Document:

EXHIBIT 10.1

 

	 

 

FIRST LIEN CREDIT AGREEMENT 

 

Dated as of October 29, 2018,

 

Among

 

DIFFERENTIAL BRANDS GROUP INC.,

as Borrower,

 

THE LENDERS PARTY HERETO,

 

and

ARES CAPITAL CORPORATION

as Joint Lead Arranger, Bookrunner and Administrative
Agent

 

ACF FINCO I LP

as Revolving Agent and Collateral Agent

 

and

HPS INVESTMENT PARTNERS, LLC

as Joint Lead Arranger, Bookrunner and Documentation
Agent

 

	 

 

    	 	 	 

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	Article I
	 	 	 
	Definitions
	 	 	 
	Section 1.01	Defined Terms	2
	Section 1.02	Terms Generally	81
	Section 1.03	Pro Forma Calculations	81
	Section 1.04	Currency Translation	82
	Section 1.05	Letter of Credit Amounts	82
	Section 1.06	Limited Condition Acquisitions	82
	 	 	 
	Article II
	 	 	 
	The Credits
	 	 	 
	Section 2.01	Commitments	83
	Section 2.02	Loans and Borrowings	84
	Section 2.03	Requests for Term Borrowings	85
	Section 2.04	Revolving Borrowing Procedures and Settlements	86
	Section 2.05	Letters of Credit.	92
	Section 2.06	Collections.	99
	Section 2.07	Interest Elections	99
	Section 2.08	Termination and Reduction of Commitments	101
	Section 2.09	Repayment of Loans; Evidence of Debt	101
	Section 2.10	Repayment of Loans	102
	Section 2.11	Prepayment of Loans	104
	Section 2.12	Fees	106
	Section 2.13	Interest	108
	Section 2.14	Alternate Rate of Interest	109
	Section 2.15	Increased Costs	110
	Section 2.16	Break Funding Payments	111
	Section 2.17	Taxes	112
	Section 2.18	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	116
	Section 2.19	Mitigation Obligations; Replacement of Lenders	118
	Section 2.20	[Reserved]	119
	Section 2.21	Illegality	119
	Section 2.22	Cash Collateral	120
	Section 2.23	Defaulting Lenders	121

 

    	 	i	 

     

    

 

	Article III
	 
	Representations and Warranties
	 	 	 
	Section 3.01	Organization; Powers	123
	Section 3.02	Authorization	124
	Section 3.03	Enforceability	124
	Section 3.04	Governmental Approvals	124
	Section 3.05	Financial Statements	124
	Section 3.06	No Material Adverse Effect	126
	Section 3.07	Title to Properties; Possession Under Leases	126
	Section 3.08	Subsidiaries	126
	Section 3.09	Litigation; Commercial Tort Claims; Compliance with Laws	127
	Section 3.10	Federal Reserve Regulations	128
	Section 3.11	Investment Company Act	128
	Section 3.12	Use of Proceeds	128
	Section 3.13	Tax Returns	128
	Section 3.14	No Material Misstatements	129
	Section 3.15	Employee Benefit Plans	129
	Section 3.16	Environmental Matters	130
	Section 3.17	Security Documents	130
	Section 3.18	Location of Real Property	132
	Section 3.19	Solvency	132
	Section 3.20	Labor Matters	132
	Section 3.21	Insurance	133
	Section 3.22	Inventory Matters	133
	Section 3.23	Material Agreements; No Violation	133
	Section 3.24	[Reserved].	133
	Section 3.25	PATRIOT Act, etc.	133
	Section 3.26	Sanctions Laws	134
	Section 3.27	Anti-Corruption Laws and Sanctions	134
	Section 3.28	Compliance With Collateral and Guarantee Requirement	135
	 	 	 
	Article IV
	 
	Conditions of Lending
	 	 	 
	Section 4.01	All Credit Events	135
	Section 4.02	Closing Date	136
	 	 	 

    	 	ii	 

     

    

 

	Article V
	 
	Affirmative Covenants
	 	 	 
	Section 5.01	Existence; Businesses and Properties	140
	Section 5.02	Insurance	141
	Section 5.03	Taxes	142
	Section 5.04	Financial Statements, Reports, etc.	143
	Section 5.05	Litigation and Other Notices	146
	Section 5.06	Compliance with Laws	146
	Section 5.07	Maintaining Records; Inspections, Field Exams and Appraisals.	147
	Section 5.08	Payment of Obligations	147
	Section 5.09	Use of Proceeds	148
	Section 5.10	Compliance with Environmental Laws	148
	Section 5.11	Further Assurances; Additional Security	148
	Section 5.12	Fiscal Year; Accounting	150
	Section 5.13	[Reserved].	150
	Section 5.14	Lender Meetings	150
	Section 5.15	Securitization Matters..	150
	Section 5.16	Compliance with Anti-Corruption Laws	150
	Section 5.17	Post-Closing Matters	150
	Section 5.18	Location of Collateral	151
	Section 5.19	[Reserved].	151
	Section 5.20	Compliance with Collateral and Guarantee Requirement	151
	Section 5.21	Collateral Reporting.	151
	 	 	 
	Article VI
	 
	Negative Covenants
	 	 	 
	Section 6.01	Indebtedness	152
	Section 6.02	Liens	156
	Section 6.03	Sale and Lease-Back Transactions	162
	Section 6.04	Investments, Loans and Advances	162
	Section 6.05	Mergers, Consolidations, Sales of Assets and Acquisitions	165
	Section 6.06	Dividends and Distributions	169
	Section 6.07	Transactions with Affiliates	170
	Section 6.08	Business of the Borrower and the Subsidiaries	172
	Section 6.09	Limitation on Modifications and Payments of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.	172
	Section 6.10	Financial Maintenance Covenants	175

 

    	 	iii	 

     

    

 

	Section 6.11	Beginning with the fiscal quarter ending on March 31, 2019, except with the written consent of the Required Lenders, permit:	175
	Section 6.12	Limitations on Change in Fiscal Periods	177
	 	 	 
	Article VII
	 
	Events of Default
	 	 	 
	Section 7.01	Events of Default	177
	Section 7.02	Exclusion of Certain Subsidiaries	181
	 	 	 
	Article VIII
	 
	The Agents
	 	 	 
	Section 8.01	Appointment and Authority	181
	Section 8.02	Rights as a Lender	182
	Section 8.03	Exculpatory Provisions	182
	Section 8.04	Reliance by Administrative Agent and Revolving Agent	183
	Section 8.05	Delegation of Duties	183
	Section 8.06	Resignation of the Administrative Agent, Revolving Agent	184
	Section 8.07	Non-Reliance on Administrative Agent and Other Lenders	185
	Section 8.08	No Other Duties, Etc	185
	Section 8.09	Administrative Agent May File Proofs of Claim	185
	Section 8.10	Collateral Agreement	186
	Section 8.11	Withholding Tax	187
	Section 8.12	Certain ERISA Matters.	187
	 	 	 
	Article IX
	 
	Miscellaneous
	 	 	 
	Section 9.01	Notices	188
	Section 9.02	Survival of Agreement	190
	Section 9.03	Binding Effect	190
	Section 9.04	Successors and Assigns	191
	Section 9.05	Expenses; Indemnity	199
	Section 9.06	Right of Set-off	201
	Section 9.07	Payments Set Aside	202
	Section 9.08	Applicable Law	202
	Section 9.09	Waivers; Amendment	202
	Section 9.10	Interest Rate Limitation	206
	Section 9.11	[Reserved]	206
	Section 9.12	Entire Agreement	206
	Section 9.13	WAIVER OF JURY TRIAL	206

 

    	 	iv	 

     

    

 

	Section 9.14	Severability	207
	Section 9.15	Counterparts	207
	Section 9.16	Headings	207
	Section 9.17	Jurisdiction; Consent to Service of Process	207
	Section 9.18	Confidentiality	208
	Section 9.19	Direct Website Communications	209
	Section 9.20	Release of Liens and Guarantees	211
	Section 9.21	Power of Attorney	211
	Section 9.22	PATRIOT Act Notice	211
	Section 9.23	No Advisory or Fiduciary Relationship	212
	Section 9.24	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	212

 

    	 	v	 

     

    

 

Exhibits and Schedules

 

	
        

        Exhibit A
	Form of Assignment and Acceptance 
	Exhibit B 	Form of Borrowing Base Certificate 
	Exhibit C 	Form of Borrowing Request
	Exhibit D	Form of Collateral Agreement 
	Exhibit E	Form of Guaranty Agreement
	Exhibit F	Tax Compliance Certificates
	 	 
	Schedule A-1	Authorized Persons
	Schedule A-2	Revolving Agent’s Account
	Schedule D-1 	Designated Account 
	Schedule E	Existing Letters of Credit
	Schedule F	Existing Earn Out Obligations
	Schedule G	Hudson Notes
	Schedule 1.01(b) 	Immaterial Subsidiaries 
	Schedule 1.01(g)	Subsidiary Loan Parties
	Schedule 2.01 	Commitments and Lenders 
	Schedule 3.01 	Organization and Good Standing 
	Schedule 3.04 	Governmental Approvals 
	Schedule 3.05(b)	Liabilities/Long-Term Obligations
	Schedule 3.07(b) 	Possession under Leases 
	Schedule 3.08(a) 	Subsidiaries
	Schedule 3.08(c) 	Subscriptions 
	Schedule 3.09(a)	Litigation and Commercial Tort Claims
	Schedule 3.13 	Taxes
	Schedule 3.15 	Employee Benefit Plans 
	Schedule 3.16 	Environmental Matters 
	Schedule 3.18	Real Property
	Schedule 3.20 	Labor Matters 
	Schedule 3.21 	Insurance
	Schedule 3.23	Material Agreements
	Schedule 5.17	Post-Closing Matters
	Schedule 5.18	Inventory Locations
	Schedule 6.01 	Indebtedness
	Schedule 6.02(a) 	Liens 
	Schedule 6.04 	Investments; Intercompany Loans
	Schedule 6.07	Transactions with Affiliates
	Schedule 6.09(c)	Contractual Encumbrances and Restrictions
	Schedule 9.01(a)(i)	Loan Party Notice Information 
	Schedule 9.01(a)(ii)	Administrative Agent and Collateral Agent Notice Information

 

    	 	vi	 

     

    

 

This FIRST LIEN CREDIT
AGREEMENT, dated as of October 29 2018, (as amended, restated, amended and restated, supplemented or otherwise modified from
time to time, this “Agreement”), is made by among, DIFFERENTIAL BRANDS GROUP INC., a Delaware corporation
(the “Borrower”), the Lenders (as hereinafter defined) from time to time party hereto, ARES CAPITAL CORPORATION,
as administrative agent (together with any successor administrative agent appointed pursuant hereto, in such capacity, the “Administrative
Agent”), Ares Commercial Finance as revolving agent (together with
any successor revolving agent appointed pursuant hereto, in such capacity, the “Revolving Agent”) for
the Revolving Lenders and ACF FINCO I LP as collateral agent (together with any successor collateral agent appointed pursuant hereto,
in such capacity, the “Collateral Agent”) for all Lenders.

 

WHEREAS, pursuant
to the Acquisition Agreement, the Borrower will acquire (the “Closing Date Acquisition”) 100% of the
Equity Interests of Centric Brands Holding LLC, a Delaware limited liability company (the “Acquired Business”);

 

WHEREAS, the Borrower
has requested that the Lenders extend credit in the form of (a) Term Loans on the Closing Date in an aggregate principal amount
equal to $645,000,000 and (b) subject to the terms and conditions set forth herein, Revolving Loans at any time and from time
to time on and after the Closing Date and prior to the Maturity Date in an aggregate principal amount at any one time outstanding
(when taken together with the face amount of Letters of Credit and Swing Line Loans then outstanding) not to exceed $150,000,000;
provided that the aggregate principal amount of Revolving Loans and Letters of Credit made on the Closing Date, shall not
exceed $25,000,000, which shall solely be used (i) to fund a portion of the acquisition consideration for the Acquired Business,
(ii) to satisfy working capital needs of the Borrower and its Subsidiaries, (iii) to satisfy working capital adjustments pursuant
to the Acquisition Agreement and (iv) to finance the payment of the license agreement consent fees on the Closing Date (the “Closing
Date Revolver Cap”); but in any event not to collectively exceed the Maximum Revolver Amount.  The proceeds
of the Term Loans may be used on the Closing Date solely to fund consideration for the Closing Date Acquisition and fees, costs
and expenses incurred in connection with the Transactions.  The proceeds of the Revolving Loans may be used on the Closing
Date to fund the consideration for the Closing Date Acquisition, fees, costs and expenses incurred in connection with Transactions
and working capital needs of the Borrower and its Subsidiaries, working capital adjustments pursuant to the Acquisition Agreement
and to finance the payment of the license agreement consent fees pursuant to the Acquisition Agreement and after the Closing Date
to provide for ongoing working capital needs and other general corporate purposes of the Borrower and its Subsidiaries;

 

WHEREAS, concurrently
herewith, the Borrower is entering into the Second Lien Credit Agreement to incur second lien term loans, the proceeds of which
will be used in accordance with the Second Lien Credit Agreement to fund consideration for the Closing Date Acquisition and fees,
costs and expenses incurred in connection with the Transactions and will be subject to the terms of the First-Second Intercreditor
Agreement;

 

WHEREAS, the Borrower
and each other Loan Party desire to secure all of the Obligations by granting to the Collateral Agent, for the benefit of the Secured
Parties, a security interest in and Lien upon substantially all of the property and assets of the Borrower and the other Loan Parties,
subject to the limitations described herein and in the Security Documents;

 

    	 	-1-	 

     

    

  

WHEREAS, the Lenders
are willing to extend such credit to the Borrower, and the Issuing Banks are willing to issue Letters of Credit for the account
of the Borrower, in each case on the terms and subject to the conditions set forth herein; and

 

WHEREAS, the future
name of Borrower will be Centric Brands Inc. and this Agreement is being executed prior to such name change becoming effective.

 

NOW, THEREFORE, in
consideration of the above premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

Article
I

 

Definitions

 

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

 

“ABR”
shall mean, for any day, a fluctuating interest rate per annum in effect from time to time, which rate per annum
shall at all times be equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the Prime Rate
in effect on such date, (c) the Eurocurrency Base Rate (after giving effect to any Eurocurrency Base Rate “floor”)
(which rate shall be calculated based on an Interest Period of one month) plus 1.00% and (d) with respect to the Term Loans, 2.50%;
provided that, if the ABR determined based on the foregoing is less than zero, such rate shall be deemed to be zero for
the purposes of this Agreement. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Rate or the Eurocurrency
Base Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Federal Funds
Rate or the Eurocurrency Base Rate, respectively.

 

“ABR Borrowing”
shall mean a Borrowing comprised of ABR Loans.

 

“ABR Loan”
shall mean any ABR Term Loan or any ABR Revolving Loan.

 

“ABR Revolving
Borrowing” shall mean a Borrowing comprised of ABR Revolving Loans.

 

“ABR Revolving
Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the ABR in accordance with
the provisions of Article II.

 

“ABR Term Loan”
shall mean any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

 

ABR Term Loan Borrowing”
shall mean a Borrowing comprised of ABR Term Loans.

 

“ACF”
shall mean ACF FINCO I LP.

 

    	 	-2-	 

     

    

 

“Acquisition”
and “Acquisitions” shall mean, with respect to any Person, (a) the acquisition by such Person, in a single
transaction or in a series of related transactions, of all or substantially all of the property of another Person, or any division,
line of business or other business unit of another Person or (b) at least a majority of the voting Equity Interests of another
Person, in each case whether or not involving a merger or consolidation with such other Person and whether for cash, property,
services, assumption of Indebtedness, securities or otherwise; provided that the acquisition of assets and the assumption
of liabilities in connection with entering into licensing agreements in the ordinary course of business shall not be deemed an
“Acquisition”.

 

“Acquisition
Agreement” shall mean that certain Purchase and Sale Agreement, dated as of June 27, 2018, by and among the Borrower,
Global Brands Group Holdings Limited (“GBG”) and GBG USA Inc. (the “Seller”),
as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Acquisition
Consideration” shall mean the purchase consideration paid by the Borrower and its Subsidiaries for any Permitted
Business Acquisition, whether paid in cash or by exchange of properties or otherwise and whether payable at or prior to the consummation
of such Permitted Business Acquisition or deferred for payment at any future time, whether or not any such future payment is subject
to the occurrence of any contingency, and includes any and all payments by Borrower or any Subsidiary representing the purchase
price and any assumptions of Indebtedness; provided that Acquisition Consideration shall exclude (a) any consideration paid
in the form of Equity Interests (other than Disqualified Stock) issued to the applicable seller, (b) any cash consideration paid
to the applicable seller that was financed with the proceeds of any issuance of (or contributions in respect of) Equity Interests
(other than Disqualified Stock) on or prior to the Closing Date (other than any proceeds from the Equity Contribution), (c) any
consideration paid in connection with the Existing Earn Out Obligations and (d) all fees, costs and expenses paid or payable in
connection with the structuring, negotiation, documentation or consummation of such Permitted Business Acquisition.

 

“Acquisition
Representations” shall mean the representations and warranties made by the Seller and GBG in the Acquisition Agreement
which are material to the interests to the Lenders, but solely to the extent that the Borrower has the right to terminate its obligations
under the Acquisition Agreement or not to consummate the transactions contemplated by the Acquisition Agreement as a result of
a breach of (or the inability to make) such representations or warranties.

 

“Additional Amounts”
shall have the meaning assigned to such term in definition of “Pricing Grid”.

 

“Additional Lender”
shall have the meaning assigned to such term in Section 2.24(b).

 

“Additional Mortgage”
shall have the meaning assigned to such term in Section 5.11(c).

 

    	 	-3-	 

     

    

 

“Adjusted Eurocurrency
Rate” shall mean for any Interest Period with respect to a Eurocurrency Loan, a rate per annum equal to the
higher of (a) with respect to the Term Loans, 1.50 %, (b) with respect to Revolving Loans, 0.00% and (c) a rate per annum
determined by the Administrative Agent pursuant to the following formula:

 

	Adjusted 	Eurocurrency Base Rate	 
	Eurocurrency Rate =	1.00 - Eurocurrency Reserve Percentage	 

 

“Administrative
Agent” shall have the meaning assigned to such term in the preamble hereto.

 

“Administrative
Agent Fees” shall have the meaning assigned to such term in Section 2.12(c).

 

“Administrative
Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent and any
sub-agents.

 

“Advance Ratio”
shall mean, with respect to any Securitization Financing, the ratio of upfront cash compensation to deferred payments.

 

“Affiliate”
shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the person specified provided, however, that, for purposes
of Section 6.05, 6.07 and 9.04 the term “Affiliate” or “Affiliated Lender”
shall also include (i) any person that directly or indirectly owns 10% or more of any class of Equity Interests of the person specified
or that is an officer or director of the Person, (ii) GSO and (iii) any portfolio company of Tengram.

 

“Affiliated Lender”
shall mean any Affiliate of the Borrower other than the Borrower and its Subsidiaries.

 

“Affiliated Lender
Cap” shall have the meaning assigned to such term in Section 9.04(h)(iii).

 

“Agent Parties”
shall have the meaning assigned to such term in Section 9.19(c).

 

“Agents”
shall mean the collective reference to the lead arrangers, syndication agents, documentation agents or bookrunners identified in
the cover page hereto.

 

“Agreement”
shall have the meaning assigned to such term in the preamble hereto, as amended from time to time in accordance with the terms
hereof.

 

“Agreement Among
Lenders” shall mean that certain Agreement Among Lenders dated as of the date hereof between Administrative Agent,
Revolving Agent, Collateral Agent, the initial Lenders and acknowledged by the Loan Parties.

 

    	 	-4-	 

     

    

 

“AHYDO Payment”
shall mean any interest payment, mandatory prepayment or redemption pursuant to the terms of any Indebtedness in an amount that
is intended or designed to cause such Indebtedness not to be treated as an “applicable high yield discount obligation”
within the meaning of Section 163(i) of the Code.

 

“Anti-Corruption
Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries
concerning or relating to bribery or corruption, including, without limitation: (a) the FCPA; (b) the UK Bribery Act 2010; (c)
any activity prohibited by any resolution of the U.N. Security Council under Chapter VII of the U.N. Charter or the Organization
for Economic Cooperation and Development’s Good Practice Guidance on Internal Controls, Ethics, and Compliance; (d) any laws
implementing the principles described in the Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions, signed in Paris on 17 December 1997, which entered into force on 15 February 1999, and the Convention’s Commentaries;
and (e) any other applicable anti-corruption or anti-bribery laws.

 

“Applicable Margin”
shall mean for any day (a) with respect to any Term Loan, 6.00% per annum in the case of any Eurocurrency Loan, and 5.00%
per annum in the case of any ABR Loan, (b) with respect to any Revolving Loan, 5.50% per annum in the case of any
Eurocurrency Loan, and 4.50% per annum in the case of any ABR Loan and (c) with respect to the Commitment Fee, 0.75% per
annum; provided that with respect to the Term Loans, the Applicable Margin shall be determined in accordance with the
Pricing Grid at all times following the date of the delivery of financial statements pursuant to Section 5.04(a)
or Section 5.04(b) for the first fiscal quarter or fiscal year, as applicable, ending following the one year anniversary
of the Closing Date.

