Document:

ttd-ex101_6.htm

Exhibit 10.1

 

LOAN AND SECURITY AGREEMENT

among

THE TRADE DESK, INC.

and

EACH PERSON JOINED HERETO AS A BORROWER FROM TIME TO TIME,

as the Borrowers,

the Lenders from time to time party hereto,

JPMORGAN CHASE BANK, N.A., as the Agent,

JPMORGAN CHASE BANK, N.A., CITIBANK, N.A., SILICON VALLEY BANK and U.S. BANK NATIONAL ASSOCIATION,
as Joint Bookrunners and Joint Lead Arrangers,

 

JPMORGAN CHASE BANK, N.A., CITIBANK, N.A., SILICON VALLEY BANK and U.S. BANK NATIONAL ASSOCIATION,

as Co-Syndication Agents, and

 

 and CITY NATIONAL BANK, KEYBANK NATIONAL ASSOCIATION and FIFTH THIRD BANK, NATIONAL ASSOCIATION,

as Co-Documentation Agents

 

 

Dated as of June 15, 2021

 

 

 

 

 

 

 

Table of Contents

Page

 

	
ARTICLE I.

	
DEFINITIONS

	
 

	
Section 1.01
	
 
	
General Definitions
	
1

	
Section 1.02
	
 
	
Accounting Terms and Determinations
	
39

	
Section 1.03
	
 
	
UCC Terms
	
40

	
Section 1.04
	
 
	
Other Terms; Headings
	
40

	
Section 1.05
	
 
	
Pro Forma Calculations
	
41

	
Section 1.06
	
 
	
Interest Rates; LIBOR Notification
	
41

	
Section 1.07
	
 
	
Divisions
	
42

	
 

	
ARTICLE II.

	
THE CREDIT FACILITIES

	
 
	
 
	
 
	
 

	
Section 2.01
	
 
	
The Revolving Credit Loans
	
42

	
Section 2.02
	
 
	
[Reserved]
	
42

	
Section 2.03
	
 
	
Procedure for Borrowing; Notices of Borrowing; Notices of Continuation; Notices of Conversion
	
42

	
Section 2.04
	
 
	
Application of Proceeds
	
48

	
Section 2.05
	
 
	
Revolving Credit Commitment; Commitment Reductions; Mandatory Prepayments; Optional Prepayments
	
48

	
Section 2.06
	
 
	
Evidence of Debt
	
49

	
Section 2.07
	
 
	
[Reserved]
	
50

	
Section 2.08
	
 
	
Term
	
50

	
Section 2.09
	
 
	
Payment Procedures
	
50

	
Section 2.10
	
 
	
Designation of a Different Lending Office
	
50

	
Section 2.11
	
 
	
Replacement of Lenders
	
51

	
Section 2.12
	
 
	
Defaulting Lenders
	
51

	
Section 2.13
	
 
	
Letters of Credit
	
52

	
Section 2.14
	
 
	
Sharing of Payments, Etc
	
54

	
Section 2.15
	
 
	
[Reserved]
	
55

	
Section 2.16
	
 
	
Increase of Commitments; Additional Lenders
	
55

	
 
	
 
	
 
	
 

	
ARTICLE III.

	
SECURITY

	
 
	
 
	
 
	
 

	
Section 3.01
	
 
	
General
	
56

	
Section 3.02
	
 
	
Further Security; Benefit of Security Interest
	
56

	
Section 3.03
	
 
	
Recourse to Security
	
57

	
Section 3.04
	
 
	
Collateral Generally
	
57

	
Section 3.05
	
 
	
Pledged Interests
	
58

	
Section 3.06
	
 
	
[Reserved]
	
60

	
Section 3.07
	
 
	
Borrowers Remain Liable
	
60

i

 

	
Section 3.08
	
 
	
Continuation of Liens, Etc
	
60

	
Section 3.09
	
 
	
Power of Attorney
	
60

	
 
	
 
	
 
	
 

	
ARTICLE IV.

	
INTEREST, FEES AND EXPENSES

	
 
	
 
	
 
	
 

	
Section 4.01
	
 
	
Interest
	
61

	
Section 4.02
	
 
	
Interest and Letter of Credit Fees After Event of Default
	
61

	
Section 4.03
	
 
	
[Reserved]
	
61

	
Section 4.04
	
 
	
Unused Line Fee
	
61

	
Section 4.05
	
 
	
Letter of Credit Fees
	
61

	
Section 4.06
	
 
	
[Reserved]
	
61

	
Section 4.07
	
 
	
[Reserved]
	
62

	
Section 4.08
	
 
	
Fee Letter
	
62

	
Section 4.09
	
 
	
Calculations
	
62

	
Section 4.10
	
 
	
Increased Costs
	
62

	
Section 4.11
	
 
	
Taxes
	
63

	
 
	
 
	
 
	
 

	
ARTICLE V.

	
CONDITIONS OF LENDING

	
 
	
 
	
 
	
 

	
Section 5.01
	
 
	
Conditions to Effectiveness
	
66

	
Section 5.02
	
 
	
Conditions Precedent to Each Revolving Credit Loan and Each Letter of Credit
	
68

	
 
	
 
	
 
	
 

	
ARTICLE VI.

	
REPRESENTATIONS AND WARRANTIES

	
 
	
 
	
 
	
 

	
Section 6.01
	
 
	
Representations and Warranties
	
69

	
 
	
 
	
 
	
 

	
ARTICLE VII.

	
AFFIRMATIVE COVENANTS OF THE BORROWERS

	
 
	
 
	
 
	
 

	
Section 7.01
	
 
	
Existence
	
75

	
Section 7.02
	
 
	
Maintenance of Property
	
75

	
Section 7.03
	
 
	
[Reserved]
	
75

	
Section 7.04
	
 
	
Taxes
	
75

	
Section 7.05
	
 
	
Requirements of Law
	
75

	
Section 7.06
	
 
	
Insurance
	
75

	
Section 7.07
	
 
	
Books and Records; Inspections
	
76

	
Section 7.08
	
 
	
Notification Requirements
	
76

	
Section 7.09
	
 
	
[Reserved]
	
78

	
Section 7.10
	
 
	
Qualify to Transact Business
	
78

	
Section 7.11
	
 
	
Financial Reporting
	
78

	
Section 7.12
	
 
	
Payment of Liabilities
	
80

	
Section 7.13
	
 
	
ERISA
	
80

ii

 

	
Section 7.14
	
 
	
Environmental Matters
	
80

	
Section 7.15
	
 
	
Intellectual Property
	
80

	
Section 7.16
	
 
	
Solvency
	
80

	
Section 7.17
	
 
	
[Reserved]
	
80

	
Section 7.18
	
 
	
[Reserved]
	
80

	
Section 7.19
	
 
	
Anti-Money Laundering Laws and Anti-Corruption Laws
	
80

	
Section 7.20
	
 
	
Formation of Subsidiaries
	
80

	
 
	
 
	
 
	
 

	
ARTICLE VIII.

	
NEGATIVE COVENANTS

	
 
	
 
	
 
	
 

	
Section 8.01
	
 
	
Indebtedness
	
81

	
Section 8.02
	
 
	
Contingent Obligations
	
83

	
Section 8.03
	
 
	
Entity Changes, Etc
	
84

	
Section 8.04
	
 
	
Change in Nature of Business
	
84

	
Section 8.05
	
 
	
Sales, Etc
	
84

	
Section 8.06
	
 
	
Use of Proceeds
	
85

	
Section 8.07
	
 
	
[Reserved]
	
85

	
Section 8.08
	
 
	
[Reserved]
	
85

	
Section 8.09
	
 
	
Liens, Etc
	
86

	
Section 8.10
	
 
	
Dividends, Redemptions, Distributions, Etc
	
86

	
Section 8.11
	
 
	
Investments
	
87

	
Section 8.12
	
 
	
[Reserved]
	
89

	
Section 8.13
	
 
	
Fiscal Year
	
89

	
Section 8.14
	
 
	
Accounting Changes
	
89

	
Section 8.15
	
 
	
[Reserved]
	
89

	
Section 8.16
	
 
	
No Prohibited Transactions Under ERISA
	
89

	
Section 8.17
	
 
	
[Reserved]
	
89

	
Section 8.18
	
 
	
Prepayments
	
89

	
Section 8.19
	
 
	
Lease Obligations
	
89

	
Section 8.20
	
 
	
[Reserved]
	
90

	
Section 8.21
	
 
	
Acquisition of Stock or Assets
	
90

	
Section 8.22
	
 
	
[Reserved]
	
90

	
Section 8.23
	
 
	
Negative Pledge
	
90

	
Section 8.24
	
 
	
Affiliate Transactions
	
90

	
Section 8.25
	
 
	
Prepayments of Subordinated Debt
	
91

	
Section 8.26
	
 
	
Equity Interests
	
91

	
 
	
 
	
 
	
 

	
ARTICLE IX.

	
FINANCIAL COVENANTS

	
 
	
 
	
 
	
 

	
Section 9.01
	
 
	
Total Leverage Ratio
	
91

	
 
	
 
	
 
	
 

	
ARTICLE X.

	
EVENTS OF DEFAULT

	
 
	
 
	
 
	
 

iii

 

	
Section 10.01
	
 
	
Events of Default
	
92

	
Section 10.02
	
 
	
Acceleration, Termination and Cash Collateralization
	
93

	
Section 10.03
	
 
	
Other Remedies
	
94

	
Section 10.04
	
 
	
License for Use of Software and Other Intellectual Property
	
94

	
Section 10.05
	
 
	
Post-Default Allocation of Payments
	
95

	
Section 10.06
	
 
	
No Marshalling; Deficiencies; Remedies Cumulative
	
95

	
Section 10.07
	
 
	
Waivers
	
96

	
Section 10.08
	
 
	
Further Rights of the Agent and the Lenders
	
96

	
Section 10.09
	
 
	
Interest and Letter of Credit Fees After Event of Default
	
96

	
Section 10.10
	
 
	
Receiver
	
96

	
Section 10.11
	
 
	
Rights and Remedies not Exclusive
	
97

	
 
	
 
	
 
	
 

	
ARTICLE XI.

	
THE AGENT

	
 
	
 
	
 
	
 

	
Section 11.01
	
 
	
Appointment of Agent
	
97

	
Section 11.02
	
 
	
[Reserved]
	
99

	
Section 11.03
	
 
	
Agent’s Reliance; Limitation of Liability, Etc
	
99

	
Section 11.04
	
 
	
Posting of Communications
	
100

	
Section 11.05
	
 
	
The Agent Individually
	
101

	
Section 11.06
	
 
	
Indemnification of Agent
	
101

	
Section 11.07
	
 
	
The Agent in Its Individual Capacity
	
102

	
Section 11.08
	
 
	
[Reserved]
	
102

	
Section 11.09
	
 
	
Successor Agent
	
102

	
Section 11.10
	
 
	
Collateral Matters
	
103

	
Section 11.11
	
 
	
Credit Bidding
	
104

	
Section 11.12
	
 
	
Acknowledgement of Lenders and Letter of Credit Issuers
	
105

	
 
	
 
	
 
	
 

	
ARTICLE XII.

	
GENERAL PROVISIONS

	
 
	
 
	
 
	
 

	
Section 12.01
	
 
	
Notices
	
106

	
Section 12.02
	
 
	
Delays; Partial Exercise of Remedies
	
107

	
Section 12.03
	
 
	
Right of Setoff
	
107

	
Section 12.04
	
 
	
Indemnification; Reimbursement of Expenses of Collection
	
107

	
Section 12.05
	
 
	
Amendments, Waivers and Consents
	
108

	
Section 12.06
	
 
	
Nonliability of Agent and Lenders
	
109

	
Section 12.07
	
 
	
Assignments and Participations
	
109

	
Section 12.08
	
 
	
Counterparts; Electronic Execution
	
112

	
Section 12.09
	
 
	
Severability
	
113

	
Section 12.10
	
 
	
Maximum Rate
	
113

	
Section 12.11
	
 
	
Borrower Agent; Borrowers, Jointly and Severally
	
113

	
Section 12.12
	
 
	
Entire Agreement; Successors and Assigns; Interpretation
	
115

	
Section 12.13
	
 
	
Limitation of Liability
	
115

	
Section 12.14
	
 
	
GOVERNING LAW
	
115

	
Section 12.15
	
 
	
SUBMISSION TO JURISDICTION
	
115

iv

 

	
Section 12.16
	
 
	
[Reserved]
	
116

	
Section 12.17
	
 
	
JURY TRIAL
	
116

	
Section 12.18
	
 
	
[Reserved]
	
116

	
Section 12.19
	
 
	
Publicity
	
116

	
Section 12.20
	
 
	
No Third Party Beneficiaries
	
116

	
Section 12.21
	
 
	
Confidentiality
	
116

	
Section 12.22
	
 
	
Patriot Act Notice
	
117

	
Section 12.23
	
 
	
Advice of Counsel
	
117

	
Section 12.24
	
 
	
Captions
	
117

	
Section 12.25
	
 
	
[Reserved]
	
117

	
Section 12.26
	
 
	
Right to Cure
	
117

	
Section 12.27
	
 
	
Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	
117

	
Section 12.28
	
 
	
Time
	
118

	
Section 12.29
	
 
	
Keepwell
	
118

	
Section 12.30
	
 
	
Certain ERISA Matters
	
118

	
Section 12.31
	
 
	
Acknowledgement Regarding any Supported QFCs
	
119

 

 

 

 

 

 

v

 

 

 

		
	
Schedules
	
 

	
 
	
 

	
Schedule 1.01(a)
	
Closing Date Immaterial Subsidiaries

	
Schedule 1.01(b)
	
Existing Letters of Credit

	
Schedule 3.04(a)
	
Commercial Tort Claims

	
Schedule 3.05
	
Pledged Interests

	
Schedule 6.01(b)
	
Locations of Collateral and Real Property

	
Schedule 6.01(f)
	
Consents and Authorizations

	
Schedule 6.01(g)
	
Ownership

	
Schedule 6.01(p)
	
Judgments; Litigation

	
Schedule 6.01(v)
	
ERISA Plans

	
Schedule 6.01(w)
	
Material Intellectual Property

	
Schedule 6.01(x)
	
Labor Contracts

	
Schedule 8.01(ii)
	
Existing Indebtedness

	
Schedule 8.02
	
Contingent Obligations

	
Schedule 8.09
	
Existing Liens

	
Schedule 8.11
	
Existing Investments

	
Schedule 8.24
	
Affiliate Transactions

	
 
	
 

	
Annexes
	
 

	
Annex A-1 
	
Lenders and Commitments

	
Annex A-2
	
Letter of Credit Commitments

	
 
	
 

	
Exhibits
	
 

	
Exhibit A-1
	
Revolving Credit Note

	
Exhibit A-2
	
Swingline Note

	
Exhibit B
	
Notice of Borrowing

	
Exhibit C
	
Notice of Continuation/Conversion

	
Exhibit D
	
Form of Perfection Certificate 

	
Exhibit E
	
Letter of Credit Request

	
Exhibit F
	
Financial Condition Certificate

	
Exhibit G
	
Closing Certificate

	
Exhibit H
	
Compliance Certificate 

	
Exhibit I 
	
Assignment and Acceptance 

	
Exhibit J-1 to J-4
	
U.S. Tax Compliance Certificates

 

 

 

vi

 

 

LOAN AND SECURITY AGREEMENT

This LOAN AND SECURITY AGREEMENT, dated as of June 15, 2021, among (i) THE TRADE DESK, INC., a Delaware corporation (“TTD” and, together with each Domestic Subsidiary of TTD who hereafter becomes party hereto as a borrower, referred to hereinafter, individually and collectively, jointly and severally, as the “Borrowers” and each individually as a “Borrower”), (ii) each of the financial institutions identified as a “Lender” on Annex A-1 attached hereto (together with each of its respective successors and assigns, and any Increasing Lender, each a “Lender” and, collectively, the “Lenders”) and (iii) JPMORGAN CHASE BANK, N.A., a national banking association (“JPMCB”), acting not individually but as agent on behalf of, and for the benefit of, the Lenders and all other Secured Parties (JPMCB, when acting in such agency capacity, herein called the “Agent”).

W I T N E S S E T H :

WHEREAS, upon the terms and subject to the conditions set forth herein, the Lenders are willing to make loans and other extensions of credit to the Borrowers consisting of a revolving credit line in an amount of Four Hundred and Fifty Million Dollars ($450,000,000) and have requested that JPMCB act as Agent in connection with such credit extensions;

NOW, THEREFORE, in respect of the foregoing premises and other valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the Borrowers, the Lenders, and the Agent, each intending to be legally bound, hereby agree as follows:

Article I.
DEFINITIONS

Section 1.01General Definitions.  As used herein, the following terms shall have the meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined):

“Acquired Indebtedness” means Indebtedness of a Person whose assets or Equity Interests are acquired by a Loan Party in a Permitted Acquisition; provided, that such Indebtedness (i) is either purchase money Indebtedness or a capital lease with respect to equipment or mortgage financing with respect to Real Property, (ii) was in existence prior to the date of such Permitted Acquisition, and (iii) was not incurred in connection with, or in contemplation of, such Permitted Acquisition.

“Additional Lender” shall have the meaning set forth in Section 2.16.

“Adjusted LIBO Rate” means, with respect to any LIBOR Rate Advance for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

“Advance” means a Base Rate Advance or a LIBOR Rate Advance.

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

“Affiliate” means, as to any Person, any other Person who directly or indirectly controls, is under common control with, is controlled by, or is a general partner of such Person.  As used in this definition, “control” (including its correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or 

1

 

policies (whether through ownership of Voting Interests, by contract or otherwise).  Without limitation of the foregoing, the following Persons shall at all times constitute Affiliates of each Borrower:  (i) each other Borrower and any Guarantor, and (ii) all Subsidiaries of the Borrowers.  

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

“Agent’s Payment Account” means an account at the Bank designated on the Closing Date and from time to time thereafter by the Agent to the Lenders and the Borrower Agent as the “Agent’s Payment Account”.

“Aggregate Revolving Credit Commitment” shall mean Four Hundred and Fifty Million Dollars ($450,000,000), as such amount may be decreased by the amount of any permanent reductions in the Commitments made in accordance with Section 2.05 and increased by the amount of any Incremental Revolving Credit Commitments established in accordance with Section 2.16, representing the aggregate amount of the Revolving Credit Commitments of the Lenders.  

“Agreement” means this Loan and Security Agreement, as amended, supplemented or otherwise modified from time to time.

“All-In Yield” means, as to any Indebtedness, the annual yield thereof, whether in the form of interest rate margins, original issue discount (“OID”) or upfront fees and any LIBOR Rate floors (with such increased amount being equated to interest margins for purposes of determining any increase to the Applicable Rate); provided that, (i) OID and upfront fees shall be equated to interest rates assuming a four year life to maturity and (ii) “All-In Yield” shall not include arrangement fees, structuring fees, underwriting fees or similar fees that are not paid to all Lenders providing the relevant Indebtedness.

“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or ordinances concerning or relating to bribery or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries is located or doing business. 

“Anti-Money Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of its Subsidiaries is located or doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto, including but not limited to the Bank Secrecy Act (31 U.S.C. § 5311 et seq.).   

“Applicable Rate” means the percentage set forth in the following table that corresponds to the most recent Total Leverage Ratio calculation delivered to Agent pursuant to Section 7.11(d) (the “Leverage Ratio Calculation”); provided, that for the period from and including the Closing Date until and excluding the date on which a new Applicable Rate shall be effective pursuant to the following paragraph, the Applicable Rate shall be set at the margin in the row styled “Level I”; provided further, (i) that after notice to the Borrower Agent from Agent acting at the direction of the Required Lenders, after the occurrence and during the continuance of any Event of Default (other than an Event of Default pursuant to Section 10.01(c)), and (ii) automatically after the occurrence and during the continuance of any Event of Default pursuant to Section 10.01(c), the Applicable Rate shall be set at the margin in the row styled “Level V”:

2

 

 

	
Level
	
Total Leverage Ratio
	
Base Rate Advances
	
LIBOR Rate Advances
	
Unused Line Fees

	
I
	
Less than or equal to 0.50:1.00
	
0.25%
	
1.25%
	
0.200%

	
II
	
Greater than 0.50:1.00 but less than or equal to 1.25:1.00
	
0.50%
	
1.50%
	
0.225%

	
III
	
Greater than 1.25:1.00 but less than or equal to 2.00:1.00 
	
0.75%
	
1.75%
	
0.250%

	
IV
	
Greater than 2.00:1.00 but less than or equal to 3.00:1.00
	
1.00%
	
2.00%
	
0.300%

	
V
	
Greater than 3.00:1.00
	
1.25%
	
2.25%
	
0.350%

 

Except as set forth in the foregoing proviso, no change in the Applicable Rate shall be effective until the first day of the month following the date on which the Agent shall have received a Leverage Ratio Calculation; provided, that if Borrowers fail to deliver the Leverage Ratio Calculation within the time periods specified in Section 7.11(d), then the Applicable Rate from and including the first day of the month following the date on which the Leverage Ratio Calculation was required to be delivered to but not including the date the Borrower Agent delivers to the Agent such Leverage Ratio Calculation shall be set at the margin in the row styled “Level V” (but not retroactively), without constituting a waiver of any Event of Default occasioned by the failure to timely deliver such calculation.  In the event that the information regarding a Leverage Ratio Calculation is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Rate for any period (an “Applicable Period”) than the Applicable Rate actually applied for such Applicable Period, then the Applicable Rate in respect of such Applicable Period will be adjusted upwards automatically and retroactively, and the Borrowers shall pay to Agent for further distribution to each Lender such additional amounts (“Additional Amounts”) as are necessary so that after receipt of such amounts, such Lender receives an amount equal to the amount it would have received had the Applicable Rate been calculated during the Applicable Period on the basis of the correct Leverage Ratio Calculation.  Additional Amounts shall be payable 5 days following delivery by the Agent to the Borrower Agent of a notice (which shall be conclusive and binding absent manifest error) setting forth in reasonable detail the Agent’s calculation of the amount of any Additional Amounts owed to the Lenders. It is acknowledged and agreed that nothing in this defined term will limit the Agent’s or Lenders’ rights under the Loan Documents.

“Arranger” means each institution identified as a “Joint Lead Arranger” on the cover page hereto. 

“Assignment and Acceptance” means an Assignment and Acceptance entered into by a Lender and its assignee, and accepted by the Agent, to be substantially in the form of Exhibit I.

“Auditors” means a nationally recognized firm of independent public accountants selected by the Borrower Agent and reasonably satisfactory to the Agent.

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (n) of Section 2.03.

3

 

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

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

“Bank” means JPMCB, so long as JPMCB is the Agent, and, if JPMCB ceases to be the Agent, then, “Bank” shall mean a bank designated by the Required Lenders as the “Bank” for purposes hereof and which, so long as no Specified Event of Default has occurred and is then continuing, shall be consented to by the Borrower Agent (such consent not to be unreasonably withheld or delayed).

“Bank Product” means any of the following products, services or facilities extended to any Loan Party or any of its Subsidiaries by a Bank Product Provider: (a) Cash Management Services; (b) products under Hedging Agreements; and (c) commercial credit card, purchase card and merchant card services and (d) other banking products or services as may be requested by a Loan Party or any of its Subsidiaries, other than Letters of Credit.

“Bank Product Agreements” means any agreements entered into from time to time by any Loan Party or any of its Subsidiaries with the Bank Product Provider in connection with the obtaining of any of the Bank Products.

“Bank Product Obligations” means Indebtedness and other obligations of any Loan Party or any of its Subsidiaries to any Bank Product Provider arising from Bank Products; provided, that, for the avoidance of doubt, in order for any Indebtedness or other obligations to constitute “Bank Product Obligations”, the applicable Bank Product Provider and the Borrower Agent must have provided the notice required pursuant to the definition of Bank Product Provider, unless the applicable Bank Product Provider is the Agent or one of its Affiliates.

“Bank Product Provider” means any Lender or any of its Affiliates; provided that no such Person (other than the Agent or its Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and until the applicable Lender (or Affiliate, as the case may be) and the Borrower Agent shall have each provided written notice to the Agent of (i) the existence of such Bank Product; (ii) the maximum dollar amount of the obligations arising under such Bank Product (which amount may be changed from time to time, except as provided below, by such Lender (or Affiliate, as the case may be) and the Borrower Agent by delivering written notice to the Agent); and (iii) the methodology to be used by such parties in determining the Bank Product Obligations owing with respect thereto from time to time; provided further, that if, at any time, a Lender ceases to be a Lender under this Agreement, then, from and after the date on which it ceases to be a Lender thereunder, neither it nor any of its Affiliates shall constitute Bank Product Providers and the obligations with respect to Bank Products provided by such former Lender or any of its Affiliates shall no longer constitute Bank Product Obligations.

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as that title may be amended from time to time, or any successor statute.

4

 

“Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day.  Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.  If the Base Rate is being used as an alternate rate of interest pursuant to Section 2.03 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.03(j)), then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

“Base Rate Advance” means each portion of the Loans that bears interest as provided in Section 4.1(a).

“Benchmark” means, initially, LIBOR Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (j) or clause (k) of Section 2.03.

“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Agent for the applicable Benchmark Replacement Date:

(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

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

provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice,  on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above).

5

 

If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than zero percent (0%), the Benchmark Replacement will be deemed to be zero percent (0%) for the purposes of this Agreement and the other Loan Documents. 

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

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

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

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

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

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Agent in its reasonable discretion.

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

6

 

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

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

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; 

(3) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders and the Borrower Agent pursuant to Section 2.03(k); or

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

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

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

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

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

7

 

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

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

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.03 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.03.

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

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

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

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

“Borrower Agent” means TTD. 

“Borrower” and “Borrowers” have the meanings specified in the introductory paragraph.

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

“Borrowing Date” means the date on which a Borrowing is obtained.

“Business Day” means any day other than a Saturday, a Sunday or any other day on which commercial banks in New York, New York are required or permitted by law to close.  When used in connection with any LIBOR Rate Advance, a Business Day shall also exclude any day on which commercial banks are not open for dealings in Dollar deposits in the London interbank market.

“Business Plan” means a business plan of the Loan Parties and their Subsidiaries, consisting of consolidated projected balance sheets, income statements, related cash flow statements and related profit and loss statements, and availability forecasts, together with appropriate supporting details and a statement of the underlying assumptions, which covers the period from the first day of the fiscal year in which such business plan is delivered pursuant to Section 7.11(b) through the earlier of (i) the last day of the second full fiscal year following the date on which such business plan is delivered and (ii) Termination Date, and which is prepared (a) on a quarterly basis for the fiscal year in which such business plan is delivered and (b) on an annual basis for the immediately succeeding two fiscal years (or portion thereof through the Termination Date). 

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“Capitalized Lease Obligations” means any lease which, under GAAP, is or will be required to be capitalized on the books of the lessee, taken at the amount thereof accounted for as Indebtedness (net of Interest Expense) in accordance with GAAP.

“Cash Equivalents” means (i) securities issued, guaranteed or insured by the United States or any of its agencies with maturities of not more than one year from the date acquired; (ii) certificates of deposit with maturities of not more than one year from the date acquired, issued by (A) a Lender or its Affiliates; (B) any U.S. federal or state chartered commercial bank of recognized standing which has capital and unimpaired surplus in excess of $250,000,000; or (C) any bank or its holding company that has a short-term commercial paper rating of at least A‐1 or the equivalent by Standard & Poor’s Ratings Services or at least P‐1 or the equivalent by Moody’s Investors Service, Inc.; (iii) repurchase agreements and reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clauses (i) and (ii) above and entered into only with commercial banks having the qualifications described in clause (ii) above or such other financial institutions with a short-term commercial paper rating of at least A‐1 or the equivalent by Standard & Poor’s Ratings Services or at least P‐1 or the equivalent by Moody’s Investors Service, Inc.; (iv) commercial paper, other than commercial paper issued by the Borrowers or any of its Affiliates, issued by any Person incorporated under the laws of the United States or any state thereof and rated at least A‐1 or the equivalent thereof by Standard & Poor’s Ratings Services or at least P‐1 or the equivalent thereof by Moody’s Investors Service, Inc., in each case with maturities of not more than one year from the date acquired; and (v) investments in money market funds registered under the Investment Company Act of 1940, which have net assets of at least $250,000,000 and at least eighty-five percent (85%) of whose assets consist of securities and other obligations of the type described in clauses (i) through (iv) above.

“Cash Management Services” means any one or more of the following types of services or facilities (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services, (ii) treasury management services (including controlled disbursement, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services) and (iii) any other demand deposit or operating account relationships or other cash management services.

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (i) the adoption or taking effect of any law, rule, regulation or treaty; (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority; or (iii) 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, (A) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (B) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

“Change of Control” means that (i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such “person” or “group”, any subsidiary of any such “person” or “group”, or any “person” or “group” acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than Permitted Holders, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of thirty-five percent (35%) or more, of the Voting Interests of TTD, (ii) TTD fails to own and control, directly or indirectly, one hundred percent (100%) of the Equity Interests of each other Loan Party, except where such failure is as a result of a transaction permitted under the Loan Documents, or (iii) a change in control 

9

 

or similar event with respect to any Loan Party, as defined or described under any indenture or agreement in respect of Material Indebtedness to which any Loan Party is a party, shall have occurred.

“Citibank” means Citibank, N.A., a national banking association.

“Closing Date” means the date of execution and delivery of this Agreement. 

“Collateral” means all accounts, receivables, chattel paper, commercial tort claims (including those described on Schedule 3.04(a), as such Schedule may be amended by written notice from the Borrower Agent to the Agent pursuant to the terms of Section 3.04(a)), deposit accounts, equipment, farm products, fixtures, general intangibles, payment intangibles, inventory, Intellectual Property, investment property, letter-of-credit rights, instruments, documents, supporting obligations, Pledged Interests, securities accounts, books and records, cash, Cash Equivalents, real estate, and all other personal property of each Loan Party, and in each case, products and proceeds (including insurance proceeds) of the foregoing.  Notwithstanding the foregoing, “Collateral” shall not include any Excluded Property.

“Collateralization” and “Collateralize” each means, (i) with respect to any Letter of Credit, the pledge and deposit with or delivery to the Agent, for the benefit of one or more of the Letter of Credit Issuers, cash or deposit account balances of an amount equal to one hundred three percent (103%) of the undrawn amount of such Letter of Credit or, if the Agent and the applicable Letter of Credit Issuer shall agree in their reasonable discretion, the provision of other credit support, in each case, pursuant to documentation in form and satisfactory reasonably satisfactory to the Agent and the Letter of Credit Issuer, and (ii) with respect to any Bank Product Obligation, the pledge and deposit with or delivery to the Agent, for the benefit of one or more of the Bank Product Providers, cash or deposit account balances of an amount equal to one hundred three percent (103%) of the amount of such Bank Product Obligation (as reasonably determined by the Agent to be sufficient to satisfy the estimated credit exposure with respect to such Bank Product Obligation at such time), pursuant to documentation in form and satisfactory reasonably satisfactory to the Agent and the applicable Bank Product Provider. 

“Commitments” means, collectively, the Revolving Credit Commitments and any other commitments that the Lenders may from time to time make to the Borrowers pursuant hereto for the extension of any credit or other financial accommodation (but excluding any Bank Products Obligations).

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. Section 1 et seq.), as amended from time to time, and any successor statute, and all regulations and guidelines promulgated thereunder. 

“Competitor” means each Person that is engaged in substantially similar business operations as the Loan Parties and their Subsidiaries or a subsidiary or direct holding company of a Person engaged in substantially similar business operations as the Loan Parties and their Subsidiaries; provided, that in connection with any assignment or participation if the proposed assignee Lender is an investment bank, a commercial bank, a finance company, a fund, or other Person which only has an economic interest in any such Person, and is not itself such a Person, such proposed assignee shall not be deemed to be a “Competitor”. 

“Compliance Certificate” has the meaning specified in Section 7.11(d).

“Contingent Obligation” means any direct, indirect, contingent or non-contingent guaranty or obligation for the Indebtedness of another Person, except endorsements in the ordinary course of business.

10

 

“Continuation” has the meaning specified in Section 2.03(b).

“Convert,” “Conversion” and “Converted” each refers to conversion of Advances of one Type into Advances of another Type pursuant to Section 2.03(c).

“Copyrights” means (i) any and all copyright rights in any works subject to the copyright laws of the United States or any other country or group of countries, whether as author, assignee, transferee or otherwise, (ii) all registrations and applications for registration of any such copyright in the United States or any other country or group of countries, including registrations, supplemental registrations and pending applications for registration in the United States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule 6.01(w); (iii) all claims for, and rights to sue for, past or future infringements of any of the foregoing; and (iv) all income, royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments for past or future infringement thereof.

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

“Covered Entity” means any of the following:

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

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

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

“Covered Party” has the meaning assigned to it in Section 12.31.

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

“Default” means any of the events specified in Section 10.01, which, with the giving of notice of lapse of time, or both, or the satisfaction of any other condition, would constitute an Event of Default.

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

“Defaulting Lender” any Lender that, as determined by the Agent, (i) has failed to perform any funding obligations hereunder, including in respect of the making of Revolving Credit Loans, the settlement of any Swingline Loans, or the funding of any risk participations in Letters of Credit and such failure is not cured within three (3) Business Days; (ii) has notified the Agent, any other Lender or any Loan Party that such Lender does not intend to comply with its funding obligations hereunder or has made a public statement to the effect that it does not intend to comply with its funding obligations hereunder or 

11

 

under any other credit facility; (iii) has failed, within three (3) Business Days following request by Agent or the Borrower Agent, to confirm in a manner satisfactory to the Agent or the Borrower Agent that such Lender will comply with its funding obligations hereunder; (iv) has become the subject of a Bail-In Action; or (v) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Event or taken any action in furtherance thereof; provided, that a Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority’s ownership of an equity interest in such Lender or parent company.

“Disqualified Equity Interests” means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interests into which they are convertible or for which they are exchangeable), or upon the happening of any event or condition (i) mature automatically or are mandatorily redeemable (other than solely for Equity Interests issued by TTD (and not by one or more of its Subsidiaries) that are not Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise, (ii) are redeemable at the option of the holder thereof (other than solely for Equity Interests issued by TTD (and not by one or more of its Subsidiaries) that are not Disqualified Equity Interests), in whole or in part, (iii) provide for the scheduled payments of dividends in cash that are payable without further action or decision of TTD, or (iv) are or become convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in the case of each of clauses (i) through (iv), prior to the date that is 91 days after the Termination Date at the time of issuance of such Equity Interests (other than as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior Payment in Full).  

“Disqualified Institution” means, on any date, (i) any Person designated by the Borrower Agent as a “Disqualified Institution” by written notice delivered to the Agent (A) on or prior to the Closing Date or (B) after the Closing Date, and such designation is consented to by the Agent (such consent not to be unreasonably withheld or delayed), (ii) any other Person that is a Competitor of the Borrowers or any of their Subsidiaries, which Person has been designated by the Borrower Agent as a “Disqualified Institution” by written notice delivered to Agent, and (iii) in the case of each Persons identified pursuant to the foregoing clauses (i) and (ii), any of their Affiliates that are either (A) identified in writing to the Agent by the Borrower Agent from time to time or (B) clearly identifiable as Affiliates on the basis of such Affiliate’s name (other than, in the case of this clause (iii), Affiliates that are bona fide debt funds); provided, that no designation of any Person as a Disqualified Institution shall retroactively disqualify any assignments or participations made to, or information provided to, such Person before it was designated as a Disqualified Institution, and such Person shall not be deemed to be a Disqualified Institution in respect of any assignments or participations made to such Person prior to the date of such designation.  Upon inquiry by any Lender to the Agent, the Agent shall be permitted to provide the list of Disqualified Institutions to such Lender (including by posting such notice to the Platform).  Any designation of any Person as a Disqualified Institution shall be provided to the Agent at JPMDQ_Contact@jpmorgan.com and shall become effective on the third Business Day after such notice is provided. 

“Documentation Agent” means each institution identified as a “Co-Documentation Agent” on the cover page hereto. 

“Dollars” and the sign “$” means freely transferable lawful currency of the United States of America.

“Domestic Subsidiary” means any Subsidiary of any Loan Party that is not a Foreign Subsidiary.

“Early Opt-in Election” means, if the then-current Benchmark is the LIBOR Rate, the occurrence of:

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(1)
	
a notification by the Agent to (or the request by the Borrower Agent to the Agent to notify) each of the other parties hereto that at least five currently outstanding dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and

	
 
	
(2)
	
the joint election by the Agent and the Borrower Agent to trigger a fallback from the LIBOR Rate and the provision by the Agent of written notice of such election to the Lenders.

“EBITDA” means, for any period, with respect to the Loan Parties and their Subsidiaries on a consolidated basis (i) net income (as that term is determined in accordance with GAAP) for such period, plus (ii) the amount of depreciation and amortization of fixed and intangible assets deducted in determining such net income for such period, plus (iii) all Interest Expense and all fees for the use of money or the availability of money, including commitment, facility and like fees and charges upon Indebtedness (including Indebtedness to the Lender) paid or payable during such period, without duplication, plus (iv) all tax liabilities paid or accrued during such period, without duplication, plus (v) non-cash compensation expenses arising from the sale or issuance of Equity Interests, the granting of stock options, and the granting of stock appreciation rights and similar arrangements, less the amount of any such expense when paid in cash to the extent not deducted in the computation of net income, plus (vi) non-cash warrant expenses, less the amount of any such expense when paid in cash to the extent not deducted in the computation of net income, plus (vii) any fees, expenses or charges (including expenses, charges and fees paid to Agent and Lenders) incurred in connection with the negotiation, execution, delivery, performance and administration of the Bank Product Agreements and Loan Documents (including in connection with any waiver, amendment, supplementation or other modification thereto), plus (viii) any costs or expenses incurred by a Loan Party or any Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, plus (ix) any fees, expenses or charges incurred in connection with mergers, acquisitions, restructurings or dispositions permitted by this Agreement in an aggregate amount not to exceed $3,000,000 during any consecutive twelve (12) month period, plus (x) the amount of expected cost savings, operating expense reductions, restructuring charges and expenses and cost-saving synergies projected by Borrower Agent in good faith to be realized as a result of actions taken or expected to be taken (calculated on a pro forma basis as though such cost savings, operating expense reductions, restructuring charges and expenses and cost-saving synergies had been realized on the first day of such period related to mergers and other business combinations, acquisitions, divestitures, restructurings, cost savings and other similar initiatives which are, in each case, factually supportable and reasonably identifiable, in each case net of the amount of actual benefits realized during such period from such actions; provided that (a) such cost savings, operating expense reductions, restructuring charges and expense and cost-saving synergies are expected to be realized (in the good faith determination of Borrower Agent) within 12 months after such transaction or initiative has been consummated and (b) the aggregate amount included pursuant to this clause (x) and clause (xi), and all Pro Forma Adjustments, shall not exceed 20% of EBITDA (prior to giving effect to this clause (x) and clause (xi) and all Pro Forma Adjustments), plus (xi) any extraordinary, unusual, or non-recurring expenses, losses or charges; provided that the aggregate amount included pursuant to this clause (xi) and clause (x), and all Pro Forma Adjustments, shall not exceed 20% of EBITDA (prior to giving effect to this clause (xi) and clause (x) and all Pro Forma Adjustments), plus (xii) any other non-cash charges or non-cash adjustments, including any write-offs or write-downs reducing net income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) the Borrower Agent may elect not to add back such non-cash charge in the current period and (B) to the extent the Borrower Agent elects to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent), and excluding amortization of a prepaid cash item that was paid in a prior period, less (xiii) the amount of all gains (or plus the amount 

13

 

of all losses) realized during such period upon the sale or other disposition of property or assets that are sold or otherwise disposed of outside the ordinary course of business that is included in the calculation of net income for such period, less (xiv) any extraordinary gains for such period determined on a consolidated basis in accordance with GAAP.

For purposes of calculating EBITDA for any period, all of the foregoing shall be determined on a consolidated basis for such Person and its Subsidiaries in conformity with GAAP; provided that EBITDA shall be calculated on a Pro Forma Basis in accordance with Section 1.05. 

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

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

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

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

“Eligible Assignee” means (i) a Lender or any Affiliate thereof; (ii) a commercial bank organized or licensed under the laws of the United States or a state thereof having total assets in excess of $1,000,000,000; (iii) a finance company, insurance company or other financial institution or fund, which is regularly engaged in making, purchasing or investing in loans and having total assets in excess of $1,000,000,000; or (iv) a savings and loan association or savings bank organized under the laws of the United States or a state thereof which has a net worth, determined in accordance with GAAP, in excess of $500,000,000; provided, that (A) no Loan Party or any of its respective Subsidiaries shall qualify as an Eligible Assignee, (B) neither a natural person or a Defaulting Lender shall qualify as an Eligible Assignee, (C) each Eligible Assignee under clauses (ii) through (iv) hereof shall be reasonably acceptable to and subject to the consent of the Agent (not to be unreasonably withheld), (D) so long as no Specified Event of Default has occurred and is continuing, a Disqualified Institution shall not qualify as an Eligible Assignee, and (E) nothing herein shall restrict or require the consent of any Person to the pledge by any Lender of all or any portion of its rights and interests under this Agreement, its Notes or any other Loan Document to any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or U.S. Treasury Regulation 31 CFR 203.14, and such Federal Reserve Bank may enforce such pledge in any manner permitted by applicable law.

“Entity” for each Loan Party (other than an individual), means its status, as applicable, as a corporation, limited liability company or limited partnership.

“Environmental Laws” means all applicable federal, state and local statutes, laws (including common or case law), rulings, regulations or governmental, administrative or judicial policies, directives, orders or interpretations applicable to the business or property of a Person relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, 

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ground water, land surface or subsurface strata) including, without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of Hazardous Materials, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of any Hazardous Materials.

“Equity Interests” means (i) in the case of a corporation, its capital stock, (ii) in the case of a limited liability company, its membership interests or units, and (iii) in the case of a limited partnership, its general and limited partnership interests, including in each case, all of the following rights relating to such Equity Interests, whether arising under the Governing Documents of the Entity issuing such Equity Interests or under any applicable law of such Entity’s jurisdiction of organization or formation: (x) all economic rights (including all rights to receive dividends and distributions) relating to such Equity Interests; (y) all voting rights and rights to consent to any particular actions by the applicable issuer; and (z) all management rights with respect to such issuer, but, in each case, excluding any debt security convertible into, or exchangeable for, Equity Interests.

“ERISA” means the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1000 et seq., amendments thereto, successor statutes, and regulations or guidelines promulgated thereunder.

“ERISA Affiliate” means any entity that, together with a Borrower, is required to be treated as a single employer under Section 414(b) or (c) of the Internal Revenue Code or, for purposes of provisions relating to Section 412 of the Code, Sections 414(m) or (o) of the Internal Revenue Code.

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

“Event of Default” means the occurrence of any of the events specified in Section 10.01.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Excluded Property” means (i) voting Equity Interests of any Foreign Subsidiary held by any Loan Party, except to the extent that such voting Equity Interests represent no more than 65% of a first-tier Foreign Subsidiary; (ii) (x) any rights or interest in any contract, lease, permit, license, franchise, charter, authorization or license agreement covering real or personal property of any Loan Party if under the terms of such contract, lease, permit, license, franchise, charter, authorization or license agreement, or applicable law with respect thereto, the grant of a security interest or lien therein is prohibited as a matter of law or under the terms of such contract, lease, permit, license, franchise, charter, authorization or license agreement and such prohibition or restriction has not been waived or the consent of the other party to such contract, lease, permit, license, franchise, charter, authorization or license agreement has not been obtained, or (y) Equity Interests in any Person other than wholly-owned Subsidiaries that cannot be pledged without the consent of unaffiliated third parties (provided, that (A) the foregoing exclusions of this clause (ii) shall in no way be construed (1) to apply to the extent that any described prohibition or restriction is ineffective under Section 9-406, 9-407, 9-408, or 9-409 of the UCC or other applicable law, or (2) to apply to the extent that any consent or waiver has been obtained that would permit the Agent’s security interest or lien to attach notwithstanding the prohibition or restriction on the pledge of such contract, lease, permit, license, franchise, charter, authorization, license agreement or Equity Interest and (B) the foregoing exclusions of clauses (i) and (ii) shall in no way be construed to limit, impair, or otherwise affect any of the Agent’s or any Lender’s continuing security interests in and liens upon any rights or interests of any Loan Party in or to (1) monies due or to become due under or in connection with any described contract, lease, permit, license, franchise, charter, authorization, license agreement, or Equity Interests, or (2) any proceeds from the sale, license, lease, or other dispositions of any such contract, lease, permit, license, franchise, charter, authorization, license agreement, or Equity Interests); (iii) any United States intent-to-use trademark 

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applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable federal law; provided, that upon submission and acceptance by the United States Patent and Trademark Office of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered Collateral; (iv) all leasehold Real Property interests; (v) all fee simple Real Property interests having a fair market value (as determined in good faith by the Borrower Agent) less than $5,500,000 on a per property basis, and any fee-owned Real Property that is subject to a Permitted Lien of the type described in clause (v)(B) of the definition thereof; (vi) motor vehicles and other assets subject to certificates of title; (vii) any demand deposit account, securities account, commodity account or other deposit account of any Loan Party (and all cash, Cash Equivalents and other securities or instruments credited thereto or deposited therein) that is used solely and exclusively for payroll, payroll taxes, and other employee wage and benefit payments to or for any Loan Party’s employees, or as an escrow, trust or any other fiduciary account for the benefit of any third party that is not a Loan Party; (viii) any property or assets to the extent the creation or perfection of pledges thereof, or security interests therein, could reasonably be expected to result in material adverse tax consequences or material adverse regulatory consequences to the Borrowers or any of their Subsidiaries, as reasonably agreed by the Borrower Agent and the Agent; (ix) Margin Stock (to the extent a security interest therein would violate the provisions of the regulations of the Board of Governors, including Regulation T, Regulation U or Regulation X); (x) to the extent applicable law requires that a Subsidiary of a Loan Party issue directors’ qualifying shares, nominee shares or similar shares which are required by applicable law to be held by Persons other than the Loan Parties, such qualifying shares, nominee shares or similar shares held by Persons other than Loan Parties; (xi) assets and properties of Immaterial Subsidiaries and Equity Interest in Immaterial Subsidiaries; and (xii) assets and properties of Foreign Subsidiaries and, except as not excluded in the case of first-tier Foreign Subsidiaries by the above clause (i) above, Equity Interest in any Foreign Subsidiary.

“Excluded Swap Obligations” means any obligation of any Guarantor to pay or perform under any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of the Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time such Guaranty or the grant of such security interest becomes effective with respect to such Swap Obligation (after giving effect to Section 12.29).  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes illegal.

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal  withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the applicable Commitment (or, if the applicable Loan was not funded pursuant to a prior Commitment, the applicable Loan), other than pursuant to an assignment request by the Borrower under Section 2.11 or (B) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 4.11, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in such Commitment or Loan or 

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to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient’s failure to comply with Section 4.11(g) and (iv) any withholding Taxes imposed under FATCA.

“Existing Hedging Agreements” means the Hedging Agreements in effect on the Closing Date.

“Existing Letters of Credit” means the letters of credit that are outstanding as of the Closing Date and listed on Schedule 1.01(b).  

“FATCA” mean Sections 1471 and 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations thereunder or official interpretations thereof, and any agreements entered into pursuant to current Section 1471(b)(1) of the Internal Revenue Code (or any amended or successor version described above), any intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing and any related law, regulation or official administrative practice adopted pursuant to any such intergovernmental agreement.

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

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System or any Person succeeding to the functions thereof.

“Fee Letter” means that certain Engagement/Commitment Letter, dated as of May 14, 2021, by and among TTD and JPMCB.

“Financial Covenant” means the covenant set forth in Article IX.

“Financial Covenant Material Acquisition” means an acquisition (or series of related acquisitions (being acquisitions which form part of the same overall sale and purchase transaction)) by any Borrower or a Subsidiary where the aggregate consideration for such acquisition or related acquisitions exceeds $50,000,000.

“Financial Statements” means, with respect to the Borrowers and their Subsidiaries, as applicable pursuant hereto, the balance sheets, profit and loss statements and statements of cash flow, if any, of the Borrowers and their Subsidiaries for the period specified, prepared in accordance with GAAP and consistent with prior practices and, except in the case of annual audited Financial Statements, a comparison in reasonable detail to the balance sheets, profit and loss statements and statements of cash flow, for the same year-to-date and month periods of the immediately preceding year.

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

“Foreign Subsidiary” means any direct or indirect subsidiary of any Loan Party that is organized under the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia.

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“Fronting Exposure” means a Defaulting Lender’s Pro Rata Share of reimbursement obligations under Letters of Credit, except to the extent allocated to other Lenders under Section 2.12.

“Funded Indebtedness” means, as of any date of determination and without duplication, all Indebtedness of the Loan Parties and their Subsidiaries of the type described in clauses (i), (iv), (viii) and (ix) of the defined term “Indebtedness” (with respect to clause (ix), only to the extent such obligation is Guaranteeing or intended to Guarantee an obligation of any other Person that constitutes Indebtedness under clauses (i), (iv) and (viii) of the defined term “Indebtedness”); provided that (a) with respect to letters of credit, bankers acceptances or other financial products, solely the drawn and unreimbursed amounts thereof shall be included and (b) with respect to the Loan Parties and their Subsidiaries, the amount of outstanding Revolving Credit Loans shall be included. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board that are applicable to the circumstances as of the date of determination.  Notwithstanding anything to the contrary in this definition or in this Agreement, in the event of a change under GAAP (or the application thereof) requiring any leases to be capitalized that are not required to be capitalized as of March 30, 2016, only those leases that would result or would have resulted in Capitalized Lease Obligations on March 30, 2016 will be considered capital leases and all calculations under this Agreement will be made in accordance therewith.

“Governing Body” means (i) in the case of a corporation, its board of directors or shareholders, (ii) in the case of a limited liability company, its managers or members, and (iii) in the case of a limited partnership, its general partner(s), or in each case, another comparable governing body of the applicable Entity.

“Governing Documents” means (i) in the case of a corporation, its articles (or certificate) of incorporation and bylaws, (ii) in the case of a limited liability company, its articles (or certificate) of organization (or formation) and its operating agreement, and (iii) in the case of a limited partnership, its articles (or certificate) of limited partnership and its limited partnership agreement, or in each case, another comparable governing document of the applicable Entity.

“Governmental Authority” means any nation or government, any state or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative functions thereof or pertaining thereto.

“Guarantee”, “Guaranteed”, “Guaranteeing” or to “Guarantee” as applied to any obligation means and includes:  (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guarantee of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation.

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“Guarantor Security Agreement” means any security agreement executed by a Guarantor in favor of the Agent, in form and substance reasonably satisfactory to the Agent, pursuant to which such Guarantor shall grant, or purport to grant, a first priority Lien in favor of the Agent in the Collateral owned by such Guarantor, as security for the Obligations, as amended, restated, supplemented or otherwise modified from time to time.

“Guarantors” means each Borrower, as to the other Borrowers, and each other Person that guarantees, in whole or in part, the Obligations at any time hereafter.

“Guaranty” means any guaranty agreement executed by a Guarantor, in form and substance reasonably satisfactory to the Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.

“Hazardous Materials” means any and all pollutants, contaminants and toxic, caustic, radioactive and hazardous materials, substances and wastes including, without limitation, petroleum or petroleum distillates, asbestos or urea formaldehyde foam insulation or asbestos-containing materials, whether or not friable, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature, that are regulated under any Environmental Laws.

“Hedging Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging agreement.  The term “Hedging Agreement,” as used herein, shall extend to and include, without limitation, any Swap Obligation.

“Immaterial Subsidiary” means any Subsidiary that is not a Material Subsidiary.  All Immaterial Subsidiaries as of the Closing Date are listed on Schedule 1.01(a).

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

“Included Pro Forma Entity” means, for any period, any Person, property, business or asset that is acquired by the Borrowers or any of their Subsidiaries from a third party during such period and not subsequently sold, transferred or otherwise disposed of by the Borrowers or the applicable Subsidiary to a third party during such period; provided that for purposes of calculating any consolidated financial information for any Included Pro Forma Entity to be used in determining a calculation on a Pro Forma Basis for such period, financial information pertaining to any Person, property, business or asset that was related to such Included Pro Forma Entity but that was not acquired by the Loan Party or such Subsidiary shall not be consolidated with the relevant financial information of the Included Pro Forma Entity.

“Increasing Lenders” shall have the meaning set forth in Section 2.16.

“Incremental Revolving Credit Commitments” shall have the meaning set forth in Section 2.16.

“Indebtedness” means, with respect to any Person, as of the date of determination thereof (without duplication of the same obligation under any other clause hereof), (i) all obligations of such Person for borrowed money of any kind or nature, including funded and unfunded debt, (ii) all monetary obligations of such Person owing under Hedging Agreements (which amount shall be calculated based on the amount that would be payable by such Person if the Hedging Agreement were terminated on the date of determination), (iii) all obligations of such Person to pay the deferred purchase price of assets (other than trade payables incurred in the ordinary course of business and repayable in accordance with customary 

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trade practices and, for the avoidance of doubt, other than royalty payments payable in the ordinary course of business in respect of non-exclusive licenses) and any earn-out or similar obligations, in each case, to the extent the same would be required to be shown as a long-term liability on a balance sheet prepared in accordance with GAAP, (iv) all Capitalized Lease Obligations, (v) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right to be secured) a Lien on any asset of such Person whether or not the Indebtedness is assumed by such Person, (vi) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreements in the event of default are limited to repossession or sale of such property), (vii) any Disqualified Equity Interests, (viii) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, and (ix) any obligation of such Person Guaranteeing or intended to Guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (i) through (viii) above.  For purposes of this definition, (A) the amount of any Indebtedness represented by a guaranty or other similar instrument shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the Guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (B) the amount of any Indebtedness which is limited or is non-recourse to a Person or for which recourse is limited to an identified asset shall be valued at the lesser of (1) if applicable, the limited amount of such obligations, and (2) if applicable, the fair market value of such assets securing such obligation.

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

“Insolvency Event” means, with respect to any Person, the occurrence of any of the following:  (i) such Person shall be adjudicated insolvent or bankrupt or institutes proceedings under the Bankruptcy Code or otherwise to be adjudicated insolvent or bankrupt, or shall generally fail to pay or admit in writing its inability to pay its debts as they become due, (ii) such Person shall seek dissolution (other than in a transaction permitted by Section 8.03) or reorganization or the appointment of a receiver, trustee, custodian or liquidator for it or a substantial portion of its property, assets or business or to effect a plan or other arrangement with its creditors, (iii) such Person shall make a general assignment for the benefit of its creditors, or consent to or acquiesce in the appointment of a receiver, trustee, custodian or liquidator for a substantial portion of its property, assets or business, (iv) such Person shall file a voluntary petition under, or shall seek the entry of an order for relief under, any bankruptcy, insolvency or similar law, including the Bankruptcy Code, (v) such Person shall take any corporate, limited liability company, partnership or similar act, as applicable, in furtherance of any of the foregoing, or (vi) such Person, or a substantial portion of its property, assets or business, shall become the subject of an involuntary proceeding or petition for (A) its dissolution or reorganization or (B) the appointment of a receiver, trustee, custodian or liquidator, and (1) such proceeding shall not be dismissed or stayed within sixty (60) days or (2) such receiver, trustee, custodian or liquidator shall be appointed; provided, however, that the Lenders shall have no obligation to make any Loans or cause to be issued any Letter of Credit during the pendency of any sixty (60) day period described in sub-clause (1) above.

“Intellectual Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, URLs and domain names, specifications, documentations, reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof.

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“Intellectual Property Security Agreement” means an intellectual property security agreement, in form and substance reasonably satisfactory to the Agent, pursuant to which each Loan Party that has rights in any Intellectual Property that is registered or applied for registration with the United States Patent and Trademark Office or the United States Copyright Office shall grant a specific security interest in such Intellectual Property as security for the Obligations, as amended, restated, supplemented or otherwise modified from time to time.

“Intercompany License Agreement” means (i) that certain Intellectual Property License Agreement effective as of June 1, 2016, by and between the Borrower Agent and The Trade Desk Cayman, (ii) any amendment of the agreement referenced in the foregoing clause (i) pursuant to which the rights and obligations of The Trade Desk Cayman are assigned to The UK Trade Desk Ltd., and (iii) any other intercompany license agreement entered into by the Borrower Agent and a direct or indirect Foreign Subsidiary of the Borrower Agent, in form and substance reasonably acceptable to the Agent, pursuant to which the Borrower Agent shall grant such Foreign Subsidiary an exclusive license to use TTD’s Intellectual Property in jurisdictions outside of the United States and its territories.

“Intercompany Subordination Agreement” means an agreement among the Agent, the applicable Borrower or Subsidiary of the Borrower and the holder of any Indebtedness pursuant to which such Indebtedness is made subordinate in right of payment to Payment in Full of all Obligations on terms reasonably satisfactory to the Agent.

“Intercreditor Agreement” means a customary pari passu intercreditor agreement, in form and substance reasonably satisfactory to the Agent, in respect of the Term Loan Indebtedness.

“Interest Expense” means, for any period, the sum (determined without duplication) of the aggregate gross interest expense of the Loan Parties and their Subsidiaries for such period, whether paid or accrued, including (a) amortization of debt discount, (b) the interest component of Capitalized Lease Obligations, (c) capitalized interest, (d) 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 in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP, (e) the portion of any payments or accruals under capital leases (and imputed interest with respect to sale and leaseback transactions) allocable to interest expense, plus the portion of any payments or accruals under synthetic leases allocable to interest expense whether or not the same constitutes interest expense under GAAP, (f) financing fees (including arrangement, amendment and contract fees, debt issuance costs, commissions and expenses and, in each case, the amortization thereof),  and (g) all cash dividend payments or other cash distributions in respect of any Disqualified Equity Interests or on any series of preferred equity of the Loan Parties or their Subsidiaries.

“Interest Payment Date” shall mean (a) with respect to any Base Rate Advance (other than a Swingline Loan), the last day of each March, June, September and December, (b) with respect to any LIBOR Rate Advance, the last day of the Interest Period applicable to the Borrowing of which such Advance is a part and, in the case of a LIBOR Rate Advance with an Interest Period of more than three (3) months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three (3) months’ duration after the first day of such Interest Period, (c) with respect to any Loans, the Termination Date or such earlier date on which the Commitments are terminated and (d) with respect to any Swingline Loan, the day that such Loan is required to be repaid.

“Interest Period” means the period commencing on the date of a LIBOR Rate Advance and ending one (1), three (3) or six (6) months thereafter, as selected by the Borrower Agent; provided, however, that (i) the Borrower Agent may not select any Interest Period that ends after the Termination Date; (ii) whenever the last day of an Interest Period would otherwise occur on a day other than a Business 

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Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, except that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, then the last day of such Interest Period shall occur on the next preceding Business Day; and (iii) if there is no corresponding date of the month that is one (1), three (3) or six (6) months, as the case may be, after the first day of an Interest Period, such Interest Period shall end on the last Business Day of such first, third or sixth month, as the case may be.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent Conversion or Continuation of such Borrowing.

“Interests” has the meaning specified in Section 8.10.

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

“Internal Revenue Service” or “IRS” means the United States Internal Revenue Service and any successor agency.

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

“Investment” in any Person means, as of the date of determination thereof, (i) any payment or contribution in or to such Person including, without limitation, property contributed to such Person for or in connection with the acquisition of any Equity Interests, bonds, notes, debentures or any other security of such Person or (ii) any loan, advance or other extension of credit or guaranty of or other surety obligation for any Indebtedness made to, or for the benefit of, such Person.  In determining the aggregate amount of Investments outstanding at any particular time, (i) a guaranty (or other surety obligation) shall be valued at not less than the principal outstanding amount of the primary obligation; (ii) returns of capital (but only by repurchase, redemption, retirement, repayment, liquidating dividend or liquidating distribution) shall be deducted; (iii) earnings, whether as dividends, interest or otherwise, shall not be deducted; and (iv) decreases in the market value shall not be deducted unless such decreases are computed in accordance with GAAP.

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

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

“Lender” and “Lenders” have the meaning specified in the introductory paragraph.

“Lender Group Expenses” means all (a) costs or expenses (including taxes and insurance premiums) required to be paid by any Loan Party or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Agent, the Letter of Credit Issuer, and the Lenders, or any of them, (b) reasonable and documented out-of-pocket fees or charges paid or incurred by the Agent in connection with transactions under any of the Loan Documents, (c) the Agent’s customary fees and charges imposed or incurred in connection with any background checks or OFAC/PEP searches related to any Loan Party or 

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its Subsidiaries performed in connection with the transactions contemplated under the Loan Documents, (d) the Agent’s customary fees and charges (as adjusted from time to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of any Borrower (whether by wire transfer or otherwise), together with any reasonable and documented out-of-pocket costs and expenses incurred in connection therewith, (e) [reserved], (f) reasonable and documented out-of-pocket costs and expenses paid or incurred by the Agent, the Letter of Credit Issuer and the Lenders, or any of them, to correct any default or enforce any provision of the Loan Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (g) fees and expenses of the Agent related to any field examinations, appraisals, or valuations to the extent of the fees and charges (and up to the amount of any limitation) provided in Section 7.07(b), (h) the Agent’s and the Lenders’ reasonable and documented costs and expenses (including reasonable attorneys’ fees and expenses) relative to third party claims or any other lawsuit or adverse proceeding paid or incurred, whether in enforcing or defending the Loan Documents or otherwise in connection with the transactions contemplated by the Loan Documents, the Agent’s Liens in and to the Collateral, or the relationship of the Agent, the Letter of Credit Issuer, and the Lenders, or any of them, with any Loan Party or any of its Subsidiaries, (i) the Agent’s reasonable and documented costs and expenses (including reasonable attorneys’ fees and due diligence expenses) incurred in advising, structuring, drafting, reviewing, administering (including travel, meals, and lodging), syndicating, or amending, waiving, or modifying the Loan Documents, and (j) the Agent’s and each Lender’s reasonable and documented costs and expenses (including attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a “restructuring,” or an Insolvency Event concerning any Loan Party or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether a lawsuit or other adverse proceeding is brought, or in taking any enforcement action or any remedial action with respect to the Collateral.

“Lender-Related Person” has the meaning specified in Section 12.13. 

“Letter of Credit” means the Existing Letter of Credit and each other letter of credit issued for the account of the Borrowers by the Letter of Credit Issuer under Section 2.13, and all amendments, renewals, extensions or replacements thereof.

“Letter of Credit Agreement” means the collective reference to any and all applications, reimbursement agreements and other agreements from time to time entered into by the Letter of Credit Issuer and the Borrowers, to be in form and substance reasonably satisfactory to the Letter of Credit Issuer, pursuant to which the Letter of Credit Issuer issues Letters of Credit for the account of the Borrowers in accordance with the terms of this Agreement, as amended, restated, supplemented or otherwise modified from time to time.

“Letter of Credit Commitment” means the commitment of each Letter of Credit Issuer to issue Letters of Credit Agreement, subject to the terms and conditions set forth herein, in up to the maximum amount specified for such Letter of Credit Issuer on Annex A-2. 

“Letter of Credit Issuer” means, as the context may require, (a)  JPMorgan Chase Bank, N.A., (b) Citibank, N.A., (c) any other Lender that may be designated as a Letter of Credit Issuer hereunder or (d) collectively, all of the foregoing.  Each Letter of Credit Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by affiliates or branches of such Letter of Credit, in which case the term “Letter of Credit Issuer” shall include any such affiliate or branch with respect to Letters of Credit issued by such affiliate or branch.

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“Letter of Credit Sublimit” means Fifteen Million Dollars ($15,000,000). 

“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.  

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

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

“LIBOR Rate Advance” means each portion of the Loans that bears interest as provided in Section 4.01(b).

“LIBO Screen Rate” means, for any day and time, with respect to any LIBOR Rate Advance for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than zero percent (0%), such rate shall be deemed to be zero percent (0%) for the purposes of this Agreement.

 “Lien” means any lien, claim, charge, pledge, security interest, assignment, hypothecation, deed of trust, mortgage, lease, conditional sale, retention of title or other preferential arrangement having substantially the same economic effect as any of the foregoing, whether voluntary or imposed by law.  For the avoidance of doubt, “Lien” shall not include any non-exclusive license of Intellectual Property, operating lease, any capital lease in respect of Real Property permitted hereunder or an agreement to sell.

“Loan Documents” means this Agreement, the Notes, the Fee Letter, any Guaranty, the Security Documents, any Intercompany Subordination Agreement, any Subordination Agreement, any Intercreditor Agreement, each Letter of Credit Agreement, and any other documents and instruments entered into, now or in the future, by any Loan Party or any of its Subsidiaries under or in connection with this Agreement (but specifically excluding Bank Product Agreements), as each of the same may be amended, restated, supplemented or otherwise modified from time to time.

“Loan Party” means each Borrower and each Guarantor.

“Loans” means the loans and financial accommodations made by the Lenders under this Agreement including, without limitation, the Revolving Credit Loans and the Swingline Loans.

“Margin Stock” shall have the meaning assigned to such term in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto. 

“Material Adverse Effect” means (i) a material adverse effect on the business, operations, results of operations, assets, liabilities, or financial condition of the Loan Parties, taken as a whole or (ii) the material impairment of (A) the Loan Parties’ ability to perform their payment obligations under the Loan 

24

 

Documents to which they are a party or (B) the ability of the Agent or the Lenders to enforce the Obligations or realize upon the Collateral, or (iii) a material impairment of the enforceability or priority of the Agent’s Liens with respect to all or a material portion of the Collateral other than any material impairment caused by any action or inaction of the Agent.

“Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of any Loan Party in an aggregate principal amount exceeding Ten Million Dollars ($10,000,000).  For purposes of this definition, the “principal amount” of the obligations of any Loan Party in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party would be required to pay if such Hedging Agreement were terminated at such time.

“Material Intellectual Property” means any Intellectual Property that is registered with the United States Patent and Trademark Office and the United States Copyright Office that is material to the business of any Loan Party.

“Material Subsidiary” means, at any date of determination, (i) each Borrower and (ii) each Subsidiary of a Borrower that, as of the end of the most recently ended fiscal quarter for which Financial Statements are required to be delivered pursuant to Section 7.11, (A) owns at least five percent (5.00%) of the consolidated total assets of the Loan Parties and their Subsidiaries as of such date, (B) generated at least five percent (5.00%) of the consolidated revenues of the Loan Parties and their Subsidiaries during such fiscal quarter, (C) is the owner of Equity Interests of any Subsidiary of a Borrower that otherwise constitutes a Material Subsidiary as of such date, or (D) any group comprising Subsidiaries of a Borrower that each would not have been a Material Subsidiary under clauses (A), (B), or (C) but that, taken together, had revenues or total assets in excess of ten percent (10.0%) of the consolidated revenues or total assets, as applicable, of the Loan Parties and their Subsidiaries. 

“Mortgage” means each mortgage, deed of trust or security deed between the applicable Loan Party(ies) and the Agent, delivered in accordance with Section 3.04(a) of this Agreement, in form and substance reasonably satisfactory to the Agent, relating to the Real Property covered thereby, as amended, supplemented or otherwise modified from time to time.

“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate has contributed within the past six years or with respect to which the Borrower or any ERISA Affiliate has any liability, whether fixed or contingent.

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all or all affected Lenders in accordance with the terms of Section 12.7 and (ii) has been approved by the Required Lenders.

“Notes” means the Revolving Credit Notes and the Swingline Note.

“Notice of Borrowing” has the meaning specified in Section 2.03(a).

“Notice of Continuation/Conversion” has the meaning specified in Section 2.03(b).

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

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are 

25

 

published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined be less than zero percent (0%), such rate shall be deemed to be zero percent (0%) for purposes of this Agreement.

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

“Obligations” means and includes (a) all loans (including the Loans), advances (including the Advances), debts, liabilities, obligations, covenants and duties owing by the Loan Parties to (i) the Agent or the Lenders, or any of them, or any of their or its Affiliates, of any kind or nature, present or future, whether or not evidenced by any note, guaranty or other instrument, which may arise under, out of, or in connection with, this Agreement, the Notes, the other Loan Documents or any other agreement executed specifically in connection herewith or therewith, or (ii) the Agent or the Lenders, or any of them, or any of their or its Affiliates, of any kind or nature, present or future, whether or not evidenced by any note, guaranty, lease agreement or other instrument or agreement, whether or not for the payment of money, whether arising by reason of an extension of credit, opening, guaranteeing or confirming of a letter of credit (including, without limitation, the Letters of Credit) or payment of any draft drawn or other payment thereunder, loan, guaranty, indemnification, or in any other manner, whether direct or indirect (including those acquired by assignment, purchase, discount or otherwise), whether absolute or contingent, due or to become due, now existing or hereafter arising, and however acquired, and (b) all Bank Product Obligations.  The term “Obligations” includes, without limitation, all interest and fees (including interest and fees accruing on or after an Insolvency Event, whether or not such interest and fees constitute an allowed claim), charges, Lender Group Expenses, commitment, facility, closing and collateral management fees, letter of credit fees, cash management and other fees, interest, charges, expenses, fees, attorneys’ fees and disbursements, and any other sum chargeable to any of the Loan Parties under this Agreement, the Notes, the other Loan Documents, any Hedging Agreement, any agreement for Cash Management Services, or any other agreement in respect of any Bank Products.  Notwithstanding the foregoing, the term “Obligations” (i) shall not include any Excluded Swap Obligations and (ii) shall be limited to those “Obligations” that arise out of or under the Loan Documents or the transactions contemplated thereby or that constitute Bank Product Obligations.

