions over credit balances of any bank accounts of the Borrower and the Restricted Subsidiaries
held at such banks or financial institutions, as the case may be, to facilitate the operation of
cash pooling and/or interest set-off arrangements in respect of such bank accounts in the ordinary course of business.

 

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“Permitted Refinancing Indebtedness”
shall mean, with respect to any Indebtedness (the “Refinanced Indebtedness”), any Indebtedness issued in exchange
for, or the net proceeds of which are used to modify, extend, refinance, renew, replace or refund (collectively to “Refinance”
or a “Refinancing” or “Refinanced”), such Refinanced Indebtedness (or previous refinancing
thereof constituting Permitted Refinancing Indebtedness); provided that (A) the principal amount (or accreted value, if
applicable) of any such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable)
of the Refinanced Indebtedness outstanding immediately prior to such Refinancing except by an amount equal to the unpaid accrued
interest and premium thereon plus other amounts paid and fees and expenses incurred in connection with such Refinancing plus an
amount equal to any existing commitment unutilized and letters of credit undrawn thereunder, (B) if the Indebtedness being Refinanced
is Indebtedness permitted by Section 10.1(a), 10.1(h), 10.1(k) or 10.1(u), the direct and contingent obligors with respect to such
Permitted Refinancing Indebtedness are not changed (except that any Credit Party may be added as an additional obligor), (C) other
than with respect to a Refinancing in respect of Indebtedness permitted pursuant to Section 10.1(f) or Section 10.1(g), such Permitted
Refinancing Indebtedness shall have a final maturity date equal to or later than the final maturity date of, and has a Weighted
Average Life to Maturity equal to or greater than the then remaining Weighted Average Life to Maturity of, the Refinanced Indebtedness,
(D) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations, any such Permitted Refinancing
Indebtedness is subordinated in right of payment to the Obligations on terms, taken as a whole, as favorable in all material respects
to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced and (E) if the Indebtedness
being Refinanced is Indebtedness permitted by Section 10.1(a), 10.1(h), 10.1(k) or 10.1(u), the terms and conditions of any such
Permitted Refinancing Indebtedness, taken as a whole, are not materially less favorable to the Lender or the Borrower than the
terms and conditions of the Refinanced Indebtedness being Refinanced (including, if applicable, as to collateral priority and subordination,
but excluding as to interest rates, interest margins, rate floors, fees, funding discounts and redemption or prepayment premiums
and terms); provided that a certificate of an Authorized Officer of the Borrower, as the case may be, delivered to the Administrative
Agent at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description
of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower
has determined in good faith that such terms and conditions satisfy the foregoing requirement in clause (D) shall be conclusive
evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower
within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis
upon which it disagrees).

 

“Permitted
Unsecured Refinancing Debt” shall mean unsecured Indebtedness incurred by the Borrower and/or the Guarantors in the
form of one or more series of senior unsecured notes or loans; provided that (i) such Indebtedness satisfies the
applicable requirements set forth in the provisos in the definition of “Credit Agreement Refinancing
Indebtedness” and (ii) such Indebtedness is not at any time guaranteed by any Subsidiaries of the Borrower
other than Subsidiaries that are Guarantors and such Indebtedness is not at any time borrowed by any Person other than the
Borrower.

 

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“Person” shall mean any individual,
partnership, joint venture, firm, corporation, limited liability company, association, trust or other enterprise or any Governmental
Authority.

 

“Platform” shall have the meaning provided
in Section 9.1(j).

 

“Pledge Agreement” shall mean
the Pledge Agreement, dated as of the Closing Date, among Holdings, the Borrower, the other pledgors party thereto and the Collateral
Agent for the benefit of the Secured Parties, substantially in the form of Exhibit C.

 

“Pledged GP Collateral” shall have the
meaning assigned to such term in the GP Undertaking.

 

“Post Closing Amount” shall
mean $112,429,948.98, subject to any permitted adjustments to the Purchase Price and differences due to discrepancies in anticipated
and actual Transaction Expenses, of the proceeds of the Initial Term Loans, which proceeds shall not be required to be used on
the Closing Date for any purpose; provided that, without limiting clause (g) of Section 10.6, in no event shall all or any
portion of the Post Closing Amount be deemed to increase the Available Amount or any basket with respect to Section 10.6.

 

“Post Closing Purchase Price”
shall mean the portion of the Purchase Price that is payable after the Closing Date pursuant to Section 2.12 of the Purchase Agreement
(as in effect on the Closing Date, subject to any amendments or other modifications which are not adverse to the Lenders).

 

“Post-Transaction Period” shall
mean, (i) with respect to the Transactions, the period beginning on the Closing Date and ending on June 30, 2015, (ii) with respect
to any other Permitted Acquisition, Disposition or other Specified Transaction permitted hereunder, the period beginning on the
date such Permitted Acquisition, Disposition or Specified Transaction is consummated and ending on the last day of the fourth full
consecutive fiscal quarter immediately following the date on which such Permitted Acquisition, Disposition or Specified Transaction
is consummated and (iii) with respect to any other restructuring initiative, cost saving initiative or other action, the period
beginning on the date such restructuring initiative, cost saving initiative or other action is initiated and ending on the last
day of the fourth full consecutive fiscal quarter immediately following the date on which such restructuring initiative, cost saving
initiative or other action is initiated.

 

“Prepayment Event” shall mean
any Asset Sale Prepayment Event, Recovery Prepayment Event or Debt Incurrence Prepayment Event.

 

“Present Fair Saleable Value”
shall mean the amount that could be obtained by an independent willing seller from an independent willing buyer if the assets (both
tangible and intangible) of the applicable Person and its subsidiaries taken as a whole are sold on a going-concern basis with
reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable business enterprises
insofar as such conditions can be reasonably evaluated.

 

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“Previous Holdings” shall have the meaning
provided in the definition of the term “Holdings”.

 

“Pro Forma Adjustment” shall
mean, for any Test Period that includes all or any part of a fiscal quarter included in any Post-Transaction Period with respect
to the Acquired EBITDA of the applicable Pro Forma Entity or the Consolidated EBITDA of the Borrower, the pro forma increase or
decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a
result of (a) reasonably identifiable and factually supportable “run rate” cost savings, operating expense reductions
or cost synergies resulting from Permitted Acquisitions, Dispositions, restructuring initiatives, cost saving initiatives, any
other actions or other Specified Transaction that have been either taken, with respect to which substantial steps have been taken
or that are expected to be taken (in the good faith determination of the Borrower) prior to or during such Post-Transaction Period
or (b) any additional costs, expenses or charges, accruals or reserves (collectively, “Costs”) incurred prior
to or during such Post-Transaction Period in connection with the combination of the operations of a Pro Forma Entity with the operations
of the Borrower and its Restricted Subsidiaries or otherwise in connection with, as a result of or related to such Specified Transaction;
provided that, so long as such “run rate” cost savings, operating expense reductions or other cost synergies
are realized or expected to be realized prior to or during such Post-Transaction Period, or such Costs are incurred prior to or
during such Post-Transaction Period, it may be assumed, for purposes of projecting such pro forma increase or decrease to such
Acquired EBITDA or such Consolidated EBITDA, as the case may be, that such cost savings, operating expense reductions or other
synergies will be realizable during the entirety of such Test Period and/or such Costs will be incurred during the entirety of
such Test Period, as applicable; and provided, further, that any such pro forma increase or decrease to such Acquired EBITDA
or such Consolidated EBITDA, as the case may be, shall be without duplication for cost savings, operating expense reductions or
other synergies or Costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such Test
Period.

 

“Pro Forma Adjustment Certificate”
shall mean any certificate of an Authorized Officer of the Borrower delivered pursuant to Section 9.1(h) or setting forth the information
described in clause (d) to Section 9.1(d).

 

“Pro Forma Basis”,
“Pro Forma Compliance” and “Pro Forma Effect” shall mean, with respect to compliance with
any test or covenant hereunder, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified
Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the
applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable
to the property or Person subject to such Specified Transaction, (i) in the case of a sale, transfer or other Disposition of all
or substantially all Capital Stock in any Subsidiary of the Borrower or any division, product line, or facility used for operations
of the Borrower or any of its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described
in the definition of the term “Specified Transaction”, shall be included, (b) any retirement or repayment of Indebtedness
and (c) any Indebtedness incurred or assumed by the Borrower or any of the Restricted Subsidiaries in connection therewith and
if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes
of this definition determined by utilizing the rate that is or would be in effect with respect to
such Indebtedness as at the relevant date of determination; provided that, without limiting the application of the Pro
Forma Adjustment pursuant to (A) above (but without duplication thereof), the foregoing pro forma adjustments may be applied to
any such test or covenant solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA
and give effect to events (including operating expense reductions) that are (i) (x) directly attributable to such transaction,
(y) expected to have a continuing impact on the Borrower and the Restricted Subsidiaries and (z) factually supportable
or (ii) otherwise consistent with the definition of the term “Pro Forma Adjustment”.

 

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“Pro Forma Entity” shall mean
any Acquired Entity or Business, any Sold Entity or Business, any Converted Restricted Subsidiary or any Converted Unrestricted
Subsidiary.

 

“Pro Forma Financial Statements”
shall mean a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower as of,
and for the twelve month period ending on, the last day of the most recently completed four fiscal quarter period ended at least
45 days prior to the Closing Date (or 90 days prior to the Closing Date in case the end of such four fiscal quarter period is the
end of the Borrower’s fiscal year), prepared after giving effect to the Transactions as if the Transactions had occurred
as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income)
as reasonably determined in good faith by the chief financial officer of the Borrower, which need not be prepared in compliance
with Regulation S-X of the Securities Act or include adjustments for purchase accounting (including adjustments of the type contemplated
by Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R))

 

“Public Lender” shall have the meaning
provided in Section 9.1(j).

 

“Public Side Information” shall have
the meaning provided in Section 9.1(j).

 

“Purchase Agreement” shall
mean the Purchase and Assignment Agreement by and among Credit Suisse Private Equity Advisers, Credit Suisse (USA), Inc., a Delaware
corporation, CSAM, the Borrower and New CFIG RIA, LP, a Delaware limited partnership, dated as of July 31, 2013 (together with
all exhibits, schedules, annexes and other disclosure letters and attachments thereto).

 

“Purchase Price” shall mean
the consideration for the Acquisition payable in accordance with the Purchase Agreement (as in effect on the Closing Date).

 

“Purchasing Borrower Party”
shall mean the Borrower or any Subsidiary of the Borrower that becomes Transferee pursuant to Section 13.6(g).

 

“Qualified Capital Stock” shall mean
any Capital Stock that is not Disqualified Capital Stock.

 

“Real
Property” shall mean, collectively, all right, title and interest in and to any and all parcels of or interests in
real property owned by any Person, together with, in each case, all easements, hereditaments and appurtenances relating
thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other
property and rights incidental to the ownership thereof.

 

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“Recovery Event” shall mean
(a) any damage to, destruction of or other casualty or loss involving any property or asset or (b) any seizure, condemnation, confiscation
or taking under the power of eminent domain of, or any requisition of title or use of or relating to, or any similar event in respect
of, any property or asset, in each case, of the Borrower or a Restricted Subsidiary.

 

“Recovery Prepayment Event”
shall mean the receipt of cash proceeds with respect to any settlement or payment in connection with any Recovery Event in respect
of any property or asset of the Borrower or any Restricted Subsidiary; provided that the term “Recovery Prepayment
Event” shall not include any Asset Sale Prepayment Event.

 

“Refinance” shall have the
meaning provided in the definition of the term “Permitted Refinancing Indebtedness”.

 

“Refinanced Indebtedness” shall
have the meaning provided in the definition of the term “Permitted Refinancing Indebtedness”.

 

“Refinancing Transaction” shall have
the meaning provided in the preamble hereto.

 

“Refused Proceeds” shall have the meaning
provided in Section 5.2(c)(ii).

 

“Register” shall have the meaning provided in Section 13.6(b)(v).

 

“Regulation T” shall mean Regulation
T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

 

“Regulation U” shall mean Regulation
U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

 

“Regulation X” shall mean Regulation
X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

 

“Reinvestment Period” shall
mean, with respect to any Asset Sale Prepayment Event or Recovery Prepayment Event, the day which is twelve months after the receipt
of cash proceeds by the Borrower or any Restricted Subsidiary from such Asset Sale Prepayment Event or Recovery Prepayment Event.

 

“Related Parties” shall mean,
with respect to any specified Person, such Person’s Affiliates and the partners, directors, officers, employees, agents,
controlling persons and advisors of such Person and of such Person’s Affiliates.

 

“Release”
shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal,
leaching or migration into or through the environment or within, from or into any building, structure, facility or fixture
subject to human occupation.

 

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“Removal Effective Date” shall have the
meaning provided in Section 12.8.

 

“Repayment Amount” shall mean
any Initial Term Loan Repayment Amount, an Extended Term Loan Repayment Amount with respect to any Extension Series and the amount
of any installment of Incremental Term Loans scheduled to be repaid on any date.

 

“Reportable Event” shall mean
an event described in Section 4043 of ERISA and the regulations thereunder, other than those events as to which the 30 day notice
period referred to in Section 4043 of ERISA has been waived, with respect to a Pension Plan (other than a Pension Plan maintained
by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsections (m) and (o) of Section 414 of the Code).

 

“Required Additional/Replacement Revolving
Credit Lenders” shall mean, with respect to each Class of Additional/Replacement Revolving Credit Commitments at any
date, Non-Defaulting Lenders having or holding a majority of Adjusted Total Additional/Replacement Revolving Credit Commitment
of such Class at such date (or, if the Total Additional/Replacement Revolving Credit Commitment of such Class has been terminated
at such time, a majority of the outstanding principal amount of the Additional/Replacement Revolving Credit Loans of such Class
and the related revolving credit exposure (excluding the revolving credit exposure of Defaulting Lenders) in the aggregate at such
date).

 

“Required Credit Facility Lenders”
shall mean, (a) with respect to any Credit Facility consisting of Term Loans, the “Required Term Class Lenders” with
respect to such Credit Facility and (b) with respect to any Credit Facility that is not a Term Loan Facility, the “Required
Revolving Class Lenders” with respect to such Credit Facility.

 

“Required
Lenders” shall mean, at any date and subject to the limitations set forth in Section 13.6(h), Non-Defaulting
Lenders having or holding greater than 50% of (a) the outstanding principal amount of the Term Loans in the aggregate at such
date, (b) (i) the Adjusted Total Revolving Credit Commitment at such date and the Adjusted Total Extended Revolving Credit
Commitment of all Classes at such date or (ii) if the Total Revolving Credit Commitment (or any Total Extended Revolving
Credit Commitment of any Class) has been terminated or, to the extent this definition is being used for the purposes of
acceleration pursuant to Section 11, the outstanding principal amount of the Revolving Credit Loans and Letter of Credit
Exposure (excluding the Revolving Credit Exposure of Defaulting Lenders) in the aggregate at such date and the outstanding
principal amount of the Extended Revolving Credit Loans and letter of credit exposure under such Extended Revolving Credit
Commitments (excluding any such Extended Revolving Credit Loans and letter of credit exposure of Defaulting Lenders) at such
date and (c)(i) the Adjusted Total Additional/Replacement Revolving Credit Commitment of each Class of Additional/Replacement
Revolving Credit Commitments at such date or (ii) if the Adjusted Total Additional/Replacement Revolving Credit Commitment of
any Class of Additional/Replacement Revolving Credit Commitments has been terminated or, to the extent this definition is
being used for purposes of acceleration pursuant to Section 11, the outstanding principal amount of the
Additional/Replacement Revolving Credit Loans of such Class and the related revolving credit exposure (excluding the
revolving credit exposure of Defaulting Lenders) in the aggregate at such date.

 

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“Required Reimbursement Date” shall
have the meaning provided in Section 3.4(a).

 

“Required Revolving Class Lenders”
shall mean, with respect to the applicable Class and at any date, Non-Defaulting Lenders having or holding greater than 50% of
the Adjusted Total Revolving Credit Commitment or the Adjusted Total Additional/Replacement Revolving Credit Commitment, as applicable,
at such date (or, if the Total Revolving Credit Commitment or Total Additional/Replacement Revolving Credit Commitment has been
terminated at such time, a majority of the outstanding principal amount of the Revolving Credit Loans and Revolving Credit Exposure
(excluding such Loans and the Revolving Credit Exposure of Defaulting Lenders) or of the Additional/Replacement Revolving Credit
Loans and related revolving credit exposure (excluding such Loans and the revolving credit exposure of Defaulting Lenders) at such
time).

 

“Required Term Class Lenders”
shall mean, at any date and with respect to any Credit Facility consisting of Term Loans, Non-Defaulting Lenders having or holding
greater than 50% of the outstanding principal amount of the Term Loans of such Credit Facility in the aggregate at such date.

 

“Resignation Effective Date” shall have
the meaning provided in Section 12.8.

 

“Restoration Certification”
shall mean, with respect to any Recovery Prepayment Event, a certification made by an Authorized Officer of the Borrower or a Restricted
Subsidiary, as applicable, to the Administrative Agent prior to the end of the Reinvestment Period certifying (a) that the Borrower
or such Restricted Subsidiary intends to use the proceeds received in connection with such Recovery Prepayment Event to repair,
restore or replace the property or assets in respect of which such Recovery Prepayment Event occurred, or otherwise invest in assets
useful to the business, (b) the approximate costs of completion of such repair, restoration or replacement and (c) that such repair,
restoration, reinvestment or replacement will be completed within the later of (x) twelve months after the date on which cash proceeds
with respect to such Recovery Prepayment Event were received and (y) 180 days after delivery of such Restoration Certification.

 

“Restricted Foreign Subsidiary”
shall mean each Restricted Subsidiary that is also a Foreign Subsidiary.

 

“Restricted Group Reconciliation Statement”
means, with respect to any consolidated balance sheet or statement of income of the Borrower and its consolidated subsidiaries,
such financial statement (in substantially the same form) prepared on the basis of consolidating the accounts of the Borrower and
its consolidated Restricted Subsidiaries and treating subsidiaries other than Restricted Subsidiaries as if they were not consolidated
with the Borrower and otherwise eliminating all accounts of subsidiaries other than Restricted Subsidiaries, together with an explanation
of reconciliation adjustments in reasonable detail.

 

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“Restricted Subsidiary” shall
mean any Subsidiary of the Borrower other than an Unrestricted Subsidiary. Unless otherwise expressly provided herein, all references
herein to a “Restricted Subsidiary” shall mean a Restricted Subsidiary of the Borrower.

 

“Revolving
Credit Commitment” shall mean, (a) with respect to each Lender that is a Lender on the Closing Date, the amount set
forth opposite such Lender’s name on Schedule 1.1(a) as such Lender’s “Revolving Credit Commitment”,
(b) in the case of any Lender that becomes a Lender after the Closing Date, the amount specified as such Lender’s
“Revolving Credit Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of
the Total Revolving Credit Commitment and (c) in the case of any Lender that increases its Revolving Credit Commitment or
becomes an Incremental Revolving Credit Commitment Increase Lender, in each case pursuant to Section 2.14, the amount
specified in the applicable Incremental Agreement, in each case as the same may be changed from time to time pursuant to
terms hereof. The aggregate amount of the Revolving Credit Commitments as of the Closing Date is $50,000,000.

 

“Revolving Credit Commitment Percentage”
shall mean at any time, for each Lender, the percentage (carried out to the ninth decimal place) obtained by dividing (a) such
Lender’s Revolving Credit Commitment by (b) the aggregate amount of the Revolving Credit Commitments; provided that
at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender’s Revolving Credit Commitment
Percentage shall be its Revolving Credit Commitment Percentage as in effect immediately prior to such termination and after giving
effect to any subsequent assignments made pursuant to the terms hereof.

 

“Revolving Credit Exposure”
shall mean, with respect to any Lender at any time, the sum of (a) the aggregate principal amount of the Revolving Credit Loans
of such Lender then outstanding and (b) such Lender’s Letter of Credit Exposure at such time and (c) such Lender’s
Swingline Exposure at such time.

 

“Revolving Credit Extension Request”
shall have the meaning provided in Section 2.15(a)(ii).

 

“Revolving Credit Facility” shall have
the meaning provided in the recitals to this Agreement.

 

“Revolving Credit Lender” shall
mean, at any time, any Lender that has a Revolving Credit Commitment at such time.

 

“Revolving Credit Loan” shall have the
meaning provided in Section 2.1(b).

 

“Revolving Credit Maturity Date”
shall mean January 2, 2019; provided that if such date is not a Business Day, the Revolving Credit Maturity Date will be
the next Business Day immediately following such date.

 

“Revolving Credit Termination Date”
shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding
and the Letter of Credit Obligations shall have been reduced to zero or Cash Collateralized.

 

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“S&P” shall mean Standard
& Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Sale Leaseback” shall mean
any transaction or series of related transactions pursuant to which the Borrower or any of the Restricted Subsidiaries (a) sells,
transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of
such transaction, thereafter rents or leases such property or other property that it intends to use for substantially the same
purpose or purposes as the property being sold, transferred or disposed of; provided that any transaction described above
that is consummated within 270 days of the date of acquisition of the applicable property by the Borrower or any of its Restricted
Subsidiaries shall not constitute a “Sale Leaseback” for purposes of this Agreement.

 

“SDN List” shall have the meaning provided
in Section 8.22.

 

“SEC” shall mean the Securities and Exchange
Commission or any successor

thereto.

 

“Section 9.1 Financials” shall
mean the financial statements delivered, or required to be delivered, pursuant to Section 9.1(a) or (b) together with the accompanying
officer’s certificate delivered, or required to be delivered, pursuant to Section 9.1(d). If financial statements have been
delivered pursuant to Section 9.1(a) and (b) with respect to the same fiscal quarter, the financial statements (including the applicable
Restricted Group Reconciliation Statement) delivered pursuant to Section 9.1(a) shall control.

 

“Secured Cash Management Agreement”
shall mean any agreement relating to Cash Management Services that is entered into by and between the Borrower or any Restricted
Subsidiary and a Cash Management Bank.

 

“Secured Hedging Agreement”
shall mean any Hedging Agreement that is entered into by and between any Credit Party or any Restricted Subsidiary and any Hedge
Bank.

 

“Secured Parties” shall mean,
collectively, (a) the Lenders, (b) the Letter of Credit Issuers, (c) the Swingline Lender, (d) the Administrative Agent, (e) the
Collateral Agent, (f) each Hedge Bank, (g) each Cash Management Bank, (h) the beneficiaries of each indemnification obligation
undertaken by any Credit Party under the Credit Documents and (i) any successors, endorsees, transferees and assigns of each of
the foregoing.

 

“Securities Act” shall mean
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Security Agreement” shall
mean the Security Agreement, dated as of the Closing Date, among the Borrower, the other grantors party thereto and the Collateral
Agent for the benefit of the Secured Parties, substantially in the form of Exhibit B.

 

“Security
Documents” shall mean, collectively, (a) the Security Agreement, (b) the Pledge Agreement, (c) the GP Undertaking,
(d) the Account Control Agreements, (e) the Mortgages, if any, and (f) each other security agreement or other instrument or
document executed and delivered pursuant to Section 9.12, 9.13 or 9.15 or Customary Intercreditor Agreement executed and
delivered pursuant to Section 10.2 or pursuant to any of the Security Documents, Permitted Additional Debt Documents or
documentation governing Credit Agreement Refinancing Indebtedness to secure or perfect the security interest in any property
as collateral for any or all of the First Lien Obligations.

 

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“Senior Priority Lien Intercreditor Agreement”
means the Senior Priority Lien Intercreditor Agreement substantially in the form of Exhibit J-1 among the Administrative Agent
and/or the Collateral Agent and one or more representatives for holders of one or more classes of Permitted Additional Debt and/or
Permitted First Priority Refinancing Debt, with such modifications thereto as the Administrative Agent and the Borrower may reasonably
agree.

 

“Senior Secured Leverage Ratio”
shall mean, as of any date of determination, the ratio of (a) Consolidated Secured Debt as of the last day of the most recently
ended Test Period on or prior to such date of determination to (b) Consolidated EBITDA for such Test Period.

 

“Sold Entity or Business” shall
have the meaning provided in the definition of the term “Consolidated EBITDA”.

 

“Solvent”
shall mean, with respect to any Person, at any date, that (i) each of the Fair Value and the Present Fair Saleable Value of
the assets of such Person and its Subsidiaries taken as a whole exceed their Stated Liabilities and Identified Contingent
Liabilities; (ii) such Person and its Subsidiaries, taken as a whole after consummation of the Transactions (including the
execution and delivery of this Agreement, the making of the Loans and the use of proceeds of such Loans, in each case on the
date in question), have sufficient capital to ensure that it is a going concern; and (iii) such Person and its Subsidiaries,
taken as a whole after consummation of the Transactions (including the execution and delivery of this Agreement, the making
of the Loans and the use of proceeds of such Loans, in each case on the date in question) have sufficient assets and cash
flow to pay their respective Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the
case of contingent liabilities) otherwise become payable.

 

“Special Dividend” shall mean
a cash distribution in an amount not to exceed $72,000,000 to be paid by the Borrower to the holders of its Capital Stock on one
occasion no later than the date that is six months after the Closing Date.

 

“Specified Acquisition Agreement Representations”
shall mean such of the representations made by, or with respect to, the Company and its subsidiaries in the Purchase Agreement
as are material to the interests of the Lenders, but only to the extent the Borrower or any of its Affiliates has the right (taking
into account any applicable cure provisions) to

terminate its obligations under the Purchase Agreement or decline
to consummate the Acquisition (in each case, in accordance with the terms thereof) as a result of a breach of one or more of such
representations in the Purchase Agreement

 

“Specified Existing Revolving Credit
Commitment” shall mean any Existing Revolving Credit Commitments belonging to a Specified Existing Revolving Credit Commitment
Class.

 

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“Specified Existing Revolving Credit
Commitment Class” shall have the meaning provided in Section 2.15(a)(ii).

 

“Specified Representations”
shall mean the representations and warranties set forth in Sections 8.1(a) (only with respect to the Borrower and the Guarantors),
8.2(a), 8.3(iii) (only with respect to the organizational existence of the Borrower and the Guarantors), 8.5, 8.7, 8.17, the second
sentence of 8.19, 8.21 (subject to the final sentence of Section 6.5) and 8.22(iii), in each case after giving effect to the Transactions.

 

“Specified Subsidiary” shall
mean, at any date of determination, (a) in the case of Restricted Subsidiaries, (i) any Restricted Subsidiary whose total assets
(when combined with the assets of such Restricted Subsidiary’s Subsidiaries after eliminating intercompany obligations) at
the last day of the most recent Test Period ended on or prior to such date of determination were equal to or greater than 10% of
the Consolidated Total Assets of the Borrower and the Restricted Subsidiaries at such date, (ii) any Restricted Subsidiary whose
gross revenues (when combined with the gross revenues of such Restricted Subsidiary’s Subsidiaries after eliminating intercompany
obligations) for such Test Period were equal to or greater than 10% of the consolidated gross revenues of the Borrower and the
Restricted Subsidiaries for such period, in each case determined in accordance with GAAP or (iii) each other Restricted Subsidiary
that, when such Restricted Subsidiary’s total assets or gross revenues (when combined with the total assets or gross revenues
of such Restricted Subsidiary’s Subsidiaries after eliminating intercompany obligations) are aggregated with each other Restricted
Subsidiary (when combined with the total assets or gross revenues of such Restricted Subsidiary’s Subsidiaries after eliminating
intercompany obligations) that is the subject of an Event of Default described in Section 11.5 would constitute a “Specified
Subsidiary” under clause (a)(i) or (a)(ii) above and (b) in the case of Unrestricted Subsidiaries, (i) any Unrestricted Subsidiary
whose total assets (when combined with the assets of such Unrestricted Subsidiary’s Subsidiaries after eliminating intercompany
obligations) at the last day of the most recent Test Period ended on or prior to such date of determination were equal to or greater
than 15% of the Consolidated Total Assets of the Borrower and the Unrestricted Subsidiaries at such date, (ii) any Unrestricted
Subsidiary whose gross revenues (when combined with the gross revenues of such Unrestricted Subsidiary’s Subsidiaries after
eliminating intercompany obligations) for such Test Period were equal to or greater than 15% of the consolidated gross revenues
of the Borrower and the Unrestricted Subsidiaries for such period, in each case determined in accordance with GAAP or (iii) each
other Unrestricted Subsidiary that, when such Unrestricted Subsidiary’s total assets or gross revenues (when combined with
the total assets or gross revenues of such Unrestricted Subsidiary’s Subsidiaries after eliminating intercompany obligations)
are aggregated with each other Unrestricted Subsidiary (when combined with the total assets or gross revenues of such Unrestricted
Subsidiary’s Subsidiaries after eliminating intercompany obligations) that is the subject of an Event of Default described
in Section 11.5 would constitute a “Specified Subsidiary” under clause (b)(i) or (b)(ii) above.

 

“Specified
Transaction” shall mean, with respect to any period, any Investment, sale, transfer or other Disposition of assets
or property, incurrence or repayment of Indebtedness, Dividend, Subsidiary designation, Incremental Term Loan, provision of
Incremental Revolving Credit Commitment Increases, provision of Additional/Replacement Revolving Credit Commitments, creation
of Extended Term Loans or Extended Revolving Credit Commitments or other event that by the terms of the Credit Documents
requires “Pro Forma Compliance” with a test or covenant hereunder or requires such test or covenant to be
calculated on a “Pro Forma Basis”.

 

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“Sponsor” shall mean Hellman
& Friedman LLC and/or its Affiliates, including investment funds Controlled by Hellman & Friedman LLC or any of its Affiliates.

 

“SPV” shall have the meaning provided
in Section 13.6(c).

 

“Starter Basket” shall have
the meaning provided in the definition of the term “Available Amount”.

 

“Stated Amount” of any Letter
of Credit shall mean the maximum amount from time to time available to be drawn thereunder, determined without regard to whether
any conditions to drawing could then be met.

 

“Stated Liabilities” shall
mean the recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of such Person
and its subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions (including
the execution and delivery of this Agreement, the making of the Loans and the use of proceeds of such Loans, in each case on the
date in question), determined in accordance with GAAP consistently applied.

 

“Subordinated Indebtedness”
shall mean any Indebtedness for borrowed money that is subordinated expressly by its terms in right of payment to the Obligations.

 

“Subordinated Indebtedness Documentation”
shall mean any document or instrument issued or executed with respect to any Subordinated Indebtedness.

 

“Subsidiary” of any Person
shall mean and include (a) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary
voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any
class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at
the time owned by such Person directly or indirectly through Subsidiaries and (b) any limited liability company, partnership, association,
joint venture or other entity in which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest
at the time. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of
the Borrower. Notwithstanding anything to the contrary herein, no Grosvenor Fund shall be deemed to be a Subsidiary of the Borrower
or its Subsidiaries.

 

“Successor Borrower” shall have the meaning
provided in Section 10.3(a).

 

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

 

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“Swingline Commitment” shall mean $10,000,000.

 

“Swingline Exposure” shall
mean, with respect to any Lender, at any time, such Lender’s Revolving Credit Commitment Percentage of the Swingline Loans
outstanding at such time.

 

“Swingline Lender” shall mean
Goldman Sachs in its capacity as lender of Swingline Loans hereunder, or such other financial institution who, after the Closing
Date, shall agree to act in the capacity of lender of Swingline Loans hereunder.

 

“Swingline Loan” shall have the meaning
provided in Section 2.1(d).

 

“Swingline Maturity Date” shall
mean, with respect to any Swingline Loan, the date that is five Business Days prior to the Revolving Credit Maturity Date.

 

“Syndication Agent” shall mean
the Person identified on the cover page of this Agreement as such, in its capacity as syndication agent under this Agreement.

 

“Tax Distribution” shall have the meaning
provided in Section 10.6(f)(i).

 

“Taxes” shall have the meaning provided in Section 5.4(a).

 

“Term Lender” shall mean, at any time,
any Lender that holds a Term Loan.

 

“Term Loan” shall mean an Initial
Term Loan, an Incremental Term Loan or any Extended Term Loans, as applicable.

 

“Term Loan Extension Request”
shall have the meaning provided in Section 2.15(a).

 

“Term Loan Facility” shall
mean any of the Initial Term Loan Facility, any Incremental Term Loan Facility and any Extended Term Loan Facility.

 

“Test
Period” shall mean, for any determination under this Agreement, the most recent period of four consecutive fiscal
quarters of the Borrower ended on or prior to such date of determination (taken as one accounting period) in respect of which
Section 9.1 Financials shall have been (or were required by Section 9.1(a) or Section 9.1(b) to have been) delivered to the
Administrative Agent for each fiscal quarter or fiscal year in such period; provided that, prior to the first date
that Section 9.1 Financials shall have been delivered pursuant to Section 9.1(a) or (b), the Test Period in effect shall be
the period of four consecutive fiscal quarters of the Borrower ended September 30, 2013. A Test Period may be designated by
reference to the last day thereof, i.e., the December 31, 2012 Test Period refers to the period of four consecutive
fiscal quarters of the Borrower ended December 31, 2012, and a Test Period shall be deemed to end on the last day
thereof.

 

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“Total Additional/Replacement Revolving
Credit Commitment” shall mean the sum of Additional/Replacement Revolving Credit Commitments of all the Lenders providing
any tranche of Additional/Replacement Revolving Credit Commitments.

 

“Total Commitment” shall mean
the sum of the Total Initial Term Loan Commitment, the Total Incremental Term Loan Commitment, the Total Revolving Credit Commitment,
the Total Extended Revolving Credit Commitment of each Extension Series and the Total Additional/Replacement Revolving Credit Commitment.

 

“Total Credit Exposure” shall
mean, at any date, the sum of the Total Commitment at such date and the outstanding principal amount of all Term Loans at such
date.

 

“Total Extended Revolving Credit Commitment”
shall mean the sum of all Extended Revolving Credit Commitments of all Lenders under each Extension Series.

 

“Total Incremental Term Loan Commitment”
shall mean the sum of the Incremental Term Loan Commitments of all the Lenders providing Incremental Term Loans.

 

“Total Initial
Term Loan Commitment” shall mean the sum of the Initial Term Loan Commitments of all the
Lenders.

 

“Total Leverage Ratio” shall
mean, as of any date of determination, the ratio of (a) Consolidated Total Debt as of the last day of the most recently ended Test
Period on or prior to such date of determination to (b) Consolidated EBITDA for such Test Period.

 

“Total Revolving Credit Commitment”
shall mean, on any date, the sum of the Revolving Credit Commitments on such date of all the Revolving Credit Lenders.

 

“Transaction Expenses” shall
mean any fees or expenses incurred or paid by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions.

 

“Transactions” shall mean,
collectively, (a) the execution, delivery and performance of the Purchase Agreement and the consummation of the Acquisition and
the other transactions contemplated thereby, (b) the Refinancing Transaction, (c) the entering into of the Credit Documents and
the funding of the Initial Term Loans and, to the extent applicable, the Revolving Credit Loans on the Closing Date, (d) the consummation
of any other transactions connected with the foregoing and (e) the payment of fees and expenses in connection with any of the foregoing
(including the Transaction Expenses).

 

“Transferee” shall have the meaning provided
in Section 13.6(f).

 

“Transformative
Acquisition” shall mean any acquisition by the Borrower or any Restricted Subsidiary that is either (a) not
permitted by this Agreement immediately prior to the consummation of such acquisition or (b) if permitted by this Agreement
immediately prior to the consummation of such acquisition, would not provide the Borrower and its subsidiaries with adequate
flexibility under this Agreement for the continuation and/or expansion of their combined operations following such
consummation, as determined by the Borrower acting in good faith.

 

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“Type” shall mean (a) as to
any Term Loan, its nature as an ABR Loan or a Eurodollar Loan, (b) as to any Revolving Credit Loan, its nature as an ABR Loan or
a Eurodollar Loan, (c) as to any Extended Revolving Credit Loan, its nature as an ABR Loan or a Eurodollar Loan and (d) as to any
Additional/Replacement Revolving Credit Loan, its nature as an ABR Loan or a Eurodollar Loan.

 

“UCC” shall mean the Uniform
Commercial Code as in effect from time to time (except as otherwise specified) in any applicable state or jurisdiction.

 

“UCP” shall mean, with respect
to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”)
Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

“Undertakings” shall mean the GP Undertaking
and the Parent GP Undertakings.

 

“Unfunded Current Liability”
of any Pension Plan shall mean the amount, if any, by which the present value of the accrued benefits under the Pension Plan as
of the close of its most recent plan year, determined in accordance with Accounting Standards Codification Topic 715 (Compensation
Retirement Benefits) as in effect on the Closing Date, based upon the actuarial assumptions that would be used by the Pension Plan’s
actuary in a termination of the Pension Plan, exceeds the Fair Market Value of the assets allocable thereto.

 

“Unpaid Drawing” shall have the meaning
provided in Section 3.4(a).

 

“Unrestricted Subsidiary” shall
mean (a) any Subsidiary of the Borrower that is formed or acquired after the Closing Date and is designated as an Unrestricted
Subsidiary by the Borrower pursuant to Section 9.17 subsequent to the Closing Date, (b) any existing Restricted Subsidiary of the
Borrower that is designated as an Unrestricted Subsidiary by the Borrower pursuant to Section 9.17 subsequent to the Closing Date
and (c) any Subsidiary of an Unrestricted Subsidiary.

 

“Voting Stock” shall mean,
with respect to any Person, shares of such Person’s Capital Stock having the right to vote under ordinary circumstances.

 

“Weighted Average Life to Maturity”
shall mean, when applied to any Indebtedness at any date, the number of years (and/or portion thereof) obtained by dividing: (a)
the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal
amount of such Indebtedness.

 

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“Withdrawal Liability” shall mean liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA.

 

“Withholding Agent”
shall mean any Credit Party, the Administrative Agent and, in the case of any U.S. federal withholding tax, any other withholding
agent, if applicable.

 

1.2 Other Interpretive Provisions. With reference
to this Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

 

(a) The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b) The
words “herein”, “hereto”, “hereof” and “hereunder” and words of similar import
when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

 

(c) Section,
Exhibit and Schedule references are to the Credit Document in which such reference appears.

 

(d) The
term “including” is by way of example and not limitation.

 

(e) The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(f) In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and including”.

 

(g) Section
headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Credit Document.

 

(h) Any
reference to any Person shall be constructed to include such Person’s successors or assigns (subject to any restrictions
on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have
succeeded to any or all of the functions thereof.

 

(i) Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

 

(j)
The word “will” shall be construed to have the same meaning as the word “shall”.

 

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(k) The words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

1.3 Accounting
Terms.

 

(a) All accounting terms not specifically
or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and
other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP,
applied in a manner consistent with that used in preparing the Historical Financial Statements, except as otherwise
specifically prescribed herein or with respect to potential non-cash adjustments described in Schedule 8.9; provided
that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof (or,
in the case of any change to GAAP affecting the recognition of revenue, provides notice to the Administrative Agent that the
Borrower requests that it intends, without an amendment) to eliminate the effect of any change occurring after the Closing
Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any
such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be
interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until
such notice shall have been withdrawn or such provision amended in accordance herewith.

 

(b) Notwithstanding
any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards
Accounting Standards Codification No. 825—Financial Instruments, or any successor thereto (including pursuant to the Accounting
Standards Codification), to value any Indebtedness of the Borrower or any Subsidiary at “fair value” as defined therein.

 

1.4 Rounding. Any financial ratios required
to be maintained or complied with by the Borrower pursuant to this Agreement (or required to be satisfied in order for a
specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other
component, carrying the result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.5 References to Agreements, Laws, etc.
Unless otherwise expressly provided herein, (a) references to Organizational Documents, agreements (including the Credit
Documents) and other Contractual Obligations shall be deemed to include all subsequent amendments, restatements, amendment
and restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments,
restatements, amendment and restatements, extensions, supplements and other modifications are permitted by any Credit
Document; and (b) references to any Applicable Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Applicable Law.

 

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1.6 Times of
Day. Unless otherwise specified, all references herein to times of day shall be references to
Eastern time (daylight or standard, as applicable).

 

1.7 Timing
of Payment or Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is
stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as
described in Section 2.5 or Section 2.9) or performance shall extend to the immediately succeeding Business Day.

 

1.8 Letter of Credit Amounts. Unless
otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Stated Amount of such
Letter of Credit in effect at such time; provided that with respect to any Letter of Credit that, by its terms or the
terms of any Issuer Document related thereto, provides for one or more automatic increases in the Stated Amount thereof, the
amount of such Letter of Credit shall be deemed to be the maximum Stated Amount of such Letter of Credit after giving effect
to all such increases, whether or not such maximum Stated Amount is in effect at such time.

 

 1.9 Currency Equivalents Generally.

 

(a) For
purposes of any determination under Section 9, Section 10 (other than Section 10.9) or Section 11 or any determination under any
other provision of this Agreement requiring the use of a current exchange rate, all amounts incurred, outstanding or proposed to
be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the Exchange Rate then in effect
on the date of such determination; provided that (x) for purposes of determining compliance with Section 10 with respect
to the amount of any Indebtedness, Investment, Disposition, Dividend or payment under Section 10.7 in a currency other than Dollars,
no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after
the time such Indebtedness or Investment is incurred or Disposition, Dividend or payment under Section 10.7 is made, (y) for purposes
of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, if such Indebtedness is incurred
to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause the applicable Dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such
Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinanced Indebtedness
does not exceed the principal amount of such Indebtedness being Refinanced and (z) for the avoidance of doubt, the foregoing provisions
of this Section 1.9 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or Investment
may be incurred or Disposition, Dividend or payment under Section 10.7 may be made at any time under such Sections. For purposes
of Section 10.9, amounts in currencies other than Dollars shall be translated into Dollars at the applicable Exchange Rate(s) used
in preparing the most recently delivered financial statements pursuant to Section 9.1(a) or (b).

 

(b) Each provision of
this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify with the Borrower’s consent (such consent not to be unreasonably withheld) to appropriately reflect a change in
currency of any country and any relevant market conventions or practices relating to such change in currency.

 

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1.10 Pro Forma Basis. Notwithstanding
anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with
respect to any period during which any Specified Transaction occurs, the Total Leverage Ratio, the Senior Secured Leverage Ratio,
the First Lien Secured Leverage Ratio, the Interest Coverage Ratio and, without duplication, Consolidated EBITDA shall be calculated
with respect to such period and such Specified Transaction on a Pro Forma Basis.

 

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

 

SECTION 2. Amount and Terms of Credit Facilities

 

2.1 Loans. (a) Subject to and upon the terms
and conditions herein set forth, each Initial Term Lender severally agrees to make a loan (each, an “Initial Term
Loan”) to the Borrower, which Initial Term Loans (i) shall not exceed, for any such Lender, the Initial Term Loan
Commitment of such Initial Term Lender, (ii) shall not exceed, in the aggregate, the Total Initial Term Loan Commitment,
(iii) shall be made on the Closing Date and shall be denominated in U.S. Dollars, (iv) may at the option of the Borrower be
incurred and maintained as, and/or converted into, ABR Loans or Eurodollar Loans; provided that all such Initial Term
Loans made by each of the Initial Term Lenders pursuant to the same Borrowing shall, unless otherwise provided herein,
consist entirely of Initial Term Loans of the same Type and (v) may be repaid or prepaid in accordance with the provisions
hereof, but once repaid or prepaid may not be reborrowed. On the Initial Term Loan Maturity Date, all outstanding Initial
Term Loans shall be repaid in full. It is understood and agreed that the Initial Term Loans made on the Closing Date shall be
funded at 99.50% of the principal amount thereof, and notwithstanding said discount all calculations hereunder with respect
to such Initial Term Loans, including the accrual of interest and the repayment or prepayment of principal, shall be based on
100% of the stated principal amount thereof.

 

(b) Subject to
and upon the terms and conditions herein set forth, each Revolving Credit Lender severally agrees to make a loan or loans
(each, a “Revolving Credit Loan”) to the Borrower in U.S. Dollars, which Revolving Credit Loans (i) shall
not exceed, for any such Lender, the Revolving Credit Commitment of such Lender, (ii) shall not, after giving effect thereto
and to the application of the proceeds thereof, result in such Lender’s Revolving Credit Exposure at such time
exceeding such Lender’s Revolving Credit Commitment at such time, (iii) shall not, after giving effect thereto and to
the application of the proceeds thereof, at any time result in the aggregate amount of all Lenders’ Revolving Credit
Exposures exceeding the Total Revolving Credit Commitment then in effect, (iv) shall be made at any time and from time to
time after the Closing Date (except that up to $10,000,000 in Revolving Credit Loans may be borrowed on the Closing Date) and
prior to the Revolving Credit Maturity Date, (v) may at the option of the Borrower be incurred and maintained as, and/or
converted into, ABR Loans or Eurodollar Loans; provided that all Revolving Credit Loans made by each of the Lenders
pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit
Loans of the same Type and (vi) may be repaid and reborrowed in accordance with the provisions hereof. On the Revolving
Credit Maturity Date, all outstanding Revolving Credit Loans shall be repaid in full and the Revolving Credit Commitments
shall terminate.

 

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(c) Each
Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided, that (i) any exercise of such option shall not affect the obligation of the Borrower to repay such
Loan and (ii) in exercising such option, such Lender shall use its reasonable efforts to minimize any increased costs to the Borrower
resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking, actions that it determines
would result in increased costs for which it will not be compensated hereunder or that it determines would be otherwise disadvantageous
to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of Section
2.10 shall apply).

 

(d) Subject
to and upon the terms and conditions herein set forth, the Swingline Lender in its individual capacity agrees, at any time and
from time to time on and after the Closing Date and prior to the Swingline Maturity Date, to make a loan or loans (each, a “Swingline
Loan” and collectively, the “Swingline Loans”) to the Borrower in U.S. Dollars, which Swingline Loans
(A) shall be ABR Loans, (B) shall have the benefit of the provisions of Section 2.1(e), (C) shall not exceed at any time outstanding
the Swingline Commitment, (D) shall not, after giving effect thereto and to the application of the proceeds thereof, result at
any time in the aggregate amount of all Lenders’ Revolving Credit Exposures exceeding the Total Revolving Credit Commitment
then in effect and (E) may be repaid and reborrowed in accordance with the provisions hereof. On the Swingline Maturity Date, all
outstanding Swingline Loans shall be repaid in full. The Swingline Lender shall not make any Swingline Loan after receiving a written
notice from the Borrower, the Administrative Agent or the Required Lenders stating that a Default or an Event of Default exists
and is continuing until such time as the Swingline Lender shall have received written notice (x) of rescission of all such notices
from the party or parties originally delivering such notice, (y) of the waiver of such Default or Event of Default in accordance
with the provisions of Section 13.1 or (z) from the Administrative Agent that such Default or Event of Default is no longer continuing.

 

(e) The Swingline
Lender (x) may in its sole discretion on any Business Day prior to the tenth Business Day after the date of extension of any Swingline
Loan and (y) shall on the tenth Business Day after such extension date (so long as such Swingline Loan remains outstanding), give
notice to the Revolving Credit Lenders, with a copy to the Borrower, that all then-outstanding Swingline Loans shall be funded
with a Borrowing of Revolving Credit Loans denominated in U.S. Dollars, in which case Revolving Credit Loans constituting ABR
Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately succeeding Business Day
by all Revolving Credit Lenders pro rata based on each such Lender’s Revolving Credit Commitment Percentage,
and the proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding
Swingline Loans. Each Revolving Credit Lender hereby irrevocably agrees to make such Revolving Credit Loans upon one Business
Day’s notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and
on the date specified to it in writing by the Swingline Lender notwithstanding (i) that the amount of the Mandatory Borrowing
may not comply with the minimum amount for each Borrowing specified in Section 2.2, (ii) whether any conditions specified in Section
7.1 are then satisfied, (iii) whether a Default or an Event of Default has occurred and is continuing, (iv) the date of such Mandatory
Borrowing or (v) any reduction in the Total Revolving Credit Commitment after any such Swingline Loans were made. In the event
that, in the sole judgment of the Swingline Lender, any Mandatory Borrowing cannot for any reason be made on the date otherwise
required above (including as a result of the commencement of a proceeding under the Bankruptcy Code in respect of the Borrower),
each Revolving Credit Lender hereby unconditionally agrees that it shall forthwith purchase from the Swingline Lender (without
recourse or warranty) such participation of the outstanding Swingline Loans as shall be necessary to cause each such Lender to
share in such Swingline Loans ratably based upon their respective Revolving Credit Commitment Percentages; provided that
all principal and interest payable on such Swingline Loans shall be for the account of the Swingline Lender until the date the
respective participation is purchased and, to the extent attributable to the purchased participation, shall be payable to the
Lender purchasing same from and after such date of purchase.

 

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(f) The
Borrower may, at any time and from time to time, designate as additional Swingline Lenders one or more Revolving Credit Lenders
that agree to serve in such capacity as provided below. The acceptance by a Revolving Credit Lender of an appointment as a Swingline
Lender hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative
Agent and the Borrower, executed by the Borrower, the Administrative Agent and such designated Swingline Lender, and, from and
after the effective date of such agreement, (i) such Revolving Credit Lender shall have all the rights and obligations of a Swingline
Lender under this Agreement and (ii) references herein to the term “Swingline Lender” shall be deemed to include such
Revolving Credit Lender in its capacity as a lender of Swingline Loans hereunder.

 

(g) The
Borrower may terminate the appointment of any Swingline Lender as a “Swingline Lender” hereunder by providing a written
notice thereof to such Swingline Lender, with a copy to the Administrative Agent. Any such termination shall become effective upon
the earlier of (i) such Swingline Lender’s acknowledging receipt of such notice and (ii) the fifth Business Day following
the date of the delivery thereof; provided that no such termination shall become effective until and unless the Swingline
Loans made by such Swingline Lender shall have been reduced to zero. Notwithstanding the effectiveness of any such termination,
the terminated Swingline Lender shall remain a party hereto and shall continue to have all the rights of a Swingline Lender under
this Agreement with respect to Swingline Loans made by it prior to such termination, but shall not make any additional Swingline
Loans.