 

“Applicable Percentage”
shall mean, in respect of the Term Loans, with respect to any Term Lender at any time, the percentage (carried out to the
ninth decimal place) of the Term Loans represented by (i) such Term Lender’s Term Loan Commitment at such time and (ii) after
the termination of such Term Lender’s Term Loan Commitment, the principal amount of such Term Lender’s Term Loans at
such time, and in respect of the Revolving Loans, with respect to any Revolving Lender at any time, the percentage (carried out
to the ninth decimal place) of the Revolving Loans represented by such Revolving Lender’s Revolving Facility Commitment at
such time. If the commitment of each Revolving Lender to make Revolving Loans and the obligation of the Issuing Bank to issue Letters
of Credit and of Revolving Lenders to fund participations in Letters of Credit have been terminated pursuant to Section 7.01,
or if the Revolving Facility Commitments have expired, then the Applicable Percentage of each Revolving Lender in respect of the
Revolving Loans shall be determined based on the relative amounts of the Revolving Facility Exposures of such Revolving Lender
in respect of the total Revolving Facility Exposure most recently in effect, giving effect to any subsequent assignments. The initial
Applicable Percentage of each Lender in respect of each Tranche is set forth opposite the name of such Lender on Schedule 2.01
or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable.

 

“Approved Fund”
shall have the meaning assigned to such term in Section 9.04(b).

 

    	 	-5-	 

     

    

 

“Ares”
shall mean Ares Capital Management LLC and/or its managed funds or Affiliates.

 

“Asset Sale”
shall mean any loss, damage, destruction or condemnation of, or any sale, assignment, conveyance, exclusive or perpetual license,
transfer or other Disposition (including any sale and leaseback of assets and any mortgage, lease or sublease of real property
(including by allocation of assets by division or allocation of assets to any series of a limited liability company)) to any person
of any asset or assets of any of the Borrower or any Subsidiary.

 

“Assignee”
shall have the meaning assigned to such term in Section 9.04(b).

 

“Assignment and
Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee, and accepted by the
Administrative Agent and the Borrower (if required by Section 9.04), in the form of Exhibit A
or such other form as shall be approved by the Administrative Agent and Revolving Agent.

 

“Authorized Person”
shall mean any one of the individuals identified on Schedule A-1, as such schedule is updated from time to time by written
notice from Borrower to Revolving Agent.

 

“Availability”
shall mean, as of any date of determination, the amount that Borrower is entitled to borrow as Revolving Loans under Section
2.01 (after giving effect to the then outstanding Revolving Facility Exposure).

 

“Available Unused
Commitment” shall mean, with respect to a Revolving Lender at any time, an amount equal to the amount by which (a)
the aggregate amount of the Revolving Facility Commitment of such Revolving Lender at such time exceeds (b) the Revolving
Facility Exposure of such Revolving Lender at such time.

 

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

 

“Bail-In Legislation”
shall mean, 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.

 

“Beneficial Ownership
Certification” shall mean a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

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

 

“Benefit Plan”
shall mean any (a) “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA,
or (b) “plan” as defined in and subject to Section 4975 of the Code.

 

    	 	-6-	 

     

    

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America, or any successor thereto.

 

“Board of Directors”
shall mean, as to any person, the board of directors or managers, as applicable, of such person (or, if such person is a partnership,
the board of directors or other governing body of the general partner of such person) or any duly authorized committee thereof.

 

“Bona Fide Debt
Fund” shall mean, with respect to any Company Competitor or any Affiliate thereof, any debt fund, investment vehicle,
regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is primarily (i) engaged
in or advises funds or other investment vehicles that are engaged in making, purchasing, holding or otherwise investing in commercial
loans, commitments and similar extensions of credit in the ordinary course of business and (ii) managed, sponsored or advised
by any Person that is controlling, controlled by or under common control with the relevant Company Competitor or Affiliate thereof,
but only to the extent that no personnel involved with the investment in the relevant Company Competitor (other than a limited
number of senior employees in connection with the relevant Person’s internal legal, compliance, risk management and/or credit
practices) (A) directly or indirectly makes (or has the right to make or participate with others in making) investment decisions
on behalf of such debt fund, investment vehicle, regulated bank entity or unregulated entity or (B) has access to any information
(other than information that is publicly available) relating to the Borrower, the Acquired Business or any entity that forms a
part of any of their respective businesses (including any of their respective subsidiaries); it being understood and agreed that
the term “Bona Fide Debt Fund” shall not include any Person that is separately identified to the Lead Arrangers
or the Administrative Agent, as applicable, in accordance with clause (a) of the definition of “Disqualified
Institution” or any Affiliate of any such Person that is reasonably identifiable as an Affiliate of such Person on the
basis of such Affiliate’s name.

 

“Borrower”
shall have the meaning assigned to such term in the preamble hereto.

 

“Borrower Notice”
shall have the meaning assigned to such term in Section 5.11(c).

 

“Borrowing”
shall mean a group of Loans of a single Type, Class and currency and made on a single date to a single Borrower and, in the case
of Eurocurrency Loans, as to which a single Interest Period is in effect

 

“Borrowing Base”
shall mean, as of any date of determination, the result of:

 

(i)       the
lesser of (A) the product of 70% multiplied by the value (calculated at the lower of cost or market on a basis consistent with
Borrower’s historical accounting practices) of Eligible Inventory at such time, and (B) the product of 90% multiplied by
the Net Orderly Liquidation Percentage of Eligible Inventory (such determination may be made as to different categories of Eligible
Inventory based upon the Net Orderly Liquidation Percentage applicable to such categories) at such time, minus

 

    	 	-7-	 

     

    

 

 

(ii)     without
duplication, the aggregate amount of all Reserves in effect at such time.

 

“Borrowing Base
Certificate” shall mean a certificate in the form of Exhibit B.

 

“Borrowing Minimum”
shall mean $5,000,000.

 

“Borrowing Multiple”
shall mean $1,000,000.

 

“Borrowing Request”
shall mean a request by the Borrower in accordance with the terms of 2.04 and substantially in the form of Exhibit C
or such other form that is reasonably acceptable to the Administrative Agent and the Borrower. Each such written Borrowing Request
shall specify the following information:

 

(i)       the
Class of such Borrowing;

 

(ii)      the
aggregate amount of the requested Borrowing;

 

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

 

(iv)     whether
such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

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

 

(vi)    the
location and number of the Borrower’s account(s) to which funds are to be disbursed.

 

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

 

“Capital Expenditures”
shall mean, for any person in respect of any period, without duplication, the aggregate of all expenditures incurred for any purchase
or other acquisition of any asset, including capitalized leasehold improvements, which would be classified as a fixed or capital
asset on a consolidated balance sheet of such person prepared in accordance with GAAP or are included as “additions to
property, plant or equipment” reflected in the statement of cash flows of such Person; provided, however,
that Capital Expenditures shall not include:

 

(a)       expenditures
with funds that would have constituted Net Proceeds under clause (a) of the definition of the term “Net
Proceeds” but for the application of the first proviso to such clause (a);

 

    	 	-8-	 

     

    

 

(b)       expenditures
with proceeds of insurance settlements, condemnation awards and other settlements in respect of lost, destroyed, damaged or condemned
assets, equipment or other property to the extent such expenditures are made to replace or repair such lost, destroyed, damaged
or condemned assets, equipment or other property or otherwise to acquire, maintain, develop, construct, improve, upgrade or repair
assets or properties useful in the business of the Borrower and the Subsidiaries to the extent permitted hereunder;

 

(c)       interest
capitalized during such period;

 

(d)       expenditures
that are accounted for as capital expenditures of such person and that actually are paid for by a third party (excluding the Borrower
or any Subsidiary, but including any landlord or other owner of real property leased in connection with such leasehold or property
improvements made by such party) and for which neither Borrower nor any of its Subsidiaries has provided or is required to provide
(or incur or is otherwise liable for (directly or indirectly)) any consideration or obligation to such third party (or any other
person directed by such third person) (whether before, during or after such period);

 

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

 

(f)       the
purchase price of equipment purchased during such period to the extent that the consideration therefor consists of any combination
of (i) used or surplus equipment traded in at the time of such purchase and (ii) the proceeds of a concurrent sale of used or surplus
equipment;

 

(g)       the
Closing Date Acquisition, Investments in respect of a Permitted Business Acquisition or any other investment other than to the
extent constituting a Capital Expenditure; or

 

(h)       capital
expenditures to the extent made or financed with the cash and Cash Equivalent proceeds of issuances of Equity Interests (other
than Disqualified Stock) or paid for with Equity Interests (other than Disqualified Stock).

 

“Capital Lease”
shall mean, with respect to any person, any lease of, or other arrangement conveying the right to use, any property by such Person
as lessee that are required to be accounted for as a capital lease on a balance sheet of such person prepared in accordance with
GAAP.

 

    	 	-9-	 

     

    

 

“Capital Lease
Obligations” shall mean, with respect to any person, the obligations of such person to pay rent or other amounts
under any Capital Lease, and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof
that would appear on the balance sheet of such person at such time determined in accordance with GAAP.

 

“Cash Collateralize”
shall mean to pledge and deposit with or deliver to the Collateral Agent, for the benefit of the Revolving Agent or any applicable
Issuing Bank and the Lenders, as collateral for unreimbursed L/C Disbursements, or obligations of Lenders to fund participations
in respect thereof (as the context may require), cash or deposit account balances in the amount of 105% of the outstanding L/C
Exposure with respect thereto, or, if the applicable Issuing Bank benefitting from such collateral shall agree in its sole discretion,
other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Revolving Agent
and (b) the applicable Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing
and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Dominion
Event” shall mean the occurrence of any of the following (a) an Event of Default pursuant to Section 7.01(a)
(with respect to Section 3.22, or any representation or warranty made in any Borrowing Base Certificate that results
in an overstatement of the Borrowing Base by more than two percent (2%) of the value of Eligible Inventory set forth therein),
(b) an Event of Default under Section 7.01(b) or 7.01(c) (in each case, with respect to Obligations
in respect of the Revolving Credit Facility), (c) an Event of Default under Section 7.01(d) (with respect to a failure
to comply with Section 6.10 or 6.05(d)), (d) an Event of Default under Section 7.01(e) (with respect
to a failure to comply with any of Sections 2.06, 5.04(a), 5.04(b), 5.04(c), 5.04(e)
or 5.21(a), (e) an Event of Default under Sections 7.01(h) or 7.01(i), or (f) Excess Availability
is less than $15,000,000 for a period of five consecutive Business Days. 

 

“Cash Dominion
Period” shall mean the period commencing upon the occurrence of a Cash Dominion Event and ending upon the date when
(i) if arising as a result of a failure to comply with clause (f) of the definition of Cash Dominion Event, Excess Availability
exceeds $15,000,000 for a period of 45 consecutive days and (ii) if arising for any other reason, the applicable Cash Dominion
Event that commenced such Cash Dominion Period is cured or waived.

 

“Cash Equivalents”
shall mean:

 

(a)       U.S.
Dollars, Sterling, or Euros or, in the case of any Foreign Subsidiary, such local currencies held by it from time to time in the
ordinary course of business;

 

(b)       securities
issued or directly and fully guaranteed or insured by the government of, or any agency or instrumentality thereof, the United States
of America or any member state of the European Union, in each case, with maturities not exceeding two years after the date of acquisition;

 

(c)       in
the case of any Foreign Subsidiary, securities issued or directly and fully guaranteed or insured by the government of, or any
agency or instrumentality thereof, in each case with maturities not exceeding 365 days after the date of acquisition and held
by it from time to time in the ordinary course of business;

 

    	 	-10-	 

     

    

 

(d)       certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year and overnight bank deposits and demand deposits (in their respective
local currencies), in each case with any commercial bank having capital and surplus in excess of $500,000,000 or the foreign currency
equivalent thereof and whose long-term debt is rated “AA-” or “Aa3” or the equivalent thereof by
Moody’s or S&P, respectively (or, in the case of an obligor domiciled outside of the United States, reasonably equivalent
ratings of another internationally recognized credit rating agency);

 

(e)       repurchase
obligations for underlying securities of the types described in clauses (b) and (c) above entered
into with any financial institution meeting the qualifications specified in clause (d) above;

 

(f)       commercial
paper issued by a corporation (other than an Affiliated Lender) rated at least “P-1” or “A-1” or
the equivalent thereof by Moody’s or S&P (or, in the case of an obligor domiciled outside of the United States, reasonably
equivalent ratings of another internationally recognized credit rating agency) and in each case maturing within one year after
the date of acquisition;

 

(g)       readily
marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one
of the two highest rating categories obtainable from either Moody’s or S&P in each case with maturities not exceeding
two years from the date of acquisition;

 

(h)       Indebtedness
issued by persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s
(or, in the case of an obligor domiciled outside of the United States, reasonably equivalent ratings of another internationally
recognized credit rating agency) in each case with maturities not exceeding two years from the date of acquisition; and

 

(i)       investment
funds investing at least 95% of their assets in securities of the types described in clauses (a) through (g)
above.

 

“Cash Interest
Expense” shall mean, with respect to any person on a consolidated basis for any period, Interest Expense for such
period, less, without duplication, the sum of (a) pay-in-kind Interest Expense or other noncash
Interest Expense (including as a result of the effects of purchase accounting), (b) to the extent included in Interest Expense,
the amortization of any financing fees paid by, or on behalf of, the Borrower or any Subsidiary, including such fees paid in connection
with the Transactions, (c) the amortization of debt discounts, if any, or fees in respect of Swap Agreements and (d) cash
interest income of the Borrower and the Subsidiaries for such period; provided, that Cash Interest Expense shall
exclude any other financing fees paid in connection with the Transactions and any other one-time financing fees (including arrangement,
amendment and consent fees), debt issuance costs, commissions, expenses and the amortization thereof.

 

    	 	-11-	 

     

    

 

“CFC”
shall mean a “controlled foreign corporation” pursuant to Section 957 of the Code.

 

A “Change in
Control” shall be deemed to occur if:

 

(a)       a
“change of control” or other similar provision shall occur under or with respect to any Material Indebtedness;
or

 

(b)       any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act(but excluding
any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent
or other fiduciary or administrator of any such plan)) other than the Permitted Holders, is or becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 35% (on a fully diluted
basis) of the issued and outstanding Voting Stock of the Borrower aggregate ordinary voting power of the Borrower. It is understood
that, for purposes of this definition, (x) no person shall be deemed to have beneficial ownership of Equity Interests solely by
virtue of a stock purchase agreement, merger agreement, or similar agreement (or voting agreement entered into in connection with
a stock purchase agreement, merger agreement or similar agreement) until the consummation of the transfer of the applicable Equity
Interests to such person and (y) the issuance of Equity Interests to GSO and Ares and their Affiliates in connection with the consummation
of the Transactions on or about the Closing Date shall not be a Change of Control.

 

“Change in Law”
shall mean the occurrence, after the date of this Agreement or, if later, the date on which the applicable Lender becomes a Lender
hereunder, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by
any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having
the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder
or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or 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.

 

“Charge”
shall mean any fee, loss, charge, expense, cost, accrual or reserve of any kind (in each case, if applicable, as defined under
GAAP).

 

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

 

    	 	-12-	 

     

    

 

“Closing Date”
shall mean October 29, 2018.

 

“Closing Date
Acquisition” shall have the meaning assigned to such term in the preamble hereto.

 

“Closing Date
Subordinated Convertible Note” shall mean, collectively, each subordinated convertible promissory note, dated as
of the Closing Date, issued by the Borrower for the benefit of the parties listed therein and identified to the Administrative
Agent, as investors, as the same may be amended, amended and restated, restated, supplemented or otherwise modified in accordance
with the terms hereof.

 

“Closing Date
Revolver Cap” shall have the meaning assigned to such term in the preamble hereto.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
shall mean all “Collateral” and “Mortgaged Property” referred to in the Security Documents
(including the Mortgaged Properties) and all other property that is or is intended to be subject to any Lien in favor of the Collateral
Agent for the benefit of the Lenders but in all cases excluding any Excluded Assets.

 

“Collateral Access
Agreement” shall mean a landlord waiver or other agreement, in a form as shall be reasonably satisfactory to the
Collateral Agent, between the Collateral Agent and any third party (including any bailee, consignee, customs broker or other similar
Person) in possession of any Collateral or any landlord of any premises where any Collateral is located, as such landlord waiver
or other agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Collateral Agent”
shall have the meaning assigned to such term in the preamble hereto.

 

“Collateral Agreement”
shall mean the Collateral Agreement, substantially in the form of Exhibit D, among the Borrower, each Subsidiary
Loan Party and the Collateral Agent, as the same may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time.

 

“Collateral and
Guarantee Requirement” shall mean, at any time, subject to (x) the applicable limitations set forth in this
Agreement (including, without limitation, the Funding Conditions Provision) and any other Loan Documents and (y) the time
periods (and extensions thereof) set forth in Section 5.11, the requirement that:

 

(a)       the
Administrative Agent shall have received (i) from the Borrower and each other Subsidiary Loan Party a counterpart of the Collateral
Agreement, duly executed and delivered on behalf of each such person party thereto, (ii) from the Borrower and each other
Loan Party a counterpart of the Guaranty Agreement, duly executed and delivered on behalf of each such person party thereto;

 

    	 	-13-	 

     

    

 

(b)       other
than with respect to Excluded Assets, all outstanding Equity Interests directly owned by any Loan Party, and all Indebtedness owing
to any Loan Party (other than intercompany indebtedness, which is governed by clause (c) below) shall have been
pledged pursuant to the Collateral Agreement (or other applicable Security Document) and, the Collateral Agent shall have received
certificates or other instruments representing or evidencing such Equity Interests and any notes or other instruments representing
such Indebtedness in excess of $5,000,000, together with stock powers, note powers or other instruments of transfer with respect
thereto endorsed in blank;

 

(c)       other
than with respect to Excluded Assets, (i) all Indebtedness of the Borrower and each Subsidiary (other than any Indebtedness in
an initial aggregate principal amount not exceeding $5,000,000 that is owing to any Loan Party shall be evidenced by a promissory
note, a master intercompany note or an instrument in form reasonably satisfactory to the Administrative Agent and shall have been
pledged pursuant to the Collateral Agreement (or other applicable Security Document), and (ii) the Collateral Agent shall have
received all such promissory notes or instruments, together with note powers or other instruments of transfer with respect thereto
endorsed in blank (other than with respect to any such intercompany debt the perfection of the pledge of which is not achieved
by delivery to the Collateral Agent);

 

(d)       other
than with respect to Excluded Assets and except as otherwise contemplated by any Security Document or elsewhere in this definition
of Collateral and Guarantee Requirement (including with regard to deposit accounts), all documents and instruments, (including,
in the United States of America, filings of Uniform Commercial Code financing statements and filings with the United States Copyright
Office and the United States Patent and Trademark Office) and all other actions required by law or reasonably requested by the
Administrative Agent or Collateral Agent, as applicable to be filed, registered or recorded to create the Liens intended to be
created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required
by, and with the priority required by, the Security Documents shall have been filed, registered or recorded or delivered to the
Administrative Agent or Collateral Agent, as requested, for filing, registration or the recording or taken concurrently with, or
promptly following, the execution and delivery of each such Security Document;

 

(e)       except
as set forth pursuant to any Security Document, each Loan Party shall have obtained all consents and approvals required to be obtained
by it in connection with (i) the execution and delivery of all Security Documents (or supplements thereto) to which it is a party
and the granting by it of the Liens thereunder and (ii) the performance of its obligations thereunder (including the use of commercially
reasonable efforts to obtain written consent, in each case, in form and substance reasonable satisfactory to the Administrative
Agent and Collateral Agent, of each licensor of any material Intellectual Property to the security interest of the Collateral Agent
and the rights of the Collateral Agent under the Security Documents);

 

    	 	-14-	 

     

    

 

(f)       subject
to Section 5.11(g), in the case of any person that (i) becomes a Loan Party after the Closing Date, the
Administrative Agent shall have received from such Loan Party, (A) a supplement or joinder to each of the Guaranty Agreement and
the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such person, (B) such other Security
Documents as may be required to be delivered pursuant to Section 5.11, and (C) evidence that any other requirements
of Section 5.11 shall have been complied with and (ii) becomes such a Subsidiary Loan Party, the Administrative
Agent shall have received from the parent of such Subsidiary Loan Party, (A) supplements to the applicable Security Documents pursuant
to which it shall have pledged the Equity Interests in the other Subsidiaries owned by it (other than Excluded Equity Interests),
or other Security Documents, effecting the pledge of such Equity Interests in favor of the Collateral Agent, subject to the same
exceptions and limitations as set forth in paragraph (c) above and clause (i)(B) above, (B) certificates
and instruments representing or evidencing such Equity Interests, subject to the same exceptions and limitations as set forth in
paragraph (c) above and (C) a joinder agreement to the First-Second Intercreditor Agreement and an acknowledgment
to the Agreement Among Lenders, in a form reasonably satisfactory to the Administrative Agent;

 

(g)       other
than with respect to Excluded Accounts, within 60 days after the Closing Date (with respect to each deposit account or securities
account existing on the Closing Date) or 60 days after the acquisition or establishment of any deposit account or securities account
(other than Excluded Accounts) after the Closing Date (or, in each case, such longer time as may be agreed to by the Collateral
Agent in its reasonable discretion), the Loan Parties shall, with respect to such deposit account or securities account (other
than Excluded Accounts) of the Loan Parties, use commercially reasonable efforts to deliver to the Collateral Agent a Control Agreement
with respect to such deposit account or securities account.  From and after the date that is 60 days following the Closing
Date or, with respect to any deposit account or securities account (other than Excluded Accounts) acquired or established after
the Closing Date, 60 days following the date of such acquisition or establishment (or, in each case, such longer time as may be
agreed to by the Collateral Agent in its reasonable discretion), except as otherwise provided under this Agreement, the Loan Parties
shall not maintain, and shall not permit any of their Subsidiaries to maintain, cash, Cash Equivalents or other amounts in any
deposit account or securities account (other than amounts in respect of minimum liquidity, charges for returned items and customary
fees and expenses incurred in connection with such accounts or in the ordinary course of its business and amounts required to be
maintained or deposited into Excluded Accounts in order to comply with applicable laws or contractual obligations not created in
avoidance of this clause (g)), unless to the extent such Subsidiary is a Loan Party and such assets in the applicable
deposit or securities account are Collateral, the Collateral Agent shall have received a Control Agreement in respect of each such
deposit account or securities account of a Loan Party (other than Excluded Accounts); and

 

(h)       with
respect to any Securitization Financing the Secured Parties shall have received a pledge of the Loan Parties’ Equity Interests
in the Securitization Subsidiary party to such Securitization Financing and notes receivable owing from a Securitization Subsidiary
to any Loan Party.