“Operating Account” means a deposit account of the Borrowers maintained at the Bank that the Borrower Agent designates in writing to the Agent on the Closing Date as the Borrowers’ “operating account” for purposes hereof in regard to the receipt and distribution of the proceeds any Borrowings, or such other deposit account of the Borrowers at the Bank as the Borrower Agent may from time to time subsequent to the Closing Date so designate in writing to the Agent as such account.

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

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

26

 

imposed with respect to an assignment (other than an assignment made pursuant to Section 2.10 or Section 2.11).

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

“Participant” has the meaning specified in Section 12.07(f).

“Participant Register” has the meaning specified in Section 12.07(f).

“Patents” means patents and patent applications, including (i) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (ii) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (iii) the right to sue for past, present, and future infringements thereof, and (iv) all rights corresponding thereto throughout the world.

“Payment in Full” or “Paid in Full” (or words of similar import) means with respect to any Obligations, (i) the payment or repayment in full in cash of all Obligations (other than (A) contingent indemnification obligations as to which no claim has been asserted and (B) any Bank Product Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized in the manner set forth in clauses (iii) and (iv) below), (ii) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Collateralization, (iii) in the case of Bank Product Obligations (other than Bank Product Obligations arising from Hedging Agreements), providing Collateralization, (iv) in the case of Bank Product Obligations arising from Hedging Agreements, the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedging Agreements provided by the applicable Bank Product Provider, and (v) all Commitments related to such Obligations have expired or been terminated.

“PBGC” means the Pension Benefit Guaranty Corporation and any Person succeeding to the functions thereof.

“Pension Plan” means a pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA (other than a Multiemployer Plan) which a Borrower or any ERISA Affiliate sponsors or maintains or to which it is making or is obligated to make contributions, or, solely in the case of a multiple employer plan (as described in Section 4063 or 4064(a) of ERISA), has made contributions at any time during the immediately preceding five (5) plan years.

“Permits” means, in respect of any Person, all licenses, permits, franchises, consents, rights, privileges, certificates, authorizations, approvals, registrations and similar consents granted or issued by any Governmental Authority to which or by which such Person is bound.

“Permitted Acquisition” means (i) any purchase or other acquisition of all or substantially all of the assets of (or any division or business line of) any other Person, or (ii) any purchase or other acquisition (whether by means of a merger, consolidation, or otherwise) of all or substantially all of the Equity Interests of any other Person, in each case, so long as (A) no Event of Default shall have occurred and be continuing or would result from the consummation of such Permitted Acquisition, and (B) if the 

27

 

subject assets or Equity Interests, as applicable, are being acquired directly by a Loan Party, in connection therewith, the applicable Loan Party shall have complied with Section 7.20. 

“Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured lender) business judgment.

“Permitted Hedging Agreement” means Existing Hedging Agreements and each other Hedging Agreement made by a Borrower or any Subsidiary thereof in the ordinary course of its business in accordance with the reasonable requirements of its business, and not for speculative purposes, provided that if the counterparty to such Permitted Hedging Agreement is not a Lender or an Affiliate of a Lender, such Permitted Hedging Agreement shall be unsecured (except for Permitted Liens of the type described in clause (xx) of the definition thereof).

“Permitted Holders” means each of: (i) the directors, executive officers and other management personnel of the Borrowers and their Subsidiaries on the Closing Date, (ii) any other holder of a direct or indirect Equity Interest in TTD that holds such interest as of the Closing Date and is disclosed to the Agent prior to the Closing Date, and (iii) any group (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) of which Persons described in the foregoing clauses (i) and (ii) are members.

“Permitted Investments” has the meaning specified in Section 8.11.

“Permitted Liens” means the following:

	
(i)
	
Liens created hereunder and by the Security Documents; 

	
(ii)
	
Liens securing Indebtedness permitted by Section 8.01(iii), provided that (A) such Liens shall be created substantially simultaneously with the acquisition of such assets or within 180 days after the acquisition or the completion of the construction or improvements thereof, (B) such Liens do not at any time encumber any assets other than the assets financed by such Indebtedness, and (C) the principal amount of Indebtedness secured by any such Lien shall at no time exceed the cost of acquiring, constructing or improving such assets; 

	
(iii)
	
Liens on any property or asset of the Borrowers or their Subsidiaries existing on the Closing Date and set forth on Schedule 8.09 and any Lien granted as a replacement or substitute therefor; provided that any such replacement or substitute Lien (A) does not secure an aggregate principal amount of Indebtedness, if any, greater than that secured on the Closing Date and (B) does not encumber any property in any material manner other than the property that secured such original Indebtedness (or would have been required to secure such original Indebtedness pursuant to the terms thereof);

	
(iv)
	
Liens assumed by any Loan Party or its Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness permitted under Section 8.01(xii);

	
(v)
	
(A) Liens securing Term Loan Indebtedness subject, at all times, to an Intercreditor Agreement, and (B) Liens on fee-owned Real Property securing Real Property Indebtedness, provided that (x) such Liens shall be created substantially simultaneously with the acquisition of such Real Property, (y) such Liens do not at any time encumber any assets other than the Real Property financed by such Real Property Indebtedness, and (z) the principal amount of Real Property Indebtedness secured by any such Lien shall at no time exceed the cost of acquiring, constructing or improving such assets;

	
(vi)
	
Liens securing judgments that do not constitute an Event of Default under Section 10.01 and notices of lis pendens and associated rights related to litigation being contested in good 

28

 

		
faith by appropriate proceedings and in respect of which the applicable Borrower or Subsidiary has set aside on its books reserves in accordance with GAAP with respect thereto;

	
(vii)
	
Liens solely on any cash earnest money deposits made by the Borrowers or any Subsidiary in connection with any letter of intent or other agreement in respect of any Permitted Investment;

	
(viii)
	
Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods in the ordinary course of business; 

	
(ix)
	
Liens for taxes, assessments and other governmental charges or levies not yet delinquent or that are being contested by a Borrower or the applicable Subsidiary in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP;

	
(x)
	
Liens imposed by law, including landlord’s, carriers’, warehousemen’s. mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary course of business securing obligations that are not overdue by more than thirty (30) days or that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP, but excluding any Liens arising under Section 303(k) or 4068 of ERISA or Section 430(k) of the Internal Revenue Code;

	
(xi)
	
(A) pledges and deposits and other Liens made in the ordinary course of business in compliance with the Federal Employers Liability Act or any other workers’ compensation, unemployment insurance and other similar laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in respect of such obligations, other than any Liens arising under 303(k) or 4068 of ERISA or Section 430(k) of the Internal Revenue Code, and (B) pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrowers or any of their Subsidiaries;

	
(xii)
	
deposits to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capitalized Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof) incurred by a Borrower or any of its Subsidiaries in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business;

	
(xiii)
	
zoning restrictions, easements, encroachments, licenses, restrictions or covenants on the use of any Real Property which do not materially impair either the use of such Real Property in the operation of the business of the applicable Borrower or its Subsidiaries or the value of such Real Property;

	
(xiv)
	
rights of general application reserved to or vested in any Governmental Authority to control or regulate any Real Property, or to use any Real Property in a manner which does not materially impair the use of such Real Property for the purposes for which it is held by a Borrower or any of its Subsidiaries;

	
(xv)
	
any interest or title of a lessor or sublessor under any leases or subleases entered into by a Borrower or any of its Subsidiaries in the ordinary course of business;

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(xvi)
	
rights of set-off, banker’s lien, netting agreements and other Liens arising by operation of law or by of the terms of documents of banks or other financial institutions in relation to the maintenance of administration of deposit accounts, securities accounts, cash management arrangements or in connection with the issuance of letters of credit, bank guarantees or other similar instruments;

	
(xvii)
	
leases or subleases, any licenses granted pursuant to an Intercompany License Agreement and non-exclusive licenses or sublicenses (including with respect to intellectual property and software) granted to others in the ordinary course of business that do not interfere in any material respect with the business of the Loan Parties, taken as a whole;

	
(xviii)
	
Liens solely on any cash earnest money deposits made by a Borrower or any of its Subsidiaries in connection with any letter of intent or other agreement in respect of any Investment permitted by this Agreement;

	
(xix)
	
Liens arising from precautionary Uniform Commercial Code financing statements; 

	
(xx)
	
Liens on cash collateral in an aggregate amount not to exceed $4,000,000 at any time and securing obligations arising under Permitted Hedging Agreements;

	
(xxi)
	
Liens (A) of a collection bank arising under Section 4-210 of the Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection, (B) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business; or (C) in favor of banking or other financial institutions or entities, or electronic payment service providers, arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry; 

	
(xxii)
	
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;

	
(xxiii)
	
Liens on insurance policies and the proceeds thereof granted in the ordinary course of business to secure the financing of insurance premiums with respect thereto;

	
(xxiv)
	
Liens on motor vehicles of the Loan Parties or any of their Subsidiaries granted in the ordinary course of business; 

	
(xxv)
	
Liens securing Indebtedness permitted by clause (xvi) of Section 8.01 as long as such Liens attach only to the assets and properties of Foreign Subsidiaries; and

	
(xxvi)
	
other Liens as to which the aggregate amount of the obligations, including but not limited to obligations consisting of Indebtedness, secured thereby does not exceed, immediately after such obligations are incurred as secured obligations, the greater of (A) $100,000,000 and (B) 35% of EBITDA on a Pro Forma Basis.

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, joint stock company, association, corporation, institution, entity, party or government (including any division, agency or department thereof) or any other legal entity, whether acting in an individual, fiduciary or other capacity, and, as applicable, the successors, heirs and assigns of each.

“Plan” means any employee benefit plan, as defined in Section 3(3) of ERISA (and including any plan that is not subject to ERISA pursuant to Section 4(b)(4) thereof), which is maintained 

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or contributed to by a Borrower or with respect to which a Borrower has any liability (whether actual or contingent).

“Platform” has the meaning specified in Section 11.04.

“Pledged Companies” means each Person listed on Schedule 3.05 as a “Pledged Company”, together with each other Person, all or a portion of whose Equity Interests are acquired or otherwise owned by any Loan Party after the Closing Date and is required to be pledged pursuant to Section 7.20.

“Pledged Interests” means all of each Loan Party’s right, title and interest in and to all of the Equity Interests now owned or hereafter acquired by such Loan Party, regardless of class or designation, including in each of the Pledged Companies, and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Equity Interests, the right to receive any certificates representing any of the Equity Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends, distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing.

“Pledged Interests Addendum” means a Pledged Interests Addendum to this Agreement or the Guarantor Security Agreement, in form and substance reasonably satisfactory to the Agent.

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Agent) or any similar release by the Federal Reserve Board (as determined by the Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Pro Forma Adjustment” means, for any period with respect to any Included Pro Forma Entity, the pro forma increase or decrease in EBITDA of such Included Pro Forma Entity that the Borrower Agent in good faith predicts will occur as a result of reasonably identifiable and supportable net cost savings or additional net costs or a reasonably identifiable and supportable increase in sales volume, as the case may be, that will be realizable during such period by combining the operations of such Included Pro Forma Entity with the operations of the Borrowers and their Subsidiaries; provided that (a) such net cost savings or additional net costs or increase in sales volume must be expected to occur within 12 months of the date such Included Pro Forma Entity becomes a Subsidiary of the Borrowers, it being understood that so long as such net cost savings or additional net costs or increase in sales volume will be realizable at any time during such period it shall be assumed, for purposes of projecting such pro forma increase or decrease in such EBITDA, that such net cost savings or additional net costs or increase in sales volume will be realizable during the entire applicable test period and (b) any such pro forma increase or decrease in such EBITDA shall be without duplication of any net cost savings or additional net costs or increase in sales volume actually realized during such period and already included in such EBITDA; provided that the aggregate amount of Pro Forma Adjustments for any period, together with all add-backs included in EBITDA pursuant to clause (x) and clause (xi) thereof  shall not exceed 20% of EBITDA (prior to giving effect to the Pro Forma Adjustments and the add-backs pursuant to such clause (x) and clause (xi)).

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“Pro Forma Basis” means, in connection with any calculation of compliance with any financial covenant or financial term, the calculation thereof after giving effect on a pro forma basis to (a) the incurrence of any Indebtedness (other than revolving Indebtedness, except to the extent the same is incurred to refinance other outstanding Indebtedness or to finance a Permitted Acquisition) after the first day of the relevant calculation period, as if such Indebtedness had been incurred (and the proceeds thereof applied) on the first day of such calculation period, (b) the permanent repayment of any Indebtedness (other than revolving Indebtedness, except (i) to the extent accompanied by a corresponding permanent commitment reduction or (ii) consisting of revolving Indebtedness incurred to finance a Permitted Acquisition which is subsequently refinanced by Indebtedness included in clause (a) above) after the first day of the relevant calculation period, as the case may be, as if such Indebtedness had been retired or repaid on the first day of such calculation period, as the case may be, (c) the making of any Restricted Payment or Investment permitted by this Agreement, after the first day of the relevant calculation period, as if such Restricted Payment or Investment, as applicable, had been made on the first day of such calculation period and (d) any Permitted Acquisition or Investment permitted under Section 8.11 (a “Specified Investment”) or any asset sale then being consummated as well as any other Permitted Acquisition or Specified Investment or any other asset sale if consummated after the first day of the relevant calculation period, and on or prior to the date of the respective Permitted Acquisition, Specified Investment, Restricted Payment, Investment or asset sale, as the case may be, then being effected, with the following rules to apply in connection therewith (clauses (a), (b), (c) and/or (d), “Specific Transactions”):

(i)all Indebtedness (x) (other than revolving Indebtedness, except to the extent same is incurred to refinance other outstanding Indebtedness or to finance Permitted Acquisitions or Specified Investments) incurred or issued after the first day of the relevant calculation period (whether incurred to finance a Permitted Acquisition or Specified Investment, to refinance Indebtedness or otherwise) shall be deemed to have been incurred or issued (and the proceeds thereof applied) on the first day of such calculation period and remain outstanding through the date of determination and (y) (other than revolving Indebtedness, except (1) to the extent accompanied by a corresponding permanent commitment reduction or (2) consisting of revolving Indebtedness incurred to finance a Permitted Acquisition or Specified Investment which is subsequently refinanced by Indebtedness included in the foregoing clause (x)) permanently retired or redeemed or refinanced, in the case of revolving Indebtedness incurred to finance a Permitted Acquisition or Specified Investment, after the first day of the relevant calculation period, shall be deemed to have been retired or redeemed on the first day of such calculation period, as the case may be, and remain retired through the date of determination;

(ii)all Indebtedness assumed to be outstanding pursuant to preceding clause (i) shall be deemed to have borne interest at (x) the rate applicable thereto, in the case of fixed rate indebtedness, or (y) the rates which would have been applicable thereto during the respective period when same was deemed outstanding, in the case of floating rate Indebtedness (although interest expense with respect to any Indebtedness for periods while same was actually outstanding during the respective period shall be calculated using the actual rates applicable thereto while same was actually outstanding); provided that all Indebtedness (whether actually outstanding or deemed outstanding) bearing interest at a floating rate of interest shall be tested on the basis of the rates applicable at the time the determination is made pursuant to said provisions; and

(iii)in making any determination of EBITDA on a Pro Forma Basis in respect of any Included Pro Forma Entity, Pro Forma Adjustments shall be made.

“Prohibited Transaction” has the meaning specified in Section 6.01(v)(v).

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“Pro Rata Share” of any amount means, with respect to any Lender, a fraction (expressed as a percentage) (i) at any time before the Termination Date, the numerator of which is the aggregate Commitments of such Lender and the denominator of which is the aggregate amount of the Commitments of all the Lenders, and (ii) at any time on and after the Termination Date, the numerator of which is the aggregate unpaid principal amount of the Revolving Credit Loans made by such Lender and the denominator of which is the aggregate unpaid principal amount of all Revolving Credit Loans at such time.  The initial Pro Rata Share of such Lender in respect of the Aggregate Revolving Credit Commitment and the Revolving Credit Loans is shall be as set forth opposite such Lender’s name on Annex A-1 or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable.  

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

“QFC Credit Support” has the meaning assigned to it in Section 12.31.

“Qualification” or “Qualified” means, with respect to any report of independent public accountants covering Financial Statements, a material qualification to such report (i) resulting from a limitation on the scope of examination of such Financial Statements or the underlying data, (ii) as to the capability of a Borrower or any other Loan Party to continue operations as a going concern or (iii) which could be eliminated by changes in Financial Statements or notes thereto covered by such report (such as by the creation of or increase in a reserve or a decrease in the carrying value of assets) and which if so eliminated by the making of any such change and after giving effect thereto would result in a Default or an Event of Default.  Notwithstanding the foregoing, any report that is subject to a “going concern” statement, explanatory note or like qualification or exception resulting solely from an upcoming maturity date occurring within one year from the time such opinion is delivered or anticipated (but not actual) shall not be deemed “Qualified” or issued with a “Qualification.”

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding Ten Million Dollars ($10,000,000) (or whatever greater or lesser sum as is then prescribed for such purposes under the Commodity Exchange Act) at the time that the relevant Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

“Real Property” means any real property owned or leased by a Borrower or any Subsidiary of a Borrower.

“Real Property Indebtedness” means Indebtedness of the Loan Parties consisting of non-recourse Indebtedness secured solely by the Real Property being financed by such Indebtedness; provided that (i) no Event of Default shall have occurred and be continuing at the time of, or would be caused by the incurrence of, such Indebtedness, and (ii) the aggregate principal amount of such Indebtedness shall not exceed, at any one time, the result of (A) Thirty Million Dollars ($30,000,000), minus (B) the aggregate principal amount of Term Loan Indebtedness then outstanding.

“Recipient” means (i) the Agent, or (ii) any Lender or (iii) any Letter of Credit Issuer, as applicable.

“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBOR Rate, 11:00 a.m. (London time) on the day that is two London banking days 

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preceding the date of such setting, and (2) if such Benchmark is not the LIBOR Rate, the time determined by the Agent in its reasonable discretion.

“Refinancing Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as (i) such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or extended, other than by the amount of premiums paid thereon, the fees and expenses incurred in connection therewith, any accrued and unpaid interest and by the amount of unfunded commitments with respect thereto, (ii) such refinancings, renewals, or extensions do not result in a shortening of the final stated maturity or the average weighted maturity (measured as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are materially adverse to the interests of the Lenders, (iii) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are not less favorable to the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness in any material respect, (iv) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended, (v) if the Indebtedness that is refinanced, renewed or extended was unsecured, such refinancing, renewal or extension shall be unsecured, and (vi) if the Indebtedness that is refinanced, renewed, or extended was secured (A) such refinancing, renewal, or extension shall be secured by substantially the same or less collateral as secured such refinanced, renewed or extended Indebtedness on terms no less favorable to the Agent or the Lenders and (B) the Liens securing such refinancing, renewal or extension shall not have a priority more senior than the Liens securing such Indebtedness that is refinanced, renewed or extended.

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

“Relevant Governmental Body” means the Federal Reserve Board or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board or the NYFRB, or any successor thereto.

“Reportable Event” means any of the events described in Section 4043(c) of ERISA, other than a reportable event for which the thirty-day notice requirement to the PBGC has been waived.

“Required Lenders” means (i) before the Termination Date, the Lenders holding more than fifty percent (50%) of the aggregate Commitments at such time and (ii) on and after the Termination Date, the Lenders holding more than fifty percent (50%) of the sum of (A) the aggregate unpaid principal amount of the Revolving Credit Loans at such time, plus (B) the aggregate undrawn amount of all unexpired Letters of Credit; provided, that (x) the Commitments and Revolving Credit Loans of any Defaulting Lender shall be disregarded in the determination of the Required Lenders, and (y) at any time there are two or more Lenders (who are not Affiliates of one another), “Required Lenders” must include at least two (2) Lenders (who are not Affiliates of one another).

“Requirement of Law” means (i) the Governing Documents, (ii) any applicable law, treaty, rule, regulation, order or determination of an arbitrator, court or other Governmental Authority or (iii) any franchise, license, lease, permit, certificate, authorization, qualification, easement, right of way, or other right or approval binding on a Loan Party or any of its property.

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“Resolution Authority” means an EEA Resolution Authority or a UK Resolution Authority, as applicable.

“Responsible Officer” means, with respect to any Loan Party, the chairman, president, chief executive officer, chief financial officer, chief operating officer, vice president, secretary, treasurer, controller or any other individual designated in writing to the Agent by an existing Responsible Officer of such Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder.

“Revolving Credit Commitment” means the commitment of each Lender to make Revolving Credit Loans and to participate in the making of Swingline Loans, and the draws of Letters of Credit pursuant hereto, subject to the terms and conditions set forth herein, in up to the maximum amount specified for such Lender on Annex A-1, as it may change from time to time pursuant to Section 2.16 and Section 12.7, and in a maximum aggregate amount not to exceed, as to all such Lenders, the Aggregate Revolving Credit Commitment.

“Revolving Credit Loans” has the meaning specified in Section 2.01(a).

“Revolving Credit Note” and “Revolving Credit Notes” have the respective meanings specified in Section 2.01(c).

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

“Sanctioned Person” means, at any time, (a) any Person  listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

“Secured Parties” mean the Agent, the Letter of Credit Issuer, the Lenders, and any Bank Product Providers.

“Security Documents” means this Agreement, any Guarantor Security Agreement, the Intellectual Property Security Agreement, each Mortgage (if any) and any other agreement delivered in connection herewith which purports to grant a Lien in favor of the Agent or any other Secured Party to secure all or any of the Obligations.

“Settlement” has the meaning specified in Section 2.03(i).

“Settlement Date” has the meaning specified in Section 2.03(i).

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

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

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

“Solvent” means, when used with respect to any Person, that as of the date as to which such Person’s solvency is to be measured:  (i) the fair saleable value of its assets is in excess of (A) the total amount of its liabilities (including contingent, subordinated, absolute, fixed, matured, unmatured, liquidated and unliquidated liabilities) and (B) the amount that will be required to pay the probable liability of such Person on its debts as such debts become absolute and matured; (ii) it has sufficient capital to conduct its business; and (iii) it is able to meet its debts as they mature.

“Specific Transaction” has the meaning specified in the defined term “Pro Forma Basis”. 

“Specified Event of Default” means any Event of Default under Section 10.01(a) or Section 10.01(c).

“Specified Investment” has the meaning specified in the defined term “Pro Forma Basis”. 

“State Licensing Laws” means all applicable statutes, laws, regulations and rules that may be enforced by any Governmental Authority of any State of the United States, relating to licensing or registration in connection with the sale or issuance of checks, drafts, money orders, travelers checks or other payment instruments, whether or not negotiable, and/or the transmission of funds by electronic or other means, and/or the sale or issuance of stored value cards or devices.

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

“Subordinated Debt” means unsecured Indebtedness of a Borrower or a Subsidiary of a Borrower incurred in connection with a bona fide equity financing that (i) is expressly subordinated and junior in right of payment to Payment in Full of all Obligations pursuant to a Subordination Agreement, (ii) does not require or permit any cash payment of interest in respect thereof, (iii) does not require any scheduled cash payment or mandatory prepayment of principal in respect thereof, or any cash redemption thereof, at any time prior the date that is 91 days after the Termination Date, and (iv) is otherwise reasonably satisfactory to the Agent.

“Subordination Agreement” means an agreement among the Agent, the applicable Borrower or Subsidiary of the Borrower and the holder of any Subordinated Debt, pursuant to which such Indebtedness is made subordinate in right of payment to Payment in Full of all Obligations on terms reasonably satisfactory to the Agent.

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“Subsidiary” means, as to any Person, any Entity in which that Person directly or indirectly owns or controls more than fifty percent (50%) of the outstanding Voting Interests.

“Supported QFC” has the meaning assigned to it in Section 12.31. 

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

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

“Swingline Lender” means the Bank.

“Swingline Loan” has the meaning given such term in Section 2.03(h).

 “Swingline Note” has the meaning given such term in Section 2.03(h).

“Syndication Agent” means each institution identified as a “Co-Syndication Agent” on the cover page hereto. 

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

“Term Loan Indebtedness” means Indebtedness of the Loan Parties consisting of a term loan facility; provided that (i) no Event of Default shall have occurred and be continuing at the time of, or would be caused by the incurrence of, such Indebtedness, (ii) the terms of such Indebtedness are not more restrictive than the terms and conditions of this Agreement and the other Loan Documents, unless the Borrowers enter into an amendment to this Agreement adding such additional restrictions, (iii) such Indebtedness shall mature after the Termination Date and may have an All-In Yield that is greater than the All-In Yield applicable to the Revolving Credit Loans and Commitments hereunder, (iv) such Indebtedness shall at all times be subject to an Intercreditor Agreement, and (v) the aggregate principal amount of such Indebtedness shall not exceed, at any one time, the result of (A) Thirty Million Dollars ($30,000,000), minus (B) the aggregate principal amount of Real Property Indebtedness then outstanding.

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

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

“Term SOFR Transition Event” means the determination by the Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, 

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as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.03 that is not Term SOFR. 

“Termination Date” means the earlier of (i) the fifth annual anniversary of the Closing Date or (ii) the date of termination of the Commitments as provided for herein.

“Termination Event” means (i) a Reportable Event with respect to any Pension Plan; (ii) the withdrawal of a Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as a withdrawal under Section 4062(e) of ERISA; (iii) a Borrower’s receipt of notice of intent to terminate a Pension Plan in a distress termination (as described in Section 4041(c) of ERISA); (iv) the institution by the PBGC of proceedings to terminate a Pension Plan under Section 4042 of ERISA; (v) the occurrence of any event or condition that constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (vi) the filing of notice by the plan administrator of intent to terminate  a Multiemployer Plan pursuant to Section 4041A of ERISA or any termination of a Multiemployer Plan pursuant to such section; (vii) the partial or complete withdrawal, within the meaning of Sections 4203 or 4205 of ERISA, of a Borrower or any ERISA Affiliate from a Multiemployer Plan; (viii) a Borrower’s receipt of notice that a Multiemployer Plan is “insolvent” within the meaning of Section 4245(b) of ERISA; or (ix)  the imposition of any liability under Title IV of ERISA, other than for premiums due but not delinquent, upon a Borrower or any ERISA Affiliate.

“Total Leverage Ratio” means, with respect to the Loan Parties and their Subsidiaries on a consolidated basis, as of the date of determination thereof, the result of (a) the amount of Funded Indebtedness of the Loan Parties and their Subsidiaries as of such date, to (b) EBITDA for the four (4) fiscal quarter period most recently ended for which Financial Statements are required to have been delivered to the Agent pursuant to Section 7.11; provided that the Total Leverage Ratio shall be calculated on a Pro Forma Basis in accordance with Section 1.05.

“Trademarks” means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks and service mark applications, including (A) all renewals thereof, (B) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (C) the right to sue for past, present and future infringements and dilutions thereof, (D) the goodwill symbolized by the foregoing or connected therewith, and (E) all rights corresponding thereto throughout the world.  

“TTD” has the meaning specified in the introductory paragraph of this Agreement.

“Type” means a Base Rate Advance or a LIBOR Rate Advance.

“UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect on or after the date hereof in any other jurisdiction, then the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of such remedy.

“UK Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from 

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time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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

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

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

“U.S. Borrower” means any Borrower that is a U.S. Person.

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code.

“U.S. Special Resolution Regime” has the meaning assigned to it in Section 12.31.

“U.S. Tax Compliance Certificate” has the meaning specified in Section 4.11(g)(ii)(B)(3).

“U.S. Treasury Regulations” means the regulations, including temporary regulations, promulgated by the United States Treasury Department under the Internal Revenue Code, as such regulations may be amended from time to time (including the corresponding provisions of any future regulations).

“Voting Interests” means Equity Interests having ordinary voting power for the election of the Governing Body of such Person.

“Withholding Agent” means any Loan Party, the Agent, and any other applicable withholding agent.

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

Section 1.02Accounting Terms and Determinations.  Unless otherwise defined or specified herein, all accounting terms used in this Agreement shall be construed in accordance with GAAP, applied on a basis consistent in all material respects with the Financial Statements delivered to the Agent on or before the Closing Date; provided that, notwithstanding anything to the contrary herein, all accounting or financial terms used herein will be construed, and all financial computations pursuant hereto will be made, without giving effect to any election under Statement of Financial Accounting Standards Board Accounting Standards Codification 825-10 (or any other Statement of Financial Accounting Standards Board Accounting Standards Codification having a similar effect) to value any Indebtedness or other liabilities of the Borrowers or any Subsidiary at “fair value,” as defined therein.  All accounting 

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determinations for purposes of determining compliance with the covenants contained herein shall be made in accordance with GAAP as in effect on the Closing Date and applied on a basis consistent in all material respects with the audited Financial Statements delivered to the Agent on or before the Closing Date.  The Financial Statements required to be delivered hereunder from and after the Closing Date, and all financial records, shall be maintained in accordance with GAAP.  In the event that any Accounting Change (as defined below) occurs and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then upon the written request of the Borrower Agent (acting upon the request of the Borrowers) or the Agent (acting upon the request of the Required Lenders), the Borrowers, the Agent and the Lenders will enter into good faith negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Borrowers’ financial condition will be the same after such Accounting Change as if such Accounting Change had not occurred; provided that provisions of this Agreement in effect on the date of such Accounting Change will be calculated as if no such Accounting Change had occurred until the effective date of such amendment.  “Accounting Change” means (i) any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or (ii) any change in the application of GAAP by the Borrowers.  

Section 1.03UCC Terms.  All terms used herein and defined in the UCC shall have the meanings given them therein unless otherwise defined herein.  Without limitation of the foregoing, the terms “accounts,” “chattel paper,” “instruments,” “general intangibles,” “payment intangibles,” “commercial tort claims,” “securities,” “investment property,” “documents,” “supporting obligations,” “deposit accounts,” “software,” “security entitlements,” “letter of credit rights,” “inventory,” “equipment”, “fixtures” and “proceeds” as and when used in the description of Collateral (and not otherwise capitalized and defined herein), shall have the meanings given to such terms in Articles 8 or 9 (as applicable) of the UCC.

Section 1.04Other Terms; Headings.  An Event of Default shall “continue” or be “continuing” unless and until such Event of Default has been cured or waived in writing by the Agent and the Required Lenders (or all Lenders, as applicable).  The headings and the Table of Contents are for convenience only and shall not affect the meaning or construction of any provision of this Agreement.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein or in any other Loan Document shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (v) 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, (vi) time of day means time of day in New York, New York, except as otherwise expressly provided, and (vii) the “discretion” of the Agent, the Required Lenders or the Lenders means the sole and absolute discretion of such Person(s).  Any reference to any law will include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation means unless otherwise specified, such law or regulation as amended, modified or supplemented from time to time.  The making of Revolving Credit Loans, issuances of Letters of Credit and payments of Obligations 

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shall be in Dollars.  No provision of any Loan Documents shall be construed against any party by reason of such party having, or being deemed to have, drafted the provision.  Whenever the phrase “to the knowledge of” or words of similar import are used in any Loan Documents, it means actual knowledge of a Responsible Officer of the applicable Loan Party or knowledge that such Responsible Officer would have obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter to which such phrase relates.

Section 1.05Pro Forma Calculations.  Notwithstanding anything to the contrary herein, the Total Leverage Ratio and EBITDA shall be calculated on a Pro Forma Basis with respect to each Specific Transaction occurring during the applicable four quarter period to which such calculation relates, and/or subsequent to the end of such four-quarter period but not later than the date of such calculation; provided that notwithstanding the foregoing, when calculating the applicable ratio for purposes of determining (x) the Applicable Rate and (y) actual compliance (and not compliance on a Pro Forma Basis) with the financial covenant in Article IX, any Specific Transaction and any related adjustment contemplated in the definition of Pro Forma Basis (and corresponding provisions of the definition of “EBITDA”) that occurred subsequent to the end of the applicable four quarter period shall not be given such pro forma effect.  The calculation of the Total Leverage Ratio and EBITDA on a Pro Forma Basis for the purpose of determining if any action is permitted under an incurrence test hereunder shall be based on the Financial Statements that have been most recently delivered pursuant to Section 7.11.

Section 1.06Interest Rates; LIBOR Notification.  The interest rate on LIBOR Rate Advances is determined by reference to the LIBOR Rate, which is derived from the London interbank offered rate (“LIBOR”).  LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that: (a) immediately after December 31, 2021, publication of all seven euro LIBOR settings, all seven Swiss Franc LIBOR settings, the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings, the overnight, 1-week, 2-month and 12-month British Pound Sterling LIBOR settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after December 31, 2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British Pound Sterling LIBOR settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored.  There is no assurance that dates announced by the FCA will not change or that the administrator  of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published.  Each party to this agreement should consult its own advisors to stay informed of any such developments.  Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR.  Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, Section 2.03(j) and (k) provide the mechanism for determining an alternative rate of interest.  The Agent will promptly notify the Borrower Agent, pursuant to Section 2.03(m), of any change to the reference rate upon which the interest rate on LIBOR Rate Advances is based.  However, the Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of “LIBOR Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or 

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replacement rate implemented pursuant to Section 2.03(j) or (k), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.03(l)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBOR Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability. 

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

Article II.
THE CREDIT FACILITIES

Section 2.01The Revolving Credit Loans.

(a)Revolving Credit Loans.  Each Lender agrees (severally, not jointly or jointly and severally), subject to Section 2.05(a) and the other terms and conditions of this Agreement, to make revolving credit loans (together with the Swingline Loans, the “Revolving Credit Loans”) to the Borrowers, from time to time from the Closing Date to but excluding the Termination Date, at the Borrower Agent’s request to the Agent, in an amount at any one time outstanding not to exceed the lesser of (i) such Lender’s Revolving Credit Commitment, or (ii) such Lender’s Pro Rata Share of an aggregate principal amount at any one time outstanding which, when combined with the aggregate undrawn amount of all unexpired Letters of Credit, does not exceed the Aggregate Revolving Credit Commitment. 

(b)[Intentionally Omitted].

(c)The Revolving Credit Loans made by each Lender may, at the request of such Lender, be evidenced by a single promissory note payable to the order of such Lender, substantially in the form of Exhibit A-1 (as amended, restated, supplemented or otherwise modified from time to time, a “Revolving Credit Note” and, collectively, the “Revolving Credit Notes”), executed by the Borrowers and delivered to such Lender, in a stated maximum principal amount equal to such Lender’s Revolving Credit Commitment.

(d)Payment.  The Borrowers hereby promise to pay all of the Revolving Credit Loans and all other Obligations (including, without limitation, principal, interest, fees, costs, and expenses payable under this Agreement and the other Loan Documents) in full on the Termination Date or, if earlier, on the date on which the Revolving Credit Loans and the Obligations (other than Bank Product Obligations) become due and payable pursuant to the terms of this Agreement.  The Borrowers may borrow, repay and reborrow Revolving Credit Loans, in whole or in part, in accordance with the terms hereof prior to the Termination Date. 

Section 2.02[Reserved]

Section 2.03Procedure for Borrowing; Notices of Borrowing; Notices of Continuation; Notices of Conversion.

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(a)Borrowing.  Each Borrowing of a Revolving Credit Loan (each, a “Borrowing”) shall be made on notice, given not later than 11:00 a.m (New York time) on the third Business Day prior to the date of the proposed Borrowing in the case of a LIBOR Rate Advance, and not later than 12:00 p.m. (New York time) on the date of the proposed Borrowing in the case of a Base Rate Advance, by the Borrower Agent to the Agent.  Each such notice of a Borrowing shall be by telephone, confirmed immediately in writing (by electronic transmission or otherwise as permitted hereunder), substantially in the form of Exhibit B (a “Notice of Borrowing”), specifying therein the requested (i) date of such Borrowing, (ii) the Type of Advance comprising such Borrowing, (iii) the aggregate principal amount of such Borrowing and (iv) the Interest Period, in the case of a LIBOR Rate Advance.

(b)LIBOR Rate Advances.  With respect to any Borrowing consisting of a LIBOR Rate Advance, the Borrower Agent may, subject to the provisions of Section 2.03(d) and so long as all the conditions set forth in Article V have been fulfilled, elect to maintain such Borrowing or any portion thereof as a LIBOR Rate Advance by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the Interest Period then ending.  Each selection of a new Interest Period (a “Continuation”) shall be made by notice given not later than 11:00 a.m. (New York time) on the third Business Day prior to the date of any such Continuation by the Borrower Agent to the Agent.  Such notice by the Borrower Agent of a Continuation shall be by telephone, confirmed immediately in writing (by electronic transmission or otherwise as permitted hereunder), substantially in the form of Exhibit C (a “Notice of Continuation/Conversion”), specifying whether the Advance subject to the requested Continuation comprises part (or all) of the Revolving Credit Loans and the requested (i) date of such Continuation, (ii) the new Interest Period and (iii) aggregate amount of the Advance subject to such Continuation, which shall comply with all limitations on Revolving Credit Loans hereunder.  Unless, on or before 11:00 a.m. (New York time) of the third Business Day prior to the expiration of an Interest Period, the Agent shall have received a Notice of Continuation/Conversion from the Borrower Agent for the entire Borrowing consisting of the LIBOR Rate Advance outstanding during such Interest Period, any amount of such Advance comprising such Borrowing remaining outstanding at the end of such Interest Period (or any portion of such Advance not covered by a timely Notice of Continuation/Conversion) shall, upon the expiration of such Interest Period, be Converted to a Base Rate Advance.

(c)Conversions.  The Borrower Agent may on any Business Day by giving a Notice of Continuation/Conversion to the Agent, and subject to the provisions of Section 2.03(d), Convert the entire amount of or a portion of an Advance of one Type into an Advance of another Type; provided, however, that any Conversion of a LIBOR Rate Advance into a Base Rate Advance shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Advance.  Each such Notice of Continuation/Conversion shall be given not later than 11:00 a.m. (New York time) on the Business Day prior to the date of any proposed Conversion into a Base Rate Advance and on the third Business Day prior to the date of any proposed Conversion into a LIBOR Rate Advance.  Subject to the restrictions specified above, each Notice of Continuation/Conversion shall be by telephone, confirmed immediately in writing (by electronic transmission or otherwise as permitted hereunder), specifying (i) the requested date of such Conversion, (ii) the Type of Advance to be Converted, (iii) the requested Interest Period, in the case of a Conversion into a LIBOR Rate Advance, and (iv) the amount of such Advance to be Converted and whether such amount comprises part (or all) of the Revolving Credit Loans.  Each Conversion shall be in an aggregate amount not less than Two Million Dollars ($2,000,000) or an integral multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof.

(d)Limitations on Use of LIBOR Rate.  Anything in subsection (b) or (c) above to the contrary notwithstanding,

(i)if, at least one (1) Business Day before the date of any requested LIBOR Rate Advance, the introduction of or any change in or in the interpretation of any law or 

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regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for the Lenders or any of its Affiliates to perform its obligations hereunder to make a LIBOR Rate Advance or to fund or maintain a LIBOR Rate Advance hereunder (including in the case of a Continuation or a Conversion), the Agent shall promptly give written notice of such circumstance to the Borrower Agent, and the right of the Borrower Agent to select a LIBOR Rate Advance for such Borrowing or any subsequent Borrowing (including a Continuation or a Conversion) shall be suspended until the circumstances causing such suspension no longer exist, and any Advance comprising such requested Borrowing (or Continuation or Conversion) shall be a Base Rate Advance;

(ii)if, at least one (1) Business Day before the first day of any Interest Period, the Agent is unable to determine the LIBOR Rate for LIBOR Rate Advances comprising any requested Borrowing, Continuation or Conversion, the Agent shall promptly give written notice of such circumstance to the Borrower Agent, and the right of the Borrower Agent to select or maintain LIBOR Rate Advances for such Borrowing (or Continuation or Conversion) or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Agent that the circumstances causing such suspension no longer exist, and any Advance comprising such Borrowing (or Continuation or Conversion) shall be a Base Rate Advance;

(iii)if any Lender shall, at least one (1) Business Day before the date of any requested Borrowing or Continuation of, or Conversion into, a LIBOR Rate Advance, notify the Agent and the Borrower Agent that the LIBOR Rate for Advances comprising such Borrowing, Continuation or Conversion will not adequately reflect the cost to such Lender of making or funding Advances for such Borrowing, the right of the Borrower Agent to select LIBOR Rate Advances shall be suspended until the Agent shall notify the Agent and the Borrower Agent that the circumstances causing such suspension no longer exist, and any Advance comprising such Borrowing (or Continuation or Conversion) shall be a Base Rate Advance;

(iv)there shall not be outstanding at any time more than five (5) Borrowings which consist of LIBOR Rate Advances;

(v)each Borrowing which consists of LIBOR Rate Advances shall be in an amount equal to Two Million Dollars ($2,000,000) or a whole multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof; provided that a Borrowing may be in an aggregate amount that is equal to the entire unused available balance of the Aggregate Revolving Credit Commitment; and

(vi)if an Event of Default has occurred and is continuing, no LIBOR Rate Advances may be borrowed or continued as such and no Base Rate Advance may be Converted into a LIBOR Rate Advance.

(e)Effect of Notice.  Each Notice of Borrowing and each Notice of Continuation/Conversion shall be irrevocable and binding on the Borrowers.  The Borrowers agree to indemnify the Agent and the Lenders against any loss, cost or expense incurred by the Agent or any Lender as a result of (i) default by the Borrowers in making a Borrowing of, Conversion into or Continuation of a LIBOR Rate Advance after the Borrower Agent has given notice requesting the same, (ii) default by the Borrowers in payment when due of the principal amount of or interest on any LIBOR Rate Advance or (iii) the making of a payment or prepayment of a LIBOR Rate Advance on a day which is not the last day of an Interest Period with respect thereto, including, without limitation, any loss (including loss of 

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anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the Agent or any Lender to fund such Advance.

(f)Disbursements.  Promptly after its receipt of a Notice of Borrowing under Section 2.03(a), the Agent shall elect, in its discretion, (i) to have the terms of Section 2.3(g) apply to the requested Borrowings or (ii) to make a Loan under Section 2.03(h) to the Borrowers in the amount of the requested Borrowing.

(g)Lenders to Advance.  (i) If the Agent shall elect to have the terms of this Section 2.3(g) apply to a requested Borrowing as described in Section 2.03(f)(i) then, promptly after its receipt of a Notice of Borrowing under Section 2.03(a), the Agent shall notify the Lenders in writing (by electronic transmission or otherwise as permitted hereunder) of the requested Borrowing.  Each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to the Agent in same day funds, for the account of the Borrowers, at the Agent’s Payment Account prior to 4:00 p.m. (New York time), on the Borrowing Date requested by the Borrower Agent.  The proceeds of such Borrowing will then be made available to the Borrowers by the Agent wire transferring to the Operating Account the aggregate of the amounts made available to the Agent by the Lenders, and in like funds as received by the Agent by 4:00 p.m. (New York time), on the requested Borrowing Date or as otherwise requested by the Borrower Agent in its Notice of Borrowing, and approved by the Agent for such purpose.

(ii)Unless the Agent receives contrary written notice prior to 3:00 p.m. (New York time) on the date of any proposed Borrowing, the Agent shall be entitled to assume that each Lender will make available its Pro Rata Share of such Borrowing and, in reliance upon that assumption, but without any obligation to do so, may advance such Pro Rata Share on behalf of such Lender.  If and to the extent that such Lender shall not have made such amount available to the Agent, but the Agent has made such amount available to the Borrowers, such Lender and the Borrowers jointly and severally agree to pay and repay the Agent forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date of such Borrowing until the date such amount is paid or repaid to the Agent, at (A) in the case of the Borrowers, the interest rate applicable at such time to such Loan and (B) in the case of each Lender, for the period from the date such Borrowing to (and including) three days after demand therefor by the Agent to such Lender, at the Federal Funds Effective Rate and, following such third day, at the interest rate applicable at such time to such Loan, in each case, together with all costs and expenses incurred by the Agent in connection therewith.  If a Lender shall pay to the Agent any or all of such amount, such amount so paid shall constitute a Revolving Credit Loan by such Lender to the Borrowers for purposes of this Agreement.

(h)Swingline Loan.  If the Agent shall elect, in its discretion, to have the terms of this Section 2.03(h) apply to a requested Borrowing of Revolving Credit Loans (as described in Section 2.03(f)(ii)), the Swingline Lender shall make a Loan in the amount of such requested Borrowing (any such Loan made solely by the Swingline Lender under this Section 2.03(h) being referred to as an “Swingline Loan”) available to the Borrowers in same day funds by wire transferring such amount to the Operating Account by 4:00 p.m. (New York time) on the requested Borrowing Date.  Each Swingline Loan shall be subject to all the terms and conditions applicable hereunder to the other Revolving Credit Loans except that all payments thereon shall be payable to the Swingline Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Loan).  The Swingline Lender shall not make any Swingline Loan if (i) the requested Borrowing would cause the aggregate outstanding amount of Revolving Credit Loans, Swingline Loans and undrawn amount of unexpired Letters of Credit to exceed the Aggregate Revolving Credit Commitment on such Borrowing Date or (ii) the requested Borrowing would cause the aggregate outstanding amount of Swingline Loans to exceed Twenty Million 

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Dollars ($20,000,000).  The Swingline Loans shall be repayable on demand, shall be secured by the Collateral, shall constitute Revolving Credit Loans and Obligations hereunder and shall bear interest at the rate in effect from time to time applicable to the Revolving Credit Loans comprised of Base Rate Advances, including any increase in such rate that is applicable under Section 4.02.  The Swingline Loans made by the Swingline Lender may, at the request of such Lender, be evidenced by a single promissory note payable to the order of such Lender, in the form of Exhibit A-2 (as amended, restated, supplemented or otherwise modified from time to time, a “Swingline Note”), as executed by the Borrowers and delivered to the Swingline Lender, in a stated amount equal to the maximum amount of the Swingline Loans specified in this subsection.

(i)Settlements.  Each Lender’s funded portion of any Loan is intended to be equal at all times to such Lender’s Pro Rata Share of all outstanding Revolving Credit Loans.  Notwithstanding such agreement, the Agent and the other Lenders agree (which agreement shall not be for the benefit of or enforceable by the Borrowers) that, to facilitate the administration of this Agreement and the other Loan Documents, settlement among them as to the Swingline Loans shall take place on a periodic basis in accordance with the following provisions:

(A)The Agent shall request settlement (“Settlement”) with the Lenders on a weekly basis, or on a more frequent basis if so determined by the Agent, with respect to (A) each outstanding Swingline Loan and (B) all payments made by the Borrowers on account of the Revolving Credit Loans, in each case by notifying the Lenders of such requested Settlement by telephone, confirmed immediately in writing (by electronic transmission or otherwise as permitted hereunder), prior to 2:00 p.m. (New York time) on the date of such requested Settlement (any such date being a “Settlement Date”).

(B)Each Lender shall make the amount of such Lender’s Pro Rata Share of the outstanding principal amount of the Swingline Loan with respect to which Settlement is requested available to the Agent in same day funds, for itself or for the account of the Agent, to the Agent’s Payment Account prior to 4:00 p.m. (New York time), on the Settlement Date applicable thereto, regardless of whether the conditions precedent specified in Section 5.02 have then been satisfied.  Such amounts made available to the Agent shall be applied against the amounts of the applicable Swingline Loan, and, together with the portion of such Swingline Loan representing Agent’s Pro Rata Share thereof, shall constitute Revolving Credit Loans of such Lenders.  If any such amount is not made available to the Agent by any Lender on the Settlement Date applicable thereto, the Agent shall be entitled to recover such amount on demand from such Lender together with interest thereon at the Federal Funds Effective Rate for the first three (3) Business Days from and after such Settlement Date and thereafter at the interest rate then applicable to Base Rate Advances.

(C)Notwithstanding the foregoing, not more than one (1) Business Day after demand is made by the Agent (whether before or after the occurrence of a Default or an Event of Default), each Lender (other than the Bank) shall irrevocably and unconditionally purchase and receive from the Agent, without recourse or warranty, an undivided interest and participation in such Swingline Loan to the extent of such Lender’s Pro Rata Share thereof, by paying to the Agent, in same day funds, an amount equal to such Lender’s Pro Rata Share of such Swingline Loan, regardless of whether the conditions precedent specified in Section 5.02 have then been satisfied.  If such amount is not made available to the Agent by any Lender, the Agent shall be entitled to recover such amount on demand from such Lender together with interest thereon at the Federal Funds Effective Rate for the first three days from and after such demand and thereafter at the interest rate then applicable 

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to the Revolving Credit Loans that are Base Rate Advances, including any increase in such rate that is applicable under Section 4.02.

(D)From and after the date, if any, on which any Lender purchases an undivided interest and participation in any Swingline Loan under clause (C) above, the Agent shall promptly distribute to such Lender such Lender’s Pro Rata Share of all payments of principal and interest received by the Agent in respect of such Swingline Loan.

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

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

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

	
(m)
	
The Agent will promptly notify the Borrower Agent and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (n) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.03, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and 

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binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.03. 

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

	
(o)
	
Upon the Borrower Agent’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower Agent may revoke any request for a LIBOR Rate Advance to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower Agent will be deemed to have converted any such request into a request for an Advance of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.  

Section 2.04Application of Proceeds.  The proceeds of the Revolving Credit Loans shall be used by the Borrowers to refinance existing Indebtedness, for their general working capital purposes, for expenses incurred by the Borrowers in connection herewith and for other, general purposes consistent with the terms of this Agreement.

Section 2.05Revolving Credit Commitment; Commitment Reductions; Mandatory Prepayments; Optional Prepayments.

(a)Maximum Amount.  In no event shall the sum of the aggregate outstanding principal balance of the Revolving Credit Loans and the aggregate undrawn amount of all unexpired Letters of Credit exceed the Aggregate Revolving Credit Commitment.

(b)Mandatory Prepayments.  In addition to any prepayment required in accordance with Section 10.02 as a result of an Event of Default hereunder, the Revolving Credit Loans shall be subject to mandatory prepayment as follows:

(i)immediately upon discovery by or notice to the Borrower Agent that any of the lending limits set forth in Section 2.01(a) or Section 2.05(a) have been exceeded, the Borrowers shall pay the Agent for the benefit of the Lenders an amount sufficient to reduce the outstanding principal balance of the Revolving Credit Loans, Collateralize outstanding Letters of Credit, or any combination thereof, to the applicable maximum allowed amount, and such amount shall become due and payable by the Borrowers without the necessity of a demand by the Agent or any Lender; and 

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(ii)the entire outstanding principal amount of the Revolving Credit Loans, together with all accrued and unpaid interest thereon and all fees and other Lender Group Expenses payable by the Borrowers hereunder, shall become due and payable on the Termination Date; 

(c)Voluntary Prepayments.  The Borrowers may, at any time and from time to time, prepay the Revolving Credit Loans, in whole or in part, upon at least two (2) Business Days’ irrevocable notice by the Borrower Agent to the Agent in the case of Base Rate Advances, and three (3) Business Days’ irrevocable notice by the Borrower Agent to the Agent in the case of LIBOR Rate Advances, specifying the date and amount of prepayment, provided that (i) LIBOR Rate Advances may not be optionally prepaid other than on the last day of any Interest Period with respect thereto unless the Borrowers pay any breakage or other fees required hereunder and (ii) a notice of optional prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the incurrence of other Indebtedness or any other event, in which case such notice of prepayment may be revoked by the Borrowers (by written notice to the Agent on or prior to the specified date) if such condition is not satisfied.  If such notice is given, the Borrowers shall make such prepayment, and the payment amount specified in such notice shall be due and payable, on the date specified therein accompanied by the amount of accrued and unpaid interest thereon.  

(d)Swaps.  Notwithstanding the foregoing, the Borrowers acknowledge that, to the extent that any Borrower enters into a Swap Obligation in connection with any Loan, any prepayment (in whole or in part) or termination of such Loan prior to the stated termination date of such Swap Obligation will trigger the early termination of such Swap Obligation documentation.  Each Swap Obligation is subject to separate documentation independent of such Loan and any termination of a Swap Obligation prior to its stated termination date will result in a payment being made, either by such Borrower to the Secured Party thereto by such Secured Party to such Borrower, depending on the fair market value of such Swap Obligation on the early termination date.  Such payment is independent of any amounts due in respect of such Loan.

(e)Commitment Reductions.  The Borrowers may, at any time and from time to time, terminate in whole or permanently reduce in part, without premium or penalty, the Commitments in an aggregate amount not to exceed the amount by which the Aggregate Revolving Credit Commitment exceeds the aggregate outstanding amount of Revolving Credit Loans, Swingline Loans and undrawn amount of unexpired Letters of Credit at the time of such proposed termination or reduction, upon at least five (5) Business Days’ irrevocable notice by the Borrower Agent to the Agent, specifying the date of such termination or reduction and the amount of any partial reduction.  Such termination or reduction of the Commitments shall be effective on the date specified in the Borrower Agent’s notice and shall reduce the Commitment of each Lender proportionately to its Pro Rata Share thereof.  The Borrower Agent’s notice may state that such notice is conditioned upon the effectiveness of other credit facilities or any other event, in which case such notice of reduction or termination may be revoked by the Borrower Agent (by written notice to the Agent on or prior to the specified date) if such condition is not satisfied.

Section 2.06Evidence of Debt.

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

(b)The Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any 

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principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Agent hereunder for the account of the Lenders and each Lender’s share thereof.

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

Section 2.07[Reserved].

Section 2.08Term.  The term of this Agreement shall be for a period from the Closing Date through the and including the Termination Date.  Notwithstanding the foregoing, the Borrowers shall have no right to terminate this Agreement at any time that any principal of or interest on any of the Revolving Credit Loans is outstanding, except upon Payment in Full of all Obligations.

Section 2.09Payment Procedures.

(a)[Reserved].

(b)Time of Payment.  Each payment by the Borrowers on account of principal, interest, fees or Lender Group Expenses hereunder shall be made to the Agent.  All payments to be made by the Borrowers hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without setoff, deduction or counterclaim and shall be made prior to 4:00 p.m. (New York time) on the due date thereof to the Agent, for the account of the Lenders according to their Pro Rata Shares (except as expressly otherwise provided), at the Agent’s Payment Account in immediately available funds.  Except for payments which are expressly provided to be made (i) for the account of the Agent or Swingline Lender only or (ii) under the settlement provisions of section 2.03(i), the Agent shall distribute all payments to the Lenders on the Business Day following receipt in like funds as received.  Notwithstanding anything to the contrary contained in this Agreement, if a Lender or any of its Affiliates exercises its right of setoff under Section 12.03 or otherwise, any amounts so recovered shall promptly be shared by such Lender with the other Lenders according to their respective Pro Rata Shares.

(c)Next Business Day.  Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment may be made on the next succeeding Business Day (except as specified in clause (ii) of the definition of Interest Period) and such extension of time shall be included in the computation of the amount of interest due hereunder.

(d)Application.  Subject to Section 10.5, the Agent shall have the continuing and exclusive right, if an Event of Default exists, to apply or reverse and re-apply any payment and any and all proceeds of Collateral to any portion of the Obligations.  To the extent that any Borrower makes a payment or the Agent receives any payment or proceeds of the Collateral for any Borrower’s benefit, which is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by the Agent.

Section 2.10Designation of a Different Lending Office.  If any Lender requests compensation under Section 4.10, or requires any Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 

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4.11, then such Lender (at the request of the Borrower Agent) shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.10 or Section 4.11, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrowers hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

Section 2.11Replacement of Lenders.  If any Lender requests compensation under Section 4.10, or if any Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.11 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 2.10, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice by the Borrower Agent to such Lender and the Agent, require such Lender to assign and delegate (and such Lender agrees to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in, and the consents required by, Section 12.07), all of its interests, rights (other than its existing rights to payments pursuant to Section 4.10 or Section 4.11) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrowers shall have paid to the Agent the assignment fee (if any) specified in Section 12.7; (ii) such Lender shall have received payment of an amount equal to the outstanding principal of all Revolving Credit Loans owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 4.10) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); (iii) in the case of any such assignment resulting from a claim for compensation under Section 4.10 or payments required to be made pursuant to Section 4.11, such assignment will result in a reduction in such compensation or payments thereafter; (iv) such assignment does not conflict with applicable law; and (v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall consent, at the time of such assignment, to each applicable amendment, waiver or consent.  A Lender (other than a Defaulting Lender) shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.  Nothing in this Section 2.11 shall be deemed to prejudice any rights that the Borrower or any Lender that is not a Defaulting Lender may have against any Defaulting Lender.

Section 2.12Defaulting Lenders.

(a)The Agent may recover all amounts owing by a Defaulting Lender on demand, and all such amounts owing shall bear interest at the default rate set forth in Section 4.02 applicable to Base Rate Advances until Paid in Full.

(b)The failure of any Defaulting Lender to fund its Pro Rata Share of any Borrowing shall not relieve any other Lender of its obligation to fund its Pro Rata Share of such Borrowing.  Conversely, no Lender shall be responsible for the failure of another Lender to fund such other Lender’s Pro Rata Share of a Borrowing.

(c)The Agent shall not be obligated to transfer to a Defaulting Lender any payments made by the Borrowers to the Agent for the Defaulting Lender’s benefit; nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including, without limitation, any fees).  Amounts payable to a Defaulting Lender shall instead be paid to or retained by the Agent.  The Agent may hold and, 

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in its Permitted Discretion, apply any or all of such amounts to the Defaulting Lender’s defaulted obligations, use the funds to Collateralize such Lender’s Fronting Exposure, or re-lend to the Borrowers the amount of all such payments received or retained by it for the account of such Defaulting Lender.  For purposes of voting or consenting to matters with respect to the Loan Documents and determining Pro Rata Shares, such Defaulting Lender shall be deemed not to be a Lender and such Lender’s Commitment or Revolving Credit Loans made by it, as applicable, for such purposes shall be deemed to be zero (0).  This Section shall remain effective with respect to such Lender until the Defaulting Lender has ceased to be a Defaulting Lender.  The operation of this Section shall not be construed to increase or otherwise affect the Commitment of any Lender or to relieve or excuse the performance by any of the Borrowers of their duties and obligations hereunder.

(d)The Agent, at its election, at any time, may require that the reimbursement obligations of a Defaulting Lender in respect of Letters of Credit be reallocated to, and assumed by, the other Lenders based on their respective Pro Rata Shares through (calculated as if the Defaulting Lender’s Pro Rata Share was zero (0)), provided that no Lender shall be reallocated, or required to fund, any such amounts that could would cause the sum of such Lender’s outstanding Revolving Credit Loans and outstanding reimbursement obligations in respect of Letters of Credit to exceed its Commitment.

(e)If Agent determines, in its sole discretion, that a Lender should no longer be deemed to be a Defaulting Lender, the 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 (which may include arrangements with respect to any cash Collateralization), that Lender will, to the extent applicable, purchase that portion of outstanding Revolving Credit Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Revolving Credit Loans and the funded and unfunded participations in Letters of Credit to be held by the Lenders in accordance with their Pro Rata Shares (without giving effect to subsection (c) above) whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties and subject to Section 2.11, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

Section 2.13Letters of Credit.

(a)Upon the request of the Borrower Agent, the Letter of Credit Issuer shall issue for the account of any of the Borrowers Letters of Credit of a tenor and containing terms acceptable to the Borrower Agent and the Letter of Credit Issuer, in a maximum aggregate face amount outstanding at any time not to exceed the Letter of Credit Sublimit; provided that (i) no Letter of Credit Issuer shall have any obligation to cause to be issued any Letter of Credit with an expiration date after the Termination Date, (ii) if a Letter of Credit is issued with an expiration date after the Termination Date, the Borrowers shall Collateralize such Letter of Credit in full immediately, (iii) no Letter of Credit Issuer shall have any obligation to issue any Letter of Credit if it would result in the aggregate face amount outstanding of Letters of Credit issued by such Letter of Credit Issuer exceeding (x) its Letter of Credit Commitment, or (y) when aggregated with such Lender’s outstanding Revolving Credit Loans, its Commitment.  The term of any Letter of Credit shall not exceed three hundred sixty (360) days from the date of issuance, subject to renewal in accordance with the terms thereof, but in no event to a date beyond the Termination Date.  All Letters of Credit shall be subject to the limitations set forth in Section 2.05, and a sum equal to the aggregate amount of all outstanding Letters of Credit shall be included in calculating outstanding amounts for purposes of determining compliance with Section 2.05.  Without limitation of the foregoing, but for the avoidance of any doubt, the maximum amount of all unexpired Letters of Credit outstanding at any one time, when 

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aggregated with (without duplication) all Revolving Credit Loans shall not exceed the Aggregate Revolving Credit Commitment.  

(b)Immediately upon issuance or amendment of any Letter of Credit in accordance with the procedures set forth in this Section 2.13, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the applicable Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, of the liability and obligations under and with respect to such Letter of Credit and the Letter of Credit Agreement (including, without limitation, all obligations of the Borrowers with respect thereto, other than amounts owing to the applicable Letter of Credit Issuer pursuant to Section 4.04) and any security therefor or guaranty pertaining thereto.

(c)Whenever the Borrower Agent desires the issuance of a Letter of Credit, the Borrower Agent shall deliver to the applicable Letter of Credit Issuer (with a copy to the Agent) a written notice, no later than 2:00 p.m. (New York time) at least five (5) Business Days (or such shorter period as may be agreed to by the applicable Letter of Credit Issuer) in advance of the proposed date of issuance of a letter of credit, substantially in the form attached as Exhibit E (a “Letter of Credit Request”).  The transmittal by the Borrower Agent of each Letter of Credit Request shall be deemed to be a representation and warranty by the Borrower Agent that the Letter of Credit may be issued in accordance with and will not violate any of the requirements of this Section 2.13.  Prior to the date of issuance of each Letter of Credit, the Borrower Agent shall provide to the applicable Letter of Credit Issuer a precise description of the documents and the text of any certificate to be presented by the beneficiary of such Letter of Credit which, if presented by such beneficiary on or prior to the expiration date of such Letter of Credit, would require the Letter of Credit Issuer to make payment under such Letter of Credit.  The applicable Letter of Credit Issuer, in its Permitted Discretion, may require changes in any such documents and certificates.  No Letter of Credit shall require payment against a conforming draft to be made thereunder prior to the second Business Day after the date on which such draft is presented.

(d)Upon any request for a drawing under any Letter of Credit by the beneficiary thereof, (i) the Borrower Agent shall be deemed to have timely given a Notice of Borrowing to the Agent for a Revolving Credit Loan on the date on which such drawing is honored in an amount equal to the amount of such drawing and (ii) without regard to satisfaction of the applicable conditions specified in Section 5.02 and the other terms and conditions of borrowings contained herein, the Lenders shall, on the date of such drawing, make Revolving Credit Loans comprised of Base Rate Advances in the amount of such drawing, the proceeds of which shall be applied directly by the Agent to reimburse the Letter of Credit Issuer for the amount of such drawing or payment.  If for any reason, proceeds of Advances are not received by the Agent on such date in an amount equal to the amount of such drawing, the Borrowers shall reimburse the Agent, on the Business Day immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Revolving Credit Loans, if any, which are so received, plus accrued interest on such amount at the rate set forth in Section 4.01(a) or 4.02, as applicable.

(e)As among the Borrowers, the Agent, the Letter of Credit Issuer and each Lender, the Borrowers assume all risks of the acts and omissions of the Agent and the Letter of Credit Issuer (other than for the gross negligence or willful misconduct of the Agent or the Letter of Credit Issuer) or misuse of the Letters of Credit by the respective beneficiaries of such Letters of Credit.  In furtherance and not in limitation of the foregoing, neither the Agent nor any of the Lenders nor the Letter of Credit Issuer shall be responsible (i) for the accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under such Letters of Credit even if it should in fact prove to be in any or all respects invalid, inaccurate, fraudulent or forged, (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any 

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such Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason, (iii) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex, telecopy or otherwise, whether or not they be in cipher, (iv) for errors in interpretation of technical terms, (v) for any loss or delay in the transmission or otherwise of any document required to make a drawing under any such Letter of Credit, or of the proceeds thereof, (vi) for the misapplication by the beneficiary of any such Letter of Credit, of the proceeds of any drawing honored under such Letter of Credit, and (vii) for any consequences arising from causes beyond the control of the Letter of Credit Issuer, the Agent or the Lenders, provided, that the foregoing shall not release the Agent or the Letter of Credit Issuer for any liability for its gross negligence or willful misconduct.  None of the above shall affect, impair, or prevent the vesting of any of the Agent’s rights or powers hereunder.  Any action taken or omitted to be taken by the Agent or the Letter of Credit Issuer under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct of the Agent or the Letter of Credit Issuer, as the case may be, shall not create any liability of the Agent or the Letter of Credit Issuer to any Borrower or any Lender.

(f)The obligations of the Borrowers to reimburse the Letter of Credit Issuer for drawings honored under the Letters of Credit and the obligations of the Lenders under this Section 2.13 shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances including, without limitation, the following circumstances:  (i) any lack of validity or enforceability of this Agreement, any Letter of Credit, or any Letter of Credit Agreement; (ii) the existence of any claim, setoff, defense or other right which any Borrower or any Affiliate of any Borrower may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such beneficiary or transferee may be acting), the Agent, any Lender or any other Person, whether in connection with this Agreement, the other Loan Documents, the transactions contemplated herein or therein or any unrelated transaction; (iii) any draft, demand, certificate or other documents presented under any Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect; (iv) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; (v) failure of any drawing under a Letter of Credit or any non-application or misapplication by the beneficiary of the proceeds of any drawing; or (vi) that a Default or Event of Default shall have occurred and be continuing.

Section 2.14Sharing of Payments, Etc.  If any Lender shall obtain at any time any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of Obligations payable to such Lender hereunder at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations to (ii) the aggregate amount of the Obligations payable to all Lenders hereunder at such time), such Lender shall forthwith purchase from the other Lenders (other than any Defaulting Lender) such participations in the Obligations payable to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that, if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each other Lender shall be rescinded and such other Lender shall repay to the purchasing Lender the purchase price to the extent of such other Lender’s ratable share (according to the proportion of (i) the purchase price paid to such Lender to (ii) the aggregate purchase price paid to all Lenders) of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such other Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered.  Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.14 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of such Borrower in the amount of such participation. For purposes of clause (ii) of the definition of “Excluded Taxes”, a Lender that acquires a participation pursuant to this Section 2.14 shall be treated as having acquired such participation on the 

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earlier date(s) on which such Lender acquired the applicable interest(s) in the Commitment(s) or Loan(s) (as applicable) to which such participation relates.

Section 2.15[Reserved].

Section 2.16Increase of Commitments; Additional Lenders.

(a)The Borrowers may increase, upon the request of the Borrower Agent, the then effective amount of the Aggregate Revolving Credit Commitment; provided that: (i) the aggregate principal amount of the increases in the Aggregate Revolving Credit Commitment pursuant to this Section 2.16, shall not exceed Three Hundred Million Dollars ($300,000,000); (ii) the Borrowers shall execute and deliver such documents and instruments and take such other actions as may be reasonably required by the Agent in connection with such increases and at the time of any such proposed increase; (iii) subject to customary “Sungard” provisions, if and to the extent agreed to by the Increasing Lenders, (A) no Event of Default shall have occurred and be continuing or would occur after giving effect to such increase, and (B) all representations and warranties by or on behalf of each Loan Party and its Subsidiaries set forth in the Loan Documents shall be true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of the date of such increase or, to the extent such representations and warranties expressly relate to an earlier date, true and correct in all material respects on and as of such earlier date; and (iv) the Incremental Revolving Credit Commitments provided under this Section 2.16 (the “Incremental Revolving Credit Commitments”) shall have an expiration date no earlier than the Termination Date.  

(b)The Agent shall invite each Lender to increase the principal amount of its Revolving Credit Commitment, on a pro rata basis, in connection with the proposed Incremental Revolving Credit Commitments at the interest margin proposed by the Borrowers, and if sufficient Lenders do not agree to increase their Revolving Credit Commitments in connection with such proposed Incremental Revolving Credit Commitments, then the Agent or the Borrowers may invite any prospective lender who is reasonably satisfactory to the Agent to become a Lender (each such new lender being an “Additional Lender”) in accordance with this Section 2.16.  No Lender shall have any obligation, express or implied, to offer to increase the aggregate principal amount of its Revolving Credit Commitment.  Only the consent of the Lender agreeing to increase their Revolving Credit Commitments (the “Increasing Lenders”) shall be required for an increase in the aggregate principal amount of the Revolving Credit Commitments pursuant to this Section 2.16. No Lender which declines to increase the principal amount of its Revolving Credit Commitments may be replaced in respect to its existing Revolving Credit Commitments, as applicable, as a result thereof without such Lender’s consent.

(c)Subject to subsections (a) and (b) of this Section 2.16, any increase requested by the Borrowers shall be effective upon delivery to the Agent of each of the following documents (the date of such effectiveness, the “Increase Date”): (i) an originally executed copy of any instrument of joinder signed by a duly authorized officer of each Additional Lender, in form and substance reasonably acceptable to the Agent; (ii) a notice to the Increasing Lenders and Additional Lenders, in form and substance reasonably acceptable to the Agent, signed by a Responsible Officer of the Borrower Agent; (iii) a certificate of the Borrower Agent signed by a Responsible Officer, in form and substance acceptable to the Agent, certifying that each of the conditions in subsection (a) of this Section 2.16 has been satisfied: and (iv) any other certificates or documents that the Agent shall request, each in form and substance satisfactory to the Agent. 