 

2.2 Minimum
Amount of Each Borrowing; Maximum Number of Borrowings. The aggregate principal amount of each Borrowing of Term Loans or
Revolving Credit Loans shall be in a multiple of $1,000,000 and Swingline Loans shall be in a multiple of $100,000 and, in
each case, shall not be less than the Minimum Borrowing Amount with respect thereto (except that Mandatory Borrowings shall
be made in the amounts required by Section 2.1(e) and Revolving Credit Loans to reimburse the Letter of Credit Issuer with
respect to any Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section 3.4, as applicable). More than
one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more than 20 Borrowings
of Eurodollar Loans under this Agreement. For purposes of the foregoing, Borrowings having different Interest Periods,
regardless of whether they commence on the same date, shall be considered separate Borrowings.

 

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2.3 Notice of Borrowing. (a) The Borrower
shall give the Administrative Agent at the Administrative Agent’s Office (i) prior to 1:00 p.m. (New York City time) at
least three Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of the Borrowing
of Initial Term Loans or any Borrowing of Incremental Term Loans (unless otherwise set forth in the applicable Incremental
Agreement), as the case may be, if all or any of such Term Loans are to be initially Eurodollar Loans, and (ii) prior written
notice (or telephonic notice promptly confirmed in writing) prior to 1:00 p.m. (New York City time) on the date of the
Borrowing of Initial Term Loans or any Borrowing of Incremental Term Loans, as the case may be, if all such Term Loans are to
be ABR Loans. Such notice (together with each notice of a Borrowing of Revolving Credit Loans pursuant to Section 2.3(b) and
each notice of a Borrowing of Swingline Loans pursuant to Section 2.3(d), a “Notice of Borrowing”) shall
specify substantially in the form of Exhibit E (i) the aggregate principal amount of the Initial Term Loans or Incremental
Term Loans, as the case may be, to be made, (ii) the date of the Borrowing (which shall be (x) in the case of Initial Term
Loans, the Closing Date and (y) in the case of Incremental Term Loans, the applicable Incremental Facility Closing Date in
respect of such Class) and (iii) whether the Initial Term Loans or Incremental Term Loans, as the case may be, shall consist
of ABR Loans and/or Eurodollar Loans and, if the Initial Term Loans or Incremental Term Loans, as the case may be, are to
include Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall promptly
give each applicable Lender written notice (or telephonic notice promptly confirmed in writing) of each proposed Borrowing of
Term Loans, of such Lender’s proportionate share thereof and of the other matters covered by the related Notice of
Borrowing.

 

(b) Whenever
the Borrower desires to incur Revolving Credit Loans hereunder (other than Mandatory Borrowings or borrowings to repay Unpaid Drawings
under Letters of Credit), it shall give the Administrative Agent at the Administrative Agent’s Office, (i) prior to 1:00
p.m. (New York City time) at least three Business Days’ prior written notice (or telephonic notice promptly confirmed in
writing) of each Borrowing of Revolving Credit Loans that are to be Eurodollar Loans, and (ii) prior to 1:00 p.m. (New York City
time) at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing
of Revolving Credit Loans that are to be ABR Loans. Each such Notice of Borrowing, except as otherwise expressly provided in Section
2.10, shall specify (i) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (ii)
the date of Borrowing (which shall be a Business Day) and (iii) whether the respective Borrowing shall consist of ABR Loans or
Eurodollar Loans and, if Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall
promptly give each applicable Lender written notice (or telephonic notice promptly confirmed in writing) of each proposed Borrowing
of Revolving Credit Loans, of such Lender’s proportionate share thereof and of the other matters covered by the related Notice
of Borrowing.

 

(c) Whenever
the Borrower desires to incur Swingline Loans hereunder, it shall give the Administrative Agent written notice (or telephonic
notice promptly confirmed in writing) of each Borrowing of Swingline Loans prior to 1:00 p.m. (New York City time) or such
later time as is agreed by the Swingline Lender on the date of such Borrowing. Each such notice shall be irrevocable and
shall specify (i) the aggregate principal amount of the Swingline Loans to be made pursuant to such Borrowing and (ii) the
date of Borrowing (which shall be a Business Day). The Administrative Agent shall promptly give the Swingline Lender written
notice (or telephonic notice promptly confirmed in writing) of each proposed Borrowing of Swingline Loans and of the other
matters covered by the related Notice of Borrowing.

 

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(d) Mandatory
Borrowings shall be made upon the notice specified in Section 2.1(e), with the Borrower irrevocably agreeing, by its
incurrence of any Swingline Loan, to the making of Mandatory Borrowings as set forth in such Section.

 

(e) Borrowings
of Revolving Credit Loans to reimburse Unpaid Drawings under Letters of Credit shall be made upon the terms set forth in Section
3.3 or Section 3.4(a).

 

(f) Without
in any way limiting the obligation of the Borrower to confirm in writing any notice it may give hereunder by telephone, the Administrative
Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the
Administrative Agent in good faith to be from an Authorized Officer of the Borrower. In each such case, the Borrower hereby waives
the right to dispute the Administrative Agent’s record of the terms of any such telephonic notice.

 

(g) If
the Borrower fails to specify a Type of Loan in a Notice of Borrowing then the applicable Term Loans or Revolving Credit Loans
shall be made as Eurodollar Loans with an Interest Period of one (1) month. If the Borrower requests a Borrowing of Eurodollar
Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest
Period of one (1) month.

 

2.4 Disbursement
of Funds. (a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing (including Mandatory
Borrowings and Borrowings to reimburse Unpaid Drawings under Letters of Credit), each Lender will make available its pro rata portion,
if any, of each Borrowing requested to be made on such date in the manner provided below; provided that on the Closing
Date (or with respect to any Incremental Facilities, on the relevant Incremental Facility Closing Date), such funds may be made
available at such earlier time as may be agreed among the relevant Lenders, the Borrower and the Administrative Agent for the
purpose of consummating the Transactions; provided, further, that all Swingline Loans shall be made available to
the Borrower in the full amount thereof by the Swingline Lender no later than 3:30 p.m. (New York City time) on the date requested.

 

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(b) Each Lender
shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments in
immediately available funds to the Administrative Agent at the Administrative Agent’s Office and the Administrative
Agent will (except in the case of Mandatory Borrowings and Borrowings to repay Unpaid Drawings under Letters of Credit) make
available to the Borrower, by depositing to an account designated by the Borrower to the Administrative Agent in writing, the
aggregate of the amounts so made available in Dollars (except that on the Closing Date it is agreed that Credit Suisse may,
if it so elects, make available to the Borrower the amount it is to fund on the Closing Date by depositing the same to an
account designated by the Borrower to each of Credit Suisse and the Administrative Agent in
writing). Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that
such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be
made on such date (or that Credit Suisse elects to fund amounts on the Closing Date as aforesaid), the Administrative Agent
may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the
Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make
available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the
Administrative Agent by such Lender and the Administrative Agent has made available the same to the Borrower, the
Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay
such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall
promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent.
The Administrative Agent shall also be entitled to recover from such Lender or the Borrower, as the case may be, interest on
such corresponding amount in respect of each day from the date such corresponding amount was made available by the
Administrative Agent to the Borrower, to the date such corresponding amount is recovered by the Administrative Agent, at a
rate per annum equal to (i) if paid by such Lender, the Federal Funds Effective Rate or (ii) if paid by the Borrower, the
then-applicable rate of interest, calculated in accordance with Section 2.8, for the respective Loans. If the Borrower and
such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender
pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such
Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the
Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. The Swingline
Lender shall make available all amounts it is to fund to the Borrower under any Borrowing of Swingline Loans in immediately
available funds to the Borrower by depositing to an account designated by the Borrower to the Swingline Lender in
writing.

 

(c) Nothing in this
Section 2.4 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice
any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being
understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments
hereunder).

 

(d) Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders or the Letter of Credit Issuer hereunder that the Borrower will not make
such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or the Letter of Credit Issuer, as the case may be, the
amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Letter of
Credit Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or the Letter of Credit Issuer, in immediately available funds with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the Federal Funds Effective Rate.

 

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2.5 Repayment of Loans; Evidence of Debt. (a)
The Borrower agrees to repay to the Administrative Agent, for the benefit of the applicable Lenders, (i) on the Initial Term
Loan Maturity Date, all then outstanding Initial Term Loans, (ii) on the relevant Incremental Term Loan Maturity Date for any
Class of Incremental Term Loans, any then outstanding Incremental Term Loans of such Class, (iii) on the Revolving Credit
Maturity Date, all then outstanding Revolving Credit Loans, (iv) on the relevant maturity date for any Class of
Additional/Replacement Revolving Credit Commitments, all then outstanding Additional/Replacement Revolving Credit Loans of
such Class, (v) on the relevant maturity date for any Class of Extended Term Loans, all then outstanding Extended Term Loans
of such Class, (vi) on the relevant maturity date for any Class of Extended Revolving Credit Commitments, all then
outstanding Extended Revolving Credit Loans of such Class and (vii) on the Swingline Maturity Date, all then outstanding
Swingline Loans.

 

(b) The
Borrower shall repay to the Administrative Agent, for the ratable benefit of the Initial Term Lenders, on each date set forth
below (each, with respect to the Initial Term Lenders, an “Initial Term Loan Repayment Date”), a principal
amount of the Initial Term Loans (each such amount, an “Initial Term Loan Repayment Amount”) (as such
principal amount may be reduced by, and after giving effect to, any voluntary and mandatory prepayments made in accordance
with Section 5 or as contemplated by Section 2.15), in each case as set forth below opposite such Initial Term Loan Repayment
Date:

 

	 	 	Initial Term Loan Repayment	 
	Initial Term Loan Repayment Date	 	Amount	 
	 	 	 	 
	March 31, 2014	 	$	1,150,000	 
	June 30, 2014	 	$	1,150,000	 
	September 30, 2014	 	$	1,150,000	 
	December 31, 2014	 	$	1,150,000	 
	March 31, 2015	 	$	1,150,000	 
	June 30, 2015	 	$	1,150,000	 
	September 30, 2015	 	$	1,150,000	 
	December 31, 2015	 	$	1,150,000	 
	March 31, 2016	 	$	1,150,000	 
	June 30, 2016	 	$	1,150,000	 
	September 30, 2016	 	$	1,150,000	 
	December 31, 2016	 	$	1,150,000	 
	March 31, 2017	 	$	1,150,000	 
	June 30, 2017	 	$	1,150,000	 
	September 30, 2017	 	$	1,150,000	 
	December 31, 2017	 	$	1,150,000	 
	March 31, 2018	 	$	1,150,000	 
	June 30, 2018	 	$	1,150,000	 
	September 30, 2018	 	$	1,150,000	 

 

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	 	 	Initial Term Loan Repayment	 
	Repayment Date Initial Term Loan	 	Amount	 
	 	 	 	 
	December 31, 2018	 	$	1,150,000	 
	March 31, 2019	 	$	1,150,000	 
	June 30, 2019	 	$	1,150,000	 
	September 30, 2019	 	$	1,150,000	 
	December 31, 2019	 	$	1,150,000	 
	March 31, 2020	 	$	1,150,000	 
	June 30, 2020	 	$	1,150,000	 
	September 30, 2020	 	$	1,150,000	 
	December 31, 2020	 	$	1,150,000	 
	Initial Term Loan Maturity Date	 	 	Balance of outstanding Initial Term Loans	 

 

(c) In
the event any Incremental Term Loans are made, such Incremental Term Loans shall mature and be repaid in amounts and on dates as
agreed between the Borrower and the relevant Lenders of such Incremental Term Loans in the applicable Incremental Agreement, subject
to the requirements set forth in Section 2.14. In the event that any Extended Term Loans are established, such Extended Term Loans
shall, subject to the requirements of Section 2.15, mature and be repaid by the Borrower in the amounts (each such amount, an “Extended
Term Loan Repayment Amount”) and on the dates set forth in the applicable Extension Agreement. In the event any Extended
Revolving Credit Commitments are established, such Extended Revolving Credit Commitments shall, subject to the requirements of
Section 2.15, be terminated (and all Extended Revolving Credit Loans of the same Extension Series repaid) on the dates set forth
in the applicable Extension Agreement.

 

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

 

(e) The
Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 13.6(b) and a subaccount for each
Lender, in which the Register and the subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder,
whether such Loan is an Initial Term Loan, an Incremental Term Loan (and the relevant Class thereof), a Revolving Credit Loan,
an Additional/Replacement Revolving Credit Loan (and the relevant Class thereof), an Extended Term Loan (and the relevant Class
thereof), an Extended Revolving Credit Loan (and the relevant Class thereof) or a Swingline Loan, as applicable, the Type of each
Loan made and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from the Borrower to each Lender or the Swingline Lender hereunder, (iii) the amount of any sum received
by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof and (iv) any cancellation or retirement
of Loans contemplated by Section 13.6(i).

 

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(f) The entries made in
the Register and accounts and subaccounts maintained pursuant to paragraphs (d) and (e) of this Section 2.5 shall, to
the extent permitted by Applicable Law, be prima facie evidence of the existence and amounts of the obligations of the
Borrower therein recorded; provided that the failure of any Lender or the Administrative Agent to maintain such
account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation
of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the
terms of this Agreement.

 

2.6 Conversions
and Continuations. (a) The Borrower shall have the option on any Business Day, subject to Section 2.11, to convert all or
a portion equal to at least the Minimum Borrowing Amount of the outstanding principal amount of Term Loans, Revolving Credit
Loans, Additional/Replacement Revolving Credit Loans or Extended Revolving Credit Loans of one Type into a Borrowing or
Borrowings of another Type and except as otherwise provided herein the Borrower shall have the option on the last day of an
Interest Period to continue the outstanding principal amount of any Eurodollar Loans as Eurodollar Loans for an additional
Interest Period; provided that (i) no partial conversion of Eurodollar Loans shall reduce the outstanding principal
amount of Eurodollar Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may
not be converted into Eurodollar Loans if an Event of Default is in existence on the date of the conversion and the
Administrative Agent has, or the Required Credit Facility Lenders with respect to any such Credit Facility have, determined
in its or their sole discretion not to permit such conversion, (iii) Eurodollar Loans may not be continued as Eurodollar
Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and
the Administrative Agent has, or the Required Credit Facility Lenders with respect to any such Credit Facility have,
determined in its or their sole discretion not to permit such continuation and (iv) Borrowings resulting from conversions
pursuant to this Section 2.6 shall be limited in number as provided in Section 2.2. Each such conversion or continuation
shall be effected by the Borrower giving the Administrative Agent at the Administrative Agent’s Office prior to 1:00
p.m. (New York City time) at least (i) three Business Days’, in the case of a continuation of, or conversion to,
Eurodollar Loans or (ii) one Business Day’s, in the case of a conversion into ABR Loans, prior written notice (or
telephonic notice promptly confirmed in writing) (each, a “Notice of Conversion or Continuation”)
specifying the Loans to be so converted or continued, the Type of Loans to be converted into or continued, the requested date
of the conversion or continuation, as the case may be (which shall be a Business Day), the principal amount of Loans to be
converted or continued, as the case may be, and, if such Loans are to be converted into, or continued as, Eurodollar Loans,
the Interest Period to be initially applicable thereto. If the Borrower fails to give a timely notice requesting a conversion
or continuation, then the applicable Term Loans, Revolving Credit Loans, Additional/Replacement Revolving Credit Loans or
Extended Revolving Credit Loans shall be made or continued as the same Type of Loan, which, if a Eurodollar Loan, shall have
the same Interest Period as that of the Loans being continued or converted (subject to the definition of Interest Period).
Any such automatic continuation shall be effective as of the last day of the Interest Period then in effect with respect to
the applicable Eurodollar Loans. If the Borrower requests a conversion to, or continuation of Eurodollar Loans in any such
Notice of Conversion of Continuation, but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month’s duration. Notwithstanding anything to the contrary herein, a Swingline Loan may not be
converted to a Eurodollar Loan. The Administrative Agent shall give each applicable Lender notice as promptly as practicable
of any such proposed conversion or continuation affecting any of its Loans.

 

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(b) If an Event
of Default is in existence at the time of any proposed continuation of any Eurodollar Loans and the Administrative Agent has,
or the Required Lenders with respect to any such continuation have, determined in its or their sole discretion not to permit
such continuation, Eurodollar Loans shall be automatically converted on the last day of the current Interest Period into ABR
Loans.

 

2.7 Pro Rata
Borrowings. Each Borrowing of Initial Term Loans under this Agreement shall be granted by the Initial Term Lenders pro rata on
the basis of their then-applicable Initial Term Loan Commitments. Each Borrowing of Revolving Credit Loans under this Agreement
shall be granted by the Revolving Credit Lenders pro rata on the basis of their then-applicable Revolving Credit Commitment
Percentages with respect to the applicable Class. Each Borrowing of Incremental Term Loans under this Agreement shall be granted
by the Lenders of the relevant Class thereof pro rata on the basis of their then-applicable Incremental Term Loan Commitments
for such Class. Each Borrowing of Additional/Replacement Revolving Credit Loans under this Agreement shall be granted by the Lenders
of the relevant Class thereof pro rata on the basis of their then-applicable Additional/Replacement Revolving Credit Commitments
for such Class. Each Borrowing of Extended Revolving Credit Loans under this Agreement shall be granted by the Lenders of the
relevant Class thereof pro rata on the basis of their then-applicable Extended Revolving Credit Commitments for such Class.
It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder
and that each Lender, severally and not jointly, shall be obligated to make the Loans provided to be made by it hereunder, regardless
of the failure of any other Lender to fulfill its commitments hereunder, and (b) other than as expressly provided herein with
respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall
not release any Person from performance of its obligations under any Credit Document.

 

2.8 Interest. (a) Subject to the provisions
of Section 2.8(c), the unpaid principal amount of each ABR Loan under any Class shall bear interest from the date of the
Borrowing thereof (including by conversion) until maturity thereof (whether by acceleration or otherwise) at a rate per annum
that shall at all times be the Applicable Margin for ABR Loans in effect from time to time for such Class plus the ABR in
effect from time to time for such Class.

 

(b) Subject
to the provisions of Section 2.8(c), the unpaid principal amount of each Eurodollar Loan under any Class shall bear interest from
the date of the Borrowing thereof (including by conversion) until maturity thereof (whether by acceleration or otherwise) at a
rate per annum for each Interest Period that shall at all times be the Applicable Margin for Eurodollar Loans in effect from time
to time for such Class plus the Eurodollar Rate in effect for such Interest Period and such Class.

 

(c) If all or a portion
of the principal amount of any Loan or any interest payable thereon or any fees or other amounts due hereunder shall not be
paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest
(including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws) at a rate
per annum that is (i) in the case of overdue principal, the rate that would otherwise be applicable thereto plus 2% or
(ii) in the case of overdue interest, fees or other amounts due hereunder, to the extent permitted by Applicable Law, the
rate described in Section 2.8(a) with respect to Initial Term Loans plus 2%, in each case from and including the date
of such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). All
such interest shall be payable on demand.

 

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(d) Interest
on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall
be payable in U.S. Dollars and, except as provided below, shall be payable (i) in respect of each ABR Loan, quarterly in arrears
on the last Business Day of each March, June, September and December, (ii) in respect of each Eurodollar Loan, on the last day
of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring
at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan (except, in the case of
prepayments, any ABR Loan), on any prepayment (on the amount prepaid), at maturity (whether by acceleration or otherwise) and,
after such maturity, on demand; provided that any Loan that is repaid on the same date on which it is made shall bear interest
for one day.

 

(e) All
computations of interest hereunder shall be made in accordance with Section 5.5.

 

(f) The
Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans, shall promptly notify the Borrower
and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and
binding on all parties hereto.

 

(g) Except
as otherwise provided herein, whenever any payment hereunder or under the other Credit Documents shall be stated to be due on a
day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall
in such case be included in the computation of payment of interest or commitment or letter of credit fee or commission, as the
case may be.

 

2.9 Interest
Periods. At the time the Borrower gives a Notice of Borrowing in respect of the making of a Borrowing of Eurodollar Loans
(in the case of the initial Interest Period applicable thereto), or at the time the Borrower gives a Notice of Conversion or Continuation
in respect of a conversion into or continuation as a Borrowing of Eurodollar Loans on or prior to 1:00 p.m. (New York City time)
on the third Business Day prior to the expiration of an Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower
shall have the right to elect, by giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing),
the Interest Period applicable to such Borrowing, which Interest Period shall be the period commencing on the date of such Borrowing
and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last Business Day) in
the calendar month that is one, two, three or six months thereafter (or, if agreed to by all relevant Lenders participating in
the relevant Credit Facility, (i) twelve months thereafter or (ii) a period of shorter than one month if acceptable to the Administrative
Agent); provided that, notwithstanding the foregoing parenthetical, the initial Interest Period beginning on the Closing
Date may be for a period less than one month if agreed upon by the Borrower and the Administrative
Agent.

 

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Notwithstanding anything to the contrary contained above:

 

(i) the
initial Interest Period for any Borrowing of Eurodollar Loans shall commence on the date of such Borrowing (including the date
of any conversion from a Borrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such Borrowing shall
commence on the day on which the next preceding Interest Period expires;

 

(ii) if
any Interest Period relating to a Borrowing of Eurodollar Loans begins on the last Business Day of a calendar month or begins on
a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest
Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

 

(iii) if
any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day;

 

(iv) interest
shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period; and

 

(v) the
Borrower shall not be entitled to elect any Interest Period in respect of any Eurodollar Loan if such Interest Period would extend
beyond the applicable Maturity Date of such Loan.

 

2.10 Increased Costs, Illegality, Etc.
(a) In the event that (x) in the case of clause (i) below, the Required Lenders or (y) in the case of clauses (ii) and (iii) below,
any Lender, as applicable, shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final
and conclusive and binding upon all parties hereto):

 

(i) on
any date for determining the Eurodollar Rate for any Interest Period that (x) deposits in the principal amounts of the Loans comprising
any Eurodollar Borrowing are not generally available in the relevant market or (y) by reason of any changes arising on or after
the Closing Date affecting the interbank Eurodollar market, adequate and fair means do not exist for ascertaining the applicable
interest rate on the basis provided for in the definition of Eurodollar Rate; or

 

(ii) that, due to a Change in Law, which
shall (A) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender; (B) subject any Lender
to any tax (other than (1) taxes indemnified under Section 5.4, (2) taxes described in clause (A), (B) or (C) of Section
5.4(a) or (3) taxes described in clause (f) of Section 5.4) on its loans, letters of credits, commitments or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or (C) impose on any Lender or the
London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Loans made by such
Lender, which results in the cost to such Lender of making, converting into, continuing or maintaining Eurodollar Loans or
participating in Letters of Credit (in each case hereunder) increasing by an amount which such Lender reasonably deems
material or the amounts received or receivable by such Lender hereunder with respect to the foregoing shall be reduced;
or

 

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(iii) at any time after the Closing Date that
the making or continuance of any Eurodollar Loan has become unlawful as a result of compliance by such Lender in good faith with
any Applicable Law (or would conflict with any such Applicable Law not having the force of law even though the failure to comply
therewith would not be unlawful), or has become impracticable as a result of a contingency occurring after the Closing Date that
materially and adversely affects the interbank Eurodollar market;

 

then, and in any such event, such Lender (or the Required Lenders,
in the case of clause (i) above) shall within a reasonable time thereafter give notice (if by telephone, confirmed in writing)
to the Borrower and the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit
to each of the other Lenders). Thereafter (x) in the case of clause (i) above, Eurodollar Loans shall no longer be available until
such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by
the Required Lenders no longer exist (which notice the Required Lenders agree to give at such time when such circumstances no longer
exist), and any Notice of Borrowing or Notice of Conversion or Continuation given by the Borrower with respect to Eurodollar Loans
that have not yet been incurred shall be deemed rescinded by the Borrower, (y) in the case of clause (ii) above, the Borrower shall
pay to such Lender, promptly (but no later than 10 Business Days) after receipt of written demand therefor, such additional amounts
(in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender in its reasonable
discretion shall determine) as shall be required to compensate such Lender for such increased costs or reductions in amounts receivable
hereunder (it being agreed that a written notice as to the additional amounts owed to such Lender, showing in reasonable detail
the basis for the calculation thereof, submitted to the Borrower by such Lender shall, absent clearly demonstrable error, be final
and conclusive and binding upon all parties hereto) and (z) in the case of clause (iii) above, the Borrower shall take one of the
actions specified in Section 2.10(b) as promptly as possible and, in any event, within the time period required by Applicable Law.

 

(b) At
any time that any Eurodollar Loan is affected by the circumstances described in Section 2.10(a)(ii) or (iii), the Borrower may
(and in the case of a Eurodollar Loan affected pursuant to Section 2.10(a)(iii) shall) either (x) if the affected Eurodollar Loan
is then being made pursuant to a Borrowing, cancel said Borrowing by giving the Administrative Agent telephonic notice (confirmed
promptly in writing) thereof on the same date that the Borrower was notified by a Lender pursuant to Section 2.10(a)(ii) or (iii)
or (y) if the affected Eurodollar Loan is then outstanding, upon at least three Business Days’ notice to the Administrative
Agent, require the affected Lender to convert each such Eurodollar Loan into an ABR Loan, if applicable; provided, that
if more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this
Section 2.10(b).

 

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(c) If any Change in Law regarding capital
adequacy requirements, has or would have the effect of reducing the rate of return on such Lender’s or Letter of Credit
Issuer’s or their respective parent’s capital or assets as a consequence of such Lender’s or Letter of
Credit Issuer’s commitments or obligations hereunder to a level below that which such Lender or Letter of Credit Issuer
or their respective parent could have achieved but for such Change in Law (taking into consideration such Lender’s or
Letter of Credit Issuer’s or their respective parent’s policies with respect to capital adequacy), then from time
to time, promptly (but no later than 10 Business Days) after written demand by such Lender or Letter of Credit Issuer (with a
copy to the Administrative Agent), the Borrower shall pay to such Lender or Letter of Credit Issuer such additional amount or
amounts as will compensate such Lender or Letter of Credit Issuer or their respective parent for such reduction, it being
understood and agreed, however, that a Lender or Letter of Credit Issuer shall not be entitled to such compensation as a
result of such Lender’s or Letter of Credit Issuer’s compliance with, or pursuant to any request or directive to
comply with, any such Applicable Law as in effect on the Closing Date except as a result of a Change in Law. Each Lender or
Letter of Credit Issuer, upon determining in good faith that any additional amounts will be payable pursuant to this Section
2.10(c), will give prompt written notice thereof to the Borrower (on its own behalf) which notice shall set forth in
reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall
not, subject to Section 2.13, release or diminish any of the Borrower’s obligations to pay additional amounts pursuant
to this Section 2.10(c) upon receipt of such notice.

 

(d) This
Section 2.10 shall not apply to taxes to the extent duplicative of Section 5.4.

 

(e) The
agreements in this Section 2.10 shall survive the termination of this Agreement and the payment of the Loans and all other amounts
payable hereunder.

 

(f) Notwithstanding
the foregoing, no Lender or Letter of Credit Issuer shall be entitled to seek compensation under this Section 2.10 unless such
Lender or Letter of Credit Issuer is generally seeking compensation from other similarly situated borrowers in the U.S. leveraged
loan market with respect to its similarly affected commitments, loans and/or participations under agreements with such borrowers
having provisions similar to this Section 2.10.

 

2.11 Compensation. If (a) any
payment of principal of a Eurodollar Loan is made by the Borrower to or for the account of a Lender other than on the last
day of the Interest Period for such Eurodollar Loan as a result of a payment or conversion pursuant to Section 2.5, 2.6,
2.10, 5.1, 5.2 or 13.7, as a result of acceleration of the maturity of the Loans pursuant to Section 11 or for any other
reason, (b) any Borrowing of Eurodollar Loans is not made as a result of a withdrawn Notice of Borrowing, (c) any ABR Loan is
not converted into a Eurodollar Loan as a result of a withdrawn Notice of Conversion or Continuation, (d) any Eurodollar Loan
is not continued as a Eurodollar Loan as a result of a withdrawn Notice of Conversion or Continuation or (e) any prepayment
of principal of a Eurodollar Loan is not made as a result of a withdrawn notice of prepayment pursuant to Section 5.1 or 5.2,
the Borrower shall, after receipt of a written request by such Lender (which request shall set forth in reasonable detail the
basis for requesting such amount and, absent clearly demonstrable error, the amount requested shall be final and conclusive
and binding upon all parties hereto), pay to the Administrative Agent for the account of such Lender within 10 Business Days
of such request any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender
may reasonably incur as a result of such payment, failure to borrow, failure to convert, failure to continue, failure to
prepay, reduction or failure to reduce, including any loss, cost or expense (excluding loss of anticipated profits) actually
incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain
such Eurodollar Loan.

 

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2.12 Change of Lending Office. Each Lender
agrees that, upon the occurrence of any event giving rise to the operation of Section 2.10(a)(ii), 2.10(a)(iii), 2.10(c), 3.5 or
5.4 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations
of such Lender) to designate another lending office for any Loans affected by such event; provided, that such designation
is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage, with the object
of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this Section 2.12 shall affect
or postpone any of the obligations of the Borrower or the right of any Lender provided in Section 2.10, 3.5 or 5.4.

 

2.13 Notice of Certain Costs. Notwithstanding
anything in this Agreement to the contrary, to the extent any notice required by Section 2.10, 2.11, 3.5 or 5.4 is given by any
Lender more than 180 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving
rise to the additional cost, reduction in amounts, loss, tax or other additional amounts described in such Sections, such Lender
shall not be entitled to compensation under Section 2.10, 2.11, 3.5 or 5.4, as the case may be, for any such amounts incurred or
accruing prior to the giving of such notice to the Borrower; provided that, if the circumstance giving rise to such claim
is retroactive, then such 180 day period referred to above shall be extended to include the period of retroactive effect thereof.

 

2.14 Incremental Facilities.

 

(a) The
Borrower may at any time or from time to time after the Closing Date, by written notice delivered to the Administrative Agent (whereupon
the Administrative Agent shall promptly deliver a copy to each of the Lenders), request (i) the addition of one or more additional
tranches of term loans (the “Incremental Term Loans”) to the Credit Facilities, (ii) one or more increases in
the amount of the Revolving Credit Commitments of any Class (each such increase, an “Incremental Revolving Credit Commitment
Increase”) or (iii) the addition of one or more Classes of revolving credit commitments (the “Additional/Replacement
Revolving Credit Commitments”, and together with the Incremental Term Loans and the Incremental Revolving Credit Commitment
Increases, the “Incremental Facilities”; and the commitments in respect thereof are referred to as the “Incremental
Commitments”) to the Credit Facilities; provided that both at the time of any such request and at the time that
any such Incremental Term Loan, Incremental Revolving Credit Commitment Increase or Additional/Replacement Revolving Credit Commitment
is made or effected (and after giving effect thereto) no Event of Default (or, in the case of any Incremental Facility established
to finance an acquisition permitted hereunder or bona fide Investment, no Event of Default under Section 11.1 or 11.5) has occurred
and is continuing or would exist;

 

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(b) Each tranche of
Incremental Term Loans, each tranche of Additional/Replacement Revolving Credit Commitments and each Incremental Revolving
Credit Commitment Increase shall be in an aggregate principal amount that is not less than $5,000,000 (provided that
such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth below)
(and in minimum increments of $1,000,000 in excess thereof), and the aggregate amount of the Incremental Term Loans,
Incremental Revolving Credit Commitment Increases and the Additional/Replacement Revolving Credit Commitments shall not
exceed, at the time of incurrence thereof and after giving Pro Forma Effect thereto and the use of the proceeds thereof, the
Incremental Amount at such time; provided that (i) Incremental Term Loans may be incurred without regard to the
Incremental Amount and without regard to whether an Event of Default has occurred and is continuing, to the extent that the
Net Cash Proceeds from such Incremental Term Loans are used on the date of incurrence of such Incremental Term Loans to
prepay Term Loans in accordance with the procedures set forth in Section 5.2(a)(i), if applicable, and (ii)
Additional/Replacement Revolving Credit Commitments may be provided without regard to the Incremental Amount and without
regard to whether an Event of Default has occurred and is continuing, to the extent that the existing Revolving Credit
Commitments shall be permanently reduced in accordance with Section 5.2(e)(ii) by an amount equal to the aggregate amount of
Additional/Replacement Revolving Credit Commitments so provided.

 

(c) (i) The Incremental Term Loans (A) shall rank pari
passu in right of payment and of security with the Initial Term Loans, (B) shall be secured only by the Collateral, shall be
borrowed only by the Borrower and shall be guaranteed only by the Guarantors, (C) shall not mature earlier than the Initial
Term Loan Maturity Date, (D) shall not have a shorter Weighted Average Life to Maturity than the then remaining Weighted
Average Life to Maturity of the Initial Term Loan Facility, (E) shall have an amortization schedule (subject to clause (D)
above), and interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding
discounts and original issue discounts (subject to clause (d) below) and prepayment premiums for the Incremental Term Loans
as determined by the Borrower and the lenders of the Incremental Term Loans and (F) may otherwise have terms and conditions
different from those of the Initial Term Loans; provided that (except with respect to matters contemplated by
subclauses (C), (D) and (E) above) any differences shall be reasonably satisfactory to the Administrative Agent (it being
understood that, to the extent that any financial maintenance covenant is added for the benefit of any Incremental Term Loan
Facility, no consent shall be required from the Administrative Agent or any of the Lenders to the extent that such financial
maintenance covenant is also added for the benefit of all Credit Facilities).

 

(ii) The
Incremental Revolving Credit Commitment Increase shall be treated and have terms that are the same as the Revolving Credit Commitments
(including with respect to maturity date thereof) and shall be considered to be part of the Revolving Credit Facility (it being
understood that, if required to consummate an Incremental Revolving Credit Commitment Increase, the pricing, interest rate margins,
rate floors and undrawn fees on the Revolving Credit Facility may be increased and additional upfront or similar fees may be payable
to the Incremental Revolving Credit Commitment Increase Lenders).

 

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(iii) The
Additional/Replacement Revolving Credit Commitments (A) shall rank pari passu in right of payment and of security with the
Revolving Credit Loans, (B) shall be secured only by the Collateral, shall be borrowed only by the Borrower and shall be
guaranteed only by the Guarantors, (C) shall not mature earlier than the Revolving Credit Maturity
Date and shall require no mandatory commitment reduction prior to the Revolving Credit Maturity Date, (D) shall have interest
rates (including through fixed interest rates), interest margins, rate floors, upfront fees, undrawn commitment fees, funding
discounts and original issue discounts (subject to clause (d) below) and prepayment premiums as determined by the Borrower
and the lenders of such commitments, (E) shall contain borrowing, repayment and termination of commitment procedures as
determined by the Borrower and the lenders of such commitments, (F) may include provisions relating to swingline loans and/or
letters of credit, as applicable, issued thereunder, which issuances shall be on terms substantially similar (except for the
overall size of such subfacilities, the fees payable in connection therewith and the identity of the swingline lender and
letter of credit issuer, as applicable, which shall be determined by the Borrower, the lenders of such commitments and the
applicable letter of credit issuers and swingline lenders and borrowing, repayment and termination of commitment procedures
with respect thereto, in each case which shall be specified in the applicable Incremental Agreement) to the terms relating to
Swingline Loans and Letters of Credit with respect to the Revolving Credit Commitments or otherwise reasonably acceptable to
the Administrative Agent and (G) may otherwise have terms and conditions different from those of the Revolving Credit
Facility; provided that (except with respect to matters contemplated by clauses (C), (D), (E) and (F) above) any
differences shall be reasonably satisfactory to the Administrative Agent (it being understood that, to the extent that any
financial maintenance covenant is added for the benefit of any Additional/Replacement Revolving Credit Commitments, no
consent shall be required from the Administrative Agent or any other Lenders to the extent that such financial maintenance
covenant is also added for the benefit of the Revolving Credit Facility).

 

(d) Notwithstanding
Sections 2.14(c)(i) and 2.14(c)(iii), in the event that the interest rate margins for any Incremental Term Loan Facility or
Additional/Replacement Revolving Credit Commitments are higher than the interest rate margins for the Initial Term Loan
Facility (in the case of an Incremental Term Loan Facility) or the Revolving Credit Facility (in the case of an
Additional/Replacement Revolving Credit Commitment) by more than (in either case) 50 basis points, then the Applicable Margin
for the Initial Term Loan Facility or the Revolving Credit Facility, as the case may be, shall be increased to the extent
necessary so that the applicable interest rate margins equal the interest rate margins for such Incremental Term Loan
Facility or such Additional/Replacement Revolving Credit Commitments, as the case may be, minus 50 basis points; provided, further,
that, in determining the interest rate margins applicable to the Incremental Term Loan Facility and the Initial Term Loan
Facility or the Additional/Replacement Revolving Credit Commitments and the Revolving Credit Facility (x) OID or upfront fees
(which shall be deemed to constitute like amounts of OID) payable by the Borrower to the Lenders under the Initial Term Loan
Facility or any Incremental Term Loan Facility or the Revolving Credit Facility or any Additional/Replacement Revolving
Credit Commitment in the initial primary syndication thereof shall be included as additional interest (with OID or upfront
fees being equated to interest based on assumed four-year life to maturity and assuming that the Additional/Replacement
Revolving Credit Commitments and the Revolving Credit Facility were fully drawn), (y) customary arrangement or commitment
fees payable to any of the Joint Lead Arrangers and/or the Joint Bookrunners (or their respective Affiliates) in connection
with the Initial Term Loan Facility or the Revolving Credit Facility or to one or more arrangers or bookrunners (or their
Affiliates) of any Incremental Term Loan Facility or any Additional/Replacement Revolving Credit Commitment shall be excluded
and (z) (1) with respect to the Initial Term Loan Facility, to the extent that the Eurodollar
Rate for a three month interest period on the closing date of any such Incremental Term Loan Facility is less than 1.0% per
annum, the amount of such difference shall be deemed added to the Applicable Margin for the Initial Term Loans, solely for
the purpose of determining whether an increase in the Applicable Margin for the Initial Term Loans shall be required, and (2)
with respect to the Incremental Term Loan Facility or Additional/Replacement Revolving Credit Commitments, to the extent that
the Eurodollar Rate for a three month interest period on the closing date of any such Incremental Term Loan Facility or
Additional/Replacement Revolving Credit Commitment is less than the interest rate floor, if any, applicable to any such
Incremental Term Loan Facility or Additional/Replacement Revolving Credit Commitment, the amount of such difference shall be
deemed added to the interest rate margins for the Loans under the Incremental Term Loan Facility or Additional/Replacement
Revolving Credit Commitment solely for the purpose of determining whether an increase in the Applicable Margin for the
Initial Term Loans or Revolving Loans shall be required.

 

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(e) Each notice
from the Borrower pursuant to this Section 2.14 shall be given in writing and shall set forth the requested amount and proposed
terms of the relevant Incremental Term Loans, Incremental Revolving Credit Commitment Increases or Additional/Replacement Revolving
Credit Commitments. Incremental Term Loans may be made, and Incremental Revolving Credit Commitment Increases and Additional/Replacement
Revolving Credit Commitments may be provided, subject to the prior written consent of the Borrower (not to be unreasonably withheld),
by any existing Lender (it being understood that no existing Lender will have an obligation to make a portion of any Incremental
Term Loan, no existing Lender with a Revolving Credit Commitment will have any obligation to provide a portion of any Incremental
Revolving Credit Commitment Increase and no existing Lender with a Revolving Credit Commitment will have an obligation to provide
a portion of any Additional/Replacement Revolving Credit Commitment) or by any other bank, financial institution, other institutional
lender or other investor (any such other bank, financial institution or other investor being called an “Additional Lender”);
provided that (i) the Administrative Agent shall have consented (not to be unreasonably withheld) to such Lender’s
or Additional Lender’s making such Incremental Term Loans or providing such Incremental Revolving Credit Commitment Increases
or such Additional/Replacement Revolving Credit Commitments if such consent would be required under Section 13.6(b) for an assignment
of Loans or Commitments, as applicable, to such Lender or Additional Lender; provided further that, solely
with respect to any Incremental Revolving Credit Commitment Increases or Additional/Replacement Revolving Credit Commitments,
the Swingline Lender and each Letter of Credit Issuer shall have consented (not to be unreasonably withheld) to such Additional
Lender’s providing such Incremental Revolving Credit Commitment Increases or Additional/Replacement Revolving Credit Commitments
if such consent would be required under Section 13.6(b) for an assignment of Loans or Commitments, as applicable, to such Lender
or Additional Lender.

 

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(f) Commitments
in respect of Incremental Term Loans, Incremental Revolving Credit Commitment Increases and Additional/Replacement Revolving
Credit Commitments shall become Commitments (or in the case of an Incremental Revolving Credit Commitment Increase to be
provided by an existing Lender with a Revolving Credit Commitment, an increase in such Lender’s applicable Revolving
Credit Commitment) under this Agreement pursuant to an amendment (an “Incremental Agreement”) to this
Agreement and, as appropriate, the other Credit Documents, executed by Holdings, the Borrower, each Lender agreeing to
provide such Commitment, if any, each Additional Lender, if any, and the Administrative Agent. The Incremental Agreement may,
subject to Section 2.14(c), without the consent of any other Lenders, effect such amendments to this Agreement and the other
Credit Documents as may be necessary, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the
provisions of this Section. The effectiveness of any Incremental Agreement shall be subject to the satisfaction on the date
thereof (each, an “Incremental Facility Closing Date”), and the occurrence of any Credit Events pursuant
to such Incremental Agreement, shall be subject to the satisfaction of the applicable requirements of this Section and such
other conditions, if any, as the parties thereto shall agree. The Borrower will use the proceeds of the Incremental Term
Loans, Incremental Revolving Credit Commitment Increases and Additional/Replacement Revolving Credit Commitments for any
purpose not prohibited by this Agreement; provided that the proceeds of any Incremental Term Loans incurred, and any
Additional/Replacement Revolving Credit Commitments provided, in either case as described in the proviso to Section 2.14(b),
shall be used in accordance with the terms thereof.

 

(g) (i) No Lender shall be obligated to provide any
Incremental Term Loans, Incremental Revolving Credit Commitment Increases or Additional/Replacement Revolving Credit
Commitments unless it so agrees in its sole discretion and the Borrower shall not be obligated to offer any existing Lender
the opportunity to provide any Incremental Term Loans, Incremental Revolving Credit Commitment Increases or
Additional/Replacement Revolving Credit Commitments.

 

(ii) Upon each increase in the Revolving Credit
Commitments pursuant to this Section, each Lender with a Revolving Credit Commitment of such Class immediately prior to such
increase will automatically and without further act be deemed to have assigned to each Lender providing a portion of the
Incremental Revolving Credit Commitment Increase (each, an “Incremental Revolving Credit Commitment Increase
Lender”) in respect of such increase, and each such Incremental Revolving Credit Commitment Increase Lender will
automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in
outstanding Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and
assumption of participations, the percentage of the aggregate outstanding (A) participations hereunder in Letters of Credit
and (B) participations hereunder in Swingline Loans held by each Lender with a Revolving Credit Commitment (including each
such Incremental Revolving Credit Commitment Increase Lender) will equal the percentage of the aggregate Revolving Credit
Commitments of all Lenders represented by such Lender’s Revolving Credit Commitment. If, on the date of such increase,
there are any Revolving Credit Loans outstanding, such Revolving Credit Loans shall on or prior to the effectiveness of such
Incremental Revolving Credit Commitment Increase be prepaid from the proceeds of additional Revolving Credit Loans made
hereunder (reflecting such increase in Revolving Credit Commitments), which prepayment shall be accompanied by accrued
interest on the Revolving Credit Loans being prepaid and any costs incurred by any Lender in accordance with Section 2.11.
The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to
the immediately preceding sentence.

 

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(h) This Section 2.14 shall supersede any provisions
in Section 2.7 or 13.1 to the contrary. For the avoidance of doubt, any provisions of this Section 2.14 may be amended with
the consent of the Required Lenders, provided no such amendment shall require any Lender to provide any Incremental
Commitment without such Lender’s consent.

 

2.15 Extensions of Term Loans, Revolving
Credit Loans and Revolving Credit Commitments and Additional/Replacement Revolving Credit Loans and Additional/Replacement Revolving
Credit Commitments.

 

(a) (i) The Borrower may at any time and from time to
time request that all or a portion of each Term Loan of any Class (an “Existing Term Loan Class”) be
exchanged to extend the scheduled final maturity date(s) of any payment of principal with respect to all or a portion of any
principal amount of such Term Loans (any such Term Loans which have been so extended, “Extended Term
Loans”) and to provide for other terms consistent with this Section 2.15. Prior to entering into any Extension
Agreement with respect to any Extended Term Loans, the Borrower shall provide written notice thereof to the Administrative
Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class, with such
request being offered to all such Lenders of such Existing Term Loan Class) (a “Term Loan Extension
Request”) setting forth the proposed terms of the Extended Term Loans to be established, which terms shall be
substantially similar to the Term Loans of the Existing Term Loan Class from which they are to be extended except that (w)
the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of all or a portion
of any principal amount of such Extended Term Loans may be delayed to later dates than the scheduled amortization of
principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to
the scheduled amortization payments reflected in Section 2.5 or in the Extension Agreement or Incremental Agreement, as the
case may be, with respect to the Existing Term Loan Class of Term Loans from which such Extended Term Loans were extended, in
each case as more particularly set forth in Section 2.15(c) below), (x) (A) the interest rates (including through fixed
interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and premiums with
respect to the Extended Term Loans may be different than those for the Term Loans of such Existing Term Loan Class and/or (B)
additional fees and/or premiums may be payable to the Lenders providing such Extended Term Loans in addition to any of the
items contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Agreement,
(y) subject to the provisions set forth in Sections 5.1 and 5.2, the Extended Term Loans may have optional prepayment terms
(including call protection and prepayment premiums) and mandatory prepayment terms as may be agreed between the Borrower and
the Lenders thereof and (z) the Extension Agreement may provide for other covenants and terms that apply to any period after
the Latest Maturity Date. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term
Loan Class exchanged into Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term Loans of any
Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class of Term Loans from which
they were extended.

 

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(ii) The
Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of any
Class, the Extended Revolving Credit Commitments of any Class and/or any Additional/Replacement Revolving Credit Commitments
of any Class, existing at the time of such request (each, an “Existing Revolving Credit Commitment” and
any related revolving credit loans under any such facility, “Existing Revolving Credit Loans”; each
Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an
“Existing Revolving Credit Class”) be exchanged to extend the termination date thereof and the scheduled
maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Existing Revolving
Credit Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have
been so extended, “Extended Revolving Credit Commitments” and any related revolving credit loans,
“Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.15. Prior
to entering into any Extension Agreement with respect to any Extended Revolving Credit Commitments, the Borrower shall
provide written notice thereof to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of
the applicable Class of Existing Revolving Credit Commitments, with such request being offered to all Lenders of such Class)
(a “Revolving Credit Extension Request”) setting forth the proposed terms of the Extended Revolving Credit
Commitments to be established thereunder, which terms shall be substantially similar to those applicable to the Existing
Revolving Credit Commitments from which they are to be extended (the “Specified Existing Revolving Credit Commitment
Class”) except that (w) all or any of the final maturity dates of such Extended Revolving Credit Commitments may be
delayed to later dates than the final maturity dates of the Existing Revolving Credit Commitments of the Specified Existing
Revolving Credit Commitment Class, (x)(A) the interest rates, interest margins, rate floors, upfront fees, funding discounts,
original issue discounts and prepayment premiums with respect to the Extended Revolving Credit Commitments may be different
than those for the Existing Revolving Credit Commitments of the Specified Existing Revolving Credit Commitment Class and/or
(B) additional fees and/or premiums may be payable to the Lenders providing such Extended Revolving Credit Commitments in
addition to or in lieu of any of the items contemplated by the preceding clause (A), (y)(1) the undrawn revolving credit
commitment fee rate with respect to the Extended Revolving Credit Commitments may be different than those for the Specified
Existing Revolving Credit Commitment Class and (2) the Extension Agreement may provide for other covenants and terms that
apply to any period after the Latest Maturity Date; provided that, notwithstanding anything to the contrary in this
Section 2.15 or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and
termination of commitments) of the Extended Revolving Credit Loans under any Extended Revolving Credit Commitments shall not
be required to be made on a pro rata basis with any borrowings and repayments of the Existing Revolving Credit Loans
of the Specified Existing Revolving Credit Commitment Class (the mechanics for which may be implemented through the
applicable Extension Agreement and may include technical changes related to the borrowing and repayment procedures of the
Specified Existing Revolving Credit Commitment Class), (2) assignments and participations of Extended Revolving Credit
Commitments and Extended Revolving Credit Loans shall be governed by the assignment and participation provisions set forth in
Section 13.6 and (3) subject to the applicable limitations set forth in Section 4.2 and Section 5.2(e)(ii), permanent
repayments of Extended Revolving Credit Loans (and corresponding permanent reduction in the related Extended Revolving Credit
Commitments) shall be permitted as may be agreed between the Borrower and the Lenders thereof. No Lender shall have any
obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing Revolving
Credit Class exchanged into Extended Revolving Credit Loans or Extended Revolving Credit
Commitments pursuant to any Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall
constitute a separate Class of revolving credit commitments from Existing Revolving Credit Commitments of the Specified
Existing Revolving Credit Commitment Class and from any other Existing Revolving Credit Commitments (together with any other
Extended Revolving Credit Commitments so established on such date).

 

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(b) The
Borrower shall provide the applicable Extension Request to the Administrative Agent (for further delivery to the Lenders) not later
than 30 days prior to the maturity date or termination date, as the case may be, of the applicable Term Loan, Revolving Credit
Loan, Revolving Credit Commitment, Additional/Replacement Revolving Credit Loan or Additional/Replacement Revolving Credit Commitment,
and shall provide each applicable Lender to receive such Extension Request a period of least five Business Days (or such shorter
period as the Administrative Agent may determine in its reasonable discretion) prior to the date on which Lenders under the Existing
Class are requested to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative
Agent, in each case acting reasonably, to accomplish the purpose of this Section 2.15. Any Lender (an “Extending Lender”)
wishing to have all or a portion of its Term Loans, Revolving Credit Commitments or Additional/Replacement Revolving Credit Commitments
(or any earlier Extended Revolving Credit Commitments) of an Existing Class subject to such Extension Request exchanged into Extended
Loans/Commitments shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified
in such Extension Request of the amount of its Term Loans, Revolving Credit Commitments and/or Additional/Replacement Revolving
Credit Commitments (and/or any earlier extended Extended Revolving Credit Commitments) as applicable, which it has elected to convert
into Extended Loans/Commitments (subject to any minimum denomination requirements imposed by the Administrative Agent). In the
event that the aggregate amount of Term Loans, Revolving Credit Commitments, Additional/Replacement Revolving Credit Commitments
or earlier extended Extended Revolving Credit Commitments, as applicable, subject to Extension Elections exceeds the amount of
Extended Loans/Commitments requested pursuant to the Extension Request, such Term Loans, Revolving Credit Commitments, Additional/Replacement
Revolving Credit Commitments or earlier extended Extended Revolving Credit Commitments subject to Extension Elections shall be
exchanged to Extended Loans/Commitments on a pro rata basis (subject to such rounding requirements as may be established
by the Administrative Agent) based on the principal amount of Term Loans, Revolving Credit Commitments, Additional/Replacement
Revolving Credit Commitments or earlier extended Extended Revolving Credit Commitments included in such Extension Election or as
may be otherwise agreed to in the applicable Extension Agreement.