 

    	 	-15-	 

     

    

 

The foregoing definition
shall not require the creation or perfection of pledges of or security interests in particular assets if and for so long as the
Collateral Agent and the Borrower reasonably agree in writing (which may be in the form of electronic mail) that the cost of creating
or perfecting such pledges or security interests in such assets shall be excessive in view of the benefits to be obtained by the
Secured Parties therefrom.

 

Notwithstanding the foregoing
provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, (a) with respect to leases
of real property entered into by any Loan Party, such Loan Party shall not be required to take any action with respect to creation
or perfection of security interests with respect to such leases provided that each Loan Party, as applicable, shall use
commercially reasonable efforts to deliver within (x) 90 days after the Closing Date or (y) 90 days after the request by the Collateral
Agent therefore, Collateral Access Agreements in respect of the Headquarters and the Warehouses, (b) Liens required to be granted
from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth
in the Security Documents and, to the extent appropriate in the applicable jurisdiction, as agreed between the Collateral Agent
and the Borrower, (c) the Collateral shall not include any Excluded Assets, (d) share certificates of Immaterial Subsidiaries and
any other person that is only minority owned by the Loan Parties shall not be required to be delivered, (e) no perfection actions
shall be required with respect to (i) motor vehicles and other assets and personal property subject to certificates of title except
to the extent perfection is accomplished by the filing of a UCC financing statement or equivalent under applicable Law and letter
of credit rights, except to the extent constituting a supporting obligation for other Collateral as to which perfection is accomplished
by the filing of a UCC financing statement or equivalent under applicable Law (it being understood that no actions shall be required
to perfect a security interest in assets subject to certificates of title or letter of credit rights, other than the filing of
a UCC financing statement or equivalent under applicable Law) and (ii) commercial tort claims with an individual value of less
than $5,000,000, (f) no actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required
to be taken to create any security interests in assets located or titled outside of the U.S. or to perfect or make enforceable
any security interests in any assets (it being understood that there shall be no Security Document (or other security agreements
or pledge agreements) or other perfection instruments governed under the laws of any non U.S. jurisdiction), and (g) no Mortgage
shall secure the Revolving Loans in those jurisdictions that impose a mortgage intangible or similar tax on pay-downs or re-advances.

 

“Commitment Fee”
shall have the meaning assigned to such term in Section 2.12(a).

 

“Commitment Letter”
shall mean that certain Senior Secured Credit Facilities Commitment Letter dated as of June 27, 2018, by and among Ares Capital
Corporation LLC, HPS Investment Partners, LLC and the Borrower.

 

“Commitments”
shall mean, with respect to any Lender, such Lender’s Revolving Facility Commitment and/or Term Loan Commitment.

 

    	 	-16-	 

     

    

 

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

 

“Communications”
shall have the meaning assigned to such term in Section 9.19(a).

 

“Company Competitor”
shall mean any person that is a competitor of the Borrower and/or any of its Subsidiaries and identified in writing to the Administrative
Agent and Revolving Agent by the Borrower.

 

“Compliance Certificate”
shall have the meaning assigned to such term in Section 5.04(e).

 

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

 

“Consolidated
First Lien Debt” shall mean, as of any date of determination, the aggregate principal amount of Consolidated Total
Debt of the Borrower and its Subsidiaries outstanding at such date that consists of, without duplication, Indebtedness that in
each case is then secured by Liens on property or assets of the Borrower and its Subsidiaries (other than property or assets held
in a defeasance or similar trust or arrangement for the benefit of the Indebtedness secured thereby) and both such Consolidated
Total Debt and the Liens securing the same are not subordinated to the Obligations, or the Liens securing the same, respectively.

 

“Consolidated
First Lien Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated First
Lien Debt as of such date (provided that solely for purposes of Section 6.10, Consolidated First Lien Debt (i)
shall be calculated net of Unrestricted Cash and (ii) Indebtedness under the Revolving Credit Facility will be deemed to be (A)
until the one year anniversary of the Closing Date, the average monthly balance drawn on the Revolving Credit Facility for the
period of months completed since the Closing Date commencing with the first full fiscal month completed after the Closing Date
and (B) thereafter, the average monthly drawn balance under the Revolving Credit Facility over the twelve month period most recently
ended prior to such date of determination), determined on a consolidated basis in accordance with GAAP to (b) Net Receivables Financing
Profit for such Test Period; provided, that Net Receivables Financing Profit shall be determined for the relevant
Test Period on a Pro Forma Basis.

 

“Consolidated
Fixed Charge Coverage Ratio” shall mean, with respect to any person, as of any date of determination, the ratio of
(a) Net Receivables Financing Profit for the applicable Test Period calculated on a Pro Forma Basis minus Unfinanced Capital Expenditures
made by such person or its Subsidiaries for such Test Period to (b) Consolidated Fixed Charges actually paid in cash for such Test
Period.

 

“Consolidated
Fixed Charges” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period,
the sum, without duplication (in each case eliminating all offsetting debits and credits between Borrower and its
Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial statements
of Borrower and its Subsidiaries in accordance with GAAP), of:

 

    	 	-17-	 

     

    

 

(a)       the
consolidated interest expense (net of interest income) to the extent it relates to Indebtedness of the Borrower and the Subsidiaries
for such period, and to the extent such expense was deducted in computing Consolidated Net Income, whether paid or accrued, non-cash
interest payments, the interest component of any deferred payment obligations, interest component of all payments associated with
Capital Lease Obligations and all commissions, discounts and other fees and charges owed by the Borrower and its Subsidiaries in
respect of letter of credit or bankers’ acceptance financings and net of the effect of all payments made or received pursuant
to obligations under any Swap Agreement and excluding for the purposes of calculating the Consolidated Fixed Charge Coverage Ratio,
any non-cash interest expense, the amortization or write-off of deferred financing fees or expenses of any bridge or other financing
fees in connection with the Transactions and any other one-time financing fees (including arrangement, amendment and consent fees),
debt issuance costs, commissions, expenses and the amortization thereof; plus

 

(b)       provision
for cash income taxes made by Borrower and its Subsidiaries on a consolidated basis in respect of such period; plus

 

(c)       to
the extent payable in cash, any interest expense (but excluding interest expense in connection with any Securitization Financing,
factoring, credit insurance or similar receivables financing or any vendor financing, but, for the avoidance of doubt, without
duplication for any such expense that is reflected as a deduction to Consolidated Net Income of the Borrower and its Subsidiaries,
whether classified as interest or like expense or as an operating expense) on Indebtedness of another person that is Guaranteed
by the Borrower and the Subsidiaries or secured by a Lien on assets of the Borrower and the Subsidiaries, whether or not such Guarantee
or Lien is called upon; plus

 

(d)       scheduled
payments made or payable during such period on account of principal of Indebtedness of the Borrower and its Subsidiaries (including
scheduled principal payments in respect of the Term Loans, but excluding any voluntary prepayments made or mandatory prepayments
required, in each case pursuant to Section 2.11), plus

 

(e)       charges
and expenses related to Permitted Credit Support Agreements,

 

in each case, on a consolidated
basis and in accordance with GAAP; plus

 

For purposes of determining Consolidated Fixed
Charges for any period that includes the quarterly periods ending December 31, 2017, March 31, 2018, June 30, 2018 and September
30, 2018, the Consolidated Fixed Charges for such quarterly periods shall be $30,000,000, $30,000,000, $30,000,000 and $30,000,000,
respectively.

 

    	 	-18-	 

     

    

 

“Consolidated
Net Income” shall mean, with respect to any person for any period, the aggregate of the Net Income of such person
and its subsidiaries for such period, on a consolidated basis, plus the amount that the provision for taxes
exceeds cash taxes paid by such person and its Subsidiaries in such period; provided, however, that, without
duplication,

 

(a)       (i)
the income or loss of any Person accrued prior to the date on which such Person becomes a Subsidiary of such Person or is merged
into or consolidated with such Person’s assets are acquired by such Person or any Subsidiary of such Person, and (ii) the
income or gain subsequent to the date on which such Person ceases to be a Subsidiary of such Person following the Disposition of
Equity Interests in such Subsidiary (or its assets), shall in each case under this clause (a) be excluded;

 

(b)       any
increase in amortization or depreciation or any one-time non-cash Charges resulting from purchase accounting in connection with
(i) the Transaction and (ii) any Acquisition that is consummated on or after the Closing Date shall be excluded;

 

(c)       the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification or interpretation
of accounting policies required by such person’s auditors during such period shall be excluded;

 

(d)       any
net after-tax gains or losses on disposal of discontinued operations shall be excluded;

 

(e)       any
net after-tax gains or losses (less all Charges relating thereto) attributable to any Disposition, other than in the ordinary course
of business (as determined in good faith by senior management or the Board of Directors of the Borrower) shall be excluded;

 

(f)       any
net after-tax gains or losses (less all Charges relating thereto) attributable to the early extinguishment of (i) indebtedness,
and (ii) Swap Agreements and other derivative instruments to the extent that such gains or losses have been realized by such person,
in each case, shall be excluded;

 

(g)       the
Net Income for such period of any person that is not a subsidiary of such person, or that is accounted for by the equity method
of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments actually paid
in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such period;

 

(h)       the
Net Income for such period of any subsidiary of such person shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by such subsidiary of its Net Income is not, at the date of determination, permitted without
any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its
Organizational Documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to such subsidiary or its equity holders, unless such restrictions with respect to the payment of dividends or similar distributions
have been legally waived; provided that the Consolidated Net Income of such person shall be increased by the amount
of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such subsidiary to
such person or a subsidiary of such person (subject to the provisions of this clause (h)), to the extent
not already included therein;

 

    	 	-19-	 

     

    

 

(i)       any
impairment or asset write-off or write-down (other than with respect to any Current Assets, but including any inventory acquired
in connection with the Transaction or any Acquisition), including impairment or asset write-offs or write-downs related to intangible
assets, goodwill, long-lived assets, investments in debt (including deferred financing costs) and equity securities recorded using
the equity method or as a result of a change in Law, in each case, in accordance with GAAP, and the amortization of intangibles
arising in accordance with GAAP shall be excluded;

 

(j)       any
non-cash Charges, incurred, realized or resulting from employee benefit plans or post-employment benefit plans, management equity
plan, pension plan long-term incentive plans or grants of stock appreciation or similar rights, stock options, restricted stock
or other rights or equity-based incentive programs to officers, directors and employees of such person or any of its Subsidiaries
shall be excluded;

 

(k)       any
one-time non-cash compensation Charges shall be excluded;

 

(l)       non-cash
gains, losses, income and expenses resulting from fair value accounting required by Statement of Financial Accounting Standards
No. 133 and related interpretations shall be excluded;

 

(m)      any
currency translation gains and losses unrealized from currency remeasurements of Indebtedness, and any unrealized net loss or gain
from any Swap Agreements for currency exchange risk, in each case, that are actually paid in cash, shall be excluded; and

 

(n)       any
gains or losses from Acquisitions shall be excluded.

 

“Consolidated
Total Assets” shall mean, as of any date, the total assets of the Borrower and the Subsidiaries, determined on a
consolidated basis in accordance with GAAP, as set forth on the consolidated balance sheet of the Borrower as of the last day of
the fiscal quarter most recently ended and Reported.

 

“Consolidated
Total Debt” shall mean, as of any date of determination, an amount equal to the sum of (without duplication)
the outstanding principal amount of all Indebtedness (other than (a) letters of credit, to the extent undrawn and (b) the Closing
Date Subordinated Convertible Note) consisting of Capital Lease Obligations, Indebtedness for borrowed money, the Hudson Notes,
Disqualified Stock and Indebtedness in respect of the deferred purchase price of property or services of the Borrower and the Subsidiaries
determined on a consolidated basis on such date.

 

    	 	-20-	 

     

    

 

“Consolidated
Total Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Total Debt
as of such date (provided that solely for purposes of Section 6.10, Consolidated Total Debt (i) shall be calculated
net of Unrestricted Cash and (ii) Indebtedness under the Revolving Credit Facility will be deemed to be (A) until the one year
anniversary of the Closing Date, the average monthly balance drawn on the Revolving Credit Facility for the period of months completed
since the Closing Date commencing with the first full fiscal month completed after the Closing Date and (B) thereafter, the average
monthly drawn balance under the Revolving Credit Facility over the twelve month period most recently ended prior to such date of
determination) to (b) Net Receivables Financing Profit for such Test Period; provided, that Net Receivables Financing
Profit shall be determined for the relevant Test Period on a Pro Forma Basis.

 

“Contractual
Obligation” shall mean, with respect to any person, any provision of any security issued by such person or of any
agreement, instrument or other undertaking to which such person is a party or by which it or any of its Property is bound.

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Controlled Account”
shall have the meaning as assigned in Section 2.06.

 

“Control Agreement”
shall mean, with respect to any deposit account, any securities account, commodity account, securities entitlement or commodity
contract, an agreement, in form and substance reasonably satisfactory to the Collateral Agent, among the Collateral Agent, the
financial institution or other person at which such account is maintained or with which such entitlement or contract is carried
and the Loan Party maintaining such account, effective to grant “control” (as defined under the applicable UCC) over
such account to the Collateral Agent; it being understood that unless specifically specified in this Agreement, any reference to
a Control Agreement shall mean a Control Agreement subject to springing dominion pursuant to which the applicable Loan Party shall
maintain control unless and until the notice of spring control has been given by the Collateral Agent to the financial institution
or other person at which such account is maintained or with which such entitlement or contract is carried.

 

“Credit Event”
shall have the meaning assigned to such term in Article IV.

 

“Credit Extension”
shall mean (a) the making of a Loan, (b) an L/C Borrowing or (c) the making of a Swingline Advance.

 

“Credit Facilities”
shall mean, collectively, (i) the Revolving Credit Facility (including the L/C Facility available thereunder pursuant to Section
2.05), and (ii) the term facility represented by the Term Loans.

 

“Credit Servicers”
and “Credit Servicer” shall mean each of the Initial CIT Servicers and each other person designed by
the Borrower as a “Credit Servicer” pursuant to a Permitted Credit Support Arrangement from time to time.

 

    	 	-21-	 

     

    

 

“Credit Support
Assets” shall mean (a) the Receivables and other Collateral (as defined in the Permitted CIT Agreements as of the
date hereof) pledged or sold pursuant to the terms of the Permitted CIT Agreements and (b) in respect of any other Permitted Credit
Support Arrangement, the accounts receivable and supporting obligations and proceeds in respect thereof and other ancillary property
and rights related to such accounts receivable pledged or sold pursuant to the terms of such Permitted Credit Support Arrangement.

 

“Current Assets”
shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination, all assets
(other than cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the
Borrower and the Subsidiaries as current assets at such date of determination, other than amounts related to current or deferred
Taxes based on income or profits.

 

“Current Liabilities”
shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination, all liabilities
that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and the Subsidiaries as current
liabilities at such date of determination, other than (a) the current portion of any long-term Indebtedness, (b) accruals of Interest
Expense (excluding Interest Expense that is due and unpaid), (c) accruals for current or deferred Taxes based on income or profits,
(d) accruals, if any, of transaction costs resulting from the Transactions, (e) accruals of any costs or expenses related
to (i) severance or termination of employees prior to the Closing Date or (ii) bonuses, pension and other post-retirement benefit
obligations, and (f) accruals relating to restructuring reserves for add-backs to EBITDA included in clause (a)(iv)
of the definition of such term.

 

“Customary Intercreditor
Agreement” shall mean (a) to the extent executed in connection with the incurrence of secured Indebtedness incurred
by a Loan Party, the Liens on the Collateral securing which are intended to rank equal in priority to the Liens on the Collateral
securing the Obligations, at the option of the Borrower and the Administrative Agent acting together in good faith, a customary
intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent and the Borrower, which agreement
shall provide that the Liens on the Collateral securing such Indebtedness shall rank equal in priority to the Liens on the Collateral
securing the Obligations and (b) to the extent executed in connection with the incurrence of secured Indebtedness incurred by a
Loan Party, the Liens on the Collateral securing which are intended to rank junior in priority to the Liens on the Collateral securing
the Obligations, at the option of the Borrower and the Administrative Agent acting together in good faith, a customary intercreditor
agreement in form and substance reasonably acceptable to the Administrative Agent and the Borrower, which agreement shall provide
that the Liens on the Collateral securing such Indebtedness shall rank junior in priority to the Liens on the Collateral securing
the Obligations.

 

“Debt Service”
shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, Cash Interest Expense for
such period plus scheduled principal amortization of Consolidated Total Debt for such period.

 

“Debtor Relief
Laws” shall mean Title 11 of the United States Code entitled “Bankruptcy” as now and hereafter in effect,
and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership,
insolvency, reorganization, or similar debtor relief Laws of the United States of America or other applicable jurisdictions from
time to time in effect and affecting the rights of creditors generally.

 

    	 	-22-	 

     

    

 

“Declined Amounts”
shall have the meaning as assigned in Section 2.11(e).

 

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

 

“Defaulting Lender”
shall mean, subject to Section 2.23(b), any Lender that, as determined by the Administrative Agent, (a) has
failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of Letters
of Credit, Extraordinary Advances and/or Swingline Advances, within three Business Days of the date required to be funded by it
hereunder, (b) has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations
or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which
it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent or the Borrower
to confirm in a manner satisfactory to the Administrative Agent and the Borrower that it will comply with its funding obligations,
or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief
Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged
with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of,
or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender
shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any
direct or indirect parent company thereof by a Governmental Authority.

 

“Defaulting Lender
Rate” shall mean (a) for the first 3 days from and after the date the relevant payment is due, the Prime Rate, and
(b) thereafter, the interest rate then applicable to Loans as if the Prime Rate were applicable thereto.

 

“Designated Account”
shall mean the deposit account of Borrower identified on Schedule D-1 (as such schedule may be updated in writing by Borrower
to Agent) or such other account of the Borrower as set forth in a Borrowing Request.

 

“Designated Non-Cash
Consideration” shall mean the fair market value (as reasonably determined by the Borrower and the Administrative
Agent in good faith) of non-Cash consideration received by the Borrower or any of its Subsidiaries in connection with any sale
or Disposition pursuant to Section 6.05(s) that is designated as Designated Non-Cash Consideration pursuant to a
certificate of a Responsible Officer of the Borrower, setting forth the basis of such valuation (which amount will be reduced by
the amount of cash or Cash Equivalents received in connection with a subsequent sale or conversion of such Designated Non-Cash
Consideration to cash or Cash Equivalents).

 

“Disposition”
or “Dispose” shall mean the sale, lease, sublease, transfer, swap or other disposition of any property
of any person (including by allocation of assets by division or allocation of assets to any series of a limited liability company).

 

    	 	-23-	 

     

    

 

“Disqualified
Institution” shall mean:

 

(a)       any
person identified in writing to the Administrative Agent on or before the Closing Date; and/or

 

(b)       any
Company Competitor; and/or

 

(c)       any
Affiliate of any person described in clauses (a) or (b) above that is reasonably identifiable as an
Affiliate of such person on the basis of such Affiliate’s name, other than, in the case of clause (b) above,
a Bona Fide Debt Fund;

 

it being understood and agreed that the identification
of any person as a Disqualified Institution after the Closing Date (i) shall not be effective until two days after delivery to
the Administrative Agent, (ii) shall not apply to retroactively disqualify any person that has previously acquired an assignment
or participation interest in any Loan, subject, in the case of assignments and participations made after the date on which any
such person is identified as a Disqualified Institution, to the provisions of Section 9.04(f), and (iii) “Disqualified
Institutions” shall exclude any person that the Borrower has designated as no longer being a “Disqualified Institution”
by written notice delivered to the Administrative Agent and Revolving Agent from time to time.

 

“Disqualified
Stock” shall mean, with respect to any person, any Equity Interests of such person that, by their terms (or by the
terms of any security into which such Equity Interests are convertible or for which such Equity Interests are redeemable or exchangeable),
or upon the happening of any event, (i) mature or are mandatorily redeemable, pursuant to a sinking fund obligation or otherwise
(other than as a result of a change of control or asset sale), (ii) are convertible or exchangeable other than at the option
of the issuer thereof for Indebtedness or Disqualified Stock or (iii) are redeemable at the option of the holder thereof (other
than upon the occurrence of a Change in Control (or similar event), sale or Disposition of all or substantially all of the assets
of the Borrower and its Subsidiaries, or the acceleration of the Loans, subject, in each case, to the prior Payment In Full), in
whole or in part, in each case prior to 91 days after the Latest Maturity Date; provided, however,
that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable
or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided,
further, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of
the Borrower or the Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified
Stock solely because they may be required to be repurchased by the Borrower in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death or disability; provided, further,
that any class of Equity Interests of such person that by its terms authorizes such person to satisfy its obligations thereunder
by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock.

 

“Dividends”
shall have the meaning assigned to such term in Section 6.06.

 

“Documentation
Agent” shall mean the documentation agent identified in the cover page.