(d)Anything to the contrary contained herein notwithstanding, if the All-In Yield that is to be applicable to the Revolving Credit Loans to be made pursuant to the Incremental Revolving Credit 

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Commitments is higher than the All-In Yield applicable to the Revolving Credit Loans hereunder immediately prior to the Increase Date (the amount by which the All-In Yield is higher, the “Excess”), then the interest margin applicable to the Revolving Credit Loans immediately prior to the Increase Date shall be increased by the amount of the Excess minus 0.50 percentage points (to the extent that the result is positive), subject to the occurrence of and effective upon the Increase Date, and without the necessity of any action by any party hereto.

(e)Each of the Lenders having a Revolving Credit Commitment prior to the Increase Date (the “Pre-Increase Revolving Credit Lenders”) shall assign to any Lender which is acquiring a new or additional Revolving Credit Commitment on the Increase Date (the “Post-Increase Revolving Credit Lenders”), and such Post-Increase Revolving Credit Lenders shall purchase from each Pre-Increase Revolving Credit Lender, at the principal amount thereof, such interests in the Revolving Credit Loans and participation interests in Swingline Loans and undrawn Letters of Credit on such Increase Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans and participation interests in Swingline Loans and Letters of Credit will be held by Pre-Increase Revolving Credit Lenders and Post-Increase Revolving Credit Lenders ratably in accordance with their Pro Rata Shares after giving effect to such increased Revolving Credit Commitments.

(f)Unless otherwise specifically provided herein, all references in this Agreement and any other Loan Document to Revolving Credit Loans shall be deemed, unless the context otherwise requires, to include Revolving Credit Loans made pursuant to the Incremental Revolving Credit Commitments pursuant to this Section 2.16.  

Article III.
SECURITY

Section 3.01General.  To secure the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all of the Obligations (whether now existing or hereafter arising), each of the Borrowers hereby grants to the Agent, for the benefit of the Secured Parties, a continuing Lien on and security interest in all of its right, title and interest in and to all of the Collateral, in each case wherever located, whether now owned or hereafter acquired, and all additions and accessions thereto and substitutions and replacements therefor and improvements thereon, and all proceeds (as such term is defined in the UCC) (whether in the form of cash or other property and whether tangible or intangible) and products thereof (including, without limitation, all proceeds of insurance covering the same and all commercial tort claims in connection therewith).  As further security for the Obligations, and to provide other assurances to the Agent and the Secured Parties, the Agent shall receive, among other things, in each case to the extent required by this Agreement:

(a)[reserved];

	
(b)
	
the Guarantor Security Agreement; and

(c)the Intellectual Property Security Agreement.

This Agreement shall constitute a security agreement for purposes of the UCC.

Section 3.02Further Security; Benefit of Security Interest.  Each of the Borrowers also grants to the Agent, for the benefit of the Secured Parties, as further security for all of the Obligations, a security interest in all of its right, title and interest in and to all property of such Borrower in the possession of or deposited with or in the custody of the Agent or any of the Secured Parties (or their Affiliates) or any representative, agent or correspondent of any of such Persons and in all present and future deposit accounts 

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or securities accounts maintained with any of such Persons.  For purposes of this Agreement, any property in which the Agent or any other such Person has any security or title retention interest shall be deemed to be in the custody of the Agent or such Person.  The security interest granted in Section 3.01  shall be deemed to be in favor of the Agent for the benefit of each of the Secured Parties to which the Borrowers owe any Obligations.

Section 3.03Recourse to Security.  Recourse to security shall not be required for any Obligation hereunder, and the Borrowers hereby waive any requirement that the Agent or any Secured Party exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the Borrowers.

Section 3.04Collateral Generally.

(a)Further Actions.  The Borrowers shall take all actions that the Agent, in its Permitted Discretion, may request from time to time so as at all times to maintain the validity, perfection, enforceability and priority of the Agent’s security interest in the Collateral and to enable the Agent to protect, exercise or enforce its rights hereunder and in the Collateral, including, but not limited to, (i) discharging all Liens other than Permitted Liens, (ii) [reserved], (iii) delivering to the Agent, endorsed or accompanied by such instruments of assignment as the Agent may specify, any and all promissory notes in favor of Loan Parties from third parties forming a part of the Collateral, in each case in an amount greater than $500,000, (iv) executing (as appropriate) and delivering authorizations for the recording of financing statements, instruments of pledge, mortgages for fee simple Real Property with a fair market value (as determined in good faith by the Borrower Agent) of more than $5,500,000 on a per property basis, notices and assignments, in each case in form and substance satisfactory to the Agent, in its Permitted Discretion, relating to the creation, validity, perfection, maintenance or continuation of the Agent’s security interest under the UCC or other applicable law; and (v) if a Borrower has as of the Closing Date or thereafter acquires a commercial tort claim in an amount greater than $500,000 against a third party, such Borrower shall promptly notify the Agent thereof, in writing, and grant a specific collateral assignment of such claim to the Agent, at the Agent’s request as additional Collateral.  Notwithstanding anything to the contrary, (i) unless required by Section 3.05 with respect to the Pledged Interests,  obtaining “control” of any investment property, deposit or securities account, letter-of-credit right or electronic chattel paper (the term “control” as used in respect of the foregoing types of Collateral having the meaning set forth in Articles 8 and 9 of the UCC) shall not be required and (ii) no action shall be required in order to create or perfect any security interest under the law of any non-U.S. jurisdiction.  

(b)Registered Intellectual Property Updates.   In the event that any Loan Party (i) files after the Closing Date during any fiscal year an application for the registration of Intellectual Property which constitutes Collateral with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, (ii) becomes after the Closing Date during any fiscal year the owner of any Intellectual Property which constitutes Collateral that is registered with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, or (iii) acquires after the Closing Date during any fiscal year any registration or application for registration of any Intellectual Property which constitutes Collateral registered or applied for with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, such Loan Party will execute and deliver to the Agent the appropriate Intellectual Property Security Agreements (or supplements thereto) with respect to such application for registration or registration filed during such fiscal year on or before the last day by which the Compliance Certificate with respect to such fiscal year is required to be delivered pursuant to Section 7.11(d).

(c)Filings.  The Agent is hereby authorized to file financing statements in accordance with the applicable provisions of the UCC, including, without limitation financing statements that describe 

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the Collateral covered thereby as “all personal property”, “all assets” or words of similar effect, at any time or from time to time hereafter, in any jurisdiction; and Borrowers hereby ratify, approve and affirm the filing of any such financing statements heretofore filed by the Lender in respect of any Borrower (including any predecessor-in-interest thereof).  All charges, expenses and fees that the Agent may incur in doing any of the foregoing, and Other Taxes relating thereto, shall be paid to the Agent promptly after written demand.

Section 3.05Pledged Interests.

(a)(i) Except for the security interest created hereby, each Loan Party is and will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule 3.05 as being owned by such Loan Party (as such Schedule may be amended by written notice from the Borrower Agent to the Agent) and, when acquired by such Loan Party, any Pledged Interests acquired after the Closing Date, (ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and non-assessable and the Pledged Interests constitute or will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of such Loan Party identified on Schedule 3.05 (as such Schedule may be amended by written notice from the Borrower Agent to the Agent), (iii) such Loan Party has the right and requisite authority to pledge, the investment property pledged by such Loan Party to the Agent as provided herein, (iv) all actions necessary or desirable to perfect and establish the first priority of, or otherwise protect, the Agent’s Liens in the investment property, and the proceeds thereof, have been duly taken, upon (A) the execution and delivery of this Agreement, (B) the taking of possession by the Agent (or its agent or designee) of any certificates representing the Pledged Interests, to the extent such Pledged Interests are represented by certificates, together with undated powers (or other documents of transfer acceptable to the Agent) endorsed in blank by the applicable Loan Party, and (C) the filing of financing statements in the jurisdiction of organization of such Loan Party set forth on Schedule 6.01(g) for such Loan Party with respect to the Pledged Interests of such Loan Party that are not represented by certificates, and (v) subject to Section 7.20, each Loan Party has delivered to and deposited with the Agent all certificates representing the Pledged Interests owned by such grantor to the extent such Pledged Interests are represented by certificates, and undated powers (or other documents of transfer acceptable to the Agent) endorsed in blank with respect to such certificates.  None of the Pledged Interests owned or held by such Loan Party has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject.

(b)As to all limited liability company or partnership interests constituting Pledged Interests, each Loan Party hereby represents, warrants and covenants that such Pledged Interests (i) are not, and shall not be, dealt in or traded on securities exchanges or in securities markets, (ii) do not, and shall not, constitute investment company securities, and (iii) are not, and will not be, held by such Loan Party in a securities account.  In addition, none of the limited liability company agreements, partnership agreements or other agreements governing any of the Pledged Interests provides that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction.

(c)If any Loan Party shall acquire, obtain or receive any Pledged Interests after the Closing Date that are included in Collateral and are represented by certificates (other than any Pledged Interests required to be delivered pursuant to Section 7.20), it shall promptly (and in any event within thirty (30) days of acquiring or obtaining such Collateral) deliver to the Agent certificates representing such Pledged Interests accompanied by undated powers (or other documents of transfer acceptable to the Agent) endorsed in blank with respect to such certificates and a duly executed Pledged Interests Addendum identifying such Pledged Interests.

(d)Upon the occurrence and during the continuance of an Event of Default, following the request of the Agent, all sums of money and property paid or distributed in respect of the Pledged 

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Interests that are received by any Loan Party shall be held by the Loan Parties in trust for the benefit of the Agent segregated from such Loan Party’s other property, and such Loan Party shall deliver it forthwith to the Agent in the exact form received.  No Loan Party shall make or consent to any amendment or other modification or waiver with respect to any Pledged Interests (or any limited liability company agreement or partnership agreement with respect thereto), or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests if the same is prohibited pursuant to the Loan Documents.  Each Loan Party agrees that it will cooperate with the Agent’s reasonable requests in obtaining all necessary approvals and making all necessary filings under federal, state, or local law to effect the perfection of the Agent’s Lien on the Pledged Interests or to effect any sale or transfer thereof.  

(e)None of the Pledged Interests existing as of the Closing Date are registered or qualified under the various federal or state securities laws of the United States and disposition thereof after an Event of Default has occurred and is continuing may be restricted to one or more private (instead of public) sales in view of the lack of such registration.  Each Loan Party understands that in connection with such disposition, the Agent may approach only a restricted number of potential purchasers and further understands that a sale under such circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market.  Each Loan Party, therefore, agrees that:  (i) if the Agent shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, the Agent shall have the right to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably obtainable at the private sale thereof, and (ii) such reliance shall be conclusive evidence that the Agent has handled the disposition in a commercially reasonable manner.

(f)Upon the occurrence and during the continuation of an Event of Default, (i) the Agent may, at its option, and with two (2) Business Days prior notice to the Borrower Agent (unless such Event of Default is an Event of Default specified in Section 10.01(c), in which case no such notice need be given), and in addition to all rights and remedies available to the Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights (including any dividend or distribution rights) in respect of the Pledged Interests owned by such Loan Party, but under no circumstances is the Agent obligated by the terms of this Agreement to exercise such rights, and (ii) if the Agent duly exercises its right to vote any of such Pledged Interests during the existence of an Event of Default, each Loan Party hereby appoints the Agent, subject to any applicable Requirements of Law such Loan Party’s true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged Interests in any manner the Agent deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be.  The power-of-attorney and proxy granted hereby is coupled with an interest and shall be irrevocable.  For so long as any Loan Party shall have the right to vote the Pledged Interests owned by it, such Loan Party covenants and agrees that it will not, without the prior written consent of the Agent, vote or take any consensual action with respect to such Pledged Interests which would materially adversely affect the rights of the Agent, the Lenders or the Letter of Credit Issuer.

(g)Notwithstanding the foregoing, (A) no Excluded Property shall constitute Pledged Interests and (B) no action under the law of any non-U.S. jurisdiction shall be required to be taken to create or perfect any Pledged Interests. 

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Section 3.06[Reserved].

Section 3.07Borrowers Remain Liable.  Anything herein to the contrary notwithstanding, (a) each of the Loan Parties shall remain liable under the contracts and agreements included in the Collateral to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Agent or the Lenders of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) neither the Agent nor the Lenders shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall the Agent or any of the Lenders be obligated to perform any of the obligations or duties of any Loan Parties thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.  Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement or any other Loan Document, the Loan Parties shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and of the other Loan Documents.  Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting, consensual, dividend, and distribution rights, shall remain in the applicable Loan Party until (i) the occurrence and continuance of an Event of Default, and (ii) the Agent has notified the applicable Loan Party of the Agent’s election to exercise such rights with respect to the Pledged Interests pursuant to Section 3.05.

Section 3.08Continuation of Liens, Etc.  The Borrowers shall defend the Collateral against all claims and demands of all Persons at any time claiming any interest therein, other than claims relating to Liens permitted by the Loan Documents.  The Borrowers agree to comply with the requirements of all state and federal laws to grant to the Agent valid and perfected first priority security interests in the Collateral.  The Agent is hereby authorized by the Borrowers to file any financing or continuation statements or similar documents or instruments covering the Collateral whether or not any Borrower’s signature appears thereon.  The Borrowers agree, from time to time, at the Agent’s reasonable request, to file notices of Liens, financing statements, similar documents or instruments, and amendments, renewals and continuations thereof, and cooperate with the Agent’s representatives, in connection with the continued perfection (and the priority status thereof) and protection of the Collateral and the Agent’s Liens thereon.  The Borrowers agree that the Agent may file a carbon, photographic or other reproduction of this Agreement (or any financing statement related hereto) as a financing statement.

Section 3.09Power of Attorney.  In addition to all of the powers granted to the Agent in this Article III, the Borrowers hereby appoint and constitute the Agent as the Borrowers’ attorney-in-fact to make any filings under the Uniform Commercial Code covering any of the Collateral, to request at any time from customers indebted on its receivables verification of information concerning such receivables and the amount owing thereon (provided that any verification prior to an Event of Default shall not contain the Agent’s name and shall be in connection with the conducting of any field examination with respect to the Collateral), and, upon the occurrence and during the continuance of an Event of Default, (i) to convey any item of Collateral to any purchaser thereof, (ii) to make any payment or take any act necessary or desirable to protect or preserve any Collateral, and (iii) to take any action and to execute any instrument which the Agent may reasonably deem necessary or advisable to accomplish the purposes hereof.  The Agent’s authority hereunder shall include, without limitation, the authority to execute and give receipt for any certificate of ownership or any document, to transfer title to any item of Collateral and to take any other actions arising from or incident to the powers granted to the Agent under this Agreement, in each case if an Event of Default exists and is continuing.  This power of attorney is coupled with an interest and is irrevocable.

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Article IV.
INTEREST, FEES AND EXPENSES

Section 4.01Interest.  Subject to Section 4.02, the Borrowers shall pay to the Agent for the ratable benefit of the Lenders interest on the Advances, payable in arrears on each Interest Payment Date, at the following rates per annum: 

(a)Base Rate Advances.  If such Advance is a Base Rate Advance, at a fluctuating rate which is equal to (i) the Base Rate then in effect plus (ii) the Applicable Rate for Base Rate Advances. 

(b)LIBOR Rate Advances.  If such Advance is a LIBOR Rate Advance, at a rate which is equal at all times during the Interest Period for such LIBOR Rate Advance to (i) the LIBOR Rate for the Interest Period selected by the Borrower Agent corresponding to such LIBOR Rate Advance plus (ii) the Applicable Rate for LIBOR Rate Advances.

Section 4.02Interest and Letter of Credit Fees After Event of Default.  Following the occurrence and during the continuation of any Specified Event of Default until the earlier of the date upon which (i) all Obligations shall have been Paid in Full or (ii) such Event of Default shall have been cured or waived, interest on the Loans shall be payable on demand at a rate per annum equal to the rate that would be otherwise applicable thereto under Section 4.01 plus up to an additional two percent (2%) and the letter of credit fee pursuant to Section 4.05 shall be payable at the rate that would otherwise apply under Section 4.05 plus up to an additional two percent (2%).

Section 4.03[Reserved].

Section 4.04Unused Line Fee.  The Borrowers shall pay to the Agent for the ratable benefit of the Lenders, fifteen (15) days after the last day of each March, June, September and December, commencing with the calendar quarter ending September 30, 2021, and on the Termination Date, in arrears, an unused line fee equal to the product of the Applicable Rate in effect for unused line fees  multiplied by the difference, if positive, between (i) the Aggregate Revolving Credit Commitment as of such date and (ii) the average daily aggregate outstanding amount of the Revolving Credit Loans plus the average daily aggregate undrawn amount of all unexpired Letters of Credit during the immediately preceding calendar quarter or portion thereof.  

Section 4.05Letter of Credit Fees.  The Borrowers shall pay to the Letter of Credit Issuer for its own account (i) a fronting fee in respect of each Letter of Credit issued by the Letter of Credit Issuer for the account of the Borrowers in an amount equal to 0.125% of each such Letter of Credit, which fee shall be payable upon the issuance thereof and (ii) all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred.  In addition, the Borrowers shall pay to the Agent for the ratable benefit of the Lenders in respect of each Letter of Credit, fifteen (15) days after the last day of each March, June, September and December, commencing with the calendar quarter ending immediately following the issuance of such Letter of Credit and on the expiry thereof, in arrears, a fee equal to (a) the Applicable Rate then in effect with respect to LIBOR Rate Advances, multiplied by (b) the daily average of the amount of the Letters of Credit outstanding during the preceding calendar quarter or during the interim period ending on the expiry date, as the case may be. 

Section 4.06[Reserved]

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Section 4.07[Reserved]

Section 4.08Fee Letter.  The Borrowers shall pay to the Agent for its own account as and when due, without duplication and in accordance with the terms thereof, all fees required to be paid to the Agent under the Fee Letter.

Section 4.09Calculations.  All calculations of fees hereunder shall be made by the Agent on the basis of a year of 360 days for the actual number of days elapsed in the period for which such interest or fees are payable. All calculations of interest hereunder shall be made by the Agent on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Each determination by the Agent of an interest rate, fee or other payment hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 4.10Increased Costs.  

	
(a)
	
If any Change in Law shall:

(i)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 or participated in by, any Lender (except any such reserve requirement reflected in the LIBOR Rate) or Letter of Credit Issuer;

(ii)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Excluded Taxes and (C) Other Connection Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

(iii)impose on any Lender or Letter of Credit Issuer or the London interbank market any other condition (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender or Letter of Credit Issuer of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or Letter of Credit Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or Letter of Credit Issuer hereunder (whether of principal, interest or any other amount), then the Borrowers will pay to such Lender or Letter of Credit Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or Letter of Credit Issuer, as the case may be, for such additional costs incurred or reduction suffered.

(b)If any Lender or Letter of Credit Issuer determines that any Change in Law affecting such Lender or Letter of Credit Issuer or any lending office of such Lender or such Lender’s or Letter of Credit Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or Letter of Credit Issuer’s capital or on the capital of such Lender’s or Letter of Credit Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such Letter of Credit Issuer, to a level below that which such Lender or such Letter of Credit Issuer or such Lender’s or such Letter of 

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Credit Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Letter of Credit Issuer’s policies and the policies of such Lender’s or such Letter of Credit Issuer’s holding company with respect to capital adequacy or liquidity), then from time to time the Borrowers will pay to such Lender or such Letter of Credit Issuer, as applicable, such additional amount or amounts as will compensate such Lender or such Letter of Credit Issuer or such Lender’s or such Letter of Credit Issuer’s holding company for any such reduction suffered.

(c)A certificate of a Lender or Letter of Credit Issuer setting forth the amount or amounts necessary to compensate such Lender or Letter of Credit Issuer or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 4.10 and delivered to the Borrowers will be conclusive absent manifest error.  The Borrowers will pay such Lender or Letter of Credit Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

(d)Failure or delay on the part of any Lender or Letter of Credit Issuer to demand compensation pursuant to this Section 4.10 shall not constitute a waiver of such Lender’s or Letter of Credit Issuer’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender or a Letter of Credit Issuer pursuant to this Section 4.10 for any increased costs incurred or reductions suffered more than 270 days prior to the date that such Lender or Letter of Credit Issuer, as the case may be, notifies the Borrower Agent of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or Letter of Credit Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof).

Section 4.11Taxes.

(a)Defined Terms.  For purposes of this Section 4.11, the term “Lender” includes any Letter of Credit Issuer and any Swingline Lender and the term “applicable law” includes FATCA.

(b)Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 4.11) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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

(d)Indemnification by the Borrower.  The Loan Parties, jointly and severally, shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  

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A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

(e)Indemnification by the Lenders.  Each Lender shall severally indemnify the Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.07 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this Section 4.11(e).

(f)Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 4.11, such Loan Party shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent.

(g)Status of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 4.11(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii) Without limiting the generality of the foregoing, 

 

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

 

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

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(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax;

 

(2) executed copies of IRS Form W-8ECI;

 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit J-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” that is related to any Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code and that no payment in connection with any Loan Document is effectively connected with such Foreign Lender’s conduct of a U.S. trade or business (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

 

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

 

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

 

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

 

Each Lender agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such documentation or promptly notify the Borrower and the 

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Agent in writing of its legal ineligibility to do so. Notwithstanding anything to the contrary in this Section 4.11(g), no Lender shall be required to furnish any documentation it is not legally eligible to deliver. 

 

Each Lender hereby authorizes the Agent to deliver to the Loan Parties and to any successor Agent any documentation provided by such Lender to the Agent pursuant to this Section 4.11(g).

 

(h)  Treatment of Certain Refunds.  If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 4.11 (including by the payment of additional amounts pursuant to this Section 4.11), it shall pay to the applicable Loan Party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 4.11 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such Recipient and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such Loan Party, upon the request of such Recipient, shall repay to such Recipient the amount paid over pursuant to this Section 4.11(h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 4.11(h), in no event will the Recipient be required to pay any amount to a Loan Party pursuant to this Section 4.11(h) the payment of which would place the Recipient in a less favorable net after-Tax position than the Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This Section 4.11(h) shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person.

 

(i)  Survival.  Each party’s obligations under this Section 4.11 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

Article V.
CONDITIONS OF LENDING

Section 5.01Conditions to Effectiveness.  The effectiveness of this Agreement is subject to the satisfaction of each of the following conditions precedent:

(a)Loan Documents.  The Agent shall have received the following, each dated as of the Closing Date or as of an earlier date acceptable to the Agent, in form and substance satisfactory to the Agent and its counsel:

(i)counterparts of this Agreement, duly executed by the parties hereto;

(ii)the Notes, each duly executed by the Borrowers, to the extent such Notes were requested three (3) Business Days prior to the Closing Date;

(iii)the Intellectual Property Security Agreement, duly executed by each applicable Loan Party; 

(iv)the original certificates (if any) representing Pledged Interests required to be delivered pursuant to this Agreement and undated transfer powers, executed in blank, and the originals of any promissory notes pledged pursuant to this Agreement or any 

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Security Document duly endorsed (either directly or by allonge) to the Agent’s favor in blank; 

(v)(1) financing statements in proper form for filing under the Uniform Commercial Code (naming the Agent as secured party and the Loan Parties as debtors and containing a description of the applicable Collateral), with respect to each Loan Party and (2) duly authorized release or termination statements, duly filed (or an authorization from all required Persons to file release or termination statements) in all jurisdictions that the Agent deems necessary to perfect and protect the Liens created hereunder and under the Security Documents together with payoff letter with respect to the termination of that certain Second Amended and Restated Loan and Security Agreement, dated as of October 26, 2018, by and among TTD, each other borrower from time to time party thereto, the lenders and other parties from time to time party thereto and Citibank, N.A., as the administrative agent and collateral agent; 

(vi)completed lien searches, dated on or before the Closing Date, listing all effective financing statements filed in the jurisdictions referred to in clause (v) above and in all other jurisdictions that the Agent deems necessary to confirm the priority of the Liens created hereunder and under the Security Documents, that name each of the Loan Parties as debtor, together with copies of such financing statements; 

(vii)a completed perfection certificate, substantially in the form of Exhibit D, signed by a Responsible Officer of each Loan Party; 

	
 
	
(viii)
	
a financial condition certificate of the chief financial officer of each of the Loan Parties, in the form of Exhibit F;

(ix)an opinion of Latham & Watkins LLP addressed to the Agent covering such matters incident to the transactions contemplated by this Agreement as the Agent may reasonably require, which such counsel is hereby requested by the Borrower Agent on behalf of all the Loan Parties to provide;

(x)copies of the Governing Documents of each Loan Party and a copy of the resolutions of the Governing Body (or similar evidence of authorization) of each Loan Party authorizing the execution, delivery and performance of this Agreement, the other Loan Documents to which such Loan Party is or is to be a party, and the transactions contemplated hereby and thereby, attached to a certificate of a Responsible Officer of such Loan Party certifying (A) that such copies of the Governing Documents and resolutions of the Governing Body (or similar evidence of authorization) relating to such Loan Party are true, complete and accurate copies thereof, have not been amended or modified since the date of such certificate and are in full force and effect, (B) the incumbency, names and true signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party and (C) that attached thereto is a list of all persons authorized to execute and deliver Notices of Borrowing and Notices of Continuation/Conversion on behalf of the Borrowers;

(xi)a certified copy of a certificate of the Secretary of State of the state of incorporation, organization or formation of each Loan Party, reasonably recently dated, listing the certificate of incorporation, organization or formation of such Loan Party and each amendment thereto on file in such official’s office and a certificate from the Secretary 

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of State that such Loan Party is in good standing in that jurisdiction, in each case, to the extent commercially available in such state; and

(xii)a closing certificate from a Responsible Officer of the Borrower Agent, in the form of Exhibit G. 

(b)No Litigation.  There shall be no pending or threatened litigation, proceeding, inquiry or other action (i) seeking an injunction or other restraining order, damages or other relief with respect to the transactions contemplated by this Agreement or the other Loan Documents or (ii) which affects the business, prospects, operations, assets, liabilities or financial condition of any Loan Party, except, in the case of clause (ii), where such litigation, proceeding, inquiry or other action would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

(c)Reimbursement.  The Borrowers shall have paid (i) all reasonable and documented out-of-pocket fees and Lender Group Expenses required to be paid pursuant to Section 12.04 of this Agreement, to the extent invoiced at least two (2) Business Days prior to the Closing Date (it being understood that all other such fees and Lender Group Expenses shall be paid after the Closing Date in accordance with the terms of this Agreement), (ii) the fees referred to in this Agreement that are required to be paid on the Closing Date, and (iii) any fees due and payable to the Agent and Lenders under the Fee Letter that are required to be paid on the Closing Date.

(d)No Change.  No change, occurrence, event or development or event involving a prospective change that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect shall have occurred and be continuing.

(e)Law.  The Loan Parties shall be in compliance with all Requirements of Law, other than such noncompliance that could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

	
(f)
	
Patriot Act; Beneficial Ownership Certification.  (i) The Agent shall have received, at least five days prior to the Closing Date, all documentation and other information regarding each of the Borrowers requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower Agent at least 10 days prior to the Closing Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Closing Date, any Lender that has requested, in a written notice to the Borrower Agent at least 10 days prior to the Closing Date, a Beneficial Ownership Certification in relation to each such Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied). 

Section 5.02Conditions Precedent to Each Revolving Credit Loan and Each Letter of Credit.  The obligation of the Lenders to make any Revolving Credit Loan or the Letter of Credit Issuer to cause to be issued any Letter of Credit is subject to the satisfaction of the following conditions precedent:

(a)Representations and Warranties.  All representations and warranties contained in this Agreement and the other Loan Documents shall be true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any 

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representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date);

(b)No Default.  No Default or Event of Default shall have occurred and be continuing or would result from the making of the requested Revolving Credit Loan or the issuance of the requested Letter of Credit as of the date of such request; and

	
(c)
	
Requests.  in the case of the borrowing of Revolving Credit Loans, the Agent shall have received a timely Notice of Borrowing, and in the case of the issuance of a Letter of Credit, the applicable Letter of Credit Issuer shall have received a timely Letter of Credit Request.

Each condition in Sections 5.01 and 5.02 that are subject to the satisfaction or discretion of the Agent, any Lender or the Letter of Credit Issuer shall be deemed satisfied upon the Agent’s, Lender’s or Letter of Credit Issuer’s, as applicable, execution of this Agreement (with respect to such condition in Section 5.01) or making of any Revolving Credit Loan or the issuance of any Letter of Credit (with respect to such condition in Section 5.02).

Article VI.
REPRESENTATIONS AND WARRANTIES

Section 6.01Representations and Warranties.  Each of the Borrowers makes the following representations and warranties to the Agent and the Lenders, which shall be true, correct and complete in all respects as of the Closing Date, and after the Closing Date, shall be true, correct, and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of any Borrowing or issuance of any Letter of Credit as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date), and such representations and warranties shall survive the execution and delivery of this Agreement:  

(a)Organization, Good Standing and Qualification.  Each Loan Party (i) is an Entity duly organized, validly existing and in good standing (to the extent such concept exists in the relevant jurisdictions) under the laws of the state of its incorporation, organization or formation, (ii) has the requisite power and authority to own its properties and assets and to transact the businesses in which it presently is, or proposes to be, engaged and (iii) is duly qualified, authorized to do business and in good standing (to the extent such concept exists in the relevant jurisdictions) in each jurisdiction where it presently is, or proposes to be, engaged in business, except to the extent that the failure so to qualify or be in good standing would not reasonably be expected to have a Material Adverse Effect.  

(b)Locations of Offices, Records and Real Property.  As of the Closing Date, the address of the principal place of business and chief executive office of each Loan Party is, and the books and records of each Loan Party are maintained in the possession of such Loan Party at the address of such Loan Party specified in Schedule 6.01(b).  Schedule 6.01(b) specifies all Real Property of each Loan Party as of the Closing Date, and indicates whether each location specified therein is leased or owned by such Loan Party.

(c)Authority.  Each Loan Party has the requisite power and authority to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party.  All requisite corporate, limited liability company or partnership action necessary for the execution, delivery and 

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performance by such Loan Party of the Loan Documents to which it is a party (including the consent of its shareholders, where required) has been taken.

(d)Enforceability.  The Loan Documents delivered by the Loan Parties, when executed and delivered, will be, the legal, valid and binding obligation of such Loan Party enforceable in accordance with their terms, except as enforceability may be limited by (i) bankruptcy, insolvency or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

(e)No Conflict.  The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party (i) do not contravene any of the Governing Documents of such Loan Party, and (ii) do not contravene any Requirement of Law, except as such contravention would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (iv) will not result in the imposition of any Liens upon any of its properties other than Permitted Liens.

(f)Consents and Filings.  No consent, authorization or approval of, or filing with or other act by, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance of this Agreement or any other Loan Document or the consummation of the transactions contemplated hereby or thereby, except (i) such consents, authorizations, approvals, filings or other acts as have been made or obtained, as applicable, and are in full force and effect, (ii) the filing of UCC financing statements, (iii) filing of the Intellectual Property Security Agreement with the United States Patent and Trademark Office and the United States Copyright Office, (iv) filings or other actions listed on Schedule 6.01(f), and (v) such consents, authorizations, approvals, filings or other acts the failure of which to be obtained or made would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(g)Ownership.  Schedule 6.01(g) (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under this Agreement) sets forth the legal name (within the meaning of Section 9-503 of the UCC), jurisdiction of incorporation, formation or organization of each Loan Party, all jurisdictions in which each Loan Party is qualified to do business as a foreign Entity, the Persons that own the Equity Interests of each such Loan Party (other than TTD), and the number of Equity Interests owned by each such Person.

(h)Solvency.  The Loan Parties, taken as a whole, are Solvent.

(i)Financial Data.  Since December 31, 2020, there has been no change, occurrence, development or event, which has had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(j)Accuracy and Completeness of Information.  

(i)All written factual data, reports and written factual information (other than any projections, estimates and information of a general economic or industry specific nature) concerning the Borrowers and their Subsidiaries that has been furnished by or on behalf of any Loan Party to the Agent or any Lender in connection with the transactions contemplated hereby, when taken as a whole, are correct in all material respects as of the date of certification of such data, reports and information, and do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made at such time.

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(ii)As of the Closing Date, to the best knowledge of the Borrower Agent, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all respects. 

(k)Legal and Trade Name.  As of the Closing Date, during the past year, none of the Loan Parties has been known by or used any legal name or, except as such usage would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, any trade name or fictitious name, except for its name as set forth in the introductory paragraph and on the signature page of this Agreement or the Guarantor Security Agreement, as applicable, which is the exact correct legal name of such Loan Party.

(l)No Broker’s or Finder’s Fees.  No broker or finder brought about the obtaining, making or closing of the Revolving Credit Loans or financial accommodations afforded hereunder or in connection herewith by the Agent, any Lender or any of its Affiliates.  No broker’s or finder’s fees or commissions will be payable by any Loan Party to any Person in connection with the transactions contemplated by this Agreement.

(m)Investment Company.  None of the Loan Parties is an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended.

(n)Margin Stock.  None of the Loan Parties is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock.  No part of the proceeds of any Revolving Credit Loan or Letter of Credit will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund Indebtedness originally incurred for such purpose or (ii) for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulations T, U or X.

(o)Taxes and Tax Returns.  

(i)Each Loan Party and each of its Subsidiaries has properly completed and timely filed all material income tax returns it is required to file and such returns were complete and accurate in all material respects.

(ii)All material taxes and similar governmental charges required to have been paid by the Loan Parties have been timely paid.

(iii)No material deficiencies for taxes have been claimed, proposed or assessed by any taxing or other Governmental Authority against any Loan Party or any of its Subsidiaries which remain unpaid.  There are no pending or, to the knowledge of the Borrowers, threatened audits, investigations or claims by a Governmental Authority for or relating to any material liability of any Loan Party or any of its Subsidiaries for taxes.

(p)No Judgments or Litigation.  Except as specified in Schedule 6.01(p), no judgments, orders, writs or decrees are outstanding against any Loan Party or any of its Subsidiaries, nor is there now pending or, to the knowledge of any Loan Party, any threatened litigation, contested claim, investigation, arbitration, or governmental proceeding by or against any Loan Party or any of its Subsidiaries that (i) individually or in the aggregate would reasonably be expected to have a Material 

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Adverse Effect or (ii) purports to affect the legality, validity or enforceability of this Agreement, the Notes, any other Loan Document or the consummation of the transactions contemplated hereby or thereby.

(q)Title to Property.  Each Loan Party and each of its Subsidiaries has (i) valid fee simple title to or valid leasehold interests in all of its Real Property and (ii) good and marketable title to all of its other assets, in each case, except where the failure to have such title interest or right would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  All of such assets are free and clear of Liens except for Permitted Liens.  

(r)No Other Indebtedness.  On the Closing Date and immediately after giving effect to the consummation of the transactions contemplated hereby to be consummated on the Closing Date, none of the Loan Parties nor any of their Subsidiaries have any Indebtedness other than Indebtedness permitted under Section 8.01.

(s)Investments; Contracts.  None of the Loan Parties, nor any of their Subsidiaries, (i) has committed to make any Investment; (ii) is a party to any indenture, agreement, contract, instrument or lease, or subject to any restriction in the Governing Documents or similar restriction or any injunction, order, restriction or decree; (iii) is a party to any “take or pay” contract as to which it is the purchaser; or (iv) has material contingent or long term liability, including any management contracts, in each case, which individually or in the aggregate would reasonably be expected to have a Material Adverse Effect.  

(t)Compliance with Laws.  On the Closing Date and immediately after giving effect to the consummation of the transactions contemplated hereby to be consummated on the Closing Date, none of the Loan Parties nor any of their Subsidiaries is in violation of any Requirement of Law, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(u)Rights in Collateral; Priority of Liens.  All of the Collateral of each Loan Party is owned or leased by it free and clear of any and all Liens in favor of third parties, other than Liens in favor of the Agent and other Permitted Liens.  Upon the proper filing of the financing and termination statements specified in Section 5.01(a)(viii) and any Mortgage and release specified in Section 5.01(a)(ix), the Liens granted by the Loan Parties pursuant to the Loan Documents constitute valid, enforceable and perfected first priority Liens on the Collateral (subject only to Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens, or the interests of lessors in respect of Capitalized Lease Obligations).

(v)ERISA.  Except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect:

(i)No Lien has been imposed on the assets of any Plan under Section 303(k) or 4068 of ERISA or Section 430(k) of the Internal Revenue Code.

(ii)No Loan Party maintains or contributes to any Pension Plan or Multiemployer Plan, other than those specified in Schedule 6.01(v).

(iii)Each Loan Party has satisfied the minimum funding standards of Sections 302 and 303 of ERISA and Section 412 and 430 of the Internal Revenue Code with respect to each Pension Plan, and no application for a funding waiver or an extension of any amortization period pursuant to Sections 303 and 304 of ERISA or Section 412 of the Internal Revenue Code has been filed with respect to any Pension Plan.

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(iv)No Termination Event has occurred or is reasonably expected to occur.

(v)There has been no non-exempt prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the Internal Revenue Code (a “Prohibited Transaction”) with respect to any Plan or any Multiemployer Plan.

(vi)With respect to each Plan and Multiemployer Plan, neither any Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC

(vii)Each Plan which is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable determination letter from the IRS and no event has occurred which would cause the loss of such qualification.  

(viii)Each Plan is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and any applicable Requirement of Law.

(ix)The aggregate actuarial present value of all benefit liabilities (whether or not vested) under each Pension Plan, determined on a plan termination basis, as of the date of, the most recent actuarial report for such Pension Plan, does not exceed the aggregate fair market value of the assets of such Pension Plan as of such date.

	

	
(x)Neither any Loan Party nor, to the knowledge of the Borrowers, any ERISA Affiliate has received any notice that a Multiemployer Plan is, or is expected to be, in endangered or critical status under Section 305 of ERISA or under Section 432 of the Internal Revenue Code.  

(w)Intellectual Property.  Set forth on Schedule 6.01(w) is a complete and accurate list of all Patents, Trademarks and Copyrights constituting Material Intellectual Property, and all licenses thereof, of the Loan Parties, showing as of the date hereof the jurisdiction in which registered, the registration number and the date of registration.  Each Loan Party owns or licenses all Patents, Trademarks, Copyrights and other intellectual property rights which are reasonably necessary for the operation of its business.  No Loan Party, to its knowledge, has infringed any Patent, Trademark, Copyright or other intellectual property right owned by any other Person by the sale or use of any product, process, method, substance, part or other material now sold or used, where such sale or use would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and no claim or litigation is pending or, to each Borrower’s knowledge, threatened against any Loan Party that contests its right to sell or use any such product, process, method, substance, part or other material.

(x)Labor Matters.  Schedule 6.01(x) accurately sets forth all collective bargaining agreements to which any Loan Party or any of its Subsidiaries is a party as of the Closing Date, and their dates of expiration.  There are no existing or, to each Borrower’s knowledge, threatened strikes, lockouts or other disputes relating to any collective bargaining or similar labor agreement to which any Loan Party or any of its Subsidiaries is a party which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

(y)Compliance with Environmental Laws.  Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (i) no Loan Party is the subject of any judicial or administrative proceeding or investigation relating to the violation of any Environmental Law or asserting potential liability arising from the release or disposal by any Person of any Hazardous Materials, (ii) no Loan Party has filed with or received from any Governmental Authority any notice, order, stipulation or directive under any Environmental Law concerning the treatment, storage, disposal, spill, release or threatened release of any Hazardous Materials at, on, beneath or adjacent to Real 

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Property owned or leased by it, (iii) each Loan Party has no knowledge of any contingent liability for any release of any Hazardous Materials, and there has been no spill or release of any Hazardous Materials at any of its Real Property in violation of Environmental Laws and (iv) to the knowledge of each Borrower, none of any Loan Party’s Real Property has ever been used as a waste disposal site, whether registered or unregistered.

(z)Licenses and Permits.  Each Loan Party and each of its Subsidiaries has obtained and holds in full force and effect all Permits which are necessary or advisable for the operation of its business as presently conducted and as proposed to be conducted, except where the failure to possess any of the foregoing (individually or in the aggregate) would not reasonably be expected to have a Material Adverse Effect.  Each Loan Party is in compliance in all material respects with all State Licensing Laws applicable to it.  No Loan Party has received any communication (including without limitation any oral communication) from any Governmental Authority alleging that it is not in compliance in any material respect with, or may be subject to material liability under, any State Licensing Laws.

(aa)Compliance with Anti-Terrorism Laws.  None of the Loan Parties nor any of their Subsidiaries is any of the following: 

(bb)(i)a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing effective September 24, 2001 (the “Executive Order”);

(cc)(ii)a Person owned or “controlled” (as defined in the definition of “Affiliate”) by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order;

(dd) (iii)a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any laws with respect to terrorism or money laundering; or

(ee)(iv)a Person that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or a Person that is named as a “specially designated national and blocked Person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) at its official website or any replacement website or other replacement official publication of such list and none of the proceeds of the Revolving Credit Loans will be, directly or, to the knowledge of the Borrowers or any of their respective Subsidiaries, indirectly, offered, lent, contributed or otherwise made available to any Subsidiary, joint venture partner or other Person for the purpose of financing the activities of any Person currently the subject of Sanctions.

(ff)Government Regulation.  None of the Loan Parties and none of their Subsidiaries is subject to regulation under the Energy Policy Act of 2005, the Federal Power Act, the Interstate Commerce Act or any other Requirement of Law that limits its ability to incur Indebtedness or to consummate the transactions contemplated by this Agreement and the other Loan Documents.

(gg)Affected Financial Institutions.  No Loan Party is an Affected Financial Institution. 

(hh)Business and Properties.  No business of any Loan Party or any of its Subsidiaries is affected by any fire, explosion, accident, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

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(ii)Anti-Money-Laundering Laws and Anti-Corruption Laws.  Each Loan Party is in compliance in all material respects with all Anti-Money Laundering Laws and Anti-Corruption Laws applicable to it.  No Loan Party has received any communication (including without limitation any oral communication) from any Governmental Authority alleging that it is not in compliance in any material respect with, or may be subject to material liability under, any Anti-Money Laundering Laws or Anti-Corruption Laws.

Article VII.
AFFIRMATIVE COVENANTS OF THE BORROWERS

Each Borrower covenants and agrees that, until the Payment in Full of all Obligations:

Section 7.01Existence.  The Loan Parties shall, and shall cause each of their Subsidiaries to, (i) maintain their Entity existence, except in connection with a transaction expressly permitted under Section 8.03 or in the case of any Entity other than a Borrower, where the failure to do so would not reasonably be expected to have a Material Adverse Effect, (ii) maintain in full force and effect all material licenses, bonds, franchises, leases, Trademarks, qualifications and authorizations to do business, and all material Patents, contracts and other rights necessary or advisable to the profitable conduct of its businesses, except (A) as expressly permitted by this Agreement, (B) such as may expire, be abandoned or lapse in the ordinary course of business, or (C) as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (iii) continue in the same or reasonably related lines of business as presently conducted by it.

Section 7.02Maintenance of Property.  The Loan Parties shall, and shall cause each of their Subsidiaries to, keep all assets used or useful and necessary to its business in good working order and condition (ordinary wear and tear and casualty and condemnation excepted) in accordance with its ordinary course of business practices.

Section 7.03[Reserved].

Section 7.04Taxes.  The Loan Parties shall, and shall cause each of their Subsidiaries to, pay, before the same becomes delinquent or in default, (i) all material Taxes imposed against it or any of its property and (ii) all lawful claims that, if unpaid, might by law become a Lien upon its property; provided that, such payment and discharge will not be required with respect to any Tax or claim if (x) the validity thereof, or to the extent the amount thereof, is being contested in good faith, by appropriate proceedings diligently conducted and (y) an adequate reserve or other appropriate provision shall have been established therefor as required in accordance with GAAP. 

Section 7.05Requirements of Law.  The Loan Parties shall, and shall cause each of their Subsidiaries to, comply with all Requirements of Law applicable to it, including any State Licensing Laws, except where the failure to so comply would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 7.06Insurance.  Each of the Loan Parties shall, and shall cause each of their Subsidiaries to maintain, with insurance companies reasonably believed to be financially sound and reputable, insurance in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar businesses operating in the same or similar locations, and cause the Agent to be listed as a co-loss payee on property and casualty policies and as an additional insured on liability policies, pursuant to a standard loss payable endorsement with a standard non-contributory “lender” or “secured party” clause.  The Borrower Agent will furnish to the Agent, upon request, information in reasonable detail as to the insurance so maintained.  Furthermore, the Loan Parties 

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shall:  (a) obtain certificates and endorsements reasonably acceptable to the Agent with respect to property and casualty insurance (with endorsements to be delivered within 45 days after the Closing Date or such later date as the Agent may reasonably agree); (b) cause each insurance policy referred to in this Section 7.06 to provide that it shall not be cancelled, modified or not renewed (x) by reason of nonpayment of premium except upon not less than 10 days’ prior written notice thereof by the insurer to the Agent (giving the Agent the right to cure defaults in the payment of premiums) or (y) for any other reason except upon not less than 30 days’ prior written notice thereof by the insurer to the Agent; and (c) deliver to the Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Agent, including an insurance binder) together with evidence reasonably satisfactory to the Agent of payment of the premium therefor.  If any Loan Party fails to obtain and maintain insurance as provided in this Section, or to keep the same in force, the Agent, if the Agent so elects, in its Permitted Discretion, may obtain such insurance and pay the premium therefor for the Borrowers’ account and at its expense.  Without limitation of the foregoing, if as of the Closing Date or at any time thereafter, all or a portion of the improvements situated on any fee owned Real Property are located within an area designated by the Federal Emergency Management Agency or the Flood Disaster Protection Act of 1973 (P.L. 93-234) as being in a “special flood hazard area” or as having specific flood hazards, the Borrowers shall also furnish the Agent with flood insurance policies which conform to the requirements of said Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968, as either may be amended from time to time.

Section 7.07Books and Records; Inspections.

	
(a)
	
The Loan Parties shall, and shall cause each of their Subsidiaries to, maintain books and records (including computer records and programs) of account pertaining to the assets, liabilities and financial transactions of the Loan Parties and their Subsidiaries in such detail, form and scope as is consistent with good business practice.

	
(b)
	
The Loan Parties shall, and shall cause each of their Subsidiaries to, provide the Agent and its agents access to the premises of the Loan Parties and their Subsidiaries during normal business hours and with reasonable notice under the circumstances once per fiscal year, and at any time (or as many times) after the occurrence and during the continuance of an Event of Default, for the purposes of (A) inspecting and verifying the Collateral, (B) inspecting and copying any and all records pertaining thereto, and (C) discussing the affairs, finances and business of the Loan Parties and their Subsidiaries with any officer, employee or director thereof or with the Auditors (subject to such Auditor’s policies and procedures).  The Borrowers shall reimburse the Agent for the reasonable and documented travel and related expenses of the Agent’s employees or, at the Agent’s option, of such outside accountants or examiners as may be retained by the Agent to verify or inspect Collateral, records or documents of the Loan Parties and their Subsidiaries; provided that, so long as no Event of Default then exists, the number of inspections for which the Borrowers shall be liable for reimbursement to the Agent hereunder shall be limited to one (1) per fiscal year; provided, further, that the foregoing shall not operate to limit the number of inspections that the Agent may elect to undertake.  If the Agent’s own employees are used, the Borrowers shall also pay such reasonable per diem allowance as the Agent may from time to time establish, or, if outside examiners or accountants are used, the Borrowers shall also pay the Agent such sum as the Agent may be obligated to pay as fees for such services.  All such Obligations may be charged to any account of the Borrowers with the Agent or any of its Affiliates.

Section 7.08Notification Requirements.  The Borrowers shall timely give the Agent the following notices and other documents:

(a)Notice of Defaults.  Promptly, and in any event within five (5) Business Days after any Responsible Officer of the Borrowers obtains actual knowledge of the occurrence of a Default or Event 

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of Default, a certificate of a Responsible Officer specifying the nature thereof and the Borrowers’ proposed response thereto, each in reasonable detail.

(b)Proceedings; Changes.  Promptly, and in any event within five (5) Business Days after any Responsible Officer of the Borrowers obtains actual knowledge of (i) any proceeding including, without limitation, any proceeding the subject of which is based in whole or in part on a commercial tort claim being instituted or threatened to be instituted against a Loan Party or any of its Subsidiaries before any Governmental Authority as to which an adverse determination is reasonably probable and would reasonably be expected to have a Material Adverse Effect or (ii) any actual change, development or event which has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, a written statement describing such proceeding, change, development or event and any action being taken by such Loan Party or any of its Subsidiaries with respect thereto.

(c)Changes.  Promptly, and in any event within ten (10) Business Days after  a change of the legal name, Entity structure or jurisdiction of organization of any Loan Party thereof, a written statement describing such change, together with copies of the Governing Documents of such Loan Party, certified by the Secretary of State (or equivalent) in each relevant jurisdiction, evidencing such change.  

(d)ERISA Notices.

(i)Promptly, and in any event within five (5) Business Days after a Termination Event has occurred, a written statement of a Responsible Officer of the Borrower Agent describing such Termination Event and any action that is being taken, or will be taken, with respect thereto by any Loan Party (or any known ERISA Affiliate), and any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect to such Termination Event;

(ii)promptly, and in any event within five (5) Business Days after the filing thereof with the Internal Revenue Service, a copy of each funding waiver request pursuant to Section 412(c) of the Internal Revenue Code filed with respect to any Pension Plan subject to the funding requirements of Section 412 of the Internal Revenue Code;

(iii)promptly, and in any event within five (5) Business Days after receipt by any Loan Party of notice of the PBGC’s intention to terminate a Pension Plan or Multiemployer Plan under Section 4041 or Section 4041A of ERISA or to have a trustee appointed to administer a Pension Plan or Multiemployer Plan, a copy of such notice;

(iv)promptly, and in any event within five (5) Business Days after the occurrence thereof, notice (including the nature of the event and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto) of:

(A)any Prohibited Transaction which would subject any Borrower to a material civil penalty assessed pursuant to Section 502(i) of ERISA or a material tax imposed by Section 4975 of the Internal Revenue Code in connection with any Plan, or any trust created thereunder; 

(B)a failure by any Borrower or, to the knowledge of any Borrower, ERISA Affiliate to make a payment to a Plan required to avoid imposition of a Lien under Section 303(k) of ERISA or Section 430(k) of the Internal Revenue 

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Code, or a failure by any Loan Party to make a payment to a Multiemployer Plan which is required by ERISA or the Internal Revenue Code; and

(C)the establishment of any new Pension Plan or Multiemployer Plan or the obligation to contribute to any new Pension Plan or Multiemployer Plan which was not specified on Schedule 6.01(v);

promptly upon and in any event within five (5) Business Days after the request of the Agent, each annual report (IRS Form 5500 series) and all accompanying schedules and the most recent actuarial reports, in any case, with respect to any Pension Plan; and promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party, notice and demand for payment of withdrawal liability under Section 4201 of ERISA with respect to a Multiemployer Plan or notice that a Multiemployer Plan is endangered or critical status within the meaning of Section 305 of ERISA or Section 432 of the Internal Revenue Code. 

(e)[Reserved]

(f)Environmental Matters.  Promptly, and in any event within five (5) Business Days after receipt by a Loan Party thereof, copies of (A) any written notice that any violation of any Environmental Law was committed by a Loan Party which violation could reasonably be expected to result in liability or involve remediation costs that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (B) any written notice that any administrative or judicial complaint or order has been filed against a Loan Party alleging violations of any Environmental Law or requiring a Loan Party to take any action in connection with the release of toxic or Hazardous Materials into the environment which violation or action would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (C) any written notice from a Governmental Authority or other Person alleging that a Loan Party may be liable or responsible for costs associated with a response to or cleanup of a release of a Hazardous Material into the environment or any damages caused thereby which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, or (D) Environmental Law adopted, enacted or issued after the date hereof of which any Borrower becomes aware which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 7.09[Reserved].

Section 7.10Qualify to Transact Business.  The Loan Parties shall, and shall cause each of their Subsidiaries to, qualify to transact business as a foreign corporation, limited partnership or limited liability company, as the case may be, in each jurisdiction where the nature or extent of its business or the ownership of its property requires it to be so qualified or authorized and where failure to qualify or be authorized could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

Section 7.11Financial Reporting.  The Borrower Agent shall deliver to the Agent the following:

(a)Annual Financial Statements.  As soon as available, but not later than one hundred twenty (120) days after the end of each fiscal year, (A) the annual audited consolidated Financial Statements of the Loan Parties and their Subsidiaries for and as of the end of the prior fiscal year; (B) a comparison in reasonable detail to the prior year’s audited Financial Statements; and (C) the Auditors’ opinion without Qualification and a “Management Letter”.

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(b)Business Plan.  Not later than sixty (60) days after the end of each fiscal year of the Loan Parties, the Business Plan of the Loan Parties certified by the chief financial officer, controller or vice president, finance, of the Borrower Agent.

(c)Quarterly Financial Statements.  As soon as available, but not later than forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year, (A) management prepared interim consolidated Financial Statements of the Loan Parties and their Subsidiaries as at the end of such fiscal quarter and for the fiscal year to date and setting forth in comparative form the figures for the corresponding period or periods of the previous fiscal year; (B) a certification by the Borrower Agent’s chief financial officer, controller or the vice president, finance that such Financial Statements have been prepared in accordance with GAAP and are fairly stated in all material respects (subject to normal year-end audit adjustments); and (C) a narrative discussion of the financial condition of the Loan Parties and their Subsidiaries and results of operations and the liquidity and capital resources for the fiscal quarter then ended, prepared by the chief financial officer of the Borrower Agent; provided that, in lieu of such narrative discussion, the Borrower Agent may participate in a quarterly conference call (each such call to be at a time and date to be reasonably agreed by the Borrower Agent and the Agent) among senior management of the Borrower Agent, the Agent and the Lenders.

(d)Compliance Certificate.  As soon as available, but (A) not later than forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year and (B) and one hundred twenty (120) days after each fiscal year end, a compliance certificate, substantially in the form of Exhibit H (a “Compliance Certificate”), signed by the Borrower Agent’s chief financial officer or vice president-finance, with an attached schedule setting forth the calculations to arrive at EBITDA and the Total Leverage Ratio as of the end of such fiscal quarter or fiscal year, as applicable.

(e)[Intentionally Omitted].  

(f)[Intentionally Omitted].  

(g)SEC Reports.  Promptly after the same become publicly available, copies of all periodic and other publicly available reports, proxy statements and, to the extent requested by the Agent, other materials publicly filed by the Borrowers with the Securities and Exchange Commission or, in the case of TTD, distributed to generally to the holders of its Equity Interests.

(h)Other Financial Information.  Promptly after the request by the Agent, such additional financial statements and other related data and information as to the business, operations, results of operations, assets, liabilities or financial condition of any Loan Party or any of its Subsidiaries as the Agent may from time to time reasonably request.

Notices and information required to be delivered pursuant to this Section 7.11 may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower Agent posts such documents, or provides a link thereto on the Borrower Agent’s website on the Internet at the website address http://thetradedesk.com; (ii) on which the Borrower Agent delivers such documents by electronic mail to the Agent or (iii) on which such documents are posted on the Borrower Agent’s behalf on an Internet or intranet website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent); provided, that: (i) until the Agent has confirmed its receipt of an electronic copy of any such document, the Borrower Agent shall deliver paper copies of such documents to the Agent or any Lender if so requested by Agent or any such Lender in writing and (ii) the Borrower Agent shall notify the Agent (by telecopier or electronic mail) of the posting of any such documents and provide to the Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Agent shall have no obligation to request the delivery or to maintain copies 

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of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower Agent with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

Section 7.12Payment of Liabilities.  The Loan Parties shall, and shall cause each of their Subsidiaries to, pay and discharge, in the ordinary course of business, all obligations and liabilities (including, without limitation, tax liabilities and other governmental charges), except where (i) the same may be contested in good faith by appropriate proceedings and for which adequate reserves with respect thereto have been established in accordance with GAAP or (ii) the failure to make payment would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

Section 7.13ERISA.  Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Loan Parties shall (i) maintain each Plan intended to qualify under Section 401(a) of the Internal Revenue Code so as to satisfy in all material respects the qualification requirements thereof, (ii) contribute, or require that contributions be made, in a timely manner (A) to each Plan in amounts sufficient to satisfy in all material respects applicable Requirements of Law and the terms and conditions of each such Plan, and (B) to each Foreign Plan in amounts sufficient to satisfy in all material respects the minimum funding requirements of any applicable law or regulation, and (iii) cause each Plan or Foreign Plan to comply in all material respects with applicable law (including all applicable statutes, orders, rules and regulations).  As used in this Section 7.13, “Foreign Plan” means a plan that provides retirement or health benefits and that is maintained, or otherwise contributed to, by a Loan Party for the benefit of employees outside the United States.

Section 7.14Environmental Matters.  The Loan Parties shall, and shall cause each of their Subsidiaries to, conduct its business so as to comply in all material respects with all applicable Environmental Laws and obtain and renew all material Permits, except, in each case, to the extent the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 7.15Intellectual Property.  The Loan Parties shall, and shall cause each of their Subsidiaries to, do and cause to be done all things necessary to preserve and keep in full force and effect all of its registrations of Trademarks, Patents and Copyrights that constitute Material Intellectual Property.

Section 7.16Solvency.  The Loan Parties, taken as a whole, shall be and remain Solvent at all times.

Section 7.17[Reserved].  

Section 7.18[Reserved].

Section 7.19Anti-Money Laundering Laws and Anti-Corruption Laws.  Each of the Loan Parties shall comply in all material respects with all Anti-Money Laundering Laws and Anti-Corruption Laws applicable to it and shall maintain all of the necessary Permits required pursuant to any Anti-Money Laundering Laws and Anti-Corruption Laws applicable to it in order for such Loan Party to continue the conduct of its business as currently conducted.

Section 7.20Formation of Subsidiaries.  Each Loan Party will, at the time that (i) any Loan Party forms or acquires any direct or indirect Material Subsidiary after the Closing Date that is a Domestic Subsidiary or (i) any Domestic Subsidiary that is an Immaterial Subsidiary becomes a Material Subsidiary, within  thirty (30) days of such event (or such later date as permitted by the Agent in its 

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discretion) (a) cause such Subsidiary and Borrower Agent requests, subject to the consent of Agent, that such Domestic Subsidiary be joined as a Borrower, to provide to Agent a joinder to this Agreement, (b) if such Subsidiary is not joined as a Borrower, cause such Subsidiary to provide to Agent a joinder to the Guaranty and the Guarantor Security Agreement, (c) to the extent required by and subject to the exceptions set forth in this Agreement and the Security Documents, deliver to Agent financing statements with respect to such Subsidiary, a Pledged Interests Addendum with respect to the Equity Interests of such Subsidiary, and such other security agreements (including Mortgages with respect to any Real Property owned in fee of such new Subsidiary), all in form and substance reasonably satisfactory to the Agent, necessary to create the Liens intended to be created under the Security Documents; provided, that the joinder to the Guaranty and the Guarantor Security Agreement and such other Security Documents, shall not be required to be provided to the Agent with respect to any Foreign Subsidiary, (d) provide, or cause the applicable Loan Party to provide, to Agent a Pledged Interests Addendum and appropriate certificates and powers or financing statements, pledging all of the direct or beneficial ownership interest in such Subsidiary; provided, that only sixty-five percent (65%) of the total outstanding Voting Interests of any first tier Foreign Subsidiary (and none of the Equity Interests of any Subsidiary of such Foreign Subsidiary) shall be required to be pledged (which pledge shall not be required to be governed by the laws of the jurisdiction of such Subsidiary), and (e) provide to the Agent all other documentation and take all actions, including to perfect Liens, in connection with the foregoing (including policies of title insurance, flood certification documentation or other documentation with respect to all Real Property owned in fee and subject to a Mortgage and opinions of counsel to the extent reasonably requested by the Agent (it being understood and agreed that no opinions of local or additional counsel shall be requested by the Agent other than in connection with the joinder of a Borrower to this Agreement or entry into a Mortgage)).

Article VIII.
NEGATIVE COVENANTS 

Each Borrower covenants and agrees that, until Payment in Full of all Obligations:

Section 8.01Indebtedness.  The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time create, incur, assume or suffer to exist any Indebtedness other than:  

(i)Indebtedness under the Loan Documents, including any Indebtedness created pursuant to the Incremental Revolving Credit Commitments; 

(ii)Indebtedness existing on the Closing Date and set forth in Schedule 8.01(ii), and any Refinancing Indebtedness in respect of such Indebtedness;

(iii)Indebtedness (including Capitalized Lease Obligations and purchase money Indebtedness) to finance all or any part of the purchase, lease, construction, installment, repair or improvement of property, plant or equipment or other fixed or capital assets, in an aggregate principal amount not to exceed $5,000,000 at any time outstanding, and any Refinancing Indebtedness in respect of such Indebtedness; provided that such Indebtedness is incurred within 180 days after the purchase, lease, construction, installation, repair or improvement of the property that is the subject of such Indebtedness;

(iv)subject to the requirements set forth in the definitions thereof, (A) the Term Loan Indebtedness and (B) the Real Property Indebtedness;

(v)Permitted Hedging Agreements and Bank Product Obligations;

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(vi)Indebtedness owed to (including obligations in respect of letters of credit or bank Guarantees or similar instruments for the benefit of) any Person providing workers’ compensation, health, disability or other employee benefits (whether to current or former employees) or property, casualty or liability insurance or self-insurance in respect of such items, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims, health, disability or other employee benefits (whether current or former) or property, casualty or liability insurance; provided that, upon the incurrence of any Indebtedness with respect to the foregoing, such obligations are reimbursed not later than sixty (60) days following such incurrence;

(vii)Indebtedness arising from agreements of any Borrower or any Subsidiary providing for indemnification, earn-outs, adjustment of purchase or acquisition price or similar obligations, in each case, incurred or assumed in connection with any Permitted Acquisition or the disposition of any business, assets or Subsidiaries not prohibited by this Agreement, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiaries for the purpose of financing any such Permitted Acquisition; provided, that the maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by the Borrowers and their Subsidiaries in connection with such disposition;

(viii)intercompany Indebtedness between or among the Borrowers and the Subsidiaries; provided that such Indebtedness is only entered into in connection with Investments permitted under Section 8.11 and, to the extent such Indebtedness is owing by any Loan Party to a Subsidiary that is not a Loan Party and is in an aggregate principal amount exceeding $10,000,000, is subject to an Intercompany Subordination Agreement; 

(ix)Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each case, provided in the ordinary course of business;

(x)Guarantees of Indebtedness of the Borrowers or the Subsidiaries permitted to be incurred under this Agreement; provided that (A) such guarantees are not prohibited by the provisions of Section 8.11; (B) no such Guarantee by any Subsidiary of any Term Loan Indebtedness shall be permitted unless such Subsidiary shall have also provided a Guarantee of the Obligations, and (C) if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness;

(xi)Indebtedness supported by a Letter of Credit, in a principal amount not in excess of the stated amount of such Letter of Credit; 

(xii)(A) Acquired Indebtedness in an amount not to exceed $30,000,000 at any one time plus (B) additional Acquired Indebtedness so long as the Loan Parties and their Subsidiaries shall be in compliance with the financial covenant set forth in Article IX on a Pro Forma Basis immediately after giving effect to the incurrence of such Indebtedness;

(xiii)Subordinated Debt, if any, subject to the terms set forth in the Subordination Agreement corresponding thereto; 

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(xiv)Indebtedness incurred in the ordinary course of business in respect of (A) overdraft facilities, employee credit card programs, netting services, automatic clearinghouse arrangements and other cash management and similar arrangements, and in connection with securities and commodities arising in connection with the acquisition or disposition of Permitted Investments and not any obligation in connection with margin financing, (B) any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt or similar facilities, (C) the endorsement of instruments for deposit or the financing of insurance premiums, (D) deferred compensation or similar arrangements to the employees of the Borrowers or any of its Subsidiaries, (E) obligations to pay insurance premiums or take or pay obligations contained in supply agreements and (F) Indebtedness owed to any Person providing property, casualty, business interruption or liability insurance to the Borrower or any of its Subsidiaries, so long as such Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of the annual premium for such insurance; 

(xv)unsecured Indebtedness; provided that (A) any Indebtedness incurred under this clause (xv) does not (1) require any scheduled cash payment or mandatory prepayment of principal in respect thereof, or any cash redemption thereof, at any time prior the date that is 91 days after the Termination Date, and (2) mature earlier than the date that is 91 days after the Termination Date, and (B) the Loan Parties and their Subsidiaries shall be in compliance with the financial covenant set forth in Article IX on a Pro Forma Basis immediately after giving effect to the incurrence of such Indebtedness; provided further that, in the case of Indebtedness incurred under this clause (xv) by any Subsidiary of any Borrower which is not a Loan Party, except to the extent permitted by clause (iv) of Section 8.11, no Loan Party shall provide any Guarantee of any such Indebtedness incurred by any such Subsidiary; and

(xvi)Indebtedness owing by Foreign Subsidiaries to non-Affiliates as long as (A) the Loan Parties and their Subsidiaries shall be in compliance with the financial covenant set forth in Article IX on a Pro Forma Basis immediately after giving effect to the incurrence of such Indebtedness and (B) except to the extent permitted by clause (iv) of Section 8.11, no Loan Party shall provide any Guarantee of such Indebtedness owing by Foreign Subsidiaries.

For purposes of determining compliance with this Section 8.01, in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the above-listed clauses or sub-clauses within such clauses, the Borrowers may, in their sole discretion, at the time of incurrence, divide, classify or reclassify, or at any later time divide, classify or reclassify, such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant.  Accrual of interest, the accretion of accreted value, amortization of original issue discount, the payment of interest or dividends in the form of additional Indebtedness with the same terms (including pay-in-kind interest), and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies, will not be deemed to be an incurrence of Indebtedness for purposes of this Section 8.01.  Guarantees of, or obligations in respect of letters of credit relating to Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness will not be included in the determination of such amount of Indebtedness; provided that, the incurrence of the Indebtedness represented by such Guarantee or letter of credit, as the case may be, was in compliance with this Section 8.01.

Section 8.02Contingent Obligations.  Except as specified in Schedule 8.02, the Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, incur, assume, or suffer to exist any Contingent Obligation, excluding (i) indemnities given in connection with this 

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Agreement or the other Loan Documents in favor of the Agent and the Lenders and (ii) Contingent Obligations incurred, assumed or suffered in connection with any Indebtedness permitted under Section 8.01.

Section 8.03Entity Changes, Etc.  The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, merge or consolidate with any Person, or liquidate or dissolve itself (or suffer any liquidation or dissolution), other than (i) the merger or consolidation of any Subsidiary into or with the Borrower Agent in a transaction in which the Borrower Agent is the survivor, (ii) the merger or consolidation of any Subsidiary into or with a Loan Party (other than the Borrower Agent) in which the surviving or resulting entity is a Loan Party, (iii) the merger or consolidation of any Subsidiary that is not a Loan Party into or with a Subsidiary that is not a Loan Party, (iv) the liquidation or dissolution or, subject to compliance with Section 7.08(c), change in form of entity of any Subsidiary of the Borrower Agent if a Responsible Officer of the Borrower Agent determines in good faith that such liquidation, dissolution or change in form is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders, or (v) the merger or consolidation of any Subsidiary with or into any other Person in order to effect a Permitted Investment so long as the continuing or surviving Person will be a Loan Party if the merging or consolidating Subsidiary was a Loan Party and which, together with each of its Subsidiaries, shall have complied with the requirements of Section 7.20.

Section 8.04Change in Nature of Business.  The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time make any material change in the nature of their business as carried on at the date hereof or enter into any new line of business that is not similar, corollary, related, ancillary, incidental or complementary, or a reasonable extension, development or expansion thereof or ancillary thereto the business as carried on as of the date hereof.

Section 8.05Sales, Etc. of Assets.  The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, sell, transfer or otherwise dispose of any of its assets, except:

(i)the sales of inventory in the ordinary course of business;

(ii)the sale or other disposition for fair market value of obsolete or worn out property, or other property no longer used or useful in the conduct of business, in each case, disposed of in the ordinary course of business;

(iii)the sale, transfer or other disposition of cash and Cash Equivalents in the ordinary course of business;

(iv)sales, transfers or other dispositions of property that are a settlement of or payment in respect of any property or casualty insurance claim or any taking under power of eminent domain or by condemnation or similar proceeding of or relating to any property or asset of any Borrower or any Subsidiary;

(v)sales, transfers or other dispositions constituting Liens permitted by Section 8.09;

(vi)dispositions constituting Permitted Investments or dispositions permitted by Section 8.03;

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(vii)non-exclusive licenses of intellectual Property in the ordinary course of business and not interfering in any material respect with the business of the Borrower and its Subsidiaries;

(viii)the abandonment of Intellectual Property (or lapse of any registration or application in respect of Intellectual Property) that is, in the reasonable good faith judgment of the Borrower Agent, no longer economically practicable to maintain or useful in the conduct of the business of the Borrowers and their Subsidiaries; 

(ix)the exclusive licensing by any Loan Party to one or more Foreign Subsidiaries on an arm’s length basis of the right to use Intellectual Property solely in jurisdictions outside of the United States and its territories, pursuant to any Intercompany License Agreement;

(x)(a) any transfer of inventory, property or assets between or among the Loan Parties, (b) any transfer of inventory, property or assets between or among the Subsidiaries of the Borrowers that are not Loan Parties, and (c) any transfer of inventory, property or assets from Subsidiaries of the Borrowers that are not Loan Parties to Loan Parties, in the case of this clause (c), in the ordinary course of business;

(xi)sales, transfers or other dispositions of property to the extent that (A) such property is exchanged for credit against the purchase price of similar replacement property or (B) the proceeds of such sale, transfer or other disposition are promptly applied to the purchase price of such replacement property; 

(xii)sales, transfers or other dispositions of accounts receivable in the ordinary course of business in connection with the collection or compromise thereof; and 

(xiii)any other sales, transfers or other dispositions in an aggregate principal amount not to exceed $10,000,000 in any fiscal year. 