 

(c) Extended
Loans/Commitments shall be established pursuant to an amendment (an “Extension Agreement”) to this
Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.15(c) and
notwithstanding anything to the contrary set forth in Section 13.1, shall not require the consent of any Lender other than
the Extending Lenders with respect to the Extended Loans/Commitments established thereby) executed by the Credit Parties, the
Administrative Agent and the Extending Lenders. In addition to any terms and changes required or permitted by Section
2.15(a), each Extension Agreement in respect of Extended Term Loans shall amend the scheduled amortization payments pursuant
to Section 2.5 or the applicable Incremental Agreement or Extension Agreement with respect to
the Existing Class of Term Loans from which the Extended Term Loans were exchanged to reduce each scheduled Repayment Amount
for the Existing Class in the same proportion as the amount of Term Loans of the Existing Class is to be reduced pursuant to
such Extension Agreement (it being understood that the amount of any Repayment Amount payable with respect to any individual
Term Loan of such Existing Class that is not an Extended Term Loan shall not be reduced as a result thereof). In connection
with any Extension Agreement, the Borrower shall deliver an opinion of counsel reasonably acceptable to the Administrative
Agent (i) as to the enforceability of such Extension Agreement, this Agreement as amended thereby, and such of the other
Credit Documents (if any) as may be amended thereby (in the case of such other Credit Documents as contemplated by the
immediately preceding sentence) and covering other customary matters and (ii) to the effect that such Extension Agreement,
including the Extended Loans/Commitments provided for therein, does not conflict with or violate the terms and provisions of
Section 13.1 of this Agreement.

 

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(d) Notwithstanding
anything to the contrary contained in this Agreement, (A) on any date on which any Existing Term Loan Class or Class of Existing
Revolving Credit Commitments is exchanged to extend the related scheduled maturity date(s) in accordance with paragraph (a) above
(an “Extension Date”), (I) in the case of the existing Term Loans of each Extending Lender, the aggregate principal
amount of such existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term
Loans so exchanged by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans
(together with any other Extended Term Loans so established on such date), and (II) in the case of the Existing Revolving Credit
Commitments of each Extending Lender under any Specified Existing Revolving Credit Commitment Class, the aggregate principal amount
of such Existing Revolving Credit Commitments (and related letters of credit participations and participations in swingline loans)
shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments (and related
letters of credit participations and participations in swingline loans) so exchanged by such Lender on such date (or by any greater
amount as may be agreed by the Borrower and such Lender), and such Extended Revolving Credit Commitments shall be established as
a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitment Class and from any other
Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date)
and (B) if, on any Extension Date, any Existing Revolving Credit Loans of any Extending Lender are outstanding under the Specified
Existing Revolving Credit Commitment Class, such Existing Revolving Credit Loans (and related letters of credit participations
and participations in swingline loans) shall be deemed to be exchanged to Extended Revolving Credit Loans (and related letters
of credit participations and participations in swingline loans) of the applicable Class in the same proportion as such Extending
Lender’s Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments of such Class.

 

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(e) In the
event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given
Extension Series or the Extended Revolving Credit Commitments of a given Extension Series, in each case to a given Lender was
incorrectly determined as a result of manifest administrative error in the receipt and processing of an Extension Election
timely submitted by such Lender in accordance with the procedures set forth in the applicable Extension Agreement, then the
Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and
without the consent of any other Lender, enter into an amendment to this Agreement and the other Credit Documents (each, a
“Corrective Extension Amendment”) within 15 days following the effective date of such Extension Agreement,
as the case may be, which Corrective Extension Amendment shall (i) provide for the exchange and extension of Term Loans under
the Existing Term Loan Class or Existing Revolving Credit Commitments (and related revolving credit exposure), as the case
may be, in such amount as is required to cause such Lender to hold Extended Term Loans or Extended Revolving Credit
Commitments (and related revolving credit exposure) of the applicable Extension Series into which such other Term Loans or
Commitments were initially exchanged, as the case may be, in the amount such Lender would have held had such administrative
error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was
entitled under the terms of such Extension Agreement, in the absence of such error, (ii) be subject to the satisfaction of
such conditions as the Administrative Agent, the Borrower and such Lender may agree (including conditions of the type
required to be satisfied for the effectiveness of an Extension Agreement described in Section 2.15(c)), and (iii) effect such
other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of
Section 2.15(c).

 

(f) No
exchange of Loans or Commitments pursuant to any Extension Agreement in accordance with this Section 2.15 shall constitute a voluntary
or mandatory payment or prepayment for purposes of this Agreement.

 

(g) This
Section 2.15 shall supersede any provisions in Section 2.4 or Section 13.1 to the contrary. For the avoidance of doubt, any
of the provisions of this Section 2.15 may be amended with the consent of the Required Lenders; provided that no such
amendment shall require any Lender to provide any Extended Loans/Commitments without such Lender’s consent.

 

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

 

(a) fees
shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 4.1(a);

 

(b) the
Commitment of and the Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders
or the Required Lenders or any other requisite Lenders have taken or may take any action hereunder (including any consent to any
amendment or waiver pursuant to Section 13.1); provided that (i) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require
the consent of such Defaulting Lender and (ii) the Commitment of any Defaulting Lender may not be increased or extended without
the consent of such Lender;

 

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(c) if any
Swingline Exposure or Letter of Credit Exposure exists at the time a Revolving Credit Lender becomes a Defaulting Lender,
then (i) all or any part of such Letter of Credit Exposure of such Defaulting Lender and such Swingline Exposure of such
Defaulting Lender will, subject to the limitation in the first proviso below, automatically be
reallocated (effective on the day such Lender becomes a Defaulting Lender) among the Non-Defaulting Lenders under the
Revolving Credit Facility pro rata in accordance with their respective Revolving Credit Commitment Percentages; provided
that (A) each such Non-Defaulting Lender’s Revolving Credit Exposure may not in any event exceed the Revolving Credit
Commitment of such Non-Defaulting Lender as in effect at the time of such reallocation and (B) neither such reallocation nor
any payment by a Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any claim the Borrower, the
Administrative Agent, the Letter of Credit Issuer, the Swingline Lender or any other Lender may have against such Defaulting
Lender or cause such Defaulting Lender to be a Non-Defaulting Lender, (ii) to the extent that all or any portion of the
Defaulting Lender’s Letter of Credit Exposure and Swingline Exposure cannot, or can only partially, be so reallocated
to Non-Defaulting Lenders under the Revolving Credit Facility, whether by reason of the first proviso in Section 2.16(c)(i)
above or otherwise, the Borrower shall within one Business Day following notice by the Administrative Agent (x) first, prepay
such Swingline Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) and (y) second, Cash
Collateralize such Defaulting Lender’s Letter of Credit Exposure (after giving effect to any partial reallocation
pursuant to clause (i) above), in accordance with the procedures set forth in Section 3.8 for so long as such Letter of
Credit Exposure is outstanding, (iii) if the Borrower Cash Collateralizes any portion of such Defaulting Lender’s
Letter of Credit Exposure pursuant to the requirements of this Section 2.16(c), the Borrower shall not be required to pay any
fees to such Defaulting Lender pursuant to Section 4.1(c) with respect to such Defaulting Lender’s Letter of Credit
Exposure during the period such Defaulting Lender’s Letter of Credit Exposure is Cash Collateralized, (iv) if the
Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated pursuant to the requirements of this Section 2.16(c),
then the fees payable to the Lenders pursuant to Section 4.1(c) shall be adjusted to give effect thereto in accordance with
such Non-Defaulting Lenders’ Revolving Credit Commitment Percentages and the Borrower shall not be required to pay any
fees to the Defaulting Lender pursuant to Section 4.1(c) with respect to such Defaulting Lender’s Letter of Credit
Exposure during the period that such Defaulting Lender’s Letter of Credit Exposure is reallocated, or (v) if any
Defaulting Lender’s Letter of Credit Exposure is neither Cash Collateralized nor reallocated pursuant to the
requirements of this Section 2.16(c), then, without prejudice to any rights or remedies of the Letter of Credit Issuer or any
Lender hereunder, all fees payable under Section 4.1(c) with respect to such Defaulting Lender’s Letter of Credit
Exposure shall be payable to the Letter of Credit Issuer until such Letter of Credit Exposure is Cash Collateralized and/or
reallocated;

 

(d) (i) no
Letter of Credit Issuer will be required to issue any new Letter of Credit or amend any outstanding Letter of Credit to
increase the face amount thereof, alter the drawing terms thereunder or extend the expiry date thereof, unless such Letter of
Credit Issuer is reasonably satisfied that any exposure that would result from the exposure to such Defaulting Lender is
eliminated or fully covered by the Revolving Credit Commitments of the Non-Defaulting Lenders or by Cash Collateralization or
a combination thereof in accordance with the requirements of this Section 2.16 or otherwise in a manner reasonably
satisfactory to such Letter of Credit Issuer; and

 

(ii) the
Swingline Lender will not be required to fund any Swingline Loans unless the Swingline Lender is reasonably satisfied that
any exposure that would result from the exposure to such Defaulting Lender is eliminated or
fully covered by the Revolving Credit Commitments of the Non-Defaulting Lenders or a combination thereof in accordance with
the requirements of Section 2.16(c) above.

 

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(e) If the Borrower,
the Administrative Agent, the Swingline Lender and the Letter of Credit Issuer agree in writing in their discretion that a
Lender that is a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so
notify the parties hereto, whereupon, as of the effective date specified in such notice and subject to any conditions set
forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Credit Loans
of the other Revolving Credit Lenders or take such other actions as the Administrative Agent may determine to be necessary to
cause such outstanding Revolving Credit Loans and funded and unfunded participations in Letters of Credit and Swingline Loans
to be held on a pro rata basis by the Revolving Credit Lenders (including such Lender) in accordance with their
applicable percentages, whereupon such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender and
any applicable Cash Collateral shall be promptly returned to the Borrower and any Letter of Credit Exposure and Swingline
Exposure of such Lender reallocated pursuant to the requirements of Section 2.16(c) shall be reallocated back to such Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower
while that Lender was a Defaulting Lender; provided that, except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of
any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.

 

(f) Any payment of
principal, interest, fees or other amounts received by the Administrative Agent for the account of a Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 11 or otherwise, and including any amounts made available
to the Administrative Agent by that Defaulting Lender pursuant to Section 13.8), shall be applied at such time or times as
may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that
Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any
amounts owing by that Defaulting Lender to each Letter of Credit Issuer and the Swingline Lender hereunder; third, as
the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the
Administrative Agent; fourth, if so determined by the Administrative Agent and the Borrower, to be held in a
non-interest bearing deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize, in accordance
with Section 3.8, each Letter of Credit Issuer’s future fronting exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement; fifth, to the payment of any amounts owing to the
Lenders, the Letter of Credit Issuers or the Swingline Lender as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, such Letter of Credit Issuer or the Swingline Lender against that Defaulting Lender as a
result of that Defaulting Lender’s breach of its obligations under this Agreement; sixth, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of
competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; and seventh, to that Defaulting Lender or as otherwise directed by a
court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans or
Unpaid Drawings, such payment shall be applied solely to pay the relevant Loans of, and Unpaid Drawings owed to, the relevant
non-Defaulting Lenders on a pro rata basis prior to being applied in the manner set forth in this Section 2.16(f). Any
payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender or to post Cash Collateral pursuant to Section 3.8 shall be deemed paid to and redirected by that
Defaulting Lender, and each Lender irrevocably consents hereto.

 

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SECTION 3. Letters of Credit

 

3.1 Issuance of Letters of Credit. (a)
Subject to and upon the terms and conditions herein set forth, at any time and from time to time on and after the Closing
Date and prior to the Letter of Credit Maturity Date, each Letter of Credit Issuer (other than those entities that are Letter
of Credit Issuers solely by reason of clause (b) of the definition thereof) agrees to issue (or cause its Affiliates or other
financial institution with which the Letter of Credit Issuer shall have entered into an agreement regarding the issuance of
letters of credit hereunder, to issue on its behalf), upon the request of and for the account of the Borrower or any
Restricted Subsidiary, letters of credit (each, a “Letter of Credit”) in such form as may be approved by
such Letter of Credit Issuer in its reasonable discretion; provided that the Borrower shall be a co-applicant, and be
jointly and severally liable, with respect to each Letter of Credit issued for the account of a Restricted Subsidiary.

 

(b) Notwithstanding
the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letter of Credit Obligations
at such time, would exceed the Letter of Credit Commitment then in effect, (ii) no Letter of Credit shall be issued the Stated
Amount of which, when added to the Letter of Credit Obligations and the Revolving Credit Loans and Swingline Loans outstanding
at such time, would exceed the Total Revolving Credit Commitment then in effect, (iii) each Letter of Credit shall have an expiration
date occurring no later than the earlier of (x) one year after the date of issuance thereof, unless otherwise agreed upon by the
Administrative Agent and the applicable Letter of Credit Issuer or as provided under Section 3.2(e), and (y) the Letter of Credit
Maturity Date, (iv) each Letter of Credit shall be denominated in Dollars, (v) no Letter of Credit shall be issued if it would
be illegal under any Applicable Law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor,
and (vi) no Letter of Credit shall be issued after any Letter of Credit Issuer has received a written notice from the Borrower,
the Administrative Agent or the Required Lenders stating that a Default or an Event of Default has occurred and is continuing until
such time as such Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice from the party
or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions
of Section 13.1 or that such Default or Event of Default is no longer continuing.

 

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(c) No
Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit if:

 

(i) any order,
judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Letter
of Credit Issuer from issuing the Letter of Credit, or any requirement of law applicable to such Letter of Credit Issuer or
any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such
Letter of Credit Issuer shall prohibit, or request that such Letter of Credit Issuer refrain from, the issuance of letters of
credit generally or the Letter of Credit in particular or shall impose upon such Letter of Credit Issuer with respect to the
Letter of Credit any restriction, reserve or capital requirement (for which such Letter of Credit Issuer is not otherwise
compensated hereunder) not in effect on the Closing Date, or shall impose upon such Letter of Credit Issuer any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which such Letter of Credit Issuer in good faith deems
material to it;

 

(ii) the
issuance of such Letter of Credit would violate one or more policies of such Letter of Credit Issuer applicable to the issuance
of letters of credit generally;

 

(iii) except
as otherwise agreed by the Administrative Agent and such Letter of Credit Issuer, the Letter of Credit is in an initial Stated
Amount less than $100,000;

 

(iv) such Letter of
Credit would have an expiration date occurring later than the earlier of (x) one year after the date of issuance thereof,
unless otherwise agreed upon by the Administrative Agent and the applicable Letter of Credit Issuer or as provided under
Section 3.2(e), and (y) the Letter of Credit Maturity Date; or

 

(v) the
Letter of Credit is to be denominated in a currency other than Dollars.

 

(d) In connection with the establishment of any
Extended Revolving Credit Commitments or Additional/Replacement Revolving Credit Commitments and subject to the availability
of unused Commitments with respect to such newly established Class and the satisfaction of the conditions set forth in
Section 7, the Borrower may, with the written consent of the applicable Letter of Credit Issuer, designate any outstanding
Letter of Credit to be a Letter of Credit issued pursuant to such Class of Extended Revolving Credit Commitments or
Additional/Replacement Revolving Credit Commitments, as applicable. Upon such designation such Letter of Credit shall no
longer be deemed to be issued and outstanding under such prior Class and shall instead be deemed to be issued and outstanding
under such newly established Class of Extended Revolving Credit Commitments or Additional/Replacement Revolving Credit
Commitments, as applicable.

 

3.2 Letter of Credit Requests. (a) Whenever
the Borrower desires that a Letter of Credit be issued (or amended, renewed or extended), it shall give the Administrative
Agent and the applicable Letter of Credit Issuer a Letter of Credit Request by no later than 1:00 p.m. (New York City time)
at least two (or such lesser number as may be agreed upon by the Administrative Agent and the applicable Letter of Credit
Issuer) Business Days prior to the proposed date of issuance, amendment, renewal or extension for any Letter of Credit. The
Administrative Agent shall promptly transmit copies of each Letter of Credit Request to each Revolving Credit Lender.

 

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(b) In the case of a
request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify: (A) the proposed issuance
date of the requested Letter of Credit (which shall be a Business Day); (B) the Stated Amount thereof in the relevant
currency; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented
by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such
beneficiary in case of any drawing thereunder and (G) such other matters as the applicable Letter of Credit Issuer may
reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit
Request shall specify: (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a
Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the applicable Letter of Credit Issuer
may reasonably require. Each notice shall be executed by the Borrower and shall be in the form of Exhibit F (each, a
“Letter of Credit Request”).

 

(c) Promptly
after receipt of any Letter of Credit Request, the applicable Letter of Credit Issuer will confirm with the Administrative Agent
in writing that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not, the
applicable Letter of Credit Issuer will provide the Administrative Agent with a copy thereof. Unless the applicable Letter of Credit
Issuer has received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party, at least two
Business Days prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable
conditions contained in Sections 6 and 7 shall not then be satisfied, then, subject to the terms and conditions hereof, the applicable
Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or the applicable
Restricted Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the terms hereof.

 

(d) The
making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Borrower that the Letter of
Credit may be issued in accordance with, and will not violate the requirements of, Section 3.1(b).

 

(e) If the
Borrower so requests in any applicable Letter of Credit Request, any Letter of Credit Issuer may agree to issue a Letter of
Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided
that any such Auto-Extension Letter of Credit must permit the applicable Letter of Credit Issuer to prevent any such
extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving
prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the
applicable Letter of Credit Issuer, the Borrower shall not be required to make a specific request to the applicable Letter of
Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to
have authorized (but may not require) the Letter of Credit Issuer to permit the extension of such Letter of Credit at any
time to an expiry date not later than the Letter of Credit Maturity Date (except to the extent cash collateralized or
backstopped pursuant to arrangements reasonably satisfactory to the applicable Letter of Credit Issuer); provided, however,
that no Letter of Credit Issuer shall permit any such extension if (A) such Letter of Credit Issuer has determined that it
would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of Section 3.1(b) or otherwise), or (B) it has received notice
(which may be by telephone or in writing) on or before the day that is two Business Days before the Non-Extension Notice Date
(1) from the Administrative Agent that the Required Revolving Class Lenders have elected not to permit such extension or (2)
from the Administrative Agent, the Required Revolving Class Lenders or the Borrower that one or more of the applicable
conditions specified in Section 7 are not then satisfied, and in each such case directing such Letter of Credit Issuer not to
permit such extension.

 

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(f) Promptly
after its delivery of any Letter of Credit or any amendment, renewal or extension to a Letter of Credit to an advising bank
with respect thereto or to the beneficiary thereof, the applicable Letter of Credit Issuer will also deliver to the Borrower
a true and complete copy of such Letter of Credit or amendment, renewal or extension. On the last Business Day of each
calendar month (and on such other dates as may be requested by the Administrative Agent), each Letter of Credit Issuer that
is not also the Administrative Agent shall provide the Administrative Agent a list of all Letters of Credit issued by it that
are outstanding at such time.

 

3.3 Letter of Credit Participations. (a)
Immediately upon the issuance by any Letter of Credit Issuer of any Letter of Credit (and automatically on the Closing Date
with respect to any Existing Letters of Credit), such Letter of Credit Issuer shall be deemed to have sold and transferred to
each Revolving Credit Lender (including any such Lender acting as Letter of Credit Issuer) (each such Revolving Credit
Lender, in such capacity under this Section 3.3(a), a “Letter of Credit Participant”), and each such
Letter of Credit Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Letter
of Credit Issuer, without recourse or warranty, an undivided interest and participation (each, a “Letter of Credit
Participation”), to the extent of such Letter of Credit Participant’s Revolving Credit Commitment Percentage,
in such Letter of Credit, each substitute letter of credit, each drawing made thereunder and the obligations of the Borrower
under this Agreement with respect thereto, and any security therefor or guarantee pertaining thereto (although Letter of
Credit Fees will be paid directly to the Administrative Agent for the ratable account of the Letter of Credit Participants as
provided in Section 4.1(c) and the Letter of Credit Participants shall have no right to receive any portion of any fees paid
to the Administrative Agent for the account of any Letter of Credit Issuers in respect of each Letter of Credit issued
hereunder).

 

(b) In
determining whether to pay under any Letter of Credit, the applicable Letter of Credit Issuer shall have no obligation relative
to the Letter of Credit Participants other than to confirm that any documents required to be delivered under such Letter of Credit
have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken
or omitted to be taken by any Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or
omitted in the absence of gross negligence or willful misconduct, shall not create for such Letter of Credit Issuer any resulting
liability.

 

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(c) Whenever any Letter
of Credit Issuer receives a payment in respect of an unpaid reimbursement obligation as to which the Administrative Agent has
received for the account of such Letter of Credit Issuer any payments from the Letter of Credit Participants, such Letter of
Credit Issuer shall pay to the Administrative Agent and the Administrative Agent shall promptly pay to each Letter of Credit
Participant that has paid its Revolving Credit Commitment Percentage of such reimbursement
obligation, in Dollars and in immediately available funds, an amount equal to such Letter of Credit Participant’s share
(based upon the proportionate aggregate amount originally funded or deposited by such Letter of Credit Participant to the
aggregate amount funded or deposited by all Letter of Credit Participants) of the principal amount of such reimbursement
obligation and interest thereon accruing after the purchase of the respective Letter of Credit Participations.

 

(d) The
obligations of the Letter of Credit Participants to purchase Letter of Credit Participations from any Letter of Credit Issuer
and make payments to the Administrative Agent for the account of any Letter of Credit Issuer with respect to Letters of
Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception
whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including
under any of the following circumstances:

 

(i) any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Credit Document;

 

(ii) the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against
any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), any Letter of Credit Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated
hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii) any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv) honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(v) any
payment made by any Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the
expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date
is authorized by the UCC, the ISP or the UCP, as applicable;

 

(vi) any
payment by any Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by any Letter of Credit Issuer under such Letter of
Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator,
receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising
in connection with any proceeding under any Debtor Relief Law;

 

(vii) the
surrender or impairment of any security for the performance or observance of any of the terms of any of the Credit Documents; or

 

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(viii) the occurrence
of any Default or Event of Default;

 

provided that no Letter of Credit Participant shall be obligated to pay to
the Administrative Agent for the account of any Letter of Credit Issuer its Revolving Credit Commitment Percentage of any
unreimbursed amount arising from any wrongful payment made by such Letter of Credit Issuer under a Letter of Credit as a
result of acts or omissions constituting willful misconduct or gross negligence on the part of such Letter of Credit Issuer
as determined in the final, non-appealable judgment of a court of competent jurisdiction.

 

3.4 Agreement
to Repay Letter of Credit Drawings. (a) Upon receipt from any beneficiary of any Letter of Credit of any notice of
drawing under such Letter of Credit, the applicable Letter of Credit Issuer shall notify the Borrower and the Administrative
Agent thereof. The Borrower hereby agrees to reimburse such Letter of Credit Issuer with respect to any such drawing, by
making payment, whether with its own internal funds, with proceeds of Revolving Credit Loans, or any other source, to the
Administrative Agent for the account of such Letter of Credit Issuer in immediately available funds, for any payment or
disbursement made by such Letter of Credit Issuer under any Letter of Credit issued by it (each such amount so paid until
reimbursed, an “Unpaid Drawing”) within one Business Day of the date of receipt by the Borrower from the
Letter of Credit Issuer of notice of such payment or disbursement (such required date for reimbursement, the
“Required Reimbursement Date”), with interest on the amount so paid or disbursed by such Letter of Credit
Issuer, from and including the date of such notice to but excluding the Required Reimbursement Date, at the per annum rate
for each day equal to the rate described in Section 2.8(a); provided, that, notwithstanding anything contained in this
Agreement to the contrary, with respect to any Letter of Credit, (i) unless the Borrower shall have notified the
Administrative Agent and the applicable Letter of Credit Issuer prior to 10:00 a.m. (New York City time) on the Required
Reimbursement Date that the Borrower intends to reimburse such Letter of Credit Issuer for the amount of such drawing with
funds other than the proceeds of Revolving Credit Loans, the Borrower shall be deemed to have given a Notice of Borrowing
requesting that the Lenders with Revolving Credit Commitments make Revolving Credit Loans (which shall be ABR Loans) on the
Required Reimbursement Date in an amount equal to the amount of such drawing, and (ii) the Administrative Agent shall
promptly notify each Letter of Credit Participant of such drawing and the amount of its Revolving Credit Loan to be made in
respect thereof, and each Letter of Credit Participant shall be irrevocably obligated to make a Revolving Credit Loan to the
Borrower in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the
applicable Unpaid Drawing by 12:00 noon (New York City time) on such Required Reimbursement Date by making the amount of such
Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans made in respect of such Unpaid
Drawing on such Required Reimbursement Date shall be made without regard to the Minimum Borrowing Amount and without regard
to the satisfaction of the conditions set forth in Section 7. The Administrative Agent shall use the proceeds of such
Revolving Credit Loans solely for the purpose of reimbursing the applicable Letter of Credit Issuer for the related Unpaid
Drawing. If and to the extent any Letter of Credit Participant shall not have so made its Revolving Credit Commitment
Percentage of the amount of such payment available to the Administrative Agent for the account of the applicable Letter of
Credit Issuer, such Letter of Credit Participant agrees to pay to the Administrative Agent for the account of such Letter of
Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date
such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at a rate per annum equal to
the Federal Funds Effective Rate from time to time then in effect, plus any administrative, processing or similar fees
customarily charged by such Letter of Credit Issuer in connection with the foregoing. The failure of any Letter of Credit
Participant to make available to the Administrative Agent for the account of the Letter of Credit Issuer its Revolving Credit
Commitment Percentage of any payment under any Letter of Credit shall not relieve any other Letter of Credit Participant of
its obligation hereunder to make available to the Administrative Agent for the account of the Letter of Credit Issuer its
Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above,
but no Letter of Credit Participant shall be responsible for the failure of any other Letter of Credit Participant to make
available to the Administrative Agent such other Letter of Credit Participant’s Revolving Credit Commitment Percentage
of any such payment.

 

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(b) The
obligations of the Borrower under this Section 3.4 to reimburse the Letter of Credit Issuers with respect to Unpaid Drawings (including,
in each case, interest thereon) shall be absolute and unconditional under any and all circumstances and irrespective of any set-off,
counterclaim or defense to payment that the Borrower or any other Person may have or have had against the applicable Letter of
Credit Issuer, the Administrative Agent or any Lender (including in its capacity as a Letter of Credit Participant), including
any defense based upon the failure of any drawing under a Letter of Credit (each a “Drawing”) to conform to
the terms of the Letter of Credit or any non-application or misapplication by the beneficiary of the proceeds of such Drawing;
provided, that the Borrower shall not be obligated to reimburse any Letter of Credit Issuer for any wrongful payment made
by such Letter of Credit Issuer under any Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct
or gross negligence on the part of such Letter of Credit Issuer as determined in the final, non-appealable judgment of a court
of competent jurisdiction.

 

(c) The
obligation of the Borrower to reimburse each Letter of Credit Issuer for each drawing under any Letter of Credit and to repay each
Letter of Credit Borrowing shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms
of this Agreement under all circumstances, including the following:

 

(i) any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Credit Document;

 

(ii) the
existence of any claim, counterclaim, set-off, defense or other right that the Borrower or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), any Letter of Credit Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated
hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii) any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

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(iv) waiver
by any Letter of Credit Issuer of any requirement that exists for such Letter of Credit Issuer’s protection and not the protection
of the Borrower or any waiver by any Letter of Credit Issuer which does not in fact materially prejudice the Borrower;

 

(v) honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi) any
payment made by any Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the
expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date
is authorized by the UCC, the ISP or the UCP, as applicable;

 

(vii) any
payment by any Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by any Letter of Credit Issuer under such Letter of
Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator,
receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising
in connection with any proceeding under any Debtor Relief Law; or

 

(viii) any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary;

 

provided that the foregoing shall not excuse any
Letter of Credit Issuer from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages,
claims in respect of which are waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower as a
result of acts or omissions of or by any Letter of Credit Issuer constituting gross negligence or willful misconduct as determined
in the final, non-appealable judgment of a court of competent jurisdiction.

 

The Borrower shall promptly examine
a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance
with the Borrower’s instructions or other irregularity as to the form of any such Letter of Credit, the Borrower will promptly
notify the applicable Letter of Credit Issuer. To the extent the Borrower has approved the form of any Letter of Credit, the Borrower
shall be conclusively deemed to have waived any claim against the applicable Letter of Credit Issuer and its correspondents based
on any noncompliance of such Letter of Credit to conform with the Borrower’s instructions or other irregularity as to such
form.

 

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3.5 Increased
Costs. If the adoption of any Change in Law shall either (a) impose, modify or deem applicable any reserve, special
deposit, compulsory loan, insurance charge or similar requirement against letters of credit issued by any Letter of Credit
Issuer, or any Letter of Credit Participant’s Letter of Credit Participation therein or (b) impose on any Letter of
Credit Issuer or any Letter of Credit Participant any other conditions affecting its obligations under this Agreement in
respect of Letters of Credit or Letter of Credit Participations therein or any Letter of Credit or such Letter of Credit
Participant’s Letter of Credit Participation therein, and the result of any of the
foregoing is to increase the cost to any Letter of Credit Issuer or any Letter of Credit Participant of issuing, maintaining
or participating in any Letter of Credit, or to reduce the amount of any sum received or receivable by any Letter of Credit
Issuer or any Letter of Credit Participant hereunder (other than any such increase or reduction attributable to (i) taxes
indemnified under Section 5.4, (ii) taxes described in clause (A), (B) or (C) of Section 5.4(a) or (iii) taxes
described in clause (f) of Section 5.4) in respect of Letters of Credit or Letter of Credit Participations therein, then,
promptly after receipt of written demand to the Borrower by any Letter of Credit Issuer or any Letter of Credit Participant,
as the case may be (a copy of which notice shall be sent by such Letter of Credit Issuer or such Letter of Credit Participant
to the Administrative Agent), the Borrower shall pay to such Letter of Credit Issuer or such Letter of Credit Participant
such additional amount or amounts as will compensate such Letter of Credit Issuer or such Letter of Credit Participant for
such increased cost or reduction, it being understood and agreed, however, that no Letter of Credit Issuer or Letter of
Credit Participant shall be entitled to any such compensation as a result of such Person’s compliance with, or pursuant
to any request or directive to comply with, any such Applicable Law that would have existed in the event a Change in Law had
not occurred. A certificate submitted to the Borrower by a Letter of Credit Issuer or a Letter of Credit Participant, as the
case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such Letter of Credit Participant
to the Administrative Agent), setting forth in reasonable detail the basis for the determination of such additional amount or
amounts necessary to compensate such Letter of Credit Issuer or such Letter of Credit Participant as aforesaid shall be
conclusive and binding on the Borrower absent clearly demonstrable error.

 

3.6 New or
Successor Letter of Credit Issuer. (a) Any Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 30
days’ prior written notice to the Administrative Agent, the Revolving Credit Lenders and the Borrower. Subject to the
terms of the following sentence, the Borrower may replace any Letter of Credit Issuer for any reason upon written notice to
the Administrative Agent and applicable the Letter of Credit Issuer, and the Borrower may add Letter of Credit Issuers at any
time upon notice to the Administrative Agent and with the agreement of such new Letter of Credit Issuer. If any Letter of
Credit Issuer shall resign or be replaced, or if the Borrower shall decide to add a new Letter of Credit Issuer under this
Agreement, then the Borrower may appoint a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the
case may be, with the consent of the Administrative Agent (such consent not to be unreasonably withheld), whereupon such
successor issuer shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under
this Agreement and the other Credit Documents, or such new issuer of Letters of Credit shall be granted the rights, powers
and duties of a Letter of Credit Issuer hereunder, and the term “Letter of Credit Issuer” shall mean such
successor or such new issuer of Letters of Credit effective upon such appointment. At the time such resignation or
replacement shall become effective, the Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued
and unpaid fees pursuant to Sections 4.1(b) and 4.1(c). The acceptance of any appointment as a Letter of Credit Issuer
hereunder, whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be
evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form satisfactory to the
Borrower and the Administrative Agent, and, from and after the effective date of such agreement, such new or successor issuer
of Letters of Credit shall become a “Letter of Credit Issuer” hereunder. After the resignation or replacement of
a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall
remain a party hereto and shall continue to have all the rights and obligations of a Letter of Credit Issuer under this
Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or
replacement, but shall not be required to issue additional Letters of Credit or amend or renew existing Letters of Credit. In
connection with any resignation or replacement pursuant to this clause (a) (but, in case of any such resignation, only to the
extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Borrower, the resigning or
replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters
of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor
issuer of Letters of Credit or (ii) the Borrower shall cause the successor issuer of Letters of Credit, if such successor
issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue “back-stop”
Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of
Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall have a face amount
equal to the Letters of Credit being back-stopped, and the sole requirement for drawing on such new Letters of Credit shall
be a drawing on the corresponding back-stopped Letters of Credit. After any resigning or replaced Letter of Credit
Issuer’s resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to a Letter
of Credit Issuer shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of
Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit
Issuer.

 

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(b) To the extent that there are, at the time of any
resignation or replacement as set forth in clause (a) above, any outstanding Letters of Credit, nothing herein shall be
deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters
of Credit (including any obligations related to the payment of fees or the reimbursement or funding of amounts drawn), except
that the Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have
the obligations regarding outstanding Letters of Credit described in clause (a) above.

 

3.7 Role
of Letter of Credit Issuer. Each Revolving Credit Lender and the Borrower agree that, in paying any drawing under a
Letter of Credit, the applicable Letter of Credit Issuer shall not have any responsibility to obtain any document (other than
any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the
validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of
the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates or any correspondent, participant
or assignee of any Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Required Lenders or the Required Revolving Class Lenders, as applicable;
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution,
effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.
The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of
any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Borrower’s
pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.
None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates or any correspondent,
participant or assignee of any Letter of Credit Issuer shall be liable or responsible for any of the matters described in
Section 3.4(c); provided that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim
against any Letter of Credit Issuer, and such Letter of Credit Issuer may be liable to the Borrower, to the extent, but only
to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower caused by such
Letter of Credit Issuer’s willful misconduct or gross negligence or such Letter of Credit Issuer’s willful
failure to pay under any Letter of Credit issued by it after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of such Letter of Credit. In furtherance and not in
limitation of the foregoing, any Letter of Credit Issuer may accept documents that appear on their face to be in order,
without responsibility for further investigation, regardless of any notice or information to the contrary, and no Letter of
Credit Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting
to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which
may prove to be invalid or ineffective for any reason.

 

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3.8 Cash
Collateral.

 

(a) If,
as of the Letter of Credit Maturity Date, there are any Letter of Credit Obligations, the Borrower shall promptly Cash Collateralize
the Letter of Credit Obligations that for any reason remain outstanding. Section 2.16 and Section 5.2 set forth certain additional
requirements to deliver Cash Collateral hereunder.

 

(b) If
any Event of Default shall occur and be continuing, the Required Revolving Class Lenders may require that the Letter of Credit
Obligations be Cash Collateralized; provided that, upon the occurrence of an Event of Default referred to in Section 11.5,
the Borrower shall immediately Cash Collateralize the Letters of Credit then outstanding and no notice or request by or consent
from the Required Revolving Class Lenders shall be required.

 

(c) For
purposes of this Agreement, “Cash Collateralize” means to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of the Letter of Credit Issuers as collateral for the Letter of Credit Obligations,
cash or deposit account balances (“Cash Collateral”) in an amount equal to 100% of the amount of the
Letter of Credit Obligations required to be Cash Collateralized pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the applicable Letter of Credit Issuer (which documents are hereby consented to
by the Revolving Credit Lenders). Derivatives of such terms have corresponding meanings. The Borrower hereby grants to the
Administrative Agent, for the benefit of the Letter of Credit Issuers and the Letter of Credit Participants a security
interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall
be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. If at any time the Administrative
Agent determines that any funds held as Cash Collateral are subject to any right or claim of any Person other than the
Administrative Agent or that the total amount of such funds is less than the Letter of Credit Obligations, the Borrower will,
forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as
Cash Collateral, an amount equal to (x) such aggregate outstanding amount minus (y) the total amount of funds, if any,
then held as Cash Collateral that the Administrative Agent determines to be free and clear of any such right and claim. Upon
the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the
extent permitted under Applicable Laws, to reimburse the applicable Letter of Credit Issuer. To the extent the amount of any
Cash Collateral exceeds the aggregate outstanding amount of all Letter of Credit Obligations and so long as no Event of
Default has occurred and is continuing, the excess shall be refunded to the Borrower.

 

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3.9 Conflict with Issuer Documents. In
the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

 

3.10 Letters of Credit Issued for Restricted
Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of,
or is for the account of, a Restricted Subsidiary, the Borrower shall be obligated to reimburse the applicable Letter of Credit
Issuer hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters
of Credit for the account of Restricted Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business
derives substantial benefits from the businesses of such Restricted Subsidiaries.

 

3.11 Existing Letters of Credit. Subject
to the terms and conditions hereof, each Existing Letter of Credit that is outstanding on the Closing Date, listed on Schedule
1.1(b) shall, effective as of the Closing Date and without any further action by the Borrower, be continued as a Letter of Credit
hereunder, from and after the Closing Date be deemed a Letter of Credit for all purposes hereof and be subject to and governed
by the terms and conditions hereof.

 

3.12 Applicability of ISP and UCP. Unless
otherwise expressly agreed by the applicable Letter of Credit Issuer and the Borrower when a Letter of Credit is issued, (i) the
rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter
of Credit. Notwithstanding the foregoing, no Letter of Credit Issuer shall be responsible to the Borrower for, and no Letter of
Credit Issuer’s rights and remedies against the Borrower shall be impaired by, any action or inaction of such Letter of Credit
Issuer required or permitted under any Applicable Law, order, or practice that is required or permitted to be applied to any Letter
of Credit or this Agreement, including the Applicable Law or any order of a jurisdiction where such Letter of Credit Issuer or
the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements,
or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services
Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit is stated
to be subject to such law or practice.

 

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SECTION 4. Fees; Commitment Reductions and
Terminations.

 

4.1 Fees.
(a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Revolving Credit Lenders) a commitment fee (the
“Commitment Fee”) that shall accrue from and including the Closing Date to but excluding
the Revolving Credit Termination Date. Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day
of each March, June, September and December (for the three-month period (or portion thereof) ended on such day for which no
payment has been received pursuant to clause (y) below) and (y) on the Revolving Credit Termination Date (for the period
ended on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day
during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day to be calculated based on the
actual amount of the Available Revolving Credit Commitment in effect on such day.

 

(b) The
Borrower agrees to pay (i) directly to each Letter of Credit Issuer for its own account a fronting fee (the “Fronting
Fee”) with respect to each Letter of Credit issued by it, computed at the rate for each day equal to 0.125% per annum
(or, with respect to any Letter of Credit Issuer, such other amount as is agreed in a separate writing between such Letter of Credit
Issuer and the Borrower) times the average daily Stated Amount of such Letter of Credit and (ii) any other letter of credit fee
agreed to in writing by any Letter of Credit Issuer and the Borrower. The Fronting Fee shall be due and payable quarterly in arrears
on the first Business Day after the end of each March, June, September and December, in respect of the most recently-ended quarterly
period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance
or deemed issuance of such Letter of Credit, on the Letter of Credit Maturity Date and thereafter on demand. For purposes of computing
the daily Stated Amount of any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section
1.8. In addition, the Borrower agrees to pay directly to each Letter of Credit Issuer for its own account the customary issuance,
administration, presentation, amendment and other processing fees, and other standard costs and charges, of such Letter of Credit
Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due
and payable within 10 Business Days after demand and are nonrefundable.

 

(c) The
Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender, pro rata according to
the Letter of Credit Exposure of such Lender, a fee in respect of each Letter of Credit (the “Letter of Credit Fee”),
for the period from and including the date of issuance of such Letter of Credit to but excluding the termination or expiration
date of such Letter of Credit, computed at the per annum rate for each day equal to (x) the Applicable Margin then in effect for
Revolving Credit Loans that are Eurodollar Loans times (y) the average daily Stated Amount of such Letter of Credit; provided, however, that any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter
of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the applicable Letter of Credit Issuer
pursuant to Section 2.16 shall be payable, to the maximum extent permitted by Applicable Laws, to the other Lenders in accordance
with the upward adjustments in their respective pro rata shares with respect to such Letter of Credit pursuant to Section 2.16(c),
with the balance of such fee, if any, payable to the applicable Letter of Credit Issuer for its own account. The Letter of Credit
Fee shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December and on the
Revolving Credit Termination Date. If there is any change in the Applicable Margin during any quarter, the daily Stated Amount
of each Letter of Credit shall be computed and multiplied by the Applicable Margin separately for each period during such quarter
that such Applicable Margin was in effect.

 

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(d) The Borrower agrees
to pay to the Administrative Agent the administrative fees in the amounts and on the dates as set forth in the Fee
Letter.

 

4.2 Voluntary
Reduction of Commitments. (a) Upon prior written notice (or telephonic notice promptly confirmed in writing) to the
Administrative Agent at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly
transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to
terminate or reduce the Commitments of any Class as determined by the Borrower, in whole or in part; provided that (a)
any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date
of termination or reduction, (b) any such termination or reduction shall apply proportionately and permanently to reduce the
Commitments of each of the Lenders within any such Class, except that, notwithstanding the foregoing, (1) the Borrower may
allocate any termination or reduction of Commitments among Classes of Commitments at its direction (including, for the
avoidance of doubt, to the Commitments with respect to any Class of Extended Revolving Credit Commitments without any
termination or reduction of the Commitments with respect to any Existing Revolving Credit Class of the same Specified
Existing Revolving Credit Commitment Class) and (2) in connection with the establishment on any date of any Extended
Revolving Credit Commitments pursuant to Section 2.15, the Existing Revolving Credit Commitments of any one or more Lenders
providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of
Specified Existing Revolving Credit Commitments so extended on such date (or, if agreed by the Borrower and the Lenders
providing such Extended Revolving Credit Commitments, reduced by any greater amount so long as the Borrower prepays the
Existing Revolving Credit Loans of such Class owed to such Lenders providing such Extended Revolving Credit Commitments to
the extent necessary to ensure that after giving effect to such repayment or reduction, the Existing Revolving Credit Loans
of such Class are held by the Lenders of such Class on a pro rata basis in accordance with their Existing Revolving
Credit Commitments of such Class after giving effect to such reduction) (provided that (x) after giving effect to any
such reduction and to the repayment of any Loans made on such date, the aggregate amount of the revolving credit exposure of
any such Lender does not exceed the Existing Revolving Credit Commitment of such Lender (such revolving credit exposure and
Existing Revolving Credit Commitment being determined in each case, for the avoidance of doubt, exclusive of such
Lender’s Extended Revolving Credit Commitment and any exposure in respect thereof) and (y) for the avoidance of doubt,
any such repayment of Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section
5.3(a) with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving
effect to any exchange pursuant to Section 2.15 of Existing Revolving Credit Commitments and Existing Revolving Credit Loans
into Extended Revolving Credit Commitments and Extended Revolving Credit Loans respectively, and prior to any reduction being
made to the Commitment of any other Lender), (c) any partial reduction pursuant to this Section 4.2 shall be in an aggregate
amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (d) after giving effect to such termination or
reduction and to any prepayments of Revolving Credit Loans or cancellation or Cash Collateralization of Letters of Credit
made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit
Exposures for such Class shall not exceed the Total Revolving Credit Commitment for such Class, (e) after giving effect to
such termination or reduction and to any prepayments of Additional/Replacement Revolving Credit Loans of any Class or
cancellation or cash collateralization of letters of credit made on the date thereof in accordance with the Agreement, the
aggregate amount of such Lender’s revolving credit exposure shall not exceed the Total Additional/Replacement Revolving
Credit Commitment for such Class and (f) if, after giving effect to any reduction hereunder, the Letter of Credit Commitment
or the Swingline Commitment exceeds the Total Revolving Credit Commitment, such Commitment shall be automatically reduced by
the amount of such excess.

 

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(b) Upon
at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative
Agent and each Letter of Credit Issuer (which notice the Administrative Agent shall promptly transmit to each of the applicable
Revolving Credit Lenders), the Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit
Commitment in whole or in part; provided that, after giving effect to such termination or reduction, the Letter of Credit
Obligations shall not exceed the Letter of Credit Commitment.

 

(c) The
Borrower may terminate the unused amount of the Commitment of a Defaulting Lender upon not less than two Business Days’ prior
notice to the Administrative Agent (which will promptly notify the Lenders thereof), and in such event the provisions of Section
2.16(f) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement
(whether on account of principal, interest, fees, indemnity or other amounts); provided that such termination will not be
deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any Letter of Credit Issuer, the Swingline
Lender or any Lender may have against such Defaulting Lender.

 

4.3 Mandatory Termination of Commitments. (a)
The Total Initial Term Loan Commitment shall each terminate at 5:00 p.m. (New York City time) on the Closing Date.

 

(b) The
Total Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.

 

(c) The
Swingline Commitment shall terminate at 5:00 p.m. (New York City time) on the Swingline Maturity Date.

 

(d) The
Incremental Term Loan Commitment for any Class shall, unless otherwise provided in the documentation governing such Incremental
Term Loan Commitment, terminate at 5:00 p.m. (New York City time) on the Incremental Facility Closing Date for such Class.

 

(e) The
Additional/Replacement Revolving Credit Commitment for any Class shall terminate at 5:00 p.m. (New York City time) on the maturity
date for such Class specified in the documentation governing such Class.

 

(f) The
Extended Loan/Commitment for any Extension Series shall terminate at 5:00 p.m. (New York City time) on the maturity date for such
tranche specified in the Extension Agreement.

 

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SECTION 5. Payments

 

5.1 Voluntary Prepayments. (a) The Borrower
shall have the right to prepay Term Loans, Revolving Credit Loans, Extended Revolving Credit Loans, Additional/Replacement
Revolving Credit Loans and Swingline Loans, without premium or penalty (except as described in Section 5.1(b) below), in
whole or in part from time to time on the following terms and conditions: (a) the Borrower shall give the Administrative
Agent at the Administrative Agent’s Office written notice (or telephonic notice promptly confirmed in writing) of its
intent to make such prepayment, the amount of such prepayment and in the case of Eurodollar Loans, the specific Borrowing(s)
pursuant to which made, which notice shall be given by the Borrower no later than (i) in the case of Term Loans, Extended
Revolving Credit Loans, Additional/Replacement Revolving Credit Loans or Revolving Credit Loans, 1:00 p.m. (New York City
time) (x) one Business Day prior to (in the case of ABR Loans) or (y) three Business Days prior to (in the case of Eurodollar
Loans), or (ii) in the case of Swingline Loans, 1:00 p.m. (New York City time) on the date of such prepayment and shall
promptly be transmitted by the Administrative Agent to each of the relevant Lenders or the Swingline Lender, as the case may
be; (b) each partial prepayment of any Borrowing of Term Loans or Revolving Credit Loans shall be in a multiple of $100,000
and in an aggregate principal amount of at least $1,000,000 and each partial prepayment of Swingline Loans shall be in a
multiple of $100,000 and in an aggregate principal amount of at least $100,000; provided that no partial prepayment of
Eurodollar Loans made pursuant to a single Borrowing shall reduce the outstanding Eurodollar Loans made pursuant to such
Borrowing to an amount less than the Minimum Borrowing Amount for Eurodollar Loans, and (c) any prepayment of Eurodollar
Loans pursuant to this Section 5.1 on any day other than the last day of an Interest Period applicable thereto shall be
subject to compliance by the Borrower with the applicable provisions of Section 2.11. Each such notice shall specify the date
and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. Each prepayment in respect of any Class
of Term Loans pursuant to this Section 5.1 shall be applied to reduce the Repayment Amounts in such order as the Borrower may
determine and may be applied to any Class of Term Loans as directed by the Borrower (and within such Class shall be applied pro rata among the Loans of such Class). For the avoidance of doubt, the Borrower may (i) prepay Term Loans of an Existing
Term Loan Class pursuant to this Section 5.1 without any requirement to prepay Extended Term Loans that were exchanged from
such Existing Term Loan Class and (ii) prepay Extended Term Loans pursuant to this Section 5.1 without any requirement to
prepay Term Loans of an Existing Term Loan Class that were exchanged for such Extended Term Loans. In the event that the
Borrower does not specify the order in which to apply prepayments to reduce Repayment Amounts or as between Classes of Term
Loans, the Borrower shall be deemed to have elected that such proceeds be applied to reduce the Repayment Amounts in direct
order of maturity and/or a pro rata basis among Term Loan Classes. All prepayments under this Section 5.1 shall also
be subject to the provisions of Section 5.2(d) and Section 5.2(e).

 

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(b) Notwithstanding
anything to the contrary contained in this Agreement, any prepayment pursuant to Section 5.1(a) or Refinancing (other than a
refinancing of the Term Loan Facility in connection with any transaction that would, if consummated, constitute a Change of
Control, initial public offering or Transformative Acquisition) of the Term Loan Facility with other broadly syndicated term
loans under credit facilities with a lower Effective Yield than the Effective Yield of the Term Loan Facility, or any
amendment (other than an amendment of the Term Loan Facility in connection with any transaction that would, if consummated,
constitute a Change of Control, initial public offering or Transformative Acquisition) that reduces the Effective Yield of
the Term Loan Facility, in either case that occurs prior to the date that is six months after the Closing Date and the
primary purpose of which is to lower the Effective Yield on the Term Loan Facility, shall be subject to a prepayment premium
or amendment premium, as applicable, of 1.0% of the principal amount of the Term Loans so prepaid, refinanced or amended.
Such fees shall be due and payable upon the date of the effectiveness of such prepayment, Refinancing or amendment.