 

    	 	-24-	 

     

    

 

“Documentation
Agent Fees” shall have the meaning assigned to such term in Section 2.12(d).

 

“Dollar,”
“U.S.$” and “$” shall mean lawful money of the United States of America.

 

“Domestic Subsidiary”
shall mean any Subsidiary that is not a Foreign Subsidiary.

 

“Drawing Document”
shall mean any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit.

 

“Earn Out Obligations”
shall mean, with respect to any Acquisition, all obligations of the Borrower or any Subsidiary to make earn out or similar payments
based on the achievement of specified financial results or other performance metrics over time pursuant to the documentation relating
to such Acquisition; provided, that Earn Out Obligations shall exclude any Existing Earn Out Obligation.

 

“EBITDA”
shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, the Consolidated Net Income
of the Borrower and the Subsidiaries for such period, plus

 

(a) the sum
of, in each case without duplication, the following amounts to the extent either deducted or otherwise excluded in calculating
Consolidated Net Income for such period or, if not otherwise reflected in the definition of “Consolidated Net Income”,
described in clauses (a)(iv), (a)(viii), (a)(xii), (a)(xiii) and (a)(xiv) below):

 

(i)       federal,
state, local or other taxes paid and any provision for such taxes based on income, profits or capital of the Borrower and the Subsidiaries
for such period;

 

(ii)      Consolidated
Fixed Charges (but solely with regard to clauses (a) and (c) thereto) of the Borrower and the Subsidiaries
for such period;

 

(iii)     depreciation,
amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and all non-cash Charges (excluding any such non-cash Charges to the extent that it represents an
accrual of or reserve for cash Charges in any future period or amortization of a prepaid cash expense that was paid in a prior
period) of the Borrower and the Subsidiaries for such period;

 

    	 	-25-	 

     

    

 

(iv)     (A)
the amount of any Charges attributable to the undertaking and/or implementation of IT systems in connection with the acquisition
and integration of the Closing Date Acquisition prior to December 31, 2020 (or such later date as Agents may agree) and (B) the
amount of any business optimization Charges, integration Charges and restructuring Charges (which, for the avoidance of doubt,
shall include, Charges attributable to the undertaking and/or implementation of cost savings initiatives, cost rationalization
programs and/or operating expense reductions in connection with office and plant closures, facility consolidations, start-up costs
and pre-opening Charges, retention payments and special supplemental bonuses payable, costs associated with recruiting management
personnel, including sign-on and relocation expenses, exit costs, severance payments, systems establishment costs (including establishing
financial reporting, enterprise resource planning, and human resource systems), Charges associated with establishing an off-shore
operations, logistics and administrative support center, duplicative employee costs related to transitioning of employees, re-branding
Charges, inventory or systems optimization costs, any inventory optimization program or excess pension Charges (including, with
respect to any Test Period ending on or prior to the date that is 18 months after the Closing Date, accounting, compliance, professional,
legal and accounting Charges resulting from the Transactions); provided, that (1) the aggregate total amount of all
such Charges or other amounts that may be added back under clause (iv)(A) shall not exceed $30,000,000 during
the term of this Agreement and (2) the aggregate total amount of all such Charges or other amounts that may be added back under
clause (iv)(B) shall not exceed, when taken together with the amounts added back pursuant to clauses (v),
(vii)(B), (xix) and (xx) below, (A) with respect to all Test Periods ending on or prior
to December 31, 2019, $55,000,000 and (B) with respect to any Test Period ending thereafter, 7.5% of EBITDA (or such larger percentage
of EBITDA to the extent consented to from time to time by the Agents) for the relevant Test Period (calculated prior to giving
effect to such addback);

 

(v)      any
net after-tax extraordinary, nonrecurring or unusual Charges; provided that the aggregate total amount of all such
net after-tax extraordinary, nonrecurring or unusual Charges or other amounts that may be added back pursuant to this clause
(v) shall not exceed, when taken together with the amounts added back pursuant to clause (iv)(B) above
and clauses (xix), (vii)(B) and (xx) below, (A) with respect to all Test Periods ending on or prior
to December 31, 2019, $55,000,000 and (B) with respect to any Test Period ending thereafter, 7.5% of EBITDA for the relevant Test
Period (calculated prior to giving effect to such addback);

 

(vi)     (A) any Earn Out Obligation and (B) any Existing Earn Out Obligation, in each case, incurred, paid or accrued (including any adjustments
thereto) during such period, provided that the aggregate total amount that may be added back under clause (vi)(A)
shall not exceed $10,000,000 in any Test Period and in no event shall exceed $50,000,000 in the aggregate after the Closing Date;

 

    	 	-26-	 

     

    

 

(vii)   (A)
any Charges related to the Closing Date Acquisition including any Charges related to the Obligations and the consummation of the
Transactions (including, without limitation, any Charges related to licensing consent agreements and the assumption and satisfaction
of certain liabilities of GBG, the Seller or their affiliates unrelated to the continuing business of the Borrower) and (B) any
Charges related to any issuance of Equity Interests, conversion of debt, Acquisition, Disposition, Investment, Permitted Business
Acquisition, recapitalization or the incurrence, amendment, modification or repayment of Indebtedness permitted to be incurred
by this Agreement (in the case of factoring, securitization, credit insurance or similar financing solely to the extent such Charges
would be included in the definition of Consolidated Fixed Charges), in each case, whether or not successful, and any amendment
or other modification with respect to any of the foregoing, provided, that the aggregate total amount of all such
Charges or other amounts that may be added back under this clause (vii)(B) shall not exceed, when taken together
with the amounts added back pursuant to clauses (iv)(B) and (v) above and clauses (xix)
and (xx) below, (A) with respect to all Test Periods ending on or prior to December 31, 2019, $55,000,000 and (B)
with respect to any Test Period ending thereafter, 7.5% of EBITDA (or such larger percentage of EBITDA to the extent consented
to from time to time by the Agents) for the relevant Test Period (calculated prior to giving effect to such addback);

 

(viii)     the
amount of any Charge that is actually reimbursed or reimbursable by one or more third parties pursuant to indemnification or reimbursement
provisions or similar agreements; provided that the Borrower shall deliver a certificate of a Responsible Officer of the
Borrower to the Administrative Agent certifying that any such Charge is reasonably expected to be reimbursed within the next four
fiscal quarters (it being understood that, to the extent any such amount is not actually reimbursed within such fiscal quarters,
such amount shall be deducted in calculating EBITDA for such fiscal quarters);

 

(ix)       any
Charge incurred in connection with the rollover, acceleration or payout of Equity Interests held by management of the Borrower
and/or any Subsidiary, to the extent that any such Charge is funded with Net Proceeds contributed to the Borrower (other than by
a Subsidiary thereof) as a capital contribution or as a result of the sale or issuance of Equity Interests (other than Disqualified
Stock) of the Borrower;

 

(x)        non-cash
gains and losses with respect to Swap Agreements and other derivative instruments;

 

(xi)       non-cash
currency translation gains and losses related to currency remeasurements of Indebtedness, and any net non-cash loss or gain resulting
from any Swap Agreement for currency exchange risk;

 

(xii)      without
duplication of any amount referred to in clause (viii) above, expenses incurred with respect to liability or
casualty events or business interruption (to the extent covered by insurance) and, without duplication, cash proceeds of business
interruption insurance actually received by the Borrower or any of its Subsidiaries;

 

(xiii)     cash
actually received (or any netting arrangement resulting in reduced cash expenditures) during such period so long as the non-cash
gain relating to the relevant cash receipt or netting arrangement was deducted in the calculation of EBITDA for any previous period
and not added back;

 

    	 	-27-	 

     

    

 

(xiv)     the
amount of any pro forma “run-rate” expected cost savings, operating expense reductions and synergies (net of
actual amounts realized) that are reasonably identifiable and factually supportable (in the good faith determination of such person)
related to (A) the Transactions and (B) after the Closing Date, any permitted Investment, Disposition, operating improvement, restructuring,
cost savings or similar initiative, cost rationalization program, tax and/or tariff mitigation program, and/or other Specified
Transaction; provided that such amounts under this clause (xiv) are realized or projected in good faith to
be realized within 18 months of the consummation of the applicable transaction; provided further that the aggregate amount
that is added back to EBITDA under this clause (xiv) shall not exceed, when taken together with all adjustments referred
to in the final sentence of the definition of “Pro Forma Basis”, (A) with respect to all Test Periods ending on or
prior to (i) December 31, 2018, 1.875% of EBITDA for the relevant Test Period (calculated prior to giving effect to such addback),
(ii) March 31, 2019, 3.75% of EBITDA for the relevant Test Period (calculated prior to giving effect to such addback), (iii) June
30, 2019, 5.625% of EBITDA for the relevant Test Period (calculated prior to giving effect to such addback) and (iv) September
30, 2019, 7.5% of EBITDA for the relevant Test Period (calculated prior to giving effect to such addback) and (B) with respect
to any Test Period ending thereafter, 5.0% of EBITDA (or such larger percentage of EBITDA to the extent consented to from time
to time by the Agents) for the relevant Test Period (calculated prior to giving effect to such addback);

 

(xv)      [reserved];

 

(xvi)     Charges
incurred under the Loan Documents, the Second Lien Loan Documents or any Permitted Credit Support Arrangement (including in connection
with any amendment or other modification (or proposed amendment or modification) hereto or thereto) and Charges paid or reimbursed
to (or for the benefit of) any Agents, the Administrative Agent, the Collateral Agent, the Revolving Agent, any Lender, any other
Secured Party or any “Secured Party” (as defined in the Second Lien Credit Agreement) under the Second Lien Credit
Facility or the Credit Servicer or any other factor under any Permitted Credit Support Arrangement;

 

(xvii)    debt
discount, debt issuance costs and prepayment expense, and any other Charges, incurred in connection with the issuance of Indebtedness
permitted by the Loan Documents or the prepayment, repayment or retirement of existing Indebtedness or other obligations (including
any premiums or other expenses paid in connection with the early termination of an operating lease or other Contractual Obligation);

 

(xviii)   Charges
related to key man life insurance policies if the Administrative Agent is entitled to receive any of the proceeds thereof;

 

    	 	-28-	 

     

    

 

(xix)     Charges
from (or incurred in connection with) discontinued operations, divested joint ventures, brand separations resulting from carve-out
transactions, and other divested investments and other Charges related to the disposition, cessation or wind down of a brand, unit
or division; provided that the aggregate total amount that may be added back pursuant to this clause (xix)
shall not exceed, when taken together with the amounts added back pursuant to clauses (iv)(B), (v) and (vii)(B)
above and clause (xx) below, (A) with respect to all Test Periods ending on or prior to December 31, 2019, $55,000,000
and (B) with respect to any Test Period ending thereafter, 7.5% of EBITDA (or such larger percentage of EBITDA to the extent consented
to from time to time by the Agents) for the relevant Test Period (calculated prior to giving effect to such addback); and

 

(xx)       any
Charge associated with any litigation and settlements thereof and/or payment of any actual or prospective legal settlement, fine,
judgment or order arising from, or related to, the Transactions (including, without limitation, the failure obtain consents to
licensing agreements); provided that the aggregate total amount of all such Charges or other amounts that may be added back
pursuant to this clause (xx) shall not exceed, when taken together with the amounts added back pursuant to clauses
(iv)(B), (v), (vii)(B) and (xix) above, (A) with respect to all Test Periods ending
on or prior to December 31, 2019, $55,000,000 and (B) with respect to any Test Period ending thereafter, 7.5% of EBITDA (or such
larger percentage of EBITDA to the extent consented to from time to time by the Agents) for the relevant Test Period (calculated
prior to giving effect to such addback); minus

 

(b)       the
sum of without duplication, those amounts which, have been included in calculating Consolidated Net Income for such
period:

 

(i)       non-cash
items, gains or credits increasing such Consolidated Net Income for such period (excluding the recognition of deferred revenue
or any non-cash items which represent the reversal of any accrual of, or reserve for, anticipated cash charges in any prior period
and any items for which cash was received in any prior period);

 

(ii)       any
net after-tax nonrecurring or unusual gains or income (including for the avoidance of doubt, cancellation of debt income in connection
with the Transactions or otherwise); and

 

(iii)       any
net after-tax gains or income from (or incurred in connection with) discontinued operations, divested joint ventures and other
divested investments.

 

    	 	-29-	 

     

    

 

Notwithstanding the preceding,
the provision for taxes based on the income or profits of, the Consolidated Fixed Charges of, the depreciation and amortization
and other non-cash expenses or non-cash items of and the restructuring charges or expenses of, a Subsidiary of the Borrower will
be added to (or subtracted from, in the case of non-cash items described in clause (b) above) Consolidated Net
Income to compute EBITDA, (A) in the same proportion that the Net Income of such Subsidiary was added to compute such Consolidated
Net Income of the Borrower, and (B) only to the extent that a corresponding amount of the Net Income of such Subsidiary would be
permitted at the date of determination to be dividended or distributed to the Borrower by such Subsidiary without prior governmental
approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all
agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary
or its stockholders.

 

Notwithstanding the foregoing,
(A) EBITDA for the four fiscal period ended September 30, 2018 shall be $231,300,000 and for purposes of determining EBITDA for
any Test Period that includes the quarterly periods ending December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018,
EBITDA for such quarterly periods shall be $60,000,000, $46,200,000, $23,100,000 and $102,000,000, respectively. For the avoidance
of doubt, (x) EBITDA for the periods set forth in the immediately preceding sentence shall not be subject to further adjustment
for such historical periods pursuant to the other provisions of the definition of “EBITDA” or the definition of “Pro
Forma Basis” and (B) for purposes of determining EBITDA for any Test Period that includes the quarterly period ending December
31, 2018, EBITDA for such period shall be an amount equal to the sum of (x) the EBITDA of the Borrower and its Subsidiaries on
a consolidated basis for the period from the Closing Date through December 31, 2018 and (y) the product of (i) the gross revenue
of the Borrower and its consolidated Subsidiaries for the period from October 1, 2018 through the Closing Date times (ii) the Applicable
EBITDA Margin (as defined below). For purposes of the foregoing sentence, the “Applicable EBITDA Margin” shall be the
actual profit margin of the Borrower over the time period described in the foregoing clause (x).

 

Notwithstanding anything
to the contrary set forth herein, to the extent any Capital Expenditures are not included in Consolidated Fixed Charges, the amount
of any such Capital Expenditures in any Test Period shall reduce the combined cap on adjustments to EBITDA contained in clauses
(a)(iv), (v), (vii), (xix), and (xx) for such Test Period on a dollar for dollar basis.

 

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

 

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

 

“EEA Resolution
Authority” shall mean 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.

 

    	 	-30-	 

     

    

 

“Effective Yield”
shall mean, as to any Loans of any Class, the effective yield on such Loans as determined by the Administrative Agent, taking into
account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar
fees or original issue discount (amortized over the shorter of (x) the life of such Loans and (y) four years following the date
of incurrence thereof) payable generally to Lenders making such Loans, but excluding any arrangement, structuring, ticking or underwriting
or other fees payable in connection therewith that are not generally paid or shared with the relevant Lenders and customary consent
fees paid generally to consenting Lenders. All such determinations made by the Administrative Agent shall, absent manifest error,
be final, conclusive and binding on the Borrower and the Lenders and the Administrative Agent shall have no liability to any person
with respect to such determination absent gross negligence or willful misconduct.

 

“Eligible Assignee”
shall mean (a) any Lender, (b) any commercial bank, insurance company, or finance company, financial institution, any fund that
invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), (c) any Affiliate
of any Lender, (d) any Approved Fund of any Lender, (e) Ares Capital and (f) to the extent permitted under Section 9.04(g),
any Affiliated Lender; provided that in any event, “Eligible Assignee” shall not include (i) any natural person, (ii)
any Disqualified Institution (provided that the list of Disqualified Institutions (other than any “reasonably identifiable
affiliate” (on the basis of such Affiliate’s name) included in the definition of “Disqualified Institution”
is permitted to be made available to any Lender who specifically requests a copy thereof)) or (iii) except as permitted under Section
9.04(g), the Borrower or any of its Affiliates.

 

“Eligible Inventory”
shall mean Inventory consisting of first quality finished goods held for sale in the ordinary course of the Loan Parties’
business as conducted on the Closing Date, that complies with each of the representations and warranties respecting Eligible Inventory
made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth
below; provided, however, that such criteria may be revised from time to time by Revolving Agent in Revolving Agent’s
Permitted Discretion, including to address the results of any audit or appraisal performed by Revolving Agent from time to time
after the Closing Date. An item of Inventory shall not be included in Eligible Inventory of a Loan Party if:

 

(a)       the
Loan Parties does not have good, valid, and marketable title thereto,

 

(b)       the
Loan Parties does not have actual and exclusive possession thereof (either directly or through a bailee or agent of such Loan Party),

 

(c)       it
is not located (x) at one of the locations in the continental United States or Canada (excluding Quebec) set forth on Schedule
5.18 (or in-transit from one such location to another such location), or (y) at, or in transit to, any retail store of
a Loan Party located within the continental United States and Canada (excluding Quebec),

 

(d)       it
is In-Transit Inventory;

 

    	 	-31-	 

     

    

 

(e)       it
is located on real property leased by a Loan Party or in a contract warehouse, in each case, unless it is subject to a Collateral
Access Agreement executed by the lessor or warehouseman (or Revolving Agent has established a Landlord Reserve with respect to
such location), as the case may be, and unless it is segregated or otherwise separately identifiable from goods of others, if any,
stored on the premises,

  

(f)       it
is the subject of a bill of lading or other document of title,

 

(g)       it
is not subject to a valid and perfected first priority lien in favour of the Collateral Agent,

 

(h)       it
consists of goods returned or rejected by a customer of the Loan Parties as a result of being defective or unmerchantable,

 

(i)        it
consists of goods that are obsolete, restrictive or custom items, work-in-process, raw materials, or goods that constitute spare
parts, packaging supplies, labels and shipping materials, maintenance items, supplies used or consumed in the Loan Parties’
business, bill and hold goods, defective goods, “seconds” or Inventory on consignment,

 

(j)        it
shall have been in the Loan Parties’ possession or control for a period of 365-days or longer; provided, that
Inventory (other than Inventory that has been assigned a “replenishment” code by the Loan Parties) that has been in
the Loan Parties possession for greater than 180-days shall not be Eligible Inventory unless the Net Orderly Liquidation Percentage
in respect thereof has been included in an appraisal satisfactory to Collateral Agent in its Permitted Discretion;

 

(k)       it
is subject to a claim, lien or security interest (other than a Permitted Lien);

 

(l)        it
is produced in violation of the Fair Labor Standards Act and subject to the “hot goods” provisions contained in Title
29 U.S.C. §215;

 

(m)      it
is not salable in the United States or is manufactured specifically for a non-U.S. customer;

 

(n)       if
it is represented or covered by any Certificate Of Title, Instrument, Document or Chattel Paper (each as defined in the NYUCC),
or a Loan Party is not the sole owner of each such Certificate Of Title, Instrument, Document or Chattel Paper (in the possession
of such Loan party), or it has been sold, assigned or otherwise transferred, and or it is subject to any claim, lien or security
interest;

 

(o)      it
exhibits, includes or is identified by any trademark, tradename or other Intellectual Property right which trademark, tradename
or other Intellectual Property right (i) is subject to a restriction that could reasonably be expected to adversely affect the
Collateral Agent’s ability to liquidate such Inventory or (ii) the relevant Loan Party does not have the right to use in
connection with the sale of such Inventory, either through direct ownership or through a written license or sublicense; or

 

    	 	-32-	 

     

    

 

(p)       Revolving
Agent shall have determined in its Permitted Discretion that it is unacceptable due to age, type, category, quality and/or quantity.

 

“EMU Legislation”
shall mean the legislative measures of the European Union for the introduction of, changeover to or operation of the euro in one
or more member states.

 

“environment”
shall mean ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land
surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any Environmental
Law.

 

“Environmental
Laws” shall mean all applicable laws (including common law), rules, regulations, codes, ordinances, orders, decrees,
directives, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by or with any Governmental
Authority, relating in any way to the environment, preservation or reclamation of natural resources, the generation, management,
Release or threatened Release of, or exposure to, any Hazardous Material or to health and safety matters (to the extent relating
to the environment or Hazardous Materials).

 

“Equity Contribution”
shall mean receipt by the Borrower of at least $80,000,000 in cash common or rollover Equity Interests from Lenders, investors
and members of management, of which at least (x) $25,000,000 shall be from Ares, (y) $25,000,000 shall be from Jason Rabin and
(x) $25,000,000 shall be from GSO.

 

“Equity Interests”
of any person shall mean any and all shares, interests, membership interests, rights to purchase or otherwise acquire, warrants,
options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including
any preferred stock, any limited or general partnership interest and any limited liability company membership interest, and any
securities or other rights or interests convertible into or exchangeable for any of the foregoing.

 

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

 

“ERISA Affiliate”
shall mean any trade or business (whether or not incorporated) that, together with the Borrower or a Subsidiary, is treated as
a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 or 303 of ERISA or
Section 412 or 430 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA Event”
shall mean (a) any Reportable Event; (b)the failure to meet the minimum funding standard of Sections 412 or 430 of the Code or
Sections 302 or 303 of ERISA with respect to any Plan, whether or not waived; (c) the filing pursuant to Section 412(c) of
the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) the failure to make by its due date a required contribution under Section 412(m) of the Code with respect to any Plan;
(e) the failure to make any required contribution to a Multiemployer Plan; (f) the incurrence by the Borrower, a Subsidiary or
any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the
Borrower, a Subsidiary or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention, or
the institution by the PBGC of proceedings, to terminate any Plan or to appoint a trustee to administer any Plan; (g) the
incurrence by the Borrower, a Subsidiary or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal
from any Plan or Multiemployer Plan; or (h) the receipt by the Borrower, a Subsidiary or any ERISA Affiliate of any notice, or
the receipt by any Multiemployer Plan from the Borrower, a Subsidiary or any ERISA Affiliate of any notice, concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, (I) in “critical” or
“endangered” status under Section 432 of the Code or Section 305 of ERISA, (II) in “at risk” status (as
defined in Section 430 of the Code or Section 303 of ERISA) or (III) insolvent within the meaning of Title IV of ERISA.