Section 8.06Use of Proceeds.  The Borrowers will not (i) use any portion of the proceeds of any Revolving Credit Loan in violation of Section 2.04  or for the purpose of purchasing or carrying any Margin Stock in any manner which violates the provisions of Regulation T, U or X of the Federal Reserve Board or (ii) take, or permit any Person acting on its behalf to take, any action which could reasonably be expected to cause this Agreement or any other Loan Document to violate any regulation of the Federal Reserve Board.  No Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (iii) in any manner that would result in the violation of  any Sanctions applicable to any party hereto. 

Section 8.07[Reserved].

Section 8.08[Reserved].

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Section 8.09Liens, Etc.  The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time create, incur, assume or suffer to exist any Lien on or with respect to any assets, other than Permitted Liens.

Section 8.10Dividends, Redemptions, Distributions, Etc.  The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, pay any dividends or make any distributions on or in respect of its Equity Interests, or purchase, redeem or retire any of its Equity Interests or any warrants, options or rights to purchase any such Equity Interests, whether now or hereafter outstanding  (“Interests”), or make any payment on account of or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of such Interests, either directly or indirectly, whether in cash, property or in obligations of the Loan Parties or any of their Subsidiaries (collectively, “Restricted Payments”), other than:

(i)a Subsidiary may pay dividends to the Borrowers or to another Subsidiary of the Borrowers, on at least a pro rata basis with any other shareholders if such Subsidiary is not wholly-owned by such Borrower and other wholly-owned Subsidiaries of the Borrowers;

(ii)the Loan Parties and their Subsidiaries may repurchase or redeem any of its Equity Interests to the extent such repurchase or redemption is made from net cash proceeds received by any of the Loan Parties in connection with a substantially concurrent issuance of Equity Interests of such Loan Party;

(iii)the Loan Parties and their Subsidiaries may pay dividends solely in Equity Interests of any class of its Equity Interests;

(iv)the Borrower Agent may repurchase, retire or acquire its Equity Interests owned by any future, present or former employee, director, consultant or distributor (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrowers or any Subsidiary (a) so long as no Event of Default then exists or would be caused thereby, upon termination of employment or in connection with the death or disability of such person, in each case, in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans, in an aggregate amount not to exceed $5,000,000 in any fiscal year and (b) the proceeds of such repurchases, retirements or acquisitions may be applied to satisfy withholding tax obligations arising in connection with the vesting of restricted Equity Interests as long as (A) no Event of Default then exists or would be caused thereby, and (B) the Loan Parties and their Subsidiaries shall be in compliance with the financial covenant set forth in Article IX on a Pro Forma Basis immediately after giving effect thereto;

(v)the Loan Parties or any of their Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition; 

(vi)so long as no Event of Default then exists or would be caused thereby, any other Restricted Payments; provided that the Total Leverage Ratio of the Loan Parties and their Subsidiaries is no greater than 3.25 to 1.00 on a Pro Forma Basis immediately after giving effect to the making of such Restricted Payment; 

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(vii)non-cash repurchases of Equity Interests of the Borrowers deemed to occur upon exercise of stock options or warrants or the settlement or vesting of other equity awards if such Equity Interests represent a portion of the exercise price of such options or warrants or similar equity incentive awards; and 

(viii)to the extent constituting Restricted Payments, the Borrower or any Subsidiary may enter into and consummate transactions expressly permitted by any provision of Section 8.03 and Section 8.05 (other than Section 8.05(v) and (vi))). 

For the avoidance of doubt, nothing in this Section shall prohibit or restrict the Borrower Agent from issuing Equity Interests in the Borrower Agent.

Section 8.11Investments.  The Loan Parties will not, and will not permit any of their Subsidiaries to, directly or indirectly, at any time make or hold any Investment in any Person (whether in cash, securities or other property of any kind) except the following (collectively, the “Permitted Investments”):

(i)Investments existing on, or contractually committed as of, the date hereof and set forth on Schedule 8.11;

(ii)(a) Investments in cash and Cash Equivalents and (b) Investments permitted by Borrowers’ investment policy, as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved by Agent;

(iii)Guarantees by the Borrowers and their Subsidiaries constituting Indebtedness permitted by Section 8.01; provided that the aggregate principal amount of Indebtedness of Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party shall be subject to the limitation set forth in clause (iv) of this Section;

(iv)Investments made by the Borrowers in or to any Subsidiary and by any Subsidiary to any Borrower or in or to another Subsidiary; provided that the aggregate amount of such Investments by the Loan Parties in or to, and guarantees by the Loan Parties of Indebtedness of, any Subsidiary that is not a Loan Party (for the avoidance of doubt, not including any such Investments and guarantees existing on the Closing Date) shall not exceed $25,000,000 at any time outstanding; 

(v)loans or advances to employees, officers or directors of the Borrowers or any of their Subsidiaries in the ordinary course of business for travel, relocation and related expenses; provided that the aggregate amount of all such loans and advances does not exceed $5,000,000 at any time outstanding;

(vi)Permitted Hedging Agreements and Bank Product Obligations;

(vii)Permitted Acquisitions and Investments of any Entity acquired in connection with a Permitted Acquisition that was in existence at the time such Person becomes a Subsidiary; provided that such Investments were not made in connection with or in anticipation of such Permitted Acquisition;

(viii)Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each 

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case in the ordinary course of business or upon the foreclosure with respect to any secured Investment;

(ix)promissory notes and other non-cash consideration that is permitted to be received in connection with dispositions permitted by Section 8.05; 

(x)Guarantees by the Borrowers or any of their Subsidiaries of leases (other than Capitalized Lease Obligations) or of other obligations of any Person that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 

(xi)Investments acquired as a result of a foreclosure by the Borrowers or any Subsidiary with respect to any secured Investments or other transfer of title with respect to any secured Investment in default;

(xii)Investments resulting from pledges and deposits that are Permitted Liens; 

(xiii)Investments consisting of the redemption, purchase, repurchase or retirement of any Equity Interests permitted under Section 8.10;

(xiv)Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers;

(xv)advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Borrowers and their Subsidiaries;

(xvi)purchases or acquisitions of inventory, supplies, materials and equipment or purchases or acquisitions of contract rights or intellectual property in each case in the ordinary course of business; 

(xvii)Investments consisting of the licensing of Intellectual Property pursuant to any Intercompany License Agreement; 

(xviii)Investments between and/or among the Loan Parties and their Subsidiaries comprised of intercompany obligations under (a) that certain Cost Sharing Agreement effective as of June 1, 2016, by and between the Borrower Agent and The Trade Desk Cayman (including any amendment of such agreement pursuant to which the rights and obligations of The Trade Desk Cayman are assigned to The UK Trade Desk Ltd.), (b) that certain Management Services Agreement dated as of September 1, 2016, between the Borrower Agent and The UK Trade Desk Ltd., (c) that certain Expense Reimbursement Agreement effective as of September 1, 2016, by and between Borrower Agent and The UK Trade Desk Ltd., and (d) other cost-sharing arrangements, expense reimbursement agreements, master services agreements or other types of agreements in form and substance reasonably acceptable to the Agent; provided that, in all cases, (1) no such Investment shall involve, directly or indirectly, any cash payment by any Loan Party to, or on behalf of , any Subsidiary that is not a Loan Party, (2) to the extent constituting Indebtedness, such Investment shall be subject to an Intercompany Subordination Agreement to the extent required by clause (viii) of Section 8.01, and (3) to the extent that such Investment involves, directly or indirectly, the funding of any costs or expenses, or the making of any other payments, by a Loan Party for the benefit of any Subsidiary that is not a Loan Party, such 

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funding or other payment shall be made in the ordinary course of business and consistent with the past practices of the Loan Parties and their Subsidiaries as disclosed to Agent prior to the Closing Date; provided further, that such Investments by the Loan Parties in Subsidiaries that are not Loan Parties shall only be permitted to be made so long as the aggregate gross revenue attributable to non-Loan Party Subsidiaries, during the fiscal quarter most recently ended for which Financial Statements are required to have been delivered pursuant to Section 7.11 of this Agreement, does not exceed 30% of the aggregate gross revenue of the Loan Parties and their Subsidiaries, on a consolidated basis, for such period; 

(xix)so long as no Event of Default then exists or would be caused thereby, any other Investments; provided the Total Leverage Ratio of the Loan Parties and their Subsidiaries is no greater than 3.25 to 1.00 on a Pro Forma Basis at the time such Investment is made; and

(xx)additional Investments not to exceed $25,000,000 in any fiscal year.

Section 8.12[Reserved].

Section 8.13Fiscal Year.  The Loan Parties will not, and will not permit any of their Subsidiaries to, change their fiscal year from a year ending December 31.

Section 8.14Accounting Changes.  The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time make or permit any change in accounting policies or reporting practices, except as permitted under GAAP.

Section 8.15[Reserved].

Section 8.16No Prohibited Transactions Under ERISA.  Except as would not reasonably be expected, individually or in the aggregate, to have in a Material Adverse Effect, the Loan Parties will not: (i) engage in any Prohibited Transaction which could reasonably be expected to result in the imposition on the Loan Parties of a civil penalty or excise tax described in Section 406 of ERISA or Section 4975 of the Internal Revenue Code for which a statutory or class exemption is not available or a private exemption has not been previously obtained from the Department of Labor; (ii)  terminate any Pension Plan where such event would result in any liability to any Loan Party or ERISA Affiliate under Title IV of ERISA; (iii) amend a Pension Plan in a manner that would reasonably be expected to, and does, result in a material increase in current liability for the plan year such that any Loan Party is required to provide security to such Plan under Section 307 of ERISA or Section 401(a)(29) of the Internal Revenue Code; or (iv) withdraw from any Multiemployer Plan where such withdrawal would reasonably be expected to result in the imposition of any liability on any Loan Party under Title IV of ERISA.

Section 8.17[Reserved].

Section 8.18Prepayments.  The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time make any prepayment of the Term Loan Indebtedness except in accordance with the terms thereof and subject to the Intercreditor Agreement with respect thereto.  Notwithstanding anything in the foregoing, the provisions of this Section 8.18 shall not apply to Subordinated Debt, which is subject to Section 8.25.

Section 8.19Lease Obligations.  The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time create, incur or assume any obligations as lessee for the rental or hire of 

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real or personal property in connection with any sale and leaseback transaction, other than operating lease transactions for equipment paid for by such operating leases.

Section 8.20[Reserved].

Section 8.21Acquisition of Stock or Assets.  The Loan Parties will not, and will not permit any of their Subsidiaries to, acquire all or substantially all Equity Interests, securities or assets of any other Person, other than (i) equipment and inventory acquired in the ordinary course of business, (ii) subject to compliance with Section 7.20, Permitted Acquisitions, and (iii) any acquisitions of Equity Interests, securities or assets pursuant to transactions that are permitted by Section 8.05 or Section 8.11.

Section 8.22[Reserved].

Section 8.23Negative Pledge.  The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into or suffer to exist any agreement prohibiting or conditioning the creation or assumption of any Lien upon any of its assets; provided that the foregoing shall not apply to (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is sold and only to the extent such sale is permitted hereunder, (iii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing such Indebtedness, (iv) customary provisions in leases and other contracts restricting the assignment thereof, (v) customary anti-assignment clauses in licenses under which the Borrowers or any of their Subsidiaries are the licensees, (vi) any agreement in effect at a time a Person becomes a Subsidiary, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to deposit accounts and cash deposits in the ordinary course of business, and (ix) restrictions or other conditions set forth in any agreements in respect of Indebtedness set forth on Schedule 8.01(ii) to which any Subsidiary is party as of the Closing Date.

Section 8.24Affiliate Transactions.  The Loan Parties will not, and will not permit any of their Subsidiaries to, enter into or be party to any transaction with an Affiliate, except:

(i)transactions contemplated by the Loan Documents;

(ii)transactions with Affiliates that are in effect as of the Closing Date, as shown on Schedule 8.24, or any amendment thereto to the extent such amendment is not adverse to the Lenders in any material respect as determined in good faith by a Responsible Officer of the Borrower Agent;

(iii)transactions between or among (a) the Borrowers and their Subsidiaries or (b) the Loan Parties and any Person that becomes a Subsidiary as a result of such transaction (including by way of a merger or consolidation in which a Loan Party is the surviving entity), in each case, to the extent such transactions are permitted under this Agreement;

(iv)any action permitted by Section 8.10;

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(v)payments of director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, stock option and other benefit plans), and non-cash compensation for directors or officers consistent with the Borrower Agent’s practices as of the Closing Date;

(vi)the issuance of securities, or other payments, awards or grants in cash, securities or otherwise, pursuant to, or the funding of, employment arrangements, stock options, stock ownership plans or other equity plans, including restricted stock plans, stock grants, directed share programs and other equity based plans, in the ordinary course of business; 

(vii)entering into any customary indemnification agreement or any similar arrangement with their respective directors, officers, consultants and employees in the ordinary course of business and payment of fees and indemnities to such directors, officers, consultants and employees in the ordinary course of business;

(viii)(a) any employment agreements entered into by the Borrowers or any of their Subsidiaries in the ordinary course of business, (b) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors and (c) any employee compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto;

(ix)making Permitted Investments;

(x)incurring intercompany Indebtedness permitted by Section 8.01 and Permitted Liens; and

(xi)transactions with Affiliates in the ordinary course of business, upon fair and reasonable terms fully disclosed to the Agent, upon its request, and no less favorable than would be obtained in a comparable arm’s-length transaction with a non-Affiliate.

Section 8.25Prepayments of Subordinated Debt.  The Loan Parties will not, and will not permit any of their Subsidiaries to, at any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of any Subordinated Debt, except as expressly permitted in the Subordination Agreement applicable thereto.

Section 8.26Equity Interests.  TTD will not permit any of its Domestic Subsidiaries that are Material Subsidiaries or its directly owned first-tier Foreign Subsidiaries to issue any Equity Interests, unless (i) such Equity Interests are pledged to the Agent as additional Collateral to the extent required under Article III, and (ii) such issuance will not cause a Change of Control.

Article IX.
FINANCIAL COVENANTS

Until the Payment in Full of all Obligations:

Section 9.01Total Leverage Ratio.  Commencing with the first full fiscal quarter ending after the Closing Date, the Borrowers hereby covenant and agree that the Loan Parties and their Subsidiaries will not permit the Total Leverage Ratio, as of the end of the four (4) fiscal quarter period most recently 

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ended for which Financial Statements are required to have been delivered to the Agent pursuant to Section 7.11, to exceed 3.50 to 1.00; provided that, on no more than two occasions prior to the Termination Date, following a consummation of a Financial Covenant Material Acquisition and a notice thereof from the Borrower Agent to Agent stating that the Borrower Agent wishes to exercise its option to increase the maximum Total Leverage Ratio in accordance with this proviso, the maximum Total Leverage Ratio permitted by this Section as of the end of the fiscal quarter during which such Financial Covenant Material Acquisition is consummated and as of the end of each of the next three fiscal quarters thereafter shall the maximum Total Leverage Ratio otherwise indicated above plus 0.50.

Article X.
EVENTS OF DEFAULT

Section 10.01Events of Default.  The occurrence of any of the following events shall constitute an “Event of Default”:

(a)any Loan Party shall fail to pay any (i) principal of any Revolving Credit Loan when due and payable, whether at the due date therefor, stated maturity, by acceleration, or otherwise; or (ii) interest, fees, Lender Group Expenses or other Obligations (other than an amount referred to in the foregoing clause (i)) when due and payable, whether at the due date therefor, stated maturity, by acceleration, or otherwise, and such default continues unremedied for a period of three (3) Business Days; or

(b)there shall occur a default in the performance or observance of any agreement, covenant, condition, provision or term contained in (i) Section 2.04, 2.05(a), 2.05(b), 7.01(i), 7.06, 7.07, 7.08, 7.11, 7.16 or 7.20, Article 8, Article 9; or (ii) this Agreement or any other Loan Document (other than those referred to in Section 10.1(a) and Section 10.1(b)(i)) and such default continues for a period of thirty (30) days after the earlier of (x) the date on which such default first becomes known to any Responsible Officer of the Borrower Agent or (y) written notice thereof from the Agent to the Borrower Agent; or

(c)any Loan Party or any of its Material Subsidiaries shall become the subject of an Insolvency Event; or

(d)(i) any Loan Party or any of its Subsidiaries shall fail to make any principal payment in respect of any Material Indebtedness at the stated final maturity thereof, or (ii) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired) the holder or holders (or a trustee or agent on behalf of such holder or holders) to declare any Material Indebtedness to be due and payable, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that, this clause (d) will not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; or

(e)any representation or warranty made or deemed made by any Loan Party under or in connection with any Loan Document, or in any Financial Statement, report, document or certificate delivered in connection therewith, shall prove to have been incorrect in any material respect (except that such materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by materiality in the text thereof) when made or deemed made; or

(f)any judgment or order for the payment of money which, when taken together with all other judgments and orders rendered against the Loan Parties and their Subsidiaries, exceeds $10,000,000 in the aggregate (to the extent not covered by insurance) and either (i) such judgment or order 

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shall not be stayed, vacated, bonded or discharged for a period of thirty (30) consecutive days after the entry thereof, or (ii) enforcement proceedings are commenced upon such judgment or order; or

(g)a Change of Control shall occur; or

(h)if this Agreement or any other Security Document that purports to create a Lien, shall, for any reason, fail or cease to create a valid and perfected and, except to the extent of Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens or the interests of lessors in respect of Capitalized Lease Obligations, first priority Lien on any material portion of the Collateral covered thereby, except (i) as a result of a disposition of the applicable Collateral (other than to another Loan Party) in a transaction permitted under this Agreement, or (ii) as a result of an action or failure to act on the part of the Agent; or

(i)any material covenant, agreement or obligation of a Loan Party contained in or evidenced by any of the Loan Documents shall cease to be enforceable, or shall be determined to be unenforceable, in accordance with its terms; any Borrower or any other Loan Party shall deny or disaffirm its obligations under any of the Loan Documents or any Liens granted in connection therewith or shall otherwise challenge any of its obligations under any of the Loan Documents; or any Liens granted on any of the Collateral shall be determined to be void, voidable or invalid, are subordinated or are not given the priority contemplated by this Agreement or any other Loan Document.

Section 10.02Acceleration, Termination and Cash Collateralization.  Upon the occurrence and during the continuance of an Event of Default, the Agent, at the direction of the Required Lenders shall, take any or all of the following actions, without prejudice to the rights of the Agent or any Lender, to enforce its claims against the Borrowers:

(a)Acceleration.  To declare all Obligations immediately due and payable (except with respect to any Event of Default with respect to a Loan Party specified in Section 10.01(c), in which case all Obligations shall automatically become immediately due and payable) without presentment, demand, protest or any other action or obligation of the Agent or any Lender, all of which are hereby waived by each Borrower.

(b)Termination of Commitments.  To declare the Commitments immediately terminated (except with respect to any Event of Default with respect to a Loan Party set forth in Section 10.01(c), in which case the Commitments shall automatically terminate) and, at all times thereafter, any Loan made by the Lenders and any Letter of Credit issued by the Letter of Credit Issuer shall be in their and its respective discretion.  Notwithstanding any such termination, until all Obligations shall have been Paid in Full, the Agent and each Lender shall retain all rights under guaranties and all security in existing and future receivables, inventory, general intangibles, investment property and equipment of the Loan Parties and all other Collateral held by any of them hereunder and under the Security Documents.

(c)Cash Collateralization.  With respect to all Letters of Credit outstanding at the time of the acceleration of the Obligations under Section 10.02(a) or otherwise at any time after the Termination Date, the Borrowers shall at such time deposit in a cash collateral account established by or on behalf of the Agent sufficient funds to Collateralize the aggregate then undrawn and unexpired amount of such Letters of Credit.  Amounts held in such cash collateral account shall be under the sole dominion and control of the Agent and applied by the Agent to the payment of drafts drawn under such Letters of Credit, and the balance, if any, in such cash collateral account, after all such Letters of Credit shall have expired or been fully drawn upon shall be applied to repay the other Obligations.  After all such Letters of Credit shall have expired or been fully drawn upon and all Obligations have been Paid in Full, the balance, if any, in such cash collateral account shall be returned to the Borrowers or to such other Person as may be lawfully entitled thereto.

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Section 10.03Other Remedies.

(a)Upon the occurrence and during the continuance of an Event of Default, the Agent shall have all rights and remedies with respect to the Obligations and the Collateral under applicable law (including, without limitation, under the UCC) and the Loan Documents, and the Agent may do any or all of the following:  (i) remove for copying all documents, instruments, files and records (including the copying of any computer records) relating to the Borrowers’ receivables or use (at the expense of the Borrowers) such supplies or space of the Borrowers at the Borrowers’ places of business necessary to administer, enforce and collect such receivables including, without limitation, any supporting obligations; (ii) accelerate or extend the time of payment, compromise, issue credits, or bring suit on the Borrowers’ receivables (in the name of the Borrowers or the Agent) and otherwise administer and collect such receivables; (iii) sell, assign and deliver the Borrowers’ receivables with or without advertisement, at public or private sale, for cash, on credit or otherwise, subject to applicable law; and (iv) foreclose the security interests created pursuant to the Loan Documents by any available procedure, or take possession of any or all of the Collateral, without judicial process and enter any premises where any Collateral may be located for the purpose of taking possession of or removing the same.

(b)The Loan Parties and the Lenders hereby irrevocably authorize the Agent, based upon the instruction of the Required Lenders, to, upon the occurrence and during the continuation of an Event of Default, (i) consent to the sale of, credit bid, or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 of the Bankruptcy Code, (ii) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale or other disposition thereof conducted under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, or (iii) credit bid or purchase (either directly or indirectly through one or more entities) all or any portion of the Collateral at any other sale or foreclosure conducted or consented to by the Agent in accordance with applicable law in any judicial action or proceeding or by the exercise of any legal or equitable remedy, in each case, free from any right of redemption, which right is expressly waived by the Borrowers.  If notice of intended disposition of any Collateral is required by law, it is agreed that ten (10) days’ notice shall constitute reasonable notification.  The Borrowers will assemble the Collateral in their possession and make it available at such locations in the United States as the Agent may specify, whether at the premises of a Borrower or elsewhere, and will make reasonably available to the Agent the premises and facilities of each Borrower for the purpose of the Agent’s taking possession of or removing the Collateral or putting the Collateral in saleable form.  The Agent may sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Agent may deem commercially reasonable.  The Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  The Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  Each Borrower hereby grants the Agent a license to enter and occupy (in each case, so long as no Event of Default then exists, at reasonable times and subject to reasonable procedures), any of the Borrowers’ leased or owned premises and facilities, without charge, to exercise any of the Agent’s rights or remedies.  The proceeds received from any sale of Collateral shall be applied in accordance with Section 10.05.

Section 10.04License for Use of Software and Other Intellectual Property.  Each Borrower hereby grants to the Agent a perpetual non-revocable royalty-free, nonexclusive license or other right to use, without charge, all computer software programs, data bases, processes, trademarks, tradenames, copyrights, labels, trade secrets, service marks, other Intellectual Property, advertising materials and other rights, assets and materials used by the Borrowers in connection with its businesses or in connection with the Collateral, in each case with respect to any exercise of remedies hereunder.

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Section 10.05Post-Default Allocation of Payments.

(a)Allocation.  Notwithstanding anything herein to the contrary, during an Event of Default, if so directed by the Required Lenders or at the Agent’s discretion, monies to be applied to the Obligations, whether arising from payments by the Loan Parties, realization on Collateral, setoff, or otherwise, shall be allocated as follows:

(i)first, to all Lender Group Expenses owing to the Agent (including attorneys’ fees) in its capacity as the Agent;

(ii)second, to all Lender Group Expenses owing to the Letter of Credit Issuer and the Lenders;

(iii)third, to all amounts owing to Swingline Lender on Swingline Loans;

(iv)fourth, to all amounts owing to Letter of Credit Issuer with respect to that portion of the Obligations which constitutes unreimbursed draws under Letters of Credit;

(v)fifth, to all Obligations constituting fees (other than amounts which constitute Bank Product Obligations);

(vi)sixth, to all Obligations constituting interest (other than amounts which constitute Bank Product Obligations);

(vii)seventh, to the Collateralization of that portion of the Obligations constituting undrawn amounts under outstanding Letters of Credit;

(viii)eighth, to all other Obligations (other than Bank Product Obligations); 

(ix)ninth, to all Bank Product Obligations; and

(x)finally, to the Loan Parties or whoever else may be lawfully entitled thereto.

Amounts shall be applied to each of the foregoing categories of Obligations in the order presented above before being applied to the following category.  Where applicable, all amounts to be applied to a given category will be applied on a pro rata basis among those entitled to payment in such category.  In determining the amount to be applied to Bank Product Obligations within any given category, each Bank Product Provider’s pro rata share thereof shall be based on the lesser of (x) the amount presented in the most recent notice from such Bank Product Provider to the Agent (as contemplated in the definition of “Bank Product Obligations”) and (y) the actual amount of such Bank Product Obligations, calculated in accordance with a methodology presented to and approved by the Agent by such Bank Product Provider to the Agent.  The Agent has no duty to investigate the actual amount of any Bank Product Obligations and, instead, is entitled to rely in all respects on the applicable Bank Product Provider’s reasonably detailed written accounting thereof.  If such Bank Product Provider does not submit such accounting of its own accord and in a timely manner, the Agent, may instead rely on any prior accounting thereof.

Section 10.06No Marshalling; Deficiencies; Remedies Cumulative.  The Agent shall have no obligation to marshal any Collateral or to seek recourse against or satisfaction of any of the Obligations from one source before seeking recourse against or satisfaction from another source.  The net cash proceeds resulting from the Agent’s exercise of any of the foregoing rights to liquidate all or 

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substantially all of the Collateral shall be applied by the Agent to such of the Obligations and in such order as the Agent shall elect in its discretion, whether due or to become due.  The Borrowers shall remain liable to the Agent and the Lenders for any deficiencies, and the Agent and the Lenders in turn agree to remit to the applicable Loan Party or its successor or assign any surplus resulting therefrom.  All of the Agent’s and the Lenders’ remedies under the Loan Documents shall be cumulative, may be exercised simultaneously against any Collateral and any Loan Party or in such order and with respect to such Collateral or such Loan Party as the Agent or the Lenders may deem desirable, and are not intended to be exhaustive.

Section 10.07Waivers.  Except as may be otherwise specifically provided herein or in any other Loan Document, the Borrowers hereby waive any right to a judicial or other hearing with respect to any action or prejudgment remedy or proceeding by the Agent to take possession, exercise control over, or dispose of any item of Collateral in any instance (regardless of where the same may be located) where such action is permitted under the terms of this Agreement or any other Loan Document or by applicable law or of the time, place or terms of sale in connection with the exercise of the Agent’s or any Lender’s rights hereunder and also waives any bonds, security or sureties required by any statute, rule or other law as an incident to any taking of possession by the Agent of any Collateral.  The Borrowers also waive any damages (direct, consequential or otherwise) occasioned by the enforcement of the Agent’s or any Lender’s rights under this Agreement or any other Loan Document including the taking of possession of any Collateral, in each case, pursuant to the terms herein.  The Borrowers also consent that the Agent and the Lenders may enter upon any premises owned by or leased to it without obligations to pay rent or for use and occupancy, through self-help, without judicial process and without having first obtained an order of any court (in each case in connection with the remedies hereunder).  These waivers and all other waivers provided for in this Agreement and the other Loan Documents have been negotiated by the parties, and the Borrowers acknowledge that it has been represented by counsel of its own choice, has consulted such counsel with respect to its rights hereunder and has freely and voluntarily entered into this Agreement and the other Loan Documents as the result of arm’s-length negotiations.

Section 10.08Further Rights of the Agent and the Lenders.  If the Borrowers shall fail to purchase or maintain insurance (where applicable), or to pay any tax, assessment, governmental charge or levy, except as the same may be otherwise permitted hereunder or which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, or if any Lien prohibited hereby shall not be paid in full and discharged or if a Borrower shall fail to perform or comply with any other covenant, promise or obligation to the Agent or any Lender hereunder or under any other Loan Document, in each case of the foregoing, to the extent an Event of Default arises and continues, the Agent may (but shall not be required to) perform, pay, satisfy, discharge or bond the same for the account of the Borrowers, and all amounts so paid by the Agent shall be treated as a Revolving Credit Loan comprised of Base Rate Advances hereunder and shall constitute part of the Obligations.

Section 10.09Interest and Letter of Credit Fees After Event of Default.  The Borrowers agree and acknowledge that the additional interest and fees that may be charged under Section 4.02 are (a) an inducement to the Lenders to make Advances and to the Letter of Credit Issuer to cause Letters of Credit to be issued hereunder and that the Lenders and the Agent would not consummate the transactions contemplated by this Agreement without the inclusion of such provisions, (b) fair and reasonable estimates of the Lenders’ and the Agent’s costs of administering the credit facility upon an Event of Default, and (c) intended to estimate the Lenders’ and the Agent’s increased risks upon an Event of Default.

Section 10.10Receiver.  In addition to any other remedy available to it, the Agent shall also have the right, upon the occurrence of an Event of Default and during its continuation, to 

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seek and obtain the appointment of a receiver to take possession of and operate and/or dispose of the business and assets of the Borrowers.

Section 10.11Rights and Remedies not Exclusive.  The enumeration of the foregoing rights and remedies is not intended to be exhaustive and the exercise of any right or remedy shall not preclude the exercise of any other right or remedy provided for herein or in any other Loan Document or otherwise provided by law from and after the occurrence of any Event of Default and during its continuation, all of which shall be cumulative and not alternative.

Article XI.
THE AGENT

Section 11.01Appointment of Agent.  (a) Each Lender and each Letter of Credit Issuer hereby irrevocably appoints JPMCB and its successors and assigns to serve as the administrative agent and collateral agent under the Loan Documents and each Lender and each Letter of Credit Issuer authorizes the Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender and each Letter of Credit Issuer hereby authorizes the Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Agent is a party, and to exercise all rights, powers and remedies that the Agent may have under such Loan Documents.

	
(b)
	
As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each Letter of Credit Issuer; provided, however, that the Agent shall not be required to take any action that (i) the Agent in good faith believes exposes it to liability unless the Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Letter of Credit Issuers with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

	
(c)
	
In performing its functions and duties hereunder and under the other Loan Documents, the Agent is acting solely on behalf of the Lenders and the Letter of Credit Issuers (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:

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(i)the Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, Letter of Credit Issuer or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Agent based on an alleged breach of fiduciary duty by the Agent in connection with this Agreement and/or the transactions contemplated hereby; and

 

(ii)nothing in this Agreement or any Loan Document shall require the Agent to account to any Lender for any sum or the profit element of any sum received by the Agent for its own account.

 

(d)The Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

 

(e)None of any Syndication Agent, any Documentation Agent or any Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.

 

(f)In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Agent (irrespective of whether the principal of any Loan or any reimbursement obligation in respect of a Letter of Credit shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agent shall have made any demand on the Borrowers) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

	
 
	
(i)
	
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, disbursements in respect of Letters of Credit 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 Agent  allowed in such judicial proceeding; and

 

	
 
	
(ii)
	
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, each Letter of Credit and each other 

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Secured Party to make such payments to the Agent and, in the event that the Agent shall consent to the making of such payments directly to the Lenders, the Letter of Credit Issuers or the other Secured Parties, to pay to the Agent any amount due to it, in its capacity as the Agent, under the Loan Documents. Nothing contained herein shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any Lender or Letter of Credit Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Letter of Credit Issuer or to authorize the Agent to vote in respect of the claim of any Lender or Letter of Credit Issuer in any such proceeding. 

 

(g)The provisions of this Article are solely for the benefit of the Agent, the Lenders and the Letter of Credit Issuers, and, except solely to the extent of the Borrowers’ rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrowers or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article. 

 

Section 11.02[Reserved].  

Section 11.03Agent’s Reliance; Limitation of Liability, Etc.

(a)Neither the Agent nor any of its Related Parties shall be (i) liable  for any action taken or omitted to be taken by such party, the Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

(b)The Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described in Section 7.08 unless and until written notice thereof stating that it is a “notice under Section 7.08” in respect of this Agreement and identifying the specific clause under said Section is given to the Agent by the Borrower Agent, or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default” or a “notice of an Event of Default”) is given to the Agent by the Borrower Agent, a Lender or a Letter of Credit Issuer.  Further, the Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article V or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered 

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to the Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Agent, or (vi) the creation, perfection or priority of Liens on the Collateral.

	
(c)
	
Without limiting the foregoing, the Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 12.07, (ii) may rely on the Register to the extent set forth in Section 12.07, (iii) may consult with legal counsel (including counsel to the Borrowers), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or Letter of Credit Issuer and shall not be responsible to any Lender or Letter of Credit Issuer for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or a Letter of Credit Issuer, may presume that such condition is satisfactory to such Lender or Letter of Credit Issuer unless the Agent shall have received notice to the contrary from such Lender or Letter of Credit Issuer sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof)

Section 11.04Posting of Communications.

	
(a) 
	
The Borrowers agree that the Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Letter of Credit Issuers by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Agent to be its electronic transmission system (the “Approved Electronic Platform”). 

	
(b)
	
Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Agent from time to time (including, as of the Closing Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Letter of Credit Issuers and each of the Borrowers acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Letter of Credit Issuers and each of the Borrowers hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

	
(c)
	
THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE 

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PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE AGENT, ANY ARRANGER, ANY SYNDICATION AGENT, ANY DOCUMENTATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY LETTER OF CREDIT ISSUER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Agent, any Lender or any Letter of Credit Issuer by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

	
(d)
	
Each Lender and each Letter of Credit Issuer agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and Letter of Credit Issuer agrees (i) to notify the Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or Letter of Credit Issuer’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

	
(e)
	
Each of the Lenders, each of the Letter of Credit Issuers and each of the Borrowers agree that the Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Agent’s generally applicable document retention procedures and policies.

	
(f)
	
Nothing herein shall prejudice the right of the Agent, any Lender or any Letter of Credit Issuer to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

Section 11.05The Agent Individually.  With respect to its Commitment, Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Letter of Credit Issuer, as the case may be. The terms “Letter of Credit Issuers”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Agent in its individual capacity as a Lender, Letter of Credit Issuer or as one of the Required Lenders, as applicable. The Person serving as the Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower Agent, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Agent and without any duty to account therefor to the Lenders or the Letter of Credit Issuers.

Section 11.06Indemnification of Agent.  To the extent the Agent is not reimbursed and indemnified by the Borrowers, each Lender will reimburse and indemnify the Agent to the extent of such Lender’s Pro Rata Share (determined as of the time that such indemnity payment is sought) for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may 

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be imposed on, incurred by or asserted against the Agent in performing its duties hereunder or otherwise relating to the Loan Documents unless resulting from the Agent’s gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent jurisdiction.  The agreements contained in this Section shall survive any termination of this Agreement and the other Loan Documents and the Payment in Full of the Obligations.  

Section 11.07The Agent in Its Individual Capacity.  With respect to its Commitment, Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Letter of Credit Issuer, as the case may be. The terms “Letter of Credit Issuers”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Agent in its individual capacity as a Lender, Letter of Credit Issuer or as one of the Required Lenders, as applicable. The Person serving as the Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower Agent, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Agent and without any duty to account therefor to the Lenders or the Letter of Credit Issuers.

Section 11.08[Reserved].

Section 11.09Successor Agent.

(a)The Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Letter of Credit Issuer and the Borrower Agent, whether or not a successor Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders and the Letter of Credit Issuers, appoint a successor Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Borrower Agent (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Agent by a successor Agent, such successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent. Upon the acceptance of appointment as Agent by a successor Agent, the retiring Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Agent’s resignation hereunder as Agent, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents.  

(b)Notwithstanding paragraph (a) of this Section, in the event no successor Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring  Agent gives notice of its intent to resign, the retiring Agent may give notice of the effectiveness of its resignation to the Lenders, the Letter of Credit Issuers and the Borrower Agent, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that, solely for purposes of maintaining any security interest granted to the Agent under any Security Document for the benefit of the Secured Parties, the retiring Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Security Document and Loan Document, and, in the case of any Collateral in the possession of the Agent, shall continue to hold such Collateral, in each case until such time as a successor Agent is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring Agent shall have no duty or obligation to take any further action under any Security Document, including any 

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action required to maintain the perfection of any such security interest),  and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Agent for the account of any Person other than the Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Agent shall directly be given or made to each Lender and each Letter of Credit Issuer. Following the effectiveness of the Agent’s resignation from its capacity as such, the provisions of this Article and Section 12.04, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent and in respect of the matters referred to in the proviso under clause (i) above.

Section 11.10Collateral Matters.

(a)Except with respect to the exercise of setoff rights in accordance with Section 12.03 or with respect to a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Agent on behalf of the Secured Parties in accordance with the terms thereof.

(b)In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Cash Management Services the obligations under which constitute Bank Product Obligations and no Hedging Agreements the obligations under which constitute secured Bank Product Obligations, will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement in respect of Bank Product Obligations shall be deemed to have appointed the Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph.

(c)The Agent is authorized to release any Lien granted to or held by it upon any Collateral (i) upon Payment in Full of all of the Obligations, (ii) required to be delivered in connection with permitted sales or dispositions of Collateral (other than to another Loan Party) hereunder, if any, upon receipt of the proceeds by the Agent (or, if permitted hereunder, the applicable Borrower) or (iii) if the release can be and is approved by the Required Lenders.  The Agent may request, and the Lenders will provide, confirmation of the Agent’s authority to release particular types of items of Collateral.  

(d)Upon any sale or transfer of Collateral (other than to another Loan Party) which is expressly permitted pursuant to the terms of this Agreement, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least three (3) Business Days’ (or such shorter period as agreed to by the Agent) prior written request by the Borrower Agent, the Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Agent herein or under any of the other Loan Documents or pursuant hereto or thereto upon the Collateral that was sold or transferred, provided that (i) the Agent shall not be required to execute any such document on terms which, in the Agent’s opinion, would expose the Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of the Borrowers in respect of) all interests retained by the Borrowers, including, without limitation, the proceeds of the sale, all of which shall continue to constitute part of the Collateral.  In the event of any sale or transfer of Collateral in the exercise of remedies, or any foreclosure 

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with respect to any of the Collateral, the Agent shall be authorized to deduct all of the expenses reasonably incurred by the Agent from the proceeds of any such sale, transfer or foreclosure.  The Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Agent’s Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

Section 11.11Credit Bidding.  The Secured Parties hereby irrevocably authorize the Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 12.05 of this Agreement), (iv) the Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Agent may reasonably request in 

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connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

Section 11.12Acknowledgement of Lenders and Letter of Credit Issuers.

(a)Each Lender and each Letter of Credit Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans  and in providing other facilities set forth herein as may be applicable to such Lender or Letter of Credit Issuer, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and each Letter of Credit Issuer agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Agent, any Arranger, any Syndication Agent, any Documentation Agent or any other Lender or Letter of Credit Issuer, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Letter of Credit Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and each Letter of Credit Issuer also acknowledges that it will, independently and without reliance upon the Agent, any Arranger, any Syndication Agent, any Documentation Agent or any other Lender or Letter of Credit Issuer, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

(b)Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an assignment agreement or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Agent or the Lenders on the Closing Date. 

(c)(i) Each Lender  hereby agrees that (x) if the Agent notifies such Lender that the Agent has determined in its sole discretion that any funds received by such Lender from the Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Agent at the greater of the NYFRB Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Agent to any Lender under this Section 11.12(c) shall be conclusive, absent manifest error. 

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

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

(iv)Each party’s obligations under this ‎Section 11.12(c) shall survive the resignation or replacement of the Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document. 

Article XII.
GENERAL PROVISIONS

Section 12.01Notices.  Except as otherwise provided herein, all notices and other communications hereunder shall be in writing and sent by certified or registered mail, return receipt requested, by overnight delivery service, with all charges prepaid, by hand delivery, or by telecopier or other form of electronic transmission, including email, as follows:

 

	
 
	
To the Agent
	
JPMorgan Chase Bank, N.A. 

10 S Dearborn St. 

Chicago, IL 60603

Attn.: Lacey Watkins, Client Services Specialist

Email: 

 

	
 
	
To Borrower Agent or

any Borrower:
	
Borrower Agent

c/o The Trade Desk, Inc.

42 N. Chestnut Street

Ventura, CA 93001

Attn: Blake Grayson, Chief Financial Officer

and Graham Jenner, Senior Director, Treasury

Emails: 

 

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with a copy to:

	
 
	
 
	
 

	
 
	
 
	
Attn: Legal Department 

Email: legal@thetradedesk.com

 

	
 
	
To any Lender
	
to its address specified in Annex A-1 or in the

Assignment and Acceptance under which it became a party hereto

 

 

 

Any party hereto may change its address, email address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.  All such notices and correspondence shall be deemed given (i) if sent by certified or registered mail, five (5) Business Days after being postmarked, (ii) if sent by overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is refused and (iii) if sent by facsimile or other form of electronic transmission (including by electronic imaging), when such transmission is confirmed.  All notices and other communications sent to an e-mail address shall be (a) deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement) and (b) 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 (a) of notification that such notice or communication is available and identifying the website address therefor; provided that, in the case of clauses (a) and (b) above, if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

Section 12.02Delays; Partial Exercise of Remedies.  No delay or omission of the Agent to exercise any right or remedy hereunder shall impair any such right or operate as a waiver thereof.  No single or partial exercise by the Agent of any right or remedy shall preclude any other or further exercise thereof, or preclude any other right or remedy.

Section 12.03Right of Setoff.  In addition to and not in limitation of all rights of offset that any Lender or any of its Affiliates may have under applicable law, and whether or not such Lender shall have made any demand or the Obligations of the Borrowers have matured, each Lender and its Affiliates shall have the right to set off and apply any and all deposits (general or special, time or demand, provisional or final, or any other type) at any time held and any other Indebtedness at any time owing by such Lender or any of its Affiliates to or for the credit or the account of the Borrowers or any of their Affiliates against any and all of the Obligations.  In the event that any Lender or any of its Affiliates exercises any of its rights under this Section 12.03, such Lender shall provide notice to the Agent and the Borrowers of such exercise, provided that the failure to give such notice shall not affect the validity of the exercise of such rights.

Section 12.04Indemnification; Reimbursement of Expenses of Collection.

(a)The Borrowers hereby agree that, whether or not any of the transactions contemplated by this Agreement or the other Loan Documents are consummated, the Borrowers will indemnify, defend and hold harmless the Agent, each Lender, the Letter of Credit Issuer and each other Secured Party and their respective successors, assigns, directors, officers, agents, employees, advisors, shareholders, attorneys and Affiliates (each, an “Indemnified Party”) from and against any and all losses, claims, damages, liabilities, deficiencies, obligations, fines, penalties, actions (whether threatened or 

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existing), judgments, suits (whether threatened or existing) or expenses (including, without limitation, reasonable fees and disbursements of counsel, experts, consultants and other professionals) incurred by any of them (collectively, “Claims”) (except, in the case of each Indemnified Party, to the extent that any Claim is determined in a final and non-appealable judgment by a court of competent jurisdiction to have directly resulted from such Indemnified Party’s gross negligence or willful misconduct) arising out of or by reason of (i) any litigation, investigation, claim or proceeding related to (A) this Agreement, any other Loan Document or the transactions contemplated hereby or thereby, (B) any actual or proposed use by a Borrower of the proceeds of the Loans, (C) the issuance of any Letter of Credit or the acceptance or payment of any document or draft presented to any issuer thereof or (D) any Indemnified Party’s entering into this Agreement, the other Loan Documents or any other agreements and documents relating hereto (other than consequential damages and loss of anticipated profits or earnings), including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any such litigation, investigation, claim or proceeding, (ii) any remedial or other action taken or required to be taken by a Borrower in connection with compliance by such Borrower, or any of its properties, with any federal, state or local Environmental Laws, and (iii) any pending, threatened or actual action, claim, proceeding or suit by any owner of any Borrower against such Borrower or any actual or purported violation of a Borrower’s Governing Documents or any other agreement or instrument to which a Borrower is a party or by which any of its properties is bound.  

(b)In addition, the Borrowers shall, upon demand, pay to each of the Agent, the Letter of Credit Issuer and the Lenders all Lender Group Expenses incurred by each of them.  If and to the extent that the obligations of any Borrower hereunder are unenforceable for any reason, the Borrowers hereby agree to make the maximum contribution to the payment and satisfaction of such obligations that is permissible under applicable law.  

(c)Survival.  The Borrowers’ obligations under Sections 4.10 and 4.11 and this Section 12.04 shall survive any termination of this Agreement and the other Loan Documents, the termination, expiration or Collateralization of all Letters of Credit and the Payment in Full of the Obligations, and are in addition to, and not in substitution of, any of the other Obligations.

Section 12.05Amendments, Waivers and Consents.  No amendment or waiver of any provision of this Agreement or any other Loan Document (other than the Fee Letter), or consent to any departure by the Borrowers therefrom, shall in any event be effective unless the same shall be in writing and signed by the Borrowers and the Required Lenders (or by the Agent at their instruction on their behalf), and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by the Borrowers and all the Lenders, do any of the following at any time:  (a) change the number or percentage of Lenders that shall be required for the Lenders or any of them to take any action hereunder; (b) amend the definition of “Required Lenders” or “Pro Rata Share” or any other provision of the Loan Documents expressly requiring pro rata treatment of the Lenders; (c) amend this Section 12.05; (d) reduce the amount of principal of, or interest on, or the interest rate applicable to, the Loans or Letters of Credit or any fees or other amounts payable hereunder; (e) postpone any date on which any payment of principal of, or interest on, the Loans or Letters of Credit or any fees or other amounts payable hereunder is required to be made; (f) extend the stated expiry date of any Letter of Credit beyond the Termination Date; (g) release all or substantially all of the value of the Guaranties (except as expressly provided in the Loan Documents); (h) release all or substantially all of the Collateral from the Liens of the Security Documents (except as expressly provided in the Loan Documents); (i) contractually subordinate any of the Agent’s Liens on all or substantially all of the Collateral or contractually subordinate the Obligations in right of payment to any other Indebtedness for borrowed money (except, in each case, as expressly provided in the Loan Documents); or (j) amend any of the provisions of Section 10.05; provided, further that no amendment, waiver or consent shall, unless in writing and signed by (i) a Lender, increase amount of or 

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extend the expiration date of any Commitment of such Lender, (ii) the Letter of Credit Issuer, in addition to the Lenders required above, take any action that affects the rights or duties of the Letter of Credit Issuer under this Agreement or any other Loan Document, (iii) the Swingline Lender, in addition to the Lenders required above, take any action that affects the rights or duties of the Swingline Lender, and (iv) the Agent, in addition to the Lenders required above, take any action that affects the rights or duties of the Agent under this Agreement or any other Loan Document.  Anything in this Section 12.05 to the contrary notwithstanding, any amendment, waiver, modification, elimination, or consent of or with respect to any provision of this Agreement or any other Loan Document may be entered into without the consent of, or over the objection of, any Defaulting Lender and the Loans of any Defaulting Lender shall be excluded in determining whether all Lenders or the Required Lenders have taken or may take action hereunder, other than (x) any of the matters governed by Section 12.05(d) and (e) that affect such Lender and (y) with respect to any amendment, waiver, modification, elimination or consent requiring the consent of all Lenders that by its terms specifically discriminates against such Defaulting Lender.

Section 12.06Nonliability of Agent and Lenders.  The relationship between and among the Borrowers, the Agent and the Lenders shall be solely that of borrower, agent and lender, respectively.  Neither the Lenders nor the Agent shall have any fiduciary responsibilities to the Borrowers.  Neither the Lenders nor the Agent undertake any responsibility to the Borrowers to review or inform the Borrowers of any matter in connection with any phase of the Borrowers’ business or operations.

Section 12.07Assignments and Participations.

(a)Borrower Assignment.  None of the Borrowers shall assign this Agreement or any of its rights or obligations hereunder without the prior written consent of the Agent and the Lenders.

(b)Lender Assignments.  Each Lender may, with the consent of the Agent (not to be unreasonably withheld) and, so long as no Event of Default then exists, the Borrower Agent (not to be unreasonably withheld, and not required in connection with an assignment to a Person that is a Lender or an Affiliate of a Lender), assign to one or more Eligible Assignees (or, if an Event of Default has occurred and is continuing, to one or more other Persons) all or a portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents upon execution and delivery to the Agent, for its acceptance and recording in the Register, of an Assignment and Acceptance, together with surrender of any Note or Notes subject to such assignment and a processing and recordation fee payable to the Agent for its account of $3,500.  No such assignment shall be for less than Five Million Dollars ($5,000,000) of the Commitments or Loans unless it is to another Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, and each such assignment shall be of a uniform, and not a varying, percentage of all rights and obligations in respect of the Commitments and the Loans.  Upon the execution and delivery to the Agent of an Assignment and Acceptance and the payment of the recordation fee to the Agent, from and after the date specified as the effective date in the Assignment and Acceptance (the “Acceptance Date”), (i) the assignee thereunder shall be a party hereto, and, to the extent that rights and obligations hereunder have been assigned to it under such Assignment and Acceptance, such assignee shall have the rights and obligations of a Lender hereunder and (ii) the assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it under such Assignment and Acceptance, relinquish its rights (other than any rights it may have under Sections 4.10, 4.11 and 12.04, which shall survive such assignment) and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). 

(c)Agreements of Assignee.  By executing and delivering an Assignment and Acceptance, the assignee thereunder confirms and agrees as follows:  (i) other than as provided in such 

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Assignment and Acceptance, the 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, the Notes or any other Loan Documents, (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under this Agreement or any other Loan Document, (iii) such assignee confirms that it is an Eligible Assignee and has received a copy of this Agreement, together with copies of the Financial Statements referred to in Section 6.01(i), the Financial Statements delivered pursuant to Section 7.11, if any, 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, (iv) such assignee will, independently and without reliance upon the 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, (v) such assignee appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Agent by the terms hereof, together with such powers as are reasonably incidental thereto, and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

(d)Agent’s Register.  The Agent, acting for this purpose as a non-fiduciary agent of the Borrower Agent, shall maintain a register of the names and addresses of the Lenders, their Commitments and the principal amount of their Loans (the “Register”).  The Agent shall also maintain a copy of each Assignment and Acceptance delivered to and accepted by it and modify the Register to give effect to each Assignment and Acceptance.  The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrowers, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement, notwithstanding any notice to the contrary.  The Register and copies of each Assignment and Acceptance shall be available for inspection by the Borrowers or any Lender (but only with respect to such Lender’s interest) at any reasonable time and from time to time upon reasonable prior notice.  Upon its receipt of each Assignment and Acceptance and surrender of the affected Note or Notes subject to such assignment, the Agent will give prompt notice thereof to the Borrower Agent.  Within five (5) Business Days after its receipt of such notice, the Borrowers shall execute and deliver to the Agent a new Note to the order of the assignee in the amount of the applicable Commitment or Loans assumed by it and to the assignor in the amount of the applicable Commitment or Loans retained by it, if any.  Such new Note or Notes shall re-evidence the indebtedness outstanding under the surrendered Note or Notes, shall be in an aggregate principal amount equal to the aggregate principal amount of such surrendered Note or Notes and shall be dated as of the Acceptance Date.  The Agent shall be entitled to rely upon the Register exclusively for purposes of identifying the Lenders hereunder.

(e)Securitization.  The Loan Parties hereby acknowledge that the Lenders and their Affiliates may securitize their Loans (a “Securitization”) through the pledge of the Loans as collateral security for loans to the Lenders or their Affiliates or through the sale of the Loans or the issuance of direct or indirect interests in the Loans to their controlled Affiliates, which loans to the Lenders or their Affiliates or direct or indirect interests will be rated by Moody’s, S&P or one or more other rating agencies.  The Loan Parties shall, to the extent commercially reasonable, cooperate with the Lenders and their Affiliates to effect any and all Securitizations.  Notwithstanding the foregoing, no such Securitization shall release any Lender party thereto from any of its obligations hereunder or substitute any pledgee, secured party or any other party to such Securitization for such Lender as a party hereto and no change in ownership of the Loans may be effected except pursuant to subsection (b) above.

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(f)Lender Participations.  Each Lender may sell participations to one or more parties (each, a “Participant”) in or to all or a portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents.  Notwithstanding a Lender’s sale of a participation interest, such Lender’s obligations hereunder shall remain unchanged.  The Borrowers, the Agent, and the other Lenders shall continue to deal solely and directly with such Lender.  No Lender shall grant any Participant the right to approve any amendment or waiver of this Agreement except to the extent such amendment or waiver would (i) increase the Commitment of the Lender from which the Participant purchased its participation interest; (ii) reduce the principal of, or rate or amount of interest on, the Loans or participations in Letters of Credit subject to such participation interest; or (iii) postpone any date fixed for any payment of principal of, or interest on, the Loans or participations in Letters of Credit subject to such participation interest.  To the extent permitted by applicable law, each Participant shall also be entitled to the benefits of Sections 4.10, 4.11 and 12.04 as if it were a Lender, provided that such Participant shall be subject to Section 4.11 and the last sentence of Section 2.09(b) as if it were a Lender (provided that any documentation required pursuant to Section 4.11(g) shall be required solely to the applicable participating Lender).  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

A Participant shall not be entitled to receive any greater payment under Section 4.11 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent such greater entitlement results from a Change in Law after the participation occurs.

(g)Securities Laws.  Each Lender agrees that it will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan, Note or other Obligation under the securities laws of the United States or of any other jurisdiction.

(h)Information.  In connection with any assignment or participation or proposed assignment or participation or any grant of a security interest in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section 12.21, disclose all documents and information which it now or hereafter may have relating to any Loan Party and its Subsidiaries and their respective businesses.

(i)Pledge to Federal Reserve Bank.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

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(j)Disqualified Institutions.  The Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions.  Without limiting the generality of the foregoing, the Agent shall not ‎(x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified ‎Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any ‎Disqualified Institution.  

Section 12.08Counterparts; Electronic Execution.

	
(a)
	
This Agreement and any waiver or amendment hereto may be executed in counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  

	
(b)
	
Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to ‎Section 12.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Agent has agreed to accept any Electronic Signature, the Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower Agent or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Agent or any Lender, any Electronic Signature  shall be promptly followed by a manually executed counterpart.  Without limiting the generality of the foregoing, the Borrower Agent and each Loan Party hereby (A) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Agent, the Lenders, and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement,  any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (B) the Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Agent’s and/or any Lender’s reliance on or use of Electronic Signatures 

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and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower Agent and/or any other Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.  

Section 12.09Severability.  In case any provision in or obligation under this Agreement, any Note or any other Loan Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

Section 12.10Maximum Rate

.  Notwithstanding anything to the contrary contained elsewhere in this Agreement or in any other Loan Document, the parties hereto hereby agree that all agreements between them under this Agreement and the other Loan Documents, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to the Agent or any Lender for the use, forbearance, or detention of the money loaned to the Borrowers and evidenced hereby or thereby or for the performance or payment of any covenant or obligation contained herein or therein, exceed the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Obligations, under the laws of the State of New York (or the laws of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Agreement and the other Loan Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum non-usurious interest rate than under the laws of the State of New York (or such other jurisdiction), in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Agreement and the other Loan Documents executed in connection herewith, and any available exemptions, exceptions and exclusions (the “Highest Lawful Rate”).  If due to any circumstance whatsoever, fulfillment of any provision of this Agreement or any of the other Loan Documents at the time performance of such provision shall be due shall exceed the Highest Lawful Rate, then, automatically, the obligation to be fulfilled shall be modified or reduced to the extent necessary to limit such interest to the Highest Lawful Rate, and if from any such circumstance the Agent or any Lender should ever receive anything of value deemed interest by applicable law which would exceed the Highest Lawful Rate, such excessive interest shall be applied to the reduction of the principal amount then outstanding hereunder or on account of any other then outstanding Obligations and not to the payment of interest, or if such excessive interest exceeds the principal unpaid balance then outstanding hereunder and such other then outstanding Obligations, such excess shall be refunded to the Borrowers.  All sums paid or agreed to be paid to the Agent or any Lender for the use, forbearance, or detention of the Obligations and other Indebtedness of the Borrowers to the Agent and the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such Indebtedness, until Payment in Full thereof, so that the actual rate of interest on account of all such Indebtedness does not exceed the Highest Lawful Rate throughout the entire term of such Indebtedness.  The terms and provisions of this Section shall control every other provision of this Agreement, the other Loan Documents and all other agreements among the parties hereto.

Section 12.11Borrower Agent; Borrowers, Jointly and Severally.

(a)Economies of Scale.  Each Borrower acknowledges that it, together with each other Borrower, make up a related organization of various entities constituting a single economic and business enterprise and sharing a substantial identity of interests such that, without limitation, the Borrowers render services to or for the benefit of each other, purchase or sell and supply goods to or from or for the benefit of each other, make loans, advances and provide other financial accommodations to or for the benefit of 

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each other (including the payment of creditors and guarantees of Indebtedness), provide administrative, marketing, payroll and management services to or for the benefit of each other; have centralized accounting, common officers and directors; and are in certain circumstances are identified to creditors as a single economic and business enterprise.  Accordingly, and without limitation, any credit or other financial accommodation extended to any one Borrower pursuant hereto will result in direct and substantial economic benefit to each other Borrower, and each Borrower will likewise benefit from the economies of scale associated with the Borrowers, as a group, applying for credit or other financial accommodations pursuant hereto on a collective basis.

(b)Attorney.  Each Borrower hereby irrevocably designates the Borrower Agent to be its attorney and agent and in such capacity to borrow, sign and endorse notes, and execute and deliver all instruments, documents, writings and further assurances now or hereafter required hereunder, on behalf of such Borrower or Borrowers, collectively, and hereby authorizes the Agent to pay over or credit all loan proceeds hereunder in accordance with the request of the Borrower Agent.

(c)Co-Borrowers.  The handling of this credit facility as a co-borrowing facility with a Borrower Agent in the manner set forth in this Agreement is solely as an accommodation to the Borrowers and at their request.  Neither the Lenders nor the Agent shall incur any liability to the Borrowers as a result thereof.  To induce the Agent and the Lenders to do so and in consideration thereof, each Borrower hereby indemnifies the Agent and the Lenders and holds the Agent and the Lenders harmless from and against any and all liabilities, expenses, losses, damages and claims of damage or injury asserted against the Agent or any Lender by any Person arising from or incurred by reason of the handling of the financing arrangements of the Borrowers as provided herein, reliance by the Agent or any Lender on any request or instruction from the Borrower Agent or any other action taken by the Agent or any Lender with respect to this Section except due to willful misconduct or gross (not mere) negligence by the indemnified party.

(d)Waivers.  Each Borrower expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which such Borrower may now or hereafter have against the other Borrowers or other Person directly or contingently liable for the Obligations hereunder, or against or with respect to the other Borrowers’ property (including, without limitation, any property which is Collateral for the Obligations), arising from the existence or performance of this Agreement, until termination of this Agreement and Payment in Full of the Obligations.

(e)Joint and Several Obligations. Each Borrower’s liabilities in respect of the Obligations shall at all times be joint and several and shall be absolute and unconditional irrespective of:  (i) any lack of validity, regularity or enforceability of this Agreement or any other Loan Document; (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from this Agreement or any other Loan Document; (iii) any exchange, release or non-perfection of any security interest in any collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Obligations; (iv) any failure on the part of the Agent or any Lender or any other Person to exercise, or any delay in exercising, any right under this Agreement or any other Loan Document; or (v) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any of the Borrowers, any Guarantor or any other guarantor with respect to the Obligations (including, without limitation, all defenses based on suretyship or impairment of collateral, and all defenses that any of the Borrowers may assert to the repayment of the Obligations, including, without limitation, failure of consideration, breach of warranty, payment, statute of frauds, bankruptcy, lack of legal capacity, statute of limitations, lender liability, accord and satisfaction, and usury), this Agreement and the obligations of the Borrowers under this Agreement.  The joint and several liabilities of the Borrowers hereunder shall remain in full force and effect until the Obligations have been Paid in Full.

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(f)Anything contained in this Agreement to the contrary notwithstanding, the amount of the Obligations for which each Borrower is jointly and severally liable hereunder shall be the aggregate amount of the Obligations unless a court of competent jurisdiction adjudicates such Borrower’s obligations under this Agreement (or the amount thereof) to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers), in which case the amount of the Obligations payable by such Borrower hereunder shall be limited to the maximum amount of the Obligations that could be incurred by such Borrower without rendering such Borrower’s obligations under this Agreement invalid or unenforceable under such applicable law.

Section 12.12Entire Agreement; Successors and Assigns; Interpretation.  This Agreement and the other Loan Documents constitute the entire agreement among the parties, supersede any prior written and verbal agreements among them with respect to the subject matter hereof and thereof, and shall bind and benefit the parties and their respective successors and permitted assigns.  This Agreement shall be deemed to have been jointly drafted, and no provision of it shall be interpreted or construed for or against a party because such party purportedly prepared or requested such provision, any other provision, or this Agreement as a whole.

Section 12.13Limitation of Liability.  To the extent permitted by applicable law (i) the Borrower Agent and each other Loan Party shall not assert, and the Borrower Agent and each other Loan Party hereby waives, any claim against the Agent, any Syndication Agent, any Documentation Agent, any Letter of Credit Issuer and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this Section 12.03 shall relieve the Borrower Agent and each Loan Party of any obligation it may have to indemnify an Indemnified Party, as provided in Section 12.04, against any special, indirect, consequential or punitive damages asserted against such Indemnified Party by a third party.

Section 12.14GOVERNING LAW.  THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND DECISIONS OF THE STATE OF NEW YORK.

Section 12.15SUBMISSION TO JURISDICTION.  ALL DISPUTES BETWEEN THE BORROWERS AND THE AGENT OR ANY LENDER BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO (A) THIS AGREEMENT; (B) ANY OTHER LOAN DOCUMENT; OR (C) ANY CONDUCT, ACT OR OMISSION OF THE BORROWERS OR THE AGENT OR ANY LENDER OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE AND IN CONNECTION WITH THE LOAN DOCUMENTS, SHALL BE RESOLVED ONLY BY STATE AND FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK AND THE COURTS TO WHICH AN APPEAL THEREFROM MAY BE TAKEN; PROVIDED, HOWEVER, THAT THE AGENT SHALL HAVE THE RIGHT, TO THE FULLEST 

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EXTENT PERMITTED BY APPLICABLE LAW, TO PROCEED AGAINST ANY BORROWER OR ITS PROPERTY IN (A) ANY COURTS OF COMPETENT JURISDICTION AND VENUE AND (B) ANY LOCATION SELECTED BY THE AGENT TO ENABLE THE AGENT TO REALIZE ON SUCH PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE AGENT.  EACH BORROWER WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH THE AGENT HAS COMMENCED A PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON FORUM NON CONVENIENS.

Section 12.16[Reserved].

Section 12.17JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO (A) THIS AGREEMENT; (B) ANY OTHER LOAN DOCUMENT OR OTHER PRESENT OR FUTURE INSTRUMENT OR AGREEMENT BETWEEN OR AMONG THE BORROWERS, THE AGENT AND THE LENDERS, OR ANY OF THEM; OR (C) ANY CONDUCT, ACT OR OMISSION OF THE BORROWERS, THE AGENT OR THE LENDERS OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT OR EQUITY OR OTHERWISE.

Section 12.18[Reserved].

Section 12.19Publicity.  The Agent, the Arrangers, the Syndication Agents and the Documentation Agents may (a) publish in any trade or other publication or otherwise publicize to any third party (including its Affiliates) a tombstone, article, press release or similar material relating to the financing transactions contemplated by this Agreement (including the use of company logos upon execution of trademark use agreements reasonably satisfactory to Borrower Agent) and (b) provide to industry trade organizations related information necessary and customary for inclusion in league table measurements.

Section 12.20No Third Party Beneficiaries

.  Neither this Agreement nor any other Loan Document is intended or shall be construed to confer any rights or benefits upon any Person other than the parties hereto and thereto. 

Section 12.21Confidentiality.  Each of the Agent and the Lenders shall maintain the confidentiality of all Information (as defined below), except that Information may be disclosed by any of them (a) to its Affiliates, and to its and their partners, directors, officers, employees, agents, advisors and representatives (provided such Persons are informed of the confidential nature of the Information and instructed to keep it confidential and are bound by confidentiality restrictions customary for such arrangements); (b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates; (c) to the extent required by applicable law or by any subpoena or other legal process; (d) to any other party hereto; (e) in connection with any action or proceeding, or other exercise of rights or remedies, relating to any Loan Documents or Obligations; (f) subject to an agreement containing provisions substantially the same as this Section, to any assignee or any actual or prospective assignee, participant or pledgee (or any of their respective advisors) in connection with any actual or prospective assignment, participation or pledge of any Lender’s interest under this Agreement; (g) with the consent of the Borrowers (not to be unreasonably withheld, conditioned or delayed); or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) is available to the Agent or the Lenders or any of its or their respective Affiliates on a nonconfidential basis from a source other than the Loan Parties.  Notwithstanding the foregoing, the 

116

 

Agent may publish or disseminate general information describing this credit facility, including the names and addresses of the Borrowers and a general description of the Borrowers’ businesses, and may use Borrowers’ logos, trademarks or product photographs in advertising materials, as provided in Section 12.19 (including upon execution of trademark use agreements reasonably satisfactory to Borrower Agent).  As used herein, “Information” means all information received from a Loan Party relating to it or its business that a reasonable Person would consider confidential.  Any Person required to maintain the confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises the same degree of care that it accords its own confidential information.  The Agent and the Lenders acknowledge that (i) Information may include material non-public information concerning a Loan Party; (ii) it has developed compliance procedures regarding the use of material non-public information; and (iii) it will handle such material non-public information in accordance with applicable law, including federal and state securities laws.

Section 12.22Patriot Act Notice.  The Agent and the Lenders hereby notify the Loan Parties that pursuant to the requirements of the Patriot Act, the Agent and the Lenders are required to obtain, verify and record information that identifies each Loan Party, including its legal name, address, tax ID number and other information that will allow the Agent and the Lenders to identify it in accordance with the Patriot Act.  The Agent and the Lenders will also require information regarding each personal guarantor, if any, and may require information regarding the Loan Parties’ management, such as legal name, address, social security number and date of birth.

Section 12.23Advice of Counsel.  Each Borrower acknowledges that it has been advised by counsel in connection with the execution of this Agreement and the other Loan Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Agreement or any other Loan Document.

Section 12.24Captions.  The captions at various places in this Agreement and any other Loan Document are intended for convenience only and do not constitute and shall not be interpreted as part of this Agreement or any other Loan Document.

Section 12.25[Reserved].  

Section 12.26Right to Cure.  The Agent may, in its discretion (solely in connection with exercising remedies hereunder), (a) cure any default by any Borrower under this Agreement or any other Loan Document that affects the Collateral, its value or the ability of the Agent to collect, sell or otherwise dispose of any Collateral or the rights and remedies of the Agent and the Lenders therein or the ability of any Borrower to perform its obligations hereunder or under any of the other Loan Documents, (b) pay or bond on appeal any judgment entered against any Borrower, (c) discharge any charges, Liens, security interests or other encumbrances at any time levied on or existing with respect to the Collateral and (d) pay any amount, incur any expense or perform any act which the Agent, in its Permitted Discretion, determines is necessary or appropriate to preserve, protect, insure or maintain the Collateral and the rights of the Agent and the Lenders with respect thereto.  The Agent shall be under no obligation to effect such cure, payment or bonding and shall not, by doing so, be deemed to have assumed any obligation or liability of any Borrower.  Any payment made or other action taken by the Agent under this Section shall be without prejudice to any right to assert an Event of Default and to proceed accordingly.

Section 12.27Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is 

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unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

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

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

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

(d)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(e)the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any applicable Resolution Authority.

Section 12.28Time.  Time is of the essence in this Agreement and each other Loan Document.  Unless otherwise expressly provided, all references herein and in any other Loan Documents to time shall mean and refer to New York time.

Section 12.29Keepwell.  Each Borrower and each other Loan Party, to the extent constituting a Qualified ECP Guarantor, hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under any Guaranty made by it in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section or otherwise under this Agreement or any other Loan Document, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect at all times hereafter until the Obligations have been Paid in Full.  Each Qualified ECP Guarantor intends that his Section shall constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

Section 12.30Certain ERISA Matters.

(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent, the Loan Parties and their respective Affiliates, that at least one of the following is and will be true:

(i)such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments;

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(ii)the prohibited transaction exemption set forth in one or more prohibited transaction class exemptions issued by the U.S. Department of Labor, as any such exemption may be amended from time to time (“PTEs”), such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975 of the Code such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; 

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

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

(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agent, the Loan Parties and their respective Affiliates, that neither the Agent or any of its Affiliates is a fiduciary with respect to the assets of such Lender involved in the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

Section 12.31Acknowledgement Regarding any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

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In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its proper and duly authorized officer as of the date first set forth above.

BORROWERS

THE TRADE DESK, INC.