 

5.2 Mandatory
Prepayments.

 

(a) Term Loan
Prepayments.

 

(i) On
each occasion that a Prepayment Event occurs, the Borrower shall, immediately after the receipt of Net Cash Proceeds from a Debt
Incurrence Prepayment Event, and within five Business Days after the receipt of Net Cash Proceeds in connection with the occurrence
of any other Prepayment Event, offer to prepay (or, in the case of a Debt Incurrence Prepayment Event, prepay), in accordance with
Sections 5.2(c) and (d) below, a principal amount of Term Loans in an amount equal to 100% of the Net Cash Proceeds from such Prepayment
Event; provided, that, in the case of Net Cash Proceeds from an Asset Sale Prepayment Event or a Recovery Prepayment Event,
the Borrower may use a portion of such Net Cash Proceeds to prepay, redeem or repurchase Permitted First Priority Refinancing Debt
or other Permitted Additional Debt with a Lien on the Collateral not ranking junior or senior to the Liens securing the Obligations
(but without regard to the control of remedies), the documentation of which requires the issuer of or borrower under such Indebtedness
to prepay or make an offer to purchase such Indebtedness with the proceeds of such Prepayment Event, in each case in an amount
not to exceed the product of (x) the amount of such Net Cash Proceeds multiplied by (y) a fraction, the numerator of which is the
outstanding principal amount of Permitted First Priority Refinancing Debt and other Permitted Additional Debt with a Lien on the
Collateral not ranking junior or senior to the Liens securing the Obligations (but without regard to the control of remedies) and
with respect to which such a requirement to prepay or make an offer to redeem or purchase exists and the denominator of which is
the sum of the outstanding principal amount of such Permitted First Priority Refinancing Debt and other Permitted Additional Debt
and the outstanding principal amount of Term Loans.

 

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(ii) Not
later than the date that is five Business Days following the date Section 9.1 Financials are required to be delivered under
Section 9.1(a) or (b) (commencing with the Section 9.1 Financials to be delivered with respect to the fiscal quarter ending
March 31, 2014), the Borrower shall offer to prepay, in accordance with Sections 5.2(c) and (d) below and subject to the last
sentence of this clause (ii), an aggregate principal amount of Term Loans equal to (x) 50% of Excess Cash Flow for such
fiscal quarter minus (y) at the Borrower’s option, the aggregate principal amount of Term Loans voluntarily prepaid
pursuant to Section 5.1 (including the prepayment at a discount to par offered to all Lenders under the Initial Term Loan
Facility, any Incremental Term Loan Facility or any Extended Term Loan Facility, with credit given to the amount of cash
actually used to make such prepayments (but not aggregate principal amount reduced)) and Revolving Credit Loans, Extended
Revolving Credit Loans and Additional/Replacement Revolving Credit Loans voluntarily prepaid pursuant to Section 5.1 to the
extent accompanied by a permanent reduction of the Revolving Credit Commitments, the Extended Revolving Credit Commitments or
the Additional/Replacement Revolving Credit Commitments, as applicable, in an equal amount pursuant to Section 4.2, in each
case during such fiscal quarter or after such quarter-end and prior to the time such prepayment pursuant to this Section
5.2(a)(ii) is due (in each case excluding the aggregate principal amount of any such voluntary prepayments made with the
proceeds of issuances or incurrences of long-term Indebtedness or equity); provided that no prepayment of any Term
Loans shall be required under this Section 5.2(a)(ii) if the Total Leverage Ratio for the fiscal quarter ended prior to such
prepayment date, for which the Borrower has delivered Section 9.1 Financials, is less than or equal to 2.50 to 1.0; provided,
further, that the calculation of the Total Leverage Ratio for the purposes of this Section 5.2(a)(ii) shall give Pro
Forma Effect to all prepayments made under Sections 5.1 and 5.2 (other than prepayments made pursuant to this Section
5.2(a)(ii)) made after the last day of the most recently ended fiscal quarter but prior to the date of prepayment under this
Section 5.2(a)(ii)) as if such prepayments occurred as of the last day of such fiscal quarter. Any prepayment amounts
credited pursuant to subclause (y) above against such amount in subclause (x) above shall be without duplication of any such
credit in any prior or subsequent fiscal quarter. Notwithstanding the foregoing, if the Borrower is required to offer to
prepay Term Loans with 50% of Excess Cash Flow for any fiscal quarter as provided above, the Borrower may instead use a
portion of such 50% of Excess Cash Flow for such fiscal quarter to prepay, redeem or repurchase Permitted First Priority
Refinancing Debt or other Permitted Additional Debt with a Lien on the Collateral not ranking junior or senior to the Liens
securing the Obligations (but without regard to the control of remedies), the documentation of which requires the issuer of
or borrower under such Indebtedness to prepay or make an offer to purchase such Indebtedness with such Excess Cash Flow, in
each case in an amount not to exceed for such fiscal quarter the product of (x) 50% of such Excess Cash Flow multiplied by
(y) a fraction, the numerator of which is the outstanding principal amount of Permitted First Priority Refinancing Debt and
other Permitted Additional Debt with a Lien on the Collateral not ranking junior or senior to the Liens securing the
Obligations (but without regard to the control of remedies) and with respect to which such a requirement to prepay or make an
offer to redeem or purchase exists and the denominator of which is the sum of the outstanding principal amount of such
Permitted First Priority Refinancing Debt and other Permitted Additional Debt and the outstanding principal amount of Term
Loans.

 

(b) Repayment
of Revolving Credit Loans. If on any date the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Exposures
for any reason exceeds the Total Revolving Credit Commitment as then in effect, the Borrower shall forthwith repay on such date
the principal amount of Swingline Loans and, after all Swingline Loans have been paid in full, Revolving Credit Loans in an amount
equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Credit Loans,
the aggregate amount of the Lenders’ Revolving Credit Exposures exceeds the Total Revolving Credit Commitment then in effect,
the Borrower shall Cash Collateralize the Letter of Credit Obligations to the extent required to eliminate such excess.

 

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(c) Application
to Repayment Amounts. (i) Subject to clause (ii) of this Section 5.2(c)), the proviso to Section 5.2(a)(i) and the last sentence
of Section 5.2(a)(ii), (A) each prepayment of Term Loans required by Sections 5.2(a)(i) and 5.2(a)(ii) (other than in connection
with a Debt Incurrence Prepayment Event) shall be allocated to the Classes of Term Loans outstanding, pro rata,
based upon the applicable remaining Repayment Amounts due in respect of each such Class of Term Loans, shall be applied pro rata
to Lenders within each Class, based upon the outstanding principal amounts owing to each such Lender under each such Class
of Term Loans and be applied to reduce such scheduled Repayment Amounts within each such Class in accordance with Section 5.2(d)(ii)
and (B) each prepayment of Term Loans required by Section 5.2(a)(i) in connection with a Debt Incurrence Prepayment Event shall
be allocated to the applicable Class of Term Loans being refinanced thereby (or, if none, any Class of Term Loans outstanding)
as directed by the Borrower, shall be applied pro rata to Lenders within such Class, based upon the outstanding
principal amounts owing to each Lender under such Class of Term Loans and be applied to reduce such scheduled Repayment Amounts
within such Class in accordance with Section 5.2(d)(ii); provided that, with respect to the allocation of such prepayments
under clause (A) above between an Existing Term Loan Class and Extended Term Loans of the same Extension Series, the Borrower
may allocate such prepayments as the Borrower may specify, subject to the limitation that the Borrower shall not allocate to Extended
Term Loans of any Extension Series any such mandatory prepayment under such clauses unless such prepayment is accompanied by at
least a pro rata prepayment, based upon the applicable remaining Repayment Amounts due in respect thereof,
of the Term Loans of the Existing Term Loan Class, if any, from which such Extended Term Loans were exchanged (unless such Term
Loans of the Existing Term Loan Class have otherwise been repaid in full).

 

(ii) With respect to each such prepayment required
by Section 5.2(a)(i) and Section 5.2(a)(ii) (other than any Debt Incurrence Prepayment Event), (A) the Borrower will, not
later than the date specified in Section 5.2(a) for offering to make such prepayment, give the Administrative Agent
telephonic notice (promptly confirmed in writing) requesting that the Administrative Agent provide notice of such prepayment
to each Lender of Term Loans and the Administrative Agent will promptly provide such notice to each Lender of Term Loans, (B)
other than if such prepayment arises due to a Debt Incurrence Prepayment Event, each Term Lender will have the right to
refuse any such prepayment by giving written notice of such refusal to the Administrative Agent and the Borrower within five
Business Days after such Term Lender’s receipt of notice from the Administrative Agent of such prepayment (and the
Borrower shall not prepay any Term Loans until the date that is specified in clause (C) below) (such refused amounts, the
“Refused Proceeds”), (C) the Borrower will make all such prepayments not so refused upon the earlier of
(x) the tenth Business Day after the Term Lenders received first notice of repayment from the Administrative Agent and (y)
such time as the Borrower has received notice from any Term Lender that it consents to such prepayment and (D) thereafter,
any remaining Refused Proceeds may be retained by the Borrower. It is understood that any prepayments due to a Term Lender in
respect of a Debt Incurrence Prepayment Event shall be applied to prepay Term Loans immediately after the receipt of the Net
Cash Proceeds therefrom.

 

(d) Application
to Term Loans.

 

(i) With respect to each prepayment of Term Loans
elected by the Borrower pursuant to Section 5.1 or pursuant to Section 5.2(a) in respect of a Debt Incurrence Prepayment
Event, such prepayments shall be applied to reduce Repayment Amounts in such order as the Borrower may specify (or, if not
specified, in direct order of maturity) and the Borrower may designate the Types of Loans that are to be prepaid and the
specific Borrowing(s) pursuant to which made; provided that the Borrower pays any amounts, if any, required to be paid
pursuant to Section 2.11 with respect to prepayments of Eurodollar Loans made on any date other than the last day of the
applicable Interest Period. In the absence of a designation by the Borrower as described in the preceding sentence, the
Administrative Agent shall, subject to the above, make such designation in a manner that minimizes the amount of payments
required to be made by the Borrower pursuant to Section 2.11.

 

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(ii) With respect to each prepayment of Term Loans
by the Borrower required pursuant to Section 5.2(a) (other than in respect of a Debt Incurrence Prepayment Event), such
prepayments shall be applied to reduce Repayment Amounts in direct order of maturity for the respective scheduled payments
pursuant to Section 2.5(b) following the applicable prepayment event with respect to each such mandatory prepayment and the
amount of such mandatory prepayment shall be applied first to Term Loans that are ABR Loans to the full extent thereof before
application to Term Loans that are Eurodollar Loans in a manner that minimizes the amount of any payments required to be made
by the Borrower pursuant to Section 2.11.

 

(e) Application to Revolving Credit Loans;
Mandatory Commitment Reductions. (i) With respect to each prepayment of Revolving Credit Loans, Extended Revolving Credit
Loans and Additional/Replacement Revolving Credit Loans elected by the Borrower pursuant to Section 5.1 or required by
Section 5.2(b), the Borrower may designate (i) the Class and Types of Loans that are to be prepaid and the specific
Borrowing(s) pursuant to which made and (ii) the Revolving Credit Loans, Extended Revolving Credit Loans or
Additional/Replacement Revolving Credit Loans to be prepaid; provided, that (x) Eurodollar Loans may be designated for
prepayment pursuant to this Section 5.2 only on the last day of an Interest Period applicable thereto unless all Eurodollar
Loans with Interest Periods ending on such date of required prepayment and all ABR Loans have been paid in full; and (y) each
prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans of such Class (except
that any prepayment made in connection with a reduction of the Commitments of such Class pursuant to Section 4.2 shall be
applied pro rata based on the amount of the reduction in the Commitments of such Class of each applicable Lender). In
the absence of a designation by the Borrower as described in the preceding sentence, the Administrative Agent shall, subject
to the above, make such designation in a manner that minimizes the amount of any payments required to be made by the Borrower
pursuant to Section 2.11.

 

(ii) With
respect to each mandatory reduction and termination of Revolving Credit Commitments, Additional/Replacement Revolving Credit
Commitments (and any previously extended Extended Revolving Credit Commitments) required by clause (ii) of the proviso to
Section 2.14(b) or in connection with the incurrence of any Credit Agreement Refinancing Indebtedness issued or incurred to
Refinance any Revolving Credit Commitments, Additional/Replacement Revolving Credit Commitments and/or Extended Revolving
Credit Commitments, the Borrower may designate (A) the Classes of Commitments to be reduced and terminated and (B) the
corresponding Classes of Loans to be prepaid; provided that (a) any such reduction and termination shall apply
proportionately and permanently to reduce the Commitments of each of the Lenders within any such Class and (b) after giving
effect to such termination or reduction and to any prepayments of Loans or cancellation or cash collateralization of letters
of credit made on the date of each such reduction and termination in accordance with this Agreement, the aggregate amount of
such Lenders’ credit exposures shall not exceed the remaining Commitments of such Lenders’ in respect of the
Class reduced and terminated.

 

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(f) Eurodollar
Interest Periods. In lieu of making any payment pursuant to this Section 5.2 in respect of any Eurodollar Loan other than
on the last day of the Interest Period therefor so long as no Default or Event of Default shall have occurred and be continuing
and the last day of the relevant Interest Period is within 30 days, the Borrower at its option may deposit with the Administrative
Agent an amount equal to the amount of the Eurodollar Loan to be prepaid and such Eurodollar Loan shall be repaid on the last
day of the Interest Period therefor in the required amount (and interest shall accrue on the prepaid principal until such repayment
actually is made). Such deposit shall be held by the Administrative Agent in a corporate time deposit account established on terms
reasonably satisfactory to the Administrative Agent, earning interest at the then-customary rate for accounts of such type. Such
deposit shall constitute cash collateral for the Obligations; provided that the Borrower may at any time direct that such
deposit be applied to make the applicable payment required pursuant to this Section 5.2 prior to the last day of the applicable
Interest Period.

 

(g) Minimum Amount.
No prepayment shall be required pursuant to Section 5.2(a)(i) (except to the extent such prepayment arises due to a Debt Incurrence
Prepayment Event) unless and until the amount at any time of Net Cash Proceeds from Prepayment Events required to be offered at
or prior to such time pursuant to such Section and not yet offered at or prior to such time to prepay Term Loans pursuant to such
Section exceeds (i) $2,500,000 for any single Prepayment Event or series of related Prepayment Events and (ii) $5,000,000 in the
aggregate for all such Prepayment Events in any fiscal year, at which time the amount of such Net Cash Proceeds received in excess
of $5,000,000 in such fiscal year be will be applied as provided in Section 5.2(a)(i), with the date of receipt of such Net Cash
Proceeds being deemed for such purpose to be the date such thresholds set forth in clauses (i) and (ii) of this clause (g) are
met.

 

(h) Limitations
on Mandatory Prepayments. Notwithstanding any other provisions of this Section 5.2, (i) to the extent that any of or all
the Net Cash Proceeds of any asset sale by a Restricted Foreign Subsidiary giving rise to an Asset Sale Prepayment Event (a
“Foreign Asset Sale”), the Net Cash Proceeds of any Recovery Event from a Restricted Foreign Subsidiary (a
“Foreign Recovery Event”), or Excess Cash Flow that is attributable to Restricted Foreign Subsidiaries or
a Subsidiary that is subject to minimum liquidity or similar regulations are prohibited or delayed by applicable local law or
such regulations from being repatriated to the United States or used to transferred to the Borrower or any other Person, the
portion of such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term Loans at
the times provided in this Section 5.2 but may be retained by the applicable Restricted Foreign Subsidiary or regulated
Subsidiary so long, but only so long, as the applicable local law or regulation will not permit repatriation to the United
States (the Borrower hereby agreeing to cause the applicable Restricted Foreign Subsidiary to promptly take all actions
required by the applicable local law to permit such repatriation) or transfer to the Borrower or other Person, and once such
repatriation or transfer of any of such affected Net Cash Proceeds or Excess Cash Flow is permitted under the applicable
local law or applicable regulation, such repatriation or transfer will be immediately effected and such repatriated or
transferred Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event not later than two Business Days after
such repatriation) applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the
Term Loans pursuant to this Section 5.2 and (ii) to the extent that the Borrower has determined in good faith that
repatriation of any of or all the Net Cash Proceeds of any Foreign Asset Sale, any Foreign Recovery Event or Excess Cash Flow
would have a material adverse tax cost consequence with respect to such Net Cash Proceeds or Excess Cash Flow, the Net Cash
Proceeds or Excess Cash Flow so affected may be retained by the applicable Restricted Foreign Subsidiary; provided
that, in the case of this clause (ii), on or before the date on which any Net Cash Proceeds from any Foreign Asset Sale or
Foreign Recovery Event so retained would otherwise have been required to be applied to reinvestments or prepayments pursuant
to Section 5.2(a) (or, in the case of Excess Cash Flow, a date on or before the date that is six months after the date such
Excess Cash Flow would have been so required to be applied to prepayments pursuant to Section 5.2(a)(ii) unless previously
repatriated in which case such repatriated Excess Cash Flow shall have been promptly applied to the repayment of the Term
Loans pursuant to Section 5.2(a)), (x) the Borrower applies an amount equal to such Net Cash Proceeds or Excess Cash Flow to
such reinvestments or prepayments as if such Net Cash Proceeds or Excess Cash Flow had been received by the Borrower rather
than such Restricted Foreign Subsidiary, less the amount of additional taxes that would have been payable or reserved against
if such Net Cash Proceeds or Excess Cash Flow had been repatriated (or, if less, the Net Cash Proceeds or Excess Cash Flow
that would be calculated if received by such Foreign Subsidiary) or (y) such Net Cash Proceeds or Excess Cash Flow are
applied to the repayment of Indebtedness of a Restricted Foreign Subsidiary.

 

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5.3 Method and Place of Payment. (a) Except
as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off,
counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto,
the Letter of Credit Issuers or the Swingline Lender (except to the extent payments are to be made directly to the Letter of
Credit Issuer or the Swingline Lender), as the case may be, not later than 2:00 p.m. (New York City time) on the date when
due and shall be made in immediately available funds in Dollars at the Administrative Agent’s Office, it being
understood that written or facsimile notice by the Borrower to the Administrative Agent to make a payment from the funds in
the Borrower’s account at the Administrative Agent’s Office shall constitute the making of such payment to the
extent of such funds held in such account. The Administrative Agent will thereafter cause to be distributed on the same day
(if payment was actually received by the Administrative Agent prior to 2:30 p.m. (New York City time) on such day and, if
not, on the next Business Day) like funds relating to the payment of principal or interest or Fees ratably to the Lenders
entitled thereto or to the Letter of Credit Issuer or the Swingline Lender, as applicable.

 

(b) For
purposes of computing interest or fees, any payments under this Agreement that are made later than 1:00 p.m. (New York City
time) shall be deemed to have been made on the next succeeding Business Day in the sole discretion of the Administrative
Agent (which may extend such deadline in its discretion whether or not such payments are in process). Except as otherwise
provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the
due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest
shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

 

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5.4 Net Payments.
(a) Except as required by Applicable Law, all payments made by or on behalf of the Borrower under this Agreement or any other
Credit Document shall be made free and clear of, and without deduction or withholding for or on account of, any current or future
income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied,
collected, withheld or assessed by any Governmental Authority (including any interest, additions to tax and penalties) (collectively,
“Taxes”), excluding in the case of each Lender and each Agent and except as otherwise provided in Section 5.4(f),
(A) net income Taxes (and franchise Taxes imposed in lieu of net income Taxes) that would not have been imposed on such Agent
or such Lender but for a present or former connection between such Agent or such Lender and the jurisdiction of the Governmental
Authority imposing such Tax or any political subdivision or Governmental Authority thereof or therein (other than any such connection
arising from such Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or
enforced, received or perfected a security interest under, or engaged in any other transactions pursuant to, this Agreement or
any other Credit Document), (B) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by
any other jurisdiction described in clause (A) and (C) any withholding Tax pursuant to FATCA (all non-excluded Taxes, “Non-Excluded
Taxes” and all such excluded Taxes, “Excluded Taxes”). If any Taxes are required to be withheld by
a Withholding Agent from any amounts payable under this Agreement or any other Credit Document, the applicable Withholding Agent
shall so withhold (pursuant to the information and documentation to be delivered pursuant to Sections 5.4(d), 5.4(e) and 5.4(g))
and shall remit the amount withheld to the appropriate taxing authority. In addition, where an amount has been withheld in respect
of a Non-Excluded Tax, the applicable Credit Party shall increase the amounts payable to the Administrative Agent or such Lender
to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes or Other
Taxes including those applicable to any amounts payable under this Section 5.4) interest or any such other amounts payable hereunder
at the rates or in the amounts specified in such Credit Document. Whenever any Taxes are payable by any Credit Party, as promptly
as possible thereafter the applicable Credit Party shall send to the Administrative Agent for its own account or for the account
of such Lender, as the case may be, a certified copy of an original official receipt, if available (or other evidence acceptable
to such Lender, acting reasonably) received by the applicable Credit Party showing payment thereof.

 

(b) In addition,
each Credit Party shall pay, or at the option of the Administrative Agent timely reimburse it for the payment for, any present
or future stamp, documentary, filing, mortgage, recording, excise, property or intangible taxes (including any interest, additions
to tax and penalties) that arise from any payment made by such Credit Party hereunder or under any other Credit Documents or from
the execution, delivery or registration or recordation of, performance under, or otherwise with respect to, this Agreement or
the other Credit Documents (hereinafter referred to as “Other Taxes”).

 

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(c) (i) Subject
to Section 5.4(f), the Credit Parties shall indemnify each Lender and each Agent for and hold them harmless against the full
amount of Non-Excluded Taxes and Other Taxes, (and for the full amount of Non-Excluded Taxes and Other Taxes imposed
or asserted by any jurisdiction on any additional amounts or indemnities payable under this Section 5.4) imposed on or paid
by such Lender or such Agent (as the case may be) and any liability (including penalties, additions to tax, interest and
expenses) regardless of whether any such Taxes are correctly or legally asserted and arising therefrom or with respect
thereto; provided that if any claim pursuant to this Section 5.4(c) is made later than 180 days after the date on
which the relevant Lender or Agent had actual knowledge of the relevant Non-Excluded Taxes or Other Taxes, then the Credit
Parties shall not be required to indemnify the applicable Lender or Agent for any interest or penalties which accrue in
respect of such Non-Excluded Taxes or Other Taxes after the 180th day. This indemnification shall be made within 30 days from
the date such Lender or such Agent (as the case may be) makes written demand therefor.

 

(ii) Each Lender shall, and does hereby, severally
indemnify, and shall make payment in respect thereof within 30 days after demand therefor, (x) the Administrative Agent
against any Non-Excluded Taxes attributable to such Lender (but only to the extent that any Credit Party has not already
indemnified the Administrative Agent for such Non-Excluded Taxes and without limiting the obligation of Credit Parties to do
so), (y) the Administrative Agent and the Credit Parties, as applicable, against any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 13.6(d)(ii) relating to the maintenance of a Participant
Register and (z) the Administrative Agent and the Credit Parties, as applicable, against any Excluded Taxes attributable to
such Lender that are payable or paid by the Administrative Agent or the Credit Parties in connection with any Credit
Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this
Agreement or any other Credit Document against any amount due to the Administrative Agent under this clause (ii).

 

(d) Each Lender
shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the
Administrative Agent with any documentation prescribed by any Applicable Law or reasonably requested by the Borrower or the
Administrative Agent (i) as will permit such payments to be made without, or at a reduced rate of, withholding or (ii) as
will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to withholding or
information reporting requirements. Each such Lender shall, whenever a lapse in time or change in circumstances renders such
documentation obsolete, expired or inaccurate in any material respect, deliver promptly to the Borrower and the
Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the
Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent of its inability to do so.
Unless the Borrower or the Administrative Agent has received forms or other documents satisfactory to it indicating that
payments under any Credit Document to or for a Lender are not subject to withholding Tax or are subject to such Tax at a rate
reduced by an applicable tax treaty, the Borrower or the Administrative Agent (as applicable) may withhold amounts required
to be withheld by Applicable Law from such payments at the applicable statutory rate. Notwithstanding anything forgoing to
the contrary, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 5.4(d)(i), Section 5.4(e) and Section 5.4(g) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or
would materially prejudice the legal or commercial position of such Lender. Without limiting the foregoing to the extent
permitted by law, each Lender that is not a United States person within the meaning of Section 7701(a)(30) of the Code (a
“Non-U.S. Lender”) shall:

 

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(i) deliver to
the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to
time thereafter upon the request of the Borrower or the Administrative Agent) two originals of either (w) in the case of Non-U.S.
Lender claiming exemption from U.S. federal withholding Tax under Section 871(h) or 881(c) of the Code with respect to payments
of “portfolio interest”, United States Internal Revenue Service Form W-8BEN (together with a certificate representing
that such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the
meaning of Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower
(within the meaning of Section 864(d)(4) of the Code) substantially in the form of Exhibit N (a “United States Tax Compliance
Certificate”)), (x) United States Internal Revenue Service Form W-8BEN or Form W-8ECI, (y) to the extent a Non-U.S.
Lender is not the Beneficial Owner (for example, where the Non-U.S. Lender is a partnership or a participating Lender), United
States Internal Revenue Service Form W-8IMY (or any successor forms) of the Non-U.S. Lender, accompanied by a Form W-8ECI, W-8BEN,
United States Tax Compliance Certificate, Form W-9, Form W-8IMY or any other required information from each Beneficial Owner,
as applicable (provided that, if one or more Beneficial Owners are claiming the portfolio interest exemption, the United
States Tax Compliance Certificate may be provided by such Non-U.S. Lender on behalf of such Beneficial Owner) or (z) two properly
completed and duly signed original copies of any other form prescribed by applicable U.S. federal income Tax laws (including the
United States Treasury Regulations) as a basis for claiming a complete exemption from, or a reduction in, U.S. federal withholding
Tax on any payments to such Lender under the Credit Documents, in each case properly completed and duly executed by such Non-U.S.
Lender claiming complete exemption from, or reduced rate of, U.S. federal withholding Tax on payments by the Borrower under this
Agreement; and

 

(ii) deliver
to the Borrower and the Administrative Agent two further originals of any such form or certification (or any applicable successor
form) on or before the date that any such form or certification expires or becomes obsolete or inaccurate and promptly after the
occurrence of any event requiring a change in the most recent form previously delivered by it to the Borrower;

 

unless in any such case any change in treaty, law or regulation
has occurred prior to the date on which any such delivery would otherwise be required that renders any such form inapplicable or
would prevent such Lender from duly completing and delivering any such form with respect to it. Each Lender shall promptly notify
the Borrower and the Administrative Agent at any time it determines that it is no longer in a position to provide any previously
delivered form or certification to the Borrower or the Administrative Agent.

 

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Notwithstanding anything to the
contrary in this Section 5.4(d), a Lender is not required to deliver any form or other documentation that it is not legally eligible
to deliver.

 

(e) If a
payment made to a Lender under this Agreement or any other Credit Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at
the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Withholding Agent, such
documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to
comply with its obligations under FATCA, to determine (i) whether such Lender has complied with such Lender’s
obligations under FATCA or (ii) the amount, if any, to deduct and withhold from such payment. Solely for purposes of this
Section 5.4(e), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(f) No
Credit Party shall be required to indemnify any Lender, Beneficial Owner or Agent pursuant to Section 5.4(c) or to pay any additional
amounts to any Lender, Beneficial Owner or Agent, pursuant to Section 5.4(a) in respect of (i) U.S. federal withholding Taxes imposed
under any Applicable Law in effect on the date such Lender or such Beneficial Owner acquired its interest in the applicable Loan,
Commitment or Letter of Credit or changed its lending office; provided that this Section 5.4(f) shall not apply to the extent
that (x) the indemnity payments or additional amounts such Lender (or such Beneficial Owner) would be entitled to receive (without
regard to this clause (i)) do not exceed the indemnity payment or additional amounts that the person making the assignment, or
change in lending office would have been entitled to receive immediately prior to such assignment or change in lending office,
or (y) such assignment had been requested by a Credit Party and (ii) Taxes attributable to a Lender’s failure to comply with
the provisions of Section 5.4(d), 5.4(e) or 5.4(g).

 

(g) Each Lender
that is a United States person within the meaning of Section 7701(a)(30) of the Code shall (A) on or prior to the date such
Lender becomes a Lender hereunder and (B) from time to time if reasonably requested by the Borrower or the Administrative
Agent (or, in the case of a participant, the relevant Lender) to the extent such Lender is legally entitled to do so, provide
the Administrative Agent and the Borrower (or, in the case of a participant, the relevant Lender) with two duly completed and
signed originals of United States Internal Revenue Service Form W-9 (certifying that such Lender is entitled to an exemption
from U.S. backup withholding Tax) or any successor form.

 

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(h) Unless required
by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of
a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account
of such Lender. If any Lender or any Agent determines in its sole discretion, exercised in good faith, that it has received a
refund of a Non-Excluded Tax or Other Taxes for which a payment has been made by a Credit Party pursuant to this Agreement, which
refund in the good faith judgment of such Lender or the Administrative Agent, as the case may be, is attributable to such payment
made by such Credit Party, then such Lender or the Administrative Agent, as the case may be, shall reimburse the Credit Party
for such amount (together with any interest received thereon) as such Lender or such Agent, as the case may be, reasonably determines
to be the proportion of the refund as will leave it, after such reimbursement, in no better or worse position than it would have
been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed
and the indemnification payments with respect to such Tax had never been paid; provided that the Credit Party, upon the
request of such Lender, agrees to repay the amount paid over to the Credit Party (with interest and penalties) in the event such
Lender or such Agent is required to repay such refund to such Governmental Authority. Neither any Lender nor such Agent shall
be obliged to disclose any information regarding its tax affairs or computations to any Credit Party in connection with this paragraph
(h) or any other provision of this Section 5.4; provided, further, that nothing in this Section 5.4 shall obligate
any Lender (or Transferee) or any Agent to apply for any refund.

 

(i) For
purpose of this Section 5.4, the term “Lender” shall include any Swingline Lender and Letter of Credit Issuer.

 

(j) The
agreements in this Section 5.4 shall survive the termination of this Agreement, the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, and the payment of the Loans and all other amounts payable
hereunder.

 

5.5 Computations of Interest and Fees. All
computations of interest and of fees shall be made by the Administrative Agent on the basis of a year of 360 days and, in the
case of ABR Loans calculated on the Prime Rate, 365 or 366-days, as the case may be, in each case for the actual number of
days (including the first day but excluding the last day) occurring in the period for which such interest and fees are
payable.

 

5.6 Limit on Rate of Interest.

 

(a) No Payment
Shall Exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower shall not be obliged to pay any interest
or other amounts under or in connection with this Agreement in excess of the amount or rate permitted under or consistent with
any Applicable Law.

 

(b) Payment at
Highest Lawful Rate. If the Borrower is not obliged to make a payment which it would otherwise be required to make, as a result
of Section 5.6(a), the Borrower shall make such payment to the maximum extent permitted by or consistent with Applicable Law.

 

(c) Adjustment
if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the other Credit Documents would obligate
the Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which
would be prohibited by any Applicable Law, then notwithstanding such provision, such amount or rate shall be deemed to have been
adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited
by law (in the case of the Borrower), such adjustment to be effected, to the extent necessary, as follows:

 

(i) firstly, by reducing the amount or rate of
interest required to be paid by the Borrower to the affected Lender under Section 2.8;
and

 

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(ii) thereafter, by reducing any fees, commissions, premiums
and other amounts required to be paid by the Borrower to the affected Lender.

 

Notwithstanding the foregoing, and after giving effect to all adjustments
contemplated thereby, if any Lender shall have received from the Borrower an amount in excess of the maximum permitted by any Applicable
Law, then the Borrower shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from such Lender
in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by such
Lender to the Borrower.

 

SECTION 6. Conditions Precedent to Closing Date

 

The effectiveness of this Agreement and the obligation
of the Letter of Credit Issuers and the Lenders to make extensions of credit in connection with the initial Credit Event are subject
to the satisfaction of the following conditions precedent:

 

6.1 No Company Material Adverse Effect. There
shall not have occurred a Company Material Adverse Effect since July 31, 2013.

 

6.2 Credit Documents. (a) The Administrative
Agent shall have received the following, each of which shall be originals or telecopies (followed promptly by originals)
unless otherwise specified, each properly executed by an Authorized Officer of the signing Credit Party, Holdings, the Parent
GPs and GP Entities party thereto, each dated the Closing Date:

 

(b) this
Agreement, executed and delivered by a duly authorized officer of each of Holdings, the Borrower and the Parent GPs;

 

(c) the
Guarantee, executed and delivered by an Authorized Officer of the Borrower and each Guarantor as of the Closing Date;

 

(d) the
Security Agreement, executed and delivered by an Authorized Officer of the Borrower and each Guarantor as of the Closing Date;

 

(e) the
Pledge Agreement, executed and delivered by an Authorized Officer of each of Holdings, the Borrower and each other Guarantor as
of the Closing Date; and

 

(f) (i)
a Parent GP Undertaking, executed and delivered by an Authorized Officer of each Parent GP as of the Closing Date and (ii) a GP
Undertaking, executed and delivered by an Authorized Officer of each GP Entity that is not a Guarantor as of the Closing Date.

 

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6.3 Acquisition
Consummated. The Acquisition shall have been consummated, or substantially simultaneously with the initial borrowings
under the Credit Facilities, shall be consummated, in all material respects in accordance with the terms of the Purchase
Agreement dated as of July 31, 2013, after giving effect to any modifications, amendments, consents or waivers by the
Borrower (and/or its Affiliates) thereto, other than those modifications, amendments, consents or waivers that are materially
adverse to the interests of the Lenders (it being understood that any modification, amendment, consent or waiver to the
definition of Material Adverse Effect set forth in the Purchase Agreement shall be deemed to be materially adverse to the
interests of the Lenders), unless consented to in writing by the Joint Lead Arrangers (such consent not to be unreasonably
withheld, delayed or conditioned); provided that, without limiting any other rights and/or obligations herein,
including rights under Section 6.1 above that the facts and circumstances underlying a decrease of the Purchase Price under
the Purchase Agreement constitute a Company Material Adverse Effect, any reduction in the Purchase Price shall not be deemed
to be materially adverse to the Lenders.

 

6.4 Financial Statements. (a) The Joint Lead Arrangers
shall have received the Historical Financial Statements.

 

(b) The Joint Lead Arrangers
shall have received the Pro Forma Financial Statements.

 

6.5 Collateral. (a) All Capital Stock of the
Borrower (except any Capital Stock owned by the Sponsor), all Capital Stock of each Restricted Subsidiary of the Borrower
directly owned by the Borrower or any Guarantor, all Capital Stock of each GP Obligor directly owned by its general partner
or managing member and all Capital Stock of such general partner or managing member directly owned by its respective general
partner or managing member, in each case as of the Closing Date, shall have been pledged pursuant to the Pledge Agreement or
the GP Undertaking, as applicable (except that such parties shall not be required to pledge any Excluded Capital Stock), and
the Collateral Agent shall have received all certificates, if any, representing such securities pledged under the Pledge
Agreement or the GP Undertaking, as applicable, accompanied by instruments of transfer and undated stock powers endorsed in
blank.

 

(b) (i)
Except with respect to intercompany Indebtedness, all evidences of Indebtedness for borrowed money in a principal amount in excess
of $5,000,000 (individually) that is owing to the Borrower or any Guarantor shall be evidenced by a promissory note and shall have
been pledged pursuant to the Pledge Agreement, and the Collateral Agent shall have received all such promissory notes, together
with undated instruments of transfer with respect thereto endorsed in blank.

 

(ii) All Indebtedness of the Borrower and each
Restricted Subsidiary of the Borrower on the Closing Date, that is owing to the Borrower or any Guarantor shall be evidenced
by the Intercompany Note, which shall be executed and delivered by the Borrower and each Restricted Subsidiary of the
Borrower on the Closing Date and shall have been pledged pursuant to the Pledge Agreement, and the Collateral Agent shall
have received such Intercompany Note, together with undated instruments of transfer with respect thereto endorsed in
blank.

 

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(c) All UCC personal
property security financing statements and Intellectual Property Security Agreements (as defined in the Security Agreement)
reasonably requested by the Collateral Agent to be delivered to create and perfect the Liens intended to be created by the
Security Documents on the Collateral owned by the Borrower and the Guarantors and perfect such Liens in the United States to
the extent required by, and with the priority required by, the Security Documents shall have been delivered to the Collateral
Agent in appropriate form for filing, registration or recording under the UCC, with the United States Patent and Trademark
Office or the United States Copyright Office.

 

(d) The
Administrative Agent shall have received a completed Perfection Certificate, dated as of the Closing Date and signed by an
Authorized Officer of the Borrower, together with all attachments contemplated thereby.

 

Notwithstanding the foregoing, to the extent any security interest
in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the
security interests (1) in the certificated Capital Stock, if any, of the Borrower and any wholly-owned (disregarding general partner
and managing member interests) Domestic Subsidiary that is not an Immaterial Subsidiary and (2) in other assets with respect to
which a Lien may be perfected by the filing of a financing statement under the UCC) after the Credit Parties’ (or Holdings,
the Parent GPs and GP Entities, as applicable), use of commercially reasonable efforts to do so or without undue burden or expense,
then the satisfaction of such conditions shall not be a condition precedent to the effectiveness of this Agreement and the availability
of the Credit Facilities on the Closing Date, but instead shall be accomplished as promptly as practicable after the Closing Date
and in any event within the period specified on Schedule 9.18 or such later date as the Administrative Agent may agree to in its
sole discretion.

 

6.6 Legal Opinions. The Administrative Agent shall
have received the following executed legal opinions;

 

(a) the
legal opinion of Simpson Thacher & Bartlett LLP, counsel to Holdings, the Borrower and its Subsidiaries, substantially in the
form of Exhibit H-1; and

 

(b) the
legal opinion of Sidley Austin LLP, special Illinois counsel to Holdings and the Borrower, substantially in the form of Exhibit
H-2;

 

6.7 Closing Date Certificates. The
Administrative Agent shall have received a certificate of each Person that is a Credit Party as of the Closing Date and of
Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents, dated the Closing Date,
substantially in the form of Exhibit G, with appropriate insertions, executed by an Authorized Officer of such Person, and
attaching the documents referred to in Sections 6.8 and 6.9.

 

6.8 Corporate
Proceedings. The Administrative Agent shall have received a copy of the resolutions, in form and substance reasonably
satisfactory to the Administrative Agent, of the applicable governing body of each Person that is a Credit Party as of the
Closing Date and of Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents (or a duly
authorized committee thereof) authorizing (a) the execution, delivery and performance of the Credit Documents (and any
agreements relating thereto) to which it is a party and (b) in the case of the Borrower, the extensions of credit
contemplated hereunder.

 

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6.9 Corporate Documents. The Administrative
Agent shall have received true and complete copies of (a) the Organizational Documents of each Person that is a Credit Party
as of the Closing Date and of Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents and
(b) such other documents and certifications, each dated as of a recent date prior to the Closing Date, as the Administrative
Agent may reasonably require to evidence that such Person is duly organized or formed, and that the Borrower and each
Guarantor is validly existing, in good standing and qualified to engage in business in (x) in the case of the Borrower, the
State of Illinois and (y) in the case of each Guarantor, the State of such entity’s organization or incorporation, as
applicable.

 

6.10 Fees and Expenses. The fees in the
amounts previously agreed in writing by the Agents to be received on the Closing Date and all reasonable out-of-pocket expenses
(including the reasonable fees, disbursements and other charges of counsel) for which invoices have been presented at least three
Business Days prior to the Closing Date (or such later date reasonably agreed by the Borrower), shall have been, or will be substantially
simultaneously with the initial Credit Event, paid in full (which amounts may be offset against the proceeds of the Initial Term
Loans).

 

6.11 Solvency Certificate. The Administrative
Agent shall have received a certificate from the chief financial officer of the Borrower substantially in the form of Exhibit M,
with appropriate attachments and demonstrating that after giving effect to the consummation of the Transactions and other transactions
contemplated hereby, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.

 

6.12 Refinancing. The Refinancing Transaction
shall have been consummated, or shall be consummated substantially simultaneously with the Acquisition and the funding of the Initial
Term Loans hereunder.

 

6.13 Insurance Certificates. The Administrative
Agent shall have received copies of insurance certificates evidencing the insurance required to be maintained by the Borrower and
the Restricted Subsidiaries pursuant to Section 9.3, each of which shall be endorsed or otherwise amended to include a “standard”
or “New York” lender’s additional loss payable or additional mortgagee endorsement (as applicable) and shall
name the Collateral Agent, on behalf of the Secured Parties, as additional insured on any liability policy and the Collateral Agent,
on behalf of the Secured Parties, as additional loss payee and/or mortgagee on any casualty policy, in form and substance reasonably
satisfactory to the Administrative Agent.

 

6.14 PATRIOT
ACT. The Administrative Agent and the Joint Lead Arrangers shall have received at least three Business Days prior to the
Closing Date all documentation and other information concerning the Borrower and the Guarantors that has been reasonably
requested in writing at least 10 Business Days prior to the Closing Date by the Administrative Agent or the Joint Lead
Arrangers (on behalf of itself and/or any Lender) and that the Administrative Agent or the Joint Lead Arrangers reasonably
determine is required by United States regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the PATRIOT Act.

 

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Without limiting the generality of the provisions
of the last paragraph of Section 12.3, for purposes of determining compliance with the conditions specified in this Section 6,
each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have
received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

SECTION 7. Additional Conditions Precedent

 

7.1 No Default;
Representations and Warranties. The agreement of each Lender to make any Loan requested to be made by it on any date
(excluding Mandatory Borrowings and Letter of Credit Participations which shall each be made without regard to the
satisfaction of the condition set forth in this Section 7.1 and excluding borrowings made pursuant to Section 2.14, which
shall be subject to the conditions precedent stated therein and such other conditions precedent as may be agreed upon with
the applicable Lenders) and the obligation of the Letter of Credit Issuer to issue, amend, extend or renew Letters of Credit
on any date is subject to the satisfaction of the condition precedent that at the time of each such Credit Event and also
after giving effect thereto (a) with respect to any Credit Event occurring after the Closing Date, no Default or Event of
Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party (and
Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents) contained herein or in the other
Credit Documents shall be true and correct in all material respects with the same effect as though such representations and
warranties had been made on and as of the date of such Credit Event (except where such representations and warranties
expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in
all material respects as of such earlier date and except, that for purposes of this Section 7.1 and after the Initial
Financial Statement Delivery Date, the representations and warranties contained in Section 8.9(a) shall be deemed to refer to
the most recent annual and quarterly Section 9.1 Financials then delivered hereunder); provided that any
representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct in all respects on the date of such Credit Event or on such earlier date, as the
case may be (after giving effect to such qualification); provided, further, that notwithstanding anything to
the contrary in this Agreement or any other Credit Document, the only representations the accuracy of which shall be a
condition to the availability of the Credit Facilities on the Closing Date shall be (i) the Specified Acquisition Agreement
Representations and (ii) the Specified Representations. The acceptance of the benefits of each Credit Event shall constitute
a representation and warranty by each Credit Party (or Holdings, the Parent GPs and GP Entities, as applicable) to each of
the Lenders that the conditions contained in this Section 7.1 have been met as of such date.

 

7.2 Notice of Borrowing; Letter of Credit
Request. (a) Prior to the making of each Term Loan, each Revolving Credit Loan (other than any Revolving Credit Loan made
pursuant to Section 2.1(e) or 3.4), each Additional/Replacement Revolving Credit Loan, each Extended Revolving Credit Loan
and each Swingline Loan, the Administrative Agent shall have received a Notice of Borrowing (whether in writing or by
telephone) meeting the requirements of Section 2.3.

 

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(b) Prior to the issuance of each Letter of Credit,
the Administrative Agent and the Letter of Credit Issuer shall have received a Letter of Credit Request meeting the
requirements of Section 3.2.

 

SECTION 8. Representations, Warranties and Agreements

 

In order to induce the Lenders to enter into this
Agreement, make the Loans and issue, renew, amend, extend or participate in Letters of Credit as provided for herein, the Borrower
and, to the extent specified in this Section 8, each of the Parent GPs (provided that if any of the Parent GPs ceases to
be a general partner of Borrower or Grosvenor, as applicable, in connection with a Qualified Equity Transaction, the representations
in this Section 8 which relate to it shall terminate from and after the date of such termination) makes the following representations
and warranties to, and agreements with, the Lenders and the Letter of Credit Issuers on the date of each Credit Event, all of which
shall survive the execution and delivery of this Agreement, the making of the Loans and the issuance, renewal, amendment or extension
of the Letters of Credit:

 

8.1 Corporate Status.
Each of the Parent GPs, the Borrower and each Restricted Subsidiary (a) is a duly organized and validly existing corporation
or other entity in good standing under the laws of the jurisdiction of its organization and has the corporate or other
organizational power and authority to own its property and assets and to transact the business in which it is engaged and (b)
has duly qualified and is authorized to do business and is in good standing in all jurisdictions where it is required to be
so qualified, except where the failure to be so qualified could not reasonably be expected to result in a Material Adverse
Effect.

 

8.2 Corporate Power and Authority;
Enforceability. (a) Each Credit Party (and Holdings, each Parent GP and each GP Entity that is a party to any of the
Credit Documents) has the corporate or other organizational power and authority to execute, deliver and carry out the terms
and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational
action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party
(and Holdings, each Parent GP and each GP Entity that is a party to any of the Credit Documents) has duly executed and
delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid and binding
obligation of such Person enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and
general principles of equity (whether considered in a proceeding in equity or law).

 

(b) Each Credit Party and each Restricted Subsidiary
(i) is in compliance with all Applicable Laws and (ii) has all requisite governmental licenses, authorizations, consents and
approvals to operate its business as currently conducted except, in each case to the extent that failure to be in compliance
therewith or to have all such licenses, authorizations, consents and approvals could not reasonably be expected to have a
Material Adverse Effect.

 

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8.3 No Violation. The execution, delivery and
performance by any Credit Party (and Holdings, each Parent GP and each GP Entity that is a party to any of the Credit
Documents) of the Credit Documents to which it is a party and compliance with the terms and provisions hereof or thereof (i)
will not contravene any material applicable provision of any material Applicable Law of any Governmental Authority, (ii)
result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or give rise
to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under, or result in the
creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Person
or any Restricted Subsidiary (other than Liens created under the Credit Documents) pursuant to, the terms of any indenture,
loan agreement, lease agreement, mortgage or deed of trust or any other Contractual Obligation to which such Person or any
Restricted Subsidiary is a party or by which they or any of their property or assets is bound, except to the extent that any
such conflict, breach, contravention, default, creation or imposition could not reasonably be expected to result in a
Material Adverse Effect or (iii) violate any provision of the Organizational Documents of such Person or any Restricted
Subsidiary.

 

8.4 Litigation. There are no actions, suits,
investigations or proceedings (including Environmental Claims) pending or, to the knowledge of the Borrower, threatened with
respect the Borrower or any Restricted Subsidiary that (a) involve any of the Credit Documents or (b) could reasonably be
expected to result in a Material Adverse Effect.

 

8.5 Margin Regulations. (a) None of the
Borrower or any Restricted Subsidiary is engaged and none of such entities will engage, principally in the business of
purchasing or carrying margin stock (within the meaning of Regulation U of the Board), or extending credit for the purpose of
purchasing or carrying margin stock, and no proceeds of any Borrowing or drawings under any Letter of Credit will be used to
purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin
stock.

 

(b) Neither the making of any Loan hereunder nor the use
of the proceeds thereof will violate the provisions of Regulation T, Regulation U or Regulation X of the Board.

 

8.6 Governmental Approvals. No order,
consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any
Governmental Authority or any other Person is required to authorize or is required in connection with (a) the execution,
delivery and performance of any Credit Document or (b) the legality, validity, binding effect or enforceability of any Credit
Document, except, in the case of either clause (a) or (b), (i) such orders, consents, approvals, licenses, authorizations,
validations, filings, recordings, registrations or exemptions as have been obtained or made and are in full force and effect,
(ii) filings and recordings in respect of Liens created pursuant to the Security Documents and (iii) such orders, consents,
approvals, licenses, authorizations, validations, filings, recordings, registrations or exemptions to the extent that failure
to so receive could not reasonably be expected to have a Material Adverse Effect.

 

8.7 Investment Company Act. None of the
Credit Parties is or is required to be registered as an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

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8.8 True and Complete Disclosure. None of the
written information or written data (taken as a whole) heretofore or contemporaneously furnished by or on behalf of any
Credit Party, and any of their respective Subsidiaries or any of their respective authorized representatives to any Agent or
any Lender on or before the Closing Date (including (i) the Confidential Information Memorandum (including all information
incorporated by reference therein) and (ii) all information contained in the Credit Documents) for purposes of or in
connection with this Agreement or any transaction contemplated herein contained any untrue statement of material fact or
omitted to state any material fact necessary to make such information and data (taken as a whole) not materially misleading
at such time (after giving effect to all supplements so furnished prior to such time) in light of the circumstances under
which such information or data was furnished; it being understood and agreed that for purposes of this Section 8.8, such
information and data shall not include projections (including financial estimates, forecasts and other forward-looking
information), pro forma financial information or information of a general economic or industry specific nature.

 

8.9 Financial Condition; Financial
Statements. (a) The Historical Financial Statements present fairly in all material respects the financial position and
results of operations of the Borrower and its Subsidiaries at the respective dates of such information and for the respective
periods covered thereby subject, in the case of the unaudited financial information, to changes resulting from audit, normal
year end audit adjustments and the absence of footnotes and except with respect to potential non-cash adjustments described
in Schedule 8.9. The Historical Financial Statements have been prepared in accordance with GAAP consistently applied except
to the extent provided in the notes thereto. There has been no Material Adverse Effect since the Closing Date.