 

    	 	-33-	 

     

    

 

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

 

“euro”
or “€” shall mean the currency constituted by the Treaty on the European Union and as referred to
in the EMU Legislation.

 

“Eurocurrency
Base Rate” shall mean, for such Interest Period, the rate per annum equal to the ICE Benchmark Administration
LIBOR Rate (“LIBOR”), as published by Reuters (or other commercially available source providing quotations
of LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) two Business
Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period (such rate the, “LIBO Screen Rate”). If the LIBO Screen
Rate is not available at such time for any reason for such Interest Period (an “Impacted Interest Period”),
then the “Eurocurrency Base Rate” for such Interest Period shall be the Interpolated Rate. If such Interpolated Rate
is unavailable at such time for any reason, then LIBOR for such Interest Period shall be the rate per annum determined by Administrative
Agent to be the rate per annum equal to the offered quotation rate for first class banks in the London interbank market for deposits
(for delivery on the first day of the relevant period) in Dollars of amounts in same day funds comparable to the principal amount
of the applicable Eurocurrency Loan of 3 major London banks for which LIBOR is then being determined with maturities comparable
to such Interest Period as of approximately 11:00 a.m. London time, two (2) Business Days prior to the commencement of such Interest
Period, which determination shall be conclusive absent manifest error. Notwithstanding the foregoing, if the Eurocurrency Base
Rate determined based on the foregoing is less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Eurocurrency
Borrowing” shall mean a Borrowing comprised of Eurocurrency Loans.

 

“Eurocurrency
Loan” shall mean any Eurocurrency Term Loan or Eurocurrency Revolving Loan.

 

“Eurocurrency
Reserve Percentage” shall mean, for any day during any Interest Period, the reserve percentage (expressed as a decimal,
carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from
time to time by the Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal
reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). The
Adjusted Eurocurrency Rate for each outstanding Eurocurrency Loan shall be adjusted automatically as of the effective date of any
change in the Eurocurrency Reserve Percentage.

 

    	 	-34-	 

     

    

 

“Eurocurrency
Revolving Borrowing” shall mean a Borrowing comprised of Eurocurrency Revolving Loans.

 

“Eurocurrency
Revolving Loan” shall mean any Revolving Loan bearing interest at a rate determined by reference to the Adjusted
Eurocurrency Rate in accordance with the provisions of Article II.

 

“Eurocurrency
Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted Eurocurrency
Rate in accordance with the provisions of Article II.

 

“Event of Default”
shall have the meaning assigned to such term in Section 7.01.

 

“Excess Availability”
shall mean, as of any date of determination, the amount equal Availability minus the aggregate amount, if any, of all trade
payables of Borrower and its Subsidiaries aged in excess of 90 days and all book overdrafts of Borrower and its Subsidiaries in
excess of historical practices with respect thereto as determined by the Revolving Agent in its Permitted Discretion.

 

“Excess Cash
Flow” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any Excess Cash Flow
Period, Net Receivables Financing Profit for such Excess Cash Flow Period (which shall be calculated without giving effect to (a)(xiv)),
minus, the sum of the following, without duplication, and, in each case, to the extent paid in cash (or committed
to be paid in cash on or prior the date of any required prepayment pursuant to Section 2.11):

 

(a)       Debt
Service for such Excess Cash Flow Period, reduced by the aggregate principal amount of prepayments of Consolidated Total Debt (other
than prepayments of the Loans) that would otherwise constitute scheduled principal amortization during such Excess Cash Flow Period,
to the extent not financed, or intended to be financed, using the proceeds of, without duplication, the incurrence of Indebtedness
(other than revolving loans and securitization and/or factoring advances), the sale or issuance of any Equity Interests or any
Net Proceeds not otherwise required to prepay the Loans pursuant to Section 2.11 or the definition of the term
“Net Proceeds”;

 

(b)       the
amount of any voluntary prepayment or repurchases permitted hereunder of term Indebtedness (other than any Term Loans) during such
Excess Cash Flow Period, in each case to the extent not financed, or intended to be financed, using the proceeds of, without duplication,
the incurrence of Indebtedness (other than revolving loans and securitization and/or factoring advances), the sale or issuance
of any Equity Interests or any Net Proceeds not otherwise required to prepay the Loans pursuant to Section 2.11
or the definition of the term “Net Proceeds”, in each case, to the extent that the amount of such prepayment
is not already reflected in Debt Service;

 

    	 	-35-	 

     

    

 

(c)       (i)
Capital Expenditures by the Borrower and the Subsidiaries on a consolidated basis during such Excess Cash Flow Period that are
paid in cash and (ii) the aggregate consideration paid in cash during such Excess Cash Flow Period in respect of Permitted Business
Acquisitions or any other Investments permitted hereunder, in each case, to the extent not financed with the proceeds of, without
duplication, the incurrence of Indebtedness (other than revolving loans and factoring advances), the sale or issuance of any Equity
Interests or any Net Proceeds not otherwise required to prepay the Loans pursuant to Section 2.11 or the definition
of the term “Net Proceeds” (less any amounts received in respect thereof as a return of capital);

 

(d)       cash
payments made in respect of (i) Earn Out Obligations or similar deferred or contingent purchase price obligations or (ii) Existing
Earn Out Obligations during such Excess Cash Flow Period to the extent not financed, or intended to be financed, using the proceeds
of, without duplication, the incurrence of Indebtedness (other than revolving loans and factoring advances), provided that the
aggregate total that may reduce Excess Cash Flow under clause (d)(i) shall not exceed $7,500,000 in any Excess Cash
Flow Period and in no event shall exceed $37,500,000 in the aggregate after the Closing Date;

 

(e)       the
amount of Dividends made pursuant to Section 6.06 (other than Section 6.06(d) and (g)),
Junior Indebtedness Payments made in cash pursuant to Section 6.09(b)(i), during such Excess Cash Flow Period, in
each case, to the extent not financed, or intended to be financed, using the proceeds of, without duplication, the incurrence of
Indebtedness (other than revolving loans and securitization and/or factoring advances);

 

(f)       cash
payments made in respect of the Transactions or any other Acquisition, including to satisfy any payment obligations owing under
the Acquisition Agreement or any other acquisition or purchase agreement, payments with respect to transition services, spin out
and set up costs, brand separations, licensing consent agreements and other Charges described in clause (iv) of the definition
of EBITDA (up to the amount of such cash payments actually made) and amounts required to be paid in connection with, or as a result,
of any working capital purchase price adjustments during such Excess Cash Flow Period, in each case, to the extent not financed,
or intended to be financed, using the proceeds of, without duplication, the incurrence of Indebtedness (other than revolving loans
and securitization and/or factoring advances) and other than any such cash payments made with the proceeds of amounts funded to
the Company and its Subsidiaries in connection with the Transactions;

 

    	 	-36-	 

     

    

 

(g)       Taxes
paid in cash by the Borrower and the Subsidiaries on a consolidated basis during such Excess Cash Flow Period or that will be paid
within six months after the close of such Excess Cash Flow Period and for which reserves have been established, including
tax expense measured by income or capital to the extent added back to Consolidated Net Income in the determination of Net Receivables
Financing Profit; provided, that any amount so deducted that will be paid after the close of such Excess Cash Flow
Period shall not be deducted again in a subsequent Excess Cash Flow Period;

 

(h)       an
amount equal to any increase in Working Capital of the Borrower and the Subsidiaries for such Excess Cash Flow Period;

 

(i)       cash
expenditures made in respect of Swap Agreements during such Excess Cash Flow Period, to the extent not reflected in the computation
of Net Receivables Financing Profit or Cash Interest Expense;

 

(j)       without
duplication of any exclusions to the calculation of Consolidated Net Income or Net Receivables Financing Profit, amounts paid in
cash during such Excess Cash Flow Period on account of (A) items that were accounted for as noncash reductions of Net Income in
determining Consolidated Net Income or as noncash reductions of Consolidated Net Income in determining Net Receivables Financing
Profit in a prior Excess Cash Flow Period and (B) reserves or accruals established in purchase accounting;

 

(k)       to
the extent not deducted in the computation of Net Proceeds in respect of any asset Disposition or condemnation giving rise thereto,
the amount of any mandatory prepayment of Indebtedness (other than Indebtedness created hereunder or under any other Loan Document),
together with any interest, premium or penalties required to be paid (and actually paid) in connection therewith to the extent
that the income or gain realized from the transaction giving rise to such Net Proceeds exceeds the aggregate amount of all such
mandatory prepayments and Capital Expenditures made with such Net Proceeds;

 

(l)       all
amounts increasing Net Receivables Financing Profit in accordance with the definition of “Pro Forma Basis” or otherwise
in accordance with any provision of the Loan Documents that required Net Receivables Financing Profit to be calculated on a Pro
Forma Basis;

 

(m)       the
amount related to items that were added to or not deducted from Net Income in calculating Consolidated Net Income or were added
to or not deducted from Consolidated Net Income in calculating Net Receivables Financing Profit to the extent such items represented
a cash payment (which had not reduced Excess Cash Flow upon the accrual thereof in a prior Excess Cash Flow Period), or an accrual
for a cash payment, by the Borrower and the Subsidiaries or did not represent cash received by the Borrower and the Subsidiaries,
in each case on a consolidated basis during such Excess Cash Flow Period;

 

(n)       the
aggregate amount of all non-cash income, gains and credits included in the calculation of Consolidated Net Income or specifically
added back to Consolidated Net Income in the calculation of Net Receivables Financing Profit for such Excess Cash Flow Period;
and

 

    	 	-37-	 

     

    

 

(o)       any
fees or expenses paid in cash during such Excess Cash Flow Period in connection with any Investment, Disposition, incurrence or
repayment of Indebtedness, issuance of Equity Interests or amendment or modification to any debt instrument (including any amendment
or other modification to this Agreement or the other Loan Documents), and any transaction undertaken and not completed, in each
case, to the extent not financed, or intended to be financed, using the proceeds of, without duplication, the incurrence of Indebtedness
(other than revolving loans and securitization and/or factoring advances),

 

plus,
without duplication,

 

(a)       an
amount equal to any decrease in Working Capital of the Borrower and the Subsidiaries for such Excess Cash Flow Period;

 

(b)       the
amount of net proceeds in the form of cash or Cash Equivalents received by the Borrower or any Subsidiary with respect to the termination
of license agreements;

 

(c)       all
amounts referred to in clause (c) above to the extent funded with, without duplication, (i) the proceeds of
the sale or issuance of Equity Interests of, or capital contributions to, the Borrower after the Closing Date, (ii) the proceeds
of Indebtedness (other than Revolving Loans) or (iii) any Net Proceeds not otherwise required to prepay the Loans pursuant to Section
2.11 or the definition of the term “Net Proceeds”, in each case, to the extent there is a corresponding
deduction from Excess Cash Flow above;

 

(d)       
[reserved];

 

(e)       cash
payments received in respect of Swap Agreements during such Excess Cash Flow Period to the extent (i) not included in the computation
of Net Receivables Financing Profit or (ii) such payments do not reduce Cash Interest Expense;

 

(f)       any
extraordinary or nonrecurring gain realized in cash during such Excess Cash Flow Period, except to the extent such gain consists
of Net Proceeds subject to Section 2.11(b) or not otherwise required to prepay the Loans pursuant to Section
2.11 or the definition of the term “Net Proceeds”;

 

(g)       to
the extent deducted in the computation of Net Receivables Financing Profit, cash interest income; and

 

(h)       the
amount related to items that were deducted from or not added to Net Income in connection with calculating Consolidated Net Income
or were deducted from or not added to Consolidated Net Income in calculating Net Receivables Financing Profit to the extent either
(x) such items represented cash received by the Borrower or any Subsidiary or (y) such items do not represent cash paid by
the Borrower or any Subsidiary, in each case on a consolidated basis during such Excess Cash Flow Period, in each case, except
to the extent such amount consists of Net Proceeds subject to Section 2.11(b) or not otherwise required to prepay
the Loans pursuant to Section 2.11 or the definition of the term “Net Proceeds”.

 

    	 	-38-	 

     

    

 

“Excess Cash
Flow Period” shall mean (a) the fiscal year of the Borrower ending on December 31, 2019, and (b) each fiscal
year of the Borrower ended thereafter.

 

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

 

“Excluded Accounts”
shall mean (a) deposit accounts, securities accounts, or commodity accounts (each as defined in the Uniform Commercial Code) which
in the aggregate contain less than $5,000,000 at any one time, including the market value of any securities, commodities, contracts
or other assets therein, (b) any other deposit account, securities account or commodity account that is or used exclusively as
a (i) payroll, healthcare or other employee wage benefits account, (ii) withholding tax account (including sales tax account),
(iii) escrow or permitted defeasance and redemption account, (iv) fiduciary or trust account, together with the funds or other
property held in or maintained in any such account (including, without limitation) any fiduciary accounts required to be maintained
by any regulatory or quasi-regulatory body) or (v) zero balance account, (c) deposit accounts, securities accounts, or commodity
accounts maintained in the ordinary course of business with depositary banks outside the United States.

 

“Excluded Assets”
shall mean:

 

		(i)	all leasehold interests (other than the Headquarters);

 

		(ii)	all fee-owned real property with a fair market value of less than $5,000,000, provided that in
no event shall any Loan Party be required to provide a Mortgage or other Lien on any real property if such Mortgage or other Lien
would require approval from any Governmental Authority;

 

		(iii)	except to the extent a security interest therein can be perfected by the filing of UCC financing
statements, motor vehicles and other assets subject to certificates of title;

 

		(iv)	letter of credit rights less than $5,000,000 (individually) (except to the extent a security interest
therein can be perfected by the filing of UCC financing statements);

 

		(v)	commercial tort claims below $5,000,000 (individually);

 

		(vi)	Excluded Equity Interests;

 

    	 	-39-	 

     

    

 

		(vii)	a security interest to the extent the Borrower and the Administrative Agent reasonably determine
that the burden or cost of perfecting such security interest outweighs the benefit of such security to the Lenders;

 

		(viii)	any intent to use trademark application prior to the filing of a “Statement of Use”
or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any,
in which the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application
or any registration issuing therefrom under applicable Federal Law;

 

		(ix)	Margin Stock;

 

		(x)	any non-US assets or assets of the Borrower and its Subsidiaries that require action under the
Law of any non-US jurisdiction to create or perfect a security interest in such assets, including any Intellectual Property in
any non-US jurisdiction (and no security agreements or pledge agreements governed under the Laws of any non-US jurisdiction shall
be required in respect of such assets);

 

		(xi)	(1) property subject to a purchase money security agreement, Capital Lease or similar arrangement
to the extent the granting of a security interest therein is prohibited thereby or otherwise requires consent, unless such consent
is obtained, and/or (2)) any lease, license, contract, instrument or other agreements or any property (including personal property)
subject to a purchase money security interest, Capitalized Lease Obligation or similar arrangements, in each case to the extent
permitted under the Loan Documents, to the extent that a pledge thereof or a security interest therein would violate or invalidate
such lease, license, contract, instrument or agreement, purchase money, Capitalized Lease or similar arrangement, or create a right
of termination or acceleration of payment or performance obligations in favor of any other party thereto (other than the Borrower
or a Guarantor) after giving effect to the applicable anti-assignment clauses of the Uniform Commercial Code and other applicable
Laws, other than the proceeds and accounts receivables thereof the assignment of which is expressly deemed effective under the
Uniform Commercial Code and other applicable Laws notwithstanding such prohibition, provided that with respect to any license or
sublicense acquired as part of the Acquisition, the Loan Parties shall have used commercially reasonable efforts to obtain such
consents;

 

		(xii)	any Governmental licenses, permits, franchises, charters, authorizations and other regulated assets,
to the extent the grant of such security interest (1) is prohibited or restricted thereby, (2) requires prior notice to any regulatory
authority which has not been made (or any required waiting period associated therewith has not expired) or (3) requires the consent,
approval, license or authorization of any regulatory authority which has not been received, in each case, after giving effect to
the applicable anti-assignment provisions of the UCC or other applicable Law ;

 

    	 	-40-	 

     

    

 

		(xiii)	any Securitization Assets (solely to the extent subject to a non-recourse Qualified Securitization
Financing made to a Securitization Subsidiary transferred in accordance with Section 6.05 hereof);

 

		(xiv)	any asset or personal property held directly or indirectly by an Excluded Foreign Subsidiary;

 

		(xv)	assets and personal property to the extent a security interest in such assets or personal property
would result in material adverse tax consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower and
the Administrative Agent; and

 

		(xvi)	Excluded Accounts, except, in the case of the Excluded Accounts described in clauses (a),
(b)(v) and (c) of the definition of “Excluded Accounts”, to the extent a security
interest therein can be perfected by the filing of UCC financing statements.

 

“Excluded Contributions”
shall mean the cash and Cash Equivalents received by the Borrower from:

 

(a)       contributions
in respect of its Equity Interests (other than Disqualified Stock), and

 

(b)       the
sale (other than to a Subsidiary of the Borrower or pursuant to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Borrower or any of its Subsidiaries) of Equity Interests (other than Disqualified
Stock) of the Borrower,

 

in each case, as designated as Excluded Contributions
pursuant to an Officer’s Certificate executed by a Responsible Officer of the Borrower.

 

“Excluded
Equity Interests” shall mean:

 

(a)       any
Equity Interests with respect to which, in the reasonable judgment of the Administrative Agent, the Collateral Agent and the Borrower,
the cost of pledging such Equity Interests shall be excessive in view of the benefits to be obtained by the Secured Parties therefrom,

 

(b)      Voting
Stock in excess of 65% of the issued and outstanding Voting Stock of any wholly-owned first tier subsidiary that is an Excluded
Foreign Subsidiary (provided, that any first-tier foreign subsidiary that is a disregarded entity for tax purposes shall be deemed
to be a Domestic Subsidiary for purposes of this clause (b)),      

 

(c)       any
Equity Interests in any Subsidiary to the extent, and for so long as, the pledge thereof would be prohibited by any applicable
Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been
obtained),

 

    	 	-41-	 

     

    

 

(d)       any
Equity Interests of any Subsidiary (other than as described in clause (b)) to the extent that the pledge of such Equity
Interests would result in material adverse tax consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower
and the Administrative Agent; and

 

(e)       any
Equity Interests issued by any entity other than a Wholly Owned Subsidiary (other than any Domestic Subsidiary that becomes a non-Wholly
Owned Subsidiary after the Closing Date as a result of (i) the disposition or issuance of Equity Interests of such Domestic Subsidiary
in either case to a Person that is not an unaffiliated third party, (ii) any transaction entered into in contemplation hereof or
primarily in contemplation of such Domestic Subsidiary’s ceasing to constitute a Subsidiary Guarantor or (iii) the disposition
or issuance of Equity Interests of such Domestic Subsidiary for less than the fair market value of such shares as reasonably determined
by the Borrower) to the extent prohibited by the Organizational Documents or other Contractual Obligation applicable to such person
requiring third party consent (other than the consent of Borrower or any of its Subsidiaries).

 

“Excluded Foreign
Subsidiary” shall mean (i) any Foreign Subsidiary that is a CFC and (ii) any Subsidiary that has no material assets
other than Equity Interests of, or Equity Interests and indebtedness of, one or more CFCs.

 

“Excluded Indebtedness”
shall mean all Indebtedness permitted to be incurred under Section 6.01 (as amended or waived from time to time).

 

“Excluded Subsidiary”
shall mean (with the exception of any Subsidiary that owns any material Intellectual Property that is used in the business of any
of the Loan Parties or any Subsidiary that is party to any Material License Agreement):

 

(a)       any
Subsidiary that is not a Wholly Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor
pursuant to the requirements of Section 5.11 (for so long as such Subsidiary remains a non-Wholly Owned Subsidiary),
other than any Domestic Subsidiary that becomes a non-Wholly Owned Subsidiary after the Closing Date as a result of (i) the disposition
or issuance of Equity Interests of such Domestic Subsidiary in either case to a Person that is not an unaffiliated third party,
(ii) any transaction entered into primarily in contemplation of such Domestic Subsidiary’s ceasing to constitute a Subsidiary
Loan Party or (iii) the disposition or issuance of Equity Interests of such Domestic Subsidiary for less than the fair market value
of such shares as reasonably determined by the Borrower),

 

(b)       any
Subsidiary that is prohibited by (x) subject to clause (g) below, applicable Law or (y) Contractual Obligation from
guaranteeing or securing the Obligations (and for so long as such restriction is in effect); provided that in the case of
clause (y), such Contractual Obligation existed on the Closing Date or, with respect to any Subsidiary acquired by the Borrower
or a Subsidiary after the Closing Date (and so long as such Contractual Obligation was not incurred in contemplation of such acquisition),
on the date such Subsidiary is so acquired,

 

    	 	-42-	 

     

    

 

(c)       (i)
any direct or indirect Foreign Subsidiary, (ii) any Subsidiary that is described in clause (ii) of the defined term “Excluded
Foreign Subsidiary”, (iii) any direct or indirect Subsidiary of an Excluded Foreign Subsidiary, or (iv) any other Subsidiary
for which the provision of a Guarantee or granting a security interest in respect of such Subsidiary would result in a material
adverse tax consequence to Borrower or one of its Subsidiaries (as reasonably determined by the Borrower in consultation with the
Agents),

 

(d)       any
Immaterial Subsidiary for so long as such Subsidiary remains an Immaterial Subsidiary,

 

(e)       any
other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent, the Collateral Agent and the Borrower,
the cost of providing a Guarantee or granting a security interest shall be excessive in view of the benefits to be obtained by
the Lenders therefrom,

 

(f)       any
Subsidiary that would require any consent, approval, license or authorization from any Governmental Authority to provide a Guarantee
or grant a security interests unless such consent, approval, license or authorization has been received, or is received after commercially
reasonable efforts by the Borrower and/or such Subsidiary to obtain the same, and

 

(g)       any
captive insurance Subsidiaries, any special purpose factoring entities or any special purpose securitization vehicle or any Securitization
Subsidiary (in each case, solely to the extent subject to a Qualified Securitization Financing or a Permitted Credit Support Arrangement),
any broker-dealer subsidiaries, bank or trust company subsidiaries or a not-for-profit Subsidiary.