 

	
By:
	
/s/ Jeff Green

	
 
	
Name: Jeff Green

	
 
	
Title:  President and Chief Executive Officer

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

JPMORGAN CHASE BANK, N.A., as a Lender and a Letter of Credit Issuer

 

	
By:
	
/s/ Min Park

	
 
	
Name: Min Park

	
 
	
Title:  Executive Director

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

CITIBANK, N.A., as a Lender and a Letter of Credit Issuer

 

	
By:
	
/s/ Damian Bayona

	
 
	
Name: Damian Bayona

	
 
	
Title:  Senior Vice President

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

SILICON VALLEY BANK, as a Lender 

 

	
By:
	
/s/ Soren Peterson

	
 
	
Name: Soren Peterson

	
 
	
Title:  Vice President

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

U.S. BANK NATIONAL ASSOCIATION, as a Lender 

 

	
By:
	
/s/ G. Scott Lambert

	
 
	
Name: G. Scott Lambert

	
 
	
Title:  Vice President

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

CITY NATIONAL BANK, as a Lender 

 

	
By:
	
/s/ Eric Bae

	
 
	
Name: Eric Bae

	
 
	
Title:  Senior Vice President

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Lender 

 

	
By:
	
/s/ Greg Cappel

	
 
	
Name: Greg Cappel

	
 
	
Title:  Associate

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

KEYBANK NATIONAL ASSOCIATION, as a Lender 

 

	
By:
	
/s/ Alyssa Suckow

	
 
	
Name: Alyssa Suckow

	
 
	
Title:  Vice President

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

BANK HAPOALIM B.M., as a Lender 

 

	
By:
	
/s/ John Ferrante

	
 
	
Name: John Ferrante

	
 
	
Title:  SVP

 

	
By:
	
/s/ Victor Liu

	
 
	
Name: Victor Liu

	
 
	
Title:  FVP

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

LENDERS

HSBC BANK USA, N.A., as a Lender 

 

	
By:
	
/s/ Tomoko Hoffman

	
 
	
Name: Tomoko Hoffman

	
 
	
Title:  Senior Vice President

 

 

 

 

[Signature Page to 

the Loan and Security Agreement]

 

 

AGENT

JPMORGAN CHASE BANK, N.A.

 

	
By:
	
/s/ Min Park

	
 
	
Name: Min Park

	
 
	
Title:  Executive Director

 

 

[Signature Page to 

the Loan and Security Agreement]Exhibit 4.1

 

 

 

RLJ LODGING TRUST, L.P.,

 

as Issuer,

 

RLJ LODGING TRUST,

 

as Parent,

 

THE SUBSIDIARY GUARANTORS PARTY HERETO,

 

as Subsidiary Guarantors

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

3.750% SENIOR SECURED NOTES DUE 2026

 

 

 

INDENTURE

 

DATED
AS OF JUNE 17, 2021

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.01   Definitions	1
	Section 1.02   Other Definitions	46
	Section 1.03   Incorporation by Reference of Trust Indenture Act	46
	Section 1.04   Rules of Construction	47
	Section 1.05   Divisions	47
	Article 2 THE NOTES
	Section 2.01   Form and Dating	48
	Section 2.02   Execution and Authentication	48
	Section 2.03   Registrar and Paying Agent	49
	Section 2.04   Paying Agent to Hold Money in Trust	49
	Section 2.05   Holder Lists	49
	Section 2.06   Transfer and Exchange	49
	Section 2.07   Replacement Notes	60
	Section 2.08   Outstanding Notes	60
	Section 2.09   Treasury Notes	61
	Section 2.10   Temporary Notes	61
	Section 2.11   Cancellation	61
	Section 2.12   Defaulted Interest	61
	Section 2.13   Issuance of Additional Notes	61
	Section 2.14   Method of Submission	62
	Section 2.15   Trustee’s Duty to Monitor	62
	Article 3 REDEMPTION AND PREPAYMENT
	Section 3.01   Notices to Trustee	62
	Section 3.02   Selection of Notes to Be Redeemed	63
	Section 3.03   Notice of Redemption	63
	Section 3.04   Effect of Notice of Redemption	65
	Section 3.05   Deposit of Redemption or Purchase Price	65
	Section 3.06   Notes Redeemed or Purchased in Part	65
	Section 3.07   Optional Redemption	65
	Section 3.08   Mandatory Redemption	66
	Article 4 COVENANTS
	Section 4.01   Payment of Notes	66
	Section 4.02   Maintenance of Office or Agency	67
	Section 4.03   Reports	67
	Section 4.04   Compliance Certificate	68
	Section 4.05   Stay, Extension and Usury Laws	68
	Section 4.06   Restricted Payments	69

 

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	Section 4.07   Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	75
	Section 4.08   Incurrence of Indebtedness	79
	Section 4.09   Asset Sales	86
	Section 4.10   Transactions with Affiliates	89
	Section 4.11   Liens	92
	Section 4.12   Corporate Existence	93
	Section 4.13   Offer to Purchase Upon Change of Control Triggering Event	93
	Section 4.14   Limitation on Issuances of Guarantees by Subsidiary Guarantors	95
	Section 4.15   Suspension of Covenants	95
	Section 4.16   Maintenance of Total Unencumbered Assets	96
	Section 4.17   Future Guarantors	97
	Section 4.18   Limited Condition Transactions	97
	Article 5 SUCCESSORS
	Section 5.01   Consolidation, Merger and Sale of Assets	98
	Section 5.02   Successor Corporation Substituted	98
	Article 6 DEFAULTS AND REMEDIES
	Section 6.01   Events of Default	99
	Section 6.02   Acceleration	101
	Section 6.03   Other Remedies	102
	Section 6.04   Waiver of Past Defaults	102
	Section 6.05   Control by Majority	102
	Section 6.06   Limitation on Suits	103
	Section 6.07   Rights of Holders to Receive Payment	103
	Section 6.08   Collection Suit by Trustee	103
	Section 6.09   Trustee May File Proofs of Claim	103
	Section 6.10   Priorities	104
	Section 6.11   Undertaking for Costs	104
	Article 7 TRUSTEE
	Section 7.01   Duties of Trustee	105
	Section 7.02   Rights of Trustee	106
	Section 7.03   Individual Rights of Trustee	108
	Section 7.04   Trustee’s Disclaimer	108
	Section 7.05   Notice of Defaults	108
	Section 7.06   Conflicts of Interest	108
	Section 7.07   Compensation and Indemnity	108
	Section 7.08   Replacement of Trustee	109
	Section 7.09   Successor Trustee by Merger, etc.	110
	Section 7.10   Eligibility; Disqualification	110

 

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	Article 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	Section 8.01   Option to Effect Legal Defeasance or Covenant Defeasance	111
	Section 8.02   Legal Defeasance and Discharge	111
	Section 8.03   Covenant Defeasance	111
	Section 8.04   Conditions to Legal or Covenant Defeasance	112
	Section 8.05   Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	113
	Section 8.06   Repayment to Issuer	114
	Section 8.07   Reinstatement	114
	Article 9 AMENDMENT, SUPPLEMENT AND WAIVER
	Section 9.01   Without Consent of Holders	114
	Section 9.02   With Consent of Holders	116
	Section 9.03   Revocation and Effect of Consents	118
	Section 9.04   Notation on or Exchange of Notes	118
	Section 9.05   Trustee to Sign Amendments, etc.	118
	Article 10 NOTE GUARANTEES
	Section 10.01   Guarantee	118
	Section 10.02   Limitation on Guarantor Liability	120
	Section 10.03   Execution and Delivery of Note Guarantee	120
	Section 10.04   Subsidiary Guarantors May Consolidate, etc., on Certain Terms	120
	Section 10.05   Releases	121
	Article 11 SATISFACTION AND DISCHARGE
	Section 11.01   Satisfaction and Discharge	122
	Section 11.02   Application of Trust Money	123
	Article 12 COLLATERAL AND SECURITY
	Section 12.01   Security Interest	124
	Section 12.02   Collateral Agent; Authorized Representative	125
	Section 12.03   Release of Collateral	125
	Section 12.04   Authorization of Actions to Be Taken by the Trustee Under the Security Documents	126
	Section 12.05   Authorization of Receipt of Funds by the Trustee Under the Security Documents	126
	Section 12.06   Termination of Security Interest	127
	Section 12.07   Security Documents and Intercreditor Agreement	127
	Article 13 MISCELLANEOUS
	Section 13.01   Trust Indenture Act	127
	Section 13.02   Notices	127

 

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	Section 13.03   Certificate and Opinion as to Conditions Precedent	129
	Section 13.04   Statements Required in Certificate or Opinion	129
	Section 13.05   Rules by Trustee and Agents	129
	Section 13.06   Payments on Business Days	130
	Section 13.07   No Personal Liability of Directors, Officers, Employees and Stockholders	130
	Section 13.08   Governing Law; Waivers of Jury Trial	130
	Section 13.09   No Adverse Interpretation of Other Agreements	130
	Section 13.10   Successors	130
	Section 13.11   Severability	131
	Section 13.12   Counterpart Originals	131
	Section 13.13   Table of Contents, Headings, etc.	131
	Section 13.14   Patriot Act	131
	Section 13.15   Submission to Jurisdiction	131
	Section 13.16   Foreign Account Tax Compliance Act (FATCA)	131

 

EXHIBITS

 

	Exhibit A	FORM OF NOTE	 
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER	 
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE	 
	Exhibit D	FORM OF SUPPLEMENTAL INDENTURE	 

 

    iv

     

    

 

INDENTURE dated as of June 17, 2021 among RLJ Lodging
Trust, L.P., a Delaware limited partnership (the “Issuer”), RLJ Lodging Trust, a Maryland real estate investment trust
(“Parent”), the Subsidiary Guarantors (as hereinafter defined) party hereto, and U.S. Bank National Association, as
Trustee (in such capacity, the “Trustee”).

 

The Issuer, Parent, the Subsidiary Guarantors and
the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Issuer’s
3.750% Senior Secured Notes due 2026 (the “Notes”):

 

Article 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

		Section 1.01	Definitions.

 

“1031 Property” means any Property
that is at any time held by a “qualified intermediary” (a “QI”), as defined in the Treasury Regulations promulgated
pursuant to Section 1031 of the Code, or an “exchange accommodation titleholder”, as defined in Internal Revenue Service Revenue
Procedure 2000-37, as modified by Internal Revenue Procedure 2004-51 (or in either case, by one or more Wholly-Owned Subsidiaries thereof,
singly or as tenants in common), which is a single purpose entity and has entered into an “exchange agreement” or a “qualified
exchange accommodation agreement” with the Parent, the Issuer or a Restricted Subsidiary in connection with the acquisition (or
possible disposition) of such Property by the Issuer or a Restricted Subsidiary pursuant to, and intended to qualify for tax treatment
under, Section 1031 of the Code.

 

“144A Global Note” means a Global
Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited
with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“2012 Credit Agreement” means
the Term Loan Agreement, dated as of November 20, 2012, by and among the Issuer, as borrower, the Parent, as parent guarantor, the lenders
party thereto, and Wells Fargo Bank, National Association, as administrative agent, as amended, restated, supplemented, replaced or modified
from time to time.

 

“2014 Credit Agreement” means
the Term Loan Agreement, dated as of December 22, 2014, by and among the Issuer, as borrower, the Parent, as parent guarantor, the lenders
party thereto, and Capital One, National Association, as administrative agent, as amended, restated, supplemented, replaced or modified
from time to time.

 

“2019 Credit Agreement” means
the Third Amended and Restated Credit Agreement, dated as of December 18, 2019, by and among the Issuer, as borrower, the Parent, as parent
guarantor, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, as amended, restated, supplemented,
replaced or modified from time to time.

 

    

     

    

 

“Acceptable Land Use Arrangements”
means the provisions of any easement agreements, street dedications or vacations, entitlements, public and/or private utility easements,
condominium documents, licenses, declarations of covenants, conditions and restrictions, and other similar provisions granted by the Issuer
or its Subsidiaries which (a) now exist, (b) are permitted to be entered into under the terms of any leases related to the Issuer’s
Real Property and which in the aggregate do not materially burden or impair the Fair Market Value or use of such Real Property for the
purposes for which it is or may reasonably be expected to be held or (c) are similar arrangements that are permitted as to their form
and substance pursuant to the terms of agreements governing any Secured Indebtedness permitted to be incurred under this Indenture.

 

“Acceptable Preferred Equity Interests”
means Preferred Stock issued by a REIT Subsidiary which (i) shall be nonvoting with respect to the election of the directors, (ii) shall
have an aggregate liquidation value held by Persons other than the Issuer and its Subsidiaries of up to $150,000 (exclusive of any accrued
and unpaid dividends and early redemption premiums) with respect to any one issuer and (iii) may have additional liquidation value held
by the Issuer or any Restricted Subsidiary; provided that such Preferred Stock shall not receive aggregate dividends and distributions
in excess of 15% of the initial aggregate liquidation value thereof (exclusive of any early redemption premiums or any distribution in
respect of a redemption or purchase of such Acceptable Preferred Equity Interests made by the Issuer or any of its Subsidiaries) during
any fiscal year of the Parent.

 

“Additional Notes” means additional
Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02, 2.13 and 4.08 hereof, as part
of the same series as the Initial Notes.

 

“Additional Pari Passu Agreement”
means the indentures, notes, credit agreements or other agreements under which Additional Pari Passu Obligations of any series are issued
or incurred and all other instruments, agreements and other documents evidencing or governing Additional Pari Passu Obligations of such
series or providing any guarantee, Lien or other right in respect thereof.

 

“Additional Pari Passu Obligations”
means all Obligations that have been designated as such pursuant to the Intercreditor Agreement.

 

“Additional Pari Passu Secured Party”
means the holders of any Additional Pari Passu Obligations and the corresponding Authorized Representative with respect thereto.

 

“Adjusted Total Assets” means,
as of any date of determination, the sum of (a) Total Assets for the Test Period most recently ended on or prior to the date of determination;
and (b) any increase in Total Assets following the end of such quarter determined on a Pro Forma Basis, including any Pro Forma increase
in Total Assets resulting from the application of the proceeds of any additional Indebtedness.

 

“Affiliate” means, as
applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as applied to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise.

 

    2

    

    

 

“Agent” means any Registrar,
co-registrar, Paying Agent, additional paying agent or the Collateral Agent.

 

“Applicable Premium” means,
with respect to any Note at any date of redemption, the greater of: (1) 1.0% of the principal amount of such Note and (2) the
excess, if any, of (A) the present value at such date of redemption of (i) the redemption price of such Note at July 1, 2023,
such redemption price being set forth in the table appearing in Section 3.07(b) hereof, plus (ii) all remaining required interest
payments due on such Note through July 1, 2023 (excluding accrued but unpaid interest to but excluding the date of redemption), computed
using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the then outstanding principal amount of such Note,
as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation shall
not be a duty or obligation of the Trustee.

 

“Applicable Procedures” means,
with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary,
Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset Acquisition” means:

 

(1)              
an investment by the Issuer or its Restricted Subsidiaries in any other Person pursuant to which such Person becomes a Restricted
Subsidiary of the Issuer or is merged into or consolidated with the Issuer or any of its Restricted Subsidiaries; and

 

(2)              
an acquisition by the Issuer or any of its Restricted Subsidiaries from any other Person of Property.

 

“Asset Sale” means any sale,
transfer or other disposition (each, a “disposition”), including by way of merger, consolidation or Sale and Leaseback
Transaction, in one transaction or a series of related transactions by the Issuer or any of its Restricted Subsidiaries to any Person
other than the Issuer or any of its Restricted Subsidiaries of any Property consisting of:

 

(1)              
all or any of the Capital Stock of any Restricted Subsidiary (other than directors’ qualifying shares or shares required
by applicable law to be held by a Person other than the Issuer or a Restricted Subsidiary);

 

(2)              
all or substantially all of the property or assets of an operating unit or line of business of the Issuer or any of its
Restricted Subsidiaries; or

 

(3)              
any other property and assets of the Issuer or any of its Restricted Subsidiaries (other than Capital Stock of a Person
that is not a Restricted Subsidiary) outside the ordinary course of business;

 

provided that the term “Asset Sale” will not include:

 

    3

    

    

 

(A)            
any disposition of assets with a Fair Market Value, or involving Net Cash Proceeds to the Issuer or a Restricted Subsidiary,
not in excess of $75.0 million in any transaction or series of related transactions;

 

(B)             
the disposition of obsolete, surplus or worn out personal property, whether now owned or hereafter acquired, in the ordinary
course of business and dispositions of personal property no longer used, useful or economically practicable to maintain in the conduct
of the business of the Issuer or the Restricted Subsidiaries, and the termination or assignment of Contractual Obligations to the extent
such termination or assignment does not materially impair the ability of the Issuer to make payments on the Notes (as determined in good
faith by the Issuer);

 

(C)             
dispositions of inventory and other property or assets (including leases of Real Property) in the ordinary course of business;

 

(D)            
a Permitted Investment or a Restricted Payment that is permitted by Section 4.06 hereof;

 

(E)             
the creation of a Lien not prohibited by this Indenture and the disposition of assets resulting from the foreclosure upon
a Lien;

 

(F)             
transactions involving sales of equipment or Real Property to the extent that (i) such property is exchanged for credit
against the purchase price of similar replacement property or (ii) the proceeds of such transaction are applied to the purchase price
of such replacement property, in each case within 180 days of receiving the proceeds of such transaction;

 

(G)            
operating leases and subleases and similar arrangements of any real or personal property in the ordinary course of business
(which for the avoidance of doubt, includes operating subleases) and leases or subleases not interfering in any material respect with
the ordinary course of business of the Issuer or the Restricted Subsidiaries (which for the avoidance of doubt, includes operating subleases);

 

(H)            
the disposition of cash or Cash Equivalents;

 

(I)               
a disposition of all or substantially all the assets of the Issuer or any of its Restricted Subsidiaries in accordance with
Section 5.01 or Section 10.04 hereof, as applicable;

 

(J)               
the sale of the Equity Interests or Indebtedness or other securities of an Unrestricted Subsidiary;

 

(K)             sales
of (x) assets hereafter acquired pursuant to an acquisition or Investment permitted under this Indenture which assets are not used
or useful to the principal business of the Issuer or its Restricted Subsidiaries or (y) any existing assets of the Issuer or its
Restricted Subsidiaries which are divested in connection with an acquisition or Investment as required by applicable regulatory
authorities;

 

    4

    

    

 

(L)             
any Asset Sale by the Issuer or any of its Restricted Subsidiaries to the Issuer or any of its Restricted Subsidiaries;
provided, that (x) if any of the applicable assets or properties is owned by the Issuer or any Subsidiary Guarantor, such Asset
Sale must be made to the Issuer or any Subsidiary Guarantor and (y) if any of the applicable assets or properties constitutes Collateral,
such Asset Sale must be sold to the Issuer or any Guarantor and continue to constitute Collateral (or be released pursuant to Section
12.03 hereof);

 

(M)           
dispositions consisting of discounting or forgiveness of accounts receivable in the ordinary course of business or in connection
with the compromise, settlement or collection thereof;

 

(N)            
(i) licenses or sublicenses of Intellectual Property made in the ordinary course of business or (ii) any abandonment of
Intellectual Property rights which, in the reasonable good faith determination of the Issuer, are no longer used in or useful to the business
of the Issuer and the Restricted Subsidiaries;

 

(O)            
(i) termination of leases and Swap Contracts in the ordinary course of business or otherwise upon the expiration thereof,
(ii) the expiration of any option agreement in respect of real or personal property, (iii) any surrender or waiver of contractual rights
or the settlement, release or surrender of contractual rights or other litigation claims (including in tort) in the ordinary course of
business, and (iv) any surrender of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims
of any kind;

 

(P)             
the voluntary unwinding of any Hedging Obligations;

 

(Q)            
any sale consisting of the grant of Acceptable Land Use Arrangements;

 

(R)             
dedications of, or the granting of easements, rights of way, rights of access and/or similar rights, to any Governmental
Authority, utility providers, cable or other communication providers and/or other parties providing services or benefits to any project,
any Real Property held by the Issuer or its Restricted Subsidiaries, the Issuer or the public at large that would not reasonably be expected
to interfere in any material respect with the operations of the Issuer or its Restricted Subsidiaries;

 

(S)             
dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or
by condemnation or similar proceeding of, any property or asset of the Issuer and its Subsidiaries;

 

(T)             
 trade-ins or exchanges of equipment or other fixed assets in the ordinary course of business;

 

(U)            
dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements;

 

(V)            
(i) the lease, sublease or license of any portion of any project to Persons who, either directly or through Affiliates
of such Persons, intend to operate or manage nightclubs, bars, restaurants, recreation areas, spas, pools, exercise or gym facilities,
or entertainment or retail venues or similar or related establishments or facilities within such project and (ii) the grant of or entering
into declarations of covenants, conditions and restrictions and/or easements and/or condominium documents with respect to common area
spaces and similar instruments benefiting such tenants of such leases, subleases and licenses generally and/or entered into connection
with a project;

 

(W)          
the dedication of space or other dispositions of undeveloped land for Fair Market Value in connection with and in furtherance
of constructing structures or improvements reasonably related to the development, construction and operation of any project; provided
that in each case such dedication or other dispositions are in furtherance of, and do not materially impair or interfere with the operations
of the Issuer and its Restricted Subsidiaries;

 

    5

    

    

 

(X)            
any disposition of Designated Non-cash Consideration; provided that such disposition increases the amount of
Net Cash Proceeds of the Asset Sale that resulted in such Designated Non-cash Consideration;

 

(Y)            
any disposition of property or assets, or the issuance of securities, by a Subsidiary or the Issuer to another Subsidiary
or the Issuer; provided that any disposition made by the Issuer or any of its Restricted Subsidiaries to any Person other than
the Issuer or a Restricted Subsidiary, as applicable, shall be permitted only to the extent permitted as an Investment under the definition
of “Permitted Investments”; provided, that (i) if any of the applicable assets, properties or securities is owned by
the Issuer or any Subsidiary Guarantor, such Asset Sale must be made to the Issuer or any Subsidiary Guarantor and (ii) if any of the
applicable assets or properties constitutes Collateral, such Asset Sale must be sold to the Issuer or any Guarantor and continue to constitute
Collateral (or be released pursuant to the terms of the Security Documents);

 

(Z)             
dispositions to any other Person of Acceptable Preferred Equity Interests;

 

(AA)      
sales of assets subject to a Tax Protection Agreement;

 

(BB)       
 sales of non-core assets or Equity Interests of a Restricted Subsidiary that owns primarily non-core assets, in each case,
that do not constitute hotel-oriented Real Property;

 

(CC)       
the settlement or early termination of any Permitted Bond Hedge Transaction and the settlement or early termination of any
related Permitted Warrant Transaction;

 

(DD)      
dispositions in connection with an exchange or swap of real property or other assets (or Equity Interests of a Subsidiary
owning real property or other assets) to the extent replaced by real property or other assets (or Equity Interests of a Person owning
real property or other assets) of equal or greater value (or, if for lesser value, such difference in value shall be deemed to be included
in the aggregate limitation under clause (HH) below) in a transaction where the real property is covered by Section 1031 of the Code,
or any comparable or successor provision regarding exchange of like property for use in a similar business or investment;

 

(EE)        
sales of Equity Interests in non-Wholly Owned Subsidiaries and Joint Ventures pursuant to buy-sells, tag and drag along,
and similar rights in the agreements governing such Subsidiaries and Joint Ventures;

 

(FF)         
the sale of the DoubleTree Metropolitan Hotel;

 

(GG)      
surrenders or other dispositions of leasehold interests to the applicable lessor; and

 

(HH)      
dispositions of any Property acquired after the Issue Date; provided that the aggregate amount of all asset
sales under this clause (HH) shall not exceed the greater of $225.0 million and an amount equal to 3.0% of Adjusted Total Assets.

 

For purposes of determining compliance with this
definition, in the event that any transaction (or any portion thereof) meets the criteria of more than one of the categories of permitted
Asset Sales described in clauses (A) through (HH) above, the Issuer may, in its sole discretion, at the time of the Asset Sale, divide
or classify such Asset Sale (or any portion thereof) under any clause under which the assets subject to such Asset Sale would then be
permitted to be disposed pursuant to, and at any future time may divide, classify or reclassify such Asset Sale (or any portion thereof)
under any clause under which it would be permitted to be disposed of at such later time, and in each case will only be required to include
the amount and type of such Asset Sale in one or more of the above clauses.

 

    6

    

    

 

“Authorized Representative”
means (i) in the case of any Existing Credit Agreement Obligations or the Existing Credit Agreement Secured Parties, the applicable Credit
Agreement Representative specified in the Intercreditor Agreement, (ii) in the case of any Notes Obligations or the Notes Secured Parties,
the Trustee, and (iii) in the case of any other series of Additional Pari Passu Obligations that becomes subject to the Intercreditor
Agreement, the authorized representative named for such series in the applicable joinder to the Intercreditor Agreement.

 

“Average Life” means at any
date of determination with respect to any Indebtedness, the quotient obtained by dividing:

 

(1)              
the sum of the products obtained by multiplying:

 

(A)            
the number of years from such date of determination to the dates of each successive scheduled principal payment of such
debt security, and

 

(B)             
the amount of such principal payment; by

 

(2)              
the sum of all such principal payments.

 

“Bankruptcy Law” means Title
11 of the U.S. Code or any similar federal or state or foreign law for the relief of debtors.

 

“Beneficial Owner” has the meaning
assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The term “Beneficially Owns”
has a corresponding meaning.

 

“Board of Directors” means:

 

(1)              
with respect to the Issuer, its board of managers or its managing member, as applicable;

 

(2)              
with respect to the Parent, its board of directors; and

 

(3)              
with respect to any other Person, (A) if the Person is a corporation, the board of directors of the corporation, (B) if
the Person is a partnership, the board of directors or other governing body of the general partner of the partnership, (C) if the
Person is a member managed limited liability company, the board of directors or other governing body of its managing member, and (D) with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Board Resolution” means a copy
of a resolution certified by the secretary or an assistant secretary of a company (or if such company is a partnership or limited liability
company and does not have a secretary or assistant secretary, the secretary or assistant secretary of its general partner or managing
member) to have been duly adopted by the Board of Directors of such company and to be in full force and effect on the date of such certificate,
and delivered to the Trustee.

 

“Business Day” means a day other
than a Saturday, Sunday or other day on which banking institutions are authorized or required by law or regulation to close in the State
of New York or, with respect to any payments to be made under this Indenture, the place of payment.

 

    7

    

    

 

“Capital Markets
Indebtedness” means any Indebtedness having an aggregate outstanding principal amount in excess of $100.0 million,
consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering registered under the
Securities Act, (b) a private placement to institutional investors that is resold in accordance with Rule 144A or
Regulation S under the Securities Act, whether or not it includes registration rights entitling the holders of such debt
securities to registration thereof with the SEC or (c) a private placement to institutional investors. For the avoidance of
doubt, the term “Capital Markets Indebtedness” does not include any Indebtedness under the Existing Credit Agreements or
other commercial bank facilities or similar Indebtedness, Sale and Leaseback Transaction, Finance Lease Obligation or recourse
transfer of any financial asset or any other type of Indebtedness incurred, in each case, in a manner not customarily viewed as a
“securities offering.”

 

“Capital Stock” means, with
respect to any Person, any and all shares, interests, participation or other equivalents (however designated, whether voting or non-voting),
including partnership or limited liability company interests, whether general or limited, in the equity of such Person, whether outstanding
on the Issue Date or issued thereafter.

 

“Cash Equivalents” means any
of the following types of Investments:

 

(1)              
Government Securities due within one year after the date of the making of the Investment;

 

(2)              
readily marketable direct obligations of any State of the United States or any political subdivision of any such State or
any public agency or instrumentality thereof given on the date of such Investment a credit rating of at least A2 by Moody’s or A
by S&P in each case due within one year from the making of the Investment;

 

(3)              
time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is
organized under the laws of the United States, any State thereof or the District of Columbia or is the principal banking subsidiary of
a bank holding company organized under the laws of the United States, any State thereof or the District of Columbia, and is a member of
the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (7) of
this definition and (iii) has combined capital and surplus of at least $1.0 billion, in each case with maturities of not more than 365
days from the date of acquisition thereof;

 

(4)              
certificates of deposit issued by, bank deposits in, eurodollar deposits through, bankers’ acceptances of, and repurchase
agreements covering Government Securities executed by any bank incorporated under the laws of the United States, any State thereof or
the District of Columbia and having on the date of such Investment combined capital, surplus and undivided profits of at least $250.0
million, or total assets of at least $5.0 billion, in each case due within one year after the date of the making of the Investment;

 

(5)              
certificates of deposit issued by, bank deposits in, eurodollar deposits through, bankers’ acceptances of, and repurchase
agreements covering Government Securities executed by any branch or office located in the United States of a bank incorporated under the
laws of any jurisdiction outside the United States having on the date of such Investment combined capital, surplus and undivided profits
of at least $500.0 million, or total assets of at least $15.0 billion, in each case due within one year after the date of the making of
the Investment;

 

(6)              
 repurchase agreements covering Government Securities executed by a broker or dealer registered under Section 15(b)
of the Exchange Act having on the date of the Investment capital of at least $500.0 million, due within 365 days after the date of the
making of the Investment; provided that the maker of the Investment receives written confirmation of the transfer to it of
record ownership of the Government Securities on the books of a “primary dealer” in such Government Securities or on the books
of such registered broker or dealer, as soon as practicable after the making of the Investment;

 

    8

    

    

 

(7)              
commercial paper issued by any Person organized under the laws of the United States, any State thereof or the District of
Columbia and having one of the two highest ratings obtainable from Moody’s or S&P, in each case with maturities of not more
than 365 days from the date of acquisition thereof;

 

(8)              
“money market preferred stock” issued by a corporation incorporated under the laws of the United States, any
State thereof or the District of Columbia (i) given on the date of such Investment a credit rating of at least Aa by Moody’s and
AA by S&P, in each case having an investment period not exceeding 365 days or (ii) to the extent that investors therein have the benefit
of a standby letter of credit issued by a lender or a bank described in clause (3) or (4) above;

 

(9)              
a readily redeemable “money market mutual fund” sponsored by a bank described in clause (4) or (5) above,
or a registered broker or dealer described in clause (6) hereof, that has and maintains an investment policy limiting its investments
primarily to instruments of the types described in clauses (1) through (8) hereof and given on the date of such Investment a credit
rating of at least Aa by Moody’s and AA by S&P;

 

(10)          
corporate notes or bonds having an original term to maturity of not more than one year issued by a corporation incorporated
under the laws of the United States, any State thereof or the District of Columbia, or a participation interest therein; provided
that any commercial paper issued by such corporation is given on the date of such Investment a credit rating of at least A2 by Moody’s
and A by S&P; and

 

(11)          
Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under
the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either
Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described
in clauses (1), (3) and (7) of this definition.

 

“Cash Management Agreement”
means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, electronic funds
transfer and other cash management arrangements.

 

“Cash Management Bank”
means (a) any Person that, at the time it enters into a Cash Management Agreement, is a lender or an Affiliate of a lender or the
administrative agent or an Affiliate of the administrative agent under any Credit Facilities, in its capacity as a party to such
Cash Management Agreement and (b) any Person that, at the time it, or its Affiliate, became a lender or the administrative agent
under any Credit Facilities, was a party to a Cash Management Agreement.

 

    9

    

    

 

 

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

 

(1)              
Any sale, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all
of the assets of the Parent and its Subsidiaries taken as a whole to any “Person” or “group” (as such terms are
used in Sections 13(d) and 14(d) of the Exchange Act (but excluding (i) any employee benefit plan of the Issuer or its Subsidiaries, any
Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, or (ii) any Person formed
as a holding company for the Parent (in a transaction where the Voting Stock of the Parent outstanding prior to such transaction is converted
into or exchanged for the Voting Stock of the surviving or transferee Person constituting all or substantially all of the outstanding
shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance))));

 

(2)              
Any person or “Person” or “group” (as such terms are used in Section
13(d) and 14(d) of the Exchange Act) becomes the Beneficial Owner, directly or indirectly, of more than 50.0% of the equity securities
of the Parent entitled to vote for members of the Board of Directors or equivalent governing body of the Parent; or

 

(3)              
The Parent (or a Wholly Owned Subsidiary of the Parent) shall cease to either (x) directly or indirectly own a majority
of the common Equity Interests of the Issuer or (y) have the sole and exclusive power to exercise all management and control over the
Issuer.

 

Notwithstanding the foregoing: (A) any holding
company, all or substantially all of the assets of which are comprised of the equity securities of the Parent, shall not itself be considered
a “Person” or “group” for these purposes (provided that no “Person” or “group”
Beneficially Owns, directly or indirectly, more than 50.0% of the voting equity securities of such holding company), and (B)  the
transfer of assets between or among the Issuer’s Restricted Subsidiaries and the Issuer shall not constitute a Change of Control.

 

“Change of Control Offer to Purchase”
means an Offer to Purchase in connection with a Change of Control Triggering Event.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Rating Event.

 

“Clearstream” means Clearstream
Banking, S.A.

 

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

 

“Collateral” means (i) the Initial
Pledged Equity Interests, (ii) any Equity Interests or assets from time to time subject to a Lien pursuant to the Security Documents to
secure the Notes Obligations and (iii) the proceeds of the foregoing.

 

    10

    

    

 

“Collateral Agent” means Wells
Fargo Bank, National Association, in its capacity as “Collateral Agent” under the Security Documents, and any successor thereto
in such capacity.

 

“Common Stock” means, with respect
to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) that
have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including partnership interests,
whether general or limited, of such Person’s equity, whether outstanding on the Issue Date or issued thereafter, including, without
limitation, all series and classes of common stock.

 

“Consolidated EBITDA” means,
with respect to a Person for any period and without duplication, the sum of:

 

		(1)	net income (loss) of such Person for such period determined on a consolidated basis excluding the following (but only to the extent
included in determining net income (loss) for such period):

 

		(A)	depreciation and amortization;

 

		(B)	interest expense;

 

		(C)	income tax expense;

 

		(D)	extraordinary or nonrecurring items, including, without limitation, gains, losses, charges or expenses from the sale of operating
Properties, early extinguishment of Indebtedness (including prepayment premiums), transaction costs of acquisitions not permitted to be
capitalized pursuant to GAAP, and other income and expenses outside the normal course of operations;

 

		(E)	other non-cash charges, including share-based compensation expense and impairment charges or expenses (other than non-cash charges
that constitute an accrual of a reserve for future cash payments or charges); and

 

		(F)	equity in net income (loss) of its Joint Ventures; plus 

 

		(2)	such Person’s Ownership Share of Consolidated EBITDA of its Joint Ventures.

 

Consolidated EBITDA shall be adjusted to remove any
impact from amortization of intangibles pursuant to FASB ASC 805.

 

“Consolidated Interest
Expense” means, with respect to a Person for a given period, without duplication, (a) total interest expense of such
Person including capitalized interest (other than capitalized interest funded under a construction loan interest reserve account),
determined on a consolidated basis in accordance with GAAP for such period, plus (b) such Person’s Ownership Share of
Consolidated Interest Expense described in clause (a) of its Joint Ventures for such period. Consolidated Interest Expense shall
include the interest component of Finance Lease Obligations and shall exclude the non-cash amortization of any deferred financing
fees, and unrealized gains and losses on interest rate hedges.

 

    11

    

    

 

“continuing” means, with respect
to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Contractual Obligation” means
as to any Person, any provision of any security issued by such Person or of any contractual obligation to which such Person is a party
or by which it or any of its Property is bound or subject.

 

“Convertible Indebtedness” means
Indebtedness of the Issuer or the Parent (which may be Guaranteed by the Subsidiary Guarantors) permitted to be Incurred under the terms
of this Indenture that is either (a) convertible into Common Stock of the Parent(and cash in lieu of fractional shares) and/or cash (in
an amount determined by reference to the price of such Common Stock) or (b) sold as units with call options, warrants or rights to purchase
(or substantially equivalent derivative transactions) that are exercisable for Common Stock of the Parent and/or cash (in an amount determined
by reference to the price of such Common Stock).

 

“Corporate Trust Office of the Trustee”
means the address of the Trustee specified in Section 13.02 hereof or such other address as to which the Trustee may give notice
to the Issuer.

 

“COVID-19 Relief Funds” means
funds or credit or other support received, directly or indirectly, by the Issuer or any Subsidiary of the Issuer from, or with the credit
or other support of, any Governmental Authority, and incurred with the intent to mitigate (in the good faith determination of the Issuer)
through additional liquidity or other financial relief the impact of the COVID-19 global pandemic on the business and operations of the
Issuer and its Subsidiaries.

 

“Credit Agreement Debt” and
“Credit Agreement Obligations” have their respective meanings specified in the Intercreditor Agreement.

 

“Credit Facilities” means one
or more debt facilities (including each of the Existing Credit Agreements), commercial paper facilities, securities purchase agreements,
indentures or similar agreements, in each case, with banks or other institutional lenders or investors providing for revolving loans,
term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow
from lenders against such receivables), letters of credit or the issuance of securities, including any related notes, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, replaced (whether upon
or after termination or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in part, and without limitation
as to amount, terms, conditions, covenants and other provisions) from time to time.

 

“Currency Agreement” means any
agreement or arrangement designed to protect against fluctuations in currency exchange rates.

 

“Custodian” means the Trustee,
as custodian for the Depositary or its nominee with respect to the Notes in global form, or any successor entity thereto.

 

    12

    

    

 

“Default” means any event that
is, or after notice or passage of time or both would be, an Event of Default.

 

“Definitive Note” means a certificated
Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of
Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges
of Interests in the Global Note” attached thereto.

 

“Depositary” means, with respect
to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary
with respect to the Notes, and any and all successors thereto appointed as depositary under this Indenture and having become such pursuant
to the applicable provision of this Indenture.

 

“Designated Non-cash Consideration”
means the Fair Market Value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale
that is so designated as Designated Non-cash Consideration by an Officer of the Issuer, less the amount of cash or Cash Equivalents received
in connection with a subsequent sale, redemption, payment or collection of, on or with respect to such Designated Non-cash Consideration.

 

“Designated Preferred Stock”
means Preferred Stock of the Issuer (other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary) and
is so designated as Designated Preferred Stock by the Issuer on the issuance date thereof, and the cash proceeds of which are excluded
from the calculation set forth in Section 4.06(a)(4)(C) hereof.

 

“Development/Redevelopment Property”
means at any time a Property that upon completion will constitute an Income Property and that is currently under development or major
redevelopment and not an operating property during such development or major redevelopment and on which the improvements related to the
development or major redevelopment have not been completed. The term “Development/Redevelopment Property” shall include real
property of the type described in the immediately preceding sentence that satisfies both of the following conditions: (i) it is to be
(but has not yet been) acquired by the Issuer, any Subsidiary or any Joint Venture upon completion of construction pursuant to a contract
in which the seller of such real property is required to develop or renovate prior to, and as a condition precedent to, such acquisition
and (ii) a third party is developing or redeveloping such property using the proceeds of a loan that is Guaranteed by, or is otherwise
recourse to, the Issuer, any Subsidiary or any Joint Venture. A Development/Redevelopment Property on which all improvements (other than
tenant improvements on unoccupied space) related to the development of such Property has been substantially completed for at least four
(4) full Fiscal Quarters shall cease to constitute a Development/Redevelopment Property.

 

“Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable), or upon the happening of any event, matures (excluding any maturity as the
result of an optional redemption by the issuer thereof) or is mandatorily redeemable or redeemable at the sole option of the holder
thereof (other than upon a sale of assets or a change of control that constitutes an Asset Sale or a Change of Control Triggering
Event and is subject to the prior repurchase of the Notes), pursuant to a sinking fund obligation or otherwise or exchangeable or
convertible into debt securities of the issuer thereof at the sole option of the holder thereof, in whole or in part, on or prior to
the date that is 91 days after the Stated Maturity of the Notes (in each case, other than Capital Stock which is redeemable solely
in exchange for any Equity Interest that is not Disqualified Stock and cash in lieu of fractional shares).

 

    13

    

    

 

“Equity Interests” means Capital
Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).

 

“Equity Offering” means a public
or private offering of Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of (1) the Issuer or (2) the
Parent; provided that the net proceeds of any such public or private offering by the Parent are (or are contemplated to be
in the event unsuccessful) contributed by the Parent to the Equity Interests (other than Disqualified Stock or Designated Preferred Stock)
of the Issuer.

 

“Euroclear” means Euroclear
Bank, S.A./N.V., as operator of the Euroclear system.

 

“Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Excluded Contribution” means
the net cash proceeds, or the Fair Market Value of property or assets, received by the Issuer as a contribution to the Issuer’s
common equity after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary) of Capital Stock (other than Disqualified
Stock) of the Issuer, in each case if designated by the Issuer as an Excluded Contribution and as determined in good faith by the Issuer
and not previously included in the calculations set forth in Section 4.06(a)(4)(C)(ii)(a) and Section 4.06(a)(4)(C)(ii)(b) hereof,
for purposes of determining whether a Restricted Payment may be made.

 

“Existing Credit Agreements”
means the 2012 Credit Agreement, the 2014 Credit Agreement and the 2019 Credit Agreement.

 

“Existing Credit Agreement Obligations”
means, collectively, the “Obligations” as defined in each of the Existing Credit Agreements.

 

“Existing Credit Agreement Secured Parties”
means, collectively, each holder of Credit Agreement Debt under the Existing Credit Agreements.”

 

“Fair Market Value” means the
price that would be paid in an arm’s-length transaction under the applicable circumstances, as determined in good faith by the Issuer.

 

“Finance Lease” means, as applied
to any Person, any lease of any property, whether real, personal or mixed, of such Person as lessee that is required to be classified
and accounted for as a finance lease in accordance with GAAP; provided, that for the avoidance of doubt, any lease that is
accounted for by any Person as an operating lease as of the Issue Date and any Similar Lease entered into after the Issue Date by any
Person may, in the sole discretion of the Issuer, be treated as an operating lease and not a Finance Lease; and provided further
that any ground lease or similar obligation will be deemed not to be a Finance Lease.

 

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“Finance Lease Obligations”
means the liability under a Finance Lease as reflected on the balance sheet of such Person in accordance with GAAP.

 

“Fiscal Quarter” means the fiscal
quarter of the Parent consisting of the three calendar month periods ending on each March 31, June 30, September 30 and
December 31.

 

“Fiscal Year” means the fiscal
year of the Parent consisting of the twelve-month period ending on each December 31.

 

“Fitch” means Fitch Ratings
Inc. and its successors.

 

“Foreign Subsidiary” means any
Restricted Subsidiary that is not organized under the laws of the United States, any State thereof or the District of Columbia.

 

“Franchise Agreement” means
an agreement permitting the use of the applicable hotel brand name, hotel system trademarks, trade names and/or any related rights in
connection with the ownership or operation of a Property or Properties (including any associated owners’ agreement but excluding
any Management Agreement).

 

“Funds From Operations” means,
with respect to a Person and for a given period, (a) net income (loss) of such Person for such period determined on a consolidated basis
in accordance with GAAP, minus (or plus) (b) gains (or losses) from debt restructuring and sales of property during such period, plus
(c) depreciation with respect to such Person’s real estate assets and amortization (other than amortization of deferred financing
costs) of such Person for such period, plus (d) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP, plus
or minus (e) other non-cash items, including share-based compensation expense, non-cash income tax expense or benefit, unrealized gains
or losses on undesignated interest rate hedges, and impairment charges, plus (or minus) (f) other expenses or income outside the
normal course of operations, all after adjustment for Joint Ventures. Adjustments for Joint Ventures will be calculated to reflect Funds
From Operations on the same basis. Except as provided for above, for purposes of this Indenture, Funds From Operations shall be calculated
consistent with the White Paper on Funds From Operations, dated December 2018, issued by National Association of Real Estate Investment
Trusts, Inc., but without giving effect to any supplements, amendments or other modifications promulgated after the Issue Date.

 

“GAAP” means accounting principles
generally accepted in the United States, consistently applied, as in effect on the Issue Date.

 

“Global Note Legend” means the
legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all Global Notes issued under this Indenture.

 

“Global Notes” means, individually
and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered
in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note
Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with
Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1), 2.06(d)(2) or 2.06(d)(3) hereof.

 

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“Government Securities” means
readily marketable (a) direct full faith and credit obligations of the United States or obligations guaranteed by the full faith and credit
of the United States and (b) obligations of an agency or instrumentality of, or corporation owned, controlled or sponsored by, the United
States that are generally considered in the securities industry to be implicit obligations of the United States.

 

“Governmental Authority” means
any government or political subdivision of the United States or any other country, whether national, federal, state, provincial, local
or otherwise, or any agency, authority, board, bureau, central bank, commission, department, municipality or instrumentality thereof or
therein, including, without limitation, any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic, or any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to such government or political
subdivision (including any supra-national bodies such as the European Union or the European Central Bank).

 

“Grantors” means, as and to
the extent applicable, the Issuer and each Subsidiary of the Issuer which has granted a security interest pursuant to any Pari Passu Security
Document to secure any series of Pari Passu Obligations.

 

“Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting
the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1)              
to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person;
or

 

(2)              
entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to
protect such obligee against loss in respect thereof (in whole or in part);

 

provided that the term “Guarantee” will not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding
meaning.

 

“Guarantors” means the Subsidiary
Guarantors and the Parent, in its capacity as providing a Guarantee of the Notes.

 

“Hedge Bank” means any Person
that, at the time it enters into a Swap Contract, is a lender or an Affiliate of a lender or the administrative agent or an Affiliate
of the administrative agent under any Credit Facilities, in its capacity as a party to such Swap Contract.

 

“Hedging Obligations” means,
with respect to any specified Person, the obligations of such Person under any Interest Rate Agreement or Currency Agreement. For the
avoidance of doubt, any Permitted Convertible Indebtedness Call Transaction will not constitute Hedging Obligations.

 

“Holder” means a Person in whose
name a Note is registered.

 

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“Income Property” means any
Property comprised of a hotel and/or hotel business or an operating business or facility ancillary to a hotel or hotel business (including
without limitation, laundry services, employee housing, retail, parking, golf courses, docking facilities and spa facilities). “Income
Property” shall not include any Development/Redevelopment Property or undeveloped land. Each Income Property shall continue to be
classified as an Income Property under this Indenture until the Issuer reclassifies such Income Property as a Development/Redevelopment
Property for purposes of this Indenture, upon and after which such property shall be classified as Development/Redevelopment Property
under this Indenture.

 

“Incur” means, with respect
to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible
for the payment of, contingently or otherwise, such Indebtedness; provided, that any premiums, interest (including post-petition
interest and payment-in-kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect
to Indebtedness permitted under this Indenture will not be considered to be an Incurrence of Indebtedness.

 

“Indebtedness” means, with respect
to any Person at any date of determination (without duplication):

 

(1)              
all obligations of such Person for borrowed money;

 

(2)              
all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

 

(3)              
all obligations of such Person under conditional sale or other title retention agreements relating to Property purchased
by such Person;

 

(4)              
all obligations of such Person issued or assumed as the deferred purchase price of Property or services (excluding (i) trade
accounts payable and accrued obligations incurred in the ordinary course of business or other accounts payable in the ordinary course
of business in accordance with ordinary trade terms, (ii) financing of insurance premiums and (iii) any earn-out obligation
or purchase price adjustment until such obligation becomes a liability on the balance sheet (excluding the footnotes thereto) in
accordance with GAAP);

 

(5)              
all Indebtedness of others to the extent secured by any Lien on Property owned or acquired by such Person, whether or not
the obligations secured thereby have been assumed; provided, that if such obligations have not been assumed, the amount of such
Indebtedness included for the purposes of this definition will be the amount equal to the lesser of the Fair Market Value of such Property
and the amount of the Indebtedness secured;

 

(6)              
with respect to any Finance Leases of such Person, the capitalized amount thereof that would appear on a balance sheet of
such Person prepared as of such date in accordance with GAAP;

 

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(7)              
 the net amount of the obligations of such Person in respect of interest rate protection agreements, foreign currency exchange
agreements or other interest or exchange rate hedging arrangements (including Swap Contracts);

 

(8)              
all obligations of such Person as an account party in respect of letters of credit and bankers’ acceptances, except
obligations in respect of letters of credit issued in support of obligations not otherwise constituting Indebtedness shall not constitute
Indebtedness except to the extent such letter of credit is drawn and not reimbursed within 10 Business Days;

 

(9)              
the principal component or liquidation preference of all obligations of such Person with respect
to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any non-guarantor Subsidiary, any Preferred
Stock (but excluding, in each case, any accrued dividends); and

 

(10)          
all Guarantees of such Person in respect of Indebtedness of others of the kinds referred to in clauses (1) through
(9) above (other than, for the avoidance of doubt, in connection with any completion guarantee);

 

provided, that Indebtedness shall not include any obligations
in respect of indemnification, adjustment of purchase price or similar obligations, or from Guarantees or letters of credit, surety bonds
or performance bonds, in each case securing any such obligations of the Issuer or any of the Restricted Subsidiaries, in any case Incurred
in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by
any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition)
in a principal amount not in excess of the gross proceeds including non-cash proceeds (the Fair Market Value of such non-cash proceeds
being measured at the time received and without giving effect to any subsequent changes in value) actually received by the Issuer and
the Restricted Subsidiaries on a consolidated basis in connection with such disposition.

 

The Indebtedness of any Person shall include
the Indebtedness of any partnership in which such Person is a general partner unless recourse is limited, in which case the amount
of such Indebtedness shall be the amount such Person is liable therefor (except to the extent the terms of such Indebtedness
expressly provide that such Person is not liable therefor). The amount of Indebtedness of the type
described in clause (4) shall be calculated based on the net present value thereof. The amount of Indebtedness of the type referred
to in clause (7) above of any Person shall be zero unless and until such Indebtedness becomes due, in which case the amount of such
Indebtedness shall be the amount due that is payable by such Person. For the avoidance of doubt, it is understood and agreed that
(x) any obligations of such Person in respect of Cash Management Agreements, (y) any obligations of such Person in respect of
employee, consultant or independent contractor deferred compensation and benefit plans and (z) any obligations of such Person in
respect of taxes, assessments, governmental charges, levies or distribution requirements to shareholders under applicable REIT
requirements under the Code shall not constitute Indebtedness. For all purposes with respect to this definition, the term
“Indebtedness” of the Issuer and its Restricted Subsidiaries shall exclude (i) intercompany liabilities arising from or
associated with cash management, tax, or accounting operations and made in the ordinary course of business, (ii) intercompany
loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in
the ordinary course of business and (iii) Permitted Non-Recourse Guarantees.

 

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“Indenture” means this Indenture,
as amended or supplemented from time to time.

 

“Indirect Participant” means
a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes” means the $500,000,000
in aggregate principal amount of Notes issued under this Indenture on the Issue Date.

 

“Initial Pledged Equity Interests”
means first priority security interests, subject to the Intercreditor Agreement, in the Equity Interests of the Issuer’s Subsidiaries
that are pledged pursuant to the requirements of the Existing Credit Agreements, which Subsidiaries directly own unencumbered hotel properties,
and any proceeds thereof.

 

“Institutional Accredited Investor”
means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under
the Securities Act.

 

“Intellectual Property” means
patents, patent applications, trademarks, trademark applications, service marks, service mark applications, trade names, URLs, copyrights,
computer software, trade secrets, know-how and processes.

 

“Intercreditor Agreement” means
that certain Collateral Agency and Intercreditor Agreement, dated as of June 24, 2020 (as amended, modified or supplemented from time
to time), by and among Wells Fargo Bank, National Association, as Collateral Agent, each applicable Authorized Representative party thereto,
the Parent, the Issuer and its Subsidiaries from time to time party thereto, to which the Trustee shall become a party pursuant to a joinder
executed on the Issue Date.

 

“Interest Coverage Ratio” means,
as of any date of determination, the ratio of (i) the aggregate amount of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries
for the period of four Fiscal Quarters ending on or most recently ended prior to such date to (ii) Consolidated Interest Expense of the
Issuer and its Restricted Subsidiaries for such period; provided, however, for purposes of calculating the Interest Coverage
Ratio, Consolidated Interest Expense related to any amortization of deferred financing costs and original issue discount shall be excluded.

 

“Interest Rate Agreement” means
any interest rate swap agreement (whether from fixed to floating or from floating to fixed), interest rate cap agreement or interest rate
collar agreement and any other agreement or arrangement designed to manage interest rates or interest rate risk.

 

    19

    

    

 

“Investment” means any (i)
direct or indirect advance, loan or other extension of credit to another Person (including without limitation by way of Guarantee or
similar arrangement, but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP,
recorded as accounts receivable on the consolidated balance sheet of the Issuer and the Restricted Subsidiaries, and residual
liabilities with respect to assigned leaseholds incurred in the ordinary course of business), (ii) capital contribution to another
Person (by means of any transfer of cash or other property (tangible or intangible) to such Person or any payment for property or
services solely for the account or use of such Person, or otherwise), or (iii) purchase or acquisition of Equity Interests, bonds,
notes, debentures or other similar instruments issued by another Person, and will include:

 

(1)              
the designation of a Restricted Subsidiary as an Unrestricted Subsidiary; and

 

(2)              
the Fair Market Value of the Equity Interests (and any other Investment), held by the Issuer or any of the Restricted Subsidiaries
of (or in) any Person that has ceased to be a Restricted Subsidiary;

 

provided that the Fair Market Value of the Investment remaining
in any Person that has ceased to be a Restricted Subsidiary will be deemed not to exceed the aggregate amount of Investments previously
made in such Person valued at the time such Investments were made, less the net reduction of such Investments. For purposes of the definition
of “Unrestricted Subsidiary” and Section 4.06 hereof:

 

(A)            
“Investment” will include the portion (proportional to the Issuer’s Equity Interest in such Subsidiary)
of the Fair Market Value of the assets (net of liabilities) of any Restricted Subsidiary at the time such Restricted Subsidiary is designated
an Unrestricted Subsidiary;

 

(B)             
the Fair Market Value of the assets (net of liabilities) of any Unrestricted Subsidiary at the time that such Unrestricted
Subsidiary is designated a Restricted Subsidiary will be considered a reduction in outstanding Investments; and

 

(C)             
any property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such
transfer.

 

“Investment Grade” means a rating
equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P or Fitch.

 

“Issue Date” means the date
the Initial Notes are originally issued.

 

“Issuer” means RLJ Lodging Trust,
L.P., a Delaware limited partnership, and any and all permitted successors and assigns thereto.

 

“Joint Venture” means any Person,
other than a Subsidiary of the Issuer, in which the Issuer or a Restricted Subsidiary holds or acquires an ownership interest (whether
by way of Capital Stock, partnership or limited liability company interest, or other evidence of ownership).

 

“Lien” means any mortgage, deed
of trust, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other
title retention agreement or lease in the nature thereof).

 

    20

    

    

 

“Limited Condition Transaction”
means any acquisition or other Investment permitted under this Indenture and any related incurrence of Indebtedness by the Issuer or any
Restricted Subsidiary whose consummation is not conditioned on the availability of, or on obtaining, third-party financing.

 

“Management Agreement” means
any agreement entered into by the Parent, the Issuer or any of its Restricted Subsidiaries under which it engages a Person to advise it
with respect to the management of a given Property or Properties and/or to manage a given Property or Properties (including any associated
owner’s agreement).

 

“Moody’s” means Moody’s
Investors Service, Inc. and its successors.

 

“Net Cash Proceeds” means, with
respect to any Asset Sale, the proceeds received by the Issuer or any Restricted Subsidiary as a result of such Asset Sale in the form
of cash or Cash Equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal,
but not interest, component thereof) when received in the form of cash or Cash Equivalents and proceeds from the conversion of other property
received when converted to cash or Cash Equivalents, without duplication, net of:

 

(i) brokerage commissions and other fees
and expenses (including fees and expenses of counsel, accountants and investment bankers and title and recording and transfer taxes) related
to such Asset Sale;

 

(ii) provisions for all taxes actually
paid or payable as a result of such Asset Sale by any Parent Entity, any REIT Entity, the Issuer and the Restricted Subsidiaries, taken
as a whole, as reasonably determined by the Parent (and taking into account whether any such sale qualifies for non-recognition treatment
under Section 1031 of the Code and further taking into account any distributions contemplated by clause (iii) below), including
(without duplication) taxes that would have been payable as a result of such Asset Sale by any Parent Entity, any REIT Entity, the Issuer
and the Restricted Subsidiaries if all Parent Entities, all REIT Entities, the Issuer and each Restricted Subsidiary in which the Issuer
owns less than 100% of the interests were taxable as a corporation or as a REIT for federal, state and local income tax purposes, whichever
is greater, and, in each case, without taking into account any deductions, credits or other tax attributes that are not related to such
Asset Sale, and at the highest rate that would be applicable to such entity at such time;

 

(iii) distributions to any REIT Entity,
in an amount not to exceed the reasonably estimated net capital gain recognized by such REIT Entity as a result of such Asset Sale, in
order for such REIT Entity to pay a capital gain dividend within the meaning of Section 857(b)(3)(B) of the Code in respect of such Asset
Sale;

 

(iv) all payments made to repay Indebtedness
outstanding at the time of such Asset Sale that either (A) is secured by any assets subject to such Asset Sale, in accordance with the
terms of any Lien upon such assets or (B) is required, by its terms or by applicable law, to be repaid out of the proceeds from such Asset
Sale;

 

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(v) all distributions and other payments
required to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset Sale;

 

(vi) any portion of the purchase price
from such Asset Sale placed in escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect
of such Asset Sale or otherwise in connection with that Asset Sale; provided, however, that upon the termination of
that escrow, Net Cash Proceeds shall be increased by any portion of funds in the escrow that are released to the Issuer or any Restricted
Subsidiary;

 

(vii) amounts reserved by the Issuer and
the Restricted Subsidiaries against any liabilities associated with such Asset Sale, including without limitation, pension and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with
such Asset Sale, all as determined on a consolidated basis in conformity with GAAP; and

 

(viii) any payments required under Tax
Protection Agreements as a result of such Asset Sale.

 

“Non-Recourse Indebtedness”
means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment is contractually limited to
specific assets of such Person encumbered by a Lien securing such Indebtedness; provided, however, except with respect to
Indebtedness of any Subsidiary Guarantor, such Indebtedness may be recourse to the Person or Persons that own the assets encumbered by
the Lien securing such Indebtedness so long as (x) such Person or Persons do not own any assets that are not subject to such Lien (other
than assets customarily excluded from an all assets financing) and (y) in the event such Person or Persons directly or indirectly own
Equity Interests in any other Person, all assets of such Person or Persons (other than assets customarily excluded from an all assets
financing) are also encumbered by the Lien securing such financing.

 

“Note Guarantee” means a Guarantee
of the Notes by the Guarantors.

 

“Notes” has the meaning assigned
to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes
under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional
Notes.

 

“Notes Documents” means this
Indenture, the Notes, the Note Guarantees and the Security Documents.

 

“Notes Obligations” means
any obligation to pay any unpaid principal and interest on the Notes, and all other Obligations of the Issuer and any Guarantor or
other co-obligor under any Notes Document, whether direct or indirect, absolute or contingent, due or to become due, or now existing
or hereafter incurred, which may arise under, out of or in connection with, the Notes and the related Notes documentation, in each
case, whether on account of principal, interest, guarantee obligations, reimbursement obligations, fees, indemnities, costs,
expenses or otherwise (including, without limitation, interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Issuer or any Guarantor whether or not a claim for post-petition interest is allowed in such
proceedings and all fees and disbursements of counsel of the Trustee and the Collateral Agent that are required to be paid by the
Issuer or any Guarantor or co-obligor pursuant to the terms of this Indenture or other Notes Documents).

 

    22

    

    

 

“Notes Secured Parties” means
the Trustee, the Collateral Agent, each Holder and each other holder of, or obligee in respect of, any Notes Obligations outstanding at
such time.

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any
Indebtedness.

 

“Offer to Purchase” means an
offer by the Issuer to purchase Notes from the Holders commenced by delivering a notice to the Trustee and each Holder stating:

 

(1)              
the covenant pursuant to which the offer is being made and that all Notes validly tendered will be accepted for payment
on a pro rata basis;

 

(2)              
the purchase price and the date of purchase (which will be a Business Day no earlier than 30 days nor later than 60 days
from the date such notice is sent) (“Payment Date”);

 

(3)              
that any Note not tendered will continue to accrue interest pursuant to its terms;

 

(4)              
that, unless the Issuer defaults in the payment of the purchase price, any Note accepted for payment pursuant to the Offer
to Purchase will cease to accrue interest on and after the Payment Date;

 

(5)              
that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note,
together with the form entitled “Option of Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying
Agent at the address specified in the notice or, in the case of a Note in global form registered in the name of the Depositary or its
nominee, in accordance with the Depositary’s Applicable Procedures, in each case prior to the close of business on the Business
Day immediately preceding the Payment Date;

 

(6)              
that Holders will be entitled to withdraw their election (in the case of Notes in global form registered in the name of
the Depositary or its nominee in accordance with the Depositary’s Applicable Procedures), so long as such withdrawal is effected
prior to the close of business on the third Business Day immediately preceding the Payment Date, or if the Paying Agent receives, not
later than the close of business on the third Business Day immediately preceding the Payment Date, a facsimile, PDF or other electronic
transmission or letter or an instruction to the Depositary, as applicable, setting forth the name of such Holder, the principal amount
of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; and

 

(7)               that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered; provided that each Note purchased and each new Note issued will be in a principal amount of
$2,000 and any higher integral multiple of $1,000 thereof.

 

    23

    

    

 

“Offering Memorandum” means
the final offering memorandum dated June 10, 2021 relating to the offering of the Initial Notes by the Issuer.

 

“Officer” means, with respect
to any Person, (a) the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Accounting
Officer, the Treasurer, any Assistant Treasurer, the Controller, the General Counsel, the Secretary, or the Assistant Secretary of such
Person, or (b) if such Person is a limited or general partnership or limited liability company, the persons holding the positions set
forth in clause (a) of such Person or any direct or indirect general partner or managing member of such Person, as the case may be.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer of the Issuer that meets the requirements of Section 13.04 hereof.

 

“OP Units” means units of limited
partnership of the Issuer.

 

“Opinion of Counsel” means an
opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 13.04 hereof. The
counsel may be an employee of or counsel to the Issuer, any Parent Entity or any Subsidiary of the Issuer.

 

“Overdraft Line” means Indebtedness
with respect to overdraft protections (including, but not limited to, intraday, ACH and purchasing card/T&E services), established
for any of the Issuer and its Restricted Subsidiaries’ ordinary course of operations, which Indebtedness may be secured.

 

“Ownership Share” means, with
respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Joint Venture of a Person, the greater of (a) such
Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Joint Venture
or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Joint
Venture determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation,
articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary
or Joint Venture.

 

“Parent” means RLJ Lodging Trust,
a Maryland real estate investment trust, and any and all permitted successors and assigns thereto.

 

“Parent Entity” means the Parent
and any other direct or indirect parent of the Issuer.

 

“Pari Passu Pledge Agreement”
means that certain Pledge and Security Agreement, dated as of August 19, 2020, by and among the Issuer and certain of its Subsidiaries
from time to time party thereto in favor of the Collateral Agent, for the benefit of the Collateral Agent and the other Pari Passu Secured
Parties, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

    24

    

    

 

 

“Pari Passu Obligations” means,
collectively, (i) the Existing Credit Agreement Obligations, (ii) the Notes Obligations and (iii) each other series of Additional Pari
Passu Obligations.

 

“Pari Passu Secured Parties”
means (i) the Existing Credit Agreement Secured Parties, (ii) the Notes Secured Parties and (iii) any other Additional Pari Passu Secured
Parties.

 

“Pari Passu Security Documents”
means the Pari Passu Pledge Agreement and any other agreement, document or instrument pursuant to which a Lien on the Collateral is granted
or purported to be granted to a collateral agent securing Pari Passu Obligations including any Additional Pari Passu Obligations or under
which rights or remedies with respect to such Liens are governed.

 

“Partnership Agreement” means
the Amended and Restated Agreement of Limited Partnership of the Issuer, dated as of May 13, 2011, as amended through the date hereof,
and as it may be amended from time to time.

 

“Participant” means, with respect
to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and,
with respect to DTC, shall include Euroclear and Clearstream).

 

“Payment Date” has the meaning
set forth in the definition of “Offer to Purchase.”

 

“Permitted Bond Hedge Transaction”
means any call or capped call option (or substantively equivalent derivative transaction) on a Parent Entity’s Common Stock purchased
by the Issuer in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for such Permitted
Bond Hedge Transaction, less the proceeds received by the Issuer from the sale of any related Permitted Warrant Transaction, does not
exceed the net proceeds received by the Issuer from the sale of such Convertible Indebtedness issued in connection with the Permitted
Bond Hedge Transaction.

 

“Permitted Convertible Indebtedness Call
Transaction” means any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction.

 

“Permitted Government Revenue Bond Indebtedness”
means revenue bonds issued by a state or local government or an agency, authority or other instrumentality thereof, the proceeds of which
are used to finance or refinance the acquisition, construction, equipping or improvement of facilities or property used in a Related
Business or public infrastructure improvements related thereto, and any deferred lease obligation of the Issuer or any of its Restricted
Subsidiaries relating thereto; provided, that (a) such revenue bonds are non-recourse to the Issuer and any of its Restricted Subsidiaries
(unless and to the extent the Issuer or a Restricted Subsidiary is the holder of such bonds), and (b) the principal of, interest on or
costs relating to such revenue bonds are payable solely from (i) proceeds of such bonds, (ii) all or an incremental portion of sales,
use, lodgers’, property and other generally applicable taxes (not including income taxes), whether generated by or levied on such
facilities or property or the activities and business conducted thereon or upon property located in a broader area, (iii) reserve funds
created with proceeds of such bonds or with revenues described in (ii), (iv) a general or “moral obligation” pledge of a
state or local government or agency, authority or other instrumentality thereof, or (v) if the Parent, the Issuer or a Restricted Subsidiary
is the holder of such bonds, payments made by the Issuer or a Restricted Subsidiary.