 

(b) The Pro Forma Financial Statements have been
prepared in good faith by the Borrower, based on the assumptions used to prepare the pro forma financial information
contained in the Confidential Information Memorandum (which assumptions are believed by the Borrower on the date of delivery
thereof and on the Closing Date to be reasonable), are based on the best information available to the Borrower as of the date
of delivery thereof, accurately reflect all adjustments required to be made to give effect to the Transactions and present
fairly, in all material respects, on a pro forma basis the estimated consolidated financial position and results of
operations of the Borrower and its Subsidiaries as of the relevant date and for the relevant period, assuming that the
Transactions had actually occurred at such date or at the beginning of such period, as the case may be.

 

8.10 Tax Returns and Payments, etc. Except
for failures that could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) each
Parent GP, the Borrower and each Restricted Subsidiary has filed all federal income tax returns and all other tax returns, domestic
and foreign, required to be filed by it and has paid all taxes and assessments payable by it that have become due, other than those
not yet delinquent or being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good
faith judgment of the management of the Borrower) with respect thereto in accordance with GAAP and (b) each Parent GP, the Borrower
and each Restricted Subsidiary has paid, or has provided adequate reserves (in the good faith judgment of the management of the
Borrower) in accordance with GAAP for the payment of, all federal, state and foreign income taxes applicable for all prior fiscal
years and for the current fiscal year to the Closing Date.

 

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8.11 Compliance with ERISA. Except to the extent that a breach of any of
the representations, warranties or agreements in this Section 8.11 would not result, individually or in the aggregate, in an amount
of liability that would be reasonably likely to have a Material Adverse Effect: (a) each Pension Plan is in compliance with ERISA,
the Code and any Applicable Law and, with respect to each Pension Plan and each Multiemployer Plan, the Borrower and each of the
Restricted Subsidiaries and each of the ERISA Affiliates is in compliance with ERISA, the Code and any Applicable Law; (b) no Reportable
Event has occurred; (c) no Pension Plan or Multiemployer Plan is insolvent or in reorganization (or is reasonably likely to be
insolvent or in reorganization), and no written notice of any such insolvency or reorganization has been given to the Borrower,
any of the Restricted Subsidiaries or any ERISA Affiliate; (d) neither the Borrower nor any of the Restricted Subsidiaries or any
ERISA Affiliate has failed to satisfy the minimum funding standard under Section 412 of the Code and Section 302 of ERISA with
respect to any Pension Plan, or has otherwise failed to make a required contribution to a Pension Plan or Multiemployer Plan, whether
or not waived; (e) no Pension Plan is, or is expected to be, in at-risk status within the meaning of Section 430 of the Code or
Section 303 of ERISA and no Multiemployer Plan is, or is expected to be, in endangered or critical status within the meaning of
Section 432 of the Code or Section 305 of ERISA; (f) neither the Borrower nor any of the Restricted Subsidiaries nor any ERISA
Affiliate has incurred (or is reasonably likely to incur) any liability to or on account of a Pension Plan under Section 4062,
4063, 4064 or 4069 of ERISA or Section 4971 or 4975 of the Code or any Withdrawal Liability to or on account of a Multiemployer
Plan; (g) no proceedings have been instituted to terminate or to reorganize any Pension Plan or Multiemployer Plan or to appoint
a trustee to administer any Pension Plan or Multiemployer Plan, and no written notice of any such proceedings has been given to
the Borrower, any of the Restricted Subsidiaries or any ERISA Affiliate; (h) each Foreign Plan is in compliance with Applicable
Laws (including funding requirements under such Applicable Laws); and (i) no proceedings have been instituted to terminate any
Foreign Plan. No Pension Plan has an Unfunded Current Liability that would, individually or when taken together with any other
liabilities referenced in this Section 8.11, be reasonably likely to have a Material Adverse Effect. With respect to Multiemployer
Plans, the representations and warranties in this Section 8.11, other than any made with respect to (a) Withdrawal Liability, (b)
any contributions required to be made, or (c) liability for termination or reorganization of such Multiemployer Plans under ERISA,
are made to the best knowledge of the Borrower.

 

8.12 Subsidiaries. On the Closing Date
(after giving effect to the Transactions), the Borrower does not have any Subsidiaries other than the Subsidiaries listed on Schedule
8.12. Schedule 8.12 sets forth, as of the Closing Date (after giving effect to the Transactions), the name and the jurisdiction
of organization of each Subsidiary and, as to each Subsidiary, the percentage of each class of Capital Stock owned by any Credit
Party and the designation of such Subsidiary as a Guarantor, a Restricted Subsidiary, an Unrestricted Subsidiary, a Specified Subsidiary
or an Immaterial Subsidiary. The Borrower does not own or hold, directly or indirectly, any Capital Stock of any Person other than
such Subsidiaries and Investments permitted by Section 10.5.

 

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8.13 Intellectual
Property. Each of the Borrower and each of the Restricted Subsidiaries own or have a valid license or other right to use,
free and clear of all Liens (other than Liens permitted by Section 10.2), all Intellectual Property that is necessary for the
operation of their respective businesses as currently conducted, except where the failure to have any such title, license or
right could not reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be expected to have
a Material Adverse Effect, (i) to the knowledge of the Borrower, the operation of the Borrower’s and the Restricted
Subsidiaries’ business as currently conducted and the use of Intellectual Property in connection therewith do not
conflict with, infringe upon, misappropriate, or otherwise violate any Intellectual Property owned by any other Person, and
(ii) no material claim or litigation regarding any Intellectual Property now used by the Borrower or any of the Restricted
Subsidiaries is pending or, to the knowledge of the Borrower, threatened against the Borrower or any of the Restricted
Subsidiaries. Except as could not reasonably be expected to have a Material Adverse Effect, no Intellectual Property owned by
the Borrower or a Restricted Subsidiary and necessary for the operation of the Borrower’s or any Restricted
Subsidiary’s business is currently subject to any outstanding consent, settlement, decree, order, injunction, judgment
or ruling restricting the use of such Intellectual Property.

 

8.14 Environmental Laws. (a) Except as
could not reasonably be expected to have a Material Adverse Effect, (i) the Borrower and each of the Restricted Subsidiaries are
and have been in compliance with all Environmental Laws (including having obtained and complied with all permits required under
Environmental Laws for their current operations); (ii) to the knowledge of the Borrower, there are no facts, circumstances or conditions
arising out of or relating to the operations of the Borrower or any of the Restricted Subsidiaries or any currently or formerly
owned, operated or leased Real Property that could reasonably be expected to result in the Borrower or any of the Restricted Subsidiaries
incurring liability under any Environmental Law; and (iii) none of the Borrower or any of the Restricted Subsidiaries has become
subject to any pending or, to the knowledge of the Borrower, threatened Environmental Claim or, to the knowledge of the Borrower,
any other liability under any Environmental Law.

 

(b) Neither the Borrower nor any of the Restricted
Subsidiaries has treated, stored, transported, Released or disposed of Hazardous Materials at or from any currently or
formerly owned, operated or leased Real Property in a manner that could reasonably be expected to have a Material Adverse
Effect.

 

8.15 Properties, Assets and Rights. (a)
As of the Closing Date and as of the date of each Credit Event thereafter, the Borrower and each of the Restricted Subsidiaries
have good and marketable title to, valid leasehold interest in, or easements, licenses or other limited property interests in,
all properties (other than Intellectual Property) that are necessary for the operation of their respective businesses as currently
conducted, except where the failure to have such good title or interest in such property could not reasonably be expected to have
a Material Adverse Effect. As of the Closing Date and as of the date of each Credit Event thereafter, the Borrower and each of
its Restricted Subsidiaries possess or have the right to use, under contract or otherwise, all assets and rights that are material
to the operation of their respective businesses as currently conducted, except where the failure to possess or have such right
could not reasonably be expected to have a Material Adverse Effect. None of such properties and assets is subject to any Lien,
except for Liens permitted under Section 10.2 and minor defects in title that do not materially interfere with any Credit Party’s
and their Restricted Subsidiaries’ ability to conduct its business or to utilize such property for its intended purposes.

 

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(b) Set forth on Schedule 8.15 hereto is a complete
and accurate list of all Real Property owned in fee by the Borrower or any of its Restricted Subsidiaries on the Closing
Date, showing as of the Closing Date the street address, county or other relevant jurisdiction, state and record owner
thereof.

 

8.16 Compliance With Laws. Each Credit
Party and each Restricted Subsidiary is in compliance with all Applicable Laws (including the FCPA) applicable to it or its property
except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

 

8.17 Solvency. On the Closing Date after
giving pro forma effect to the transactions contemplated hereby, including the Transactions, the Borrower and its Subsidiaries
on a consolidated basis are Solvent.

 

8.18 Employee Matters. Except as, in
the aggregate, could not reasonably be expected to have a Material Adverse Effect, (a) there are no strikes or other labor disputes
against any of the Borrower or any Restricted Subsidiary pending or, to the knowledge of any of the Borrower, threatened; (b) hours
worked by and payment made to employees of any of the Borrower and its Restricted Subsidiaries have not been in violation of the
Fair Labor Standards Act or any other Applicable Laws dealing with such matters; and (c) all payments due from any of the Borrower
and its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on
the books of the relevant party.

 

8.19 Anti-Terrorism
Laws, Etc. No Credit Party is in violation of any Applicable Law relating to bribery, terrorism or money laundering (“Anti-Terrorism
Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and the USA PATRIOT
ACT (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT ACT”), the FCPA or OFAC.
No part of the proceeds of any Loans will be used, directly or, to the Borrower’s knowledge, indirectly, by Holdings, the
Borrower or any of their Subsidiaries for any payments to any governmental official or employee, political party, official of
a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the FCPA.

 

8.20 No Default. After the Closing Date,
no Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated
by this Agreement or any other Credit Document.

 

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8.21 Security
Documents. (a) (i) The Security Agreement and Pledge Agreement, each upon execution and delivery thereof by the
respective parties thereto, will create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a
legal, valid and enforceable security interest in all right, title and interest of the Credit Parties (and Holdings, any
Parent GP, any GP Entity, as applicable) in the Collateral and the proceeds thereof, to the extent a security interest
therein can be created under the New York UCC, and (x) when the Collateral is delivered to the Collateral Agent (to the
extent required by the Security Agreement or Pledge Agreement), the Lien created under the Security Agreement or Pledge
Agreement shall, to the extent such Lien can be perfected under the UCC in effect in the jurisdiction of the applicable
Credit Party, constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of
the Credit Parties (and Holdings, any Parent GP, any GP Entity, as applicable) in such Collateral, in each case prior and
superior in right to any other Person, other than with respect to Liens expressly permitted by Section 10.2, (y) when Account
Control Agreements are entered into with respect to any deposit account constituting Collateral, the Lien thereon created
under the Security Agreement shall constitute a fully perfected first priority Lien on, and security interest in, all right,
title and interest of the Credit Parties (and Holdings, any Parent GP, any GP Entity, as applicable) in such Collateral, in
each case prior and superior in right to any other Person, other than with respect to Liens expressly permitted by Section
10.2, and (z) except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing
statement under the UCC in effect in the jurisdiction of formation of the applicable Credit Party, when financing statements
in appropriate form are filed in the offices specified on Schedule 8.21, the Lien created under the Security Agreement and
Pledge Agreement will constitute a fully perfected Lien on, and security interest in, all right, title and interest of the
Credit Parties (and Holdings, any Parent GP, any GP Entity, as applicable) in all Collateral, in each case prior and superior
in right to any other Person, other than with respect to Liens expressly permitted by Section 10.2.

 

(ii) The GP Undertaking, upon execution and delivery
thereof by the parties thereto, will create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties,
a legal, valid and enforceable security interest in the GP Collateral and the proceeds thereof and (x) when the Pledged GP
Collateral is delivered to the Collateral Agent (to the extent required by the GP Undertaking), the Lien created under the GP
Undertaking shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and
interest of the GP Obligors in the Pledged GP Collateral, in each case prior and superior in right to any other Person, other
than with respect to Liens expressly permitted by Section 10.2, and (y) when financing statements in appropriate form are
filed in the offices specified on Schedule 8.21, the Lien created under the GP Undertaking, in each case, will constitute a
fully perfected Lien on, and security interest in, all right, title and interest of the GP Obligors in the GP Collateral, in
each case prior and superior in right to any Person, other than with respect to Liens expressly permitted by Section
10.2.

 

(b) Upon the recordation of the Security Agreements
(or short-form security agreements in form and substance reasonably satisfactory to the Borrower and the Collateral Agent)
with the United States Patent and Trademark Office and, if applicable, the United States Copyright Office, together with the
financing statements in appropriate form filed in the offices specified on Schedule 8.21, the Liens created under the
Security Agreement shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the
Credit Parties in the Intellectual Property in which a security interest may be perfected by filing in the United States and
its territories and possessions, in each case prior and superior in right to any other Person, other than with respect to
Liens expressly permitted by Section 10.2 (it being understood that subsequent recordings in the United States Patent and
Trademark Office and the United States Copyright Office may be necessary to create and perfect a Lien on registered
trademarks and patents, trademark and patent applications and registered copyrights acquired by the Credit Parties after the
date hereof).

 

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8.22 OFAC. No Credit Party (i) is a person
on the list of “Specially Designated Nationals and Blocked Persons” published by OFAC (the “SDN List”)
or subject to the limitations or prohibitions under any other material OFAC regulation, action or executive order, (ii) engages
in any dealings or transactions prohibited by any material OFAC regulation, action or executive order or (iii) except as otherwise
authorized or permitted by OFAC, will use any proceeds of the Loans, or lend, contribute or otherwise make available such proceeds
to any Person for the purpose of financing the activities or business of or with any Person or in any country or territory that,
at the time of funding or facilitation, is on the SDN List.

 

8.23 Insurance. Schedule 8.23 sets forth
a true, complete and correct description of all material insurance maintained by the Borrower and the Restricted Subsidiaries as
of the Closing Date. As of such date, such insurance is in full force and effect in all material respects and all premiums have
been duly paid. The Borrower and the Restricted Subsidiaries have insurance in such amounts and covering such risks and liabilities
as is generally consistent with normal industry practice.

 

8.24 Use of Proceeds. Each of the Borrower
and the Restricted Subsidiaries will (a) use the proceeds of the Term Loans and Revolving Credit Loans and will request the issuance
of Letters of Credit only for the purposes specified in this Agreement and (b) use the proceeds of the Incremental Facilities only
for the purposes specified in the applicable Incremental Agreement.

 

SECTION 9. Affirmative Covenants

 

The Borrower hereby covenants and agrees that
on the Closing Date and thereafter, until the Total Commitment and all Letters of Credit have terminated (unless such Letters of
Credit have been Cash Collateralized on the terms and conditions set forth in Section 3.8 hereof) and the Loans and Unpaid Drawings,
together with interest, fees and all other Obligations (other than Hedging Obligations under Secured Hedging Agreements, Cash Management
Obligations under Secured Cash Management Agreements and contingent indemnification obligations as to which no claims have been
asserted), are paid in full:

 

9.1 Information Covenants. The Borrower will furnish
to the Administrative Agent for prompt further distribution to each Lender:

 

(a) Annual Financial Statements. As soon as
available and in any event on or before the date that is 150 days after the end of each fiscal year (or, in the case of the
fiscal year ended December 31, 2013, 180 days after the end of such fiscal year), (x) the consolidated balance sheet of the
Borrower and its consolidated subsidiaries as at the end of such fiscal year, and the related consolidated statements of
income and cash flows for such fiscal year, setting forth comparative consolidated figures for the preceding fiscal year, all
in reasonable detail and prepared in accordance with GAAP (other than with respect to potential non-cash adjustments
described in Schedule 8.9) and certified by independent registered public accountants of recognized national standing whose
opinion shall not be qualified as to the scope of audit or as to the status of the Borrower and its consolidated subsidiaries
as a going concern or like qualification or exception and (y) the related Restricted Group Reconciliation Statement.

 

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(b) Quarterly
Financial Statements. As soon as available and in any event on or before the date that is 60 days after the end of each fiscal
quarter of each fiscal year, including the fourth fiscal quarter of each fiscal year (or, in the case of (x) the fiscal quarter
during which the Closing Date occurs, 120 days after the end of such fiscal quarter and (y) the first three full fiscal quarters
after the fiscal quarter during which the Closing Date occurs, 90 days after the end of such fiscal quarter), the consolidated
balance sheet of the Borrower and its consolidated Restricted Subsidiaries as at the end of such quarterly period and the related
consolidated statement of income for such quarterly accounting period and for the elapsed portion of the fiscal year ended with
the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal
year ended with the last day of such quarterly period, and setting forth comparative consolidated figures for the related periods
in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the prior fiscal year, all in
reasonable detail and all of which shall be certified by an Authorized Officer of the Borrower as fairly presenting in all material
respects the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its consolidated
Restricted Subsidiaries in accordance with GAAP (other than with respect to potential non-cash adjustments described in Schedule
8.9), subject to changes resulting from audit and normal year-end audit adjustments and to the absence of footnotes.

 

(c) Budgets.
At the time of delivery by the Borrower of the financial statements required under Section 9.1(a), beginning with the 2014 fiscal
year, a budget of the Borrower and its Restricted Subsidiaries in reasonable detail for that fiscal year as customarily prepared
by management of the Borrower for its internal use consistent in scope with the financial statements provided pursuant to Section
9.1(a), setting forth the principal assumptions upon which such budget is based.

 

(d) Officer’s
Certificates. At the time of the delivery of the financial statements provided for in Sections 9.1(a) and 9.1(b), a
certificate of an Authorized Officer of the Borrower to the effect that no Default or Event of Default exists or, if any
Default or Event of Default does exist, specifying the nature and extent thereof, which certificate shall set forth (i) the
calculations required to establish whether the Borrower was in compliance with the provisions of Section 10.9 (if such
covenant was required to be tested as of the end of the most recently ended fiscal year or fiscal quarter, as the case may
be) as at the end of such fiscal year or fiscal quarter, as the case may be, beginning with the fiscal quarter ended March
31, 2014, (ii) a specification of any change in the identity of the Restricted Subsidiaries, the Unrestricted Subsidiaries,
the Specified Subsidiaries, the Immaterial Subsidiaries and the Foreign Subsidiaries as at the end of such fiscal year or
fiscal quarter, as the case may be, from the Restricted Subsidiaries, the Unrestricted Subsidiaries, the Specified
Subsidiaries, the Immaterial Subsidiaries and the Foreign Subsidiaries, respectively, identified to the Lenders on the
Closing Date or the most recent fiscal year or fiscal quarter, as the case may be, (iii) the then applicable Applicable
Margin and Commitment Fee Rate and (iv) the amount of any Pro Forma Adjustment not previously set forth in a Pro Forma
Adjustment Certificate or any change in the amount of a Pro Forma Adjustment set forth in any Pro Forma Adjustment
Certificate previously provided and, in either case, in reasonable detail, the calculations and basis therefor. At the time
of the delivery of the financial statements provided for in Section 9.1(b), beginning with the fiscal quarter ended March 31,
2014, a certificate of an Authorized Officer of the Borrower setting forth in reasonable detail the calculation of Excess
Cash Flow and the Available Amount as at the end of the fiscal quarter to which such financial statements relate and the
information required pursuant to Section 1 and Section 2 of the Perfection Certificate, or confirming that there has been no
change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this
Section 9.1(d), as the case may be.

 

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(e) Notice of
Default or Litigation. Promptly after an Authorized Officer of the Borrower or any of its Restricted Subsidiaries obtains
actual knowledge thereof or should have obtained such knowledge thereof through customary due diligence, notice of (i) the occurrence
of any event that constitutes a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence
thereof and what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental proceeding (including
any Environmental Claim) pending against the Borrower or any of its Restricted Subsidiaries that could reasonably be expected
to result in a Material Adverse Effect and (iii) any Material Adverse Effect.

 

(f) Lender Calls.
At the request of the Administrative Agent or the Required Lenders, no later than 75 Business Days after the delivery of any financial
statements pursuant to Section 9.1(a), any appropriate financial officer of the Borrower shall participate in one conference call
per fiscal year (and additional calls at the discretion of the Borrower) with the Administrative Agent and the Lenders to discuss
in reasonable detail such financial statements and the financial condition and results of operations of the Borrower and the Subsidiaries,
as well as to answer any reasonable questions from the Administrative Agent or the Lenders about such financial statements.

 

(g) Other Information.
(i) Promptly upon filing thereof, (x) copies of any filings (including on Form 10-K, 10-Q or 8-K) or registration statements with,
and reports to, the SEC or any analogous Governmental Authority in any relevant jurisdiction by the Borrower (or any Parent Entity
thereof) or any of the Restricted Subsidiaries (other than amendments to any registration statement (to the extent such registration
statement, in the form it becomes effective, is delivered to the Administrative Agent for further delivery to the Lenders), exhibits
to any registration statement and, if applicable, any registration statements on Form S-8) and (y) copies of all financial statements,
proxy statements, notices and reports that the Borrower or any of the Restricted Subsidiaries shall send to the holders of any
publicly issued debt of the Borrower and/or any of the Restricted Subsidiaries in their capacity as such holders (in each case
to the extent not theretofore delivered to the Administrative Agent for further delivery to the Lenders pursuant to this Agreement)
and (ii) with reasonable promptness, but subject to the limitations set forth in the last sentence of Section 9.2 and Section
13.16, such other information (financial or otherwise) as the Administrative Agent on its own behalf or on behalf of any Lender
may reasonably request in writing from time to time.

 

(h) Pro Forma
Adjustment Certificate. Not later than any date on which financial statements are delivered with respect to any four-quarter
period in which a Pro Forma Adjustment is made, a certificate of an Authorized Officer of the Borrower setting forth the amount
of such Pro Forma Adjustment and, in reasonable detail, the calculations and basis therefor.

 

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(i) Notice of
Debt Incurrence Prepayment Event. Notice of any Debt Incurrence Prepayment Event promptly (but in any event, within 3 Business
Days) after the occurrence thereof.

 

(j) Delivery,
Platform; etc.

 

Documents required to be delivered pursuant to
Sections 9.1(a), 9.1(b) and 9.1(g)(i) may be delivered electronically and if so delivered, shall be deemed to have been delivered
on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet
at the website address listed in Schedule 13.2; or (ii) on which such documents are transmitted by electronic mail to the Administrative
Agent; provided that: (A) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such
documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper
copies is given by the Administrative Agent and (B) the Borrower shall notify (which may be by facsimile or electronic mail) the
Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic
versions (i.e., soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or
requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

 

The Borrower hereby acknowledges
that (a) the Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders and each Letter of Credit
Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on Debt Domain, IntraLinks, DebtX, Syndtrak Online or another similar electronic system (the
“Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that wish
to receive only information that (i) is publicly available or (ii) is not material with respect to Borrower and its Subsidiaries
or its or their respective securities for purposes of United States federal and state securities laws (collectively, the “Public
Side Information”) and who may be engaged in investment and other market related activities with respect to the Borrower,
its Subsidiaries or its or their respective securities (each, a “Public Lender”). Before distribution of any
Borrower Materials to Lenders, the Borrower agrees to identify that portion of the Borrower Materials that may be distributed
to the Public Lenders as “Public Side Information”, which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof (it being understood that if the Borrower is unable to reasonably determine
if any such information is or is not Public Side Information the Borrower shall not be obligated to mark such information as “PUBLIC”).
By marking Borrower Materials as “PUBLIC”, the Borrower shall be deemed to have authorized the Administrative Agent,
the Joint Lead Arrangers, each Letter of Credit Issuer and the Lenders to treat such Borrower Materials as containing only Public
Side Information. All Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Side Information”. The Administrative Agent and the Joint Lead Arrangers shall treat the
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting, and shall only post such Borrower
Materials, on a portion of the Platform not designated “Public Side Information”.

 

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9.2
Books, Records and Inspections. The Borrower will, and will cause each of the Restricted Subsidiaries to,
maintain proper books of record and account, in which entries that are full, true and correct in all material respects and
are in conformity with GAAP consistently applied shall be made of all material financial transactions and matters involving
the assets and business of the Borrower or such Restricted Subsidiary, as the case may be. The Borrower will, and will cause
each of the Restricted Subsidiaries to, permit representatives and independent contractors of the Administrative Agent and
the Lenders together to visit and inspect any of its properties (to the extent it is within such Person’s control to
permit such inspection), to examine its corporate, financial and operating records, and make copies thereof or abstracts
therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public
accountants, all at the reasonable expense of the Borrower and at such reasonable times during normal business hours upon
reasonable advance notice to the Borrower; provided that, excluding any such visits and inspections during the
continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the
Administrative Agent and the Lenders under this Section 9.2 and the Administrative Agent shall not exercise such rights more
often than once during any calendar year absent the existence of an Event of Default; and provided, further, that when
an Event of Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent
contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon
reasonable advance notice. The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in
any discussions with the Borrower’s independent public accountants. Notwithstanding anything to the contrary in this
Section 9.2, none of the Borrower or any Restricted Subsidiary will be required to disclose, permit the inspection,
examination or making copies or abstracts of, or discussion of, any document, information or other matter (i) that
constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the
Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Applicable Law or
any binding agreement or (iii) that is subject to attorney-client or similar privilege or constitutes attorney work
product.

 

9.3 Maintenance of Ratings. The
Borrower will use commercially reasonable efforts to maintain (i) private ratings for the Credit Facilities (but not any
specific minimum rating) by S&P and Moody’s and (ii) a private corporate rating (but not any specific minimum
rating) from S&P and a private corporate family rating (but not any specific minimum rating) from Moody’s, in each
case in respect of the Borrower.

 

9.4 Maintenance
of Insurance. The Borrower will, and will cause each of the Restricted Subsidiaries to, at all times maintain in full
force and effect, with insurance companies that the Borrower believes (in the good faith judgment of the management of the
Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least
such amounts (after giving effect to any self-insurance which the Borrower believes (in the good faith judgment of management
of the Borrower) is reasonable and prudent in light of the size and nature of its business) and against at least such risks
(and with such risk retentions) as are usually insured against in the same general area by companies engaged in businesses
similar to those engaged by the Borrower and the Restricted Subsidiaries; and will furnish to the Administrative Agent for
further delivery to the Lenders, upon written request from the Administrative Agent, information presented in reasonable
detail as to the insurance so carried. The Collateral Agent, for the benefit of the Secured Parties shall be the additional
insured on any such liability insurance and the Collateral Agent, for the benefit of the Secured Parties, shall be the
additional loss payee under any such casualty insurance. If any portion of any Mortgaged Property at any time is located in
an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with
respect to which flood insurance has been made available under the Flood Insurance Laws, then the Borrower shall, or shall
cause the applicable Credit Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer
(determined at the time such insurance is obtained), flood insurance in an amount and otherwise sufficient to comply with all
applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Collateral Agent
evidence of such compliance.

 

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9.5 Payment of Taxes. The Borrower will pay
and discharge, and will cause each of the Restricted Subsidiaries to pay and discharge, all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging to it, prior
to the date on which such payments become overdue, and all lawful claims in respect of taxes imposed, assessed or levied
that, if unpaid, could reasonably be expected to become a Lien upon any properties of the Borrower or any of the Restricted
Subsidiaries, except to the extent that the failure to do so could not reasonably be expected to, individually or in the
aggregate, result in a Material Adverse Effect; provided that none of the Borrower or any of the Restricted
Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim that is being diligently contested in
good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of the management of
the Borrower) with respect thereto in accordance with GAAP.

 

9.6 Consolidated Corporate Franchises. The
Borrower will do, and will cause each of the Restricted Subsidiaries to do, or cause to be done, all things necessary to
preserve and keep in full force and effect its existence, corporate rights, privileges, franchises and authority, except to
the extent that the failure to do so (other than with respect to preserving the existence of the Borrower) could not
reasonably be expected to have a Material Adverse Effect; provided that the Borrower and the Restricted Subsidiaries
may consummate any transaction permitted under Section 10.3, 10.4 or 10.5.

 

9.7 Compliance with Statutes. The Borrower
will, and will cause each of the Restricted Subsidiaries to, comply with all Applicable Laws (including Environmental Laws,
ERISA, the PATRIOT Act, OFAC and FCPA and permits required thereunder), except to the extent the failure to do so could not
reasonably be expected to have a Material Adverse Effect.

 

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9.8 ERISA. Promptly after the Borrower or any
of the Restricted Subsidiaries knows or has reason to know of the occurrence of any of the following events that,
individually or in the aggregate, would be reasonably likely to have a Material Adverse Effect, the Borrower will deliver to
the Administrative Agent any notices given to or filed with or by the Borrower, such Restricted Subsidiary, an ERISA
Affiliate, the PBGC, or a Multiemployer Plan administrator (provided that if such notice is given by the Multiemployer Plan
administrator, it is given to any of the Borrower, or any of the Restricted Subsidiaries or any ERISA Affiliates thereof):
(i) that a Reportable Event has occurred; (ii) that a failure to satisfy the minimum funding standard under Section 412 of
the Code has occurred or an application to be made to the Secretary of the Treasury for a waiver or modification of the
minimum funding standard (including any required installment payments) or an extension of any amortization period under
Section 412 of the Code with respect to a Pension Plan; (iii) that a Pension Plan having an Unfunded Current Liability has
been or, pursuant to written notice from the PBGC, is to be terminated under Title IV of ERISA; (iv) that a Lien under ERISA
or the Code has been imposed as a result of a Pension Plan having an Unfunded Current Liability; that proceedings will be or
have been instituted to terminate a Pension Plan having an Unfunded Current Liability; (v) that the PBGC has notified (in
writing) the Borrower, any Restricted Subsidiary thereof or any ERISA Affiliate of its intention to appoint a trustee to
administer any Pension Plan; (vi) that the Borrower, any Restricted Subsidiary thereof or any ERISA Affiliate has failed to
make a required installment or other payment pursuant to Section 412 of the Code with respect to a Pension Plan or the
failure to make any required contribution or payment to a Multiemployer Plan; (vii) that a determination has been made that
any Pension Plan is in at-risk status within the meaning of Section 430 of the Code or Section 303 of ERISA or any
Multiemployer Plan is in endangered or critical status within the meaning of Section 432 of the Code or Section 305 of ERISA;
(viii) that the Borrower, any Restricted Subsidiary thereof or any ERISA Affiliate has any liability to or on account of a
Pension Plan under Section 4062, 4063, 4064 or 4069 of ERISA or Section 4971 or 4975 of the Code has incurred (or has been
notified in writing by a Multiemployer Plan administrator that it will incur) any Withdrawal Liability on account of a
Multiemployer Plan; (ix) the termination of any Foreign Plan has occurred; or (x) that any non compliance with Applicable Law
(including funding requirements under such Applicable Law) for any Foreign Plan has occurred.

 

9.9 Good Repair. The Borrower will, and will
cause each of the Restricted Subsidiaries to, ensure that its properties and equipment used or useful in its business in
whomsoever’s possession they may be to the extent that it is within the control of such party to cause the same, are
kept in good repair, working order and condition, casualty, condemnation and normal wear and tear excepted, and that from
time to time there are made in such properties and equipment all needful and proper repairs, renewals, replacements,
extensions, additions, betterments and improvements thereto, to the extent and in the manner customary for companies in the
industry in which the Borrower and the Restricted Subsidiaries conduct business and consistent with third party leases,
except in each case to the extent the failure to do so could not be reasonably expected to have a Material Adverse
Effect.

 

9.10 Transactions with Affiliates. The
Borrower will conduct, and cause each of the Restricted Subsidiaries to conduct, all transactions with any of its Affiliates on
terms that are substantially as favorable to the Borrower or such Restricted Subsidiary as it would obtain in a comparable arm’s-length
transaction with a Person that is not an Affiliate; provided that the foregoing restrictions shall not apply to:

 

(a) such transactions that are made on terms
substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such
Restricted Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate,

 

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(b) if
such transaction is among the Borrower and one or more Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary
as a result of such transaction,

 

(c) the
payment of Transaction Expenses, the consummation of the Transactions and the payment of the Special Dividend,

 

(d) the
issuance of Capital Stock of any Parent Entity of the Borrower to the management of such Parent Entity, the Borrower or any of
its Subsidiaries in connection with the Transactions or pursuant to arrangements described in clause (m) below,

 

(e) the
payment of indemnities and reasonable expenses incurred by the Sponsor in connection with any services provided to, or the monitoring
or management of their investment in, any Parent Entity (but only to the extent relating to the Borrower or any of its Restricted
Subsidiaries), the Borrower or any of its Restricted Subsidiaries,

 

(f) equity
issuances, repurchases, retirements, redemptions or other acquisitions or retirements of Capital Stock by any Parent Entity of
the Borrower or the Borrower to the extent permitted under Section 10.6,

 

(g) loans,
guarantees and other transactions by any Parent Entity or the Borrower, the Borrower and the Restricted Subsidiaries to the extent
permitted under Section 10.5,

 

(h) employment
and severance arrangements and health, disability and similar insurance or benefit plans between any Parent Entity of the Borrower,
the Borrower and the Restricted Subsidiaries, on the one hand, and their respective directors, officers and employees on the other
(including management and employee benefit plans or agreements, subscription agreements or similar agreements pertaining to the
repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former employees, officers or directors
and stock option or incentive plans and other compensation arrangements) in the ordinary course of business,

 

(i) the
payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, managers, consultants,
officers and employees of any Parent Entity of the Borrower, the Borrower and the Restricted Subsidiaries in the ordinary course
of business to the extent attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries,

 

(j) transactions
pursuant to permitted agreements in existence on the Closing Date and set forth on Schedule 9.10 or any amendment thereto to the
extent such an amendment is not adverse, taken as a whole, to the Lenders in any material respect,

 

(k) Dividends
to the extent permitted under Section 10.6,

 

(l) customary
and reasonable payments (including reimbursement of fees and expenses) by the Borrower and any Restricted Subsidiaries to the
Sponsor made in good faith for any financial advisory, financing, underwriting or placement services or in respect of other investment
banking activities (including in connection with acquisitions or divestitures, whether or not consummated),

 

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(m) any
issuance of Capital Stock, or other payments, awards or grants in cash, securities, Capital Stock or otherwise pursuant to, or
the funding of, employment arrangements, stock options and stock ownership plans approved by any Parent Entity of the Borrower
or the Borrower, as the case may be,

 

(n) any
purchase by a Parent Entity of the Borrower of the Capital Stock of the Borrower; provided that, to the extent required
by Section 9.13, any Capital Stock of the Borrower so purchased shall be pledged to the Collateral Agent for the benefit of the
Secured Parties pursuant to the Pledge Agreement,

 

(o) transactions
with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business and
in a manner consistent with prudent business practice followed by companies in the industry of the Borrower and its Subsidiaries
or otherwise consistent with past practices,

 

(p) payments
by the Borrower (or any Parent Entity thereof) and the Restricted Subsidiaries pursuant to tax sharing agreements among the Borrower
(and any such Parent Entity) and the Restricted Subsidiaries on customary terms.

 

(q) any
transaction between the Borrower and its Restricted Subsidiaries and any Grosvenor Fund to the extent such transaction is reasonably
consistent with past practice of the Borrower and its Restricted Subsidiaries,

 

(r) any
Qualified Equity Transaction, and

 

(s) any
services performed by the Borrower for any Parent Entity (consistent with past practice).

 

9.11 End of Fiscal Years; Fiscal
Quarters. The Borrower will, for financial reporting purposes, cause (a) each of its, and each of the Restricted Subsidiaries’,
fiscal years to end on December 31 of each year (unless such Restricted Subsidiary’s fiscal year end is not December 31 as
of the Closing Date) and (b) each of its, and each of the Restricted Subsidiaries’, fiscal quarters to end on dates consistent
with such fiscal year-end and the Borrower’s past practice; provided that the Borrower may, upon written notice to
the Administrative Agent, change the financial reporting convention specified above to any other financial reporting convention
reasonably acceptable to the Administrative Agent, in which case the Borrower and the Administrative Agent will, and are hereby
authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial
reporting.

 

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9.12 Additional
Guarantors, Grantors and GP Obligors. Subject to any applicable limitations set forth in the Guarantee, the Security
Agreement, the Pledge Agreement or any other Security Document, as applicable, the Borrower will cause (a) (i) any direct or
indirect wholly-owned (disregarding, for purposes of assesing whether a Person is wholly owned, general partner and managing
member interests held by any Person other than the Borrower or any of its Subsidiaries) Domestic Subsidiary of the Borrower
(other than any Excluded Subsidiary) formed or otherwise purchased or acquired after the Closing Date (including pursuant to
a Permitted Acquisition) and (ii) any Subsidiary of the Borrower that ceases to be an Excluded Subsidiary, in each case
within 45 days of its formation, acquisition or cessation, as applicable (or such longer period as may be agreed to by the
Administrative Agent) to execute (A) a supplement to each of the Guarantee, the Security Agreement and the Pledge Agreement,
substantially in the form of Annex B, Exhibit 1 or Annex A, as applicable, to the respective agreement in order to become a
Guarantor under the Guarantee, a grantor under the Security Agreement and a pledgor under the Pledge Agreement, (B) a joinder
to the Intercompany Note, substantially in the form of Annex I thereto, and (C) a joinder agreement or such comparable
documentation to each other applicable Security Document, substantially in the form annexed thereto, and, in each case, to
take all actions required thereunder to perfect the Liens created thereunder, and (b) any GP Entity formed or otherwise
purchased or acquired, or otherwise first meeting the requirements of the definition of GP Entity, after the Closing Date, to
execute a supplement to the GP Undertaking substantially in the form of Exhibit A thereto in order to become a GP Obligor and
to take all actions required thereunder to perfect the Liens created thereunder.

 

9.13 Pledges of Additional Stock and Evidence of Indebtedness.

 

(a) Subject
to any applicable limitations set forth in the Security Documents, the Borrower (i) will pledge, and, if applicable, will cause
each Guarantor (or Person required to become a Guarantor pursuant to Section 9.12) to pledge, to the Collateral Agent for the benefit
of the Secured Parties, (x) all the Capital Stock (other than any Excluded Capital Stock) of each Restricted Subsidiary directly
owned by the Borrower or any Guarantor (or Person required to become a Guarantor pursuant to Section 9.12), in each case, formed
or otherwise purchased or acquired after the Closing Date, pursuant to a supplement to the Pledge Agreement substantially in the
form of Annex A thereto, and (y) except with respect to intercompany Indebtedness, all evidences of Indebtedness for borrowed money
in a principal amount in excess of $5,000,000 (individually) that is owing to the Borrower or any Guarantor (or Person required
to become a Guarantor pursuant to Section 9.12) (which shall be evidenced by a promissory note), in each case pursuant to a supplement
to the Pledge Agreement substantially in the form of Annex A thereto and (ii) will pledge, and, if applicable, will cause each
GP Obligor (or Person required to become a GP Obligor pursuant to Section 9.12) to pledge, to the Collateral Agent for the benefit
of the Secured Parties, all Capital Stock (other than Excluded Capital Stock) of each GP Obligor (or Person required to become
a GP Obligor pursuant to Section 9.12) directly owned by its general partner or managing member (or other similar Person) and all
Capital Stock (other than Excluded Capital Stock) of such general partner or managing member (or other similar Person) directly
owned by its respective general partner or managing member (or other similar Person), in each case, formed or otherwise purchased
or acquired after the Closing Date, pursuant to a supplement to the GP Undertaking substantially in the form of Exhibit A thereto.

 

(b) The
Borrower agrees that all Indebtedness of the Borrower and each of its Restricted Subsidiaries that is owing to any Credit Party
(or a Person required to become a Guarantor pursuant to Section 9.12) shall be evidenced by the Intercompany Note, which promissory
note shall be required to be pledged to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the Pledge Agreement.

 

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9.14 Changes in Business. The Borrower and its Restricted Subsidiaries,
taken as a whole, will not fundamentally and substantively alter the character of their business, taken as a whole, from the business
conducted by the Borrower and its Restricted Subsidiaries, taken as a whole, on the Closing Date and other business activities
incidental or related to any of the foregoing.

 

9.15 Further Assurances. (a) Subject
to the applicable limitations set forth in the Security Documents, Holdings and the Borrower will, and will cause each other Credit
Party, Parent GP or GP Entity, as applicable to, execute any and all further documents, financing statements, agreements and instruments,
and take all such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds
of trust and other documents), which may be required under any Applicable Law, or which the Administrative Agent, the Collateral
Agent or the Required Lenders may reasonably request, in order to grant, preserve, protect and perfect the validity and priority
of the security interests created or intended to be created by the Security Documents, all at the expense of the Borrower and its
Restricted Subsidiaries.

 

(b) Subject to
any applicable limitations set forth in the Security Documents, any Mortgage and in Sections 9.12 and 9.13, if any assets
(including any owned Real Property or improvements thereto (but not any leased Real Property) or any interest therein) with a
Fair Market Value (determined at the time of acquisition of such assets) in excess of $5,000,000 (individually) are acquired
by Borrower or any Guarantor after the Closing Date (other than assets constituting Excluded Property (as defined in the
Security Agreement) and other assets constituting Collateral under the Security Agreement that become subject to the Lien of
the Security Agreement upon acquisition thereof or assets subject to a Lien granted pursuant to Section 10.2(c)), the
Borrower will notify the Administrative Agent (who shall thereafter notify the Collateral Agent) and will within 45 days of
acquisition thereof (or, in the case of any Real Property, 90 days) (or, in each case, such longer period as may be agreed to
by the Collateral Agent) cause such assets to be subjected to a Lien securing the applicable Obligations and will take, and
cause the Guarantors to take, such actions as shall be necessary or reasonably requested by the Administrative Agent or the
Collateral Agent to grant and perfect such Liens consistent with the applicable requirements of the Security Documents,
including actions described in this Section 9.15(b), all at the expense of the Credit Parties. Any Mortgage delivered to the
Collateral Agent in accordance with this Section 9.15(b) shall be accompanied by (x) (i) a completed
“Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination with respect to each
Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed
by the Borrower and each Credit Party relating thereto) and, if applicable, evidence of flood insurance in form and substance
reasonably satisfactory to the Administrative Agent; (ii) a policy or policies of title insurance or a marked unconditional
binder thereof issued by a nationally recognized title insurance company insuring the Lien of such Mortgage as a valid Lien
(with the priority described therein) on the Mortgaged Property described therein, free of any other Liens except as
expressly permitted by Section 10.2, in such amounts and together with such endorsements and reinsurance as the
Administrative Agent or the Collateral Agent may reasonably request and which are available at commercially reasonable rates
in the jurisdiction where the applicable Mortgaged Property is located; and (iii) unless the Collateral Agent shall have
otherwise agreed, either (A) a survey for which all necessary fees (where applicable) have been paid (1) prepared by a
surveyor reasonably acceptable to the Collateral Agent, (2) dated or re-certificated not earlier than three months prior to
the date of such delivery, (3) certified to the Administrative Agent, the Collateral Agent and the title insurance company
issuing the title insurance policy for such Mortgaged Property pursuant to clause (ii), which certification shall be
reasonably acceptable to the Collateral Agent and (4) complying with the “Minimum Standard Detail Requirements for
ALTA/ACSM Land Title Surveys”, jointly established and adopted by American Land Title Association, the American
Congress on Surveying and Mapping and the National Society of Professional Surveyors in 2005 (except for such deviations as
are acceptable to the Collateral Agent) or (B) coverage under the title insurance policy or policies referred to in clause
(ii) above that does not contain a general exception for survey matters and which contains survey-related endorsements
reasonably acceptable to the Collateral Agent, (y) a local opinion of counsel to the Borrower (or in the event a Subsidiary
of the Borrower is the mortgagor, to such Subsidiary) with respect to the enforceability, perfection, due authorization,
execution and delivery of the applicable Mortgages and any related fixture filings, and (z) such other documents as the
Collateral Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Collateral
Agent.

 

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(c) Notwithstanding
anything herein to the contrary, if the Collateral Agent and the Borrower reasonably determine in writing that the cost of creating
or perfecting any Lien on any property is excessive in relation to the value afforded to the Lenders thereby, then such property
may be excluded from the Collateral for all purposes of the Credit Documents.

 

(d) Notwithstanding
anything herein to the contrary, the Borrower shall not be required to take any actions outside the United States or required by
Applicable Laws of any jurisdiction outside the United States to (i) create any security interest in assets titled or located outside
the United States or (ii) perfect or make enforceable any security interests in any Collateral (it being understood that there
shall be no security agreements or pledge agreements governed by the laws of any non-U.S. jurisdiction).

 

9.16 Use
of Proceeds. The proceeds of the Initial Term Loans (except with respect to any Post Closing Amount, which may be used
for working capital requirements and other general corporate purposes of the Borrower and its Restricted Subsidiaries,
including the financing of acquisitions and other investments and dividends in each case permitted hereunder (which may
include any permitted payment of the Special Dividend) and other permitted distributions on account of the Capital Stock of
the Borrower, or to finance a portion of the Post Closing Purchase Price and the Management Bonuses) and the Revolving Credit
Loans, if any (to the extent permitted under Section 2.1(b)), borrowed on the Closing Date, together with cash on hand at the
Borrower and its Subsidiaries, will be used on the Closing Date (i) to consummate the Refinancing Transaction, (ii) to pay a
portion of the Purchase Price, (iii) to pay the Transaction Expenses and/or (iv) to pay a portion of the Management Bonuses.
After the Closing Date, Revolving Credit Loans available under the Revolving Credit Facility will be used for working capital
requirements and other general corporate purposes of the Borrower or its Subsidiaries, including the financing of
acquisitions permitted hereunder, other investments and dividends and other distributions permitted hereunder on account of
the Capital Stock of the Borrower. The proceeds of any Incremental Term Loan Facility, the proceeds of any Revolving Credit
Loans made pursuant to any Incremental Revolving Credit Commitment Increase and the proceeds of any Additional/Replacement
Revolving Credit Loans made pursuant to any Additional/Replacement Revolving Credit Commitments may be used for working
capital requirements and other general corporate purposes of the Borrower and its Subsidiaries, including the financing of
acquisitions permitted hereunder, other investments and dividends and other distributions permitted hereunder on account of
the Capital Stock of the Borrower. The Borrower and its Subsidiaries will use the Letters of Credit issued under the
Revolving Credit Facility on and after the Closing Date for working capital requirements and other general corporate purposes
of the Borrower and its Subsidiaries, including the financing of acquisitions permitted hereunder and other investments.

 

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9.17 Designation of Subsidiaries. The
Borrower may at any time after the Closing Date designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted
Subsidiary as a Restricted Subsidiary by written notice to the Administrative Agent; provided that (i) immediately before
and after such designation on a Pro Forma Basis, no Event of Default shall have occurred and be continuing, (ii) immediately after
giving effect to such designation, the Borrower shall be in compliance on a Pro Forma Basis with Section 10.9 (regardless of whether
such covenant was required to be tested as of the end of the most recently ended fiscal quarter) as such covenant is recomputed
as of the last day of the most recently ended Test Period under such Section as if such designation occurred on the first day of
such Test Period and (iii) the Borrower may not be designated as an Unrestricted Subsidiary. The designation of any Subsidiary
as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date of designation
in an amount equal to the Fair Market Value of the Borrower’s investment therein. The designation of any Unrestricted Subsidiary
as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Investment, Indebtedness or Liens
of such Subsidiary existing at such time.

 

9.18 Post-Closing Covenant. The Borrower
shall, and shall cause each Restricted Subsidiary of the Borrower to, comply with the terms and conditions set forth on Schedule
9.18.