 

“Excluded Taxes”
shall mean, with respect to any Recipient of any payment to be made by or on account of any obligation of the Borrower hereunder,
the following Taxes:

 

(a)       Taxes
imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed
as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender,
its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes,

 

(b)       in
the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect
to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b))
or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17,
amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office,

 

    	 	-43-	 

     

    

 

(c)       Taxes
attributable to such Recipient’s failure to comply with Section 2.17(g) and

 

(d)       
any withholding Taxes imposed under FATCA.

 

“Existing Earn
Out Obligations” shall mean those Earn Out Obligations existing on the Closing Date and described on Schedule
F.

 

“Existing Indebtedness”
shall mean all third party Indebtedness of the Borrower, the Acquired Business and their respective Subsidiaries (other than existing
Indebtedness (including ordinary course Capital Leases, equipment financings, letters of credit, Existing Letters of Credit and
other similar financings arrangements) contemplated hereby to remain outstanding after the Closing Date and listed on Schedule
6.01).

 

“Existing Letters
of Credit” shall mean those letters of credit described on Schedule E.

 

“Extraordinary
Advance” shall have the meaning as assigned in Section 2.03(c)(iii).

 

“fair market
value” shall mean, with respect to any asset or property, the price that could be negotiated in an arms’ length
transaction between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete
the transaction.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules
or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing
such Sections of the Code.

 

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

 

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

 

“Fee Letter”
shall mean that certain Senior Secured Credit Facilities Fee Letter dated as of the Closing Date, by and among Ares Capital Management
LLC, Ares Capital Corporation, HPS Investment Partners, LLC and the Borrower.

 

    	 	-44-	 

     

    

 

“Fees”
shall mean the Commitment Fees, the L/C Participation Fees, the Issuing Bank Fees, the Administrative Agent Fees, the Collateral
Agent Fees and any other fees due hereunder (including, without limitation, pursuant to Section 2.12).

 

“Field Exam”
shall have the meaning as assigned in Section 5.07(b).

 

“Financial Officer”
of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer or Controller
of such person.

 

“First-Second
Intercreditor Agreement” shall mean (x) that Intercreditor Agreement dated as of the date hereof among the Collateral
Agent as Senior Agent, U.S. Bank National Association, as Junior Agent and the representatives
for purposes thereof for holders of one or more other classes of Indebtedness, the Borrower, the other Loan Parties and the other
parties thereto and (y) any other intercreditor agreement entered into from time to time by the holders of one or more classes
of Indebtedness, the Loan Parties and the Collateral Agent and any lender or agent from time to time and designated by the Collateral
Agent and the Borrower as a “First-Second Intercreditor Agreement”, in each case, as the same may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time, and which term shall also include any replacement intercreditor
agreement entered into in accordance with the terms hereof.

 

“Foreign
Lender” shall mean any Lender which for U.S. federal income tax purposes (i)
is regarded as a separate entity and is not a U.S. Person or (ii) is disregarded as a separate entity and has a regarded owner
that is not a U.S. Person. 

 

“Foreign Subsidiary”
shall mean any Subsidiary (together with its successors) that is incorporated or organized under the laws of any jurisdiction other
than the United States of America, any State thereof or the District of Columbia.

 

“Fronting Exposure”
shall mean, at any time there is a Defaulting Lender, (a) with respect to each Issuing Bank, such Defaulting Lender’s
Applicable Percentage of the outstanding Letter of Credit obligations other than Letter of Credit obligations as to which such
Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with
the terms hereof, and (b) with respect to the Revolving Agent, such Defaulting Lender’s Applicable Percentage of Swingline
Advances or Extraordinary Advances (other than Swingline Advances and Extraordinary Advances as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders).

 

“Funding Conditions
Provision” shall have the meaning assigned to such term in Section 4.02.

 

“Funding Date”
shall mean the date on which a Revolving Borrowing occurs.

 

“GAAP”
shall mean generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis,
subject to the provisions of Section 1.02; provided, that any reference to the application of
GAAP in Sections 3.13(a), 3.13(b), 3.20, 5.03, 5.07
and 6.02(e), to a Foreign Subsidiary (and not as a consolidated Subsidiary of the Borrower) shall mean generally
accepted accounting principles in effect from time to time in the jurisdiction of organization of such Foreign Subsidiary.

 

    	 	-45-	 

     

    

 

“Governmental
Authority” shall mean the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including (i) any supra-national bodies or public international organizations such as the European Union or the European Central
Bank, or World Bank and (ii) the National Association of Insurance Commissioners).

 

“GSO”
shall mean GSO Capital Partners LP and/or its managed funds or Affiliates.

 

“Guarantee”
of or by any person (the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other person (the
“primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods,
securities or services, to take-or-pay or otherwise) or to purchase (or to advance or supply funds for the purchase of) any security
for the payment of such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose
of assuring the owner of such Indebtedness or other obligation of the payment thereof, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay
such Indebtedness or other obligation, (iv) entered into for the purpose of assuring in any other manner the holders of such Indebtedness
or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or
(v) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation,
or (b) any Lien on any assets of the guarantor securing any Indebtedness or other obligation (or any existing right, contingent
or otherwise, of the holder of Indebtedness or other obligation to be secured by such a Lien) of any other person, whether or not
such Indebtedness or other obligation is assumed by the guarantor; provided, however, that the term
“Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary course
of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with
any acquisition or Disposition of assets permitted under this Agreement. The amount of any Guarantee Obligation of any guaranteeing
person shall be deemed to be the lower of (1) an amount equal to the stated or determinable amount of the primary obligation in
respect of which such Guarantee Obligation is made and (2) the maximum amount for which such guaranteeing person may be liable
pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount
for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower
in good faith. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof. The term “Guarantee” as a verb has a corresponding meaning.

 

    	 	-46-	 

     

    

 

“Guaranty Agreement”
shall mean the Guaranty Agreement, in the substantially in the form of Exhibit E, as the same may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time, among the Borrower, each Loan Party and the Collateral
Agent.

 

“Hazardous Materials”
shall mean all pollutants, contaminants, wastes, chemicals, materials, substances and constituents, including explosive or radioactive
substances or petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls or radon
gas, of any nature subject to regulation or which can give rise to liability under any Environmental Law.

 

“Headquarters”
shall mean the Borrower’s headquarters located at 350 Fifth Ave, Empire State Building, New York, NY 10118.

 

“Highest Lawful
Rate” shall mean the maximum lawful interest rate, if any, that at any time or from time to time may be contracted
for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law,
under such applicable laws which may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable
laws now allow.

 

“Honor Date”
shall have the meaning assigned to such term in Section 2.05.

 

“HPS”
shall mean HPS Investment Partners, LLC and/or its managed funds or Affiliates.

 

“Hudson Notes”
shall mean the notes set forth on Schedule G.

 

“IFRS”
shall mean the International Financial reporting Standards issued by the International Accounting Standards Board.

 

“Immaterial Subsidiary”
shall mean any Subsidiary that did not, as of the last day of the fiscal quarter of the Borrower most recently ended and Reported,
have assets with a value in excess of 2.5% of the Consolidated Total Assets or have Net Receivables Financing Profit representing
in excess of 2.5% of Net Receivables Financing Profit as of such date and, when taken together with all other Immaterial Subsidiaries
as of the last day of the fiscal quarter of the Borrower most recently ended and Reported, did not have assets with a value in
excess of 5.0% of the Consolidated Total Assets or Net Receivables Financing Profit representing in excess of 5.0% of Net Receivables
Financing Profit as of such date (the “Excluded Subsidiary Limit”). In the event that the Immaterial
Subsidiaries, taken together, as of the last day of the fiscal quarter of the Borrower most recently ended and Reported have assets
representing in excess of 5.0% of the Consolidated Total Assets or Net Receivables Financing Profit in excess of 5.0% of Net Receivables
Financing Profit as of such date, the Borrower shall designate, in its reasonable discretion, one or more Immaterial Subsidiaries
to no longer be Immaterial Subsidiaries as may be necessary such that the foregoing Excluded Subsidiary Limit shall not be exceeded,
and any such Subsidiary shall thereafter not be deemed to be an Immaterial Subsidiary hereunder (each such change, an “Immaterial
Subsidiary Update”). Each Immaterial Subsidiary as of the Closing Date shall be set forth on Schedule 1.01(b),
and to the extent that there is an Immaterial Subsidiary Update from time to time, in connection with such update (but not more
frequently than the delivery of a quarterly Compliance Certificate is required pursuant to Section 5.04(e)) the Borrower
shall provide the Administrative Agent with an updated Schedule 1.01(b) which reflect the Immaterial Subsidiaries
at such time. Notwithstanding the foregoing, no Subsidiary shall constitute an Immaterial Subsidiary if such Subsidiary owns or
possesses rights to any material intellectual property used in the business of the Borrower and its Subsidiaries or if such Subsidiary
is a party to any Material License Agreement.

 

    	 	-47-	 

     

    

 

“Impacted Interest
Period” shall have the meaning set forth in the definition of “Eurocurrency Base Rate.”

 

“In-Transit Inventory”
shall mean Inventory that is being shipped or otherwise transported to a Loan Party from a point of origin within the continental
United States or is being shipped or otherwise transported to or from a point of origin outside of the continental United States
(other than Inventory in transit (x) between locations set forth on Schedule 5.18 or (y) to any retail store of a
Loan Party located within the United States and Canada (excluding Quebec)).

 

“Indebtedness”
of any person shall mean, without duplication:

 

(a)       all
obligations of such person for borrowed money and all obligations of such person evidenced by bonds (other than performance, surety
or statutory bonds or other similar instruments issued in the ordinary course of business), debentures, notes or similar instruments;

 

(b)       all
obligations of such person under conditional sale or other title retention agreements relating to property or assets purchased
by such person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary
course of business);

 

(c)       all
obligations of such person (other than intercompany items) issued or assumed as the deferred purchase price of property or services
incurred in the ordinary course of business and maturing within 365 days after the incurrence thereof (other than (x) accrued
expense obligations and trade accounts payable in the ordinary course of business and (y) Earn Out Obligations or similar deferred
or contingent purchase price obligations that are not yet due and payable and are not expected to be due and payable in accordance
with the documentation giving rise thereto);

 

(d)       all
Guarantees by such person of Indebtedness of others treated as Indebtedness pursuant to another clause of this definition;

 

(e)       all
Capital Lease Obligations of such person;

 

    	 	-48-	 

     

    

 

(f)       all
net payments that such person would have to make in the event of an early termination, on the date Indebtedness of such person
is being determined, in respect of outstanding Swap Agreements;

 

(g)       the
principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit;

 

(h)       the
principal component of all obligations of such person in respect of bankers’ acceptances; and

 

(i)       the
amount of all obligations of such person with respect to the redemption, repayment or other repurchase of any Disqualified Stock
(excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock).

 

The Indebtedness of any person shall include
the Indebtedness of any partnership in which such person is a general partner, other than to the extent that the instrument or
agreement evidencing such Indebtedness expressly limits the liability of such person in respect thereof in which case such Indebtedness
shall not be more than the amount of such Indebtedness that is recourse to such person; provided, however, that,
notwithstanding the foregoing, Indebtedness for purposes of this Agreement and the other Loan Documents, including for the purposes
of calculating the financial covenant in Section 6.10 or calculating any financial ratio (including for the
purposes of calculating Pro Forma Compliance with respect of any incurrence or other test hereunder), Indebtedness shall be deemed
not to include (i) contingent obligations incurred in the ordinary course of business, (ii) deferred or prepaid revenues, (iii)
purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations
of the respective seller, (iv) [reserved], (v) obligations to make payments in respect of money backed guarantees offered to customers
in the ordinary course of business, (vi) obligations to make payments to one or more insurers in respect of profit sharing arrangements
entered into in the ordinary course of business, (vii) any amounts available and not drawn under any available commitments or (viii)
the obligations of any person to pay rent or other amounts under any lease (or other arrangement conveying the right to use) real
or personal property, or a combination thereof, which obligations would be required to be classified and accounted for as an operating
lease under GAAP as in effect on the Closing Date, or in excess of the amount of such Indebtedness that would be recourse to such
person.

 

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

 

“Indemnitee”
shall have the meaning assigned to such term in Section 9.05(b).

 

“Information”
shall have the meaning assigned to such term in Section 3.14(a).

 

“Intellectual
Property” shall have the meaning assigned to such term in the Collateral Agreement.

 

    	 	-49-	 

     

    

 

“Intellectual
Property Security Agreements” shall mean a Copyright Security Agreement, a Patent Security Agreement, and a Trademark
Security Agreement, forms of which are attached as exhibits to the Collateral Agreement.

 

“Intercreditor
Agreement” shall mean each of the First-Second Intercreditor Agreement, the PNC Intercreditor Agreement, any other
Customary Intercreditor Agreement or any other agreement designated by the Borrower and the Administrative Agent from time to time
as an “Intercreditor Agreement”, and “Intercreditor Agreements” means any two
or more of each of the foregoing, in each case, as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time.

 

“Interest Election
Request” shall mean a request by the Borrower to convert or continue a Term Borrowing or Revolving Borrowing in accordance
with Section 2.07.

 

“Interest Expense”
shall mean, with respect to any person for any period, the sum of, without duplication, (a) gross interest expense
of such person for such period on a consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization
of all fees (including fees with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to the extent
included in interest expense, (iii) the portion of any payments or accruals with respect to Capital Lease Obligations allocable
to interest expense and (iv) net payments and receipts (if any) pursuant to interest rate hedging obligations, and excluding
amortization of deferred financing fees and expensing of any bridge or other financing fees, (b) capitalized interest of such
person, whether paid or accrued, and (c) commissions, discounts, yield and other fees and charges incurred for such period
in connection with any accounts receivables financing of such person or any of its subsidiaries that are payable to persons other
than the Borrower and the Subsidiaries.

 

“Interest Payment
Date” shall mean, (a) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the
Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three
months’ duration each day that would have been an Interest Payment Date had successive Interest Periods of three months’
duration been applicable to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or
to a Borrowing of a different Type and (b) with respect to any ABR Loan, the last Business Day of each calendar quarter (being
the last Business Day of March, June, September and December of each year).

 

“Interest Period”
shall mean, as to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately
preceding Interest Period applicable to such Borrowing, as applicable, and ending on the numerically corresponding day (or, if
there is no numerically corresponding day, on the last day) in the calendar month that is 3 or 6 months thereafter (or 12 months
thereafter, a period shorter than 3 months or such other period, in each case, if at the time of the relevant Borrowing, all Lenders
agree to make interest periods of such length available), as the Borrower may elect, or the date any Eurocurrency Borrowing is
converted to an ABR Borrowing in accordance with Section 2.07 or repaid or prepaid in accordance with Section 2.09,
2.10 or 2.11; provided, however, that if any Interest Period would end
on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such
Interest Period.

 

    	 	-50-	 

     

    

 

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

 

“Inventory”
shall have the meaning as assigned in the NYUCC.

 

“Inventory Appraisal”
shall have the meaning as assigned in Section 5.07(b).

 

“Investment”
shall have the meaning set forth in Section 6.04.

 

“ISP”
shall mean, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of Commerce Publication
No. 590) and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Letter of Credit
is issued.

 

“Issuing Bank”
shall mean Revolving Agent or any Revolving Lender (for the avoidance of doubt, other than HPS unless agreed to in writing in its
sole discretion) or any bank or financial institution selected by Revolving Agent in Revolving Agent’s sole discretion and
that agrees to act as an Issuing Bank, in each case that issues a Letter of Credit. For the avoidance of doubt, HPS shall not act
as an Issuing Bank unless agreed to in writing in its sole discretion.

 

“Issuing Bank
Fees” shall have the meaning assigned to such term in Section 2.12(b).

 

“Junior Indebtedness”
shall mean, collectively, Indebtedness of the Borrower or any of its Subsidiaries that is (x) secured by a Lien that is junior
in priority to the Lien securing the Obligations, or (y) by its terms contractually subordinated in right of payment to all
or any portion of the Obligations or (z) unsecured, in each case, other than intercompany Indebtedness among the Borrower
and its Subsidiaries and Indebtedness incurred under Section 6.01(e); which for the avoidance of doubt, as of the
Closing Date includes, the Indebtedness under the Second Lien Credit Agreement, the Hudson Notes and the Closing Date Subordinated
Note, but excludes any Existing Earn Out Obligations.

 

“Latest Maturity
Date” shall mean, as of any date of determination, the latest final stated maturity date applicable to any Class
of Loans or Commitments hereunder at such time, in each case as extended in accordance with this Agreement from time to time.

 

    	 	-51-	 

     

    

 

“Laws”
shall mean, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in
each case whether or not having the force of law.

 

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

 

“L/C Disbursement”
shall mean each payment or distribution made by an Issuing Bank to the beneficiary of a Letter of Credit under or in connection
with such Letter of Credit.

 

“L/C Exposure”
shall mean (i) with respect to an individual Letter of Credit, the undrawn face amount of such Letter of Credit at such time (as
such face amount may have been reduced after issuance), plus the aggregate amount of all L/C Disbursements in connection with such
Letter of Credit that have not been paid or reimbursed to the Issuing Bank or converted to Revolving Loans at such time, and (ii)
with respect to all Letters of Credit, the aggregate undrawn face amount of all Letters of Credit plus the aggregate amount of
all L/C Disbursements in connection with all Letters of Credit that have not been paid or reimbursed to the Issuing Bank or converted
to Revolving Loans.

 

“L/C Facility
Termination Date” shall have the meaning as provided in Section 2.5(a).

 

“L/C Participation
Fee” shall have the meaning assigned such term in Section 2.12(b).

 

“L/C Sublimit”
shall have the meaning as provided in Section 2.5(a).

 

“Landlord Reserve”
shall mean,as to each location at which the Loan Parties have Collateral or books and records located and as to which a Collateral
Access Agreement has not been received by Collateral Agent, a reserve, which initially shall be in an amount equal to (such amount,
the “Initial Landlord Reserve”) the greater of (a) the number of months’ rent for which the landlord will
have, under applicable Law, a Lien in the Collateral of the Loan Parties to secure the payment of rent or other amounts under the
lease relative to such location, or (b) 1 month’s rent under the lease relative to such location, which reserve may be adjusted
by the Revolving Agent in its Permitted Discretion (but in no event in an amount greater than the Initial Landlord Reserve).

 

“Lead Arrangers”
shall mean Ares Capital Management LLC and HPS Investments Partners, LLC.

 

“Leased Material
Real Property” shall mean the leased real property set forth on Schedule 3.18.

 

    	 	-52-	 

     

    

 

“Lender”
shall mean each Revolving Lender, each Term Lender and, unless the context requires otherwise, each Issuing Bank.

 

“Letter of Credit”
shall mean each letter of credit, if any, issued to the account of Borrower pursuant to Section 2.05.

 

“Letter of Credit
Application” shall mean an application and agreement for the issuance or amendment of a Letter of Credit in the form
from time to time in use by any applicable Issuing Bank.

 

“Letter of Credit
Indemnified Costs” shall have the meaning as assigned in Section 2.05(i).

 

“Letter of Credit
Related Person” shall have the meaning as assigned in Section 2.05(i).

 

“LIBO Screen
Rate” shall have the meaning set forth in the definition of “Eurodollar Base Rate”.

 

“Lien”
shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, encumbrance, charge or security
interest in or on such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities (other than securities representing an interest in a joint venture that is not a Subsidiary),
any purchase option, call or similar right of a third party with respect to such securities; provided, that in no
event shall an operating lease or an agreement to sell be deemed to constitute a Lien.

 

“Limited Condition
Acquisition” shall mean any Permitted Business Acquisition by the Borrower or one or more of its Subsidiaries whose
consummation is not conditioned on the availability of, or on obtaining, third party financing.

 

“Loan Documents”
shall mean this Agreement, the Letters of Credit, the Security Documents, each Borrowing Base Certificate, each Compliance Certificate,
any promissory note issued under Section 2.09(e), solely for the purposes of 7.01(c) hereof, the
Fee Letter and all other documents, certificates, instruments or agreements executed and delivered by or on behalf of a Loan Party
for the benefit of any Agent, Issuing Bank or Lender in connection herewith on or after the date hereof.

 

“Loan Parties”
shall mean the Borrower and the Subsidiary Loan Parties.

 

“Loans”
shall mean the Term Loans, the Revolving Loans (including, for the avoidance of doubt, any Swingline Advances and Extraordinary
Advances).

 

“Local Time”
shall mean New York City time.