 

    25

    

    

 

“Permitted Investment” means:

 

(1)              
cash or Cash Equivalents;

 

(2)              
loans or advances to officers, directors and employees of the Issuer or its Restricted Subsidiaries (i) in the ordinary
course of business for travel, entertainment, relocation and analogous ordinary business purposes, (ii) in respect of payroll payments
and expenses in the ordinary course of business, (iii) in connection with such Person’s purchase of Equity Interests of the Issuer
(or its direct or indirect parent) solely to the extent that the amount of such loan and advances shall be contributed to the Issuer in
cash as common equity, and (iv) in connection with the payment of statutory minimum federal and state income tax obligations associated
with the vesting of shares of restricted common equity of the Issuer or the Parent issued under stock incentive plans;

 

(3)              
(i) Investments by the Issuer or any Subsidiary Guarantor in the Issuer or any Subsidiary Guarantor, as applicable, (ii)
Investments by Restricted Subsidiaries that are not Subsidiary Guarantors in other Restricted Subsidiaries that are not Subsidiary Guarantors,
(iii) Investments by the Issuer or any Subsidiary Guarantor in Restricted Subsidiaries that are not Subsidiary Guarantors, and (iv) Investments
by Restricted Subsidiaries that are not Subsidiary Guarantors in the Issuer or any Subsidiary Guarantor; provided, however,
that in each case of clauses (i) through (iv), such Investment does not result in the transfer of Collateral to a Person that is not a
Subsidiary Guarantor;

 

(4)              
(i) Investments consisting of extensions of credit in the nature of accounts receivable, notes receivable or other advances
(including letters of credit and cash collateral) arising from the grant of trade credit or similar arrangements with suppliers, distributors,
tenants, licensors or licensees in the ordinary course of business, (ii) Investments received in satisfaction or partial satisfaction
thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and (iii) Investments
in securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy
or insolvency of such trade creditors or customers or in settlement of delinquent or overdue accounts in the ordinary course of business;

 

(5)              
an Investment in any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for
collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business
by the Issuer or any Restricted Subsidiary;

 

(6)              
Guarantees of Indebtedness of the Issuer or a Restricted Subsidiary permitted to be Incurred by the Issuer or any of its
Restricted Subsidiaries pursuant to Section 4.08 hereof;

 

(7)              
Investments in any Person or Persons owning or leasing Income Properties and other Property ancillary or reasonably related
to such Income Properties (including, without duplication, Investments with respect to Indebtedness secured by any such Property);

 

    26

    

    

 

(8)              
Investments made substantially contemporaneously with the issuance by the Parent, the Issuer or any of its Restricted Subsidiaries
of any Convertible Indebtedness in derivative securities or similar products purchased by the Parent, the Issuer or any of its Restricted
Subsidiaries in connection therewith linked to Equity Interests underlying such Convertible Indebtedness;

 

(9)              
Investments the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer, or any Parent
Entity; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments
under Section 4.06(a)(4)(C) hereof;

 

(10)            
Investments in tenants and property managers in the ordinary course of business, to the extent the proceeds thereof are
used for tenant improvements;

 

(11)            
any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and
in compliance with Section 4.09 hereof or any disposition of assets or rights not constituting an Asset Sale by reason of one or
more of the exclusions contained in the definition thereof;

 

(12)            
an Investment in the Issuer, a Restricted Subsidiary or in a Person that will, upon the making of such Investment, become
a Restricted Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all its assets to the Issuer
or any of its Restricted Subsidiaries and any Investment of such Person that becomes a Restricted Subsidiary which existed at the time
such Person became a Restricted Subsidiary and was not created in anticipation or contemplation thereof;

 

(13)           
obligations of the Issuer or any of its Restricted Subsidiaries with respect to indemnifications of title insurance companies
issuing title insurance policies in relation to construction Liens;

 

(14)           
Investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary
course of business;

 

(15)           
Guarantees by the Issuer or any of its Restricted Subsidiaries of ground leases or operating leases (other than Finance
Leases) or of other obligations that do not constitute Indebtedness, in each case, entered into by the Issuer or any such Restricted Subsidiary;

 

(16)           
operating leases and subleases of any real or personal property in the ordinary course of business;

 

(17)           
Permitted Bond Hedge Transactions which constitute Investments and Investments in Swap Contracts permitted to be incurred
pursuant to Section 4.08(d)(6) hereof;

 

    27

    

    

 

(18)            
Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit
and UCC Article 4 customary trade arrangements with customers consistent with past practices;

 

(19)            
advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade
terms of the Issuer or any of its Restricted Subsidiaries or in the ordinary course of business;

 

(20)           
entering into Permitted Non-Recourse Guarantees (it being understood that any payments or other transfers made pursuant
to such Permitted Non-Recourse Guarantees will not be permitted by this clause (20));

 

(21)           
Investments in Joint Ventures and Unrestricted Subsidiaries from and after the Issue Date (i) so long as, immediately after
giving effect to any such Investment on a Pro Forma Basis, the ratio of consolidated Indebtedness of the Issuer and its Restricted Subsidiaries
to Consolidated EBITDA (calculated in accordance with Section 4.08(c)) would not exceed 5.50 to 1.00, or (ii) not in excess of the greater
of $180.0 million and 2.5% of Adjusted Total Assets at any time outstanding;

 

(22)           
any Investment (i) deemed to exist as a result of a Restricted Subsidiary that is not a Subsidiary Guarantor distributing
a note or other intercompany debt to a parent of such Subsidiary that is the Issuer or a Subsidiary Guarantor (to the extent there is
no cash consideration or services rendered for such note), (ii) consisting of intercompany current liabilities in connection with the
cash management, tax and accounting operations of the Issuer or any of its Restricted Subsidiaries or (iii) consisting of intercompany
loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any roll-overs or extensions of terms) and made in
the ordinary course of business;

 

(23)           
Investments consisting of (i) loans and other extensions of credit to contractors in the ordinary course of business in
order to facilitate the purchase of machinery and tools by such contractors or (ii) loans and other extensions of credit to owners and
lessors of Property so long as the proceeds thereof are used to develop such Property and such Property is intended to be acquired by
the Issuer or its Restricted Subsidiaries (or the Issuer or its Restricted Subsidiaries has entered into a binding agreement to acquire
such property);

 

(24)           
Investments consisting of the ownership interest in, or the transfer of (whether by a contribution or otherwise) undeveloped
land to, an Unrestricted Subsidiary or Joint Venture formed for the purpose of developing such undeveloped land in an amount invested
from and after the Issue Date not to exceed the greater of $180.0 million and 2.5% of Adjusted Total Assets in the aggregate at any time
outstanding;

 

(25)           
any Investment of the Issuer or any of its Restricted Subsidiaries existing on, or made pursuant to binding commitments
existing on, the Issue Date, including, without limitation, in connection with Joint Venture agreements existing on the Issue Date, and
any extension, modification or renewal of any such Investments, but only to the extent such extension, modification or renewal does not
involve additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result
of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities), in each case, pursuant
to the terms of such Investment, or commitment, as in effect on the Issue Date;

 

    28

    

    

 

(26)           
any Investment in secured notes, collateralized mortgage obligations, commercial mortgage-backed securities, other secured
debt securities, secured debt derivative or other secured debt instruments, so long as such Investment relates directly or indirectly
to any Related Businesses or businesses attached or appurtenant thereto, in an amount invested from and after the Issue Date not to exceed
the greater of $100.0 million and 1.5% of Adjusted Total Assets in the aggregate at any time outstanding, provided that such Investments,
together with Permitted Investments made in reliance on clause (27) below, shall not exceed the greater of $300.0 million and 4.0% of
Adjusted Total Assets in the aggregate at any one time outstanding; provided further, that in the event such Investment is made
in secured notes, collateralized mortgage obligations, commercial mortgage-backed securities, other secured debt securities, secured debt
derivative or other secured debt instruments of any Affiliate of the Issuer or its Restricted Subsidiary, the Issuer or such Restricted
Subsidiary shall not consent to any amendment, modification, waiver, consent or other action with respect to any of the terms of such
instruments or otherwise act on any matter related to any such instrument in its capacity as a creditor;

 

(27)           
Investments in mortgage loans secured by a first priority senior mortgage, deed of trust, deed to secure debt or similar
real property security instrument granted to the Issuer or a Subsidiary Guarantor (i) encumbering real estate and improvements thereon
and (ii) upon which no other lien exists except for liens for unpaid taxes, assessments and the like, not yet due and payable and liens
on equipment and the like owned or leased by the mortgagor, consisting of purchase money liens or liens on capital leases, in an amount,
together with Permitted Investments made in reliance on clause (26) above, not to exceed the greater of $300.0 million and 4.0% of Adjusted
Total Assets in the aggregate at any one time outstanding;

 

(28)           
Investments arising as a result of a Sale and Leaseback Transaction; and

 

(29)           
other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken with all other Investments made pursuant to this clause (29) from
and after the Issue Date at any time outstanding does not exceed the greater of $300.0 million and an amount equal to 5.0% of Adjusted
Total Assets as of the date any such Investment is made.

 

“Permitted Liens” means:

 

(1)              
Liens securing (a) Indebtedness and other Obligations incurred under Section 4.08(b) or (b) Indebtedness Incurred under
Section 4.08(d)(1); provided that, with respect to this clause (b), (i) all payments due under this Indenture and the Notes are
secured on an equal and ratable basis with the Indebtedness and other Obligations so secured until such time as such Obligations are
no longer secured by a Lien and (ii) such Indebtedness or other obligations are designated as “Credit Agreement Debt” or
“Additional Pari Passu Obligations” under the Intercreditor Agreement, and the applicable Pari Passu Secured Parties or Additional
Pari Passu Secured Parties are or become party to the Intercreditor Agreement;

 

    29

    

    

 

(2)              
inchoate Liens incident to construction on or maintenance of Property; or Liens incident to construction on or maintenance
of Property now or hereafter filed or recorded for which adequate reserves have been established in accordance with GAAP (or deposits
made pursuant to applicable law or bonds obtained from reputable insurance companies) and which are being contested in good faith by appropriate
proceedings and have not proceeded to judgment; provided that, by reason of nonpayment of the obligations secured by such
Liens, no such Property is subject to a material risk of loss or forfeiture;

 

(3)              
Liens for taxes and assessments on Property which are not yet past due; or Liens for taxes and assessments on Property that
are being contested in good faith by appropriate proceedings and have not proceeded to judgment, and for which adequate reserves have
been set aside to the extent required by GAAP;

 

(4)              
Liens with respect to minor defects and irregularities in title to any Property, which individually or in the aggregate
do not materially impair or burden the Fair Market Value or use of the subject Property for the purposes for which it is or may reasonably
be expected to be held;

 

(5)              
easements, exceptions, reservations, condominium documents or other agreements or documents for the purpose of pipelines,
conduits, cables, wire communication lines, power lines and substations, streets, trails, walkways, traffic signals, drainage, irrigation,
water, electricity and sewerage purposes, dikes, canals, ditches, the removal of oil, gas, coal, or other minerals, and other like purposes
affecting Property, facilities, or equipment which individually or in the aggregate do not materially burden or impair the Fair Market
Value or use of such Property for the purposes for which it is or may reasonably be expected to be held;

 

(6)              
easements, exceptions, reservations, condominium documents or other agreements or documents for the purpose of facilitating
the joint or common use of Property in or adjacent to a neighboring development, timeshare or residential property, shopping center, office
building, utility company, public facility or other projects affecting Property which individually or in the aggregate do not materially
burden or impair the Fair Market Value or use of such Property for the purposes for which it is or may reasonably
be expected to be held;

 

(7)              
rights reserved to or vested in any Governmental Authority to control or regulate, or obligations or duties to any Governmental
Authority with respect to, the use or development of any Property or any right, power, franchise, grant, license, or permit;

 

    30

    

    

 

(8)              present
or future zoning laws and ordinances or other laws and ordinances restricting the occupancy, use, or enjoyment of Property;

 

(9)              statutory
Liens, other than those described in clause (2) or (3) hereof, arising in the ordinary course of business with respect to obligations
which are not delinquent or are being contested in good faith; provided that, if delinquent, adequate reserves have been
set aside with respect thereto and, by reason of nonpayment, no Property is subject to a material risk of loss or forfeiture;

 

(10)          
covenants, conditions, and restrictions affecting the use of Property which individually or in the aggregate do not materially
impair or burden the Fair Market Value or use of the Property for the purposes for which it is or may reasonably be expected to be held;

 

(11)          
rights of tenants and landlords under leases (including ground leases) and rental agreements covering Property, managers
under Management Agreements and franchisors under Franchise Agreements;

 

(12)          
Liens consisting of pledges or deposits to secure obligations under workers’ compensation laws, unemployment insurance
and other social security laws or similar legislation, including Liens of judgments thereunder which are not currently dischargeable;

 

(13)          
rights of (i) other condominium owners or associations arising under condominium documents or (ii) timeshare owners or associations
where a Property has a timeshare component;

 

(14)          
Liens consisting of pledges or deposits of Property to secure performance in connection with operating leases made in the
ordinary course of business to which the Issuer or a Restricted Subsidiary is a party as lessee;

 

(15)          
Liens consisting of deposits of Property to secure bids made with respect to, or performance of, contracts (other than contracts
creating or evidencing an extension of credit to the depositor);

 

(16)          
Liens (i) consisting of any right of offset, or statutory bankers’ lien, on bank deposit accounts maintained in the
ordinary course of business so long as such bank deposit accounts are not established or maintained for the purpose of providing such
right of offset or bankers’ lien, (ii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attached
to brokerage accounts in the ordinary course of business and not for speculative purposes or (iii) constituting or otherwise securing
obligations owing under any treasury, depository, overdraft or other Cash Management Agreements, cash pooling agreements with hotel management
companies or other arrangements;

 

(17)          
Liens consisting of deposits of Property and other Liens to secure the performance of bids, trade contracts (other than
for Indebtedness), leases (other than Finance Leases), statutory obligations, surety and appeal bonds, performance and return of money
bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of a like nature (including
letters of credit in lieu of any such bonds or to support the issuance thereof) incurred in the ordinary course of business;

 

    31

    

    

 

(18)          
Liens consisting of deposits of Property to secure (or in lieu of) surety, appeal or customs bonds in proceedings to which
the Issuer or a Restricted Subsidiary is a party, and any other 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;

 

(19)          
Liens created by or resulting from any litigation or legal proceeding involving the Issuer or a Restricted Subsidiary which
is currently being contested in good faith by appropriate proceedings; provided that adequate reserves have been set aside
by the Issuer or relevant Restricted Subsidiary and no material Property is subject to a material risk of loss or forfeiture;

 

(20)          
non-consensual Liens not incurred in connection with an extension of credit, that do not in the aggregate, when taken together
with all other Liens, materially impair the value or use of the Property of the Issuer and its Restricted Subsidiaries, taken as a whole;

 

(21)          
Liens arising under laws involving the sale, distribution and possession of alcoholic beverages;

 

(22)          
Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

(23)          
Liens arising from precautionary UCC financing statements filings regarding operating leases or consignment of goods entered
into in the ordinary course of business;

 

(24)          
Liens on cash, Cash Equivalents or other property deposited to discharge, redeem or defease Indebtedness;

 

(25)          
(i) Liens pursuant to operating leases, licenses or similar arrangements entered into for the purpose of, or with respect
to, operating or managing hotels, nightclubs, restaurants and other assets used or useful in the business of the Issuer or its Restricted
Subsidiaries, which Liens, operating leases, licenses or similar arrangements are limited to the leased property under the applicable
lease and granted to the landlord under such lease for the purpose of securing the obligations of the tenant under such lease to such
landlord and (ii) Liens on cash and Cash Equivalents (and on the related escrow accounts or similar accounts, if any) required to be paid
to the lessors (or lenders to such lessors) under such leases, licenses or similar arrangements or maintained in an escrow account or
similar account pending application of such proceeds in accordance with the applicable lease, license or similar arrangement;

 

    32

    

    

 

(26)          
 licenses or sublicenses, leases or subleases granted to Persons other than the Issuer or its Restricted Subsidiaries not
materially interfering with the conduct of the business of the Issuer or any of its Restricted Subsidiaries, taken as a whole; provided
that such licenses, leases or subleases are in the ordinary course of business of the Issuer or its Restricted Subsidiaries;

 

(27)          
Liens arising from grants of licenses or sublicenses of Intellectual Property made in the ordinary course of business;

 

(28)          
Liens consisting of any condemnation or eminent domain proceeding or compulsory purchase order affecting Real Property;

 

(29)          
any interest or title of a lessor, sublessor, licensee or licensor under any lease or license agreement in existence on
the Issue Date or that is permitted to be incurred pursuant to this Indenture;

 

(30)          
Acceptable Land Use Arrangements, including Liens related thereto;

 

(31)          
Liens for landlord financings (and Refinancings thereof) secured by the fee estate of any ground lease;

 

(32)          
Liens in favor of the Issuer or any Restricted Subsidiary;

 

(33)          
To the extent constituting a Lien, any Permitted Transfer Restrictions and any Permitted Sale Restrictions;

 

(34)          
Liens on any assets (including real or personal property) of the Issuer and any of its Restricted Subsidiaries securing
Indebtedness and other Obligations under Secured Cash Management Agreements, Secured Hedge Agreements and any Overdraft Line;

 

(35)          
Liens existing on the Issue Date and Liens relating to any Refinancing of the Obligations secured by such Liens; provided,
that with respect to a Refinancing of the Obligations under the Credit Facilities incurred pursuant to Section 4.08(d)(1), that such Liens
do not encumber any assets or property (including proceeds thereof) that were not subject to a Lien securing such Obligations on the Issue
Date;

 

(36)          
purchase money Liens securing Indebtedness and Finance Leases permitted under Section 4.08(d)(8); provided,
that any such Liens attach only to the property being financed pursuant to such purchase money Indebtedness or Finance Leases (or Refinancings
thereof) and directly related assets, including proceeds and replacements thereof;

 

(37)          
Liens granted on the Equity Interests in any Joint Venture or non-Wholly- Owned Subsidiary relating to rights of first refusal,
rights of first offer, “tag-along” and “drag-along” rights, transfer restrictions and put and call arrangements
with respect to the Equity Interests of any Joint Venture pursuant to any Joint Venture or similar agreement;

 

    33

    

    

 

(38)          
 Liens in respect of Sale and Leaseback Transactions, in each case limited to the Property subject to such Sale and Leaseback
Transaction;

 

(39)          
Liens Incurred from and after the Issue Date with respect to Indebtedness outstanding in an aggregate principal amount not
to exceed the greater of $600.0 million and an amount equal to 8.0% of Adjusted Total Assets at any one time outstanding;

 

(40)          
Liens on property that the Issuer or its Restricted Subsidiaries are insured against by title insurance; provided
that such Lien would not reasonably be expected to impair the ability to place mortgage financing on the Real Property encumbered by such
Lien, which mortgage financing includes title insurance coverage against such Lien;

 

(41)          
Liens on (x) Property acquired by the Issuer or any of its Restricted Subsidiaries after the Issue Date that are in place
at the time such Property is so acquired and are not created (but may have been amended) in contemplation of such acquisition and do not
extend to any Property other than the Property so acquired or (y) Property of Persons that are acquired by or merged or consolidated with
or into the Issuer or any of its Restricted Subsidiaries after the Issue Date that are in place at the time such Person is so acquired,
merged or consolidated and are not created in contemplation of such acquisition and do not extend to any Property other than those of
the Person acquired;

 

(42)          
Liens securing assessments or charges payable to a property owner association, condominium association or similar entity,
which assessments are not yet due and payable or are being contested in good faith by appropriate proceedings diligently conducted, and
for which adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

 

(43)          
Liens in connection with a forward or reverse Section 1031 exchange arrangement;

 

(44)          
Pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations
in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance;

 

(45)          
Liens securing obligations in respect of trade-related letters of credit, bank guarantees or similar obligations and covering
the property (or the documents of title in respect of such property) financed by such letters of credit, bank guarantees or similar obligations
and the proceeds and products thereof;

 

(46)          
Liens solely on any cash earnest money deposits made by the Issuer or any of its Subsidiaries in connection with any letter
of intent or purchase agreement in respect of any Permitted Investment;

 

(47)          
Liens with respect to property or assets of any non-Guarantor Subsidiary securing Indebtedness and obligations of a non-Guarantor
Subsidiary permitted under Section 4.08 hereof;

 

    34

    

    

 

(48)          
 Liens on any amounts held by a trustee (i) under any indenture or other debt agreement issued in escrow pursuant to customary
escrow arrangements pending the release thereof, or under any indenture or other debt agreement pursuant to customary discharge, redemption
or defeasance provisions, and (ii) in the funds and accounts under an indenture or other debt agreement securing any revenue bonds issued
for the benefit of the Issuer or its Restricted Subsidiaries;

 

(49)          
Liens on the Capital Stock of Unrestricted Subsidiaries securing Indebtedness of such Unrestricted Subsidiaries;

 

(50)          
Liens on Capital Stock in Joint Ventures or non-Wholly Owned Subsidiaries (i) securing capital contributions to or obligations
of such Joint Ventures or (ii) pursuant to the relevant Joint Venture or non-Wholly Owned Subsidiaries agreement or arrangement or similar
agreement;

 

(51)          
Liens on securities constituting time deposit accounts, certificates of deposit and money market deposits maturing within
180 days of the date of acquisition thereof issued by a bank or trust company that is organized under the laws of the United States, any
State thereof or any foreign country recognized by the United States having capital, surplus and undivided profits in excess of $250.0
million and whose long-term debt, or whose parent holding company’s long-term debt, is rated A (or such similar equivalent rating
or higher by at least one nationally recognized statistical rating organization as defined in Section 3(a)(62) of the Exchange Act) that
are the subject of repurchase agreements;

 

(52)          
Liens on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter of credit,
bank guarantee or bankers’ acceptance issued or created for the account of the Issuer or any Subsidiaries in the ordinary course
of business; provided that such Lien secures only the obligations of the Issuer or such Subsidiaries in respect of such letter
of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 4.08 hereof;

 

(53)          
in the case of Real Property that constitutes a leasehold interest, any Lien (i) to which the fee simple interest (or any
superior leasehold interest) is subject or (ii) constituting the existence and/or terms of the applicable lease and/or the rights of the
lessor therein;

 

(54)          
Liens securing Indebtedness or other obligations (i) of the Issuer or any of its Restricted Subsidiaries in favor of the
Issuer or any Subsidiary Guarantor and (ii) of any Restricted Subsidiary that is a non-Subsidiary Guarantor in favor of any Restricted
Subsidiary that is a non-Subsidiary Guarantor;

 

(55)          
Liens securing insurance premiums financing arrangements; provided, that such Liens are limited to the applicable
unearned insurance premiums and proceeds thereof;

 

(56)          
Liens securing Swap Contracts;

 

    35

    

    

 

(57)          
 mechanics’, carriers’, workers’, repairers’, and similar statutory or common law Liens arising
or incurred in the ordinary course of business, in each case for amounts which are not overdue by more than 60 days or that are being
contested in good faith by appropriate proceedings and in respect of which, if applicable, the Issuer or any Subsidiary shall have set
aside on its books reserves in accordance with GAAP;

 

(58)          
the filing of a reversion, subdivision or final map(s), record(s) of survey and/or amendments to any of the foregoing over
Real Property held by the Issuer or any of its Subsidiaries designed (A) to merge one or more of the separate parcels thereof together
so long as (i) the entirety of each such parcel shall be owned by the Issuer or any of its Subsidiaries and (ii) the gross acreage and
footprint of the Real Property remains unaffected in any material respect or (B) to separate one or more of the parcels thereof together
so long as (i) the entirety of each resulting parcel shall be owned by the Issuer or any of its Subsidiaries and (ii) the gross acreage
and footprint of the Real Property remains unaffected in any material respect;

 

(59)          
Liens Incurred from and after the Issue Date to secure obligations in respect of letters of credit (to the extent such letter
of credit is cash collateralized or backstopped by another letter of credit) in an aggregate amount not to exceed $25.0 million at any
one time outstanding;

 

(60)          
Liens securing Indebtedness secured by a Permitted Lien (other than a Permitted Lien described in clause (36) above) that
is Refinanced; provided that such new Lien shall be limited to all or part of the same assets or type of property that secured
the original Lien (plus improvements on and accessions to such property, proceeds and products thereof, customary security deposits and
any other assets pursuant to after-acquired property clauses and, in the case of multiple financings of equipment provided by any lender,
other equipment financed by such lender, to the extent such assets secured (or would have secured) the Indebtedness being Refinanced);

 

(61)          
Liens constituting any ground lease or hotel lease in existence on the Issue Date or permitted to be entered into by this
Indenture (in each base as may be amended and/or replaced);

 

(62)          
Liens related to Permitted Government Revenue Bond Indebtedness and the implementation of related or similar governmental
tax or economic incentive programs;

 

(63)          
judgment and attachment Liens in respect of judgments and attachments not constituting an Event of Default;

 

(64)          
Liens created by or resulting from agreements in the ordinary course of business relating to hotel properties and not securing
Indebtedness;

 

(65)          
Liens securing any COVID-19 Relief Funds;

 

    36

    

    

 

(66)          
 Liens on cash or property held directly or indirectly by a “qualified intermediary” or “exchange accommodation
titleholder” during the pendency of a Section 1031 exchange of assets; and

 

(67)          
(x) Liens securing Indebtedness Incurred under Section 4.08(d)(14); provided that such Liens shall be limited to a pledge
of the Issuer’s or such Restricted Subsidiary’s Equity Interest in the Joint Venture or Unrestricted Subsidiary incurring
the Indebtedness secured by such Lien and (y) Liens securing Qualified Non-Recourse Debt and/or Project Financing permitted under Section
4.08(d)(24).

 

“Permitted Non-Recourse Guarantees”
means customary indemnities or limited contingent guarantees (including by means of separate indemnification agreements or carve-out guarantees)
provided in the ordinary course of business by the Issuer or any of its Restricted Subsidiaries in financing transactions that are directly
or indirectly secured by Real Property or other Real Property-related assets (including Equity Interests) of a Restricted Subsidiary,
Joint Venture or Unrestricted Subsidiary and that may be full recourse or non-recourse to the Restricted Subsidiary, Joint Venture or
Unrestricted Subsidiary that is the borrower in such financing, but is non-recourse to the Issuer or any of its other Restricted Subsidiaries
except for such indemnities and limited contingent guarantees as are consistent with customary industry practice (such as for
fraud, unlawful acts, misapplication of funds, environmental indemnities, prohibited transfers, failure to pay taxes, voluntary
bankruptcy, collusive involuntary bankruptcy, failure to comply with special purpose entity covenants, failure to maintain insurance,
insurance deductibles, ERISA liabilities, recourse triggers based on violation of transfer restrictions and other customary exceptions
to non-recourse liability).

 

“Permitted Sale Restrictions”
means, with respect to any real estate asset (including without limitation any property on which there is located an operating hotel),
obligations, encumbrances or restrictions contained in any sale agreement for such real estate asset restricting the creation of Liens
on, or the sale, transfer or other disposition of, Equity Interests or property that is subject to such sale agreement pending such sale;
provided that the encumbrances and restrictions apply only to the Subsidiary or assets that are subject to such sale agreement.

 

“Permitted Tax Payments” means,
with respect to any fiscal year, any distributions to holders of Equity Interests of the Issuer or a Restricted Subsidiary in which the
Issuer owns less than 100% of the equity interests, sufficient to provide the Parent, any other Parent Entity or any REIT Subsidiary with
a distribution equal to the amount of federal, state and local taxes, as reasonably determined by the Parent, that have been actually
paid or are payable by the Parent, such Parent Entity or such REIT Subsidiary (taking into account any distributions paid or contemplated
by the Parent, such Parent Entity or such REIT Subsidiary).

 

“Permitted Transfer Restrictions”
means (a) restrictions on transfer, mortgage liens, pledges and changes in beneficial ownership arising under Management Agreements,
Franchise Agreements, owner agreements and ground leases and governing agreements for Joint Ventures and non-Wholly Owned Subsidiaries
(including in connection with any acquisition or development of any applicable real estate asset, without regard to the transaction value),
including rights of first offer or refusal arising under such agreements and leases, and (b) obligations, encumbrances or restrictions
contained in agreements with limited partners or members of the Issuer, any Restricted Subsidiary or any Joint Venture imposing obligations
in respect of contingent obligations to make any tax “make whole” or similar payment arising out of the sale or other transfer
of assets reasonably related to such limited partners’ or members’ interest in the Issuer, such Restricted Subsidiary or
such Joint Venture pursuant to “tax protection” or other similar agreements.

 

    37

    

    

 

“Permitted Warrant Transaction”
means any call option, warrant or right to purchase (or substantively equivalent derivative transaction) on a Parent Entity’s Common
Stock sold by the Issuer substantially concurrently with any purchase by the Issuer of a related Permitted Bond Hedge Transaction.

 

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

 

“Preferred Stock” means, with
respect to any Person, any and all shares, interests, participation or other equivalents (however designated, whether voting or non-voting)
that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including preferred partnership
interests, whether general or limited, or such Person’s preferred or preference stock, whether outstanding on the Issue Date or
issued thereafter, including, without limitation, all series and classes of such preferred or preference stock.

 

“Private Placement Legend” means
the legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted
by the provisions of this Indenture.

 

“Pro Forma” or “Pro
Forma Basis” means that the following adjustments have been made:

 

(1)              
if the specified Person or any of its Restricted Subsidiaries Incurs, assumes, Guarantees, repays, repurchases, redeems,
defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems Preferred
Stock during the period commencing on the first day of the specified period and ending on (and including) the Transaction Date, then the
Consolidated Interest Expense will be calculated giving Pro Forma effect (determined in good faith by the Issuer) to such Incurrence,
assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase
or redemption of Preferred Stock, and the use of proceeds therefrom, as if the same had occurred at the beginning of such period;

 

(2)              
Asset Sales and Asset Acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including
through mergers or consolidations, or by any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of
its Restricted Subsidiaries, and including all related financing transactions and including increases in ownership of Restricted Subsidiaries
during the period commencing on the first day of the specified period and ending on (and including) the Transaction Date, will be given
Pro Forma effect (including giving Pro Forma effect to the receipt and application of the proceeds of any Asset Sale) (determined in
good faith by the Issuer) as if they had occurred and such proceeds had been applied on the first day of such specified period; provided
that for purposes of calculating any ratio or determining compliance with covenants in Article 4 or Section 5.01 hereof, including
Investments or acquisitions (and the incurrence or repayment of any Indebtedness in connection therewith) that have been made (i) during
the applicable Test Period and (ii) subsequent to such Test Period and prior to or simultaneously with the event for which the calculation
of any such ratio is made shall be calculated on a Pro Forma Basis assuming that all such Investments or acquisitions (and any increase
or decrease in net income (loss), Consolidated EBITDA or Adjusted Total Assets and the component financial definitions used therein attributable
to such transaction) had occurred on the first day of the applicable Test Period;

 

    38

    

    

 

(3)              
Consolidated EBITDA will be adjusted to give effect to all Pro Forma Cost Savings;

 

(4)              
the Consolidated EBITDA and net income (loss) attributable to discontinued operations, as determined in accordance with
GAAP, and operations or businesses (and ownership interests therein) disposed of on or prior to the Transaction Date, will be excluded;

 

(5)              
the Consolidated Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, and operations
or businesses (and ownership interests therein) disposed of on or prior to the Transaction Date, will be excluded, but only to the extent
that the obligations giving rise to such Consolidated Interest Expense will not be obligations of the specified Person or any of its Restricted
Subsidiaries following the Transaction Date;

 

(6)              
any Person that is or will become a Restricted Subsidiary on the Transaction Date will be deemed to have been a Restricted
Subsidiary at all times during the specified period;

 

(7)              
any Person that is not, or will cease to be, a Restricted Subsidiary on the Transaction Date will be deemed not to have
been a Restricted Subsidiary at any time during the specified period;

 

(8)              
a 1031 Property held by an intermediary during the pendency of a reverse 1031 exchange shall be deemed to be held by a Restricted
Subsidiary for purposes of financial calculations under this Indenture; and

 

(9)              
if any Indebtedness (other than ordinary working capital borrowings) bears a floating rate of interest, the interest expense
on such Indebtedness will be calculated as if the rate in effect on the Transaction Date had been the applicable rate for the entire specified
period (taking into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as
at the Transaction Date in excess of 12 months).

 

    39

    

    

 

 

“Pro Forma Cost Savings” means,
with respect to any period, the reduction in net costs and expenses that:

 

(1)              
were directly attributable to an Asset Sale, Asset Acquisition, Investment, merger, consolidation or discontinued operation
that occurred during the period or after the end of the period and on or prior to the Transaction Date and that (a) would properly
be reflected in a pro forma income statement prepared in accordance with Regulation S-X under the Securities Act or (b) the
Issuer reasonably determines in good faith will actually be realized within 18 months of the Transaction Date; or

 

(2)              
were actually implemented on or prior to the Transaction Date in connection with or as a result of an Asset Sale, Asset
Acquisition, Investment, merger, consolidation or discontinued operation and that are supportable and quantifiable by the underlying accounting
records.

 

“Project Financing” means (i)
any Finance Lease Obligation, mortgage financing, purchase money Indebtedness or other similar Indebtedness incurred to finance the acquisition,
lease, construction, repair, replacement, or improvement of any undeveloped land or any Refinancing of such Indebtedness and (ii) any
Sale and Leaseback Transaction of any undeveloped land.

 

“Property” means any right,
title or interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible
and including all contract rights, income or revenue rights, real property interests (including leasehold interests), trademarks, trade
names, equipment and proceeds of the foregoing and, with respect to any Person, Equity Interests or other ownership interests of any other
Person owned by the first Person.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Qualified Non-Recourse Debt”
means Indebtedness that (i) is (x) incurred by a Qualified Non-Recourse Subsidiary to finance the acquisition, lease, construction, repair,
replacement, improvement or continued ownership of any new or existing property (real or personal, whether through the direct purchase
of property or the Equity Interests of any Person owning such property and whether in a single acquisition or a series of related acquisitions)
or any undeveloped land or (y) assumed by a Qualified Non-Recourse Subsidiary and (ii) is non-recourse to the Issuer or any Subsidiary
(other than a Qualified Non-Recourse Subsidiary or its Subsidiaries).

 

“Qualified Non-Recourse Subsidiary”
means (i) a Subsidiary that is not a Subsidiary Guarantor and that is the direct or indirect owner of, or has been formed or created on
or after the Issue Date in order to finance the acquisition, lease, construction, repair, replacement, improvement or continued ownership
of, any new or existing property or any undeveloped land and (ii) any Subsidiary of a Qualified Non-Recourse Subsidiary.

 

“Rating Agencies” means
S&P, Moody’s and Fitch; provided, that if any of S&P, Moody’s or Fitch will cease issuing a rating
on the Notes for reasons outside the control of the Issuer, the Issuer may select a nationally recognized statistical agency to
substitute for S&P, Moody’s or Fitch, as applicable.

 

“Rating Decline Period” means
the 60-day period (which 60-day period shall be extended as long as the credit rating on the Notes is under publicly announced consideration
for a possible downgrade by any of the Rating Agencies) after the earliest of (a) the occurrence of a Change of Control, (b) the first
public notice of the occurrence of such Change of Control and (c) the first public notice of the Parent’s or the Issuer’s
intention to effect such Change of Control.

 

    40

    

    

 

“Rating Event” means, with respect
to any Change of Control, (a) the credit rating on the Notes is lowered by one or more gradations (including gradations within ratings
categories as well as between categories but excluding, for the avoidance of doubt, changes in ratings outlook) as compared to the rating
of the Notes on the Issue Date by at least two of Moody’s, S&P, or Fitch (or their successors or substitutes) during the Rating
Decline Period relating to such Change of Control and each such Rating Agency shall have put forth a public statement to the effect that
such downgrade is attributable in whole or in part to such Change of Control and (b) immediately after giving effect to the reduction
in the credit rating on the Notes by the Rating Agencies as described in clause (a), the Notes are not rated Investment Grade by any of
such Rating Agencies.

 

“Real Property” means (i) each
parcel of real property leased or operated by the Issuer or the Restricted Subsidiaries, whether by lease, license or other use or occupancy
agreement, and (ii) each parcel of real property owned by the Issuer or the Restricted Subsidiaries, together with all buildings, structures,
improvements and fixtures located thereon, together with all easements, licenses, rights, privileges, appurtenances, interests and entitlements
related thereto.

 

“Recourse Indebtedness” means,
with respect to the Issuer or any Restricted Subsidiary, all Indebtedness for borrowed money of the Issuer or such Restricted Subsidiary
other than Non-Recourse Indebtedness.

 

“Regulation S” means Regulation S
promulgated under the Securities Act.

 

“Regulation S Global Note”
means a Global Note in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited
with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal
amount of the Notes sold in reliance on Rule 903 of Regulation S.

 

“REIT” means a “real estate
investment trust” under Sections 856 through 860 of the Code.

 

“REIT Entity” means any REIT
Subsidiary and any Parent Entity that is a REIT.

 

“REIT Subsidiary” means a Restricted
Subsidiary of the Issuer that is a REIT.

 

“Related Businesses” means
the development, ownership, leasing or operation of (i) hotel facilities, (ii) land held for potential development or under
development as hotel facilities and (iii) assets and facilities related to the foregoing, including without limitation, laundry
services, employee housing, retail, parking, golf courses, docking facilities and spa facilities.

 

“Replacement Assets” means (i)
real or personal property that will be used or useful in a Related Business or (ii) substantially all the assets of a Related Business
or a majority of the Voting Stock of any Person engaged in a Related Business that will become on the date of acquisition thereof a Restricted
Subsidiary (including the merger of such a Person into a Restricted Subsidiary of the Issuer).

 

“Responsible Officer,” when
used with respect to the Trustee, means any officer within the Corporate Trust Department of the Trustee (or any successor group of the
Trustee), including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other
officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

    41

    

    

 

“Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend.

 

“Restricted Global Note” means
a Global Note bearing the Private Placement Legend.

 

“Restricted Subsidiary” means
any Subsidiary of the Issuer other than an Unrestricted Subsidiary.

 

“Rule 144” means Rule 144
promulgated under the Securities Act.

 

“Rule 144A” means Rule 144A
promulgated under the Securities Act.

 

“Rule 903” means Rule 903
promulgated under the Securities Act.

 

“Rule 904” means Rule 904
promulgated under the Securities Act.

 

“S&P” means S&P Global
Ratings and its successors.

 

“Sale and Leaseback Transaction”
means, with respect to any Person, an arrangement whereby such Person enters into a lease of property previously transferred by such Person
to the lessor.

 

“SEC” means the Securities and
Exchange Commission.

 

“Section 1031” means Section
1031 of the Code.

 

“Secured Cash Management Agreement”
means any Cash Management Agreement that is entered into by and between the Issuer or any Restricted Subsidiary and any Cash Management
Bank.

 

“Secured Hedge Agreement” means
any Swap Contract permitted by this Indenture that is entered into by and between the Issuer or any Subsidiary Guarantor and any Hedge
Bank.

 

“Secured Indebtedness” means
the portion of outstanding Indebtedness secured by a Lien upon the properties or other assets of the Issuer or any of its Restricted Subsidiaries.
Notwithstanding the foregoing, Indebtedness that is secured solely by a pledge or pledges of Equity Interests (and the proceeds thereof)
of the issuer(s) of such Equity Interests, and not secured by any other properties or other assets of such issuer(s), shall not constitute
Secured Indebtedness for so long as the Notes are equally and ratably secured by the same such Equity Interests (and the proceeds thereof).
For the avoidance of doubt, during such time as the Collateral is released with respect to the Notes, “Secured Indebtedness”
shall be calculated using only the first sentence of this definition.

 

    42

    

    

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Security Documents” means the
Pari Passu Security Documents, the Intercreditor Agreement and each joinder to the Intercreditor Agreement, in each case, as amended,
supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time.

 

“Significant Subsidiary” means
any Restricted Subsidiary that would be a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02
under Regulation S-X promulgated by the SEC.

 

“Similar Lease” means a lease
that is entered into by the Issuer or a Restricted Subsidiary with another Person (other than the Issuer or a Restricted Subsidiary) for
the purpose of, or with respect to operating or managing, Related Businesses, or lodging or leisure Real
Property assets of the Issuer or its Restricted Subsidiaries.

 

“Stated Maturity” means:

 

(1)              
with respect to any debt security, the date specified in such debt security as the fixed date on which the final installment
of principal of such debt security is due and payable; and

 

(2)              
with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt
security as the fixed date on which such installment is due and payable.

 

“Subordinated Indebtedness”
of the Issuer means any Indebtedness of the Issuer that is expressly subordinated to and junior in right of payment to the Notes. “Subordinated
Indebtedness” of a Subsidiary Guarantor means any Indebtedness of such Subsidiary Guarantor that is expressly subordinated to and
junior in right of payment to the Note Guarantee of such Subsidiary Guarantor.

 

“Subsidiary” means, with
respect to any Person, any corporation, association or other business entity of which more than 50.0% of the voting power of the
outstanding Voting Stock is owned, directly or indirectly, by such Person and/or one or more other Subsidiaries of such Person and
the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance with
GAAP, if such statements were prepared as of such date.

 

“Subsidiary Guarantor” means,
(i) as of the Issue Date, each of the Issuer’s existing Restricted Subsidiaries that is a guarantor under each of the Existing Credit
Agreements and (ii) thereafter any other Restricted Subsidiary of the Issuer that executes a Note Guarantee in compliance with Section 4.17,
but in each case excluding any Persons whose Note Guarantees have been released pursuant to the terms of this Indenture.

 

“Swap Contract” means (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. For the avoidance of doubt, any Permitted Convertible Indebtedness Call Transaction
will not constitute a Swap Contract.

 

    43

    

    

 

“Tax Protection Agreement” means
any customary arms’-length agreement to which the Issuer or any of its Subsidiaries is or becomes a party and which is entered into
in connection with a contribution of assets to the Issuer in exchange for Capital Stock and pursuant to which any liability to holders
of Capital Stock who contributed such assets to the Issuer (directly or indirectly) may arise relating to taxes because (a) in connection
with the deferral of income taxes of a holder of Capital Stock, the Issuer or the Parent has agreed to (i) maintain a minimum level of
debt or continue a particular debt, (ii) retain or not dispose of assets for a period of time or (iii) use or refrain from using a particular
method of taking into account book–tax disparities under Section 704(c) of the Code; or (b) holders of Capital Stock have guaranteed
or otherwise assumed liability for debt of the Issuer.

 

“Test Period” means the most
recently completed Fiscal Quarter of the Parent for which financial statements have been or are required to have been delivered pursuant
to Section 4.03 and the three Fiscal Quarters immediately preceding such Fiscal Quarter.

 

“TIA” means the Trust Indenture
Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Total Assets” means, the sum
of, without duplication, Undepreciated Real Estate Assets and all other assets, excluding non-real estate intangibles of, the Issuer and
its Restricted Subsidiaries, all determined on a consolidated basis in accordance with GAAP.

 

“Total Unencumbered Assets”
means, as of any date, the Adjusted Total Assets of the Issuer and its Restricted Subsidiaries as of such date, less any such assets pledged
as of such date as collateral to secure any obligations with respect to Secured Indebtedness.

 

“Transaction Date” means, with
respect to the Incurrence of any Indebtedness by the Issuer or any of its Restricted Subsidiaries, the date such Indebtedness is to be
Incurred, with respect to any Restricted Payment, the date such Restricted Payment is to be made, and, with respect to any transaction
described in Section 5.01 hereof, the date on which such transaction is to be consummated.

 

“Treasury Rate” means, as of
any redemption date, the yield to maturity as of such redemption date of U.S. Treasury securities with a constant maturity (as compiled
and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days
prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market
data)) most nearly equal to the period from the redemption date to July 1, 2023 (or in the case of a satisfaction and discharge of this
Indenture or a Legal Defeasance or Covenant Defeasance under this Indenture, the Treasury Rate as of two Business Days prior to the date
on which funds to pay the Notes are deposited with the Trustee); provided that if the period from the redemption date to July
1, 2023 is not equal to the constant maturity of a U.S. Treasury security for which a yield is given, the Treasury yield will be obtained
by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of the nearest U.S. Treasury securities for
which such yields are given, except that if the period from the redemption date to such date is less than one year, the weekly average
yield on actually traded U.S. securities adjusted to a constant maturity of one year will be used.

 

“Trustee” means U.S. Bank National
Association, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor
serving under this Indenture.

 

“U.S. Dollar Equivalent” means
with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars
obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S.
dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column
under the heading “Currency Trading” (or if such publication is unavailable, a similar nationally recognized publication as
determined in the Issuer’s sole discretion) on the date two Business Days prior to such determination. Except as provided in Section 4.08
hereof, whenever it is necessary to determine whether the Issuer has complied with any covenant in this Indenture or a Default has occurred
and an amount is expressed in a currency other than U.S. dollars, such amount will be treated as the U.S. Dollar Equivalent determined
as of the date such amount is initially determined in such currency.

 

    44

    

    

 

“UCC” means the Uniform Commercial
Code as in effect from time to time in the State of New York or any other state, the laws of which are required to be applied in connection
with the creation or perfection of security interests.

 

“Undepreciated Real Estate
Assets” means, as of any date, the cost (being the original cost plus capital improvements) of the Issuer’s real
estate assets and the real estate assets of its Restricted Subsidiaries on such date (including, without duplication, 1031
Properties), before depreciation and amortization and impairments, all determined on a consolidated basis in accordance with
GAAP.

 

“Unrestricted Definitive Note”
means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Global Note” means
a Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Subsidiary” means

 

(1)              
any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Issuer
in the manner provided below; and

 

(2)              
any Subsidiary of an Unrestricted Subsidiary.

 

The Issuer may designate (or re-designate) any
Restricted Subsidiary (including any newly acquired or newly formed Subsidiary of the Issuer) to be an Unrestricted Subsidiary; provided
that:

 

(A)       any
Guarantee by the Issuer or any of its Restricted Subsidiaries of any Indebtedness of the Subsidiary being so designated will be deemed
an “Incurrence” of such Indebtedness and an “Investment” by the Issuer or its Restricted Subsidiary at the time
of such designation;

 

(B)       either
(i) the Subsidiary to be so designated has total assets of $1,000 or less or (ii) if such Subsidiary has assets greater than $1,000, such
designation would be permitted under Section 4.06 hereof; and

 

(C)       if
applicable, the Incurrence of Indebtedness and the Investment referred to in clause (A) of this proviso would be permitted under
Sections 4.06 and 4.08 hereof.

 

The Issuer may designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided that:

 

(X)       no
Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation; and

 

(Y)       all
Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such time,
have been permitted to be Incurred (and will be deemed to have been Incurred) for all purposes of this Indenture.

 

“Unsecured Debt” means, for
any Person, any Indebtedness of such Person or its Restricted Subsidiaries which is not Secured Indebtedness.

 

“Voting Stock” means with respect
to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other
voting members of the governing body of such Person.

 

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“Wholly-Owned Subsidiary” or
“Wholly-Owned” means, as to any Person, a Subsidiary of such Person all the Equity Interests of which (other than either
(i) Acceptable Preferred Equity Interests or (ii) directors’ qualifying shares) are at the time directly or indirectly owned or
controlled by such Person or one or more other Subsidiaries of such Person.

 

		Section 1.02	Other Definitions.

 

	Term	Defined in

Section
	“Affiliate Transaction”	4.10(a)
	“Applicable Law”	13.16
	“Authentication Order”	2.02
	“Covenant Defeasance”	8.03
	“DTC”	2.03
	“effective date”	4.18
	“Event of Default”	6.01
	“Excess Proceeds”	4.09
	“Guaranteed Indebtedness”	4.14
	“Legal Defeasance”	8.02
	“Paying Agent”	2.03
	“Refinance”	4.08(d)(5)
	“Refunding Capital Stock”	4.06(b)(13)
	“Registrar”	2.03
	“Restricted Payments”	4.06(a)
	“Retired Capital Stock”	4.06(b)(13)
	“Reversion Date”	4.15(2)
	“Suspension Date”	4.15(1)
	“Suspension Period”	4.15(1)
	“transfer”	5.01

 

		Section 1.03	Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture expressly refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. Otherwise this Indenture shall not be subject
to the TIA unless qualified thereunder.

 

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		Section 1.04	Rules of Construction.

 

Unless the context otherwise requires:

 

(1)              
a term has the meaning assigned to it;

 

(2)              
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)              
 “or” is not exclusive;

 

(4)              
“including” is not limiting;

 

(5)              
words in the singular include the plural, and in the plural include the singular;

 

(6)              
“will” shall be interpreted to express a command;

 

(7)              
provisions apply to successive events and transactions;

 

(8)              
references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time; and

 

(9)              
unless otherwise provided herein or in any other Notes Document, the words “execute”, “execution”,
“signed”, and “signature” and words of similar import used in or related to any document to be signed in connection
with this Indenture, any other Notes Document or any of the transactions contemplated hereby (including amendments, waivers, consents
and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping
system, as applicable, to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on
the Uniform Electronic Transactions Act.

 

		Section 1.05	Divisions.

 

For purposes of Article 4 of this Indenture,
in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s
laws): (1) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (2) if any new Person
comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its
Capital Stock at such time.

 

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Article 2

THE NOTES

 

		Section 2.01	Form and Dating.

 

(a)               General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto,
which is hereby incorporated and expressly made part of this Indenture. The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage (provided that any such notation legend or endorsement is in a form acceptable
to the Issuer). Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

 

The terms and provisions contained in the Notes
will constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Parent, the Subsidiary Guarantors and the
Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However,
to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall
govern and be controlling.

 

(b)              
Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued
in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without
the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the
outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding
Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges, purchases and redemptions of such Notes. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will
be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof
as required by Section 2.06 hereof.

 

(c)              
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” published by Euroclear and the “General Terms and
Conditions of Clearstream Banking” and “Customer Handbook” published by Clearstream will be applicable to transfers
of beneficial interests in the Regulation S Global Note that are held by Participants through Euroclear or Clearstream.

 

		Section 2.02	Execution and Authentication.

 

At least one Officer must sign the Notes for the
Issuer by manual or facsimile or other electronic signature. Typographic and other minor defects in any facsimile or electronic signature
shall not affect the validity or enforceability of any Note which has been authenticated and delivered by the Trustee.

 

If an Officer whose signature is on a Note no longer
holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be valid until authenticated by
the manual or facsimile or other electronic signature of an authorized signatory of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture.

 

The Trustee shall, upon receipt of a written
order of the Issuer signed by two Officers (an “Authentication Order”), authenticate Notes for original issue
that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding
at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more
Authentication Orders, except as provided in Section 2.07 hereof.

 

The Trustee may appoint an authenticating agent
acceptable to the Issuer to authenticate the Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent for service of notices and demands.

 

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		Section 2.03	Registrar and Paying Agent.

 

The Issuer shall maintain an office or agency where
the Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where
Notes may be presented for payment (“Paying Agent”). The Issuer initially appoints the Trustee, and the Trustee agrees
to initially act as the Registrar and Paying Agent. The Registrar shall keep a register of the Notes and of their transfer and exchange.
The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar
without notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Issuer fails to appoint or maintain another entity as the Registrar or Paying Agent, the Trustee shall act as such.
The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar.

 

The Issuer initially appoints The Depository Trust
Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

		Section 2.04	Paying Agent to Hold Money in Trust.

 

The Issuer shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held
by the Paying Agent for the payment of principal of, premium on, if any, or interest on, the Notes, and will notify the Trustee of any
Default by the Issuer in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Issuer or any of its Subsidiaries) will have no further liability for the money.
If the Issuer or any of its Subsidiaries act as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of
the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee
shall serve as Paying Agent for the Notes.

 

		Section 2.05	Holder Lists.

 

The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is
not the Registrar, the Issuer shall furnish to the Trustee at least seven Business Days before each interest payment date and at
such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of the Holders.

 

		Section 2.06	Transfer and Exchange.

 

(a)              
Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to
a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Issuer
for Definitive Notes if:

 

(1)              
the Issuer receives notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it
is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer
within 90 days after the date of such notice from the Depositary; or

 

(2)              
there shall have occurred and be continuing an Event of Default with respect to the Notes.

 

Upon the occurrence of any of the preceding events
in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered
in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10
hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another
Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 2.06(b) or (c) hereof.

 

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(b)              
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests
in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to
the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either
subclause (1) or (2) below, as applicable, as well as one or more of the other following subclauses, as applicable:

 

(1)              
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance
with the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders
or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

(2)               All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver
to the Registrar either:

 

(A)            
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal
to the beneficial interest to be transferred or exchanged; and

 

(ii)             
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or

 

(B)             
following the occurrence of any of the events described in 2.06(a)(1) or (a)(2), both:

 

(i)                
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)             
instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (1) above.

 

Upon satisfaction of all the requirements for transfer
or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities
Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof.

 

(3)              
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note
if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)            
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and

 

(B)             
if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.

 

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(4)              
 Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest
in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)            
if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including
the certifications in item (1)(a) thereof; or

 

(B)             
if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this
Section 2.06(b)(4), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the Securities Act.

 

If any such transfer is effected pursuant to this Section
2.06(b)(4) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.06(b)(4).

 

Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted
Global Note.

 

(c)              
Transfer or Exchange of Beneficial Interests for Definitive Notes.

 

(1)              
Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest
in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, subject to Section 2.06(a) and
upon receipt by the Registrar of the following documentation:

 

(A)             if
the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in
item (2)(a) thereof;

 

(B)             
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)             
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2)
thereof;

 

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(D)            
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof; or

 

(E)             
if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subclauses (B) through (D) above, a certificate to the
effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)
thereof, if applicable;

 

(F)             
if such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in Item 3(b) thereof; or

 

(G)            
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof.

 

the Trustee shall cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and the Trustee shall authenticate
and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name
or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer
contained therein.

 

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(2)               Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A Holder of a beneficial interest in a Restricted Global
Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following:

 

(A)            
if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in
item (1)(b) thereof; or

 

(B)             
 if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this
Section 2.06(c)(2), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the Securities Act.

 

(3)              
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any Holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive Note, then the Trustee will cause the aggregate principal
amount of the applicable Unrestricted Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer will execute
and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal
amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such
name or names and in such authorized denomination or denominations as the Holder of such beneficial interest requests through instructions
to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant
to this Section 2.06(c)(3) will not bear the Private Placement Legend.

 

(d)              
Transfer and Exchange of Definitive Notes for Beneficial Interests.

 

(1)              
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes
to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar
of the following documentation:

 

(A)             if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b)
thereof;

 

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(B)             
if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)             
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2) thereof;

 

(D)            
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(a) thereof;

 

(E)             
if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subclauses (B) through (D) above, a certificate to
the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)
thereof, if applicable;

 

(F)             
if such Restricted Definitive Note is being transferred to the Issuer or any of its Subsidiaries, a certificate set forth
in Exhibit B hereto, including the certifications in item 3(b) thereof; or

 

(G)            
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, the Trustee
shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C)
above, the Regulation S Global Note.

 

(2)              
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the
following:

 

(A)            
 if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

 

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(B)             
 if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

 

and, in each such case set forth in this Section 2.06(d)(2),
an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

Upon satisfaction of the conditions of
this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount
of the Unrestricted Global Note.

 

(3)              
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt
of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause
to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such exchange or transfer from a
Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2) or (3) above at a time when an Unrestricted Global
Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

 

(e)              
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange
of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(1)              
Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to
and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives
the following:

 

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(A)            
 if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)             
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate
in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)             
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and
Opinion of Counsel required by item (3) thereof, if applicable.

 

(2)              
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of
an Unrestricted Definitive Note if the Registrar receives the following:

 

(A)            
if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(B)             
if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;

 

and, in each such case set forth in this Section 2.06(e)(2),
an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

(3)              
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register
such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)               
[Reserved]. 

 

(g)              
Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture.

 

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(1)              
 Private Placement Legend. Each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following form:

 

“THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
[IN THE CASE OF 144A NOTES: AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.] [IN THE CASE OF REGULATION S NOTES: AND
MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS
GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.]”

 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A)
THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER, (II) IN THE UNITED STATES TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE
SECURITIES ACT, (IV) TO AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE
PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH
THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE)
OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH
ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN CLAUSE (A) ABOVE.”

 

The Private Placement Legend shall be deemed removed from the
face of any Note without further action of the Issuer, the Trustee or the Holder of such Note at such time as the Issuer shall have
delivered an Officer’s Certificate to the Trustee certifying that the Private Placement Legend can be removed because such
Note may be resold to the public in accordance with Rule 144 without regard to volume, manner of sale or any other restrictions
contained in Rule 144 (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long as such
holding period requirement is satisfied at such time of determination) by Holders that are not Affiliates of the Issuer.

 

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(2)              
Global Note Legend. Each Global Note will bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL
NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.”

 

(h)               Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global
Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to
such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by
the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for
or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other
Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at
the direction of the Trustee to reflect such increase.

 

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(i)                
General Provisions Relating to Transfers and Exchanges.

 

(1)              
To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes
and Definitive Notes (subject to Section 2.06(a)) upon receipt of an Authentication Order in accordance with Section 2.02 hereof
or at the Registrar’s request. All documentation submitted in connection with a transfer or exchange shall be satisfactory to the
Trustee.

 

(2)              
No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Issuer and Trustee may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.09, 4.13 and 9.04 hereof).

 

(3)              
The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part.

 

(4)              
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as
the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(5)              
Neither the Registrar nor the Issuer shall be required:

 

(A)            
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day
of selection;

 

(B)             
to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or

 

(C)             
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(6)               Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of
and (subject to the provisions of the Notes with respect to record dates) interest on such Note and for all other purposes, and none
of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.

 

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(7)              
The Trustee shall authenticate Global Notes and Definitive Notes (subject to Section 2.06(a)) in accordance with the
provisions of Section 2.02 hereof.

 

	Section 2.07	Replacement Notes.

 

If any mutilated Note is surrendered to the Trustee
or the Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer shall issue
and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are
met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of
the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable,
the Issuer in its discretion may, instead of issuing a new Note, pay such Note. The Issuer may charge for its expenses in replacing a
Note, including any taxes or governmental charges that may be imposed in relation thereto.

 

Every replacement Note is an additional obligation
of the Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued
under this Indenture.

 

The provisions of this Section 2.07 are exclusive
and shall provide (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

 

	Section 2.08	Outstanding Notes.

 

The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest
in a Global Note effected by the Trustee in accordance with the provisions of this Indenture, and those described in this Section 2.08
as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer or an
Affiliate of the Issuer holds the Note. Notes held by the Issuer or a Subsidiary of the Issuer shall not be deemed to be outstanding for
purposes of Section 3.07(a) hereof.

 

If a Note is replaced pursuant to Section 2.07
hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide
purchaser.

 

If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Issuer, a Subsidiary
of the Issuer or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay the Notes payable
on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

 

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		Section 2.09	Treasury Notes.

 

In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or any Affiliate of the Issuer,
will be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded.

 

		Section 2.10	Temporary Notes.

 

Until certificates representing the Notes are ready
for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary
Notes will be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary
Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate
Definitive Notes in exchange for temporary Notes. Until so exchanged, Holders of temporary Notes will be entitled to all of the benefits
of this Indenture.

 

		Section 2.11	Cancellation.

 

The Issuer at any time may deliver Notes to the
Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement
or cancellation and will destroy canceled Notes in accordance with its customary procedures. Certification of the destruction of all canceled
Notes will be delivered to the Issuer upon written request by the Issuer. The Issuer may not issue new Notes to replace Notes that they
have paid or that have been delivered to the Trustee for cancellation.

 

		Section 2.12	Defaulted Interest.

 

If the Issuer defaults in a payment of interest
on the Notes, they will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01
hereof, provided that no special record date shall be required with respect to defaulted interest paid within the applicable grace period.
The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the
proposed payment. The Issuer shall fix or cause to be fixed each such special record date and payment date; provided that
no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before
the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer)
will send or cause to be sent to Holders a notice that states the special record date, the related payment date and the amount of such
interest to be paid.

 

		Section 2.13	Issuance of Additional Notes.

 

(a)               After
the Issue Date, the Issuer shall be entitled, subject to its compliance with the covenants contained in this Indenture, including
Section 4.08, to issue Additional Notes under this Indenture, which Additional Notes shall have identical terms to the Initial
Notes, other than with respect to the date of issuance and the issue price. All the Notes issued under this Indenture will be
treated as a single class for all purposes of this Indenture including waivers, amendments, redemptions and any Offer to
Purchase.

 

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(b)              
With respect to any Additional Notes, the Issuer shall set forth in a Board Resolution and the Issuer shall set forth in
an Officer’s Certificate, a copy of each of which shall be delivered to the Trustee, the following information:

 

(1)              
the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture and
the provision of Section 4.08 that the Issuer is relying upon to issue such Additional Notes; and

 

(2)              
the issue price, the issue date and the CUSIP number of such Additional Notes.

 

		Section 2.14	Method of Submission.

 

All certifications, certificates and Opinions of
Counsel required to be submitted to the Registrar pursuant to Section 2.06 to effect a registration of transfer or exchange may be
submitted by facsimile or by electronic transmission or mail.

 

		Section 2.15	Trustee’s Duty to Monitor.

 

The Trustee (in each of its capacities under this
Indenture, including without limitation as Registrar) shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in
any Note (including any transfers between or among Depositary Participants or beneficial owners of interests in any Global Note) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. Neither the Trustee (in each of its capacities under this Indenture, including without limitation as Registrar) nor
any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.

 

Article 3

REDEMPTION AND PREPAYMENT

 

		Section 3.01	Notices to Trustee.

 

If the Issuer elects to redeem all or any part
of the Notes pursuant to the optional redemption provisions of Section 3.07 hereof, the Issuer must furnish to the Trustee, at least
5 Business Days (or such shorter notice as may be acceptable to the Trustee) before notice of redemption is required to be sent or caused
to be sent to Holders pursuant to Section 3.03, an Officer’s Certificate setting forth:

 

(1)              
the clause of this Indenture pursuant to which the redemption shall occur;

 

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(2)              
 the redemption date;

 

(3)              
the principal amount of Notes to be redeemed; and

 

(4)              
the redemption price, or the method by which it is to be determined.

 

		Section 3.02	Selection of Notes to Be Redeemed.

 

If less than all of the Notes are to be redeemed,
Notes held in global form shall be selected by the Depositary in accordance with its policies and procedures and Notes held in certificated
form shall be selected by lot or by such other method as the Trustee may deem fair and reasonable.

 

In the event of a partial redemption, the particular
Notes to be redeemed will be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to the redemption
date by the Depositary (in the case of Notes held in global form) or by the Trustee (in the case of Notes held in certificated form) from
the outstanding Notes not previously called for redemption.

 

The Trustee shall promptly notify the Issuer in
writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof
to be redeemed. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder shall be redeemed.
Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions
of Notes called for redemption.

 

		Section 3.03	Notice of Redemption.

 

At least 10 days but not more than 60 days before
a redemption date, the Issuer will deliver or cause to be delivered, by first class mail or electronic delivery, a notice of redemption
to each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee); provided that redemption
notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes
or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof.

 

The notice will identify the Notes to be redeemed
and will state:

 

(1)              
the redemption date;

 

(2)              
the redemption price;

 

(3)              
if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note;

 

(4)              
the name and address of the Paying Agent;

 

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(5)              
 that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)              
that upon the satisfaction of any conditions to such redemption set forth in the notice of redemption, and unless the Issuer
defaults in making such redemption payment, interest on the Notes called for redemption ceases to accrue on and after the redemption date;

 

(7)              
the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being
redeemed; and

 

(8)              
that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed
on the Notes.

 

Any redemption of the Notes, including in connection
with an Equity Offering or a Change of Control Triggering Event, with the Net Cash Proceeds of an Asset Sale or in connection with another
transaction (or series of related transactions) or event, including any financing, may, at the Issuer’s option, be subject to one
or more conditions precedent, including, but not limited to, completion or occurrence of the related Equity Offering, Change of Control
Triggering Event, Asset Sale or other transaction or event, as the case may be, and notice of such redemption may be given prior to the
completion or the occurrence of the related Equity Offering, Change of Control Triggering Event, Asset Sale or other transaction or event.
In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition,
and if applicable, shall state that, in the Issuer’s discretion, the date of redemption may be delayed until such time (including
more than 60 days after the date the notice of redemption was sent) as any or all such conditions shall be satisfied, or such redemption
may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the date
of redemption, or by the date of redemption as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion
if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in
such notice that payment of the redemption price and performance of its obligations with respect to such redemption may be performed by
another Person. In any such case, the Issuer shall provide prompt written notice to the Trustee at least two Business Days prior to the
redemption date rescinding such redemption in the event that any such conditions precedent shall not have been (or will not be) satisfied,
and such redemption and notice of redemption shall then be rescinded and of no force and effect. Upon receipt of such notice from the
Issuer rescinding such redemption, the Trustee shall promptly send a copy of such notice to the Holders to be redeemed in the same manner
in which the notice of redemption was given.

 

At the Issuer’s written request, the Trustee
shall give the notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer has
delivered to the Trustee, at least 5 Business Days (or such shorter period of time as the Trustee may agree) before notice of redemption
is required to be sent or caused to be sent to Holders pursuant to this Section 3.03, an Officer’s Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraphs.

 

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		Section 3.04	Effect of Notice of Redemption.

 

Once notice of redemption is sent in accordance
with Section 3.03 hereof, the Notes called for redemption, subject to any condition included in the applicable notice of redemption,
become due and payable on the redemption date at the redemption price.

 

		Section 3.05	Deposit of Redemption or Purchase Price.

 

Prior to 11:00 a.m. Eastern Time on the redemption
or purchase date, the Issuer shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase
price of, and accrued interest on, all the Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly
return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay
the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased.

 

If the Issuer complies with the provisions of the
preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes
called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the
close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase
because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the
redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal,
in each case at the rate provided in the Notes and in Section 4.01 hereof.

 

		Section 3.06	Notes Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed or purchased
in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense
of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.

 

		Section 3.07	Optional Redemption.

 

(a)              
At any time prior to July 1, 2023, the Issuer may redeem, at its option, all or part of the Notes, at a redemption price
equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of redemption,
plus (iii) accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date falling on or prior to the redemption date).

 

(b)               At
any time on or after July 1, 2023, the Issuer will be entitled at its option, on any one or more occasions, to redeem all or a part
of the Notes at the redemption prices (expressed in percentages of the principal amount of the Notes to be redeemed), plus accrued
and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date falling on or prior to the redemption date) if redeemed
during the 12-month period commencing on July 1 of the years set forth below:

 

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	Period	 	Redemption Price	 
	2023	 	 	101.875	%
	2024	 	 	100.938	%
	2025 and thereafter	 	 	100.000	%

 

(c)              
At any time and from time to time prior to July 1, 2023, the Issuer may redeem the Notes with the net cash proceeds from
any Equity Offering at a redemption price equal to 103.750% of the principal amount plus accrued and unpaid interest, if any, to, but
excluding, the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date falling on or prior to the redemption date), in an aggregate principal amount for all such redemptions not to exceed
40.0% of the original aggregate principal amount of the Notes, including any Additional Notes; provided that (i) in each case the
redemption takes place not later than 180 days after the closing of the related Equity Offering and (ii) at least 60.0% of the aggregate
principal amount of the Notes (including any Additional Notes) remains outstanding immediately thereafter.

 

(d)              
Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions
thereof called for redemption on the applicable redemption date.

 

(e)              
The Issuer or its Affiliates may at any time and from time to time purchase Notes. Any such purchases may be made through
open market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise,
upon such terms and at such prices, as well as with such consideration, as the Issuer or any such Affiliates may determine.

 

(f)               
Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through
3.06 hereof.

 

		Section 3.08	Mandatory Redemption.

 

The Issuer is not required to make mandatory redemption
or sinking fund payments with respect to the Notes.

 

Article 4

COVENANTS

 

		Section 4.01	Payment of Notes.

 

The Issuer shall pay or cause to be paid the
principal of, premium on, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal,
premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary
thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Issuer in immediately available funds and
designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due.

 

The Issuer shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent
lawful.

 

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		Section 4.02	Maintenance of Office or Agency.

 

The Issuer shall maintain in the contiguous United
States, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes
may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the
Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in
the location, of such office or agency. If at any time the Issuer fails to maintain any such required office or agency or fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee.

 

The Issuer may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Issuer
of its obligation to maintain an office or agency in the contiguous United States for such purposes. The Issuer shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer hereby designates the Corporate Trust
Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03 hereof.

 

		Section 4.03	Reports.

 

(a)              
Whether or not the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Issuer will provide the Trustee and the Holders within 15 Business Days after the filing, or in the event no such filing is required,
within 15 Business Days after the end of the time periods specified in those sections and any extension period granted under Section 12b-25
of the Exchange Act with:

 

(1)              
all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q
and 10-K if the Issuer were required to file such forms, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and, with respect to the annual financial statements only, a report thereon by the Issuer’s
independent accountants, and

 

(2)               all
current reports that would be required to be filed with the SEC on Form 8-K if the Issuer were required to file such reports; provided that
the foregoing delivery requirements will be deemed satisfied if the foregoing materials are available on the SEC’s EDGAR
system or on the Parent’s or Issuer’s website within the applicable time period specified above (provided that if posted
to a secure internet portal, the Issuer will separately electronically deliver such reports to the Trustee). If a Parent Entity has
provided the information as required by the foregoing paragraphs as if such Parent Entity were the Issuer, the Issuer shall be
deemed to have satisfied such requirements; provided that if the Parent Entity is not a Guarantor of the Notes, the Parent
Entity provides to the Trustee and the Holders unaudited supplemental financial information that explains in reasonable detail the
differences between the information relating to such Parent Entity and any of its Subsidiaries other than the Issuer and its
Restricted Subsidiaries, on the one hand, and the information relating to the Issuer and its Restricted Subsidiaries on a
stand-alone basis, on the other hand.

 

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(b)              
For so long as any of the Notes remain outstanding and constitute “restricted securities” under Rule 144,
the Issuer shall furnish to the Holders and prospective investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act.

 

(c)              
Notwithstanding anything herein to the contrary, the Issuer shall not be deemed to have failed to comply with any provision
of this reporting covenant for purposes of Section 6.01(4) hereof as a result of the late filing or provision of any required information
or report until 90 days after the date any such information or report was due.

 

(d)              
Delivery of reports, information and documents referred to above, to the Trustee is for informational purposes only and
the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable
from information contained therein, including the Issuer’s compliance with any of its covenants under this Indenture (as to which
the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

		Section 4.04	Compliance Certificate.

 

(a)              
The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the Issue Date,
an Officer’s Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Issuer and its Restricted
Subsidiaries have performed their respective obligations under this Indenture, and further stating, as to such Officer signing such certificate,
that to his or her knowledge the Issuer and its Restricted Subsidiaries have performed their obligations under this Indenture (or, in
the event of noncompliance, specifying such noncompliance and the nature and status thereof of which signer may have knowledge).

 

(b)              
So long as any of the Notes are outstanding, the Issuer shall, within 30 Business Days upon an Officer of the Issuer becoming
aware of any Default or Event of Default, deliver to the Trustee a statement specifying such Default or Event of Default.

 

		Section 4.05	Stay, Extension and Usury Laws.

 

The Issuer and each of the Guarantors
covenant (to the extent that they may lawfully do so) that they will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Issuer and each of the Guarantors (to the extent
that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they will not, by
resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law has been enacted.

 

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		Section 4.06	Restricted Payments.

 

(a)              
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)              
declare or pay any dividend or make any distribution on or with respect to its Capital Stock held by Persons other than
the Issuer or any of its Restricted Subsidiaries, other than:

 

(A)            
dividends or distributions payable solely in Equity Interests (other than Disqualified Stock); and

 

(B)             
pro rata dividends or distributions (or otherwise as may be required pursuant to the organizational documents of such Subsidiary
as existing on the Issue Date) payable by any Restricted Subsidiary that is not Wholly-Owned to minority stockholders (or owners of equivalent
interests if such Restricted Subsidiary is not a corporation);

 

(2)              
purchase, redeem, retire or otherwise acquire for value any Equity Interests of the Issuer held by any Person other than
the Issuer or any of its Restricted Subsidiaries, other than (A) in exchange for Equity Interests of any Parent Entity or (B) in connection
with the exercise by a holder of OP Units of its redemption right in accordance with the terms of the Partnership Agreement, in an aggregate
amount not to exceed $250,000 per fiscal year;

 

(3)              
make any voluntary or optional principal payment, redemption, repurchase, defeasance, or other acquisition or retirement
for value, of Subordinated Indebtedness of the Issuer or any Subsidiary Guarantor (other than (A) with respect to intercompany Subordinated
Indebtedness or (B) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness
in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of
the date of such purchase, repurchase, redemption, defeasance or other acquisition or retirement); or

 

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(4)               make
an Investment, other than a Permitted Investment, in any Person, (all such payments and any other actions described in
clauses (1) through (4) above being collectively referred to as “Restricted Payments”) if, at the time of,
and after giving effect to, the proposed Restricted Payment:

 

(A)            
 a Default or Event of Default shall have occurred and be continuing;

 

(B)             
the Issuer could not Incur at least $1.00 of Indebtedness in compliance with both clauses (a) and (c) of Section 4.08
hereof;

 

(C)             
the aggregate amount of all Restricted Payments (the amount, if other than in cash, to be the Fair Market Value thereof
as determined by the Issuer) made on or after the Issue Date (other than those referred to in clauses (1), (2), (4) through (8) and
(10) through (22) of clause (b) of this Section 4.06) would exceed the sum of:

 

(i)                
95.0% of the aggregate amount of Funds From Operations (or, if Funds From Operations is a loss, minus 100% of the
amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) commencing July 1, 2021 and
ending on the last day of the most recent Fiscal Quarter preceding the Transaction Date for which internal financial statements are available;
provided that for each of the first four (4) full Fiscal Quarters commencing with the Fiscal Quarter beginning on July 1, 2021,
Funds From Operations for purposes of this clause (C)(i) shall be calculated as the greater of (x) the aggregate amount of Funds From
Operations in such Fiscal Quarter and (y) zero; plus

 

(ii)             
100% of the aggregate net cash proceeds and the Fair Market Value of other property received by the Issuer after the Issue
Date from (a) the issue or sale of Equity Interests of the Issuer (other than Disqualified Stock, Designated Preferred Stock, Excluded
Contributions and any Permitted Warrant Transaction), (b) any contribution to the common equity capital of the Issuer (other than
Excluded Contributions) or (c) the retirement or cancellation of Convertible Indebtedness upon the conversion of such Convertible
Indebtedness into Equity Interests (other than Disqualified Stock and Designated Preferred Stock) of the Issuer; plus

 

(iii)           
an amount equal to the net reduction in Investments (other than reductions in Permitted Investments) in any Person resulting
from payments of interest on Indebtedness, dividends, distributions, repayments of loans or advances, or other transfers of assets, in
each case to the Issuer or any of its Restricted Subsidiaries or from the net cash proceeds from the sale of any such Investment (except,
in each case, to the extent any such payment or proceeds have already been included in the calculation of Funds From Operations) or from
redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of “Investment”);
plus

 

(iv)            
$100.0 million.