 

SECTION 10. Negative Covenants

 

The Borrower (and, with respect to Section 10.10
only, each of the Parent GPs) hereby covenants and agrees that on the Closing Date and thereafter, until the Total Commitment and
all Letters of Credit have terminated (unless such Letters of Credit have been Cash Collateralized on terms and conditions set
forth in Section 3.8 hereof) and the Loans and Unpaid Drawings, together with interest, fees and all other Obligations (other than
Hedging Obligations under Secured Hedging Agreements, Cash Management Obligations under Secured Cash Management Agreements and
contingent indemnification obligations as to which no claims have been asserted), are paid in full:

 

10.1 Limitation on Indebtedness.
The Borrower will not, and will not permit any of the Restricted Subsidiaries to create, incur, issue, assume, guarantee or otherwise
become directly or indirectly liable, contingently or otherwise suffer to exist any Indebtedness, except:

 

(a) Indebtedness arising under the Credit Documents, including
pursuant to Sections 2.14 and 2.15 hereof and any Credit Agreement Refinancing Indebtedness;

 

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(b)
Indebtedness of (i) the Borrower or any Guarantor owing to the Borrower or any Restricted Subsidiary; provided that
any such Indebtedness owing by a Credit Party to a Subsidiary that is not a Guarantor shall (x) be evidenced by and subject
to the subordination terms of the Intercompany Note or (y) if incurred after the Closing Date, be subject to subordination
terms substantially identical to the subordination terms set forth in Exhibit O within 60 days of incurrence (or such later
date as the Administrative Agent shall reasonably agree), in each case, to the extent permitted by Applicable Law and not
giving rise to material adverse tax consequences, (ii) any Restricted Subsidiary that is not a Guarantor owing to any other
Restricted Subsidiary that is not a Guarantor and (iii) to the extent permitted by Section 10.5, any Restricted Subsidiary
that is not a Guarantor owing to the Borrower or any Guarantor;

 

(c) (i)
Indebtedness in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt or similar facilities
entered into in the ordinary course of business (including in respect of workers’ compensation claims, health, disability
or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to
reimbursement-type obligations regarding workers’ compensation claims) and (ii) Indebtedness supported by Letters of Credit
in an amount not to exceed the Stated Amount of such Letters of Credit;

 

(d) Guarantee
Obligations incurred by (i) any Restricted Subsidiary in respect of Indebtedness of the Borrower or any other Restricted Subsidiary
that is permitted to be incurred under this Agreement and (ii) the Borrower in respect of Indebtedness of any Restricted Subsidiary
that is permitted to be incurred under this Agreement;

 

(e) Guarantee
Obligations incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors,
licensees, sublicensees or distribution partners;

 

(f) (i)
Indebtedness the proceeds of which are used to finance the acquisition, lease, construction, repair, replacement, expansion or
improvement of fixed or capital assets or otherwise issued or incurred in respect of Capital Expenditures; provided that
(A) such Indebtedness is issued or incurred concurrently with or within 270 days after the applicable acquisition, lease, construction,
repair, replacement, expansion or improvement and (B) such Indebtedness is not issued or incurred to acquire Capital Stock of any
Person and (ii) any Permitted Refinancing Indebtedness issued or incurred to Refinance such Indebtedness; provided that,
after giving effect to the incurrence or issuance of any such Indebtedness, the Borrower shall be in compliance on a Pro Forma
Basis with the covenant set forth in Sections 10.9 (whether or not such covenant was required to be tested as of the end of the
most recently ended fiscal quarter) as of the most recently ended Test Period on or prior to the incurrence of any such Indebtedness,
calculated on a Pro Forma Basis, as if such incurrence (and transaction) had occurred on the first day of such Test Period; provided, further, that at the time of incurrence thereof and after giving Pro Forma Effect thereto and the use of the proceeds thereof,
the aggregate principal amount of Indebtedness outstanding under this clause (f) plus the aggregate principal amount of Indebtedness
outstanding under the following clause (g) shall not exceed the greater of (x) $12,500,000 and (y) 8.0% of Consolidated EBITDA
for the Test Period;

 

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(g) (i)
Indebtedness arising under Capitalized Leases, other than Capitalized Leases in effect on the Closing Date (and set forth on
Schedule 10.1) and (ii) any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; provided that,
after giving effect to the incurrence or issuance of any such Indebtedness, the Borrower shall be in compliance on a Pro
Forma Basis with the covenant set forth in Section 10.9 (whether or not such covenant was required to be tested as of the end
of the most recently ended fiscal quarter) as of the most recently ended Test Period on or prior to the incurrence of any
such Indebtedness, calculated on a Pro Forma Basis, as if such incurrence (and transaction) had occurred on the first day of
such Test Period; provided, further, that at the time of incurrence thereof and after giving Pro Forma Effect thereto
and the use of the proceeds thereof, the aggregate principal amount of Indebtedness outstanding under this clause (g) plus
the aggregate principal amount of Indebtedness outstanding under the foregoing clause (f) shall not exceed the greater of (x)
$12,500,000 and (y) 8.0% of Consolidated EBITDA for the Test Period;

 

(h) Closing
Date Indebtedness (except to the extent required to be repaid pursuant to the Refinancing Transaction) and any Permitted Refinancing
Indebtedness with respect thereto;

 

(i) Indebtedness
in respect of Hedging Agreements incurred in the ordinary course of business and, at the time entered into, not for speculative
purposes;

 

(j) Indebtedness
of a Person or Indebtedness attaching to assets of a Person that, in either case, becomes a Restricted Subsidiary (or is a Restricted
Subsidiary that survives a merger with such Person or any of its Subsidiaries) or Indebtedness attaching to assets that are acquired
by the Borrower or any Restricted Subsidiary, in each case after the Closing Date as the result of a Permitted Acquisition or similar
Investments permitted under Section 10.5; provided, that:

 

(A) such Indebtedness
existed at the time such Person became a Restricted Subsidiary or at the time such assets were acquired and, in each case, was
not created in contemplation thereof;

 

(B) such Indebtedness
is not guaranteed in any respect by the Borrower or any Restricted Subsidiary (other than any such Person that so becomes a Restricted
Subsidiary or is the survivor of a merger with such Person or any of its Subsidiaries);

 

(C) before and
after giving effect to such assumption of Indebtedness, no Event of Default pursuant to Sections 11.1 or 11.5 shall have occurred
or be continuing;

 

(D) after giving
effect to the assumption of any such Indebtedness, to such acquisition or investment and to any related Pro Forma Adjustment
(including any Pro Forma Adjustment subsequent to the end of the Test Period and occurring on or prior to the date of such
incurrence), the Borrower shall be in compliance with a minimum Interest Coverage Ratio as of the Test Period most recently
ended on or prior to the assumption of such Indebtedness, calculated on a Pro Forma Basis, as if such incurrence or issuance
(and transaction) had occurred on the first day of such Test Period, of at least 2.00:1.00;

 

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(E) the aggregate
principal amount of Indebtedness then outstanding in reliance on this clause (j) and the following clause (k) in respect of which
the primary obligor or any guarantor is a Restricted Subsidiary that is not a Guarantor shall not exceed the greater of $45,000,000
and 30.0% of Consolidated EBITDA for the Test Period;

 

(F) after giving
effect to the assumption of any such Indebtedness, to such acquisition and to any related Pro Forma Adjustment, the Borrower shall
be in compliance on a Pro Forma Basis with the covenant set forth in Section 10.9 (whether or not such covenant was required to
be tested as of the end of the most recently ended fiscal quarter), as such covenant is recomputed as of the last day of the most
recently ended Test Period under such Section as if such assumption (and such other transactions) had occurred on the first day
of such Test Period; and

 

(G) (x) the Capital
Stock of such Person is pledged to the Collateral Agent to the extent required under Section 9.13 and (y) unless such Person is
an Excluded Subsidiary, such Person executes a supplement to each of the Guarantee, the Security Agreement and the Pledge Agreement
(or alternative guarantee and security arrangements in relation to the Obligations) and a joinder to the Intercompany Note, in
each case to the extent required under Section 9.12, 9.13 or 9.15(b), as applicable (provided that the assets covered by
such pledges and security interests may, to the extent permitted under Section 10.2 and required by the documentation governing
such assumed Indebtedness, equally and ratably secure such Indebtedness assumed with the secured parties subject to intercreditor
arrangements in form and substance reasonably satisfactory to the Administrative Agent);

 

and (ii) any Permitted Refinancing Indebtedness
incurred to Refinance (in whole or in part) such Indebtedness;

 

(k) (i) Indebtedness of the Borrower or any Restricted
Subsidiary issued or incurred to finance a Permitted Acquisition or similar Investments permitted under Section 10.5; provided further, that:

 

(A) the terms of
such Indebtedness do not provide for any scheduled repayment, mandatory redemption or sinking fund obligation prior to the date
that is 91 days after the Latest Maturity Date, other than customary offers to purchase upon a change of control, asset sale or
insurance or condemnation event and customary acceleration rights upon an event of default;

 

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(B) the terms and
conditions for such Indebtedness (excluding interest rates (including through fixed interest rates), interest rate margins,
rate floors, fees, funding discounts, original issue discounts and redemption or prepayment terms and premiums), taken as a
whole, are not materially more restrictive on the Borrower and its Restricted Subsidiaries than the terms of this Agreement
(as in effect on the Closing Date) (except for covenants or other provisions applicable only to periods after the Latest
Maturity Date) (provided that in the event any financial maintenance covenant is added for the benefit of lenders or
investors providing any such Indebtedness, the terms and conditions of such Indebtedness will be deemed not to be more
restrictive than the terms and conditions of the Credit Facilities if such financial maintenance covenant is also added for
the benefit of the Credit Facilities);

 

(C) such Indebtedness is
unsecured or is only secured by Liens to the extent permitted under Section 10.2;

 

(D) before and after giving
effect to such issuance or incurrence of Indebtedness, no Event of Default pursuant to Sections 11.1 or 11.5 shall have occurred
or be continuing;

 

(E) after giving effect
to the incurrence or issuance of any such Indebtedness, to such acquisition and to any related Pro Forma Adjustment (including
any Pro Forma Adjustment subsequent to the end of the Test Period and occurring on or prior to the date of such incurrence), the
Borrower shall be in compliance with a minimum Interest Coverage Ratio as of the Test Period most recently ended on or prior to
the incurrence or issuance of such Indebtedness, calculated on a Pro Forma Basis, as if such incurrence or issuance (and transaction)
had occurred on the first day of such Test Period, of at least 2.00:1.00;

 

(F) the aggregate principal
amount of Indebtedness then outstanding in reliance on this clause (k) and the foregoing clause (j) in respect of which the primary
obligor or any guarantor is a Restricted Subsidiary that is not a Guarantor shall not exceed the greater of $45,000,000 and 30.0%
of Consolidated EBITDA for the Test Period;

 

(G) after giving effect
to the incurrence or issuance of any such Indebtedness, to such acquisition and to any related Pro Forma Adjustment, the Borrower
shall be in compliance on a Pro Forma Basis with the covenant set forth in Section 10.9 (whether or not such covenant was required
to be tested as of the end of the most recently ended fiscal quarter), as such covenant is recomputed as of the last day of the
most recently ended Test Period under such Section as if such issuance or incurrence (and such other transactions) had occurred
on the first day of such Test Period; and

 

(H)(x) the
Borrower or such other relevant Credit Party pledges the Capital Stock of any Person acquired in such Permitted Acquisition
or similar Investments permitted under Section 10.5 (the “acquired Person”) to the Collateral Agent to the
extent required under Section 9.13 and (y) such acquired Person executes a supplement to the Guarantee, the Security
Agreement and the Pledge Agreement and a joinder to the Intercompany Note (or alternative guarantee and security arrangements
in relation to the Obligations), in each case to the extent required under Section 9.12, 9.13 or 9.15(b), as
applicable

 

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and (ii) any Permitted Refinancing Indebtedness incurred
to Refinance (in whole or in part) such Indebtedness;

 

(l) customary
Guarantee Obligations incurred in the ordinary course of business for the benefit of investors in any Grosvenor Fund with respect
to the repayment of Performance Fees;

 

(m) (i)
unsecured Indebtedness in respect of obligations of the Borrower or any Restricted Subsidiary to pay the deferred purchase
price of goods or services or progress payments in connection with such goods and services; provided, that such
obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary
course of business and not in connection with the borrowing of money and (ii) unsecured Indebtedness in respect of
intercompany obligations of the Borrower or any Restricted Subsidiary in respect of accounts payable incurred in connection
with goods sold or services rendered in the ordinary course of business and not in connection with the borrowing of
money;

 

(n) Indebtedness
arising from agreements of the Borrower or any Restricted Subsidiary providing for indemnification, customary adjustment of purchase
price (including earn-outs) or similar obligations, in each case entered into in connection with acquisitions permitted hereunder,
other Investments and the disposition of any business, assets or Capital Stock permitted hereunder, other than Guarantee Obligations
incurred by any Person acquiring all or any portion of such business, assets or Capital Stock for the purpose of financing such
acquisition;

 

(o) Indebtedness
in respect of performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees and similar obligations
incurred in the ordinary course of business and not in connection with the borrowing of money;

 

(p) Indebtedness
of the Borrower or any Restricted Subsidiary consisting of (i) obligations to pay insurance premiums or (ii) take or pay obligations
contained in supply agreements, in each case arising in the ordinary course of business and not in connection with the borrowing
of money;

 

(q) Guarantee
Obligations and unsecured Indebtedness incurred in the ordinary course of business consisting of promissory notes issued by any
Credit Party to current or former officers, directors, managers, consultants and employees (or their respective spouses, former
spouses, successors, executors, administrators, heirs, legatees or distributees) of the Borrower or any Restricted Subsidiary of
the Borrower in respect of and in an amount not exceeding the reserves taken in connection with distributions related to Performance
Fees to such current or former officers, directors, managers, consultants and employees;

 

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(r) (i)
Indebtedness representing deferred compensation to employees, consultants or independent contractors of the Borrower (or any
Parent Entity thereof) and the Restricted Subsidiaries incurred in the ordinary course of business and (ii) Indebtedness
consisting of obligations of the Borrower (or any Parent Entity thereof) or the Restricted Subsidiaries under deferred
compensation to their employees, consultants or independent contractors or other similar arrangements incurred by such
Persons in connection with Permitted Acquisitions or any other Investment expressly permitted under Section 10.5;

 

(s) unsecured
Indebtedness consisting of promissory notes issued by any Credit Party to current or former officers, directors, managers, consultants
and employees (or their respective spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees)
to finance the retirement, acquisition, repurchase, purchase or redemption of Capital Stock of the Borrower (or any Parent Entity
thereof to the extent such Parent Entity uses the proceeds to finance the purchase or redemption (directly or indirectly) of its
Capital Stock), in each case to the extent permitted by Section 10.6;

 

(t) Cash
Management Obligations, Cash Management Services and other Indebtedness in respect of netting services, overdraft protections,
automatic clearinghouse arrangements, employee credit or purchase cards and similar arrangements in each case incurred in the ordinary
course of business;

 

(u) Indebtedness
in respect of (i) Permitted Additional Debt; provided that, (A) after giving Pro Forma Effect to such incurrence or issuance
(and after giving effect to any Specified Transaction to be consummated in connection therewith) the Borrower shall be in compliance
with an Interest Coverage Ratio as of the Test Period most recently ended on or prior to the incurrence of any such Permitted Additional
Debt, calculated on a Pro Forma Basis, as if such incurrence (and transaction) had occurred on the first day of such Test Period,
that is no less than 2.00:1.00; (B) notwithstanding clause (d) of the definition of Permitted Additional Debt, the aggregate principal
amount of Indebtedness then outstanding in reliance on this clause (u)(i) in respect of which the primary obligor or any guarantor
is a Restricted Subsidiary that is not a Guarantor shall not exceed the greater of $20,000,000 and 15.0% of Consolidated EBITDA
for the most recently ended Test Period and (C) no Event of Default shall have occurred and be continuing at the time of the incurrence
of any such Indebtedness or after giving effect thereto; (ii) other Permitted Additional Debt (other than secured debt in the form
of loans secured with a lien priority that is the same as the Liens securing the Obligations) in an aggregate principal amount
not to exceed the Incremental Amount at the time such Indebtedness is incurred; provided that no Event of Default (or, in
the case of any such Indebtedness incurred to finance an acquisition permitted hereunder or bona fide Investment, no Event of Default
under Section 11.1 or 11.5) shall have occurred and be continuing at the time of the incurrence of any such Indebtedness or after
giving effect thereto (any Indebtedness incurred under this clause (ii) is referred to as “Incremental Equivalent Debt”)
and (iii) any Permitted Refinancing Indebtedness incurred to Refinance Indebtedness incurred under the foregoing clauses (i) and
(ii);

 

(v) additional
Indebtedness and any Permitted Refinancing Indebtedness thereof; provided, that the aggregate principal amount of Indebtedness
pursuant to this clause (v) shall not exceed the greater of (x) $35,000,000 and (y) 25.0% of Consolidated EBITDA for the Test Period;

 

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(w)
Indebtedness of Restricted Foreign Subsidiaries; provided that at the time of the incurrence thereof and after giving
Pro Forma Effect thereto and the use of the proceeds thereof, the aggregate outstanding principal amount of Indebtedness
outstanding in reliance on this paragraph (x) shall not exceed the greater of (x) $15,000,000 and (y) 10.0% of Consolidated
EBITDA for the Test Period; and

 

(x) all customary premiums (if any), interest
(including post-petition and capitalized interest), fees, expenses, charges and additional or contingent interest on
obligations described in each of the clauses of this Section 10.1.

 

For purposes of determining compliance with this
Section 10.1, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described
in clauses (a) through (x) above, the Borrower shall, in its sole discretion, classify and reclassify or later divide, classify
or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such
Indebtedness in one or more of the above clauses; provided that all Indebtedness outstanding under the Credit Documents
will be deemed to have been incurred in reliance only on the exception in clause of Section 10.1(a). The accrual of interest, the
accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be deemed to be an incurrence
of Indebtedness for purposes of this Section 10.1.

 

10.2 Limitation on Liens.
The Borrower will not and will not permit any of the Restricted Subsidiaries to create, incur, assume or suffer to exist any Lien
upon any property or assets of any kind (real or personal, tangible or intangible) of the Borrower or any Restricted Subsidiary,
whether now owned or hereafter acquired, except:

 

(a) Liens created
pursuant to (i) the Credit Documents to secure the Obligations (including Liens permitted pursuant to Section 3.8) or
permitted in respect of any Mortgaged Property by the terms of the applicable Mortgage, (ii) the Permitted Additional Debt
Documents securing Permitted Additional Debt Obligations permitted to be incurred under Section 10.1(u)(ii) (provided
that such Liens do not extend to any assets that are not Collateral) and (iii) the documentation governing any Credit
Agreement Refinancing Indebtedness (other than Permitted Unsecured Refinancing Debt); provided that, (A) in the case
of Liens securing such Permitted Additional Debt Obligations or Credit Agreement Refinancing Indebtedness that constitute
First Lien Obligations pursuant to subclause (ii) or (iii) above, the applicable Permitted Additional Debt Secured Parties or
parties to such Credit Agreement Refinancing Indebtedness (or a representative thereof on behalf of such holders) shall have
entered into with the Administrative Agent and/or the Collateral Agent a Customary Intercreditor Agreement which agreement
shall provide that the Liens securing such Permitted Additional Debt Obligations or Credit Agreement Refinancing Indebtedness
shall not rank junior to or senior to the Lien securing the Obligations (but without regard to control of remedies) and (B)
in the case of Liens securing Permitted Additional Debt Obligations or Credit Agreement Refinancing Indebtedness that do not
constitute First Lien Obligations pursuant to subclause (ii) or (iii) above, the applicable Permitted Additional Debt Secured
Parties or parties to such Credit Agreement Refinancing Indebtedness (or a representative thereof on behalf of such holders)
shall have entered into a Customary Intercreditor Agreement with the Administrative Agent and/or the Collateral Agent which
agreement shall provide that the Liens securing such Permitted Additional Debt Obligations or Credit Agreement Refinancing
Indebtedness shall rank junior to the Lien securing the Obligations. Without any further consent of the Lenders, the
Administrative Agent and the Collateral Agent shall be authorized to negotiate, execute and deliver on behalf of the Secured
Parties any intercreditor agreement or any amendment (or amendment and restatement) to the Security Documents or a Customary
Intercreditor Agreement to effect the provisions contemplated by this Section 10.2(a);

 

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(b) Permitted
Liens;

 

(c) Liens
securing Indebtedness permitted pursuant to Section 10.1(f) or Section 10.1(g); provided, that (i) with respect to Indebtedness
permitted under Section 10.1(f), such Liens attach concurrently with or within 270 days after the acquisition, lease, repair, replacement,
construction, expansion or improvement (as applicable) of the property subject to such Liens, (ii) other than the property financed
by such Indebtedness, such Liens do not at any time encumber any property, except for replacements thereof and accessions and additions
to such property and the proceeds and the products thereof and customary security deposits and (iii) with respect to Capitalized
Leases, such Liens do not at any time extend to or cover any assets (except for accessions and additions to such assets, replacements
and products thereof and customary security deposits) other than the assets subject to such Capitalized Leases; provided
that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided
by such lender;

 

(d) Liens
on property or assets existing on the Closing Date and listed on Schedule 10.2 or, to the extent not listed in such Schedule, the
principal amount of the obligations secured by such property or assets does not exceed $3,000,000 in the aggregate; provided
that (i) such Lien does not extend to any other property or asset of the Borrower or any Restricted Subsidiary other than (A) after
acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted
by Section 10.1 and (B) the proceeds and products thereof and (ii) such Lien shall secure only those obligations that it secures
on the Closing Date and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness permitted by Section 10.1;

 

(e) the
modification, replacement, extension or renewal of any Lien permitted by clauses (a) through (d) above, and clauses (f), (p), (q),
(s), (w), and (x) of this Section 10.2 upon or in the same assets theretofore subject to such Lien, other than after-acquired property
that is (i) affixed or incorporated into the property covered by such Lien, (ii) in the case of Liens permitted by clauses (a),
(f), (p), (q) and (w), after-acquired property subject to a Lien securing Indebtedness permitted under Section 10.1, the terms
of which Indebtedness require or include a pledge of after-acquired property (it being understood that such requirement shall not
be permitted to apply to any property to which such requirement would not have applied but for such acquisition) and (iii) the
proceeds and products thereof;

 

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(f) Liens
existing on the assets of any Person that becomes a Restricted Subsidiary (other than by designation as a Restricted
Subsidiary pursuant to Section 9.16), or existing on assets acquired, pursuant to a Permitted Acquisition or any other
Investment permitted under Section 10.5 to the extent the Liens on such assets secure Indebtedness permitted by Section
10.1(j); provided that such Liens attach at all times only to the same assets that such Liens (other than
after-acquired property that is (i) affixed or incorporated into the property covered by such Lien, (ii) after-acquired
property subject to a Lien securing Indebtedness permitted under Section 10.1(j), the terms of which Indebtedness require or
include a pledge of after-acquired property (it being understood that such requirement shall not be permitted to apply to any
property to which such requirement would not have applied but for such acquisition) and (iii) the proceeds and products
thereof) attached to, and secure only, the same Indebtedness or obligations (or any Permitted Refinancing Indebtedness
incurred to Refinance such Indebtedness permitted by Section 10.1) that such Liens secured, immediately prior to such
Permitted Acquisition or such other Investment, as applicable, and were not created in contemplation of such Permitted
Acquisition or such other Investment, as applicable;

 

(g) Liens
securing Indebtedness or other obligations of the Borrower or a Restricted Subsidiary in favor of the Borrower or any
Guarantor and Liens securing Indebtedness or other obligations of any Restricted Subsidiary that is not a Guarantor in favor
of any Restricted Subsidiary that is not a Guarantor;

 

(h) Liens
(i) of a collection bank arising under Section 4-210 of the UCC on items in the course of collection, (ii) attaching to commodity
trading accounts or other commodity brokerage accounts maintained in the ordinary course of business and (iii) in favor of a banking
institution arising as a matter of law encumbering deposits (including the right to set off) and which are within the general parameters
customary in the banking industry;

 

(i) Liens
(i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 10.5
to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to sell, transfer, lease or otherwise
dispose of any property in a transaction permitted under Section 10.4, in each case, solely to the extent such Investment or sale,
disposition, transfer or lease, as the case may be, would have been permitted on the date of the creation of such Lien;

 

(j) Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower
or any of the Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

 

(k) Liens
on Investments that are subject to repurchase agreements constituting Permitted Investments permitted under Section 10.5;

 

(l) Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts maintained in the ordinary course of business and, at the time of incurrence thereof, not for speculative
purposes;

 

(m) Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection
with the issuance or incurrence of Indebtedness, (ii) relating to pooled deposit, automatic clearinghouse or sweep accounts of
the Borrower or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course
of business of the Borrower and the Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into
with customers of the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

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

 

(o) Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(p) [Reserved];

 

(q) Liens
not otherwise permitted by this Section 10.2; provided that, at the time of the incurrence thereof and after giving Pro
Forma Effect thereto and the use of proceeds thereof, the aggregate outstanding amount of Indebtedness and other obligations secured
thereby does not exceed the greater of $15,000,000 and 10.0% of Consolidated EBITDA for the Test Period; provided that,
if such Liens are on Collateral, the holders of the obligations secured thereby (or a representative or trustee on their behalf)
shall have entered into a Customary Intercreditor Agreement providing that the Liens securing such obligations shall rank junior
to the Liens securing the Obligations. Without any further consent of the Lenders, the Administrative Agent and the Collateral
Agent shall be authorized to negotiate, execute and deliver on behalf of the Secured Parties any Customary Intercreditor Agreement
or any amendment (or amendment and restatement) to the Security Documents or the Customary Intercreditor Agreement to effect the
provisions contemplated by this Section 10.2;

 

(r) Liens
arising out of any license, sublicense or cross-license of Intellectual Property permitted under Section 10.4;

 

(s) [Reserved];

 

(t) the
prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business;

 

(u) agreements
to subordinate any interest of the Borrower or any Restricted Subsidiary in any accounts receivable or other proceeds arising from
inventory consigned by the Borrower or any Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of
business;

 

(v) Liens
on Capital Stock in joint ventures securing obligations of such joint ventures;

 

(w) Liens
with respect to property or assets of any Restricted Foreign Subsidiary securing Indebtedness of a Restricted Foreign Subsidiary
permitted under Section 10.1(w); and

 

(x) Liens
on cash and Permitted Investments used to satisfy or discharge Indebtedness during the pendency of such satisfaction and discharge;
provided such satisfaction or discharge is permitted hereunder.

 

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10.3 Limitation
on Fundamental Changes. Except as expressly permitted by Section 10.4 (other than Section 10.4(f) and other than in the
case of a sale of all or substantially all of the business units, assets or other properties of
the Borrower and the Restricted Subsidiaries, taken as a whole), or Section 10.5 (other than Sections 10.5(i) and (u)), the
Borrower will not and will not permit any of the Restricted Subsidiaries to, consummate any merger, consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or
substantially all its business units, assets or other properties, except that:

 

(a) any
Subsidiary of the Borrower or any other Person may be merged, amalgamated or consolidated with or into the Borrower; provided
that (i) the Borrower shall be the continuing or surviving Person or, in the case of a merger, amalgamation or consolidation
where the Borrower is not the continuing or surviving Person, the Person formed by or surviving any such merger, amalgamation
or consolidation (if other than the Borrower) shall be an entity organized or existing under the laws of the United States,
any state thereof, the District of Columbia or any territory thereof (the Borrower or such Person, as the case may be, being
herein referred to as the “Successor Borrower”), (ii) the Successor Borrower (if other than the Borrower)
shall expressly assume all the obligations of the Borrower under this Agreement and the other Credit Documents pursuant to a
supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, (iii) no Default or Event of
Default has occurred and is continuing at the date of such merger, amalgamation or consolidation or would result from such
consummation of such merger, amalgamation or consolidation and (iv) if such merger, amalgamation or consolidation involves
the Borrower and a Person that, prior to the consummation of such merger, amalgamation or consolidation, is not a Restricted
Subsidiary of the Borrower (A) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation or
unless the Successor Borrower is the Borrower, shall have confirmed by a supplement to the Guarantee that its Guarantee shall
apply to the Successor Borrower’s obligations under this Agreement, (B) each Subsidiary grantor and each Subsidiary
pledgor, unless it is the other party to such merger, amalgamation or consolidation or unless the Successor Borrower is the
Borrower, shall have by a supplement to the Credit Documents confirmed that its obligations thereunder shall apply to the
Successor Borrower’s obligations under this Agreement and shall have executed a joinder to the Intercompany Note, (C)
each mortgagor of a Mortgaged Property, unless it is the other party to such merger, amalgamation or consolidation or unless
the Successor Borrower is the Borrower, shall have by an amendment to or restatement of the applicable Mortgage confirmed
that its obligations thereunder shall apply to the Successor Borrower’s obligations under this Agreement, (D) the
Borrower shall have delivered to the Administrative Agent an officer’s certificate stating that such merger,
amalgamation or consolidation and any supplements to the Credit Documents preserve the enforceability of the Guarantee and
the perfection and priority of the Liens under the Security Documents, (E) if reasonably requested by the Administrative
Agent, the Borrower shall be required to deliver to the Administrative Agent an opinion of counsel to the effect that such
merger, amalgamation or consolidation does not violate this Agreement or any other Credit Document, (F) such merger,
amalgamation or consolidation shall comply with all the conditions set forth in the definition of the term “Permitted
Acquisition” or is otherwise permitted under Section 10.5 and (G) the Successor Borrower shall be in compliance, on a
Pro Forma Basis after giving effect to such merger, amalgamation, consolidation or Disposition, with the covenant set forth
in Section 10.9 (whether or not such covenant was required to be tested as of the end of the most recently ended fiscal
quarter), as such covenant is recomputed as of the last day of the most recently ended Test Period under such Section as if
such merger, amalgamation or consolidation had occurred on the first day of such Test Period; provided further, that
if the foregoing are satisfied, the Successor Borrower (if other than the Borrower) will succeed to, and be substituted for,
the Borrower under this Agreement;

 

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(b) any
Subsidiary of the Borrower or any other Person may be merged, amalgamated or consolidated with or into any one or more Restricted
Subsidiaries of the Borrower or any Restricted Subsidiary may Dispose of all or substantially all of its assets or properties;
provided that (i) in the case of any merger, amalgamation, consolidation or Disposition involving one or more Restricted
Subsidiaries, (A) a Restricted Subsidiary shall be the continuing or surviving corporation or the transferee of such assets or
(B) the Borrower shall take all steps necessary to cause the Person formed by or surviving any such merger, amalgamation, consolidation
or Disposition (if other than a Restricted Subsidiary) to become a Restricted Subsidiary, (ii) in the case of any merger, amalgamation,
consolidation involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person or the Person formed by
or surviving any such merger, amalgamation, consolidation or Disposition (if other than a Guarantor) shall execute a supplement
to the Guarantee, the Security Agreement, the Pledge Agreement and any applicable Mortgage, and a joinder to the Intercompany Note,
each in form and substance reasonably satisfactory to the Collateral Agent in order for the surviving Person to become a Guarantor
and pledgor, mortgagor and grantor of Collateral for the benefit of the Secured Parties and to acknowledge and agree to the terms
of the Intercompany Note, (iii) no Default or Event of Default has occurred and is continuing on the date of such merger, amalgamation,
consolidation or Disposition or would result from the consummation of such merger, amalgamation, consolidation or Disposition and
(iv) if such merger, amalgamation, consolidation or Disposition involves a Restricted Subsidiary and a Person that, prior to the
consummation of such merger, amalgamation, consolidation or Disposition, is not a Restricted Subsidiary of the Borrower, (A) the
Borrower shall have delivered to the Administrative Agent an officer’s certificate stating that such merger, amalgamation,
consolidation or Disposition and such supplements to any Credit Document preserve the enforceability of the Guarantee and the perfection
and priority of the Liens under the Security Agreement, (B) such merger, amalgamation, consolidation or Disposition shall comply
with all the conditions set forth in the definition of the term “Permitted Acquisition” or is otherwise permitted under
Section 10.5 and (C) the Borrower shall be in compliance, on a Pro Forma Basis after giving effect to such merger, amalgamation,
consolidation or Disposition, with the covenant set forth in Section 10.9 (whether or not such covenant was required to be tested
as of the end of the most recently ended fiscal quarter), as such covenant is recomputed as of the last day of the most recently
ended Test Period under such Section as if such merger, amalgamation, consolidation or Disposition had occurred on the first day
of such Test Period;

 

(c) any
Restricted Subsidiary that is not a Guarantor may (i) merge, amalgamate or consolidate with or into any other Restricted Subsidiary
and (ii) Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower, a Guarantor or any other
Restricted Subsidiary of the Borrower;

 

(d) any
Guarantor may (i) merge, amalgamate or consolidate with or into any other Guarantor, (ii) merge, amalgamate or consolidate
with or into any other Restricted Subsidiary which is not a Guarantor; provided that if such Guarantor is not the
surviving entity, such merger, amalgamation or consolidation shall be deemed to be an “Investment” and subject to
the limitations set forth in Section 10.5 and (iii) sell, lease, license, transfer or otherwise dispose of any or all of its
assets (upon voluntary liquidation or otherwise) to the Borrower or any other Guarantor;

 

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(e) any
Restricted Subsidiary may liquidate or dissolve if (x) the Borrower determines in good faith that such liquidation or dissolution
is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (y) to the extent such Restricted
Subsidiary is a Guarantor, any assets or business not otherwise disposed of or transferred in accordance with Section 10.4 or 10.5,
or, in the case of any such business, discontinued, shall be transferred to, or otherwise owned or conducted by, the Borrower or
another Guarantor after giving effect to such liquidation or dissolution;

 

(f) to
the extent that no Default or Event of Default would result from the consummation of such disposition, the Borrower and the Restricted
Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or disposition, the purpose of which is to effect
a Disposition permitted pursuant to Section 10.4 (other than Sections 10.4(f) and (i)).

 

10.4 Limitation on Sale of Assets.
The Borrower will not and will not permit any of the Restricted Subsidiaries to (i) convey, sell, lease, assign, transfer or otherwise
dispose of any of its property, business or assets (including receivables and leasehold interests), whether now owned or hereafter
acquired (each, a “Disposition”) (other than any such sale, transfer, assignment or other disposition resulting
from a Recovery Event), or (ii) sell to any Person (other than to the Borrower or a Guarantor) any shares owned by it of any of
their respective Restricted Subsidiaries’ Capital Stock, except that:

 

(a) the
Borrower and the Restricted Subsidiaries may sell, lease, assign, transfer, license, abandon, allow the expiration or lapse of
or otherwise dispose of the following in the ordinary course of business: (i) obsolete, worn-out, used or surplus assets to the
extent such assets are no longer used, useful or necessary for the operation of the Borrower’s and its Subsidiaries’
business (including allowing any registrations or any applications for registration of any immaterial Intellectual Property rights
to lapse or be abandoned); (ii) inventory, securities and goods held for sale or other immaterial assets; and (iii) cash and Permitted
Investments;

 

(b) the
Borrower and the Restricted Subsidiaries may (i) enter into non-exclusive licenses, sublicenses or cross-licenses of Intellectual
Property, (ii) exclusively license, sublicense or cross-license Intellectual Property, other than Exclusive IP Licenses, in the
ordinary course of business of the Borrower and its Restricted Subsidiaries or (iii) lease, sublease, license or sublicense any
real or personal property, other than any Intellectual Property, in the ordinary course of business;

 

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(c) the
Borrower and the Restricted Subsidiaries may Dispose of other assets, including by entering into Exclusive IP Licenses (other
than accounts receivable except in connection with a Disposition of assets to which such accounts receivable relate) for Fair
Market Value; provided that (i) with respect to any Disposition pursuant to this Section 10.4(c) for a purchase price
in excess of the greater of (x) $5,000,000 and (y) 5.0% of Consolidated EBITDA for the Test Period, the Borrower or a
Restricted Subsidiary shall receive not less than 75% of such consideration in the form of cash or Permitted Investments; provided
that, for purposes of determining what constitutes cash under this clause (i), (A) any liabilities (as shown on the
Borrower’s or such Restricted Subsidiary’s most recent balance sheet provided hereunder or in the footnotes
thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the
payment in cash of the Obligations, that are assumed by the transferee with respect to the applicable Disposition and for
which the Borrower and all of the Restricted Subsidiaries shall have been validly released by all applicable creditors in
writing shall be deemed to be cash, (B) any securities received by the Borrower or such Restricted Subsidiary from such
transferee that are converted by the Borrower or such Restricted Subsidiary into cash (to the extent of the cash received)
within 180 days following the closing of the applicable Disposition shall be deemed to be cash and (C) any Designated
Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in respect of the applicable Disposition having
an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this
clause (C) that is outstanding at the time such Designated Non-Cash Consideration is received, not in excess of the greater
of (x) $10,000,000 and (y) 7.5% of Consolidated EBITDA for the Test Period at the time of the receipt of such Designated
Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the
time received and without giving effect to subsequent changes in value, shall be deemed to be cash, (ii) any non-cash
proceeds received in the form of Indebtedness or Capital Stock are pledged to the Collateral Agent to the extent required
under Section 9.12, (iii) before and after giving effect to any such Disposition, no Event of Default shall have occurred and
be continuing (other than a Disposition made pursuant to a legally binding commitment entered into at a time when no Event of
Default existed or would have resulted from such Disposition), and (iv) to the extent applicable, the Net Cash Proceeds
thereof are promptly offered to prepay the Term Loans to the extent required by Section 5.2(a)(i);

 

(d) the
Borrower and the Restricted Subsidiaries may (i) sell or discount without recourse accounts receivable arising in the ordinary
course of business in connection with the compromise or collection thereof and (ii) sell or transfer accounts receivable and related
rights pursuant to customary receivables financing facilities so long as the Net Cash Proceeds of any sale or transfer pursuant
to this clause (ii) are offered to prepay the Term Loans pursuant to Section 5.2(a)(i);

 

(e) the
Borrower and the Restricted Subsidiaries may Dispose of property or assets to the Borrower or to a Restricted Subsidiary; provided
that if the transferor of such property is a Guarantor or the Borrower (i) the transferee thereof must either be the Borrower or
a Guarantor or (ii) to the extent such transaction constitutes an Investment, such transaction is permitted under Section 10.5;

 

(f) the
Borrower and the Restricted Subsidiaries may effect any transaction permitted by Section 10.3, 10.5 (regardless of the form of
consideration) or 10.6;

 

(g) [Reserved];

 

(h) the
Borrower and the Restricted Subsidiaries may Dispose of property (including like-kind exchanges) to the extent that (i) such
property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such
Disposition are promptly applied to the purchase price of such replacement property;

 

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(i) the Borrower
and its Restricted Subsidiaries may enter into Sale Leasebacks, so long as, (i) after giving effect to any such transaction, no
Event of Default shall have occurred and be continuing, (ii) the Borrower shall be in compliance, on a Pro Forma Basis after giving
effect to such transaction, with the covenant set forth in Section 10.9 (whether or not such covenant was required to be tested
as of the end of the most recently ended fiscal quarter), as such covenant is recomputed as of the last day of the most recently
ended Test Period, and (iii) to the extent applicable, the Net Cash Proceeds thereof to the Borrower and its Restricted Subsidiaries
are promptly offered to prepay the Term Loans to the extent required by Section 5.2(a)(i);

 

(j) the
Borrower and the Restricted Subsidiaries may sell, transfer and otherwise Dispose of Investments in joint ventures to the extent
required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture
arrangements and similar binding arrangements;

 

(k) Dispositions
in connection with any Recovery Event;

 

(l) the
unwinding of any Hedging Agreement;

 

(m) any
Disposition of the Capital Stock in, Indebtedness of, or other securities of, an Unrestricted Subsidiary;

 

(n) transfers
of property subject to Recovery Events upon receipt of the net cash proceeds of such Recovery Event; and

 

(o) Dispositions
of any asset between or among the Borrower and/or its Restricted Subsidiaries as a substantially concurrent interim Disposition
in connection with a Disposition otherwise permitted pursuant to clauses (a) through (n) above.

 

10.5 Limitation on Investments.
The Borrower will not and will not permit any of the Restricted Subsidiaries to, make or permit to exist any advance, loan, extensions
of credit or capital contribution to, or purchase or hold any stock, bonds, notes, debentures or other securities of or any assets
of, or make or hold any other investment in, any Person (all of the foregoing, “Investments”), except:

 

(a) extensions
of trade credit, asset purchases (including purchases of inventory, Intellectual Property, supplies and materials), the lease of
any asset and the licensing or contribution of Intellectual Property pursuant to joint marketing arrangements with other Persons,
in each case in the ordinary course of business;

 

(b) Investments
in assets constituting Permitted Investments at the time such Investments are made;

 

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(c) loans and
advances to officers, directors, employees and consultants of the Borrower or any of its Restricted Subsidiaries (i) for
reasonable and customary business related travel expenses, entertainment expenses, moving expenses and similar expenses, in
each case incurred in the ordinary course of business, (ii) for payment or pre-payment of any state, federal or foreign taxes
owed by such person and (iii) for additional purposes not contemplated by subclauses (i) or (ii) above; provided that
at the time of the making of any such Investment, and after giving Pro Forma Effect thereto and the use of the proceeds
thereof, the aggregate principal amount of Investments outstanding in reliance on this Section 10.5(c)(ii) shall not exceed
the greater of (x) $10,000,000 and (y) 7.5% of Consolidated EBITDA for the Test Period;

 

(d) (i)
Investments consisting of non-economic member interests in the GP Entities, (ii) Investments by any GP Entity consisting of non-economic
member interests or general partner interests in the corresponding Grosvenor Fund GP and (iii) direct or indirect Investments in
Grosvenor Funds made in the ordinary course of business (including reasonable expansions thereof), provided that no Investment
in any Person that has ceased to be a Grosvenor Fund shall be permitted pursuant to this clause (iii);

 

(e) Investments
(i) existing or contemplated on the Closing Date and listed on Schedule 10.5, (ii) existing on the Closing Date of the Borrower
or any Restricted Subsidiary in the Borrower or any other Restricted Subsidiary and (iii) in the case of each of clauses (i) and
(ii), any modification, replacement, renewal, extension or reinvestment thereof, so long as the aggregate amount of all Investments
pursuant to this Section 10.5(e) is not increased at any time above the amount of such Investments existing or contemplated on
the Closing Date, except pursuant to the terms of such Investment existing or contemplated as of the Closing Date or as otherwise
permitted by this Section 10.5;

 

(f) Investments
in Hedging Agreements permitted by Section 10.1(i);

 

(g) Investments
received in connection with the bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations
of, and other disputes with, customers or suppliers arising in the ordinary course of business or upon the foreclosure with respect
to any secured Investment or other transfer of title with respect to any secured Investment;

 

(h) Investments
to the extent that the payment for such Investments is made solely with the Capital Stock of the Borrower (or any Parent Entity
thereof);

 

(i) Investments
constituting non-cash proceeds of sales, transfers and other Dispositions of assets to the extent permitted by Sections 10.3 and
10.4;

 

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(j) Investments
(i) in the Borrower or any Guarantor, (ii) by any Restricted Subsidiary that is not a Guarantor in the Borrower or any other
Restricted Subsidiary, and (iii) by the Borrower or any Guarantor in any Restricted Subsidiary that is not a Guarantor (A) in
connection with reorganizations and related activities related to tax planning and reorganizations, provided that,
after giving effect to any such reorganization and related activities, the value of the Collateral, taken as a whole, is not
impaired in any material respect (it being understood that the contribution of the equity interests of one or more
“first tier” Foreign Subsidiaries to a newly-formed “first tier” Foreign Subsidiary that is a
Restricted Subsidiary shall be permitted), and (B) in addition to Investments made pursuant to the foregoing clause (A),
Investments valued at the Fair Market Value of such Investments at the time such Investment is made, in an aggregate amount,
measured, at the time such Investment is made, that would not exceed, after giving effect to the making of such Investment,
the sum of (1) the greater of $10,000,000 and 7.5% of Consolidated EBITDA for the Test Period, (2) the Available Amount at
such time and (3) to the extent not otherwise included in the determination of the Available Amount, an amount equal to any
repayments, interest, returns, profits, distributions, income and similar amounts actually received in cash in respect of any
such Investment (which amount shall not exceed the amount of such Investment valued at the Fair Market Value of such
Investment at the time such Investment was made);

 

(k) Investments
constituting Permitted Acquisitions; provided that the aggregate Permitted Acquisition Consideration relating to all such
Permitted Acquisitions made or provided by the Borrower or any Guarantor to acquire any Restricted Subsidiary that does not become
a Guarantor or merge, consolidate or amalgamate into the Borrower or a Guarantor or any assets that shall not, immediately after
giving effect to such Permitted Acquisition, be owned by the Borrower or a Guarantor, shall not exceed an aggregate amount that,
measured at the time such Investment is made, after giving effect to such Investment, the sum of (i) the greater of (x) $100,000,000
and (y) 65.0% of Consolidated EBITDA for the Test Period and (ii) the Available Amount at such time;

 

(l) Investments
made to repurchase or retire Capital Stock of the Borrower owned by any employee stock ownership plan or key employee stock ownership
plan of the Borrower; provided that such repurchase or retirement is permitted in accordance with the terms of Section 10.6(b);

 

(m) Investments
in the business of the Borrower and its Restricted Subsidiaries made by the Borrower or any of its Restricted Subsidiaries with
the proceeds of any Asset Sale Prepayment Event or Recovery Event prior to the end of the Reinvestment Period or pursuant to an
Acceptable Reinvestment Commitment or Restoration Certification;

 

(n) the
Borrower may make a loan to any Parent Entity thereof that could otherwise be made as a Dividend to any Parent Entity thereof under
Section 10.6, so long as the amount of such loan is deducted from the amount available to be made as a Dividend under the applicable
clause of Section 10.6;

 

(o) Investments
in the ordinary course of business consisting of Article 3 customary endorsements for collection or deposit and Article 4 customary
trade arrangements with customers;

 

(p) advances
of payroll payments to employees, consultants or independent contractors or other advances of salaries or compensation to employees,
consultants or independent contractors, in each case in the ordinary course of business;

 

(q) Investments
held by any Person acquired by the Borrower or a Restricted Subsidiary after the Closing Date or of any Person merged into
the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with Section 10.3 after the
Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition,
merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;

 

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(r) Guarantees
by the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or of other obligations that do not constitute
Indebtedness, in each case entered into in the ordinary course of business;

 

(s) [Reserved];

 

(t) [Reserved];

 

(u) Investments
consisting of Indebtedness, Dispositions, Dividends and debt payments permitted under Sections 10.1, 10.3, 10.4 (other than 10.4(e)
or 10.4(f)), 10.6 (other than 10.6(c)) and 10.7;

 

(v) intercompany
Investments in the form of loans, advances or extensions of credit by any Credit Party to any Restricted Subsidiary that is not
a Guarantor in the ordinary course of business for working capital purposes; provided, that such loans, advances or extensions
of credit shall be evidenced by the Intercompany Note;

 

(w) intercompany
Investments so long as any such Investment is part of a series of Investments occurring substantially simultaneously and that results
in the proceeds of the initial Investments being invested in the Borrower or a Guarantor;

 

(x) [Reserved];

 

(y) [Reserved];

 

(z) any
additional Investments (including Investments in Minority Investments, Investments in Unrestricted Subsidiaries, Investments
in joint ventures or similar entities that do not constitute Restricted Subsidiaries, Investments constituting Permitted
Acquisitions and Investments in Restricted Subsidiaries that are not, and do not become, Subsidiary Guarantors), as valued at
the Fair Market Value of such Investment at the time each such Investment is made; provided that the aggregate amount
of such Investment (as so valued) shall not cause the aggregate amount of all such Investments made pursuant to this Section
10.5(z) measured (as so valued) at the time such Investment is made, to exceed, after giving effect to such Investment, the
sum of (A) the greater of (x) $75,000,000 and (y) 40.0% of Consolidated EBITDA for the Test Period, plus (B) the Available
Amount at such time, plus (C) to the extent not otherwise included in the determination of the Available Amount, an amount
equal to any repayments, interest, returns, profits, distributions, income and similar amounts actually received in respect
of any such Investment (which amount shall not exceed the amount of such Investment valued at the Fair Market Value of such
Investment at the time such Investment was made); provided, further, that intercompany current liabilities incurred in
the ordinary course of business , in connection with the cash management operations of the Borrower and the Restricted
Subsidiaries shall not be included in calculating the limitation in this Section 10.5(z) at any time;

 

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(aa) Investments in Subsidiaries to satisfy any
capital requirements necessary to maintain any regulatory status (plus a reasonable cushion in excess of any required regulatory
capital requirement);

 

(bb) Investments consisting of extensions of credit
in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business,
and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits
to suppliers in the ordinary course of business;

 

(cc) [Reserved];

 

(dd) Investments in Unrestricted Subsidiaries
for the purpose of consummating transactions permitted under Section 10.4(g);

 

(ee) the forgiveness or conversion to Capital
Stock of any Indebtedness owed by the Borrower or any Restricted Subsidiary and permitted by Section 10.1; and

 

(ff) Restricted Subsidiaries of the Borrower may be
established or created if the Borrower and such Restricted Subsidiary comply with the applicable requirements of Section
9.15, if applicable; provided that, in each case, to the extent such new Restricted Subsidiary is created solely for
the purpose of consummating a transaction pursuant to an acquisition permitted by this Section 10.5, and such new Restricted
Subsidiary at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously
with the closing of such transactions, such new Restricted Subsidiary shall not be required to take the actions set forth in
Section 9.15, as applicable, until the respective acquisition is consummated (at which time the surviving entity of the
respective transaction shall be required to so comply in accordance with the provisions thereof).