 

    	 	-53-	 

     

    

 

“Majority Lenders”
of any Tranche shall mean, at any time, (i) the Lenders under such Tranche having Loans and unused Commitments representing more
than 50% of the sum of all Loans outstanding under such Tranche and unused Commitments under such Tranche at such
time; together with (2) (a) Ares, but only if Ares at such time is a Lender under this Agreement and continues to hold Loans and
unused Commitments in an aggregate amount equal to at least 50% of the aggregate amount of Loans and unused Commitments it held
as of the Closing Date in such Tranche and (b) HPS, but only if HPS at such time is a Lender under this Agreement and continues
to hold Loans and unused Commitments in an aggregate amount equal to at least 50% of the aggregate amount of Loans and unused Commitments
it held as of the Closing Date in such Tranche.

 

“Margin Stock”
shall have the meaning assigned to such term in Regulation U.

 

“Material Adverse
Effect” shall mean (a) on the Closing Date, a Material Adverse Effect (as defined in the Acquisition Agreement) as
it relates to the Closing Date Acquisition and (b) after the Closing Date, the existence of any event, development or circumstance
that, has had or would reasonably be expected to have a material adverse effect on (i) the business, property, operations or financial
condition of the Borrower and the Subsidiaries, taken as a whole, (ii) the ability of the Loan Parties, taken as whole, to fully
and timely perform their Obligations or (iii) the validity or enforceability of this Agreement or any other Loan Document or the
security interest of the Collateral Agent in any material Collateral or the rights and remedies of the Administrative Agent, Revolving
Agent, Collateral Agent or any of the Lenders thereunder.

 

“Material Agreement”
shall mean any agreement, contract or instrument to which any Loan Party is a party or by which any Loan Party or any of its properties
is bound (including, without limitation with respect to customers and/or suppliers) (i) pursuant to which any Loan Party receives
or will receive revenue (as determined in accordance with GAAP on the financial statements of the Borrower), in excess of $50,000,000
in any Test Period, (ii) governing, creating, evidencing or relating to Material Indebtedness of any Loan Party, (iii) the
termination or suspension of which, or the failure of any party thereto to perform its obligations thereunder, would reasonably
be expected to have a Material Adverse Effect, (iv) which constitutes a Material License Agreement or (v) any Qualified Securitization
Financing Documentation.

 

“Material Indebtedness”
shall mean any (i) Indebtedness (other than Loans, Letters of Credit and the Closing Date Subordinated Convertible Note) of any
one or more of the Borrower or any Subsidiary in an aggregate principal amount exceeding $25,000,000 and (ii) the Hudson Notes.

 

“Material License
Agreements” shall mean license agreements, (i) the termination or suspension of which, or the failure of any party
thereto to perform its obligations thereunder, would reasonably be expected to have a Material Adverse Effect or (ii) pursuant
to which the Borrower and its Subsidiaries has received revenue, in excess of $50,000,000 in any Test Period.

 

“Material Subsidiary”
shall mean any Subsidiary other than Immaterial Subsidiaries.

 

    	 	-54-	 

     

    

 

“Maturity Date”
shall mean (a) with respect to the Revolving Facility, the Revolving Facility Maturity Date and (b) with respect to the Term Loans,
the Term Loan Maturity Date.

 

“Maximum
Revolver Amount” shall mean, as of any date of determination, the lesser of:

 

(A)       the
Revolving Facility Aggregate Commitment as of such date, and

 

(B)       the Borrowing
Base as of such date (based upon the most recent Borrowing Base Certificate delivered by Borrower to Revolving Agent).

 

“Maximum Swingline
Amount” has the meaning assigned in Section 2.4(a).

 

“Minimum Retained
Amounts” shall mean payments from Securitization Providers, Credit Support Providers and Account Debtors (x) that
constitute Securitization Assets (including Permitted Securitization Cash Collateral) and (y) amounts necessary to maintain minimum
account balances, current operations and debt service in respect of a Qualified Securitization Financing; provided that amounts
described in this clause (y) (other than those amounts pending onward payment to third parties) shall not at any one time exceed
$2,000,000 for a period of more than 3 Business Days.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Mortgaged Properties”
shall mean each real property encumbered by a Mortgage pursuant to Section 5.11.

 

“Mortgages”
shall mean the mortgages, debentures, hypothecs, deeds of trust, deeds to secure debt, assignments of leases and rents, and other
security documents delivered pursuant to Section 5.11, as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, with respect to Mortgaged Properties, each in form and substance reasonably satisfactory
to the Administrative Agent.

 

“Multiemployer
Plan” shall mean a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA to which the Borrower
or any Subsidiary or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding
six plan years made or accrued an obligation to make contributions.

 

“Net Income”
shall mean, with respect to any person, the net income (loss) of such person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends.

 

"Net Orderly Liquidation
Percentage" shall mean, as of any date, the percentage of value of Eligible Inventory that is estimated to be recoverable
in an orderly liquidation of such Eligible Inventory as evidenced by an appraisal satisfactory to the Collateral Agent in its Permitted
Discretion.

 

    	 	-55-	 

     

    

 

“Net Proceeds”
shall mean:

 

(a)       100%
of the proceeds in the form of cash and Cash Equivalents actually received by the Borrower or any Subsidiary (including any such
proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment
receivable or otherwise and including casualty insurance settlements and condemnation awards, but only as and when received) from
any Takings or Casualty Event or any sale, transfer or other Disposition or Asset Sale pursuant to Section 6.05 (a)(iii),
(h), (j) (solely to the extent relating to a non-ordinary course one- time payment in respect of a sale of an individual
license or cross-license), (l), (o), (r), or (s) (including any sale and leaseback of
assets and any mortgage or lease of real property) net of the sum of (i) any fees and/or out-of-pocket expenses (including, without
limitation, attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and
related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and required payments
of other obligations relating to the applicable asset (other than pursuant hereto), other customary expenses and brokerage, consultant
and other fees actually incurred in connection therewith), (ii) the principal amount of any Indebtedness that is required to be
repaid in connection with such Asset Sale, Disposition, or Takings or Casualty Event (other than Indebtedness under the Loan Documents)
and is secured by a lien on such asset permitted pursuant to Section 6.02 on a basis senior to the lien on such assets
securing the Collateral, together with any applicable premiums, penalties, interest and/or breakage costs, (iii) Taxes paid or
payable as a result thereof or reasonably estimated to be payable in connection therewith by the Borrower or such Subsidiary and
attributable to such Asset Sale, Disposition or Takings or Casualty Event, (including, where the proceeds are realized by a Subsidiary
of the Borrower, any incremental foreign, state and/or local income taxes would be imposed as a result of distributing the proceeds
in question from any Subsidiary to the Borrower) and (iv) any reserve for adjustment in respect of (1) the sale price
of such asset or assets established in accordance with GAAP and (2) any liabilities associated with such asset or assets and
retained by the Borrower or any of its Subsidiaries after such Asset Sale or Disposition thereof, including, without limitation,
pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction, and it being understood that “Net Proceeds” shall include, without limitation,
any cash or Cash Equivalents (x) received upon the Disposition of any non-cash consideration received by the Borrower or any
Subsidiary in respect of any such Asset Sale, Disposition or Takings or Casualty Event and (y) upon the reversal (without
the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in clause (iv) above
or, if such liabilities have not been satisfied in cash and such reserve has not been reversed within 180 days after any such
Asset Sale or Disposition, the amount of such reserve; provided, that, if no Event of Default exists, the Borrower
or any Subsidiary may deliver a certificate of a Responsible Officer of the Borrower to the Administrative Agent promptly after
receipt of any such proceeds, but in no event to exceed 5 Business Days after any Loan Party’s or a Subsidiary’s receipt
of any such proceeds, setting forth such Loan Party’s or such Subsidiary’s intention to use, or to commit to use, any
portion of such proceeds, to acquire, maintain, develop, construct, improve, upgrade or repair assets useful in the business of
the Borrower or any Subsidiaries or to make investments in Permitted Business Acquisitions or Investments permitted by Section 6.04,
in each case, if such certificate shall have been delivered, within twelve months of such receipt, such portion of such proceeds
shall not constitute Net Proceeds except to the extent not so used (or committed to be used) within such twelve-month period (and
if subject to a binding contract for reinvestment within such twelve-month period, an additional six months after such initial
twelve month period), provided, that (x) no proceeds realized in a single transaction or series of related transactions
shall constitute Net Proceeds unless such proceeds shall exceed $2,500,000 and (y) no proceeds shall constitute Net Proceeds in
any fiscal year until the aggregate amount of all such proceeds in such fiscal year shall exceed $7,500,000 (and in such case,
only the amount of such proceeds in excess of such threshold amounts described in clauses (x) and (y)
of this proviso shall be constitute Net Proceeds); provided that the amounts that shall not constitute Net Proceeds solely pursuant
to the foregoing clauses (x) and (y) shall not in the aggregate exceed $15,000,000; provided, still further,
that pending such reinvestment, such proceeds may be applied to temporarily reduce outstanding Revolving Loans;

 

    	 	-56-	 

     

    

 

(b)       100%
of the proceeds in the form of cash and Cash Equivalents from the incurrence, issuance or sale by the Borrower or any of its Subsidiaries
of any Indebtedness, debt like securities (other than Excluded Indebtedness) or Equity Interests (other than Excluded Contributions)
of the Borrower and its Subsidiaries, in each case, net of all taxes (including, where the proceeds are realized by a Subsidiary
of the Borrower, any incremental foreign, state and/or local income taxes would be imposed as a result of distributing the proceeds
in question from any Subsidiary to the Borrower) paid or payable as a result thereof or reasonably estimated to be payable in connection
therewith and fees and/or out-of-pocket expenses (including, without limitation, attorneys’ fees, accountants’ fees,
investment banking fees, underwriting discounts, commissions and other customary costs, fees and expenses), in each case incurred
in connection with such equity issuance, or, as the context may require, incurrence, borrowing or issuance of Indebtedness;

 

(c)       100%
of the proceeds in form of cash and Cash Equivalents and from the receipt by the Borrower or any of its Subsidiaries of extraordinary
and nonrecurring receipts, including without limitation, corporate tax refunds, net of all taxes (including, where the proceeds
are realized by a Subsidiary of the Borrower, any incremental foreign, state and/or local income taxes would be imposed as a result
of distributing the proceeds in question from any Subsidiary to the Borrower) paid or payable as a result thereof or reasonably
estimated to be payable in connection therewith and fees and/or out-of-pocket expenses (including, without limitation, attorneys’
fees, accountants’ fees, commissions and other customary costs, fees and expenses), in each case incurred in connection with
such extraordinary and nonrecurring receipt; provided that no proceeds realized in a transaction or receipt shall
constitute Net Proceeds unless such proceeds exceed $5,000,000 (and in such case, only the amount of such proceeds in excess of
such threshold amounts shall be constitute Net Proceeds); provided that the amounts that shall not constitute Net Proceeds solely
pursuant to the foregoing proviso shall not in the aggregate exceed $10,000,000; and

 

    	 	-57-	 

     

    

 

(d)       
100% of the proceeds in the form of cash and Cash Equivalents payable to (and actually received by) the Borrower pursuant to the
Acquisition Agreement (excluding (x) payments with respect to working capital adjustments and (y) indemnity payments owing to third
parties, but including any amounts paid with respect to the failure to obtain consents to the transfer of Intellectual Property
in connection with the Transactions), net of all taxes and fees and/or out-of-pocket expenses (including, without limitation, attorneys’
fees, accountants’ fees, commissions and other customary costs, fees and expenses).

 

provided that in the
case of the events described in clauses (a), (b) and (c) above, if the amount of any estimated
Taxes or other liabilities exceeds the amount of Taxes actually required to be paid (after taking into account any available tax
credits or deductions and any tax sharing arrangements) in cash and Cash Equivalents in connection with such events, the aggregate
amount of such excess shall constitute Net Proceeds with respect to such event; provided, further that in the case
of clauses (a), (b) and (c) above, if a portion of the Net Proceeds would otherwise be
attributable to another person other than a Loan Party or a Wholly-Owned Subsidiary thereof, the Net Proceeds for purposes of Section 2.11
of this Agreement shall exclude the pro rata portion of the Net Proceeds thereof attributable to or associated with the Equity
Interests in such person not held, directly or indirectly, by a Loan Party and not available for distribution to or for the account
of a Loan Party or its Wholly-Owned Subsidiaries as a result of a prohibition under (i) applicable Law or (ii) the applicable Organizational
Documents of such person by the Indebtedness documents of such person or another contractual obligation existing as of the date
hereof or at the time such asset or Investment is acquired (provided that such restriction is not created in contemplation of the
avoidance of the requirements of Section 2.11(b) hereof).

 

Notwithstanding anything
to the contrary contained herein, (i) no cash, Cash Equivalents or any other amounts received in respect of the sale of inventory
or the sale of accounts receivables pursuant to any Permitted Credit Support Arrangement shall constitute “Net Proceeds”
or Securitization Financings, (ii) to the extent any Net Proceeds are received by and person other than the Borrower or a Subsidiary
of the Borrower, no payment shall be required until such Net Proceeds are received by the Borrower or a Subsidiary of the Borrower
and (iii) no cash, Cash Equivalents or any other amounts received by the Borrower or any Subsidiary of the Borrower as a result
of or in connection with cancelled, discontinued, non-renewed or otherwise terminated license agreements (which, for the avoidance
of doubt, shall instead constitute Consolidated Net Income in respect of the definition of the term “EBITDA” in connection
with the calculation of “Excess Cash Flow”.

 

For purposes of calculating
the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any Affiliate of either of
them shall be disregarded.

 

    	 	-58-	 

     

    

 

“Net Receivables
Financing Profit” shall mean, for any period, with respect to the Borrower and its Subsidiaries on a consolidated
basis, and with respect to the Securitization Subsidiaries in respect of the Securitization Financings, the EBITDA of the Borrower
and Subsidiaries for such period, minus, without duplication, the amount of Charges in respect of all Securitization Financings
in each case to the extent that such Charges were excluded in Consolidated Net Income or were added back in calculating EBITDA
with respect to the Borrower and its Subsidiaries.

  

Notwithstanding the foregoing,
Net Receivables Financing Profit for the four fiscal period ended September 30, 2018 shall be $217,000,000 and for purposes of
determining Net Receivables Financing Profit for any Test Period that includes the quarterly periods ending December 31, 2017,
March 31, 2018, June 30, 2018 and September 30, 2018, Net Receivables Financing Profit for such quarterly periods shall be $56,500,000,
$42,500,000, $19,500,000 and $98,500,000, respectively.

 

“NFIP”
shall have the meaning assigned to such term in Section 5.11(c).

 

“Non-Consenting
Lender” shall have the meaning assigned to such term in Section 2.19(c).

 

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

 

“Note”
shall have the meaning assigned to such term in Section 2.09(e).

 

“NYUCC”
shall mean Article 9 of the UCC as in effect in New York.

 

“Obligations”
shall mean (i) the unpaid principal of and interest (including, without limitation, interest accruing after the filing of any petition
in bankruptcy, or the commencement of any proceeding under any Debtor Relief Law, relating to the Borrower or any other Loan Party,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and premium (if any) on all Loans
made pursuant to the Credit Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including, without
limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any preceding under any Debt
Relief Law, relating to the Borrower or any other Loan Party, whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding) with respect to any Letter of Credit issued pursuant to this Agreement and (iii) all guarantee obligations,
fees, expenses and all other obligations owed by a Loan Party to an Agent, the Lenders or any other Secured Party, 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, this Agreement, any other Loan Document or the Letters of Credit, whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements
of counsel to the Lead Arrangers, the Agents or any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise.
Notwithstanding the foregoing, Obligations of any Guarantor shall in no event include any Excluded Swap Obligations of such Guarantor.

 

“OFAC”
shall mean the Office of Foreign Asset Control of the Department of the Treasury of the United States of America.

 

    	 	-59-	 

     

    

 

“Organizational
Documents” shall mean, collectively, with respect to any Person, (i) in the case of any corporation, the certificate
of incorporation or articles of incorporation and by-laws (or similar constitutive documents) of such Person, (ii) in the
case of any limited liability company, the certificate or articles of formation or organization and operating agreement or memorandum
and articles of association (or similar constitutive documents) of such Person, (iii) in the case of any limited partnership,
the certificate of formation and limited partnership agreement (or similar constitutive documents) of such Person (and, where applicable,
the equity holders or shareholders registry of such Person), (iv) in the case of any general partnership, the partnership
agreement (or similar constitutive document) of such Person, (v) in any other case, the functional equivalent of the foregoing,
and (vi) any shareholder, voting trust or similar agreement between or among any holders of Equity Interests of such Person.

 

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

 

“Overadvance”
shall mean, as of any date of determination, that the Revolving Facility Exposure is greater than the Maximum Revolver Amount.

 

“Owned Material
Real Property” shall mean any real property set forth on Schedule 3.18 with a fair market value of
at least $5,000,000 owned in fee by a Loan Party.

 

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

 

“Participant
Register” shall have the meaning specified in Section 9.04(c).

 

“PATRIOT
Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as the same has been, or shall hereafter be, renewed,
extended, amended or replaced.

 

“Payment in Full”
or “Paid in Full” shall mean (a) the termination of all Commitments, (b) the cancellation or
expiration of each Letter of Credit (except to the extent cash collateralized or backstopped, in each case, in a manner agreed
to by the Borrower and the applicable Issuing Bank or as to which other arrangements satisfactory to the applicable Issuing Bank
shall have been made) and (c) the payment in full in cash of all Loans and other amounts owing to any Lender or any Agent
in respect of the Obligations (other than contingent or indemnification obligations not then due).

 

    	 	-60-	 

     

    

 

“Payment or Reduction
Event” shall have the meaning specified in Section 2.12(e).

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Perfection Certificate”
shall mean the Perfection Certificate with respect to the Borrower and the Loan Parties, in a form reasonably satisfactory to the
Administrative Agent.

 

“Permitted Business
Acquisition” shall mean any Acquisition if (a) such Acquisition was not preceded by, or effected pursuant to, an
unsolicited or hostile offer by the acquirer or an Affiliate of the acquirer; (b) such Acquisition is of a Similar Business, (c)
such Acquisition results in a net positive change to Net Receivables Financing Profit on a Pro Forma Basis, (d) immediately after
giving effect thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom; (ii) all transactions
related thereto shall be consummated in accordance with applicable laws; (iii)(A) after giving effect to such Acquisition, calculated
as of the last day of the most recently ended and Reported fiscal quarter (1) the Consolidated Total Leverage Ratio shall not exceed
the lesser of (x) the Consolidated Total Leverage Ratio as of the Closing Date and (y) the 0.50x above the Consolidated Total Leverage
Ratio immediately prior to giving effect to such “Permitted Business Acquisition”; (2) the Consolidated First Lien
Leverage Ratio shall not exceed the lesser of (x) Consolidated First Lien Leverage Ratio as of the Closing Date and (y) 0.50x above
the Consolidated First Lien Leverage Ratio immediately prior to giving effect to such “Permitted Business Acquisition”
and the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible Officer of the Borrower to such
effect and (B) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness (except for Indebtedness permitted
by Section 6.01); and (e) the aggregate amount of Acquisition Consideration in respect of Permitted Business
Acquisitions shall not exceed $150,000,000, provided that the aggregate amount of Acquisition Consideration that may take the form
of Earn Out Obligations for Permitted Business Acquisitions occurring after the Closing Date shall not exceed $10,000,000 in any
fiscal year and in no event shall exceed $50,000,000 in the aggregate after the Closing Date; (f) to the extent required by Section 5.11,
the Collateral and Guarantee Requirement will be satisfied with respect to such acquired person and the Equity Interests of such
acquired person; (g) provided that the aggregate amount of Investments made in “Permitted Business Acquisitions” in
persons that do not become Loan Parties shall not exceed $12,500,000; and (h) for any Acquisition with an Acquisition Consideration
greater than $50,000,000, the Borrower shall provide the Administrative Agent with (X) a quality
of earnings report (prepared by a “Big Four” accounting firm or other nationally recognized accounting firm reasonably
acceptable to the Administrative Agent), (Y) projections and financials and (Z) such other documents and information as the Administrative
Agent may reasonably request.

 

    	 	-61-	 

     

    

 

"Permitted Credit
Support Arrangement” shall mean (I) the sale by a Loan Party or its Subsidiaries of Receivables to (i) The CIT
Group/Commercial Services, Inc. (the “Initial US CIT Service”) pursuant to (A)  (1) that certain
Deferred-Purchase Factoring Agreement by and between the Initial CIT Servicer and Differential Brands Group Inc., American Marketing
Enterprises Inc.; Briefly Stated, Inc.; F&T Apparel LLC; GBG-BCBG LLC; GBG Accessories Group LLC; GBG Beauty LLC; GBG Denim
USA LLC; GBG Jewelry Inc.; GBG Socks LLC; GBG West LLC; KHQ Investments LLC; Rossetti Handbags and Accessories, Ltd. and VZI Investment
Corp. (collectively, the “Differential Companies”) dated on or about the date of the date of this Agreement;
(2) that certain Deferred Purchase Export Factoring Agreement by and between the Initial CIT Servicer and the Differential Companies;
(3) that certain Second Amended and Restated Deferred Purchase Factoring by and between Robert Graham Designs, LLC, Hudson Clothing,
LLC and DFBG Swims LLC dated on or about the date of the date of this Agreement and (ii) the sale of Receivables under the Canadian
Sales Factoring Agreement by and between CIT Financial (Canada) ULC (the “Initial Canadian CIT Servicer”
and together with the Initial US CIT Servicer, the “Initial CIT Servicers” and each, an “Initial
CIT Servicer”) and GBG Denim Canada ULC, dated December 24, 2015, as amended by that certain amendment dated on or
about the date of this Agreement or (B) any other deferred purchase price factoring agreement/credit servicing and insurance
arrangement entered into between a Loan Party and the Initial CIT Servicer, substantially in the form of one of the agreements
described in clause (A); as each such agreement in (A) and (B) may be amended, restated, amended and restated, supplemented or
otherwise modified from time to time (collectively, the “Permitted CIT Agreements” and each, a “Permitted
CIT Agreement”) and (ii) the factor or servicer under any other similar deferred purchase price factoring agreement/credit
servicing and insurance arrangement entered into after the date hereof by any Loan Party or any Subsidiary for the factoring of
Receivables, in form and substance reasonably satisfactory to the Administrative Agent (it being understood that any agreement
substantially in the form of a Permitted CIT Agreement shall be deemed to be reasonably satisfactory to the Administrative Agent),
as the same may be amended, amended and restated, restated, supplemented or otherwise modified from time to time.