 

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Notwithstanding the foregoing, (i) the Issuer and/or
any of its Restricted Subsidiaries may declare and/or pay any dividend or make any distribution to their equity holders to fund a dividend
or distribution by the Parent or any other Parent Entity that is a REIT (including for the avoidance of doubt, declaring and/or paying
any corresponding dividends, and making any corresponding distributions to, the Issuer’s or such Restricted Subsidiary’s other
holders of Equity Interests), and (ii) any REIT Subsidiary may declare and/or pay any dividend or make any distribution to its equity
holders, in each case so long as the Parent believes in good faith that (1) the applicable REIT Entity qualifies as a REIT under the Code
and (2) the declaration and/or payment of such dividend or the making of such distribution by the Issuer, the applicable REIT Subsidiary
or any other Restricted Subsidiary is necessary either (A) to maintain the applicable REIT Entity’s status as a REIT under the Code
for any calendar year or (B) to enable the applicable REIT Entity to avoid the payment of any tax, including income or excise tax under
the Code, for any calendar year that could be avoided by reason of a dividend or distribution by such REIT Entity to its equity holders,
with such dividend or distribution by such REIT Entity to be made as and when determined by such REIT Entity, whether during or after
the end of the relevant calendar year. Additionally, also notwithstanding the foregoing, any REIT Subsidiary may make any distribution
to holders of its Preferred Stock other than the Issuer or any of its Restricted Subsidiaries in an aggregate amount not to exceed $80,000
per year per REIT Subsidiary.

 

(b)              
The provisions of Section 4.06(a) hereof will not prohibit:

 

(1)              
the redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Indebtedness of the
Issuer or any Subsidiary Guarantor including premium, if any, and accrued and unpaid interest and related transaction expenses, with the
proceeds of, or in exchange for, other Subordinated Indebtedness Incurred under Sections 4.08(a), (b), (c) or (d)(5);

 

(2)              
the making of any Restricted Payment in an aggregate amount outstanding pursuant to this clause (2) not to exceed the
amount of Excluded Contributions received by the Issuer after the Issue Date (with each such Restricted Payment being measured as of the
date made and without giving effect to any subsequent changes in value);

 

(3)              
the payment of any dividend, distribution or redemption of any Equity Interests or Subordinated Indebtedness within 60 days
after the date of declaration or notice thereof or call for redemption if, at such date of declaration or notice or call for redemption,
such payment or redemption was permitted by the provisions of Section 4.06(a) (the declaration of such payment will be deemed a Restricted
Payment under Section 4.06(a) as of the date of declaration and the payment itself will be deemed to have been made on the date of
declaration and will not also be deemed a Restricted Payment under Section 4.06(a)); provided, however, that any
Restricted Payment made in reliance on this clause (3) shall reduce the amount available for Restricted Payments pursuant to clause (C)
of Section 4.06(a)(4) only once;

 

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(4)               payments
and distributions to dissenting holders of common Equity Interests of the Issuer and stockholders of a Parent Entity (and the
payment of dividends or distributions by the Issuer to any Parent Entity to provide such Parent Entity with the cash necessary to
make such payments and distributions) pursuant to applicable law pursuant to or in connection with a consolidation, merger or
transfer of assets that complies with Section 5.01 hereof;

 

(5)              
the acquisition or re-acquisition (including the payment of dividends or distributions by the Issuer to fund such acquisition
or re-acquisition by a Parent Entity), whether by forfeiture or in connection with satisfying applicable payroll or withholding tax obligations,
of Equity Interests of the Issuer or Parent Entity in connection with the administration of their equity compensation programs in the
ordinary course of business;

 

(6)              
the making of Restricted Payments to any Parent Entity or any Restricted Subsidiary to the extent necessary to permit such
Person to pay (i) general administrative costs and expenses (including with respect to (a) corporate overhead, legal or similar expenses,
audit and other accounting and reporting expenses and customary wages, salary, bonus and other benefits payable to directors, officers,
employees, members of management, consultants and/or independent contractors and (b) executive compensation
arrangements in effect on the Issue Date or subsequently approved by the Compensation Committee of the Board of Directors of the Parent,
as well as any tax withholding payment obligations in connection therewith (including in connection with any vesting of Equity Interests
issued under such executive compensation arrangements)), (ii) franchise fees, franchise taxes and similar fees, taxes and expenses
required to maintain the organizational existence of such Person, (iii) any reasonable and customary indemnification claims made
by current or former directors, officers, members of management, employees or consultants, in each case, to the extent attributable to
the ownership or operations of the Issuer or its Restricted Subsidiaries, (iv) interest and/or principal on Indebtedness of such
Person, the proceeds of which have been contributed to the Issuer or its Restricted Subsidiaries and that has been guaranteed by, or is
otherwise considered Indebtedness of, the Issuer or any of its Restricted Subsidiaries in accordance with Section 4.08 hereof and
(v) fees and expenses other than to Affiliates of the Issuer related to any successful or unsuccessful financing transaction or equity
offering;

 

(7)              
the making of cash payments in connection with any conversion of Convertible Indebtedness in an aggregate amount not to
exceed the sum of (a) the principal amount of such Convertible Indebtedness up to and including the full redemption amount of such Convertible
Indebtedness plus (b) any payments received by the Issuer or any of its Restricted Subsidiaries pursuant to the exercise, settlement or
termination of any related Permitted Bond Hedge Transaction plus (c) any applicable premium or fees;

 

(8)              
any payments in connection with (a) a Permitted Bond Hedge Transaction and (b) the settlement of any related Permitted Warrant
Transaction (i) by delivery of shares of a Parent Entity’s Common Stock upon settlement thereof or (ii) by (A) set-off against the
related Permitted Bond Hedge Transaction or (B) payment of an early termination amount thereof in Common Stock upon any early termination
thereof;

 

(9)               the
making of any Restricted Payment to the Parent, the proceeds of which are used to purchase or redeem the Equity Interests of the
Issuer or the Parent (including related stock appreciation rights or similar securities) (or the payment of dividends or
distributions to any Parent Entity of the Issuer to provide the Parent (or any other Parent Entity) with the cash necessary to make
such purchase or redemption) held by then present or former directors, consultants, officers or employees of any Parent Entity, the
Issuer or any of its Restricted Subsidiaries or by any pension plan or any shareholders’ agreement then in effect upon such
Person’s death, disability, retirement or termination of employment or under the terms of any such pension plan or any other
agreement under which such Equity Interests were issued; provided, that the aggregate amount of such purchases or redemptions
under this clause (9) shall not exceed in any Fiscal Year (i) $25.0 million, plus (ii) (x) the amount of net proceeds received by
the Issuer or any of its Restricted Subsidiaries (or received by any Parent Entity and contributed to the common equity capital of
the Issuer or received by any Parent Entity and used to purchase Equity Interests in the Issuer) during such calendar year from
issuances of Equity Interests (other than Disqualified Stock) of any Parent Entity (to the extent contributed to the Issuer) to
directors, consultants, officers or employees of any Parent Entity, the Issuer or any of its Restricted Subsidiaries in connection
with permitted employee compensation and incentive arrangements and (y) the amount of net cash proceeds of any key-man life
insurance policies received during such calendar year, which, if not used in any year, may be carried forward to any subsequent
calendar year, subject, with respect to unused amounts from clause (i) of this proviso that are carried forward, to an overall limit
in any Fiscal Year of $40.0 million;

 

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(10)          
the declaration or payment of any cash dividend or other cash distribution or redemption in respect of Equity Interests
of the Issuer or any of its Restricted Subsidiaries constituting Preferred Stock (or the payment of dividends or distributions to the
Parent (or any other Parent Entity) to provide the Parent (or any such Parent Entity) with the cash necessary to make such payments or
distributions on Equity Interests constituting Preferred Stock), so long as the Interest Coverage Ratio (calculated in accordance with
Section 4.08(c)) would be greater than or equal to 1.50 to 1.0 after giving effect to such payment; provided that at
the time of payment of such dividend or distribution no Default or Event of Default shall have occurred and be continuing (or would result
therefrom);

 

(11)          
(i) noncash repurchases of Equity Interests of the Issuer or any Parent Entity deemed to occur upon exercise of stock options
or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants or any withholding or similar
taxes payable in connection with such exercise and (ii) noncash acquisitions of Equity Interests of the Issuer or any Parent Entity upon
forfeiture or vesting of Equity Interests (including Equity Interests of any Parent Entity) under any restricted stock or similar agreement
including if such forfeited Equity Interests represent any withholding or similar taxes payable in connection with a vesting;

 

(12)           the
payment of cash (A) in lieu of the issuance of fractional shares of Capital Stock upon conversion, exercise, redemption or exchange
of securities convertible into or exchangeable for Capital Stock of the Issuer or any Parent Entity (or the payment of dividends or
distributions to such Parent Entity to provide such Parent Entity with the cash necessary to make such payments) and (B) in lieu of
the issuance of whole shares of Capital Stock upon conversion, exercise, redemption or exchange of securities convertible into or
exchangeable for Capital Stock of the Issuer or any Parent Entity (or the payment of dividends or distributions to such Parent
Entity to provide such Parent Entity with the cash necessary to make such payments);

 

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(13)          
(i) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”)
or Subordinated Indebtedness of the Issuer or any of its Restricted Subsidiaries in exchange for, or out of the proceeds of, the substantially
concurrent sale of Equity Interests of the Issuer or contributions to the equity capital of the Issuer (other than any Disqualified Stock
or any Equity Interests sold to a Restricted Subsidiary or to the Issuer) (collectively, including any such contributions, “Refunding
Capital Stock”), (ii) the declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially
concurrent sale (other than to a Restricted Subsidiary or to the Issuer) of Refunding Capital Stock, and (iii) the declaration and payment
of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase,
retire or otherwise acquire any Equity Interests of any Parent Entity) in an aggregate amount no greater than the aggregate amount of
dividends that were declarable and payable on such Retired Capital Stock immediately prior to such retirement;

 

(14)          
the repayment, defeasance, redemption, repurchase or other acquisition of Subordinated Indebtedness or Disqualified Stock
of the Issuer pursuant to a required Offer to Purchase arising from a Change of Control Triggering Event or Asset Sale, as the case may
be; provided that such repayment, repurchase, redemption, acquisition or retirement occurs after all Notes tendered by Holders
in connection with a related Offer to Purchase have been repurchased, redeemed or acquired for value in accordance with the applicable
provisions of this Indenture;

 

(15)          
the declaration and payment of regularly scheduled or accrued dividends to holders of any class of Disqualified Stock of
the Issuer or any Preferred Stock of any Restricted Subsidiary issued on or after the Issue Date in accordance with Section 4.08
hereof;

 

(16)          
payments of intercompany Subordinated Indebtedness, the Incurrence of which was permitted under Section 4.08(d)(2);
provided that no Default or Event of Default shall have occurred and be continuing (or would result therefrom);

 

(17)          
the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified
Stock) issued by the Issuer after the Issue Date; provided that the amount of dividends paid pursuant to this clause (17)
shall not exceed the aggregate amount of cash actually received by the Issuer from the sale of such Designated Preferred Stock; and
provided further that, at the time of payment of such dividend, no Default or Event of Default shall have occurred and be continuing
(or would result therefrom);

 

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(18)          
Permitted Tax Payments;

 

(19)          
 any payments required under a Tax Protection Agreement entered into by the Issuer or a Parent Entity;

 

(20)          
the making of Restricted Payments to fund the cash payment to be made by a Parent Entity upon cash settlement or net share
settlement of any forward sale agreements entered into by a Parent Entity in connection with the issuance of its Common Stock;

 

(21)          
the payment of any dividend or distribution to the Parent and other holders of OP Units with respect to any period of four
(4) fiscal quarters to the extent necessary for the Parent to distribute (a) cash dividends or distributions to its shareholders with
respect to Equity Interests of the Parent in an aggregate amount not to exceed $0.01 per share per such fiscal quarter or (b) cash dividends
or distributions to its shareholders with respect to the Parent’s $1.95 Series A Cumulative Convertible Preferred Shares in an aggregate
amount not to exceed $0.4875 per share per such fiscal quarter; and

 

(22)          
other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to
this clause (22) from and after the Issue Date at any time outstanding, not to exceed the greater of $350.0 million and an amount
equal to 5.0% of Adjusted Total Assets as of the applicable date of determination.

 

For purposes of determining compliance with this Section 4.06,
in the event that any Restricted Payment meets the criteria of more than one of the types of Restricted Payment described in the above
clauses of Section 4.06(b), or is permitted to be made pursuant to Section 4.06(a), the Issuer, in its sole discretion, may
classify such Restricted Payment and only be required to include the amount and type of such Restricted Payment in one of such categories;
provided that the Issuer may divide and classify any Restricted Payment in one or more of the types of Restricted Payment and may
later reclassify all or a portion of such Restricted Payment, in any manner that complies within this Section 4.06.

 

		Section 4.07	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)              
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, create or otherwise cause to become effective
any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to:

 

(1)              
pay dividends or make any other distributions permitted by applicable law on any Equity Interests of such Restricted Subsidiary
owned by the Issuer or any of its Restricted Subsidiaries;

 

(2)              
pay any Indebtedness owed to the Issuer or any other Restricted Subsidiary;

 

(3)              
make loans or advances to the Issuer or any other Restricted Subsidiary; or

 

(4)              
transfer its property or assets to the Issuer or any other Restricted Subsidiary.

 

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(b)              
 The restrictions in Section 4.07(a) hereof will not apply to encumbrances or restrictions:

 

(1)              
in this Indenture, the Security Documents, the Notes, the Note Guarantees, and any other agreement, including the Existing
Credit Agreements, as the same are in effect on the Issue Date, and any extensions, refinancings, renewals or replacements of such agreements;
provided that in the case of any such extensions, refinancings, renewals or replacements of such agreements, the related encumbrances
or restrictions either (i) do not materially impair the ability of the Issuer to satisfy its obligations to make payments on the Notes
when due (as determined in good faith by the Issuer) or (ii) are substantially similar to or less restrictive than, in the aggregate,
the encumbrances and restrictions set forth in the Existing Credit Agreements;

 

(2)              
imposed under any applicable documents or instruments pertaining to any current or future Secured Indebtedness permitted
under this Indenture (and relating solely to assets constituting collateral thereunder or cash proceeds from or generated by such assets
or direct or indirect ownership of Persons obligated thereunder);

 

(3)              
existing under or by reason of applicable law, rule, regulation or order;

 

(4)              
on cash, Cash Equivalents or other deposits or net worth imposed under contracts entered into the ordinary course of business,
including such restrictions imposed by customers or insurance, surety or bonding companies;

 

(5)              
with respect to a Foreign Subsidiary, entered into in the ordinary course of business or pursuant to the terms of Indebtedness
of a Foreign Subsidiary that was Incurred by such Foreign Subsidiary in compliance with the terms of this Indenture;

 

(6)              
contained in any license, permit or other accreditation with a regulatory authority entered into in the ordinary course
of business;

 

(7)              
contained in agreements or instruments which prohibit the payment or making of dividends or other distributions other than
on a pro rata basis;

 

(8)              
existing with respect to any Person or the property or assets of any Person acquired by the Issuer or any of its Restricted
Subsidiaries or that otherwise becomes a Restricted Subsidiary, or with respect to any Person or the property or assets of any Person
newly designated as a Restricted Subsidiary of the Issuer, existing at the time of such acquisition or designation and not incurred solely
in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or assets of the Person
other than the Person or the property or assets of the Person so acquired or designated;

 

(9)              
in the case of clause (4) of Section 4.07(a):

 

(A)            
that restrict in a customary manner the subletting, assignment, license or transfer of any property or asset that is a lease,
license, conveyance or contract or similar property or asset;

 

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(B)             
 existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property
or assets of the Issuer or any of its Restricted Subsidiaries not otherwise prohibited by this Indenture;

 

(C)             
existing under or by reason of ground leases, Finance Leases or purchase money obligations for property acquired that impose
restrictions on that property; or

 

(D)            
arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually
or in the aggregate, detract from the value of property or assets of the Issuer or any Restricted Subsidiary in any manner material to
the Issuer and its Restricted Subsidiaries taken as a whole;

 

(10)          
restrictions on transfer or assignment provisions in Management Agreements or Franchise Agreements;

 

(11)          
with respect to the Issuer or a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for
the sale or disposition of all or substantially all of the Capital Stock of, or Property and assets of, the Issuer or such Restricted
Subsidiary (including any restrictions on distributions or on the making of loans or advances by the Issuer or that Restricted Subsidiary
pending its sale or other disposition);

 

(12)          
contained in the terms of any Indebtedness permitted under Section 4.08 hereof or any agreement pursuant to which such
Indebtedness was issued if:

 

(A)            
the encumbrance or restriction, taken as a whole, is no more onerous in any material respect than is customary in comparable
financings (as determined in good faith by the Issuer), and

 

(B)             
the encumbrances or restrictions do not materially impair the ability of the Issuer to satisfy its obligations to make payments
on the Notes (as determined in good faith by the Issuer);

 

(13)          
existing under or by reason of restrictions on cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business or cash earnest money deposits in favor of sellers in connection with acquisitions not
prohibited under this Indenture;

 

(14)          
(a) restrictions applicable to any Unrestricted Subsidiary or any non-Wholly Owned Restricted Subsidiary or Joint Venture
(or the Equity Interests thereof) or which exist under or by reason of customary provisions contained in the governing agreements for
any non-Wholly Owned Restricted Subsidiary or Joint Venture or (b) customary provisions in leases entered into in the ordinary course
of business;

 

(15)          
which exist under or by reason of Permitted Liens that limit the right of the debtor to transfer or otherwise dispose of
the assets subject to such Liens;

 

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(16)          
 which exist by reason of the Existing Credit Agreements, any Secured Hedge Agreement or any Cash Management Agreement as
in effect on the Issue Date or any Refinancing thereof; provided that with respect to any Refinancing, such encumbrances or
restrictions do not materially impair the ability of the Issuer to satisfy its obligations to make payments on the Notes (as determined
in good faith by the Issuer);

 

(17)          
restricting in a customary manner the transfer, license or assignment of any licensing agreement or other contract (or otherwise
relating to the assets subject thereto) entered into by the Issuer or its Restricted Subsidiaries in the ordinary course of business;

 

(18)          
which exist under or by reason of Contractual Obligations which (i) exist on the Issue Date and (ii) to the extent
Contractual Obligations permitted by clause (i) are set forth in an agreement evidencing Indebtedness, any agreement evidencing any
permitted modification, replacement, renewal, extension or Refinancing of such Indebtedness so long as such modification, replacement,
renewal, extension or Refinancing does not (when taken as a whole) materially impair the ability of the Issuer to satisfy its obligations
to make payments on the Notes (as determined in good faith by the Issuer);

 

(19)          
any other encumbrances or restrictions so long as such encumbrances or restrictions do not materially impair the ability
of the Issuer to satisfy its obligations to make payments on the Notes (as determined in good faith by the Issuer);

 

(20)          
customary negative pledges and restrictions on Liens in favor of any holder of Indebtedness for borrowed money permitted
under Section 4.08;

 

(21)          
restrictions contained in any agreements related to a Project Financing or Qualified Non-Recourse Debt;

 

(22)          
contained in any organizational documents of a REIT Subsidiary that are intended to ensure compliance with REIT requirements;

 

(23)          
customary provisions in partnership agreements, limited liability company organizational governance documents, Joint Venture
agreements, non-Wholly Owned Restricted Subsidiary agreements and other similar agreements that restrict the transfer of ownership interests
in such partnership, limited liability company, Joint Venture, non-Wholly Owned Restricted Subsidiary or similar Person or provisions
in agreements or instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of
Capital Stock of a Person other than on a pro rata basis;

 

(24)          
in connection with any rights of first refusal and rights of first offer relating to Properties;

 

(25)          
in connection with any Permitted Sale Restrictions or Permitted Transfer Restrictions;

 

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(26)          
 contained in any trading, netting, operating, construction, service, supply, purchase, sale, or other agreement entered
into in the ordinary course of business; provided such agreement restricts the encumbrance of solely the property or assets that are the
subject of such agreement, the payment rights thereunder or the proceeds thereof;

 

(27)          
contained in any Acceptable Preferred Equity Interests; and

 

(28)          
in connection with and pursuant to permitted extensions, Refinancings, renewals or replacements of restrictions imposed
pursuant to clauses (1) through (27) of this Section 4.07(b); provided that the encumbrances and restrictions in
any such extensions, Refinancings, renewals or replacements, taken as a whole, do not materially impair the ability of the Issuer to satisfy
its obligations to make payments on the Notes (as determined in good faith by the Issuer).

 

Nothing contained in this Section 4.07 will prevent the Issuer
or any of its Restricted Subsidiaries from restricting the sale or other disposition of property or assets of the Issuer or its Restricted
Subsidiaries that secure Indebtedness of the Issuer or any of its Restricted Subsidiaries. For purposes of
determining compliance with this covenant, (1) the priority of any Preferred Stock in receiving dividends or liquidating distributions
prior to distributions being paid on common Equity Interests shall not be deemed a restriction on the ability to make distributions on
Capital Stock, and (2) the subordination of loans or advances made to a Restricted Subsidiary to other Indebtedness incurred by such
Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 

		Section 4.08	Incurrence of Indebtedness.

 

(a)              
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness if, immediately after
giving effect to the Incurrence of such Indebtedness, on a Pro Forma Basis, the ratio of consolidated Indebtedness of the Issuer and the
Restricted Subsidiaries to Adjusted Total Assets would exceed 0.65 to 1.00.

 

(b)              
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, Incur any Secured Indebtedness if, immediately
after giving effect to the Incurrence of such Secured Indebtedness, on a Pro Forma Basis, the ratio of consolidated Secured Indebtedness
of the Issuer and the Restricted Subsidiaries to Adjusted Total Assets would exceed 0.45 to 1.00.

 

(c)              
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness if, after giving
effect to the Incurrence of such Indebtedness, on a Pro Forma Basis, the Interest Coverage Ratio of the Issuer and its Restricted Subsidiaries
on a consolidated basis would be less than 1.50 to 1.0; provided that for purposes of calculating the Interest Coverage Ratio
pursuant to this clause (c), for each of the first four (4) full Fiscal Quarters commencing with the Fiscal Quarter beginning on July
1, 2020, Consolidated EBITDA for any such Fiscal Quarter shall be calculated as the greater of (x) Consolidated EBITDA in such Fiscal
Quarter and (y) zero; provided, further that, for so long as any Subsidiary of the Issuer Guarantees the Notes, the amount
of additional Indebtedness that may be Incurred from and after the Issue Date by Restricted Subsidiaries that are not Subsidiary Guarantors
under this clause (c)shall not exceed the greater of $500.0 million and an amount equal to 7.5% of Adjusted Total Assets in the aggregate
for all such Restricted Subsidiaries at any time outstanding.

 

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(d)              
Notwithstanding clauses (a), (b) and (c) of this Section 4.08, the Issuer or any of its Restricted Subsidiaries
may Incur each and all of the following:

 

(1)              
Indebtedness of the Issuer or any of the Subsidiary Guarantors outstanding under Credit Facilities and the issuance or creation
of letters of credit and bankers’ acceptances thereunder or in connection therewith (with letters of credit and bankers acceptances
being deemed to have a principal amount equal to the face amount thereof), in an aggregate principal amount at any one time outstanding
not to exceed the sum of (1) the greater of $2,500.0 million and an amount equal to 35.0% of Adjusted Total Assets at any time outstanding
plus (2) in the case of any refinancing of any Indebtedness permitted under this clause (1) or any portion thereof, the aggregate
amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses Incurred in connection with
such Refinancing;

 

(2)              
Indebtedness owed to:

 

(A)            
an Issuer or a Subsidiary Guarantor evidenced by an unsubordinated promissory note; or

 

(B)             
any other Restricted Subsidiary; provided that if the Issuer or any Subsidiary Guarantor is an obligor, the
Indebtedness is subordinated in right of payment to the Notes, in the case of the Issuer, or the Note Guarantee, in the case of a Subsidiary
Guarantor; and provided further that any event which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any subsequent transfer of such Indebtedness (other than to the Issuer or any other Restricted Subsidiary) shall be deemed,
in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (2)(B);

 

(3)              
the Notes to be issued on the Issue Date and the related Note Guarantees;

 

(4)              
Indebtedness outstanding as of the Issue Date (excluding Indebtedness described in clause (1) above);

 

(5)              
Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease,
discharge or refund, other outstanding Indebtedness that was incurred under the provisions of paragraph (a), (b) or (c) of this covenant
or clauses (3), (4), (5), (8), (9), (10), (14), (17), (18), (24), (25) or (27) of this Section 4.08(d), in an amount not to
exceed the amount so Refinanced plus the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums, customary
reserves required to be funded and maintained in connection with such Indebtedness and other costs and expenses Incurred in connection
with such refinancing (any such action, to “Refinance” or a “Refinancing”); provided that
Indebtedness will be permitted under this clause (5) only if (except in the case of COVID-19 Relief Funds and Refinancings thereof):

 

(A)            
 such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness
is issued or remains outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that the Indebtedness
to be Refinanced is subordinated to the Notes, if applicable; and

 

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(B)             
such new Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the earlier
of (i) the Stated Maturity of the Indebtedness to be Refinanced, or (ii) the date that is 91 days after the Stated Maturity of the Notes,
and the Average Life of such new Indebtedness is at least equal to the earlier of (1) the remaining Average Life of the Indebtedness to
be Refinanced, or (2) 91 days more than the Average Life of the Notes;

 

provided further, that in no event may Indebtedness
of the Issuer or a Subsidiary Guarantor that ranks equally with or subordinate in right of payment to the Notes or such Subsidiary Guarantor’s
Note Guarantee, as applicable, be Refinanced by means of any Indebtedness of any Restricted Subsidiary that is not a Subsidiary Guarantor
pursuant to this clause (5);

 

(6)              
(i) obligations (contingent or otherwise) existing or arising under any Hedging Obligations or Swap Contracts (including
Secured Hedge Agreements) entered into for the purpose of mitigating risks associated with fluctuations in interest rates (including both
fixed to floating and floating to fixed contracts), foreign exchange rates or commodity price fluctuations in a non-speculative manner
and (ii) Indebtedness consisting of any Permitted Bond Hedge Transaction or any Permitted Warrant Transaction;

 

(7)              
Indebtedness under Secured Cash Management Agreements, cash pooling agreements with hotel management companies and in respect
of netting services, any Overdraft Line and otherwise in connection with deposit accounts, commercial credit cards, stored value cards,
purchasing cards and treasury management services, including any obligations pursuant to Cash Management Agreements, and other netting
services, overdraft protections, automated clearing-house arrangements, employee credit card programs, controlled disbursement, ACH transactions,
return items, interstate depository network service, Society for Worldwide Interbank Financial Telecommunication transfers, cash pooling
and operational foreign exchange management, and in each case, similar arrangements and otherwise in connection with cash management,
including cash management arrangements among the Issuer and its Subsidiaries;

 

(8)               (A)
Finance Leases, synthetic lease obligations, purchase money obligations or mortgage financings Incurred after the Issue Date and (B)
Indebtedness secured by purchase money Liens, in an aggregate outstanding principal amount for clauses (A) and (B) on a combined
basis Incurred from and after the Issue Date not to exceed the greater of $500.0 million and an amount equal to 7.5% of Adjusted
Total Assets at any time outstanding; provided, however, that, subject to clause (g), any Refinancing Incurred under
clause (5) above in respect of such Indebtedness shall be deemed to have been incurred under this clause (8) for purposes of
determining the amount of Indebtedness that may at any time be Incurred under this clause (8);

 

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(9)              
Indebtedness of the Issuer, to the extent the net proceeds therefrom are promptly:

 

(A)            
used to purchase Notes tendered in an Offer to Purchase made as a result of a Change of Control Triggering Event; or

 

(B)             
deposited to defease or discharge the Notes as described in Articles 8 and 11 hereof;

 

(10)          
Indebtedness incurred in connection with any Sale and Leaseback Transaction;

 

(11)          
customer deposits and advance payments received from customers in the ordinary course of business;

 

(12)          
any Guarantee issued by the Issuer pursuant to the matters described in any indemnity agreements entered into for the benefit
of a title company that has been engaged by the Issuer or any of its Restricted Subsidiaries;

 

(13)          
Guarantees by the Issuer or any Restricted Subsidiary of any Indebtedness of the Issuer or any Restricted Subsidiary; provided
that such Indebtedness was permitted to be Incurred pursuant to this covenant other than under this clause (13); provided further
that any such Guarantees by the Issuer or any Subsidiary Guarantor of any Indebtedness of any Restricted Subsidiary that is not a Subsidiary
Guarantor is subordinated in right of payment to the obligations of the Issuer and the Subsidiary Guarantors under the Notes;

 

(14)          
Guarantees issued by the Issuer or any of its Restricted Subsidiaries of any Indebtedness of Joint Ventures or Unrestricted
Subsidiaries Incurred from and after the Issue Date in an amount not to exceed the greater of $180.0 million and 2.5% of Adjusted Total
Assets at any time outstanding, if both before and after giving effect to the incurrence of each such Guarantee, no Default or Event of
Default has occurred or is continuing; provided, however, that, subject to clause (g), any Refinancing Incurred under clause
(5) above in respect of such Indebtedness shall be deemed to have been incurred under this clause (14) for purposes of determining the
amount of Indebtedness that may at any time be Incurred under this clause (14);

 

(15)          
Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit issued under any Credit
Facilities in an aggregate principal amount not to exceed the stated amount of such letter of credit (but which stated amount may include
the amount of any anticipated premiums, expenses (including upfront fees and original issue discount) and any accretion in the principal
amount thereof);

 

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(16)          
 contractual indemnity obligations entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course
of ownership or operation of their respective Properties;

 

(17)          
Indebtedness (A) of a Person outstanding on the date of any acquisition of such Person, including through the acquisition
of a Person that becomes a Restricted Subsidiary or is acquired by, or merged or consolidated with or into, the Issuer or any Restricted
Subsidiary, or that is assumed by the Issuer or any Restricted Subsidiary in connection with any such acquisition (other than Indebtedness
incurred by such Person in connection with, or contemplation of, such acquisition, merger or consolidation), (B) Incurred to provide all
or any portion of the funds utilized to acquire, or to consummate the transaction or series of related transactions in connection with
or in contemplation of any acquisition, of a Person that becomes a Restricted Subsidiary, (C) assumed in connection with an asset acquisition
by the Issuer or a Restricted Subsidiary or (D) Incurred in connection with any Investment in a third party permitted under this
Indenture, in each case under this clause (17), as long as immediately after giving effect thereto, either (i) the Interest
Coverage Ratio on a Pro Forma Basis would be at least 1.50 to 1.0 or (ii) the Interest Coverage Ratio on a Pro Forma Basis would
be greater than or equal to the actual Interest Coverage Ratio immediately prior to such acquisition, incurrence or assumption, in each
case under this clause (17), with the Interest Coverage Ratio calculated in accordance with clause (c) above;

 

(18)          
Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor, together with any other Indebtedness Incurred
from and after the Issue Date pursuant to this clause (18) or clause (c) above by such Restricted Subsidiaries, in an amount not to exceed
the greater of $500.0 million and an amount equal to 7.5% of Adjusted Total Assets in the aggregate for all such Restricted Subsidiaries
at any time outstanding; provided, however, that, subject to clause (g), any Refinancing Incurred under clause (5) above
in respect of such Indebtedness shall be deemed to have been incurred under this clause (18) for purposes of determining the amount of
Indebtedness that may at any time be Incurred under this clause (18);

 

(19)          
Indebtedness:

 

(A)            
arising from agreements providing for indemnification, adjustment of purchase or acquisition price or similar obligations
Incurred or assumed to the extent permitted as an Investment under the definition of “Permitted Investments” below, or arising
from the disposition of any business, assets or a Subsidiary not prohibited by this Indenture;

 

(B)             
arising from contingent liabilities in respect of any indemnification, adjustment of purchase price, non-compete, consulting,
deferred taxes and similar obligations of the Issuer and the Restricted Subsidiaries Incurred in connection with acquisitions;

 

(C)              owed
to (including obligations in respect of letters of credit or bank guarantees or similar instruments for the benefit of) any Person
providing workers’ compensation, unemployment, health, disability or other employee benefits or Property, casualty or
liability insurance to the Issuer or any Subsidiary, pursuant to reimbursement or indemnification obligations to such Person, in
each case in the ordinary course of business or consistent with past practice or industry practices;

 

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(D)            
in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations,
in each case in the ordinary course of business or consistent with past practice or industry practices; or

 

(E)             
in respect of indemnification obligations existing on the Issue Date;

 

(20)          
Indebtedness in respect of letters of credit, bank guarantees, warehouse receipts or similar instruments and trade letters
of credit in the ordinary course of business or consistent with past practice or industry practice;

 

(21)          
Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or
(ii) take-or-pay obligations contained in supply agreements, in each case incurred in the ordinary course of business;

 

(22)          
Indebtedness incurred pursuant to or in connection with the terms of any tax matters or tax sharing agreement, employee
matters agreement, transition services agreement, corporate services agreement or other similar agreement;

 

(23)          
to the extent constituting Indebtedness, agreements to pay service fees to professionals (including architects, engineers
and designers) in furtherance of and/or in connection with any project, in each case to the extent such agreements and related payment
provisions are reasonably consistent with commonly accepted industry practices as determined in good faith by the Issuer (provided
that no such agreements shall give rise to Indebtedness for borrowed money);

 

(24)          
(i) any Qualified Non-Recourse Debt and/or any Project Financing Incurred from and after the Issue Date at any time outstanding
in an aggregate outstanding principal amount not to exceed (a) $300.0 million in the aggregate plus (b) $750.0 million in respect of Qualified
Non-Recourse Debt incurred solely to finance the acquisition or continued ownership of any Related Business; provided, however,
that, subject to clause (g), any Refinancing Incurred under clause (5) above in respect of such Indebtedness shall be deemed to have been
incurred under this clause (24) for purposes of determining the amount of Indebtedness that may at any time be Incurred under this clause
(24);

 

(25)          
Indebtedness incurred to fund any payments required under a Tax Protection Agreement entered into by the Issuer or a Parent
Entity;

 

(26)          
Permitted Government Revenue Bond Indebtedness;

 

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(27)          
 COVID-19 Relief Funds; and

 

(28)          
other Indebtedness Incurred from and after the Issue Date not to exceed the greater of $500.0 million and 7.5% of Adjusted
Total Assets at any time outstanding.

 

(e)              
For purposes of determining compliance with any U.S. dollar restriction on the Incurrence of Indebtedness where the Indebtedness
Incurred is denominated in a different currency, the amount of such Indebtedness will be the U.S. Dollar Equivalent determined on the
date of the Incurrence of such Indebtedness; provided, however, that if any such Indebtedness denominated in a different
currency is subject to a Currency Agreement with respect to U.S. dollars covering all principal, premium, if any, and interest payable
on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be as provided in such Currency Agreement. Notwithstanding
any other provision of this Indenture, the maximum amount of Indebtedness that the Issuer or any of its Restricted Subsidiaries may Incur
shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, due solely to the result of fluctuations in the exchange
rates of currencies.

 

(f)               
For purposes of determining any particular amount of Indebtedness under this Section 4.08, Guarantees, Liens or obligations
with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount will not be
included (i.e., there will be no double-counting).

 

(g)              
For purposes of determining compliance with this Section 4.08, in the event that an item of Indebtedness meets the
criteria of more than one of the types of Indebtedness described in the above clauses of Section 4.08(d) or is Incurred in compliance
with clauses (a), (b) and (c) of this Section 4.08, as applicable, the Issuer, in its sole discretion, may classify such item
of Indebtedness and only be required to include the amount and type of such Indebtedness in one of such categories; provided that
the Issuer may divide and classify an item of Indebtedness in one or more of the types of Indebtedness and may later reclassify all or
a portion of such item of Indebtedness, in any manner that complies within this Section 4.08. Notwithstanding the foregoing, any
Indebtedness under the Existing Credit Agreements outstanding on the Issue Date will at all times be treated as Incurred in reliance on
the exception provided by clause (d)(1) of this Section 4.08.

 

(h)              
The amount of any Indebtedness outstanding as of any date will be:

 

(1)              
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)              
the principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(3)              
in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)            
the Fair Market Value of such assets at the date of determination; and

 

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(B)             
 the amount of the Indebtedness of the other Person.

 

(i)                
At the time of Incurrence, classification or reclassification, the Issuer will be entitled to divide and classify an item
of Indebtedness in more than one of the categories of Indebtedness described in paragraphs (a), (b) or (c) of this covenant or clauses
(1) through (28) of paragraph (d) of this covenant (or any portion thereof) without giving Pro Forma effect to the Indebtedness Incurred,
classified or reclassified pursuant to any other clause or paragraph of this covenant (or any portion thereof) when calculating the amount
of Indebtedness that may be Incurred, classified or reclassified pursuant to any such clause or paragraph (or any portion thereof) at
such time; provided that, for the avoidance of doubt, it is understood and agreed that for any Indebtedness Incurred, classified
or reclassified in reliance on a category of permitted Indebtedness involving the calculation of a ratio, such Indebtedness will be included
in the calculation of such ratio at the time of such Incurrence, classification or reclassification.

 

(j)                
In connection with (x) the Incurrence or issuance, as applicable, of revolving loan Indebtedness under this covenant
or (y) any commitment to Incur or issue Indebtedness under this covenant, the Issuer or applicable Restricted Subsidiary may designate
such Incurrence or issuance as having occurred on the date of first Incurrence of such revolving loan Indebtedness or commitment (such
date, the “Deemed Date”), and any related subsequent actual Incurrence or issuance will be deemed for all purposes under this
Indenture to have been Incurred or issued on such Deemed Date, including without limitation for purposes of calculating the Interest Coverage
Ratio, usage of any baskets under this Indenture (if applicable), the ratio of consolidated Indebtedness to Adjusted Total Assets, the
ratio of consolidated Secured Indebtedness to Adjusted Total Assets, and Consolidated EBITDA (and all such calculations on and after the
Deemed Date until the termination of such commitments shall be made on a Pro Forma Basis after giving effect to the deemed Incurrence
or issuance and related transactions in connection therewith).

 

		Section 4.09	Asset Sales.

 

(a)              
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, consummate any Asset Sale, unless:

 

(1)              
the consideration received by the Issuer or such Restricted Subsidiary is at least equal to the Fair Market Value of the
assets sold or disposed of, and

 

(2)              
at least 75.0% of the consideration received by the Issuer or such Restricted Subsidiary consists of cash or Cash Equivalents
or Replacement Assets; provided that, with respect to the sale of one or more Properties, up to 75.0% of the consideration
may consist of Indebtedness of the purchaser of such Properties so long as such Indebtedness is secured by a first priority Lien on the
Properties sold; provided further that, for purposes of this clause (2), the following will be deemed to be cash:

 

(A)             any
liabilities of the Issuer or any such Restricted Subsidiary (other than contingent liabilities and liabilities that are by their
terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets and for which either
(a) the Issuer and any such Restricted Subsidiaries have been validly released by the creditors or (b) the transferee and/or an
Affiliate thereof has agreed in writing to fully indemnify the Issuer or such Restricted Subsidiaries;

 

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(B)             
any securities, evidences of Indebtedness, notes or other obligations received by the Issuer or any such Restricted Subsidiary
from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days of the
consummation of such Asset Sale; and

 

(C)             
any Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an
aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C)
that is at that time outstanding, not to exceed the greater of $180.0 million and an amount equal to 2.5% of Adjusted Total Assets, as
of any date of Incurrence, 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.

 

(b)              
Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Issuer will or will cause such Net Cash
Proceeds (or an amount equal to the amount of such Net Cash Proceeds) to be applied to:

 

(1)              
(i) make any repayments of Pari Passu Obligations to the extent required pursuant to the Existing Credit Agreements or any
Refinancing thereof (without obligation to permanently reduce commitments with respect thereto unless required under the Existing Credit
Agreements or any Refinancing thereof) or (ii) otherwise to permanently reduce Obligations constituting Pari Passu Obligations and, if
the Indebtedness repaid is a revolving credit facility or other similar Indebtedness, to correspondingly permanently reduce commitments
with respect thereto; provided that (x) to the extent the terms of Pari Passu Obligations (other than Obligations under the Notes)
require that such Pari Passu Obligations are repaid with the Net Cash Proceeds from an Asset Sale prior to repayment of other Indebtedness
(including the Notes), the Issuer and the Restricted Subsidiaries shall be entitled to repay such other Pari Passu Obligations prior to
repaying Obligations under the Notes and (y) except as provided in the foregoing clause (x), if the Issuer or any Restricted Subsidiary
shall so reduce Pari Passu Obligations, the Issuer will, equally and ratably, reduce Obligations under the Notes as provided under the
caption “—Optional redemption,” through open-market purchases (provided that such purchases are at or above 100%
of the principal amount thereof) or by making an offer (in accordance with the procedures set forth herein) to all Holders to purchase
their Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest on the principal amount of Notes
so purchased;

 

(2)              
fund all or a portion of an optional redemption of the Notes pursuant to Section 3.07 hereof or repurchase the Notes
in open market transactions if such repurchase is not otherwise prohibited by this Indenture;

 

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(3)              
 permanently reduce Obligations ranking pari passu with the Notes other than Pari Passu Obligations
so long as the relevant Net Cash Proceeds are received with respect to an Asset Sale of property that does not constitute Collateral;
provided that if the Issuer or any Restricted Subsidiary shall so reduce any such Pari Passu Obligations, the Issuer will equally
and ratably reduce or offer to reduce Obligations under the Notes in any manner set forth in clause (1)(y) above (based on the amounts
so applied to such repayments or prepayments);

 

(4)              
permanently reduce Secured Indebtedness of the Issuer or any Subsidiary Guarantor or Indebtedness of any Restricted Subsidiary
that is not a Subsidiary Guarantor, in each case owing to a Person other than the Issuer or any of its Restricted Subsidiaries;

 

(5)              
make (A) an investment in or acquisition of any one or more Replacement Assets, (B) capital expenditures in a Related Business
owned by the Issuer or a Restricted Subsidiary or (C) an acquisition of other assets of a nature or type that are used in or useful to
the business of the Issuer or any of its Restricted Subsidiaries existing on the date of such investment,
capital expenditure or acquisition; provided that the assets (including Capital Stock) acquired with the Net Cash Proceeds of a
disposition of Collateral are pledged as Collateral to the extent required under the Security Documents (except to the extent a Lien thereon
is not required by, or is released by lenders, under the Existing Credit Agreements or any Refinancing thereof); or

 

(6)              
any combination of the foregoing;

 

provided, that the Issuer will be deemed to have complied with
the provisions described in clause (5) of this Section 4.09 if and to the extent that the Issuer or any of its Restricted Subsidiaries
enter into a definitive agreement committing to make such investment, acquisition or capital expenditure or so invest within such 365-day
period, which acquisition, capital expenditure or investment shall be made within 180 days after the end of such 365-day period.

 

Pending the application of any such Net Cash Proceeds
as described above, the Issuer may temporarily reduce Indebtedness or otherwise invest such Net Cash Proceeds in any manner that is not
prohibited by this Indenture. The amount of such excess Net Cash Proceeds required to be applied (or to be committed to be applied) during
such 365-day period as set forth in the preceding sentence and not applied (or committed to be applied) as so required by the end of such
period will constitute “Excess Proceeds.” If, as of the first day of any calendar month, the aggregate amount of Excess
Proceeds not previously subject to an Offer to Purchase pursuant to this Section 4.09 totals more than $75.0 million, the Issuer
must commence, not later than 20 Business Days thereafter, and consummate an Offer to Purchase from the Holders and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to an Offer
to Purchase or redeem with the proceeds of sales of assets, on a pro rata basis, an aggregate principal amount of Notes and such other
pari passu Indebtedness equal to the Excess Proceeds on such date, at a purchase price equal to 100% of the principal amount of the Notes
and such other pari passu Indebtedness plus, in each case, accrued and unpaid interest to, but not including the Payment Date.

 

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If the aggregate principal amount of Notes and
other pari passu Indebtedness with the Notes tendered into such Offer to Purchase exceeds the amount of Excess Proceeds, then the Notes
and such other pari passu Indebtedness will be purchased on a pro rata basis based on the principal amount of the Notes and such other
pari passu Indebtedness tendered. Upon completion of each Offer to Purchase, any remaining Excess Proceeds (subject, in the case of an
Offer to Purchase for less than the full amount of the Notes, to such Offer to Purchase) will no longer be deemed to be Excess Proceeds
and may be applied to any other purpose not prohibited under this Indenture.

 

The Issuer will comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with each repurchase of Notes pursuant to an Offer to Purchase in connection with an Asset Sale. To the extent
that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.09, the Issuer will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.09
by virtue of such compliance.

 

		Section 4.10	Transactions with Affiliates.

 

(a)              
The Issuer will not, and will not permit any of its Restricted Subsidiaries to enter into, renew or extend any transaction
of any kind with any Affiliate of the Issuer or any of its Restricted Subsidiaries (other than transactions between or among any Parent
Entity, the Issuer and the Restricted Subsidiaries), in each case, involving consideration in excess of $50.0 million in the aggregate
(an “Affiliate Transaction”) for any transaction or series of related transactions, except upon terms and conditions
(taken as a whole) that are not materially less favorable to the Issuer or such Restricted Subsidiary than could be obtained, at the time
of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing
therefor, in a comparable arm’s-length transaction with a Person that is not such an Affiliate.

 

(b)              
The foregoing limitation does not limit, and will not apply to:

 

(1)              
(i) any payments or other transactions pursuant to any tax-sharing or cost sharing agreement between or among the Issuer,
any Restricted Subsidiary, and any Parent Entity, and (ii) any transactions undertaken between or among them for the purpose of improving
the consolidated tax efficiency of any Parent Entity, the Issuer or any Restricted Subsidiary;

 

(2)              
payments or other transactions (including the payment of any fees and expenses in connection therewith) pursuant to or in
connection with transactions pursuant to agreements generally described in the Offering Memorandum or any amendment, modification, or
supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced,
taken as a whole, is not, in the good faith determination of the Issuer, materially less favorable to the Issuer and the Restricted Subsidiaries
than the original agreement or arrangement in existence on the Issue Date;

 

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(3)              
 any transaction with any Person who is not an Affiliate immediately before the consummation of such transaction that becomes
an Affiliate as a result of such transaction;

 

(4)              
any transaction with a Joint Venture, partnership, limited liability company or other entity (in each case other than an
Unrestricted Subsidiary) that would constitute an Affiliate Transaction solely because the Issuer or a Restricted Subsidiary owns an Equity
Interest in such Joint Venture, partnership, limited liability company or other entity;

 

(5)              
(i) license or lease agreements with any Unrestricted Subsidiary or Joint Venture on terms which, taken as a whole
together with all related transactions with such Unrestricted Subsidiary or Joint Venture, are commercially reasonable, (ii) other
agreements and transactions in the ordinary course of business (and reasonable extensions of such course of business) with, or for the
benefit of, any Unrestricted Subsidiary or Joint Venture on terms that are commercially reasonable or which are materially consistent
with the past practices of the Issuer, and (iii) any agreement by an Unrestricted Subsidiary or Joint Venture to pay management,
development or other similar fees to the Issuer or a Restricted Subsidiary, directly or indirectly, relating to the provision of management
services, overhead, sharing of customer lists and customer loyalty programs;

 

(6)              
(i) the issuance, sale or transfer, and transactions related to the issuance, sale or transfer, of Equity Interests of the
Issuer to any Parent Entity or any Affiliate thereof, including in connection with capital contributions by such Parent Entity or any
Affiliate thereof to the Issuer or any of its Restricted Subsidiaries, (ii) capital contributions by any Parent Entity to the Issuer or
any Restricted Subsidiary and (iii) redemptions, repurchases, and retirement of Equity Interests of the Issuer in connection with redemptions,
repurchases and retirements of substantially corresponding Equity Interests of a Parent Entity;

 

(7)              
director’s fees and any employment, consulting, service, severance or termination agreement, or reasonable and customary
indemnification arrangements, entered into by the Issuer (or any Parent Entity) or any of its Restricted Subsidiaries with officers, directors,
employees and consultants of the Issuer (or any Parent Entity) or its Restricted Subsidiaries that are Affiliates of the Issuer or its
Subsidiaries and the payment of compensation, customary fees, perquisites and fringe benefits and the issuance of securities of the Issuer
or any Parent Entity to such officers, directors, employees and consultants (including amounts paid pursuant to employee benefit plans,
employee stock option or similar plans), in each case (i) in the ordinary course of business, (ii) pursuant to arrangements in effect
on the Issue Date or (iii) as may be approved by the Compensation Committee of the Board of Directors of the Parent;

 

(8)               the
payment of fees, commission, payroll, reasonable out-of-pocket costs, travel and similar advances or loans (including payment or
cancellation thereof) to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the
Issuer (or any Parent Entity) and its Subsidiaries to the extent attributable to the ownership, management or operation of the
Issuer (or any Parent Entity) and its Subsidiaries, in each case (i) in the ordinary course of business, (ii) pursuant to
arrangements in effect on the Issue Date or (iii) as may be approved by the Compensation Committee of the Board of Directors of the
Parent;

 

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(9)              
entry into and transactions pursuant to Tax Protection Agreements or any amendment, modification or supplement thereto or
replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a whole, is
not in the good faith determination of the Issuer, materially less favorable to the Issuer and the Restricted Subsidiaries than the original
agreement;

 

(10)          
(i) any Restricted Payments not prohibited by Section 4.06 or Permitted Investments, (ii) the Incurrence of any Indebtedness
permitted under clauses (2), (4), (5), (7), (8), (12), (13), (14), (17), (18), (19), (22) and (25) of Section 4.08(d), (iii) any
sales or other dispositions of assets that do not constitute “Asset Sales” pursuant to the first sentence of such definition,
and (iv) the Incurrence of any Liens constituting “Permitted Liens” pursuant to clauses (2) through (33), (37) through (40),
(49), (50), (53), (54), (59) and (60) of such definition;

 

(11)          
(i) the exercise by the Issuer of rights under derivative securities linked to Equity Interests underlying Convertible Indebtedness
or similar products purchased by the Issuer or the Parent in connection with the issuance of Convertible Indebtedness and (ii) any termination
fees or similar payments in connection with the termination of warrants or other Equity Interests issued in connection with such Convertible
Indebtedness;

 

(12)          
affiliate transactions and agreements disclosed or referred to in the Parent’s filings with the SEC on or prior to
and as in effect on the Issue Date (in each case, including any amendment, modification or extension thereto to the extent such amendment,
modification or extension, taken as a whole, is not (i) adverse to the Holders in any material respect or (ii) more disadvantageous to
the Holders than the relevant transaction in existence on the Issue Date in any material respect);

 

(13)           agreements
with Joint Ventures and Unrestricted Subsidiaries to facilitate arrangements related to (i) easements, exceptions, reservations,
condominium documents or other agreements or documents for the purpose of pipelines, conduits, cables, wire communication lines,
power lines and substations, streets, trails, walkways, traffic signals, drainage, irrigation, water, electricity and sewerage
purposes, dikes, canals, ditches, the removal of oil, gas, coal, or other minerals, and other like purposes affecting Property,
facilities, or equipment which individually or in the aggregate do not materially burden or impair the Fair Market Value or use of
such Property for the purposes for which it is or may reasonably be expected to be held or (ii) easements, exceptions, reservations,
condominium documents or other agreements or documents for the purpose of facilitating the joint or common use of Property in or
adjacent to a neighboring development, timeshare or residential property, shopping center, office building, utility company, public
facility or other projects affecting Property which individually or in the aggregate do not materially burden or impair the Fair
Market Value or use of such Property for the purposes for which it is or may reasonably be expected to be held;

 

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(14)          
leases or subleases (i) not interfering in any material respect with the ordinary conduct of the business of the Issuer
and the Restricted Subsidiaries (which, for the avoidance of doubt, includes operating subleases) and (ii) licenses or sublicenses of
Intellectual Property made in the ordinary course of business, and termination of leases and Swap Contracts in the ordinary course of
business; and

 

(15)          
transactions (A) approved by (i) a majority of the disinterested members of the Board of Directors of the Parent or (ii)
a majority of either the Nominating and Corporate Governance Committee or the Compensation Committee (or any successor committees with
substantially the same responsibilities) of the Parent constituted as set forth in the bylaws of the Parent (as in effect from time to
time) or (B) for which the Issuer or any of its Restricted Subsidiaries delivers to the Trustee a written opinion of an independent qualified
real estate appraisal firm or a nationally recognized investment banking, accounting or appraisal firm, stating that the transaction is
fair to the Issuer or such Restricted Subsidiary from a financial point of view.

 

Notwithstanding the foregoing, any transaction or series of related
transactions covered by Section 4.10(a) and not covered by clauses (1) through (14) of Section 4.10(b) the aggregate amount
of which exceeds $125.0 million in value must be approved or determined to be fair in the manner provided for in clause (15)(A) or
(B) of Section 4.10(b).

 

		Section 4.11	Liens.

 

The Issuer will not, and will not permit any of
its Restricted Subsidiaries to, create, incur, assume or otherwise cause to become effective any Lien of any kind (other than Permitted
Liens) that secures Obligations upon any of their property or assets, now owned or hereafter acquired, unless (i) all payments due under
this Indenture and the Notes are secured on an equal and ratable basis with the Obligations so secured until such time as such Obligations
are no longer secured by a Lien and (ii) in the case of additional Indebtedness or other obligations
that are secured by a Lien on the Collateral after the Issue Date, such Indebtedness or other obligations are designated as “Credit
Agreement Debt” or “Additional Pari Passu Obligations” under the Intercreditor Agreement and the applicable Pari Passu
Secured Parties or Additional Pari Passu Secured Parties are or become party to the Intercreditor Agreement.

 

For purposes of determining compliance with this
Section 4.11, in the event that any Lien meets the criteria of more than one of the types of Liens described under the definition
of “Permitted Liens,” the Issuer, in its sole discretion, may classify such Lien in one such type of Permitted Liens;
provided that the Issuer may divide and classify a Lien in one or more of the types of Permitted Liens and may later reclassify
all or a portion of such Lien, in any manner that complies within this Section 4.11.

 

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		Section 4.12	Corporate Existence.

  

Subject to Article 5 and Section 10.04 hereof,
the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)              
its corporate, partnership or other existence, and the corporate, partnership or other existence of each of its Restricted
Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Issuer
or any such Restricted Subsidiary (it being understood that legal name changes may be made upon the reasonable discretion of the Issuer);
and

 

(2)              
the rights (charter and statutory) and licenses of the Issuer and its Restricted Subsidiaries;

 

provided, however, that the Issuer shall not be required to
preserve any such right or license, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the loss
thereof would not reasonably be expected to be materially adverse to the Issuer and its Subsidiaries, taken as a whole.

 

		Section 4.13	Offer to Purchase Upon Change of Control Triggering Event.

 

(a)              
Unless the Issuer has previously or concurrently sent a redemption notice with respect to all existing Notes as described
in Section 3.07 and all conditions precedent applicable to such redemption notice have been satisfied, within 30 days following any
Change of Control Triggering Event or, at the option of the Issuer, prior to any Change of Control Triggering Event, but after public
announcement of the transaction or transactions that constitute or may constitute the Change of Control Triggering Event, the Issuer shall
be required to commence an Offer to Purchase for all Notes then outstanding at a purchase price in cash equal to 101% of the principal
amount of the Notes, plus accrued and unpaid interest, if any, to, but not including the Payment Date. The Offer to Purchase will, if
sent prior to the date on which the Change of Control Triggering Event occurs, describe the transaction or transactions that constitute
or may constitute the Change of Control Triggering Event, and state that the Offer to Purchase is conditioned on the Change of Control
Triggering Event occurring on or prior to the applicable Payment Date.

 

(b)              
Subject to Section 4.13(c), the provisions described above that require the Issuer to make an Offer to Purchase following
a Change of Control Triggering Event will be applicable regardless of whether any other provisions of this Indenture are applicable.

 

(c)              
The Issuer will not be required to make an Offer to Purchase upon a Change of Control Triggering Event if a third party
makes the Offer to Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to an Offer to Purchase made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Offer to Purchase.

 

(d)               If
Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
in a Change of Control Offer to Purchase and the Issuer, or any third party making an Offer to Purchase in lieu of the Issuer as
described above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer will have the right, upon
not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the
Change of Control Offer to Purchase described above, to redeem all Notes that remain outstanding following such purchase at a
redemption price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to, but not
including, such purchase date.

 

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(e)              
The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations in connection with the repurchase of Notes as a result of a Change of Control Triggering Event. To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.13, the Issuer
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.13
by virtue of its compliance with such securities laws or regulations.

 

(f)               
If the terms of any Credit Facility prohibit the Issuer from making an Offer to Purchase or from purchasing the Notes pursuant
thereto, prior to the sending of the notice to Holders, but in any event within 30 days following any Change of Control Triggering Event,
the Issuer covenants to:

 

(1)              
repay in full all Indebtedness outstanding under such Credit Facilities or offer to repay in full all such Indebtedness
and repay the Indebtedness of each lender who has accepted such offer; or

 

(2)              
obtain the requisite consent under such Credit Facilities to permit the purchase of the Notes as described above.

 

(g)              
The Issuer must first comply with clause (f) of this Section 4.13 before it will be required to purchase Notes in the
event of a Change of Control Triggering Event; provided, however, that the Issuer’s failure to comply with clause (f)
of this Section 4.13 or to make a Change of Control Offer to Purchase because of any such failure shall constitute a Default described
in clause (4) in Section 6.01 (and not under clause (3) in Section 6.01 hereof); provided further, if the Issuer
has instituted any liability management procedures or is otherwise engaged in obtaining the requisite consents under such Credit Facilities
to permit the purchase of the Notes (such engagement to be determined by the Issuer in its sole discretion), the Issuer shall have an
additional 30 days following the initial 30-day period after the occurrence of a Change of Control Triggering Event to secure such consents
and no Default shall have occurred if such consents are obtained within such 30-day period.

 

(h)              
In addition, if any such purchase (including any Offer to Purchase) is subject to satisfaction of one or more conditions
precedent, such notice will describe each such condition, and if applicable, will state that, in the Issuer’s discretion, the Payment
Date may be delayed until such time as any or all such conditions shall be satisfied, or such purchase may not occur and such notice may
be rescinded in the event that any or all such conditions shall not have been satisfied by the Payment Date, or by the Payment Date as
so delayed.

 

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(i)                
On the Payment Date, the Issuer will:

 

(1)              
 accept for payment on a pro rata basis Notes or portions thereof tendered pursuant to an Offer to Purchase;

 

(2)              
deposit with the applicable paying agent money sufficient, as determined by the Issuer, to pay the purchase price of all
Notes or portions thereof so accepted; and

 

(3)              
promptly thereafter deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together
with an officer’s certificate specifying the Notes or portions thereof accepted for payment by the Issuer.

 

(j)                
The paying agent will promptly deliver to the holders of Notes so accepted payment in an amount equal to the purchase price,
and the Trustee will promptly authenticate and deliver to such holders a new Note equal in principal amount to any unpurchased portion
of any Note surrendered; provided that each Note purchased and each new Note issued will be in a principal amount of $2,000 and any higher
integral multiple of $1,000. The Issuer will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment
Date.

 

		Section 4.14	Limitation on Issuances of Guarantees by Subsidiary Guarantors.

 

The Issuer will not permit any Subsidiary Guarantor
to Guarantee, directly or indirectly, any Indebtedness of the Issuer or any Subsidiary Guarantor (“Guaranteed Indebtedness”),
unless:

 

(1)              
if the Guaranteed Indebtedness ranks equally in right of payment with the Notes or a Note Guarantee, the Guarantee of such
Guaranteed Indebtedness will rank equally with, or subordinate to, the Note Guarantee; or

 

(2)              
if the Guaranteed Indebtedness is subordinate in right of payment to the Notes or a Note Guarantee, the Guarantee of such
Guaranteed Indebtedness will be subordinated in right of payment to the Note Guarantee at least to the extent that the Guaranteed Indebtedness
is subordinated in right of payment to the Notes or such Note Guarantee.

 

		Section 4.15	Suspension of Covenants.

 

(1)              
If, on any date following the Issue Date, (i) the Notes are rated Investment Grade by at least two of S&P, Moody’s
and Fitch (or, if any of S&P, Moody’s or Fitch has been replaced in accordance with the definition of “Rating Agencies,”
by at least two of the then-applicable Rating Agencies) and (ii) no Default or Event of Default has occurred and is continuing under this
Indenture (such date, the “Suspension Date”), the Issuer and its Restricted Subsidiaries will no longer be subject
to Sections 4.06, 4.07, 4.08, 4.09, 4.10, 4.14, 4.17 or 5.01(3) hereof (such period during which the Issuer and its Restricted Subsidiaries
are not subject to such covenants, a “Suspension Period”).

 

(2)               In
the event of any Suspension Period as a result of the foregoing, and on any subsequent date (such date, a “Reversion
Date”) the Notes are no longer rated Investment Grade by at least two of S&P, Moody’s and Fitch (or, if any of
S&P, Moody’s or Fitch have been replaced in accordance with the definition of “Rating Agencies,” by at least
two of the then-applicable Rating Agencies), then the Issuer and its Restricted Subsidiaries will thereafter again be subject to
such covenants under this Indenture with respect to future events.

 

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(3)              
The Issuer shall promptly upon its occurrence deliver to the Trustee, an Officer’s Certificate notifying the Trustee
of the occurrence of any Suspension Date or Reversion Date, and the date thereof. The Trustee shall not have any obligation to monitor
the occurrence or dates of any Suspension Date or Reversion Date or to independently determine or verify if such events have occurred
and may rely conclusively on such Officer’s Certificate. The Trustee shall not have any obligation to notify the Holders of the
occurrence or dates of any Suspension Date or Reversion Date.

 

(4)              
On each Reversion Date, all Indebtedness Incurred during the Suspension Period shall be classified as having been Incurred
pursuant to Section 4.08 hereof (to the extent such Indebtedness would be permitted to be Incurred or issued thereunder as of the
Reversion Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date).
To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 4.08 hereof, such Indebtedness shall
be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.08(d)(4) hereof. Calculations
made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.06 hereof shall be made as
though such covenant had been in effect since the Issue Date and prior, but not during, the Suspension Period; provided that any
Subsidiaries designated as Restricted Subsidiaries during the Suspension Period shall automatically become Restricted Subsidiaries on
the Reversion Date (subject to the Issuer’s right to subsequently designate them as Unrestricted Subsidiaries in compliance with
Article 4 hereof). Accordingly, Restricted Payments made during the Suspension Period will not reduce the amount available to be made
as Restricted Payments under Section 4.06 hereof. No Default or Event of Default shall be deemed to have occurred on the Reversion
Date as a result of any actions taken by the Issuer or its Restricted Subsidiaries during the Suspension Period. Within 30 days of such
Reversion Date, the Issuer shall comply with the terms of Section 4.17 hereof.

 

(5)              
For purposes of Section 4.09 hereof, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to
zero.

 

		Section 4.16	Maintenance of Total Unencumbered Assets.

 

The Issuer and its Restricted Subsidiaries shall,
at all times, including for the avoidance of doubt during any Suspension Period, maintain Total Unencumbered Assets as of the end of each
Fiscal Quarter of not less than 150.0% of the aggregate outstanding principal amount of the Issuer’s and its Restricted Subsidiaries’
Unsecured Debt as of the end of each Fiscal Quarter, all calculated on a consolidated basis in accordance with GAAP.

 

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		Section 4.17	Future Guarantors.

 

The Issuer will cause each Restricted Subsidiary
that is not then an Issuer or a Subsidiary Guarantor that (a) Incurs any Indebtedness under any of the Existing Credit Agreements, any
Additional Pari Passu Obligations, any other Indebtedness Incurred pursuant to Section 4.08(d)(1) or (b) Guarantees any Indebtedness of
the Issuer or any Subsidiary Guarantor under any of the Existing Credit Agreements, any Additional Pari Passu Obligations, any other Indebtedness
incurred pursuant to Section 4.08(d)(1) or any Capital Markets Indebtedness of the Issuer or any other Subsidiary Guarantor, to, within
20 Business Days thereof, execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto pursuant
to which such Restricted Subsidiary shall become a Subsidiary Guarantor under this Indenture providing for a Guarantee by such Restricted
Subsidiary on the same terms and conditions as those set forth in this Indenture and applicable to the other Subsidiary Guarantors; provided
that this Section 4.17 will not be applicable to any Guarantee of any Restricted Subsidiary that existed at the time such Person became
a Restricted Subsidiary and that was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary
or to any Guarantee by any Restricted Subsidiary of Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor outstanding
as of the Issue Date or any Refinancing thereof to the extent required by the terms of such Indebtedness.

 

Notwithstanding the foregoing, the Note Guarantee
by a Subsidiary Guarantor that is a Restricted Subsidiary of the Issuer will be automatically released pursuant to Section 10.05 hereof.

 

		Section 4.18	Limited Condition Transactions.

 

In connection with any Limited Condition Transaction
(including any financing thereof), at the Issuer’s election, (a) compliance with any requirement relating to the absence of a Default
or Event of Default may be determined as of the date a definitive agreement for such Limited Condition Transaction is entered into (the
“effective date”) and not as of any later date as would otherwise be required under this Indenture, and (b) any calculation
contemplated by Section 4.08 or any amount based on any other calculation or determination under any basket or ratio under this Indenture,
may be made as of such effective date, giving Pro Forma effect to such Limited Condition Transaction and any related transactions (including
any Incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period
ending prior to the effective date. If the Issuer makes such an election, any subsequent calculation of any such ratio, basket and/or
percentage (unless the definitive agreement for such Limited Condition Transaction expires or is terminated without its consummation)
shall be calculated on an equivalent Pro Forma Basis. Notwithstanding the foregoing, the Issuer may at any time withdraw any election
made under this Indenture.

 

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Article 5

SUCCESSORS

 

		Section 5.01	Consolidation, Merger and Sale of Assets.

 

The Issuer will not consolidate or merge with or
into, or sell, convey, transfer or otherwise dispose (collectively, a “transfer”) of all or substantially all of its
property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person
or permit any Person to merge with or into the Issuer unless:

 

(1)              
the Issuer is the continuing Person, or the Person formed by such consolidation or into which the Issuer is merged or that
acquired such property and assets of the Issuer, is an entity organized and validly existing under the laws of the United States or any
state or jurisdiction thereof and expressly assumes, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations
of the Issuer on the Notes and under this Indenture and the Security Documents;

 

(2)              
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(3)              
in the case of a transaction involving the Issuer, immediately after giving effect to such transaction on a Pro Forma Basis,
the Issuer, or any Person becoming the successor obligor of the Notes, as the case may be, (A) could Incur at least $1.00 of Indebtedness
in compliance with both clauses (a) and (c) of Section 4.08 hereof or (B) has a ratio of consolidated Indebtedness to Adjusted
Total Assets that is no higher than the ratio of consolidated Indebtedness to Adjusted Total Assets of the Issuer immediately before giving
effect to the transaction and any related Incurrence of Indebtedness; provided that this clause (3) will not apply to
(i) a consolidation or merger of one or more Restricted Subsidiaries with or into the Issuer or (ii) any merger effected solely to change
the state of domicile of the Issuer; and

 

(4)              
if the Issuer will not be the continuing Person, the Issuer delivers to the Trustee an Officer’s Certificate and an
Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture and other documents
or instruments comply with this Indenture, and, if the Notes are secured, the Security Documents, and that all conditions precedent provided
for therein relating to such transaction have been complied with;

 

		Section 5.02	Successor Corporation Substituted.

 

Upon any consolidation or merger or any transfer
of all or substantially all of the Issuer’s assets, in accordance with the foregoing, the successor Person formed by such consolidation
or into which the Issuer is merged or to which such transfer is made, will succeed to, be substituted for, and may exercise every one
of the Issuer’s rights and powers under this Indenture with the same effect as if such successor Person had been named therein as
the Issuer, and, except in the case of the lease or a sale or other transfer of less than all assets, the Issuer will be released from
the obligations under the Notes.