 

10.6 Limitation
on Dividends. The Borrower will not pay any dividends (other than dividends payable solely in the Capital Stock of the Borrower)
or return any capital to its equity holders or make any other distribution, payment or delivery of property or cash to its equity
holders as such, or redeem, retire, purchase or otherwise acquire, directly or indirectly, for consideration, any shares of any
class of its Capital Stock or the Capital Stock of any Parent Entity now or hereafter outstanding (or any options or warrants
or stock appreciation or similar rights issued with respect to any of its Capital Stock), or set aside any funds for any of the
foregoing purposes, or permit the Borrower or any of the Restricted Subsidiaries to purchase or otherwise acquire for consideration
any shares of any class of the Capital Stock of any Parent Entity of the Borrower or the Capital Stock of the Borrower, now or
hereafter outstanding (or any options or warrants or stock appreciation or similar rights issued with respect to any of the Capital
Stock of any Parent Entity of the Borrower or the Capital Stock of the Borrower) (all of the foregoing “Dividends”);
provided that:

 

(a) (i) the
Borrower may (or may pay Dividends to permit any Parent Entity thereof to) redeem in whole or in part any of its Capital
Stock with proceeds received by the Borrower from substantially concurrent equity contributions or issuances of new shares of
its Capital Stock; provided that any terms and provisions material to the interests of the Lenders, when taken as a
whole, contained in such other class of Capital Stock are at least as advantageous to the Lenders as those contained in the
Capital Stock redeemed thereby and (ii) the Borrower and any Restricted Subsidiary may pay Dividends payable solely in the
Capital Stock (other than Disqualified Capital Stock not otherwise permitted by Section 10.1) of such Person;

 

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(b) so
long as no Default or Event of Default has occurred, is continuing or would result therefrom, the Borrower may redeem, acquire,
retire or repurchase (and the Borrower may declare and pay Dividends to any Parent Entity thereof, the proceeds of which are used
to so redeem, acquire, retire or repurchase) shares of its Capital Stock (or any options or warrants or stock appreciation or similar
rights issued with respect to any of such Capital Stock) (or to allow any of the Borrower’s Parent Entities to so redeem,
retire, acquire or repurchase their Capital Stock (or any options or warrants or stock appreciation or similar rights issued with
respect to any of its Capital Stock)) held by current or former officers, managers, consultants, directors and employees (or their
respective spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees) of any Parent Entity
of the Borrower, the Borrower and the Restricted Subsidiaries, with the proceeds of Dividends from, the Borrower, upon the death,
disability, retirement or termination of employment of any such Person or otherwise in accordance with any stock option or stock
appreciation or similar rights plan, any management, director and/or employee stock ownership or incentive plan, stock subscription
plan, employment termination agreement or any other employment agreements or equity holders’ agreement; provided that
the aggregate amount of all cash paid in respect of all such shares of Capital Stock (or any options or warrants or stock appreciation
or similar rights issued with respect to any of such Capital Stock) so redeemed, acquired, retired or repurchased in any calendar
year does not exceed the sum of (i) $5,000,000 plus (ii) all Net Cash Proceeds obtained by the Borrower during such calendar year
from the sale of such Capital Stock to other present or former officers, consultants, employees and directors in connection with
any permitted compensation and incentive arrangements plus (iii) all net cash proceeds obtained from any key-man life insurance
policies received during such calendar year; notwithstanding the foregoing, 100% of the unused amount of payments in respect of
this Section 10.6(b)(i)) (before giving effect to any carry forward) may be carried forward without duplication to the two immediately
succeeding fiscal years (but not any other) and utilized to make payments pursuant to this Section 10.6(b)) (any amount so carried
forward shall be deemed to be used last in the subsequent fiscal year);

 

(c) (i)
to the extent constituting Dividends, the Borrower and any Restricted Subsidiary may make Investments permitted by Section 10.5
and (ii) each Restricted Subsidiary may make Dividends to the Borrower and to Restricted Subsidiaries (and, in the case of a Dividend
by a non-wholly-owned (disregarding general partner, managing member and other similar interests) Restricted Subsidiary, to the
Borrower and any Restricted Subsidiary and to each other owner of Capital Stock of such Restricted Subsidiary based on their relative
ownership interests);

 

(d) to
the extent constituting Dividends, the Borrower and any Restricted Subsidiary may enter into and consummate transactions expressly
permitted by any provision of Section 10.3 and the Borrower may pay Dividends to a Parent Entity thereof as and when necessary
to enable such Parent Entity to effect the transactions permitted by such section;

 

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(e) the
Borrower may repurchase Capital Stock of any Parent Entity of the Borrower, or the Borrower, as applicable, upon exercise of stock
options or warrants to the extent such Capital Stock represents all or a portion of the exercise price of such options or warrants,
and the Borrower may pay Dividends to a Parent Entity thereof as and when necessary to enable such Parent Entity to effect such
repurchases if the net cash consideration received by such Parent Entity in respect of such exercise price is promptly contributed
to the Borrower;

 

(f) the
Borrower may make and pay Dividends:

 

(i) (a) within
any taxable year, equal to (I) the estimated taxable income of the Borrower allocable to such period (determined without regard
to any basis adjustments under Section 734 of the Code or under Section 743 of the Code), less cumulative net taxable losses from
prior taxable years (but excluding any such losses that were allocated to Persons that have ceased to be direct or indirect owners
of the Borrower) to the extent that such losses are of a character (ordinary or capital) that would permit such losses to be deducted
by the direct or indirect owners of the Borrower against the current taxable income of the Borrower allocable to such owners and
have not previously been taken into account in determining Tax Distributions, multiplied by (II) the highest combined marginal
federal, state and local income tax rate (including taxes imposed under Section 1411 of the Code) applicable to any direct or
indirect owner of the Borrower during such period (the “Assumed Tax Rate”), and (b) after the end of any taxable
year, equal to (I) the taxable income of the Borrower for such taxable year (determined without regard to any basis adjustments
under Section 734 of the Code or under Section 743 of the Code), less cumulative net taxable losses from prior taxable years (but
excluding any such losses that were allocated to Persons that have ceased to be direct or indirect owners of the Borrower) to
the extent that such losses are of a character (ordinary or capital) that would permit such losses to be deducted by the direct
or indirect owners of the Borrower against the current taxable income of the Borrower allocable to such owners and have not previously
been taken into account in determining Tax Distributions, multiplied by the Assumed Tax Rate, minus (II) any Dividends
previously made under clause (a) with respect to such taxable year; provided that the amount of all Dividends under clause (a)
for a taxable year in excess of the annual tax liability determined under clause (b)(I) for such taxable year shall reduce dollar-for-dollar
subsequent Dividends under clause (a) (in the case of clauses (a) and (b), which shall be payable regardless of whether a Default,
Event of Default or non-compliance with Section 10.9 shall exist) (such distributions in clauses (a) and (b), “Tax Distributions”);
provided that no Tax Distribution shall be made in connection with the payment of the Special Dividend;

 

(ii) the
proceeds of which shall be used to pay (or to make Dividends to allow any Parent Entity of the Borrower to pay) its operating expenses
incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting,
corporate overhead and similar expenses provided by third parties and franchise and similar taxes), which are reasonable and customary
and incurred in the ordinary course of business (and, in the case of any Parent Entity of the Borrower, attributable to such Parent
Entity’s ownership of the Borrower), in an aggregate amount not to exceed $1,000,000 in any fiscal year;

 

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(iii) the proceeds of which shall be used to pay (or to make Dividends to allow
any Parent Entity of the Borrower to pay) franchise taxes and other fees, taxes and expenses required to maintain any of the Borrower’s
Parent Entities’ corporate existence;

 

(iv) [Reserved];

 

(v) the proceeds of which shall be used to pay (or
to make Dividends to allow any Parent Entity of the Borrower to pay) fees and expenses (other than to Affiliates) related to
any unsuccessful equity or debt offering, refinancing, issuance, incurrence, Disposition or acquisition or Investment
transaction permitted by this Agreement;

 

(vi) the proceeds of which shall be used to
pay customary salary, bonus and other benefits payable to officers, employees and consultants of any Parent Entity thereof to the
extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and its Restricted
Subsidiaries; and

 

(vii) the proceeds of
which shall be used to pay any earn-out obligations in connection with the Transactions (or other similar obligations under
the Purchase Agreement (including the Post Closing Purchase Price)) in each case without giving effect to any amendment to
such obligations that is adverse to the interest of the Lenders or any other contractual earn-out obligations to the extent
constituting a bona fide Investment made by the Borrower and/or its Restricted Subsidiaries under Section 10.5;

 

(g) so
long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower may make and pay the Special
Dividend;

 

(h) in addition to the
foregoing Dividends, the Borrower may make additional Dividends; provided that any such Dividend shall not cause the
aggregate amount of all such Dividends made pursuant to this Section 10.6(h) measured at the time such Dividend is paid to
exceed, after giving effect to such Dividend, the sum of (i) $25,000,000 plus (ii) an amount equal to the Available Amount at
the time such Dividend is paid so long as in the case of this clause (ii) (A) other than with respect to the use of the
portion of the Available Amount attributable to clauses (iv), (vii) and (viii) of the definition thereof, no Event of Default
has occurred and is continuing or would result therefrom and (B) other than with respect to the use of the Starter Basket and
the portion of the Available Amount attributable to clauses (iv), (vii) and (viii) of the definition thereof, the Borrower
would be in compliance, on a Pro Forma Basis, with a First Lien Secured Leverage Ratio of no greater than 3.50:1.0 after
giving effect thereto;

 

(i) the Borrower may
make additional Dividends pursuant to this clause (i) if, (A) after giving Pro Forma Effect to such Dividends, the Borrower
would be in compliance with a Total Leverage Ratio as of the most recently ended Test Period on or prior to date of the
making of any such Dividends, calculated on a Pro Forma Basis, as if such Dividends had occurred on the first day of such
Test Period, that is no greater than 2.50:1.0 and (B) no Event of Default has occurred and is continuing or would result
therefrom;

 

(j) the Borrower may
(or may make Dividends to allow any Parent Entity to) (i) pay cash in lieu of fractional shares in connection with any
Dividend, split or combination thereof or any Permitted Acquisition (or similar Investment) and (ii) honor any conversion
request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any
such conversion and may make payments on convertible Indebtedness of the Borrower and the Restricted Subsidiaries in
accordance with its terms;

 

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(k) the
Borrower may make payments (or make Dividends to allow any Parent Entity to make such payments) described in Sections 9.10(c),
(e), (i), (j), (l) and (p) (subject to the conditions set out therein); and

 

(l) after
any initial public offering of the Capital Stock of the Borrower or any Parent Entity of the Borrower, the payment of dividends
and distributions within 60 days after the date of declaration thereof, if at the date of declaration of such payment, such payment
would have complied with the other provisions of this Section 10.6.

 

10.7 Limitations on Debt Payments
and Amendments. (a) The Borrower will not, and will not permit any of the Restricted Subsidiaries to prepay, repurchase, redeem
or otherwise defease any Subordinated Indebtedness (it being understood that payments of regularly scheduled interest shall be
permitted); provided that the Borrower or any Restricted Subsidiary may prepay, repurchase, redeem or defease any Subordinated
Indebtedness (i) with the proceeds of any Permitted Refinancing Indebtedness in respect of such Indebtedness, (ii) by converting
or exchanging any such Indebtedness to Qualified Capital Stock of the Borrower or any of its Parent Entities or (iii) in (A) an
aggregate amount not to exceed the greater of (x) $15,000,000 and (y) 10.0% of Consolidated EBITDA for the Test Period plus (B)
an amount equal to the Available Amount at the time of such prepayment, redemption, repurchase or defeasance so long as in the
case of this clause (B) (1) other than with respect to the use of the portion of the Available Amount attributable to clauses (iv),
(vii) and (viii) of the definition thereof, no Event of Default has occurred and is continuing or would result therefrom and (2)
other than with respect to the use of the Starter Basket and the portion of the Available Amount attributable to clauses (iv),
(vii) and (viii) of the definition thereof, the Borrower would be in compliance, on a Pro Forma Basis, with a First Lien Secured
Leverage Ratio of no greater than 3.50:1.0 after giving effect thereto.

 

(b) The
Borrower will not, and will not permit any of the Restricted Subsidiaries to waive, amend, modify, terminate or release any Subordinated
Indebtedness Documentation to the extent that any such waiver, amendment, modification, termination or release, taken as a whole,
would be adverse to the Lenders in any material respect.

 

(c) Notwithstanding
the foregoing and for the avoidance of doubt, nothing in this Section 10.7 shall prohibit (i) the repayment or prepayment of intercompany
subordinated Indebtedness owed among the Borrower and/or the Restricted Subsidiaries, in either case unless an Event of Default
has occurred and is continuing and the Borrower has received a notice from the Collateral Agent instructing it not to make or permit
the Borrower and/or the Restricted Subsidiaries to make any such repayment or prepayment or (ii) substantially concurrent transfers
of credit positions in connection with intercompany debt restructurings so long as such Indebtedness is permitted by Section 10.1
after giving effect to such transfer.

 

10.8 Limitations on Sale Leasebacks.
The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into or effect any Sale Leasebacks.

 

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10.9 Financial Covenant. As of the end
of each fiscal quarter for which Section 9.1 Financials have been delivered (beginning with the fiscal quarter ended March 31,
2014), but only if, on the last day of such fiscal quarter, the aggregate amount of (i) Revolving Credit Loans, (ii) Swingline
Loans and (iii) Letter of Credit Obligations (other than in respect of Letters of Credit that have been Cash Collateralized to
at least 100% of their maximum stated amount) in excess of $5,000,000 that is outstanding and/or issued, as applicable, exceeds
25% of the aggregate amount of the Total Revolving Credit Commitments, permit the First Lien Secured Leverage Ratio as of the last
day of such fiscal quarter to exceed 3.75:1.00.

 

10.10 Permitted Activities
of the Parent GPs. Each of GCMH GP and GCM LLC shall not (a) incur, directly or indirectly, any Indebtedness or any other
obligation or liability whatsoever, other than Indebtedness or other obligations or liabilities incurred by GCMH GP solely as
a result of its status as, or in the performance of its duties as, the general partner of Borrower or any Affiliate of Borrower
or by GCM LLC solely as a result of its status as, or in the performance of its duties as, the general partner of Grosvenor or
any Affiliates of Grosvenor, not to exceed $1,000,000 in the aggregate per fiscal year, in each case, (b) create or suffer to
exist any Lien upon any property or assets now owned or hereafter acquired, leased or licensed, by it, (c) engage in any business
or activity or own any assets other than (i) in the case of GCMH GP, holding 100% of the general partnership interests of Borrower
or holding 100% of the general partnership or managing member (or manager) interests in any Affiliate of Borrower and (ii) in
the case of GCM LLC, holding 100% of the general partnership interests of Grosvenor or holding 100% of the general partnership
or managing member (or manager) interests in any Affiliate of Grosvenor, (d) consolidate with or merge with or into, or convey,
transfer, lease or license all or substantially all its assets to, any Person (other than in connection with a restructuring that
does not result in a Change of Control so long as the transferee assumes all Obligations of the transferor under the Credit Documents,
(e) (i) in the case of GCMH GP, sell or otherwise dispose of any Capital Stock of Borrower or any Affiliate of Borrower and (ii)
in the case of GCM LLC, sell or otherwise dispose of any Capital Stock of Grosvenor or any Affiliate of Grosvenor, (f) (i) in
the case of GCMH GP, create or acquire any Subsidiary or make or own any Investment in any Person other than Borrower or an Affiliate
of Borrower and (ii) in the case of GCM LLC, create or acquire any Subsidiary or make or own any Investment in any Person other
than Grosvenor or an Affiliate of Grosvenor, or (g) fail to hold itself out to the public as a legal entity separate and distinct
from all other Persons. None of clauses (d), (e), (f), or (g) shall apply to actions described therein which are taken in connection
with an equity issuance in which GCMH GP or GCM LLC, as the case may be, ceases to be the general partner of the Borrower or Grosvenor,
as the case may be (a “Qualified Equity Transaction”).

 

10.11 Amendments or Waivers of Organizational
Documents. Borrower shall not nor shall it permit any Guarantor to, agree to any amendment, restatement, supplement or other
modification to, or waiver of, any of its Organizational Documents after the Closing Date which, in any case, would be materially
adverse to the interest of the Lenders.

 

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10.12 Burdensome
Agreements. The Borrower will not and will not permit any of the Restricted Subsidiaries to, enter into or permit to
exist any Contractual Obligation (other than this Agreement, any other Credit Document, any Permitted Additional Debt
Documents related to any Permitted Additional Debt, any documentation governing any Credit Agreement Refinancing Indebtedness
or any documentation governing any Permitted Refinancing Indebtedness incurred to Refinance any
such Indebtedness) that limits the ability of (a) any Restricted Subsidiary of the Borrower that is not a Guarantor from
making dividends or distributions to the Borrower or any Guarantor or (b) the Borrower or any Guarantor from creating,
incurring, assuming or suffering to exist Liens on property of such Person for the benefit of the Secured Parties with
respect to the Obligations or under the Credit Documents; provided that the foregoing clauses (a) and (b) shall not
apply to Contractual Obligations that:

 

(i) (x)
exist on the Closing Date and are listed on Schedule 10.12 hereto and (y) to the extent Contractual Obligations permitted by clause
(x) are set forth in an agreement evidencing Indebtedness or other obligations, are set forth in any agreement evidencing any Permitted
Refinancing Indebtedness incurred to Refinance such Indebtedness or obligation so long as such Permitted Refinancing Indebtedness
does not expand the scope of such Contractual Obligation,

 

(ii) are
binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Borrower,
so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary
of the Borrower,

 

(iii) represent
Indebtedness of a Restricted Subsidiary of the Borrower that is not a Guarantor to the extent such Indebtedness is permitted by
Section 10.1,

 

(iv) arise
pursuant to agreements entered into with respect to any sale, transfer, lease or other Disposition permitted by Section 10.4 and
applicable solely to assets under such sale, transfer, lease or other Disposition,

 

(v) are
customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section
10.5 and applicable solely to such joint venture entered into in the ordinary course of business,

 

(vi) are
negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 10.1, but solely to the
extent any negative pledge relates to the property financed by or the subject of such Indebtedness,

 

(vii) are
customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions
relate to the assets subject thereto,

 

(viii) comprise
restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 10.1 to the extent that such
restrictions apply only to the property or assets securing such Indebtedness,

 

(ix) are
customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Borrower or any Restricted
Subsidiary,

 

(x) are
customary provisions restricting assignment of any agreement entered into in the ordinary course of business,

 

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(xi) are
restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of
business,

 

(xii) are
imposed by Applicable Law,

 

(xiii) customary
net worth provisions contained in Real Property leases entered into by Subsidiaries of the Borrower, so long as the Borrower has
determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower
and its Subsidiaries to meet their ongoing obligation, and

 

(xiv) contain
restrictions prohibiting the granting of a security interest in licenses or sublicenses of Intellectual Property, which licenses
and sublicenses are entered into in the ordinary course of business (in which case such restriction shall relate only to such Intellectual
Property).

 

SECTION 11. Events of Default

 

Upon the occurrence
of any of the following specified events (each an “Event of Default”):

 

11.1 Payments. The Borrower shall (a)
default in the payment when due of any principal of the Loans or the reimbursement of any Unpaid Drawing or (b) default, and such
default shall continue for five or more Business Days, in the payment when due of any interest on the Loans or any fees or of any
other amounts owing hereunder or under any other Credit Document (other than any amount referred to in clause (a) above); or

 

11.2 Representations, etc. Any representation,
warranty or statement made or deemed made by any Credit Party (or Holdings, any Parent GP or any GP Entity that is a party to any
of the Credit Documents) herein or in any other Credit Document or any certificate, statement, report or other document delivered
or required to be delivered pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of which
made or deemed made; or

 

11.3 Covenants. Any Credit Party
(or Holdings, any Parent GP or any GP Entity that is a party to any of the Credit Documents to which any covenants, term or
agreements under any of the Credit Documents are applicable) shall (a) default in the due performance or observance by it of
any term, covenant or agreement contained in Section 9.1(e)(i), Section 9.6 (with respect to the existence of the Borrower
only) or Section 10; provided that with respect to Section 10.9, an Event of Default shall not occur until the
expiration of the 10th day subsequent to the date the certificate calculating compliance with Section 10.9 as of the last day
of any fiscal quarter is required to be delivered pursuant to Section 9.1(d) (without giving effect to any grace period for
such delivery) with respect to such fiscal quarter or fiscal year, as applicable; provided that a Default by the
Borrower under Section 10.9 (a “Financial Covenant Event of Default”) shall not constitute an Event of
Default with respect to the Term Loan Facility, any Incremental Term Loan Facility or any Credit Agreement Refinancing
Indebtedness (unless consisting of revolving credit facilities) unless and until the Required Revolving Class Lenders under
the Revolving Credit Facility shall have terminated their Revolving Credit Commitments and declared all amounts outstanding
under the Revolving Credit Facility to be due and payable, or (b) default in the due
performance or observance by it of any term, covenant or agreement (other than those referred to in Section 11.1, Section
11.2 and clause (a) of this Section 11.3) contained in this Agreement or any other Credit Document and such default shall
continue unremedied for a period of at least 30 days after receipt of written notice by the Borrower from the Administrative
Agent or the Required Lenders; or

 

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11.4 Default Under
Other Agreements. (a) The Borrower or any of the Restricted Subsidiaries shall (i) default in any payment with respect to
any Indebtedness (other than any Indebtedness described in Section 11.1) in excess of $20,000,000, beyond the period of
grace, if any, provided in the instrument or agreement under which such Indebtedness was created or (ii) default in the
observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (other
than, (x) with respect to Indebtedness consisting of any Hedging Agreements, termination events or equivalent events pursuant
to the terms of such Hedging Agreements and (y) secured Indebtedness that becomes due solely as a result of the sale,
transfer or other Disposition (including as a result of Recovery Event) of the property or assets securing such Indebtedness)
the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness
(or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due prior to its stated
maturity; provided that such default or failure remains unremedied or has not been waived by the holders of such
Indebtedness; or (b) without limiting the provisions of clause (a) above, any such Indebtedness shall be declared to be due
and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment
prior to the stated maturity thereof; provided that this clause (b) shall not apply to (A) Indebtedness outstanding
under any Hedging Agreements that becomes due pursuant to a termination event or equivalent event under the terms of such
Hedging Agreements and (B) secured Indebtedness that becomes due as a result of a Disposition or a Recovery Event of, or
related to, the property or assets securing such Indebtedness prior to the stated maturity thereof; or

 

11.5 Bankruptcy,
etc. The Borrower or any Specified Subsidiary shall commence a voluntary case, proceeding or action concerning itself
under the Bankruptcy Code; or an involuntary case, proceeding or action is commenced against the Borrower or any Specified
Subsidiary under the Bankruptcy Code and the petition is not dismissed within 60 days after commencement of the case,
proceeding or action; or a custodian (as defined in the Bankruptcy Code) receiver, receiver manager, trustee or similar
person is appointed for, or takes charge of, all or substantially all of the property of the Borrower or any Specified
Subsidiary; or the Borrower or any Specified Subsidiary commences any other proceeding or action under any other Debtor
Relief Law of any jurisdiction whether now or hereafter in effect relating to the Borrower or any Specified Subsidiary; or
there is commenced against the Borrower or any Specified Subsidiary under any Debtor Relief Law any such proceeding or action
that remains undismissed for a period of 60 days; or any order of relief or other order approving any such case or proceeding
or action is entered; or the Borrower or any Specified Subsidiary suffers any appointment of any custodian receiver, receiver
manager, trustee or the like for it or any substantial part of its property to continue undischarged or unstayed for a period
of 60 days; or the Borrower or any Specified Subsidiary makes a general assignment for the benefit of creditors; or any
corporate action is taken by the Borrower or any Specified Subsidiary for the purpose of effecting any of the foregoing;
or

 

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11.6 ERISA. (a) With respect to any Pension
Plan, the failure to satisfy the minimum funding standard required for any plan year or part thereof or a waiver of such standard
or extension of any amortization period is sought or granted under Section 412 of the Code; with respect to any Multiemployer Plan,
the failure to make any required contribution or payment; a determination that any Pension Plan is in at-risk status within the
meaning of Section 430 of the Code or Section 303 of ERISA or any Multiemployer Plan is in endangered or critical status within
the meaning of Section 432 of the Code or Section 305 of ERISA; any Pension Plan is or shall have been terminated or is the subject
of termination proceedings under ERISA (including the giving of written notice thereof); with respect to any Multiemployer Plan,
notification by the administrator of such Multiemployer Plan that any of the Borrower, any Restricted Subsidiary thereof or any
ERISA Affiliate has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan; the PBGC provides written notice
of its intent to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan in a manner that results in
a liability under Title IV of ERISA to the Borrower, any Restricted Subsidiary thereof or any ERISA Affiliate; an event shall have
occurred or a condition shall exist entitling the PBGC to provide written notice of its intent to terminate any Pension Plan; any
of the Borrower, any Restricted Subsidiary thereof or any ERISA Affiliate has incurred a liability to or on account of a Pension
Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064 or 4069 of ERISA or Section 4971 or 4975 of the Code; any termination
of a Foreign Plan has occurred; any non compliance with Applicable Law (including funding requirements under such Applicable Law)
for any Foreign Plan has occurred; (b) there would reasonably be expected to result from any event or events set forth in clause
(a) of this Section 11.6 the imposition of a lien, the granting of a security interest, or a liability; and (c) such lien, security
interests or liability will or would be reasonably likely to have a Material Adverse Effect; or

 

11.7 Guarantee. The Guarantee or any
material provision thereof shall cease to be in full force or effect or any Guarantor thereunder or any Credit Party shall deny
or disaffirm in writing any Guarantor’s obligations under the Guarantee; or

 

11.8 Security Documents. Any Security
Document or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof or
thereof or as a result of acts or omissions of the Administrative Agent, the Collateral Agent or any Lender) or any grantor, pledgor
or mortgagor thereunder or any Credit Party (or Holdings, any Parent GP or any GP Entity that is a party to any of the Security
Documents) shall deny or disaffirm in writing any grantor’s, pledgor’s or mortgagor’s or such Person’s
obligations under such Security Document; or

 

11.9 Judgments. One or more judgments
or decrees shall be entered against the Borrower or any of the Restricted Subsidiaries for the payment of money in an aggregate
amount in excess of $20,000,000 for all such judgments and decrees for the Borrower and the Restricted Subsidiaries (to the extent
not paid or fully covered by insurance provided by a carrier not disputing coverage) and any such judgments or decrees shall not
have been satisfied, vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; or

 

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11.10 Change of Control. A Change of Control shall occur;

 

then, and in any such event, and at any time thereafter, if (x)
any Event of Default shall then be continuing, the Administrative Agent shall, upon the written request of the Required Lenders
(it being agreed that a Financial Covenant Event of Default shall not constitute an Event of Default with respect to the Term Loan
Facility, any Incremental Term Loan Facility or any Credit Agreement Refinancing Indebtedness (unless consisting of revolving credit
facilities), and none of the actions described in clauses (i) and (ii) below may be taken as a result of a Financial Covenant Event
of Default with respect to the Term Loan Facility, any Incremental Term Loan Facility or any Credit Agreement Refinancing Indebtedness
(unless consisting of revolving credit facilities), in each case prior to such time as the Required Revolving Class Lenders under
the Revolving Credit Facility shall have terminated their Revolving Credit Commitments and declared all amounts outstanding under
the Revolving Credit Facility to be due and payable), or (y) a Financial Covenant Event of Default shall then be continuing, the
Administrative Agent shall, upon the written request of the Required Revolving Class Lenders (and in the case of this clause (y),
without limiting Section 11.3, only with respect to the Revolving Credit Facility and any Swingline Loans, Letters of Credit, Letter
of Credit Borrowings and Letter of Credit Obligations), in either case by written notice to the Borrower, take either or both of
the following actions: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately and (ii) declare
the principal of and any accrued interest and fees in respect of all Loans and all Obligations owing hereunder and thereunder to
be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower without prejudice to the rights of the Administrative Agent or any Lender to enforce
its claims against the Borrower, except as otherwise specifically provided for in this Agreement (provided that if an Event
of Default specified in Section 11.5 with respect to the Borrower shall occur, no written notice by the Administrative Agent shall
be required and the Commitments shall automatically terminate and all amounts in respect of all Loans and all Obligations shall
be automatically become forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower).

 

11.11 Borrower’s Right to Cure.

 

(a) Financial
Performance Covenant. Notwithstanding anything to the contrary contained in this Section 11, in the event that the
Borrower reasonably expects to fail (or has failed) to comply with the requirements of Section Error! Reference source not
found. as of the end of any fiscal quarter when such covenant is required to be tested, at any time after the end of such
fiscal quarter through and until the expiration of the 10th day subsequent to the date the financial statements are required
to be delivered pursuant to Section 9.1(a) or Section 9.1(b) with respect to such fiscal quarter (the “Cure
Deadline”), the Borrower (or any Parent Entity thereof) shall have the right to issue Qualified Capital Stock (in a
form reasonably acceptable to the Administrative Agent if other than ordinary common stock) for cash or otherwise receive
cash contributions to the capital of the Borrower (collectively, the “Cure Right”), and upon the receipt
by the Borrower of the net proceeds of such issuance or contribution (the “Cure Amount”) pursuant to the
exercise by the Borrower of such Cure Right, provided such Cure Amount is received by the Borrower on or before the
applicable Cure Deadline, compliance with Section 10.9 for such fiscal quarter shall be recalculated giving effect to the
following pro forma adjustments:

 

(i) Consolidated
EBITDA shall be increased with respect to such applicable fiscal quarter with respect to which such Cure Amount is received by
the Borrower and any Test Period that includes such fiscal quarter, solely for the purpose of determining whether an Event of Default
has occurred and is continuing as a result of a violation of the covenant set forth in Section 10.9 and, subject to clause (c)
below, not for any other purpose under this Agreement, by an amount equal to the Cure Amount;

 

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(ii) Consolidated
First Lien Debt as of the end of any fiscal quarter subsequent to the fiscal quarter for which the Cure Amount is deemed applied
shall, notwithstanding clause (i) above, be decreased solely to the extent proceeds of the Cure Amount are actually applied to
prepay any Indebtedness under the Credit Facilities (provided that any such Indebtedness so prepaid shall be a permanent
repayment of such Indebtedness and termination of commitments thereunder); and

 

(iii) if,
after giving effect to the foregoing pro forma adjustment, the Borrower shall then be in compliance with the requirements of Section
10.9, the Borrower shall be deemed to have satisfied the requirements of Section 10.9 as of the relevant date of determination
with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default
of Section 10.9 that had occurred shall be deemed cured for purposes of this Agreement;

 

provided that the Borrower shall have notified the Administrative
Agent in writing of the exercise of such Cure Right within five Business Days of the receipt of the Cure Amounts.

 

(b) Limitation on Exercise
of Cure Right. Notwithstanding anything herein to the contrary, (i) in each four fiscal-quarter period there shall be no more
than two fiscal quarters with respect to which the Cure Right is exercised, (ii) from and after the Closing Date, there shall
be no more than five exercises of the Cure Right in the aggregate during the term of the Credit Facilities, (iii) the Cure Amount
shall be no greater than the amount required for purposes of pro forma compliance with Section 10.9 as of the end of such fiscal
quarter (such amount, the “Necessary Cure Amount”); provided that if the Cure Right is exercised prior
to the date financial statements are required to be delivered for such fiscal quarter then the Cure Amount shall be equal to the
amount reasonably determined by the Borrower in good faith that is required for purposes of complying with Section 10.9 for such
fiscal quarter (such amount, the “Expected Cure Amount”), (iv) subject to clause (c) below, all Cure Amounts
shall be disregarded for purposes of determining the Applicable Margin, the Commitment Fee Rate, financial ratio-based conditions,
any baskets with respect to the covenants contained in the Credit Documents or the calculation or usage of the Available Amount
and (v) there shall be no pro forma reduction in Indebtedness (by netting or otherwise) with the proceeds of any Cure Amount for
determining compliance with Section 10.9 for the fiscal quarter for which such Cure Amount is deemed applied.

 

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(c) Expected Cure Amount.
Notwithstanding anything herein to the contrary, to the extent that the Expected Cure Amount is (i) greater than the Necessary
Cure Amount, then such difference may be used for the purposes of determining any baskets (other than any previously contributed
Cure Amounts), with respect to the covenants contained in the Credit Documents or the Available Amount and (ii) less than the
Necessary Cure Amount, then not later than the applicable Cure Deadline, the Borrower must receive the cash proceeds from the
issuance of Qualified Capital Stock or a cash capital contribution, which cash proceeds received by Borrower shall be equal to
the shortfall between such Expected Cure Amount and such Necessary Cure Amount.

 

SECTION 12. The Administrative Agent and
the Collateral Agent

 

12.1 Appointment. (a) Each of the Lenders
and the Letter of Credit Issuers hereby irrevocably appoints Goldman Sachs to act on its behalf as the Administrative Agent hereunder
and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers
as are reasonably incidental thereto. It is understood and agreed that the use of the term “agent” herein or in any
other Credit Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter
of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

(b) The Administrative Agent shall also act as the
“Collateral Agent” under the Credit Documents, and each of the Lenders (including in its capacities as a
potential Hedge Bank and a potential Cash Management Bank) and the Letter of Credit Issuers hereby irrevocably appoints and
authorizes the Administrative Agent to act as the agent of such Lender and such Letter of Credit Issuer for purposes of
acquiring, holding and enforcing any and all Liens on Collateral granted under the Security Documents to secure any of the
Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the
Administrative Agent, as “Collateral Agent”, and any co-agents, sub-agents and attorneys-in-fact appointed by the
Administrative Agent pursuant to Section 12.2 for purposes of holding or enforcing any Lien on the Collateral (or any portion
thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the
Administrative Agent), shall be entitled to the benefits of all provisions of this Section 12 and Section 13 (including
Section 13.5(a), as though such co-agents, sub-agents and attorneys-in-fact were the “Collateral Agent” under the
Credit Documents) as if set forth in full herein with respect thereto.

 

12.2 Delegation of
Duties. The Administrative Agent and the Collateral Agent may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Credit Document by or through any one or more sub-agents appointed by the
Administrative Agent or the Collateral Agent, as applicable. The Administrative Agent, the Collateral Agent and any such
sub-agent may perform any and all of its duties and exercise their respective rights and powers by or through their
respective Related Parties. The exculpatory provisions of this Section 12 shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent, the Collateral Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent or the Collateral Agent, as applicable. The Administrative Agent shall not be responsible for the
negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final
and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents.

 

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12.3 Exculpatory Provisions. The Administrative
Agent and the Collateral Agent shall not have any duties or obligations except those expressly set forth herein and in the other
Credit Documents and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing,
the Administrative Agent and the Collateral Agent:

 

(a) shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b) shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Credit Documents that the Administrative Agent or the Collateral Agent is required
to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly
provided for herein or in the other Credit Documents); provided that the Administrative Agent and the Collateral Agent shall
not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent or the
Collateral Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt
any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

 

(c) shall
not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or the Collateral Agent or any of its Affiliates in any capacity;

 

(d) shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 12.10 and 13.1 or (ii) in the absence of its own gross negligence or
willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment; and

 

(e) shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any
of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv)
the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other
agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the
Security Documents, (v) the value or the sufficiency of any Collateral, or (v) the satisfaction of any condition set forth in
Section 6, Section 7 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent and the Collateral Agent.

 

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12.4 Reliance by Administrative Agent.
The Administrative Agent and the Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Administrative Agent and the Collateral Agent also may rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or
increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or a Letter of Credit Issuer,
the Administrative Agent may presume that such condition is satisfactory to such Lender or such Letter of Credit Issuer unless
the Administrative Agent shall have received notice to the contrary from such Lender or such Letter of Credit Issuer prior to the
making of such Loan or the issuance of such Letter of Credit. The Administrative Agent and the Collateral Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

12.5 Notice of Default. The Administrative
Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the
Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or
Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent
receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take
such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided
that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not
be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable in the best interests of the Lenders (except to the extent that this Agreement requires that such action be taken
only with the approval of the Required Lenders or each of the Lenders, as applicable).

 

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12.6 Non-Reliance
on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor
any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties
to it and that no act by the Administrative Agent hereinafter taken, including any review of the affairs of Holdings, the
Borrower, any Guarantor or any other Credit Party, shall be deemed to constitute any representation or warranty by the
Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without
reliance upon the Administrative Agent or any other Lender, and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial
and other condition and creditworthiness of Holdings, the Borrower, any Guarantor and any other Credit Party and made its own
decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently
and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not
taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to
inform itself as to the business, operations, property, financial and other condition and creditworthiness of Holdings, the
Borrower, any Guarantor and any other Credit Party. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or
responsibility to provide any Lender with any credit or other information concerning the business, assets, operations,
properties, financial condition, prospects or creditworthiness of Holdings, the Borrower, any Guarantor or any other Credit
Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates.

 

12.7 Indemnification. The Lenders agree
to indemnify the Agents in their capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation
of the Borrower to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on
which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated
and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in
effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including at any time following
the payment of the Loans) be imposed on, incurred by or asserted against the Agents in any way relating to or arising out of, the
Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein
or the transactions contemplated hereby or thereby or any action taken or omitted by the Agents under or in connection with any
of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Agents’ gross
negligence or willful misconduct. The agreements in this Section 12.7 shall survive the payment of the Loans and all other amounts
payable hereunder.

 

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12.8 Successor
Agent. The Administrative Agent and the Collateral Agent may at any time, upon no less than 30 days prior written notice
to the Lenders, the Letter of Credit Issuers and the Borrower, resign as an Agent hereunder. In addition, if the
Administrative Agent, and/or Collateral Agent shall become a Defaulting Lender pursuant to clause (v) of the definition of
Lender Default, then such Agent may be removed from its capacity as Agent hereunder upon the request of the Required Lenders
and the Borrower and by notice in writing to such Person. Upon receipt of any such notice of resignation or after notice of
removal, the Required Lenders shall have the right, with the consent of the Borrower (such consent not to be unreasonably
withheld or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of
any such bank with an office in the United States. In respect of a resignation, if no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent or Collateral Agent, as applicable, gives notice of its resignation (or such earlier day as
shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring
Administrative Agent or Collateral Agent, as applicable, may with the consent of the Borrower (such consent not be
unreasonably withheld or delayed) on behalf of the Lenders and the Letter of Credit Issuers, appoint a successor
Administrative Agent or Collateral Agent, as applicable, meeting the qualifications set forth above; provided that if
the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment,
then, whether or not a successor has been appointed, such resignation shall nonetheless become effective in accordance with
such notice on the Resignation Effective Date. In respect of a removal, if no such successor shall have been so appointed by
the Required Lenders and shall have accepted such appointment within 30 days after receipt by the removed Administrative
Agent or Collateral Agent, as applicable, of the written notice of its removal (or such earlier day as shall be agreed by the
Required Lenders) (the “Removal Effective Date”), if the Required Lenders shall notify the Borrower and
the Lenders that no qualifying Person has accepted such appointment, then, whether or not a successor has been appointed,
such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. Effective as of
the Resignation Effective Date or the Removal Effective Date, as applicable, (a) the retiring Administrative Agent or
Collateral Agent, as applicable, shall be discharged from its duties and obligations hereunder and under the other Credit
Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the
Letter of Credit Issuers under any of the Credit Documents, the retiring Collateral Agent shall continue to hold such
collateral security until such time as a successor Collateral Agent is appointed) and (b) all payments, communications and
determinations provided to be made by, to or through the Administrative Agent or Collateral Agent, as applicable, shall
instead be made by or to each Lender and the Letter of Credit Issuers directly, until such time as the Required Lenders
appoint a successor Administrative Agent or Collateral Agent, as applicable, as provided for above in this Section. Upon the
acceptance of a successor’s appointment as Administrative Agent or Collateral Agent, as applicable, hereunder, such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or
retired) or replaced Administrative Agent or Collateral Agent, as applicable, and the retiring (or retired) or replaced
Administrative Agent or Collateral Agent, as applicable, shall be discharged from all of its duties and obligations hereunder
and under the other Credit Documents (if not already discharged therefrom as provided above in this Section). The fees
payable by the Borrower to a successor Administrative Agent or Collateral Agent, as applicable, shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or replaced
Administrative Agent’s or Collateral Agent’s as applicable, resignation or replacement hereunder and under the
other Credit Documents, the provisions of this Section 12 and Section 13.5 shall continue in effect for the benefit of such
retiring or replaced Administrative Agent or Collateral Agent, as applicable, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent or
Collateral Agent, as applicable, was acting as Administrative Agent or Collateral Agent, as applicable.

 

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12.9 Withholding Tax. To the
extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an
amount equivalent to any applicable withholding tax, except taxes imposed as a result of a current or former connection
unrelated to this Agreement between the Administrative Agent and any jurisdiction outside of the United States imposing such
tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the
Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the
appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative
Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for
any other reason), such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly,
by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred,
including legal expenses, allocated staff costs and any out of pocket expenses.

 

12.10 Rights as a Lender. The Person
serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities
of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower
or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders.

 

12.11 No Other Duties, Etc. Anything herein
to the contrary notwithstanding, none of the Joint Lead Arrangers, Joint Bookrunners, Syndication Agent or the
Co-Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender
or the Letter of Credit Issuer hereunder.

 

12.12 Administrative Agent May File Proofs
of Claim. In case of the pendency of any proceeding under the Bankruptcy Code, any other applicable bankruptcy laws or any
other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any
Loan or Letter of Credit Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

 

(a) to file and
prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of Credit
Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or
advisable in order to have the claims of the Lenders, the Letter of Credit Issuers and the Administrative Agent (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Letter of Credit Issuers
and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Letter of
Credit Issuers and the Administrative Agent under Sections 4.1 and 13.5) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Lender and each Letter of Credit Issuer
to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments
directly to the Lenders and the Letter of Credit Issuers, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts
due the Administrative Agent under Sections 4.1 and 13.5.

 

Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any Letter of Credit
Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender
or any Letter of Credit Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Letter
of Credit Issuer or in any such proceeding.

 

12.13 Secured Cash Management Agreements
and Secured Hedge Agreements. Except as otherwise expressly set forth herein or in any Guarantee or any Security Document,
no Cash Management Bank or Hedge Bank that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions
hereof or of any Guarantee or any Security Document shall have any right to notice of any action or to consent to, direct or object
to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or
impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in
the Credit Documents. Notwithstanding any other provision of this Section 12 to the contrary, the Administrative Agent shall not
be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising
under Secured Cash Management Agreements and Secured Hedging Agreements unless the Administrative Agent has received written notice
of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash
Management Bank or Hedge Bank, as the case may be.

 

12.14 Intercreditor Agreements. In connection
with the incurrence by the Borrower or any Restricted Subsidiary of any Indebtedness that is secured by Liens permitted by Section
10.2, at the request of the Borrower, the Administrative Agent (including in its capacity as Collateral Agent) agrees to execute
and deliver the Customary Intercreditor Agreements, as applicable, and any amendments, amendments and restatements, restatements
or waivers of or supplements thereto. In connection with any such amendment, restatement, waiver, supplement or other modification,
the Credit Parties shall deliver such officers’ certificates and supporting documentation as the Administrative Agent may
reasonably request. The Lenders hereby authorize the Administrative Agent to take any action contemplated by the preceding sentence,
and any such amendment, amendment and restatement, restatement, waiver of or supplement to or other modification of any such Credit
Document shall be effective notwithstanding the provisions of Section 13.1.

 

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SECTION 13. Miscellaneous

 

13.1 Amendments and Waivers. Except as
expressly set forth in this Agreement, neither this Agreement nor any other Credit Document, nor any terms hereof or thereof may
be amended, supplemented or modified except in accordance with the provisions of this Section 13.1. The Required Lenders may, or,
with the written consent of the Required Lenders, the Administrative Agent and/or the Collateral Agent shall, from time to time,
(a) enter into with the relevant Credit Party or Credit Parties (or Holdings, any Parent GP or any GP Entity that is party to any
of the Credit Documents) written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose
of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or
the Credit Parties (or Holdings, any Parent GP or any GP Entity that is party to any of the Credit Documents) hereunder or thereunder
or (b) waive, on such terms and conditions as the Required Lenders, the Administrative Agent and/or the Collateral Agent, as the
case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default
or Event of Default and its consequences; provided that no such waiver, amendment, supplement or modification shall directly:

 

(i) reduce or forgive
the principal of any Loan (it being understood that a waiver of any condition precedent or waiver of any Default, Event of Default,
mandatory prepayment or mandatory commitment reduction shall not constitute a reduction or forgiveness of principal) or extend
any scheduled amortization payments or the final scheduled maturity date of any Loan (other than as a result of waiving the conditions
precedent set forth in Section 6 and Section 7 or other than as a result of a waiver or amendment of any Default, Event of Default,
mandatory prepayment of Term Loans or mandatory commitment reduction (which shall not constitute an extension, forgiveness or
postponement of any maturity date)), (provided that, any Lender, upon the request of the Borrower, may extend the maturity
date of any Loans owing to it without the consent of any other Lender, including the Required Lenders) or reduce the stated interest
rate applicable to the Loans (it being understood that any change (x) to the definition of “First Lien Secured Leverage
Ratio” or (y) in the component definitions thereof shall not constitute a reduction in such rate and provided that
only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the “default
rate” or amend Section 2.8(c)), or reduce or forgive any portion, or extend the date for the payment, of any interest or
fee payable hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates and
other than as a result of waiving the conditions precedent set forth in Section 6 and Section 7 or other than as a result of a
waiver or amendment of any Default, Event of Default, any mandatory prepayment of Term Loans or mandatory commitment reduction
(which shall not constitute an extension, forgiveness or postponement of any date for payment of principal, interest or fees)),
or extend the final expiration date of any Lender’s Commitment (provided that any Lender, upon the request of the
Borrower, may extend the final expiration date of its Commitments without the consent of any other Lender, including the Required
Lenders) or extend the final expiration date of any Letter of Credit beyond the date specified in Section 3.1(a), or increase
the aggregate amount of any Commitment (other than with respect to any Incremental Facility to which such Lender has agreed) of
any Lender (other than as a result of waiving the conditions precedent set forth in Section 6 and Section 7 or other than as a
result of a waiver or amendment of any Default, Event of Default, mandatory prepayment of Term Loans or mandatory commitment reduction
(which shall not constitute an extension or increase of any commitment)), or decrease or forgive any Repayment Amount, or extend
any scheduled Initial Term Loan Repayment Date or any date scheduled for the repayment of any installment of Incremental Term
Loans, in each case, without the written consent of each Lender directly and adversely affected thereby, or

 

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(ii) modify
the percentages specified in the definition of the term “Required Revolving Class Lenders”, “Required Term Class
Lenders” or “Required Additional/Replacement Revolving Credit Lenders”, in each case without the written consent
of each Revolving Credit Lender, each Term Lender or each Additional/Replacement Revolving Credit Lender, as applicable, or

 

(iii) amend,
modify or waive any provision of this Section 13.1 or reduce the percentages specified in the definition of the term “Required
Lenders” or consent to the assignment or transfer by the Borrower of its rights and obligations under any Credit Document
to which it is a party (except as permitted pursuant to Section 10.3), without the written consent of each Lender, or

 

(iv) amend,
modify or waive Section 5.4 of the Security Agreement, Section 12(b) of the Pledge Agreement or Section 5.02 of the GP Undertaking
without the consent of each Lender, or

 

(v) amend,
modify or waive any provision of Section 12 without the written consent of the Administrative Agent and/or the Collateral Agent
(and/or each former Agent), as applicable, affected thereby, or

 

(vi) amend,
modify or waive any provision of Section 2.16 (to the extent applicable to it) or Section 3 without the written consent of each
Letter of Credit Issuer affected thereby, or

 

(vii) amend,
modify or waive any provisions hereof relating to Swingline Loans without the written consent of the Swingline Lender, or

 

(viii) change
any Commitment to a Commitment of a different Class without the prior written consent of each Lender directly and adversely affected
thereby, or

 

(ix) release
all or substantially all of the Guarantors under the Guarantee, or release all or substantially all of the Collateral under the
Security Documents, in each case without the prior written consent of each Lender, or

 

(x) amend
Section 2.9 so as to permit Interest Period intervals greater than six months if not agreed to by all applicable Lenders, in each
case without the written consent of each applicable Lender, or

 

(xi) amend or
otherwise modify Section 10.9 or waive or consent to any Default or Event of Default resulting from a breach of Section 10.9
without the written consent of the Required Revolving Class Lenders; provided, however, that, notwithstanding anything
to the contrary in this Agreement, the amendments, modifications, waivers and consents described in this clause (xi) shall
not require the consent of any Lenders other than the Required Revolving Class Lenders;

 

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provided, further, that (A) any waiver, amendment or modification
of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of
a particular Class (but not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements
in writing entered into by the Borrower and the requisite percentage in interest of the affected Class of Lenders that would be
required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time and
(B) any provision of this Agreement or any other Credit Document may be amended by an agreement in writing entered into by the
Borrower and the Administrative Agent to cure any ambiguity, defect, error, inconsistency or omission (as determined by the Administrative
Agent) (including amendments, supplements or waivers to any of the Security Documents, guarantees, intercreditor agreements or
related documents executed by any Credit Party (or Holdings, any Parent GP or any GP Entity that is a party to any of the Credit
Documents) or any other Subsidiary in connection with this Agreement if such amendment, supplement or waiver is delivered in order
to cause such Security Documents, guarantees, intercreditor agreements or related documents to be consistent with this Agreement
and the other Credit Documents) so long as, in each case, either (1) the Lenders shall have received at least five Business Days’
prior written notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such
notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment or
(2) such amendment, modification or supplement does not adversely affect the rights of any Lender (or Letter of Credit Issuer,
if applicable); provided that the consent of the Lenders or the Required Lenders, as the case may be, shall not be required
to make any such changes necessary to be made in connection with any borrowing of Incremental Term Loans to effect the provisions
of Section 2.14, the provision of any Incremental Revolving Credit Commitment Increase, any Additional/Replacement Revolving Credit
Commitments or otherwise to effect the provisions of Section 2.14, 2.15 or 10.2(a).

 

Notwithstanding the foregoing, this Agreement
may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower
(a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time
outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement
and the other Credit Documents with the Term Loans, the Revolving Credit Loans and Additional/Replacement Revolving Credit Loans
and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities
in any determination of the Required Lenders and other definitions related to such new Class.

 

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Notwithstanding
anything to the contrary contained in this Section 13.1, with the consent of the Borrower, the Collateral Agent and the
Administrative Agent (in their respective sole discretion and without the input or consent of any other Person) may or shall
to the extent required by any Credit Document, (i) effect amendments, supplements or waivers to any of the Security
Documents, guarantees, intercreditor agreements or related documents executed by any Credit Party, Holdings, the Parent GPs ,
the GP Entities or any other Subsidiary in connection with this Agreement if such amendment, supplement or waiver is
delivered in order (x) to comply with Applicable Law, (y) to cure any any ambiguity, defect, error, inconsistency or omission
(as determined by the Administrative Agent) in accordance with, and subject to the requirements of, clause (B) of the
preceding proviso, or (z) to cause such Security Documents, guarantees, intercreditor agreements or related documents to be
consistent with this Agreement and the other Credit Documents, (ii) enter into any amendment or waiver of any Security
Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or
enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the
Secured Parties, or as required by Applicable Law to give effect to, or protect any security interest for the benefit of the
Secured Parties, in any property or so that the security interests therein comply with applicable Applicable Law and

(iii) effect changes to this Agreement that are necessary and appropriate
to provide for the mechanics contemplated by the offering process described in Section 13.6(g)(i)(H) herein.

 

13.2 Notices.

 

(a) Notices Generally. Except in the case of
notices and other communications expressly permitted to be given by telephone (and except as provided in clause (b) below),
all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as
follows:

 

(i) if
to the Borrower, the Administrative Agent, any Letter of Credit Issuer or the Swingline Lender, to the address, telecopier number,
electronic mail address or telephone number specified for such Person on Schedule 13.2; and

 

(ii) if
to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its administrative
questionnaire.

 

Notices and other communications sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications
sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and
other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective
as provided in such subsection (b).

 

(b) Electronic Communications. Notices and
other communications to the Lenders and the Letter of Credit Issuers hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices to any Lender or any Letter of Credit Issuer pursuant to
Section 2 if such Lender or such Letter of Credit Issuer, as applicable, has notified the Administrative Agent that it is
incapable of receiving notices under such Section by electronic communication. The Administrative Agent or the Borrower may,
in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications.

 

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Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement); provided that if such notice, email or other communication is not sent during the normal business
hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the
next business day for the recipient and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

 

(c) Reliance by Agents
and Lenders. The Administrative Agent, the Collateral Agent and the Lenders shall be entitled to rely and act upon any notices
purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete
or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the
recipient, varied from any confirmation thereof. All telephonic notices to the Administrative Agent and/or the Collateral Agent
may be recorded by the Administrative Agent and/or the Collateral Agent, and each of the parties hereto hereby consents to such
recording.

 

(d) The Platform.
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT
THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to Holdings, the
Borrower, any Lender, any Letter of Credit Issuer or any other Person for losses, claims, damages, liabilities or expenses of
any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Credit Party’s or the Administrative
Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages,
liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted
from the gross negligence, bad faith or willful misconduct of such Agent Party.

 

13.3 No Waiver; Cumulative Remedies.
No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral Agent or any Lender,
any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

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13.4 Survival of Representations and Warranties. All representations and
warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto
or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

 

13.5 Payment of Expenses
and Taxes; Indemnification. (a) The Borrower agrees (i) to pay or reimburse each of the Agents, each Joint Lead Arranger,
each Joint Bookrunner and the Syndication Agent and the Co-Documentation Agents for all their reasonable and documented or invoiced
out-of-pocket costs and reasonable expenses (without duplication) associated with the syndication of the Credit Facilities and
incurred in connection with the preparation, execution and delivery of, and any amendment, supplement, modification and/or waiver
to this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the
consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees, disbursements
and other charges of Cravath, Swaine & Moore LLP (counsel to the Agents) with statements with respect to the foregoing to
be submitted to the Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to
time thereafter and one counsel in each relevant local jurisdiction retained with the consent of the Borrower (such consent not
to be unreasonably withheld, conditioned or delayed) (and, in the case of an actual or perceived conflict of interest, where the
Person(s) affected by such conflict notifies the Borrower of the existence of such conflict and thereafter retains its own counsel,
by another firm of counsel for such affected Person), (ii) to pay or reimburse the Collateral Agent, the Administrative Agent
and each Lender for all their reasonable and documented or invoiced out-of-pocket costs and reasonable expenses incurred in connection
with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents,
including the reasonable fees, disbursements and other charges of one firm or counsel to the Administrative Agent and the Collateral
Agent and, to the extent required, one firm or local counsel in each relevant local jurisdiction or otherwise retained with the
Borrower’s consent (such consent not to be unreasonably withheld, conditioned or delayed (which may include a single special
counsel acting in multiple jurisdictions), and (iii) to pay, indemnify and hold harmless each Lender, the Administrative Agent,
the Collateral Agent, each Joint Lead Arranger, the Joint Bookrunners, the Syndication Agent, each Co-Documentation Agent, each
Letter of Credit Issuer and their respective Related Parties (without duplication) (the “Indemnified Parties”)
from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, reasonable
expenses or disbursements of any kind or nature whatsoever and the reasonable and documented or invoiced out-of-pocket fees and
reasonable expenses incurred in connection with investigating, responding to or defending any of the foregoing (including, but
not limited to, any action, claim, litigation, investigation, inquiry or other proceeding), including reasonable fees, expenses,
disbursements and other charges of one firm of counsel for all Indemnified Parties, taken as a whole (and, in the case of an actual
or perceived conflict of interest where the Indemnified Party affected by such conflict notifies the Borrower of any existence
of such conflict and in connection with the investigating, responding to or defending any of the foregoing has retained its own
counsel, of another firm of counsel for such affected Indemnified Party), and to the extent required, one firm or local counsel
in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions) of any such Indemnified
Party arising out of or relating to any action, claim, litigation, investigation or other proceeding (including any inquiry or
investigation of the foregoing) (regardless of whether such Indemnified Party is a party thereto or whether or not such action,
claim, litigation or proceeding was brought by the Borrower, its equity holders, Affiliates or creditors or any other third person),
arising out of, or with respect to the Transactions or to the execution, delivery, enforcement, performance and administration
of this Agreement, the other Credit Documents and any such other documents or the use of the proceeds of the Loans or Letters
of Credit, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental
Law or any actual or alleged presence of or Release of Hazardous Materials applicable to the Borrower, any of its Subsidiaries
or any of the Real Property (all the foregoing in this clause (iii), collectively, the “indemnified liabilities”);
provided that the Borrower shall have no obligation hereunder to any Indemnified Party with respect to indemnified liabilities
arising from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Party or any of its Related Parties
as determined in a final and nonappealable judgment as determined by a court of competent jurisdiction, (ii) a material breach
of the obligations of such Indemnified Party or any of its Related Parties under the terms of this Agreement by such Indemnified
Party or any of its Related Parties as determined in a final and non-appealable judgment as determined by a court of competent
jurisdiction or (iii) any proceeding between and among Indemnified Parties that does not involve an act or omission by the Borrower
or any of its Affiliates; provided that the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers, the
Swingline Lender, the Joint Lead Arrangers, the Joint Bookrunners, the Syndication Agent and the Co-Documentation Agents to the
extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that none of the
exceptions set forth in clause (i) or (ii) of the immediately preceding proviso applies to such person at such time. This Section
13.5(a) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.
All amounts payable under this Section 13.5(a) shall be paid within 10 Business Days after receipt by the Borrower of an invoice
relating thereto setting forth such expense in reasonable detail. The agreements in this Section 13.5 shall survive repayment
of the Loans and all other amounts payable hereunder.

 

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(b) None of any Credit Party, Holdings, any Parent GP,
any GP Entity or any Indemnified Party shall have any liability for any punitive, indirect or consequential damages resulting
from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith
(whether before or after the Closing Date); provided that, nothing in this Section 13.5(b) shall limit indemnity
obligations of any Credit Party, Holdings, any Parent GP or any GP Entity to the extent such special, indirect, consequential
or punitive damages are included in any third party claim in connection with which an Indemnified Party is entitled to
indemnification thereunder. No Indemnified Party shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Credit Documents or the transactions
contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith
or gross negligence of any Indemnified Party or any of its Related Parties.

 

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13.6 Successors and Assigns; Participations and Assignments.

 

(a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of any Letter of Credit Issuer that issues any Letter of
Credit), except that (i) except as set forth in Section 10.3(a), the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by
the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of any Letter of Credit Issuer that issues any Letter of Credit), Participants (to the extent
provided in Section 13.6(d)) and, to the extent expressly contemplated hereby, the Indemnified Parties) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

 

(b) (i) Subject to the conditions set forth in
paragraph 13.6(b)(ii), any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A) the
Borrower; provided that no consent of the Borrower shall be required (x) for an assignment of any Term Loan to a Lender,
an Affiliate of a Lender or an Approved Fund (unless increased costs would result therefrom), (y) for an assignment of any Revolving
Credit Loan or Additional/Replacement Revolving Credit Loan to a Revolving Credit Lender or an Additional/Replacement Revolving
Credit Lender or (z) if an Event of Default under Section 11.1 or 11.5 (with respect to the Borrower or any Guarantor) has occurred
and is continuing; provided, further, that the Borrower shall be deemed to have consented to any such assignment of a Term
Loan unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after delivery of a written
request from the Administrative Agent for such consent; provided, further, that it shall be understood that, without limitation,
the Borrower shall have the right to withhold its consent to any assignment if, in order for such assignment to comply with Applicable
Law, the Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority,
and

 

(B) the
Administrative Agent and, in the case of Revolving Credit Commitments or Revolving Credit Loans, the Swingline Lender and each
Letter of Credit Issuer; provided that no consent of the Administrative Agent shall be required for an assignment of any
Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or to any Purchasing Borrower Party or any Affiliated Lender.

 

Notwithstanding the foregoing or anything to the
contrary set forth herein, any assignment of any Loans to a Purchasing Borrower Party or any Affiliated Lender shall also be subject
to the requirements of Section 13.6(g).

 

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

 

(A) except in
the case of (i) an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) an assignment of the entire
remaining amount of the assigning Lender’s Commitments or Loans of the applicable Class, the amount of the Commitments
or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance
with respect to such assignment is delivered to the Administrative Agent) shall be in an amount equal to, in the case of
Revolving Credit Commitments or Revolving Credit Loans, Additional/Replacement Revolving Credit Commitments or
Additional/Replacement Revolving Credit Loans, $5,000,000 (or an integral multiple of $1,000,000 in excess thereof) or, in
the case of Initial Term Loan Commitments, Incremental Term Loan Commitments or Term Loans, $1,000,000 (or an integral
multiple of $1,000,000 in excess thereof), unless each of the Borrower and the Administrative Agent otherwise consents; provided
that no such consent of the Borrower shall be required if an Event of Default under Section 11 has occurred and is
continuing; and provided, further, that contemporaneous assignments to a single assignee made by affiliated Lenders or
related Approved Funds or by a single assignor to related Approved Funds shall be aggregated for purposes of meeting the
minimum assignment amount requirements stated above;

 

(B) subject
to the terms of Section 13.7(c), the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Acceptance; provided that, Credit Suisse may assign its rights and obligations in respect of the Initial Term Loans
in connection with the initial syndication thereof to certain financial institutions that are lenders under the Original Credit
Agreement pursuant to an agreement in form and substance acceptable to Credit Suisse and the Borrower;

 

(C) the parties
to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance together with a processing
fee of $3,500 (it being understood that such processing fee shall not apply to any assignment by any of the Joint Lead Arrangers,
the Joint Bookrunners or any of their respective Affiliates); provided that (x) a single processing fee of $3,500 will
be payable for multiple assignments by Lenders permitted hereunder that comprise one transaction and are implemented substantially
concurrently with one another and (y) the Administrative Agent may, in its sole discretion, elect to waive or reduce such processing
fee in the case of any assignment, including assignments effected pursuant to the provisions of Section 13.7;

 

(D) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any tax form required by Section 5.4 and an administrative
questionnaire in a form approved by the Administrative Agent in which the assignee designates one or more credit contacts to whom
all syndicate-level information (which may contain material non-public information about the Credit Parties and their Related Parties
or their respective securities) will be made available and who may receive such information in accordance with the assignee’s
compliance procedures and Applicable Laws, including federal and state securities laws; and

 

(E) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (E) shall not prohibit any Lender
from assigning all or a portion of its rights and obligations among separate tranches of Loans (if any) on a non-pro rata
basis.

 

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Notwithstanding the foregoing or anything to the contrary set forth herein (i)
any assignment of any Loans or Commitments to an Affiliated Lender shall also be subject to the requirements set forth in Section
13.6(g) and (ii) no natural person may be an assignee or Participant with respect to any Loans or Commitments.

 

(iii) Subject to acceptance and recording
thereof pursuant to Section 13.6(b)(vi), from and after the effective date specified in each Assignment and Acceptance, the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of
the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the
case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the
requirements of Sections 2.10, 2.11, 5.4 and 13.5). Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this Section 13.6 shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with Section 13.6(d).

 

(iv) By
executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be
deemed to confirm to and agree with each other and the other parties hereto as follows: (A) such assigning Lender warrants
that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that
its Initial Term Loan Commitment, Incremental Term Loan Commitment, Revolving Credit Commitment and Additional/Replacement
Revolving Credit Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments
thereof which have not become effective, are as set forth in such Assignment and Acceptance, (B) except as set forth in (A)
above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, any other Credit Document or any other instrument or
document furnished pursuant hereto, or the financial condition of Holdings, the Borrower or any Subsidiary or the performance
or observance by Holdings, the Borrower or any Subsidiary of any of its obligations under this Agreement, any other Credit
Document or any other instrument or document furnished pursuant hereto; (C) such assignee represents and warrants that it is
legally authorized to enter into such Assignment and Acceptance; (D) such assignee represents and warrants that either (i) it
is a “qualified purchaser,” as such term is defined in Section 2(a)(51) of the Investment Company Act of 1940, as
amended, and were not formed for the purpose of becoming a lender to the Borrower, or (ii) all of the securities issued by it
are beneficially owned exclusively by one or more “qualified purchasers” (within the meaning of 3(c)(7) and
2(a)(51) of the Investment Company Act of 1940, as amended, or the related rules thereunder) that were not formed for the
purpose of becoming a lender to the Borrower, (E) such assignee confirms that it has received a copy of this Agreement,
together with copies of the most recent financial statements referred to in Section 8.9 or delivered pursuant to Section 9.1
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter
into such Assignment and Acceptance; (E) such assignee will independently and without reliance upon the Administrative Agent,
the Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (F)
such assignee appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its
behalf and to exercise such powers under this Agreement and the other Credit Documents as are delegated to the Administrative
Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably incidental
thereto; and (G) such assignee agrees that it will perform in accordance with their terms all the obligations which by the
terms of this Agreement are required to be performed by it as a Lender; provided, that except to the extent otherwise
expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any
claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

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(v) The Administrative
Agent, acting for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of
each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of, and principal amount of the Loans (and interest thereon) and any payment made by the Letter of Credit Issuers
under any Letter of Credit owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
Further, the Register shall contain the name and address of the Administrative Agent and the lending office through which each
such Person acts under this Agreement. The entries in the Register shall be conclusive absent manifest error, and the Borrower,
the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders shall treat each Person whose name
is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register, as in effect at the close of business on the preceding Business Day, shall be available
for inspection by (x) the Borrower, the Letter of Credit Issuers and the Collateral Agent and (y) any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

 

(vi) Upon
its receipt of and, if required, consent to, a duly completed Assignment and Acceptance executed by an assigning Lender and an
assignee, the assignee’s completed administrative questionnaire and any tax form required by Section 5.4 (unless the assignee
shall already be a Lender hereunder) and any written consent to such assignment required by Section 13.6(b), the Administrative
Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment
shall be effective for purposes of this Agreement unless and until it has been recorded in the Register as provided in this paragraph.

 

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(c)
Notwithstanding any provision to the contrary, any Lender may assign to one or more wholly-owned special purpose funding
vehicles (each, an “SPV”) all or any portion of its funded Loans (without the corresponding Commitment), without
the consent of any Person or the payment of a fee, by execution of a written assignment agreement in a form agreed to by such
assigning Lender and such SPV, and may grant any such SPV the option, in such SPV’s sole discretion, to provide the
Borrower all or any part of any Loans that such assigning Lender would otherwise be obligated to make pursuant to this
Agreement. Such SPVs shall have all the rights which a Lender making or holding such Loans would have under this Agreement,
but no obligations. Any such assigning Lender shall remain liable for all its original obligations under this Agreement,
including its Commitment (although the unused portion thereof shall be reduced by the principal
amount of any Loans held by an SPV). Notwithstanding such assignment, the Administrative Agent and the Borrower may deliver
notices to such assigning Lender (as agent for the SPV) and not separately to the SPV unless the Administrative Agent and the
Borrower are requested in writing by the SPV to deliver such notices separately to it. Notwithstanding anything herein to the
contrary, (i) neither the grant to the SPV nor the exercise by any SPV of such option will increase the costs or expenses or
otherwise change the obligations of the Borrower under this Agreement and the other Credit Documents, except, in the case of Section
2.10, 2.11, 3.5 or 5.4, where (A) the increase or change results from a change in any Applicable Law after the SPV becomes an
SPV and the assigning Lender notifies the Borrower in writing of such increase or change no later than 90 days after such
change in Applicable Law becomes effective or (B) the grant was made with the Borrower’s prior written consent, (ii)
the assigning Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any
provision of any Credit Document and the receipt of any notices provided by the Administrative Agent and the Borrower (as
agent for the SPV) remain the Lender of record hereunder and (iii) no SPV shall be liable for any indemnity or similar
payment obligation under this Agreement (all liability for which shall remain with the assigning Lender). The Borrower shall,
at the request of any such assigning Lender, execute and deliver to such Person as such assigning Lender may designate, a
promissory note, substantially in the form of Exhibit I-1, I-2, I-3 or I-4, as applicable (each, a “Note”), in
the amount of such assigning Lender’s original Note to evidence the Loans of such assigning Lender and related SPV.

 

(d) (i) Any Lender may, without the consent of the
Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers or the Swingline Lender, sell
participations to one or more banks or other entities (other than Disqualified Lenders, to the extent the list of
Disqualified Lenders is disclosed to all Lenders) (each, a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing
to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) such Lender
represents and warrants that either (i) it is a “qualified purchaser,” as such term is defined in Section
2(a)(51) of the Investment Company Act of 1940, as amended, and were not formed for the purpose of becoming a lender to the
Borrower, or (ii) all of the securities issued by it are beneficially owned exclusively by one or more “qualified
purchasers” (within the meaning of 3(c)(7) and 2(a)(51) of the Investment Company Act of 1940, as amended, or the
related rules thereunder) that were not formed for the purpose of becoming a lender to the Borrower, (D) the Borrower, the
Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (D) such
Lender shall, at the Borrower’s request and expense, use reasonable efforts to cooperate with the Borrower to
effectuate the provisions of Section 13.7 with respect to any Participant. Any agreement or instrument pursuant to which a
Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to
approve any amendment, modification or waiver of any provision of this Agreement or any other Credit Document; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver described in the first proviso to Section 13.1 that affects such Participant. Subject to
paragraph (d)(ii)of this Section, the Borrower agrees that each Participant shall be entitled to the benefits (and subject to
the requirements) of Sections 2.10, 2.11, 5.4 and 13.5 to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to Section 13.6(b). To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 13.8(b) as though it were a Lender; provided such Participant agrees to be subject to
Section 13.8(a) as though it were a Lender..

 

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(ii) A Participant
shall not be entitled to receive any greater payment under Section 2.10, 2.11, 3.5 or 5.4, than the applicable Lender would have
been entitled to receive with respect to the participation sold to such Participant, unless (A) the entitlement to a greater payment
resulted from a change in any Applicable Law after the Participant became a Participant and the participating Lender notifies
the Borrower in writing of such entitlement to a greater payment no later than 90 days after such change in Applicable Law becomes
effective or (B) the sale of the participation to such Participant is made with the Borrower’s prior written consent. Each
Lender having sold a participation in any of its Obligations, acting as a non-fiduciary agent of the Borrower solely for this
purpose, shall establish and maintain at its address a record of ownership, in which such Lender shall register by book entry
(A) the name and address of each such Participant (and each change thereto, whether by assignment or otherwise) and (B) the rights,
interest or obligation of each such Participant in any Obligation, in any Commitment and in any right to receive any interest
or principal payment hereunder (the “Participant Register”). Each Lender, acting as a non-fiduciary agent of
the Borrower, shall maintain a register of principal, interest and other amounts owing to its Participants. The parties shall
treat the Person listed in the Participant Register as the Participant for all purposes of this Agreement notwithstanding notice
to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person
(including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Credit
Event or other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that
any such Commitment, Credit Event or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. Unless otherwise required by the Internal Revenue Service, any disclosure required by the foregoing sentence shall
be made by the relevant Lender directly and solely to the Internal Revenue Service. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(e) Any Lender may, without the consent of the
Borrower, the Collateral Agent or the Administrative Agent, at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. In order to facilitate
such pledge or assignment, the Borrower hereby agrees that, upon request of any Lender at any time and from time to time
after the Borrower has made its initial borrowing hereunder, the Borrower shall provide to such Lender, at the
Borrower’s own expense, a Note substantially in the form of Exhibit I-1, I-2, I-3 or I-4, as the case may be,
evidencing the Term Loans, Revolving Credit Loans, Incremental Term Loans and Additional/Replacement Revolving Credit Loans
and Swingline Loans, respectively, owing to such Lender.

 

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(f) Subject to Section 13.16, the Borrower authorizes each Lender to disclose to any
Participant, secured creditor of such Lender or assignee (each, a “Transferee”) and any prospective Transferee
any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates that has been delivered
to such Lender by or on behalf of the Borrower and its Affiliates pursuant to this Agreement or which has been delivered to such
Lender by or on behalf of the Borrower and its Affiliates in connection with such Lender’s credit evaluation of the Borrower
and its Affiliates prior to becoming a party to this Agreement.

 

(g)
(i) Notwithstanding anything else to the contrary contained in this Agreement, any Lender may assign all or a portion
of its Term Loans to any Purchasing Borrower Party or any Affiliated Lender in accordance with Section 13.6(b) (which
assignment, if to a Purchasing Borrower Party, will not constitute a prepayment of Loans for any purposes of this Agreement
and the other Credit Documents); provided that:

 

(A) no
Event of Default has occurred or is continuing or would result therefrom;

 

(B) in
the case of “dutch auctions”, any Purchasing Borrower Party shall offer to all Lenders of any Class of Term Loans to
buy the Term Loans within such Class (but not, for the avoidance of doubt, to each Class of Term Loans), on a pro rata basis
based on the then outstanding principal amount of all Term Loans of such Class, pursuant to procedures to be reasonably agreed
between the Administrative Agent and the Borrower;

 

(C) the
assigning Lender and Purchasing Borrower Party or Non-Debt Fund Affiliate purchasing such Lender’s Term Loans, as applicable,
shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of Exhibit L hereto (an
“Affiliated Lender Assignment and Acceptance”) in lieu of an Assignment and Acceptance;

 

(D) for
the avoidance of doubt, Lenders shall not be permitted to assign Revolving Credit Commitments, Revolving Credit Loans, Additional/Replacement
Revolving Credit Loans or Additional/Replacement Revolving Credit Commitments to any Purchasing Borrower Party or any Affiliated
Lender;

 

(E) any
Term Loans assigned to any Purchasing Borrower Party shall be automatically and permanently cancelled upon the effectiveness of
such assignment and will thereafter no longer be outstanding for any purpose hereunder (it being understood that any gains or losses
by any Purchasing Borrower Party upon purchase or acquisition and cancellation of such Term Loans shall not be taken into account
in the calculation of Excess Cash Flow, Consolidated Net Income and Consolidated EBITDA);

 

(F) no
Purchasing Borrower Party may use the proceeds from Revolving Credit Loans or Swingline Loans or Additional/Replacement Revolving
Credit Loans to purchase any Term Loans;

 

(G) no Term
Loan may be assigned to a Non-Debt Fund Affiliate or a Purchasing Borrower Party pursuant to this Section 13.6(g), if after
giving effect to such assignment, Non-Debt Fund Affiliates and Purchasing Borrower Parties in the aggregate would own
(assuming for purposes of calculating such ownership that any Term Loans canceled pursuant to clause (E) remain outstanding
and continue to be owned by the relevant Purchasing Borrower Party) in excess of 25% of the Term Loans of any Class then
outstanding (determined as of the time of such purchase);

 

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(H) any
purchases (or assignments) of Loans by a Purchasing Borrower Party or a Non-Debt Fund Affiliate made through “dutch auctions”
shall (i) be conducted pursuant to procedures to be established by the Administrative Agent that are consistent with this 13.6(g)(i)and
are otherwise reasonably acceptable to the Borrower, (ii) require that such Purchasing Borrower Party or a Non-Debt Fund Affiliate
(A) make a customary representation to all assigning or assignee Lenders, as applicable, that such Purchasing Borrower Party or
Non-Debt Fund Affiliate may have, and later may come into possession of, information regarding the Term Loans, Holdings or the
Credit Parties hereunder that is not known to such Lender and that may be material to a decision by such Lender to assign the Term
Loans (“Excluded Information”), and (B) clearly identify itself as a Purchasing Borrower Party or a Non-Debt
Fund Affiliate, as the case may be, in any assignment and assumption agreement executed in connection with such purchases or assignments
and (iii) require that such Lender acknowledge and agree that (1) such Lender has independently and, without reliance on such Purchasing
Borrower Party, such Non-Debt Fund Affiliate, the Administrative Agent or any of their respective Affiliates, made its own analysis
and determination to enter into such assignment notwithstanding such Lender’s lack of knowledge of the Excluded Information
and (2) none of Holdings, the Borrower, its Subsidiaries, the Administrative Agent, or any of their respective Affiliates shall
have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such
Lender may have against Holdings, the Borrower, its Subsidiaries, the Administrative Agent and their respective Affiliates, under
applicable laws or otherwise, with respect to the nondisclosure of the Excluded Information and (3) the Excluded Information may
not be available to the Administrative Agent or the other Lenders;

 

(I) Neither
the Administrative Agent nor any Joint Lead Arranger will have any obligation to participate in, arrange, sell or otherwise facilitate,
and will have no liability in connection with, any “dutch auctions” or open market purchases (or assignments) of Loans
by any Purchasing Borrower Party.

 

(ii)
Notwithstanding anything to the contrary in this Agreement, no Non-Debt Fund Affiliate or a Purchasing Borrower Party shall
have any right to (A) attend or participate in (including by telephone) any meeting or discussions (or portion thereof) among
the Administrative Agent or any Lender to which representatives of Holdings or the Credit Parties are not invited, (B)
receive any information or material prepared by Administrative Agent or any Lender or any communication by or among the
Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been made available
to any Credit Party or its representatives (and in any case, other than the right to receive notices of prepayments and other
administrative notices in respect of its Loans required to be delivered to Lenders pursuant to Sections 2.1, 3.1, 4.1 and 5.1
of this Agreement), or (C) make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against the Administrative Agent, the Collateral Agent or any
other Lender with respect to any duties or obligations or alleged duties or obligations of such Agent or any other such
Lender under the Credit Documents, except to the extent such claim arises from the gross negligence, bad faith or willful
misconduct of the Administrative Agent, the Collateral Agent or any other Lender as determined by a court of competent
jurisdiction in a final and non-appealable decision.

 

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(iii) By its acquisition of Term Loans, a Non-Debt
Fund Affiliate shall be deemed to have acknowledged and agreed that, if any Credit Party shall be subject to any voluntary or involuntary
proceeding commenced under any Debtor Relief Law:

 

(A) each
such Non-Debt Fund Affiliate shall not take any step or action (whether directly or indirectly) in such proceeding to object to,
impede, or delay the exercise of any right or the taking of any action by the Administrative Agent (or the taking of any action
by a third party to which the Administrative Agent has consented with respect to any disposition of assets by the Borrower or any
equity or debt financing to be made to the Borrower), including the filing of any pleading by the Administrative Agent) in (or
with respect to any matters related to) the proceeding so long as the Administrative Agent is not taking any action to treat such
Non-Debt Fund Affiliate’s Loans in a manner that is less favorable to such Non-Debt Fund Affiliate in any material respect
than the proposed treatment of similar Obligations held by other Lenders (including objecting to any debtor-in-possession financing,
use of cash collateral, grant of adequate protection, sale or disposition, compromise or plan of reorganization); and

 

(B) each
Non-Debt Fund Affiliate shall not have the right to vote in accordance with its discretion, but shall be deemed to have voted in
such proceedings in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Non-Debt
Fund Affiliate that have purchased Term Loans, except to the extent that any plan under the Bankruptcy Code proposes to treat the
Obligations held by such Non-Debt Fund Affiliate in a manner that is less favorable to such Non-Debt Fund Affiliate in any material
respect than the proposed treatment of similar Obligations held by other Lenders. For the avoidance of doubt, except to the extent
that any plan under the Bankruptcy Code proposes to treat the Obligations held by any such Non-Debt Fund Affiliate in a manner
that is less favorable to such Non-Debt Fund Affiliate in any material respect than the proposed treatment of similar Obligations
held by other Lenders, the Administrative Agent is hereby irrevocably authorized and empowered (in the name of such Non-Debt Fund
Affiliate) to vote on behalf of such Non-Debt Fund Affiliate or consent on behalf of such Non-Debt Fund Affiliate in any such proceedings
with respect to any and all claims of such Non-Debt Fund Affiliate relating to the Obligations. Each Non-Debt Fund Affiliate acknowledges
that the foregoing constitutes an irrevocable proxy in favor of the Administrative Agent to vote or consent on behalf of such Non-Debt
Fund Affiliate in any proceeding in the manner set forth above and that such Non-Debt Fund Affiliate shall be irrevocably bound
to any such votes made or consents given and further shall not challenge or otherwise object to such votes or consents and shall
not itself vote or provide consents in the proceeding.

 

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(h)
Notwithstanding anything in Section 13.1 or the definition of “Required Lenders” to the contrary, for purposes of
determining whether the Required Lenders or any other requisite Class vote required by this Agreement have (i) consented (or
not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Credit
Document or any departure by any Credit Party, Holdings, the Parent GPs , the GP Entities therefrom, (ii) otherwise acted on
any matter related to any Credit Document, or (iii) directed or required the Administrative Agent, Collateral Agent or any
Lender to undertake any action (or refrain from taking any action) with respect to or under any
Credit Document, (A) all Term Loans held by any Non-Debt Fund Affiliate or a Purchasing Borrower Party shall be deemed to be
not outstanding for all purposes of calculating whether the Required Lenders (or requisite vote of any Class of Lenders) have
taken any actions, provided that a Non-Debt Fund Affiliate shall have the right to approve any amendment,
modification, waiver, consent or other action with respect to any Credit Document which by its terms is less favorable to
such Non-Debt Fund Affiliate in its capacity as a Lender compared with other affected Lenders in any material respect, and
(B) the aggregate amount of Term Loans held by Debt Fund Affiliates will be excluded to the extent in excess of 49.9% of the
amount required to constitute “Required Lenders” (any such excess amount shall be deemed to be not outstanding on
a pro rata basis among all Debt Fund Affiliates).

 

(i) Upon
any contribution of Term Loans to the Borrower or any Restricted Subsidiary and upon any purchase of Term Loans by a Purchasing
Borrower Party (A) the aggregate principal amount (calculated on the face amount thereof) of such Term Loans shall automatically
be cancelled and retired by the Borrower on the date of such contribution or purchase (and, if requested by the Administrative
Agent, with respect to a contribution of Term Loans, any applicable contributing Lender shall execute and deliver to the Administrative
Agent an Assignment and Acceptance, or such other form as may be reasonably requested by the Administrative Agent, in respect thereof
pursuant to which the respective Lender assigns its interest in such Loans to the Borrower for immediate cancellation) and (B)
the Administrative Agent shall record such cancellation or retirement in the Register.

 

(j) The Borrower shall maintain
at its offices a copy of each Assignment and Acceptance delivered to it by any Non-Debt Fund Affiliate (the “Affiliated
Lender Register”). Each Non-Debt Fund Affiliate shall advise the Borrower and the Administrative Agent in writing of
any proposed disposition of Term Loans by such Lender. Additionally, if any Lender becomes a Non-Debt Fund Affiliate at a time
that such Lender holds any Term Loans, such Lender shall promptly advise the Borrower and the Administrative Agent that such Lender
is a Non-Debt Fund Affiliate. Copies of the Affiliated Lender Register shall be provided to the Administrative Agent and the Non-Debt
Fund Affiliate upon request. Notwithstanding the foregoing if at any time (if applicable, after giving effect to any proposed
assignment to a Non-Debt Fund Affiliate), all Non-Debt Fund Affiliates own or would, in the aggregate, own more than 25% of the
principal amount of any Class of Term Loans then outstanding (i) any proposed pending assignment to a Non-Debt Fund Affiliate
that would cause such threshold to be exceeded shall not become effective or be recorded in the Affiliated Lender Register, (ii)
in the event that a Non-Debt Fund Affiliate has acquired any Term Loans pursuant to an assignment which was not recorded in the
Affiliated Lender Register, the assignment of such Term Loans shall be null and void ab initio and (iii) if such threshold
is exceeded solely as a result of a Lender becoming a Non-Debt Fund Affiliate after it has acquired Term Loans, such Non-Debt
Fund Affiliate shall assign sufficient Term Loans of such Class so that Non-Debt Fund Affiliates in the aggregate own less than
25% of the aggregate principal amount of Term Loans of such Class then outstanding. The Administrative Agent may conclusively
rely upon the Affiliated Lender Register in connection with any amendment or waiver hereunder and shall not have any responsibility
for monitoring any acquisition or disposition of Term Loans by any Non-Debt Fund Affiliate or for any losses suffered by any Person
as a result of any purported assignment to or from an Affiliated Lender.

 

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13.7 Replacements of Lenders under
Certain Circumstances. (a) The Borrower, at its sole expense, shall be permitted to replace any Lender (or any Participant)
that (a) requests reimbursement for amounts owing pursuant to Section 2.10, 2.11, 3.5 or 5.4, (b) is affected in the manner described
in Section 2.10(a)(ii) and as a result thereof any of the actions described in such Section is required to be taken or (c) becomes
a Defaulting Lender, with a replacement bank, financial institution or other investor that is an Eligible Assignee; provided,
that (i) such replacement does not conflict with any Applicable Law, (ii) no Event of Default shall have occurred and be continuing
at the time of such replacement, (iii) the replacement bank, financial institution or other investor that is an Eligible Assignee
shall purchase, at par all Loans and the Borrower shall pay all other amounts (other than any disputed amounts) owing to such replaced
Lender hereunder (including, for the avoidance of doubt, pursuant to Section 2.10, 2.11, 3.5 or 5.4, as the case may be) and under
the other Credit Documents prior to the date of replacement of such Lender, (iv) the replacement bank, financial institution or
other investor, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to
the Administrative Agent, (v) the replaced Lender shall be obligated to make such replacement in accordance with the provisions
of Section 13.6 and (vi) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative
Agent or any other Lender shall have against the replaced Lender or that the replaced Lender shall have against the Borrower and
the other parties for indemnity, contribution, payment of disputed and other unpaid amounts and otherwise.

 

(b) If
any Lender (such Lender a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge
or termination, which pursuant to the terms of Section 13.1 requires the consent of all of the Lenders affected and with respect
to which the Required Lenders shall have granted their consent, then, provided no Event of Default has occurred and is continuing,
the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) at its own cost and expense to replace
such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans and Commitments to one or more Eligible
Assignees reasonably acceptable to the Administrative Agent, provided that: (i) all Obligations of the Borrower owing to
such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment
(including any 1.0% amendment premium payable in connection with the relevant amendment giving rise to such required assignment
pursuant to Section 5.1(b), (ii) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a
price equal to the principal amount thereof plus accrued and unpaid interest thereon, (iii) the replacement Lender shall consent
to the proposed amendment, waiver, discharge or termination and (iv) all Lenders (except all Non-Consenting Lenders which are simultaneously
replaced) have consented to such proposed amendment, waiver, discharge or termination. In connection with any such assignment,
the Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section
13.6.

 

(c) Notwithstanding
anything herein to the contrary, each party hereto agrees that any assignment pursuant to the terms of this Section 13.7 may be
effected pursuant to an Assignment and Acceptance executed by the Borrower, the Administrative Agent and the assignee and that
the Lender making such assignment need not be a party thereto.

 

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13.8 Adjustments; Set-off. (a) Except as otherwise set forth herein, if
any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of the principal amount
of any of its Revolving Credit Loans, Term Loans, Additional/Replacement Revolving Credit Loans and/or the participations in letter
of credit obligations or swingline loans held by it, or receive any collateral in respect thereof (whether voluntarily or involuntarily,
by set-off, pursuant to events or proceedings of the nature referred to in Section 11.5, or otherwise), resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of the Revolving Credit Loans, Term Loans, Additional/Replacement
Revolving Credit Loans and/or participations in letter of credit obligations or swingline loans and accrued interest thereon than
the proportion received by any other Lender that is entitled thereto, such Benefited Lender shall (i) notify the Administrative
Agent of such fact, and (ii) purchase for cash at face value from the other Lenders a participating interest in such portion of
each such other Lender’s Revolving Credit Loans, Term Loans, Additional/Replacement Revolving Credit Loans and/or participations
in letter of credit obligations or swingline loans, as applicable, or shall provide such other Lenders with the benefits of any
such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits
of such collateral or proceeds ratably in accordance with the aggregate principal of and accrued interest on their respective Revolving
Credit Loans, Term Loans, Additional/Replacement Revolving Credit Loans and/or participations in letter of credit obligations or
swingline loans, as applicable and other amounts owing them; provided that, (A) if all or any portion of such excess payment
or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits
returned, to the extent of such recovery, but without interest and (B) the provisions of this paragraph shall not be construed
to apply to (x) any payment made by Holdings, the Borrower or any other Credit Party pursuant to and in accordance with the express
terms of this Agreement and the other Credit Documents, (y) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans, Commitments or participations in a Letter of Credit Borrowing or Swingline Loans
to any assignee or participant or (z) any disproportionate payment obtained by a Lender of any Class as a result of the extension
by Lenders of the maturity date or expiration date of some but not all Loans or Commitments of that Class or any increase in the
Applicable Margin (or other pricing term, including any fee, discount or premium) in respect of Loans or Commitments of Lenders
that have consented to any such extension. Each Credit Party consents to the foregoing and agrees, to the extent it may effectively
do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
such Credit Party rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Credit Party in the amount of such participation.

 

(b) After the occurrence and during the continuance of
an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender, the Swingline Lender
and the Letter of Credit Issuers shall have the right, without prior notice to the Borrower, any such notice being expressly
waived by the Borrower to the extent permitted by Applicable Law, upon any amount becoming due and payable by the Borrower
hereunder (whether at the stated maturity, by acceleration or otherwise) to setoff and appropriate and apply against such
amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of
the Borrower, as the case may be; provided, that in the event that any Defaulting Lender
shall exercise any such right of set-off, (x) all amounts so set off shall be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be
segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent, the Swingline Lender, the Letter of Credit Issuers and the Lenders, and (y) the Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of set-off. Each Lender, the Swingline Lender and each Letter of Credit Issuer
agrees promptly to notify the Borrower and the Administrative Agent after any such set-off and application made by such
Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application.
Notwithstanding anything in this Section 13.8(b) to the contrary, no Lender nor the Swingline Lender or any Letter of Credit
Issuer will exercise, or attempt to exercise, any right of set-off, banker’s lien or the like against any deposit
account or property of the Borrower or any other Credit Party held or maintained by such Lender, the Swingline Lender or such
Letter of Credit Issuer, as applicable, in each case to the extent the deposits or other proceeds of such exercise, or
attempt to exercise, any right of set-off, banker’s lien or the like are, or are intended to be or are otherwise are
held out to be applied to the Obligations hereunder or otherwise secured by the Collateral, without the prior written consent
of the Administrative Agent or Collateral Agent.

 

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13.9 Counterparts. This Agreement may
be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile or other
electronic transmission (i.e., a “pdf” or “tif”)), and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower
and the Administrative Agent.

 

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

 

13.11 Integration. This Agreement and
the other Credit Documents represent the agreement of Holdings, the Borrower, the Administrative Agent, the Collateral Agent and
the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by
the Collateral Agent, the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred
to herein or in the other Credit Documents.

 

13.12 GOVERNING LAW. THIS AGREEMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

 

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13.13 Submission to Jurisdiction; Waivers.
Each party hereto hereby irrevocably and unconditionally:

 

(a) submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which
it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of
the courts of the State of New York, New York County, located in the Borough of Manhattan, the courts of the United States of America
for the Southern District of New York and appellate courts from any thereof;

 

(b) consents
that any such action or proceeding shall be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

 

(c) agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the applicable party at its respective address set forth in Section
13.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 

(d) agrees
that nothing herein shall affect the right of the Collateral Agent or any other Secured Party to effect service of process in any
other manner permitted by law or shall limit the right of the Collateral Agent or any other Secured Party to sue in any other jurisdiction;
and

 

(e) waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 13.13 any special, exemplary, punitive or consequential damages.

 

13.14 No Advisory or Fiduciary
Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment,
waiver or other modification hereof or of any other Credit Document), each of the Borrower and Holdings acknowledges and agrees,
and acknowledges its Affiliates’ understanding, that:

 

(a) (i)
the arranging and other services regarding this Agreement provided by the Administrative Agent, the Collateral Agent and each Joint
Lead Arranger and Joint Bookrunner are arm’s-length commercial transactions between the Borrower, Holdings and their respective
Affiliates, on the one hand, and the Administrative Agent, the Collateral Agent and each Joint Lead Arranger and Joint Bookrunner,
on the other hand, (ii) each of the Borrower and Holdings has consulted its own legal, accounting, regulatory and tax advisors
to the extent it has deemed appropriate, and (iii) each of the Borrower and Holdings is capable of evaluating, and understands
and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents;

 

(b) (i) each of
the Administrative Agent, the Collateral Agent and each Joint Lead Arranger and Joint Bookrunner is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not
be acting as an advisor, agent or fiduciary for the Borrower, Holdings or any of their respective Affiliates, or any other
Person and (ii) neither the Administrative Agent, the Collateral Agent nor any Joint Lead Arranger or Joint Bookrunner has
any obligation to the Borrower, Holdings or any of their respective Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Credit Documents; and

 

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(c) the Administrative Agent, the Collateral Agent and
each Joint Lead Arranger and Joint Bookrunner and their respective Affiliates may be engaged in a broad range of transactions
that involve interests that differ from those of the Borrower, Holdings and their respective Affiliates, and none of the
Administrative Agent, the Collateral Agent, the Joint Lead Arrangers or the Joint Bookrunners has any obligation to disclose
any of such interests to the Borrower, Holdings or any of their respective Affiliates. To the fullest extent permitted by
law, each of the Borrower and Holdings hereby agrees that it will not make any claims against the Administrative Agent, the
Collateral Agent, the Joint Lead Arrangers or the Joint Bookrunners with respect to any breach or alleged breach of agency or
fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

13.15 WAIVERS OF JURY TRIAL. HOLDINGS,
THE BORROWER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, THE LETTER OF CREDIT ISSUERS AND THE LENDERS HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND
FOR ANY COUNTERCLAIM THEREIN.

 

13.16 Confidentiality.
Each Agent, each Letter of Credit Issuer and each Lender shall hold all non-public information furnished by or on behalf of
Holdings and the Borrower and their Subsidiaries in connection with such Lender’s evaluation of whether to become a
Lender hereunder or obtained by such Lender, such Agent or such Letter of Credit Issuer pursuant to the requirements of this
Agreement (“Confidential Information”) confidential in accordance with its customary procedure for
handling confidential information of this nature and, in the case of a Lender that is a bank, in accordance with safe and
sound banking practices and in any event may make disclosure (a) as required or requested by any Governmental Authority or
representative thereof or regulatory authority having jurisdiction over it (including any self-regulatory authority or
representative thereof) or pursuant to legal process, (b) to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any actual or prospective party
(or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the
Borrower and its obligations, this Agreement or payments hereunder; provided that, in the case of each of clauses (i)
and (ii), the relevant Person is advised of and agrees to be bound by the provisions of this Section 13.16 or other
provisions at least as restrictive as this Section 13.16, (c) to such Lender’s or such Agent’s or such Letter of
Credit Issuer’s trustees, attorneys, professional advisors or independent auditors or Related Parties, in each case who
need to know such information in connection with the administration of the Credit Documents and are informed of the
confidential nature of such information, (d) with the consent of the Borrower or (e) to the extent such Confidential
Information (i) becomes publicly available other than as a result of a breach of this Section 13.16 or (ii) becomes available
to any Agent, any Lender, any Letter of Credit Issuer or any of their respective Affiliates on a nonconfidential basis from a
source that is not subject to these confidentiality provisions; provided that unless specifically prohibited by
Applicable Law or court order, each Lender, each Agent and each Letter of Credit Issuer shall notify the Borrower of any
request by any Governmental Authority or representative thereof (other than any such request in connection with an
examination of the financial condition of such Lender, such Agent or such Letter of Credit Issuer by such Governmental
Authority) for disclosure of any such non-public information prior to disclosure of such information; and provided, further, that in no event shall any Lender, any Agent or any Letter of Credit Issuer be obligated or required to return
any materials furnished by Holdings, the Borrower or any Subsidiary of the Borrower. Each Lender, each Agent and each Letter
of Credit Issuer agrees that it will not provide to prospective Transferees, pledgees referred to in Section 13.6(e) or to
prospective direct or indirect contractual counterparties under Hedging Agreements to be entered into in connection with
Loans made hereunder any of the Confidential Information unless such Person is advised of and agrees to be bound by the
provisions of this Section 13.16. The confidentiality provisions contained herein shall not prohibit disclosures to any
trustee, administrator, collateral manager, servicer, backup servicer, lender, rating agency or secured party of any SPV in
connection with the evaluation, administration, servicing of, or the reporting on, the assets or securitization activities of
such SPV; provided that any such Person is advised of and agrees to be bound by the provisions of this Section
13.16.

 

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13.17 USA PATRIOT Act. Each Lender hereby
notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow
such Lender to identify the Borrower in accordance with the Patriot Act.

 

13.18 Legend. The Initial Term Loans
may be issued with original issue discount (“OID”) for U.S. Federal income tax purposes. The issue price, amount of
OID, issue date and yield to maturity of these Initial Term Loans may be obtained by writing to the Administrative Agent at the
address set forth in Section 13.2.

 

13.19 Release of Collateral and Guarantee Obligations;
Subordination of Liens.

 

(a) The Lenders hereby
irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties (and Holdings, any Parent GP, any GP
Entity, as applicable) on any Collateral shall be automatically released (i) in full, as set forth in clause (b) below, (ii)
upon the sale, transfer or other disposition of such Collateral (including as part of or in connection with any other sale,
transfer or other disposition permitted hereunder) to any Person other than another Credit Party, to the extent such sale,
transfer or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely
conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further
inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party by a Person that is not a
Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or
ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in
accordance with Section 13.1), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon
the release of such Guarantor from its obligations under the Guarantee (in accordance with the second succeeding sentence and
Section 25 of the Guarantee), (vi) as required by the Collateral Agent to effect any sale, transfer or other disposition of
Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents and (vii)
to the extent such Collateral otherwise becomes Excluded Capital Stock or Excluded Property (as defined in the Security
Agreement). Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than
those being released) upon (or obligations (other than those being released) of the Credit Parties (or Holdings, any Parent
GP, any GP Entity, as applicable) in respect of) all interests retained by the Credit Parties (and Holdings, any Parent GP,
any GP Entity, as applicable), including the proceeds of any sale, all of which shall continue to constitute part of the
Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally,
the Lenders hereby irrevocably agree that the Guarantors shall be released from the Guarantees upon consummation of any
transaction permitted hereunder resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary, or otherwise
becoming an Excluded Subsidiary. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as
applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm
the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further
consent or joinder of any Lender. Any representation, warranty or covenant contained in any Credit Document relating to any
such Collateral or Guarantor shall no longer be deemed to be repeated.

 

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(b) Notwithstanding
anything to the contrary contained herein or any other Credit Document, when all Obligations (other than (i) Hedging Obligations
in respect of any Secured Hedging Agreements, (ii) Cash Management Obligations in respect of any Secured Cash Management Agreements
and (iii) any contingent or indemnification obligations not then due) have been paid in full, all Commitments have terminated or
expired and no Letter of Credit shall be outstanding that is not Cash Collateralized or back-stopped to the satisfaction of the
relevant Letter of Credit Issuer, upon request of the Borrower, the Administrative Agent and/or Collateral Agent, as applicable,
shall (without notice to, or vote or consent of, any Secured Party) take such actions as shall be required to release its security
interest in all Collateral, and to release all obligations under any Credit Document, whether or not on the date of such release
there may be any (i) Hedging Obligations in respect of any Secured Hedging Agreements, (ii) Cash Management Obligations in respect
of any Secured Cash Management Agreements and (iii) any contingent or indemnification obligations not then due. Any such release
of Obligations shall be deemed subject to the provision that such Obligations shall be reinstated if after such release any portion
of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon
the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result
of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor
or any substantial part of its property, or otherwise, all as though such payment had not been made.

 

(c)
Notwithstanding anything to the contrary contained herein or in any other Credit Document, upon request of the Borrower in
connection with any Liens permitted by the Credit Documents, the Administrative Agent and/or Collateral Agent, as applicable,
shall (without notice to, or vote or consent of, any Secured Party) take such actions as shall be required to subordinate the
Lien on any Collateral to any Lien permitted under Sections 10.2(c), (e) (solely as it relates to clauses (c), (f) and (s) of
Section 10.2), (f), (h)(ii), (j), (j), (k), (m), (n), (o), (s), (t), (v), (w),(x) and clauses (b), (d), (e), (f), (g) and (i)
of the definition of “Permitted Liens”.

 

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(d)
Notwithstanding the foregoing or anything in the Credit Documents to the contrary, at the direction of the Required Lenders,
the Administrative Agent may, in exercising remedies, take any and all necessary and appropriate action to effectuate a
credit bid of all Loans (or any lesser amount thereof) for the Borrower’s assets in a bankruptcy, foreclosure or other
similar proceeding, forbear from exercising remedies upon an Event of Default, or in a bankruptcy proceeding, enter into a
settlement agreement on behalf of all Lenders.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, each
of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

 

	 	GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP,
	 	 
	 	By: 	/s/ Michael J. Sacks
	 	Name: 	Michael J. Sacks
	 	Title: 	Chairman and Chief Executive Officer
	 	 
	 	GCMH GP, L.L.C.,
	 	 
	 	By: 	/s/ Michael J. Sacks
	 	Name:  	Michael J. Sacks
	 	Title: 	President and Treasurer
	 	 
	 	GCM, L.L.C.,
	 	 
	 	By: 	/s/ Michael J. Sacks
	 	Name: 	Michael J. Sacks
	 	Title: 	President and Treasurer
	 	 
	 	GROSVENOR HOLDINGS, L.L.C.,
	 	 
	 	By: 	/s/ Michael J. Sacks
	 	Name: 	Michael J. Sacks 
	 	Title: 	President
	 	 
	 	GROSVENOR HOLDINGS II, L.L.C.,
	 	 
	 	By: 	/s/ Michael J. Sacks
	 	Name: 	Michael J. Sacks
	 	Title: 	President and Treasurer

 

[Signature Page to the Credit Agreement]

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA, as
    
	 	Administrative
Agent and Collateral Agent
	 	 
	 	By:  	/s/ Robert Ehudin
	 	 	Name: 	 Robert Ehudin
	 	 	Title: 	Authorized Signatory

 

 

 

 

 

[Signature Page to the Credit Agreement]

 

     

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
	 	 
	 	By: 	 /s/ CHRISTOPHER DAY
	 	 	Name: 	CHRISTOPHER DAY 
	 	 	Title: 	AUTHORIZED SIGNATORY
	 	 
	 	By: 	/s/ WHITNEY
    GASTON
	 	 	Name:  	WHITNEY GASTON
	 	 	Title: 	AUTHORIZED SIGNATORY

 

 

 

 

 

[Signature Page to the Credit Agreement

 

     

     

    

  

	 	BMO HARRIS BANK N.A., as a Letter of Credit Issuer
	 	 
	 	By:  	/s/ Nicholas Buckingham
	 	 	Name:  	Nicholas Buckingham
	 	 	Title: 	Vice President 

 

 

 

 

 

[Signature Page to the Credit Agreement

 

     

     

    

 

	 	BANK OF MONTREAL, CHICAGO BRANCH,
	 	as an Existing Letter of Credit Issuer

 

	 	By: 	/s/ Adam Tarr
	 	 	Name:  	Adam Tarr
	 	 	Title: 	Vice President

 

 

 

 

 

 

Signature Page to Credit Agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as a Lender
	 	 
	 	By:  	/s/ Lauren Gubkin
	 	 	Name:  	Lauren Gubkin
	 	 	Title: 	Vice President
	 	 	 	J.P. Morgan

 

 

 

 

 

 

[Signature Page to the Credit Agreement]

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