 

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Article 6

DEFAULTS AND REMEDIES

 

		Section 6.01	Events of Default.

 

Each of the following is an “Event of
Default”:

 

(1)              
default in the payment of principal of, or premium, if any, on any Note when the same becomes due and payable at maturity,
upon acceleration, redemption or otherwise;

 

(2)              
default in the payment of interest on any Note when the same becomes due and payable, and such default continues for a period
of 30 days;

 

(3)              
default in the performance or breach of Section 5.01 hereof or the failure by the Issuer or any of its Restricted Subsidiaries
to make or consummate an Offer to Purchase in accordance with Sections 4.09 or 4.13, which failure continues for a period of 30 days;

 

(4)              
default in the performance of or breach of any other covenant or agreement in this Indenture, the Security Documents or
under the Notes (other than a default specified in clause (1), (2) or (3) above) and such default or breach continues for a period
of 60 consecutive days after written notice by the Trustee or the Holders of 25.0% or more in aggregate principal amount of the Notes;
provided that a notice of default may not be given with respect to any action taken, and reported publicly or to Holders, more
than two years prior to such notice of default;

 

(5)              
there occurs with respect to any issue or issues of Indebtedness of the Issuer or any Significant Subsidiary having an outstanding
principal amount of (i) $75.0 million or more in the aggregate, in the case of Recourse Indebtedness (other than the Notes), or (ii) the
greater of $250.0 million or an amount equal to 7.5% of Adjusted Total Assets or more in the aggregate, in the case of Non-Recourse Indebtedness,
in each case, for all such issues of all such Persons, whether such Indebtedness now exists or is created after the date of this Indenture:

 

(A)            
an event of default that has caused the Holders thereof to declare such Indebtedness to be due and payable prior to its
Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30
days of such acceleration; and/or

 

(B)             
the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall
not have been made, waived or extended within 30 days of such payment default;

 

(6)               any
final judgment or order (not covered by insurance) (i) entered against the Issuer or any Significant Subsidiary that is obligated on
Non-Recourse Indebtedness for the payment of money in excess of the greater of $250.0 million or an amount equal to 7.5% of Adjusted
Total Assets in the aggregate or (ii) entered against any other Significant Subsidiary that is obligated on Recourse Indebtedness
for the payment of money in excess of $150.0 million in the aggregate, in each case, for all such final judgments or orders against
the Issuer or any Significant Subsidiary:

 

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(A)            
is rendered against the Issuer or any Significant Subsidiary and is not paid or discharged; and

 

(B)             
there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate
amount for all such final judgments or orders outstanding and not paid or discharged against the Issuer or any Significant Subsidiary
during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;

 

(7)              
a court having jurisdiction enters a decree or order for:

 

(A)            
relief in respect of the Parent, the Issuer or any Significant Subsidiary in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect;

 

(B)             
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Parent, the
Issuer or any Significant Subsidiary or for all or substantially all of the property and assets of the Parent, the Issuer or any Significant
Subsidiary; or

 

(C)             
the winding up or liquidation of the affairs of the Parent, the Issuer or any Significant Subsidiary and, in each case,
such decree or order remains unstayed and in effect for a period of 90 consecutive days;

 

(8)              
the Parent, the Issuer or any Significant Subsidiary:

 

(A)            
commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or consents to the entry of an order for relief in an involuntary case under such law;

 

(B)             
consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Parent, the Issuer or any Significant Subsidiary or for all or substantially all of the property and assets
of the Parent, the Issuer or any Significant Subsidiary; or

 

(C)             
effects any general assignment for the benefit of its creditors;

 

(9)              
any Note Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Note Guarantee
and this Indenture) or any Subsidiary Guarantor notifies the Trustee in writing that it denies or disaffirms its obligations under its
Note Guarantee; or

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(10)          
 with respect to any Collateral constituting a value of more than $50.0 million individually or in the aggregate, any of
the Security Documents ceases to be in full force and effect (other than in accordance with the terms of the Security Documents and this
Indenture), or any of the Security Documents ceases to give Holders of the Notes the Liens purported to be created thereby, or any of
the Security Documents is declared null and void or the Parent, the Issuer or any Restricted Subsidiary denies in writing that it has
any further liability under any Security Document or gives written notice to such effect (in each case (i) other than in accordance with
the terms of this Indenture or the terms of the Existing Credit Agreements or any Refinancing thereof or the Security Documents, (ii)
except to the extent that any such cessation of the Liens results from the failure of the Collateral Agent, an administrative agent under
the Existing Credit Agreements or any Refinancing thereof or the applicable Authorized Representative, as the case may be, to maintain
possession of certificates actually delivered to it representing securities pledged under the Security Documents or, other than with respect
to the Trustee, to file UCC continuation statements); provided that if a failure of the sort described in this clause (10) is capable
of cure, no Event of Default shall arise under this clause (10) with respect thereto until 30 days after notice of such failure shall
have been given to the Issuer by the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes issued under
this Indenture (with a copy to the Trustee).

 

		Section 6.02	Acceleration.

 

If an Event of Default (other than an Event of
Default specified in Section 6.01(7) or Section 6.01(8) above that occurs with respect to the Parent, the Issuer or any Significant
Subsidiary) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25.0% in aggregate principal amount
of the Notes then outstanding, by written notice to the Issuer (and to the Trustee if such notice is given by the Holders), may, and the
Trustee at the written request of the Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding will, declare
the principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration,
such principal of, premium, if any, and accrued interest will be immediately due and payable. In the event of a declaration of acceleration
because an Event of Default set forth in Section 6.01(5) above has occurred and is continuing, such declaration of acceleration will
be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to Section 6.01(5) shall
be remedied or cured by the Issuer or the relevant Significant Subsidiary or waived by the Holders of the relevant Indebtedness within
60 days after the declaration of acceleration with respect thereto.

 

If an Event of Default specified in Section 6.01(7)
or Section 6.01(8) above occurs with respect to the Parent, the Issuer or any Significant Subsidiary, the principal of, premium, if any,
and accrued interest on the Notes then outstanding will automatically become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder. The Holders of at least a majority in principal amount of the outstanding Notes
by written notice to the Issuer and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and
its consequences if:

 

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(X)          all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become
due solely by such declaration of acceleration, have been cured or waived; and

 

(Y)           the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction.

 

		Section 6.03	Other Remedies.

 

If an Event of Default occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal of, premium on, if any, or interest on the Notes or to
enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even if it
does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder
in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

 

		Section 6.04	Waiver of Past Defaults.

 

The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of the Notes waive any existing
Default or Event of Default and its consequences under this Indenture, except a continuing Default or Event of Default in the payment
of principal of, premium on, if any, or interest on, the Notes (including in connection with an Offer to Purchase); and the Holders
of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration as provided in Section 6.02. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.

 

		Section 6.05	Control by Majority.

 

The Holders of at least a majority in aggregate
principal amount of outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available
to the Trustee or the Collateral Agent, as applicable, or exercising any trust or power conferred on the Trustee or the Collateral Agent,
as applicable. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the
Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining
in the giving of such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such
direction is unduly prejudicial to such holders) and may take any other action it deems proper that is not inconsistent with any such
direction received from Holders.

 

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		Section 6.06	Limitation on Suits.

 

A Holder may not pursue any remedy with respect
to this Indenture or the Notes unless:

 

(1)              
the Holder gives the Trustee written notice of a continuing Event of Default;

 

(2)              
the Holders of at least 25.0% in aggregate principal amount of outstanding Notes make a written request to the Trustee to
pursue the remedy;

 

(3)              
such Holder or Holders offer the Trustee indemnity and security satisfactory to the Trustee against any costs, liability
or expense;

 

(4)              
the Trustee does not comply with the request within 60 days after receipt of the request and the provision of indemnity
and security; and

 

(5)              
during such 60-day period, the Holders of a majority in aggregate principal amount of the then outstanding Notes do not
give the Trustee a direction that is inconsistent with the request.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder.

 

		Section 6.07	Rights of Holders to Receive Payment.

 

Notwithstanding any other provision of this Indenture,
the right of any Holder to receive payment of principal of, premium on, if any, or interest on the Note, on or after the respective due
dates expressed in the Note (including in connection with an Offer to Purchase), or to bring suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

 

		Section 6.08	Collection Suit by Trustee.

 

If an Event of Default specified in Section 6.01(1)
or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as Trustee of an express trust
against the Issuer for the whole amount of principal of, premium on, if any, and interest remaining unpaid on the Notes and interest on
overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

		Section 6.09	Trustee May File Proofs of Claim.

 

The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its
property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable
on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and
counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that
the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement
or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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		Section 6.10	Priorities.

 

If the Trustee collects any money pursuant to this
Article 6, it shall pay out the money in the following order (subject to the Intercreditor Agreement):

 

First: to the Trustee, its agents
and attorneys for amounts due under this Indenture and the Security Documents, including payment of all compensation, expenses and liabilities
incurred (including, without limitation, documented fees and expenses of legal counsel), and all advances made, by the Trustee and the
costs and expenses of collection;

 

Second: to Holders for amounts
due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and

 

Third: to the Issuer or to such
party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment date
for any payment to Holders pursuant to this Section 6.10.

 

		Section 6.11	Undertaking for Costs.

 

In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit
by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of more than 10.0% in aggregate principal
amount of the then outstanding Notes.

 

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Article 7

TRUSTEE

 

		Section 7.01	Duties of Trustee.

 

(a)           
If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs.

 

(b)          
Except during the continuance of an Event of Default:

 

(1)              
the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform
only those duties that are specifically set forth in this Indenture, as modified or supplemented by a supplemental indenture, if any,
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)              
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements
of this Indenture (but need not confirm or investigate the accuracy of calculations or other facts stated therein).

 

(c)              
The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that:

 

(1)              
this clause (c) does not limit the effect of clause (b) of this Section 7.01;

 

(2)              
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(3)              
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05 hereof.

 

(d)           
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is
subject to clauses (a), (b), and (c) of this Section 7.01.

 

(e)           
No provision of this Indenture or the Notes Documents will require the Trustee to expend or risk its own funds or incur
any financial liability in the performance of its duties under this Indenture, or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that repayment of such funds is not reasonably assured to it or it has not received indemnity
satisfactory to it against such risk of loss.

 

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(f)               
 The Trustee shall not be liable for interest on any money received by it and all such moneys shall remain uninvested. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

		Section 7.02	Rights of Trustee.

 

(a)              
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)              
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and
complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.

 

(c)              
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document, but
the Trustee in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such further inquiry or investigation, it shall be entitled, upon reasonable notice to the Issuer, to
examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall Incur
no liability of any kind by reason of such inquiry or investigation.

 

(d)              
The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any
attorney or agent appointed with due care.

 

(e)              
The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture.

 

(f)               
The Trustee shall not be liable for any action taken or omitted by it in good faith at the direction of the Holders of not
less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available
to the Trustee or the exercising of any power conferred by this Indenture and the Notes Documents. In the event the Trustee receives inconsistent
or conflicting requests and indemnity from two or more groups of Holders of the Notes, each representing less than a majority in aggregate
principal amount of the securities outstanding, the Trustee, in its sole discretion, may determine what action, if any, shall be taken
and the Trustee may, in its discretion, take other actions permitted under this Indenture.

 

(g)              
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall
be sufficient if signed by an Officer of the Issuer.

 

(h)               In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of
such loss or damage and regardless of the form of action.

 

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(i)                
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder.

 

(j)                
The Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.

 

(k)              
The permissive rights of the Trustee to do things enumerated in this Indenture and the Notes Documents shall not be construed
as duties hereunder.

 

(l)                
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(m)            
The Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security
and/or indemnity satisfactory to the Trustee in its sole discretion, against the costs, expenses and liabilities which might be Incurred
by it in compliance with such request or direction.

 

(n)              
The Trustee shall not be liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics or pandemics; riots; interruptions; loss
or malfunction of utilities, computer (hardware or software) or communication services or the unavailability of the Federal Reserve Bank
wire or telex or other wire or communication facility; accidents; labor disputes; and acts of civil or military authorities and governmental
action.

 

(o)              
The Trustee shall not have any duty to monitor or investigate the Issuer’s compliance with or breach of any representation,
warranty, covenant or duty made in this Indenture. Delivery of reports, information and documents under Section 4.03 of this Indenture
is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive notice of any of
the information therein including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely conclusively on Officer’s Certificates provided to them by the Issuer).

 

(p)              
The Trustee shall not be deemed to have notice of any Default or Event of Default, except an Event of Default under Section
6.01(1) or 6.01(2), unless a Responsible Officer of the Trustee has received written notice of such Default or Event of Default at the
Corporate Trust Office of the Trustee.

 

(q)               The
resolutions, opinions, certificates and other instruments provided for in this Indenture may be accepted by the Trustee as
conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee
for the release of Collateral or the taking of any other action by the Trustee as provided hereunder.

 

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		Section 7.03	Individual Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it
would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.10
hereof.

 

		Section 7.04	Trustee’s Disclaimer.

 

The Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use
of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture,
it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not
be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of
the Notes or pursuant to this Indenture other than its certificate of authentication.

 

		Section 7.05	Notice of Defaults.

 

If a Default or Event of Default occurs and is
continuing and the Trustee has received written notice of such Default or Event of Default, or in the case of a Default or Event of Default
under Section 6.01(1) or 6.01(2) if it is known to the Trustee, the Trustee shall deliver to Holders a notice of the Default or Event
of Default within 90 days after receipt of such written notice or in the case of a Default or Event of Default under Section 6.01(1) or
6.01(2) if it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium on, if any, or interest
on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is
in the interests of the Holders.

 

		Section 7.06	Conflicts of Interest.

 

In addition, the Trustee shall be permitted to
engage in transactions with the Issuer; provided, however, that if the Trustee acquires any conflicting interest under the TIA,
the Trustee must eliminate such conflict within 90 days of acquiring such conflicting interest or resign.

 

		Section 7.07	Compensation and Indemnity.

 

(a)              
The Issuer shall pay to the Trustee (acting in any capacity) from time to time reasonable compensation for its acceptance
of this Indenture and services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a Trustee
of an express trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements
and expenses of the Trustee’s agents, professional advisers and legal counsel.

 

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(b)              
 The Issuer and the Guarantors shall, jointly and severally, indemnify the Trustee, acting in any capacity, (including the
Trustee’s officers, directors, agents, counsels and employees) against any and all losses, liabilities or expenses incurred by it
arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses
of enforcing this Indenture against the Issuer and the Guarantors (including this Section 7.07) and defending itself against any
claim (whether asserted by the Issuer, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to
its negligence or willful misconduct as determined by a final, non-appealable decision of a court of competent jurisdiction. The Trustee
shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not
relieve the Issuer or any of the Guarantors of their obligations hereunder. The Issuer or such Guarantor shall defend the claim and the
Trustee cooperate in the defense. The Trustee may have separate counsel and the Issuer shall pay the reasonable fees and expenses of such
counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent shall not be unreasonably
withheld.

 

(c)              
The obligations of the Issuer and the Guarantors under this Section 7.07 will survive the satisfaction and discharge
of this Indenture and the resignation or removal of the Trustee.

 

(d)              
To secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall
have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of,
premium on, if any, or interest on, particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture and the
resignation or removal of the Trustee.

 

(e)              
Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or
renders services after an Event of Default specified in clause (7) or (8) of Section 6.01 hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law.

 

		Section 7.08	Replacement of Trustee.

 

(a)              
A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08.

 

(b)              
The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer.
The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by providing 30 days’
prior notice to the Trustee and the Issuer in writing. The Issuer may remove the Trustee if:

 

(1)              
the Trustee fails to comply with Section 7.10 hereof;

 

(2)              
the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law;

 

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(3)              
 a custodian or public officer takes charge of the Trustee or its property; or

 

(4)              
the Trustee becomes incapable of acting.

 

(c)              
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 

(d)              
If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Issuer, or the Holders of at least 10.0% in aggregate principal amount of the then outstanding Notes may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

(e)              
If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

 

(f)               
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee shall deliver a notice of its succession to Holders. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof will continue for the benefit
of the retiring Trustee.

 

		Section 7.09	Successor Trustee by Merger, etc.

 

If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without
any further act will be the successor Trustee.

 

		Section 7.10	Eligibility; Disqualification.

 

There will at all times be a Trustee hereunder
that is a corporation organized and doing business under the laws of the United States or of any State thereof that is authorized under
such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that
has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition.

 

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Article 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

		Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may at any time elect to have either
Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

 

		Section 8.02	Legal Defeasance and Discharge.

 

Upon the Issuer’s exercise under Section 8.01
hereof of the option applicable to this Section 8.02, the Issuer and each of the Guarantors shall, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding
Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Issuer and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding”
only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below,
and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand
of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which
will survive until otherwise terminated or discharged under this Indenture:

 

(1)              
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, or interest
on such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

 

(2)              
the Issuer’s obligations with respect to such Notes under Article 2 concerning issuing temporary Notes, registration
of Notes, mutilated, destroyed, lost or stolen Notes and Section 4.02 hereof;

 

(3)              
the rights, powers, trusts, duties, immunities and indemnities of the Trustee under this Indenture and the Issuer’s
and the Guarantors’ obligations in connection therewith; and

 

(4)              
this Article 8.

 

Subject to compliance with this Article 8,
the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof.

 

		Section 8.03	Covenant Defeasance.

 

Upon the Issuer’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and each of the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the
covenants contained in Sections 4.03, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.14, 4.15, 4.16, and 4.17 and clauses (3)
and (4) of Section 5.01 and Section 10.04 hereof with respect to the outstanding Notes on and after the date the
conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the
Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or
act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed
“outstanding” for all other purposes under this Indenture (it being understood that such Notes will not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and
Note Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability in respect of any term, condition
or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such
omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified
above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the
Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3), (4), (5), (6), (7) (with respect to
Significant Subsidiaries only), (8) (with respect to Significant Subsidiaries only) and (9) will not constitute Events of
Default.

 

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		Section 8.04	Conditions to Legal or Covenant Defeasance.

 

In order to exercise either Legal Defeasance or
Covenant Defeasance under Section 8.02 or 8.03, respectively, hereof:

 

(1)              
the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment
bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium on, if any, and interest on such outstanding
Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether
the Notes are being defeased to such stated date for payment or to a particular redemption date;

 

(2)              
in the case of an election under Section 8.02 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that:

 

(A)            
the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(B)             
since the date of this Indenture, there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

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(3)              
in the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that the beneficial owners of the outstanding Notes will not recognize income, gain or
loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)              
no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or
Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other
Indebtedness), and the granting of Liens to secure such borrowings);

 

(5)              
such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged
or replaced) to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of the Guarantors is bound;

 

(6)              
the Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by it with the
intent of preferring the Holders over any other of its creditors or with the intent of defeating, hindering, delaying or defrauding any
other of its creditors or others; and

 

(7)              
the Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

		Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.06 hereof, all money
and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding
Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders
of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not
be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the outstanding Notes.

 

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Notwithstanding anything in this Article 8
to the contrary, the Trustee shall deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable
Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)
hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.

 

		Section 8.06	Repayment to Issuer.

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal of, premium on, if any, or interest on, any Note and remaining
unclaimed for two years after such principal, premium, if any, or interest, has become due and payable shall be paid to the Issuer on
its request or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted
to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Issuer as Trustee thereof, will thereupon cease.

 

		Section 8.07	Reinstatement.

 

If the Trustee or Paying Agent is unable to apply
any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason
of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, then
the Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and
reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however,
that, if the Issuer makes any payment of principal of, premium on, if any, or interest on, any Note following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by
the Trustee or Paying Agent.

 

Article 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

		Section 9.01	Without Consent of Holders.

 

Notwithstanding Section 9.02 of this Indenture,
without the consent of any Holder, the Issuer, the Guarantors, the Trustee and the Collateral Agent, as applicable, may amend or supplement
this Indenture, the Notes, the Note Guarantees or the Security Documents:

 

(1)              
to cure any ambiguity, defect, omission or inconsistency in this Indenture, the Notes, the Note Guarantees or the Security
Documents;

 

(2)               to
provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders and the Note Guarantees in the case
of a merger or consolidation or sale of all or substantially all of the Issuer’s or such Guarantor’s assets to comply
with Article 5 or Section 10.04;

 

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(3)              
to comply with any requirements of the SEC in connection with any qualification of this Indenture under the TIA;

 

(4)              
to evidence and provide for the acceptance of an appointment by a successor Trustee;

 

(5)              
to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release, termination or discharge
of any Guarantee of or Lien securing the Notes when such release, termination or discharge is required or permitted by this Indenture;

 

(6)              
to add to the covenants of the Issuer or any Guarantor for the benefit of the Holders or to surrender any right or power
conferred upon the Issuer or any Guarantor;

 

(7)              
to provide for the issuance of Additional Notes and related Guarantees in accordance with the terms of this Indenture and
the Security Documents;

 

(8)              
to conform the text of this Indenture, the Notes, the Note Guarantees or the Security Documents to any provision of the
“Description of the Notes” section of the Offering Memorandum;

 

(9)              
to add additional assets as Collateral, to release Collateral from the Lien pursuant to this Indenture and the Security
Documents when permitted or required by this Indenture and the Security Documents, to secure additional extensions of credit and add additional
secured creditors holding Obligations that are permitted to constitute Pari Passu Obligations under
the Security Documents pursuant to the terms of this Indenture;

 

(10)          
to mortgage, pledge, hypothecate or grant any other Lien in favor of the Collateral Agent for the benefit of itself, the
Trustee and the Holders, as security for the payment and performance of all or any portion of the Notes and the Issuer’s and Guarantors’
obligations under this Indenture, in any property or assets;

 

(11)          
to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect
the legal rights under this Indenture of any Holder in any material respect;

 

(12)          
to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided,
however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the
Securities Act, or any other applicable securities law and (b) such amendment does not materially and adversely affect the rights of Holders
to transfer Notes;

 

(13)          
to supplement any of the provisions of this Indenture to the extent necessary to permit or facilitate defeasance and discharge
of the Notes; provided, that the action shall not adversely affect the interests of the Holders;

 

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(14)          
 provide for a reduction in the minimum denominations of the Notes; or

 

(15)          
comply with the rules of any applicable securities depositary.

 

Upon the request of the Issuer accompanied by a
Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents
described in Sections 7.02, 9.05 and 13.03 hereof, the Trustee shall join with the Issuer and the Guarantors in the execution of
any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture
that affects its own rights, duties or immunities under this Indenture or otherwise.

 

		Section 9.02	With Consent of Holders.

 

Except as provided below in this Section 9.02,
the Issuer, the Guarantors, the Trustee and the Collateral Agent, as applicable, may amend or supplement this Indenture (including without
limitation, Section 4.09 and Section 4.13 hereof), the Notes, the Note Guarantees and the Security Documents with the consent
of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other
than a Default or Event of Default in the payment of the principal of, premium on, if any, or interest on, the Notes, except a payment
default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes, the Note
Guarantees or the Security Documents may be waived with the consent of the Holders of at least a majority in aggregate principal amount
of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).

 

Upon the request of the Issuer accompanied by a
Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in
Sections 7.02, 9.05 and 13.03 hereof, the Trustee shall join with the Issuer and the Guarantors in the execution of such amended
or supplemental indenture, Security Document or intercreditor agreement unless such amended or supplemental indenture, Security Document
or intercreditor agreement directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture, Security
Document or intercreditor agreement.

 

It is not necessary for the consent of the Holders
under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such
consent approves the substance thereof.

 

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After an amendment, supplement or waiver under
this Section 9.02 becomes effective, the Issuer shall deliver to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Issuer to deliver such notice, or any defect therein, will not, however, in any way impair or
affect the validity of any such amended or supplemental indenture or waiver. However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder):

 

(1)              
change the Stated Maturity of the principal of, or any installment of interest on, any Note;

 

(2)              
reduce the principal amount of, or premium, if any, or interest on, any Note;

 

(3)              
change the place of payment of principal of, or premium, if any, or interest on, any Note;

 

(4)              
impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of
a redemption, on or after the redemption date) of any Note;

 

(5)              
reduce the above-stated percentages of outstanding Notes the consent of whose Holders is necessary to modify or amend this
Indenture;

 

(6)              
waive a default in the payment of principal of, premium, if any, or interest on the Notes;

 

(7)              
voluntarily release a Guarantor other than in accordance with this Indenture;

 

(8)              
after the time an Offer to Purchase is required to have been made pursuant to Section 4.09 and Section 4.13 hereof,
reduce the purchase amount or price or extend the latest expiration date or purchase date thereunder;

 

(9)              
make any change to, or modification of, the ranking of the Notes that would adversely affect the Holders; or

 

(10)          
reduce the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver
of compliance with certain provisions of this Indenture or for waiver of certain defaults.

 

Notwithstanding the foregoing, except as
contemplated by the Security Documents (including, without limitation, the Intercreditor Agreement), without the consent of Holders
of at least 66 2/3% in the aggregate principal amount of Notes then outstanding, no amendment, supplement or waiver may (A) make any
change in any Security Document or the provisions of this Indenture dealing with Collateral or application of trust proceeds of the
Collateral with the effect of releasing the Liens on all or substantially all of the Collateral which secure the Notes Obligations
or (B) change or alter the priority of Liens securing the Notes Obligations in any material portion of the Collateral in any way
materially adverse, taken as a whole, to the Holders, other than, in each case, as provided under the terms of this Indenture or the
Security Documents.

 

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		Section 9.03	Revocation and Effect of Consents.

 

Until an amendment, supplement or waiver becomes
effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However,
any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before
the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with
its terms and thereafter binds every Holder.

 

		Section 9.04	Notation on or Exchange of Notes.

 

The Trustee may place an appropriate notation about
an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

 

Failure to make the appropriate notation or issue
a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

		Section 9.05	Trustee to Sign Amendments, etc.

 

The Trustee shall sign any amended or supplemental
indenture, Security Document or intercreditor agreement authorized pursuant to this Article 9 if the amendment or supplement does
not adversely affect the rights, duties, liabilities or immunities of the Trustee. Evidence of such approval shall be delivered to the
Trustee with an Officer’s Certificate. In executing any amended or supplemental indenture, Security Document or intercreditor agreement,
the Trustee shall receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents
required by Section 13.03 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended
or supplemental indenture, Security Document or intercreditor agreement is authorized or permitted by this Indenture and the other Notes
Documents and that such amendment or supplement is legal, valid, binding and enforceable in accordance with its terms. The Trustee shall
have no responsibility for determining whether any amended or supplemental indenture, Security Document or intercreditor agreement will
or may have an adverse effect on any Holder.

 

Article 10

NOTE GUARANTEES

 

		Section 10.01	Guarantee.

 

(a)               Subject
to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture or the Notes as against either of the Issuer or the obligations of the Issuer under this Indenture
or thereunder, that:

 

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(1)              
the principal of, premium on, if any, and interest on the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest on, the Notes, if
lawful, and all other obligations of the Issuer to the Holders, the Trustee or the Collateral Agent under this Indenture or thereunder
will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

 

(2)              
in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration
or otherwise.

 

Failing payment when due of any amount so guaranteed
or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)              
The Guarantors hereby agree that their obligations under this Indenture are unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture as against any of the Issuer, the absence of any action to enforce the same,
any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer,
any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of
a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of any of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever
and covenant that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes
and this Indenture.

 

(c)              
If any Holder, the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by to any of
the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d)               Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event
of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due
and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall
have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights
of the Holders under the Note Guarantee.

 

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		Section 10.02	Limitation on Guarantor Liability.

 

Each Guarantor, and by its acceptance of Notes,
each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Collateral
Agent, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount
that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant
under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf
of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of
such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.

 

		Section 10.03	Execution and Delivery of Note Guarantee.

 

To evidence its Note Guarantee set forth in Section 10.01
hereof, each Guarantor hereby agrees that this Indenture will be executed on behalf of such Guarantor by one of its Officers. No Guarantor
shall be required to make a notation on the Notes to reflect any Note Guarantee or any release, termination, suspension or discharge thereof.

 

If an Officer whose signature is on this Indenture
or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed,
the Note Guarantee will be valid nevertheless.

 

The delivery of any Note by the Trustee, after
the authentication thereof under this Indenture, will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

The Issuer shall cause each Restricted Subsidiary
that is required to become a Subsidiary Guarantor pursuant to Section 4.17 hereof to comply with the provisions of Section 4.17
and this Article 10, to the extent applicable.

 

		Section 10.04	Subsidiary Guarantors May Consolidate, etc., on Certain Terms.

 

Except as otherwise provided in Section 10.05
hereof, no Subsidiary Guarantor shall consolidate or merge with or into, or transfer all or substantially all of its property and assets
(as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person (other than the Issuer
or another Subsidiary Guarantor), unless:

 

(1)               such
Subsidiary Guarantor is the continuing Person, or the Person (if other than such Subsidiary Guarantor) formed by such consolidation
or into which such Subsidiary Guarantor is merged or that acquired such property and assets of such Subsidiary Guarantor is an
entity organized and validly existing under the laws of the United States or any state or jurisdiction thereof and expressly
assumes, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of such Subsidiary Guarantor on
the Note Guarantees and under this Indenture;

 

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(2)              
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
and

 

(3)              
to the extent any assets of the Person which is merged, consolidated or amalgamated with or into such Subsidiary Guarantor
are assets that are Collateral under the Security Documents, such successor Person will take such action, if any, as may be reasonably
necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required
in this Indenture and the Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent
required by this Indenture and the Security Documents.

 

In case of any such consolidation, merger, sale
or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Subsidiary Guarantor, such successor Person will succeed to and be substituted for
the Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor. Such successor Person thereupon
may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable under this Indenture which theretofore
shall not have been signed by the Issuer and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the
same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms
of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof.

 

		Section 10.05	Releases.

 

The Note Guarantee of a Subsidiary Guarantor will
automatically terminate and be released upon:

 

(1)              
a sale or other disposition (including by way of consolidation or merger) of the Subsidiary Guarantor, or the Capital Stock
of the Subsidiary Guarantor such that the Subsidiary Guarantor is no longer a Restricted Subsidiary, in a transaction that is not prohibited
by 4.09, 10.04 or Article V;

 

(2)              
the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor to a person that is not the
Issuer or a Restricted Subsidiary, in a transaction that is not prohibited by Section 4.09 ;

 

(3)              
the designation in accordance with this Indenture of the Subsidiary Guarantor as an Unrestricted Subsidiary;

 

(4)               such
time as such Subsidiary Guarantor is no longer a guarantor, borrower or other obligor, including by release or discharge, with
respect to (i) any of the Existing Credit Agreements to which it is a guarantor, borrower or other obligor, (ii) any other
Indebtedness incurred pursuant to Section 4.08(d)(1) or (iii) any Capital Markets Indebtedness; or

 

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(5)              
defeasance or discharge of the Notes in accordance with Article 8 or Article 11 hereof.

 

The Note Guarantee of the Parent will automatically
terminate and be released upon such time as the Parent is no longer a guarantor, borrower or other obligor, including by release or discharge,
with respect to (i) any of the Existing Credit Agreements to which it is a guarantor, borrower or other obligor, (ii) any other Indebtedness
incurred pursuant to Section 4.08(d)(1) or (iii) any Capital Markets Indebtedness.

 

At the written request and expense of the Issuer,
the Trustee shall execute any documents reasonably required in order to evidence the release of such Guarantor from its obligations under
its Note Guarantee.

 

Article 11

SATISFACTION AND DISCHARGE

 

		Section 11.01	Satisfaction and Discharge.

 

This Indenture will be discharged and will cease
to be of further effect as to all Notes issued under this Indenture (except as to certain rights relating to transfers of the Notes and
as described below) and all Note Guarantees and Collateral in respect of the Notes or the Note Guarantees shall be released, when:

 

(1)              
either:

 

(a)       all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment
money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or

 

(b)       all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by or will become due and payable within
one year by reason of the delivery of a notice of redemption or otherwise and the Issuer or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, as determined by the Issuer, without consideration
of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation
for principal of, premium on, if any, and interest on, the Notes to the date of maturity or redemption;

 

(2)               in
respect of subclause (b) of clause (1) of this Section 11.01, no Default or Event of Default has occurred and is
continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied
to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens to
secure such borrowings);

 

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(3)              
the Issuer or any Guarantor have paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)              
the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Issuer must deliver an Officer’s Certificate
and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 11.01,
the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be deemed to
discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture.

 

		Section 11.02	Application of Trust Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal of, premium on, if any,
and interest on, the Notes for whose payment such money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable to apply
any money or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any
order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s
and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 11.01 hereof; provided that if the Issuer has made any payment of principal of, premium on, if any,
or interest on, any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

 

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Article 12

COLLATERAL AND SECURITY

 

		Section 12.01	Security Interest.

 

The due and punctual payment of the principal
of, premium on, if any, and interest, if any, on, the Notes when and as the same shall be due and payable, whether on an interest
payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium
on, if any, and interest, if any (to the extent permitted by law), on the Notes and performance of all other Notes Obligations of
the Issuer and the Guarantors to the Holders and the Trustee under this Indenture (including, without limitation, the Note
Guarantees), the Notes and the Security Documents, according to the terms under this Indenture or thereunder, are secured as
provided in the Security Documents. Each Holder, by its acceptance of the Notes, consents and agrees to the terms of the Security
Documents (including, without limitation, the provisions providing for the possession, use, foreclosure and release of Collateral)
and the Intercreditor Agreement, in each case as the same may be in effect or may be amended from time to time in accordance with
its terms and authorizes and directs the Collateral Agent to enter into the Security Documents (including, without limitation, the
Intercreditor Agreement) and to perform its obligations and exercise its rights thereunder in accordance therewith. The Trustee, in
its capacity as Authorized Representative for the Notes Obligations, and each Holder acknowledges and agrees that upon such
Authorized Representative’s entry into the Intercreditor Agreement, such Authorized Representative and each Holder, by its
acceptance of the Notes, will be subject to and bound by the provisions of the Intercreditor Agreement as Notes Secured Parties. The
Issuer will deliver to the Trustee copies of all documents delivered to the Collateral Agent pursuant to the Security Documents, and
will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the
Security Documents, to assure and confirm to the Trustee and the Collateral Agent the security interest in the Collateral
contemplated hereby, by the Security Documents or any part thereof, as from time to time constituted, so as to render the same
available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes
herein expressed. The Issuer will take, and will cause its Subsidiaries to take, upon request of the Trustee or Collateral Agent,
any and all actions and make all filings, registrations and recordations (including the filing of UCC financing statements,
continuation statements and amendments thereto) reasonably required to cause the Security Documents to create and maintain, as
security for the Notes Obligations of the Issuer and the Guarantors under this Indenture, the Notes, the Notes Guarantee and the
Security Documents, a valid and enforceable perfected first priority Lien in and on all the Collateral, in favor of the Collateral
Agent for the benefit of itself, the Trustee and the Holders, equally and ratably with all Indebtedness owing under the Existing
Credit Agreements, superior to and prior to the rights of all third Persons and subject to no other Liens than Permitted Liens, in
each case, to the extent required by the Security Documents and subject to the Intercreditor Agreement. From and after the Issue
Date, if the Issuer or any Subsidiary Guarantor is required to pledge additional collateral under the Existing Credit Agreements and
security agreements related thereto, the Indenture or any Security Document (excluding assets not required to be Collateral pursuant
to the Indenture or the Security Documents), the Issuer or such Subsidiary Guarantor will be required to execute and deliver such
security instruments, financing statements and such certificates as are required under the Indenture or any Security Document to
vest in the Collateral Agent a perfected security interest (subject to Permitted Liens) in such additional collateral and to take
such actions to add such additional collateral to the Collateral, and thereupon all provisions of the Indenture and the Security
Documents relating to the Collateral shall be deemed to relate to such additional Collateral to the same extent and with the same
force and effect.

 

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		Section 12.02	Collateral Agent; Authorized Representative.

 

Each of the Holders, by its acceptance of the Notes,
hereby designates and appoints the Collateral Agent as their collateral agent under the Security Documents, and each of the Holders, by
its acceptance of the Notes, hereby irrevocably authorizes the Collateral Agent to perform and observe its obligations under, take action
under and exercise powers and perform duties as are expressly delegated to the Collateral Agent by the terms of the Security Documents,
together with such powers as are reasonably incidental thereto. The Collateral Agent will acknowledge such designation and appointment
by the Holders by acknowledging that certain Joinder to the Intercreditor Agreement to be dated as of the Issue Date. In addition, each
of the Holders, by its acceptance of the Notes, hereby designates and appoints the Trustee as Authorized Representative of the Notes Secured
Parties with respect to the Notes Obligations for all purposes under the Intercreditor Agreement and the other Security Documents and
authorizes and directs the Trustee to enter into and perform its obligations under the Intercreditor Agreement and any other Security
Document. The Holders shall be deemed to have consented to any request that the Collateral Agent may make under any of the Security Documents.

 

		Section 12.03	Release of Collateral.

 

(a)              
The Liens on the Collateral will be released with respect to the Notes and the Note Guarantees:

 

(1)              
in whole, upon payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other
Notes Obligations under this Indenture, the Note Guarantees and the Security Documents that are due and payable at or prior to the time
such principal, together with accrued and unpaid interest, are paid;

 

(2)              
in whole, upon a Legal Defeasance or Covenant Defeasance as set forth in Article 8 hereof;

 

(3)              
in whole, upon satisfaction and discharge of this Indenture in accordance with Article 11 hereof;

 

(4)              
in accordance with the Security Documents (including, without limitation, the Intercreditor Agreement);

 

(5)              
except as contemplated by the Security Documents (including, without limitation, the Intercreditor Agreement), with the
consent of Holders of at least 66 2/3% in the aggregate principal amount of Notes then outstanding, including, without limitation, consents
obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes as provided in Section 9.02 hereof;

 

(6)              
so long as no Event of Default has occurred and is continuing under this Indenture and subject to the terms of the Intercreditor
Agreement, to the enable the Issuer and/or one or more Guarantors to (i) consummate the sale, transfer or other disposition of such property
or assets to the extent consummated in accordance with the Indenture; provided that any proceeds with respect of such sale, transfer
or other disposition shall be required to be distributed in accordance with the Intercreditor Agreement; or

 

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(7)               
otherwise, in whole or in part, upon the release of such Liens under the Existing Credit Agreements on the “Covenant Relief
Pledged Collateral Release Date” (as defined in the Existing Credit Agreements).

 

(b)              
With respect to any release of Collateral pursuant to Section 12.03(a) hereof, the Issuer shall deliver to the Trustee an
Officer’s Certificate stating that all conditions precedent under this Indenture and the Security Documents relating to the execution
and delivery of such release have been complied with and that such release will not violate the terms of this Indenture, the Intercreditor
Agreement or any applicable Security Document.

 

		Section 12.04	Authorization of Actions to Be Taken by the Trustee Under the Security Documents.

 

(a)              
Subject to the provisions of Section 7.01 and 7.02 hereof and the provisions of the Security Documents, the Trustee may,
in its sole discretion and without the consent of the Holders (but, without any obligation to do so), on behalf of the Holders, take all
actions it deems necessary or appropriate in order to:

 

(1)              
enforce any of the terms of the Security Documents; and

 

(2)              
collect and receive any and all amounts payable in respect of the Notes Obligations of the Issuer or Guarantors under this
Indenture.

 

(b)              
The Trustee will have power to institute and maintain such suits and proceedings as it may deem expedient to prevent any
impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits
and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders in the Collateral
(including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other
governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such
enactment, rule or order would impair the security interest under this Indenture or be prejudicial to the interests of the Holders or
of the Trustee).

 

(c)              
Where any provision of this Indenture, the Notes or the Security Documents relating to the Notes requires that additional
property or assets be provided as Collateral, the Issuer shall, or shall cause the applicable Guarantors to, take any and all actions
reasonably required to cause such additional property or assets to be provided as Collateral and to create and perfect a valid and enforceable
first-priority security interest in such property or assets (subject to Permitted Liens and other exceptions in the Security Documents
relating to the Notes) in favor of the Collateral Agent for the benefit of itself, the Trustee and the Holders in accordance with and
to the extent required under this Indenture, the Notes and the Security Documents relating to the Notes and subject to the Intercreditor
Agreement.

 

		Section 12.05	Authorization of Receipt of Funds by the Trustee Under the Security Documents.

 

Subject to the provisions of the Intercreditor
Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and
to make further distributions of such funds to the Holders according to the provisions of this Indenture.

 

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		Section 12.06	Termination of Security Interest.

 

The Trustee will, if requested by the Issuer in
writing in connection with any release of Collateral in accordance with Section 12.03 hereof, deliver a notice to the Collateral Agent,
subject to the Security Documents, informing the Collateral Agent of such release and instructing the Collateral Agent to execute and
deliver all instruments and documents in form and substance reasonably satisfactory to the Collateral Agent, and take such other actions,
as may be reasonably required to evidence such release.

 

		Section 12.07	Security Documents and Intercreditor Agreement.

 

The provisions of this Indenture relating to Collateral
are subject to the provisions of the Security Documents (including, without limitation, the Intercreditor Agreement). The Issuer, the
Guarantors and the Trustee acknowledge and agree to be bound by the provisions of the Security Documents (including, without limitation,
the Intercreditor Agreement). Notwithstanding anything herein to the contrary, the priority of the lien and security interest granted
to the Trustee pursuant to this Indenture and the other Security Documents and the exercise of any right or remedy by the Trustee under
this Indenture and thereunder are subject to the provisions of the Intercreditor Agreement.

 

Article 13

MISCELLANEOUS

 

		Section 13.01	Trust Indenture Act.

 

This Indenture shall not be subject to the TIA,
unless it is qualified thereunder. As of the Issue Date, this Indenture is not qualified under the TIA.

 

		Section 13.02	Notices.

 

Any notice or communication by the Issuer, any
Guarantor, the Trustee or the Collateral Agent to the others is duly given if in writing and delivered in Person or by first class mail
(registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to the others’ address:

 

If to the Issuer and/or any Guarantor:

 

RLJ Lodging Trust

3 Bethesda Metro Center, Suite 1000,

Bethesda, Maryland 20814

Attention: Chief Financial Officer

Attention: General Counsel

 

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With a copy to:

 

Hogan Lovells US LLP

Columbia Square

555 Thirteenth Street, NW

Washington, DC 20004

Attention: Eve Howard, Esq.

 

If to the Trustee:

 

U.S. Bank National Association

West Side Flats St. Paul

60 Livingston Ave.

EP-MN-WS3C

St. Paul, MN 55107

Attention: RLJ Lodging Trust Notes Administrator

 

The Issuer, any Guarantor or the Trustee, by notice
to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications will be deemed to
have been duly given: (i) if to the Trustee, upon receipt by a Responsible Officer of the Trustee, or (ii) if to the Issuer or any Guarantor,
at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Failure to deliver a notice or communication to
a Holder or any defect in it will not affect its sufficiency with respect to other Holders. When the Notes are in global form, all notices
to Holders will be sent pursuant to Applicable Procedures, and when done so, such notices will be deemed to have been delivered for purposes
of this Indenture.

 

If a notice or communication is delivered in the
manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Issuer delivers a notice or communication
to Holders, they will deliver a copy to the Trustee and each Agent at the same time.

 

The Trustee
shall have the right to accept and act upon any notice, instruction, or other communication, including any funds transfer instruction,
(each, a “Notice”) received pursuant to this Indenture or the Security Documents by electronic transmission (including
by e-mail, facsimile transmission, web portal or other electronic methods). Electronic signatures believed by the Trustee to comply
with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided
by DocuSign, Orbit, Adobe Sign or any other digital signature provider identified by any other party hereto and acceptable to Trustee)
shall be deemed original signatures for all purposes.  The Issuer assumes all risks arising out of the use of electronic signatures
and electronic methods to send Notices to the Trustee or the Collateral Agent, including without limitation the risk of the Trustee acting
on an unauthorized Notice and the risk of interception or misuse by third parties. 

 

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Notwithstanding any other provision of this Indenture
or any other Notes Document, where this Indenture or any other Notes Document provides for notice of any event or any other communication
(including any notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently
given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including
by electronic mail in accordance with accepted practices at the Depositary.

 

		Section 13.03	Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer to
the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee upon request:

 

(1)              
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements
set forth in Section 13.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(2)              
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 13.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
satisfied.

 

		Section 13.04	Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture must include:

 

(1)              
a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(2)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)              
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(4)              
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

		Section 13.05	Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for action
by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

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		Section 13.06	Payments on Business Days.

 

In any case where the date of maturity of interest
or principal of any of the Notes or the date of redemption shall not be a Business Day, then payment of interest or principal (and premium,
if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption,
and no interest shall accrue for the period after such nominal date.

 

		Section 13.07	No Personal Liability of Directors, Officers, Employees and Stockholders.

 

No recourse for the payment of the principal of,
premium, if any, or interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under
or upon any obligation, covenant or agreement of the Issuer or any of the Guarantors in the Security Documents, this Indenture, or in
any of the Notes or Note Guarantees or because of the creation of any Indebtedness represented thereby, shall be had against any past,
present or future incorporator, partner, stockholder, officer, director, employee or controlling person in their capacity as such of the
Issuer, the Guarantors or of any successor Person thereof. Each Holder, by accepting the Notes, waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under
the federal securities laws.

 

		Section 13.08	Governing Law; Waivers of Jury Trial.

 

THE LAWS OF THE STATE OF NEW YORK WILL GOVERN AND
BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. THE ISSUER, THE TRUSTEE, THE COLLATERAL AGENT, HOLDERS AND EACH
OF THE GUARANTORS HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREIN.

 

		Section 13.09	No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret any
other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

		Section 13.10	Successors.

 

All agreements of the Issuer in this Indenture
and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each
Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof.

 

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		Section 13.11	Severability.

 

In case any provision in this Indenture or in the
Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way
be affected or impaired thereby.

 

		Section 13.12	Counterpart Originals.

 

The parties may sign any number of copies of this
Indenture. Each signed copy will be an original, but all of them together represent the same agreement. The exchange of copies of this
Indenture and of signature pages by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery
of this Indenture as to all of the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes
under this Indenture.

 

		Section 13.13	Table of Contents, Headings, etc.

 

The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

		Section 13.14	Patriot Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism
and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes
a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the Patriot Act.

 

		Section 13.15	Submission to Jurisdiction.

 

The Issuer and each Guarantor hereby irrevocably
submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court
sitting in the Southern District in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising
out of or relating to this Indenture, the Notes, the Notes Guarantees or the Security Documents and irrevocably accepts for itself and
in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.

 

		Section 13.16	Foreign Account Tax Compliance Act (FATCA).

 

In order to comply with applicable tax laws,
rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from
time to time (“Applicable Law”), the Issuer agree (i) to provide to U.S. Bank National Association sufficient
information about Holders or other applicable parties and/or transactions (including any modification to the terms of such
transactions), to the extent reasonably available and at U.S. Bank National Association’s reasonable request, so U.S. Bank
National Association can determine whether it has tax related obligations under Applicable Law, (ii) that U.S. Bank National
Association shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to
comply with Applicable Law for which U.S. Bank National Association shall not have any liability, and (iii) to hold harmless U.S.
Bank National Association for any losses it may suffer due to the actions it takes to comply with such Applicable Law. The terms of
this Section 13.16 shall survive the termination of this Indenture.

 

[Signatures on following page]

 

    131

    

    

 

SIGNATURES

 

IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the date first above written.

 

	 	ISSUER
	 	 
	 	RLJ
    LODGING TRUST, L.P.
	 	 
	 	By:
    RLJ Lodging Trust
	 	Its
    sole general partner
	 	 
	 	By:	 /s/ Leslie D. Hale
	 	 	Name: 	Leslie D. Hale
	 	 	Title:	 President and Chief Executive Officer
	 	 
	 	PARENT
	 	 
	 	RLJ
    LODGING TRUST
	 	 
	 	By:	 /s/ Leslie D. Hale
	 	 	Name:	 Leslie D. Hale
	 	 	Title: 	President and Chief Executive Officer
	 	 
	 	SUBSIDIARY
    GUARANTORS LISTED ON SCHEDULE A HERETO
	 	 
	 	By:
    RLJ Lodging Trust, L.P.,
	 	The
    direct or indirect holder of all controlling interests in such Subsidiary Guarantor
	 	 
	 	By:
    RLJ Lodging Trust
	 	Its
    sole general partner
	 	 
	 	By: 	/s/ Leslie D. Hale
	 	 	Name: 	Leslie D. Hale
	 	 	Title: 	President and Chief Executive Officer

 

[Signature Page to Indenture]

 

    

     

    

 

	 	U.S.
    BANK NATIONAL ASSOCIATION,
	 	as
    Trustee
	 	 
	 	By:	 /s/ Brandon Bonfig
	 	 	Name: 	Brandon Bonfig
	 	 	Title: 	Assistant Vice President

 

[Signature Page to Indenture]

 

    

     

    

 

SCHEDULE A

 

Subsidiary Guarantors

 

1. DBT MET HOTEL VENTURE GP, LLC

 

2. RLJ C CHARLESTON HD, LLC

 

3. RLJ C HOUSTON HUMBLE GENERAL PARTNER,
LLC

 

4. RLJ C NY UPPER EASTSIDE, LLC

 

5. RLJ C PORTLAND DT, LLC

 

6. RLJ C SAN FRANCISCO GENERAL PARTNER,
LLC

 

7. RLJ C WAIKIKI, LLC

 

8. RLJ CABANA MIAMI BEACH, LLC

 

9. RLJ DBT KEY WEST, LLC

 

10. RLJ EM IRVINE GENERAL PARTNER, LLC

 

11. RLJ EM WALTHAM, LLC

 

12. RLJ HGN EMERYVILLE GENERAL PARTNER,
LLC

 

13. RLJ HP FREMONT GENERAL PARTNER, LLC

 

14. RLJ HP WASHINGTON DC, LLC

 

15. RLJ HY ATLANTA MIDTOWN, LLC

 

16. RLJ HYH SAN DIEGO GENERAL PARTNER,
LLC

 

17. RLJ HYH SAN JOSE GENERAL PARTNER, LLC

 

18. RLJ HYH SAN RAMON GENERAL PARTNER,
LLC

 

19. RLJ HYH WOODLANDS GENERAL PARTNER,
LLC

 

20. RLJ II - C HAMMOND, LLC

 

21. RLJ II - C MIDWAY, LLC

 

22. RLJ II - CR AUSTIN DT GENERAL PARTNER,
LLC

 

23. RLJ II - F CHERRY CREEK, LLC

 

    Schedule A-1

     

    

 

24. RLJ II - F HAMMOND, LLC

 

25. RLJ II - F KEY WEST, LLC

 

26. RLJ II - F MIDWAY, LLC

 

27. RLJ II - HA GARDEN CITY, LLC

 

28. RLJ II - HA MIDWAY, LLC

 

29. RLJ II - HG MIDWAY, LLC

 

30. RLJ II - HOLX MIDWAY, LLC

 

31. RLJ II - INDY CAPITOL HOTELS, LLC

 

32. RLJ II - MH DENVER S, LLC

 

33. RLJ II - MH LOUISVILLE DT, LLC

 

34. RLJ II - MH MIDWAY, LLC

 

35. RLJ II - R HAMMOND, LLC

 

36. RLJ II - R HOUSTON GALLERIA GENERAL
PARTNER, LLC

 

37. RLJ II - R LOUISVILLE DT KY, LLC

 

38. RLJ II - R MERRILLVILLE, LLC

 

39. RLJ II - RH BOULDER, LLC

 

40. RLJ II - RH PLANTATION, LLC

 

41. RLJ II - S WESTMINSTER, LLC

 

42. RLJ II - SLE MIDWAY, LLC

 

43. RLJ II JUNIOR MEZZANINE BORROWER, LLC

 

44. RLJ II SENIOR MEZZANINE BORROWER, LLC

 

45. RLJ III - C BUCKHEAD PARENT, LLC

 

46. RLJ III - DBT MET HOTEL PARTNER, LLC

 

47. RLJ III - DBT MET MEZZ BORROWER GP,
LLC

 

48. RLJ III - DBT METROPOLITAN MANHATTAN
GP, LLC

 

    Schedule A-2

     

    

 

49. RLJ III - EM FORT MYERS, LLC

 

50. RLJ III - EM TAMPA DT, LLC

 

51. RLJ III - EM WEST PALM BEACH PARENT,
LLC

 

52. RLJ III - HG NEW ORLEANS CONVENTION
CENTER, LLC

 

53. RLJ III - HGN HOLLYWOOD GENERAL PARTNER,
LLC

 

54. RLJ III - HGN PITTSBURGH GENERAL PARTNER,
LLC

 

55. RLJ III HS WASHINGTON DC, LLC

 

56. RLJ III - MH DENVER AIRPORT PARENT,
LLC

 

57. RLJ III - R NATIONAL HARBOR, LLC

 

58. RLJ III - ST. CHARLES AVE HOTEL, LLC

 

59. RLJ R ATLANTA MIDTOWN, LLC

 

60. RLJ R BETHESDA, LLC

 

61. RLJ R HOUSTON HUMBLE GENERAL PARTNER,
LLC

 

62. RLJ S HILLSBORO, LLC

 

63. RLJ S HOUSTON HUMBLE GENERAL PARTNER,
LLC

 

64. DBT MET HOTEL VENTURE, LP

 

65. RLJ C HOUSTON HUMBLE, LP

 

66. RLJ C SAN FRANCISCO, LP

 

67. RLJ EM IRVINE, LP

 

68. RLJ HGN EMERYVILLE, LP

 

69. RLJ HP FREMONT, LP

 

70. RLJ HYH SAN DIEGO, LP

 

71. RLJ HYH SAN JOSE, LP

 

72. RLJ HYH SAN RAMON, LP

 

73. RLJ HYH WOODLANDS, LP

 

    Schedule A-3

     

    

 

74. RLJ II - CR AUSTIN DT, LP

 

75. RLJ II - R HOUSTON GALLERIA, LP

 

76. RLJ III - DBT MET MEZZ BORROWER, LP

 

77. RLJ III - DBT METROPOLITAN MANHATTAN,
LP

 

78. RLJ III - HGN HOLLYWOOD, LP

 

79. RLJ III - HGN PITTSBURGH, LP

 

80. RLJ S HOUSTON HUMBLE, LP

 

81. RLJ R HOUSTON HUMBLE, LP

 

82. RLJ III - MH DENVER AIRPORT, INC.

 

83. RLJ III – C BUCKHEAD, INC.

 

84. RLJ III – EM WEST PALM BEACH,
INC.

 

    Schedule A-4

     

    

 

EXHIBIT A

 

[Face of Note]

 

CUSIP/CINS ______

 

3.750% Senior Secured Notes due 2026

 

	No. ___	$____________*

 

RLJ LODGING TRUST, L.P.

 

promises to pay to ________________________or registered assigns,
the principal sum of __________________DOLLARS [(as such sum may be increased or decreased as set forth on the Schedule of Exchanges
of Interest on the Global Notes attached hereto)]
1 on July 1, 2026.

 

Interest Payment Dates: January 1 and July 1

 

Record Dates: December 15 and June 15

 

	 	RLJ LODGING TRUST, L.P.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

This is one of the Notes referred to

in the within-mentioned Indenture:

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

	By:	 	 	Dated:
	 	Authorized Signatory	 	 

 

 

1 Use this only if the Note is a Global Note.

 

    A-1

    

    

 

[Back of Note]

3.750% Senior Secured Notes due 2026

 

[Insert the Global Note Legend, if applicable pursuant to the provisions
of the Indenture]

 

[Insert the Private Placement Legend, if applicable pursuant to
the provisions of the Indenture]

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)              
Interest. RLJ LODGING TRUST, L.P., a Delaware limited partnership (the “Issuer”),
promises to pay or cause to be paid interest on the principal amount of this Note at 3.750% per annum from ____________ until maturity.
The Issuer will pay interest semi-annually in arrears on January 1 and July 1 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each, an “Interest Payment Date”); provided that the first Interest Payment
Date shall be January 1, 2022. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from the date of issuance; provided that if this Note is authenticated between a record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date.
The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at
a rate equal to the then applicable interest rate on the Notes to the extent lawful.

 

Interest will be computed on the basis of a 360-day
year comprised of twelve 30-day months.

 

(2)              
Method of Payment. The Issuer will pay interest on the Notes to the Persons
who are registered Holders at the close of business on the June 15 or December 15 next preceding the relevant Interest Payment Date, even
if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, at the
office or agency of the Paying Agent and Registrar, or, at the option of the Issuer, payment of interest may be made by check mailed to
the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately
available funds will be required with respect to principal of, premium on, if any, and interest on, all Global Notes and all other Notes
the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent. Such payment will be in such coin
or currency of the United States as at the time of payment is legal tender for payment of public and private debts.

 

(3)              
Paying Agent and Registrar. Initially, U.S. Bank National Association, the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without prior
notice to the Holders. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar.

 

(4)               Indenture.
The Issuer issued the Notes under an Indenture dated as of June 17, 2021 (the “Indenture”) among the Issuer,
Parent, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are
subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of
this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.

 

    A-2

    

    

 

(5)              
Optional Redemption.

 

(A)       At
any time prior to July 1, 2023, the Issuer may redeem, at its option, all or part of the Notes at a redemption price equal to the sum
of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid
interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date falling on or prior to the redemption date).

 

(B)       At
any time on or after July 1, 2023, the Issuer will be entitled, at its option, on any one or more occasions, to redeem all or a part of
the Notes at the redemption prices (expressed in percentages of the principal amount of the Notes to be redeemed), plus accrued and unpaid
interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date falling on or prior to the redemption date), if redeemed during the 12-month period
commencing on July 1 of the years set forth below:

 

	Period	 	 	Redemption Price	 
	2023	 	 	 	101.875	%
	2024	 	 	 	100.938	%
	2025 and thereafter	 	 	 	100.000	%

 

(C)       At
any time prior to July 1, 2023, the Issuer may redeem the Notes with the net cash proceeds from any Equity Offering at a redemption price
equal to 103.750% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to
the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling on or
prior to the redemption date), in an aggregate principal amount for all such redemptions not to exceed 40.0% of the original aggregate
principal amount of the Notes, including any Additional Notes; provided that (i) in each case the redemption takes place not later
than 180 days after the closing of the related Equity Offering and (ii) at least 60.0% of the aggregate principal amount of the Notes
(including any Additional Notes) remains outstanding immediately thereafter.

 

(D)       Unless
the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for
redemption on the applicable redemption date.

 

    A-3

    

    

 

(E)       The
Issuer or its Affiliates may at any time and from time to time purchase Notes. Any such purchases may be made through open market or privately
negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such
prices as well as with such consideration as the Issuer or any such Affiliates may determine.

 

(6)              
Mandatory Redemption. The Issuer is not required to make mandatory redemption
or sinking fund payments with respect to the Notes.

 

(7)              
Repurchase at the Option of Holder.

 

(A)       Unless
(i) the Issuer has previously or concurrently sent a redemption notice with respect to all existing Notes as set forth in Section 3.07
of the Indenture and all conditions precedent applicable to such redemption notice have been satisfied or (ii) a third party makes
an Offer to Purchase the Notes in the manner, at the time and otherwise in compliance with the requirements under the Indenture, the Issuer
must commence, within 30 days of the occurrence of a Change of Control Triggering Event, an Offer to Purchase for all Notes then outstanding,
at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the Payment Date.

 

(B)       If
the Issuer or a Restricted Subsidiary of the Issuer consummates any Asset Sales, in certain circumstances specified in the Indenture the
Issuer may be required to commence and consummate an Offer to Purchase from the Holders and all holders of other Indebtedness that is
pari passu with the Notes containing provisions similar to those set forth in Section 4.09 of the Indenture with respect to an Offer
to Purchase or redeem with the proceeds of sales of assets, on a pro rata basis, an aggregate principal amount of Notes and such other
pari passu Indebtedness equal to the Excess Proceeds on such date, at a purchase price equal to 100% of the principal amount of the Notes
and such other pari passu Indebtedness plus, in each case, accrued interest to the Payment Date.

 

(8)              
Notice of Redemption. At least 10 days but not more than 60 days before a
redemption date, the Issuer will send a notice of redemption to each Holder whose Notes are to be redeemed at its registered address;
provided that that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 thereof. Any redemption
of the Notes or any purchase of the Notes may at the Issuer’s option be subject to one or more conditions precedent as further set
forth in the Indenture. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder
shall be redeemed or purchased.

 

    A-4

    

    

 

(9)               Denominations,
Transfer, Exchange. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date.

 

(10)          
Persons Deemed Owners. The registered Holder may be treated as the owner of
it for all purposes. Only registered Holders have rights under the Indenture.

 

(11)          
Amendment, Supplement and Waiver. The Notes are subject to the amendment,
supplement and waiver provisions set forth in Article 9 of the Indenture.

 

(12)          
Defaults and Remedies. The Events of Default and remedies of the Holders pertaining
to the Notes are set forth in Article 6 of the Indenture.

 

(13)          
Trustee Dealings with Issuer. The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with
the Issuer or its Affiliates, as if it were not the Trustee.

 

(14)          
Guarantees; Security. The Issuer’s obligations under the Indenture shall
be guaranteed by the Guarantors as set forth in the Indenture. The Notes and the related Note Guarantees shall be secured by Liens on
the Collateral, on the terms and subject to the conditions in the Indenture and the other Notes Documents.

 

(15)          
No Recourse Against Others. No recourse for the payment of the principal of,
premium, if any, or interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under
or upon any obligation, covenant or agreement of the Issuer or any of the Guarantors in the Security Documents, the Indenture, or in the
Notes or Note Guarantees or because of the creation of any Indebtedness represented thereby, shall be had against any past, present or
future incorporator, partner, stockholder, officer, director, employee or controlling person in their capacity as such of the Issuer,
the Guarantors or of any successor Person thereof. Each Holder, by accepting this Note, waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws.

 

(16)          
Authentication. This Note will not be valid until authenticated by the manual
or electronic signature of the Trustee or an authenticating agent.

 

(17)          
Abbreviations. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

(18)           CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

    A-5

    

    

 

(19)          
Governing Law. THE LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE
USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES.

 

The Issuer will furnish to any Holder upon written
request and without charge a copy of the Indenture. Requests may be made to:

 

RLJ Lodging Trust

3 Bethesda Metro Center, Suite 1000,

Bethesda, Maryland 20814

Attention: Chief Financial Officer

Attention: General Counsel

 

    A-6

    

    

 

 

Assignment
Form

 

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:

 

(Insert assignee’s legal name)

 

(Insert assignee’s soc. sec. or tax I.D.
no.)

 

(Print or type assignee’s name, address and
zip code)

 

and irrevocably appoint

to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name appears on the face of this Note)

 

Signature Guarantee*: _________________________

 

*       Participant in a recognized
Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-7

    

    

 

Option of Holder to Elect Purchase

 

If you want to elect to have this Note purchased
by the Issuer pursuant to Section 4.09 or 4.13 of the Indenture, check the appropriate box below:

 

  ̈Section 4.09
 ̈ Section 4.13

 

If you want to elect to have only part of the Note
purchased by the Issuer pursuant to Section 4.09 or Section 4.13 of the Indenture, state the amount you elect to have purchased:

 

$_______________

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name appears on the face of this Note)
	 	 
	 	Tax Identification No.:

 

Signature Guarantee*: _________________________

 

*       Participant in a recognized
Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-8

    

    

 

[Schedule
of Exchanges of Interests in the Global Note *

 

The following exchanges of a part of this Global
Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note
for an interest in this Global Note, have been made:]

 

	
    Date of Exchange
	
    Amount of

 decrease
    in

 Principal

 Amount of 

this Global

 Note
	
    Amount of

 increase
    in

 Principal

 Amount of

 this Global 

Note
	
    Principal

 Amount
    of 

this Global 

Note 

following 

such 

decrease 

(or 

increase)
	
    Signature 

of
    

authorized

 officer of

 Trustee or

 Custodian

	 	 	 	 	 

*       This schedule should
be included only if the Note is issued in global form.

 

    A-9

    

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

RLJ Lodging Trust, L.P.

3 Bethesda Metro Center, Suite 1000,

Bethesda, Maryland 20814

 

U.S. Bank National Association

West Side Flats St. Paul

60 Livingston Ave.

EP-MN-WS3C

St. Paul, MN 55107

Attention: RLJ Lodging Trust Notes Administrator

 

Re: 3.750% Senior Secured Notes due 2026

 

Reference is hereby made to the Indenture, dated
as of June 17, 2021 (the “Indenture”), among RLJ Lodging Trust, L.P., a Delaware limited partnership (the “Issuer”),
RLJ Lodging Trust, the Subsidiary Guarantors party thereto and U.S. Bank National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

 

__________, (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $__________
in such Note[s] or interests (the “Transfer”), to (the “Transferee”), as further specified in Annex A
hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.        ̈
Check if Transferee will take delivery of a beneficial interest in the 144A Restricted Global Note or a Restricted Definitive Note
pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 

    B-1

    

    

 

2.        ̈
Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note, Restricted Global Note or
a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer
is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the
United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside
the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market
and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S under the Securities Act and (iii) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed
on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 

3.        ̈
Check and complete if Transferee will take delivery of a Restricted Definitive Note or a beneficial interest in a Restricted Global
Note or in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S.
The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes
and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)        ̈
such Transfer is being effected pursuant to any other available exemption from the registration requirements of the Securities Act, which
certification is supported by an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached
to this certification) to the effect that such Transfer is in compliance with the Securities Act;

 

or

 

(b)        ̈
such Transfer is being effected to the Issuer or a subsidiary thereof;

 

or

 

(c)        ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus
delivery requirements of the Securities Act.

 

    B-2

    

    

 

4.        ̈
Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

 

(a)        ̈
Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(b)        ̈ Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(c)        ̈
Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with
the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer.

 

	 	[Insert
    Name of Transferor]
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

 

    B-3

    

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

		(a)	 ̈ a beneficial interest in the:

 

		(i)	 ̈ 144A Global Note (CUSIP __________), or

 

		(ii)	 ̈ Regulation S Global Note (CUSIP __________), or

 

		(b)	 ̈ a Restricted Definitive Note.

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

		(a)	 ̈ a beneficial interest in the:

 

		(i)	 ̈ 144A Global Note (CUSIP __________), or

 

		(ii)	 ̈ Regulation S Global Note (CUSIP __________), or

 

		(iv)	 ̈ Unrestricted Global Note (CUSIP __________); or

 

		(b)	 ̈ a Restricted Definitive Note; or

 

		(c)	 ̈ an Unrestricted Definitive Note,

 

in accordance with the terms of the Indenture.

 

    B-4

    

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

RLJ Lodging Trust, L.P.

3 Bethesda Metro Center, Suite 1000,

Bethesda, Maryland 20814

 

U.S. Bank National Association

West Side Flats St. Paul

60 Livingston Ave.

EP-MN-WS3C

St. Paul, MN 55107

Attention: RLJ Lodging Trust Notes Administrator

 

Re: 3.750% Senior Secured Notes due 2026

 

Reference is hereby made to the Indenture, dated
as of June 17, 2021 (the “Indenture”), among RLJ Lodging Trust, L.P., a Delaware limited partnership (the “Issuer”),
RLJ Lodging Trust, the Subsidiary Guarantors party thereto and U.S. Bank National Association, as Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

 

__________, (the “Owner”) owns
and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $ __________in such Note[s]
or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.       Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests
in an Unrestricted Global Note

 

(a)       ☐
Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted
Global Note in an equal principal amount, the Owner hereby certifies that (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

 

    C-1

    

    

 

(b)       ☐ Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

 

(a)       ☐
Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

 

(b)       ☐
Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note
is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

 

2.       Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes

 

(a)       ☐
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and the Securities Act.

 

    C-2

    

    

 

(b)       ☐ Check
if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A
Global Note, ☐ Regulation S Global Note, with an
equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own
account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of
the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Issuer.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Dated: ______________________

 

    C-3

    

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of __________, ____, among __________ (the “Guaranteeing Entity”), RLJ Lodging Trust,
L.P., a Delaware limited partnership (the “Issuer”), and U.S. Bank National Association, as Trustee (in such capacity,
the “Trustee”), in each case, under the Indenture referred to below, as ratified by the other Guarantors (as defined
in the Indenture referred to herein).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has heretofore executed and
delivered to the Trustee an indenture (the “Indenture”), dated as of June 17, 2021 providing for the issuance of 3.750%
Senior Secured Notes due 2026 (the “Notes”);

 

WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Entity shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing
Entity shall unconditionally guarantee all of the Issuer’s obligations under the Notes and the Indenture on the terms and conditions
set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Entity and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.       Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.       Agreement
to Guarantee. The Guaranteeing Entity hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions
set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.

 

3.       No
Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes or for
any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer
or any of the Guarantors in the Security Documents, the Indenture, or in the Notes or Note Guarantees or because of the creation of any
Indebtedness represented thereby, shall be had against any past, present or future incorporator, partner, stockholder, officer, director,
employee or controlling person in their capacity as such of the Issuer, the Guarantors or of any successor Person thereof. Each Holder,
by accepting the Notes, waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

 

    D-1

    

    

 

4.       NEW
YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

 

5.       Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

 

6.       Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

7.       The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Entity and the Issuer.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

Dated: _______________,

 

	 	[Guaranteeing
    Subsidiary]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	RLJ
    Lodging Trust, L.P.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-2

    

    

 

	 	Ratified and Acknowledged:
	 	 
	 	[Existing Guarantors]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-3

    

    

  

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	solely in its capacities as Trustee and not in its individual capacity
	 	 	 
	 	By:	 
			Name:
	 	 	Title:

 

    D-4

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