 

“Permitted Credit
Support Services” shall mean (i) cash collateral or letters of credit in respect of or as part of the borrowing base
for a Qualified Securitization Financing in a maximum principal amount at any one time outstanding not to exceed the lesser (x)
the amount needed to support borrowings and other advances under a Qualified Securitization Financing (as determined by the Borrower)
and (y) $30,000,000 (“Permitted Securitization Cash Collateral” and such amount, the “Permitted
Securitization Cash Collateral Amount”), (ii) service fees, expenses and other Charges in respect of the Permitted
CIT Arrangements or other similar credit insurance and servicing arrangements entered into from time to time in an aggregate amount
not to exceed 1.00% of annual sales at any one time outstanding as determined by the Company.

 

“Permitted Discretion”
shall mean a determination made by the Revolving Agent in the exercise of reasonable (from the perspective of a secured asset-based
lender) business judgment.

 

“Permitted Holder”
shall mean each of (i) GSO and Tengram, (ii) one or more investments funds, investment partnerships or managed accounts controlled
or managed by the persons named in clause (i) or one of their Affiliates (other than the Borrower and its Subsidiaries)
and (iii) any “group” (as such term is used in Section 13(d) and 14(d) of the Exchange Act) with respect to which any
such persons described in clauses (i) and (ii) above collectively exercise a majority of the voting
power.

 

    	 	-62-	 

     

    

 

“Permitted Liens”
shall mean the collective reference to Liens permitted by Section 6.02.

 

“Permitted Refinancing”
and “Permitted Refinancing Indebtedness” shall mean any Indebtedness issued or exchanged for, or the
net proceeds of which are used to extend, refinance, renew, replace, defease or refund or satisfy and discharge (collectively,
to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted
Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced
(plus all accrued interest and premium thereon and the amount of all original issue discounts, underwriting discounts,
reasonable and customary premiums, fees, commissions, defeasance costs and expenses incurred in connection therewith), (b) the
average life to maturity of such Permitted Refinancing Indebtedness is greater than or equal to that of the Indebtedness being
Refinanced, (c) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations under this Agreement,
such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms not materially less
favorable to the Lenders (taken as a whole) as those contained in the documentation governing the Indebtedness being Refinanced
(provided that provisions permitting payments necessary to avoid such subordinated Indebtedness being classified as applicable
high yield discount obligations for purposes of Code Section 163(i) shall be permitted even if the Indebtedness being so refinanced
did not expressly provide for such payments), (d) no Permitted Refinancing Indebtedness shall have greater guarantees or security,
than the Indebtedness being Refinanced, (e) if the Indebtedness being Refinanced is secured by any collateral (whether equally
and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing Indebtedness may be secured by such
collateral (including in respect of Indebtedness of Foreign Subsidiaries otherwise permitted under this Agreement and any collateral
pursuant to after-acquired property clauses, in each case, to the extent any such collateral secured the Indebtedness being Refinanced)
on terms not materially less favorable to the Secured Parties (taken as a whole) than those contained in the documentation (including
any intercreditor agreement) governing the Indebtedness being Refinanced and (f) no Event of Default shall have occurred and be
continuing or would result therefrom.

 

“Person”
or “person” shall mean any natural person, corporation, business trust, joint venture, association, company,
partnership, limited liability company (or series thereof) or government, individual or family trusts, or any agency or political
subdivision thereof.

 

“Plan”
shall mean any employee pension benefit plan (as defined Section 3(2) of ERISA, but excluding any Multiemployer Plan) subject to
the provisions of Title IV of ERISA or Section 412 of the Code and in respect of which the Borrower, any Subsidiary or any
ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Platform”
shall have the meaning assigned to such term in Section 9.19(b).

 

    	 	-63-	 

     

    

 

“Pledged Collateral”
shall mean Pledged Securities (as defined in the Collateral Agreement) or a similar term (e.g. pledge assets, assigned claims,
assigned receivables) in the Collateral Agreement.

 

“PNC Purchase
and Sale Agreement” means that certain Purchase and Sale Agreement dated as of the date hereof among the SPV, the
Borrower and the various entities party thereto as Originators.

 

“PNC Securitization”
and “PNC Securitization Documents” shall mean that certain Receivables Purchase Agreement, dated as of
the Closing Date (as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time, “PNC
Receivables Purchase Agreement”) among Spring Funding, LLC, as seller (the “SPV”), the
Borrower, as servicer, the various purchasers from time to time party thereto (the “PNC Securitization Purchasers”),
PNC Capital Markets LLC, as structuring agent (the “PNC Securitization Structuring Agent”) and PNC Bank,
National Association, as administrative agent (the “PNC Securitization Administrative Agent”; together
with the PNC Securitization Purchasers and the PNC Securitization Structuring Agent, each a “PNC Securitization Secured
Party” and collectively, the “PNC Securitization Secured Parties”) and the related agreements
and documents executed and delivered in connection with the PNC Receivables Purchase Agreement, in each case, as the same may be
amended, restated, supplemented, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“PNC Intercreditor
Agreement” shall mean (x) that Letter Agreement re Pledge of SPV Interests dated as of the Closing Date among the
Collateral Agent, the Administrative Agent and Revolving Agent, the PNC Securitization Administrative Agent, the Borrower and (y)
any other intercreditor agreement entered into from time to time by the holders of one or more classes of Indebtedness, the Loan
Parties and the Collateral Agent and any lender or agent from time to time and designated by the Collateral Agent and the Borrower
as a “PNC Intercreditor Agreement”, in each case, as the same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, and which term shall also include any replacement intercreditor agreement entered into
in accordance with the terms hereof.

 

“Prepayment Transaction”
shall mean any repayment, refinancing, substitution or replacement, in whole or in part, of principal of outstanding Term Loans,
directly or indirectly, from the net proceeds of any Indebtedness of the Borrower or any of its Subsidiaries, including, without
limitation, as may be effected through any other new or additional loans under this Agreement or by an amendment of any provisions
of this Agreement (including pursuant to Section 9.09(f)), including any replacement of a Non-Consenting Lender in
connection with a required assignment pursuant to Section 2.19.

 

    	 	-64-	 

     

    

 

“Pricing Grid”
shall mean with respect to any Term Loan:

 

	
Consolidated First
 Lien Leverage
 Ratio
	 	Applicable Margin
 for Term Loans
 that are
 Eurocurrency
 Loans
	 	 	Applicable 
Margin for 
Term Loans 
that are ABR 
Loans	 
	Greater than 2.75 to 1.00	 	 	6.00	%	 	 	5.00	%
	Equal to or less than  2.75 to 1.00 but greater than 2.25 to 1.00	 	 	5.75	%	 	 	4.75	%
	Equal to or less than  2.25 to 1.00	 	 	5.50	%	 	 	4.50	%

 

Each change in the Applicable
Margin shall be effective on and after the date of delivery to the Administrative Agent of financial statements pursuant to Section
5.04(a) and 5.04(b) and a Compliance Certificate pursuant to Section 5.04(e) evidencing the
related change in the Consolidated First Lien Leverage Ratio as of the first Business Day following such delivery. At any time
the Borrower has not submitted to the Administrative Agent the applicable information as and when required under Section
5.01(e), the Applicable Margin shall be determined as if the Consolidated First Lien Leverage Ratio were in excess of 2.75
to 1.00 as of the first Business Day following the date on which such delivery should have been made (without constituting a waiver
of any Default or Event of Default caused by the failure to timely deliver such financial statements and Compliance Certificate)
and continuing until the date on which such financial statements and Compliance Certificate are delivered to the Administrative
Agent.

 

Notwithstanding anything
to the contrary set forth in this Agreement if (i) the Consolidated First Lien Leverage Ratio used to determine the Applicable
Margin for any period is incorrect as a result of any error, misstatement or misrepresentation contained in any financial statement
or certificate delivered pursuant to Section 5.04(a) or Section 5.04(b), and (ii) as a result
thereof, the Applicable Margin paid to the Lenders and/or the Issuing Banks, as the case may be, at any time pursuant to this Agreement
is lower than the Applicable Margin that would have been payable to the Lenders and/or the Issuing Banks, as the case may be, had
the Applicable Margin been calculated on the basis of the correct Consolidated First Lien Leverage Ratio, the Applicable Margin
in respect of such period will be adjusted upwards automatically and retroactively, and the Borrower shall pay to each Lender and/or
each Issuing Bank, as the case may be, such additional amounts (“Additional Amounts”) as are necessary
so that after receipt of such amounts such Lender and/or Issuing Bank, as the case may be, receives an amount equal to the amount
it would have received had the Applicable Margin been calculated during such period on the basis of the correct Consolidated First
Lien Leverage Ratio for such period. Additional Amounts shall be payable 10 days following delivery by the Administrative Agent
to the Borrower of a notice setting forth in reasonable detail the Administrative Agent’s calculation of the amount of any
Additional Amounts owed to the Lenders and/or the Issuing Banks (provided such 10 day period for payment shall not apply in the
case the Borrower notifies the Administrative Agent that there is an error or a dispute regarding such calculation or Additional
Amounts and in which case such Additional Amounts owed by the Loan Parties (if any) shall be paid promptly once such Additional
Amount calculation is agreed). The payment of Additional Amounts shall be in addition to, and not in limitation of, any other amounts
payable by the Borrower pursuant to Section 2.12 and Section 2.13. Additional Amounts shall constitute
“Obligations”. The agreements in this paragraph shall survive the payment of the Loans and all other Obligations payable
under this Agreement and the termination of the Commitments.

 

    	 	-65-	 

     

    

 

“primary obligor”
shall have the meaning assigned to such term in the definition of the term “Guarantee.”

 

“Prime Rate”
shall mean the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section as the Prime
Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks), as
in effect from time to time (or, if such rate is or becomes unavailable, another national publication selected by the Administrative
Agent (at the direction of the Required Lenders)). The Prime Rate is a reference rate and does not necessarily represent the lowest
or best rate actually charged to any customer. The Administrative Agent or any other Lender may make commercial loans or other
loans at rates of interest at, above or below the Prime Rate.

 

“Pro Forma Basis”
and “Pro Forma Effect” shall mean, in respect of a Specified Transaction, that such Specified Transaction
and the following transactions in connection therewith (to the extent applicable) shall be deemed to have occurred as of the first
day of the applicable period of measurement for the applicable covenant or requirement: (a) historical income statement items (whether
positive or negative) attributable to the property or Person, if any, subject to such Specified Transaction (it being understood
that any pro forma adjustment described in the definition of “EBITDA” may be applied to any such test or covenant
to the extent that such adjustment is consistent with the definition of “EBITDA”; provided that all adjustments pursuant
to this definition shall be subject to (and without duplication of) the limitations thereon (including caps) set forth in the definition
of "EBITDA"), (i) in the case of a Disposition of all or substantially all Equity Interests in any Subsidiary of the
Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded,
and (ii) in the case of an Acquisition of all or substantially all of the property and assets or business of any Person, or of
assets constituting a business unit, a line of business or division of such Person, or of all or substantially all of the Equity
Interests in a Person, shall be included, (b) any repayment, retirement, redemption, satisfaction, and discharge or defeasance
of Indebtedness (other than revolving Indebtedness) or Disqualified Stock and (c) any Indebtedness incurred or assumed by the Borrower
or any of its Subsidiaries in connection therewith (and, if such Indebtedness has a floating or formula rate, such Indebtedness
shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate
which is or would be in effect with respect to such Indebtedness as at the relevant date of determination (taking into account
any hedging obligations applicable to such Indebtedness if such hedging obligation has a remaining term in excess of twelve (12)
months)); provided that “Pro Forma Basis,” and “Pro Forma Effect” in respect
of any Specified Transaction shall be calculated in a reasonably detailed and factually supportable manner.

 

    	 	-66-	 

     

    

 

Pro forma calculations
made pursuant to the definition of this term “Pro Forma Basis” shall be determined in good faith by a Responsible Officer
of the Borrower and also be reasonably acceptable to the Administrative Agent. If so required by the applicable provision(s) of
this Agreement (or the other Loan Documents) in connection with a Pro Forma calculation hereunder, the Borrower shall deliver to
the Administrative Agent a certificate of a Responsible Officer of the Borrower setting forth such calculations supporting them
in reasonable detail.

 

“Pro Forma Compliance”
shall mean, as of any date of determination, that the Borrower shall be in pro forma compliance with the covenants set forth
in Section 6.10 as of the date of such determination (calculated on a Pro Forma Basis and giving Pro
Forma Effect to the event giving rise to such determination).

 

“Pro Forma Financial
Statement” shall have the meaning assigned to such term in Section 3.05(a)(i).

 

“Projections”
shall mean any projections and any forward-looking statements (including statements with respect to booked business) of such entities
furnished to the Lenders or the Administrative Agent by or on behalf of the Borrower or any of the Subsidiaries prior to the Closing
Date.

 

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

 

“Public Lender”
shall have the meaning assigned to such term in Section 9.19(b).

 

“Qualified Securitization
Financing” shall mean (i) the PNC Securitization as in effect on the Closing Date and (ii) any Securitization Financing
that refinances or replaces the PNC Securitization and any amendment to the PNC Securitization, in each case that meets the following
conditions: (a) such Securitization Financing (including financing terms, covenants, termination events and other provisions) is
in the aggregate economically fair and reasonable to the Borrower and, if applicable, the Securitization Subsidiary, (b) all sales
and/or contributions of Securitization Assets are made at fair market value and are either (x) non-recourse to the Loan Parties
or (y) if recourse to the Loan Parties, (A) such recourse is limited solely to the Securitization Assets, Permitted Securitization
Cash Collateral or to payments made by a Credit Support Provider in respect of such Securitization Assets and (B) and applicable
Securitization Provider shall have entered into a customary pari passu intercreditor with the Agents on terms reasonably acceptable
to the Agents, (c) the only assets of the Loan Parties involved in such Securitization Financing shall be accounts receivable generated
in the ordinary course of business and related Securitization Assets, Permitted Securitization Cash Collateral and payments made
by a Credit Support Provider in respect of such Securitization Asset, (d) the Secured Parties shall have received a pledge of equity
in the Securitization Subsidiary party to such Securitization Financing in accordance with the Collateral and Guarantee Requirement,
(e) all amounts received by the Loan Parties from counterparties to such Securitization Financing from the sale of Receivables
shall be deposited directly in a Controlled Account, (f) the Loan Parties shall have granted to the Collateral Agent, for the benefit
of the Secured Parties, a security interest in their rights arising under any such Securitization Financing Documentation (including,
without limitation, all rights to payments received thereunder), and (h) any Securitization Financing that amends, amends and restates,
refinances or replaces the PNC Securitization (or any refinancing thereof) shall be on terms that when taken as a whole are not
materially less favourable to the interests of the Borrower or the Secured Parties than those set forth in the PNC Securitization
on the Closing Date (except with respect to fees, pricing, covenant and dilution levels, advance rates and other payment terms,
which may be adjusted to reflect then current market terms for a similar business of similar size, credit quality and financial
condition operating in the same geographic areas; provided however that unless consented to by the Agents, no such refinancing
shall result (x) in a degradation of the average Advance Ratio for accounts receivable in excess of 20% as compared to the average
Advance Ratio for the same month in the prior year under the then existing Securitization Financing or (y) an increase of more
than 2.00% on the interest rate spread for the then existing Securitization Financing; provided further that any changes to pricing
resulting from "dynamic pricing" provisions contained in the Qualified Securitization Financing Documentation then in
effect shall not constitute an amendment to the pricing of such Securitization Financing; it being understood that the maximum
amount of Indebtedness of the Borrower and its Subsidiaries and its Securitization Subsidiaries pursuant to all Qualified Securitization
Financing Documents shall at no time exceed a maximum aggregate principal amount outstanding in excess of $550,000,000.

 

    	 	-67-	 

     

    

 

“Qualified Securitization
Financing Documentation” shall mean the documentation evidencing any Qualified Securitization Financing.

 

“Rate”
shall have the meaning assigned to such term in the definition of the term “Type.”

 

“Recipient”
shall mean (a) the Administrative Agent, (b) the Revolving Agent, (c) the Collateral Agent (d) any Lender or (e) any Issuing Bank,
as applicable.

 

“Reference Period”
shall have the meaning assigned to such term in the definition of the term “Pro Forma Basis.”

 

“Refinance”
shall have the meaning assigned to such term in the definition of the term “Permitted Refinancing Indebtedness,” and
“Refinanced” shall have a meaning correlative thereto.

 

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

 

“Regulation T”
shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or
thereof.

 

“Regulation U”
shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or
thereof.

 

“Regulation X”
shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or
thereof.

 

“Regulatory Agreement”
shall have the meaning assigned to such term in Section 3.09(c).

 

    	 	-68-	 

     

    

 

“Related Fund”
shall mean, with respect to any Lender that is a fund that invests in bank or commercial loans and similar extensions of credit,
any other fund that invests in bank or commercial loans and similar extensions of credit and is advised or managed by (a) such
Lender, (b) an Affiliate of such Lender or (c) an entity (or an Affiliate of such entity) that administers, advises or manages
such Lender.

 

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

 

“Release”
shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing, depositing, emanating or migrating in, into, onto or through the environment.

 

“Remaining Present
Value” shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled future
lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for such lease reasonably
determined at the time such lease was entered into.

 

“Report”
shall have the meaning assigned in Section 9.15.

 

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

 

“Reported”
shall mean, with respect to any fiscal quarter or Excess Cash Flow Period of the Borrower, the delivery to the Administrative Agent
of the financial statements required to be delivered with respect to the end of such fiscal quarter or such Excess Cash Flow Period
under Section 5.04(a) or (b), as applicable.

 

“Required Lenders”
shall mean, at any time, (1) the Lenders having (a) Loans outstanding, (b) L/C Exposure, and (c) Available Unused Commitments that,
taken together, represent more than 50% of the sum of (w) all Loans outstanding, (x) L/C Exposure, and (y) the total
Available Unused Commitments at such time; together with (2) (a) Ares, but only if Ares at such time is a Lender under this Agreement
and continues to hold Term Loans and Revolving Commitments in an aggregate amount equal to at least 50% of the aggregate amount
of Term Loans and Revolving Commitments it held as of the Closing Date and (b) HPS, but only if HPS at such time is a Lender under
this Agreement and continues to hold Term Loans and Revolving Commitments in an aggregate amount equal to at least 50% of the aggregate
amount of Term Loans and Revolving Commitments it held as of the Closing Date. The Loans, L/C Exposure, and Available Unused Commitment
of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Required Percentage”
shall mean, with respect to an Excess Cash Flow Period, 50%; provided, that if the Consolidated First Lien Leverage
Ratio calculated as of the end of any Excess Cash Flow Period is (i) less than or equal to 2.75 to 1.00, the Required Percentage
shall be 25% and (ii) less than or equal to 2.25 to 1.00, the Required Percentage shall be 0%.

 

    	 	-69-	 

     

    

 

“Requirements
of Law” shall mean, as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a
court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which
such Person or any of its property is subject.

 

“Reserves”
shall mean, as of any date of determination, those reserves against the Borrowing Base that Revolving Agent deems necessary or
appropriate, in its Permitted Discretion, including, without limitation, Landlord Reserves and reserves in respect of duties and
freight costs and royalties, in each case as established in Revolving Agent’s Permitted Discretion. A Reserve may limit the
Borrowing capacity, reduce the Borrowing Base (by reduction of an advance rate set forth in the Borrowing Base or otherwise), or
otherwise restrict Borrower’s ability to borrow under the Revolving Credit Facility. The amount of any Reserve established
by the Revolving Agent shall have a reasonable relationship to the event, condition or other matter which is the basis for such
Reserve as determined by the Revolving Agent in its Permitted Discretion and shall not be duplicative of any eligibility criteria,
and, prior to establishing and imposing any such Reserve, the Revolving Agent shall endeavour to provide the Borrower prior notice
of the creation or modification of any such Reserve but shall not be liable for the failure to do so and the failure to do so shall
not affect the validity of any such Reserve.

 

“Responsible
Officer” of any person shall mean any chief executive officer, president, executive officer or Financial Officer
of such person and any other officer or similar official thereof responsible for the administration of the obligations of such
person in respect of this Agreement.

 

“Retained Declined
Amounts” shall have the meaning as assigned in Section 2.11(e).

 

“Revolving Agent”
shall have the meaning assigned to such term in the preamble hereto.

 

“Revolving Agent’s
Account” shall mean the deposit account of Revolving Agent identified on Schedule A-2 (or such other deposit
account of Revolving Agent that has been designated as such, in writing, by Revolving Agent to Borrower and the Revolving Lenders).

 

“Revolving Availability
Period” shall mean, with respect to the Revolving Facility Commitments, the period from and including Closing Date
to but excluding the earlier of the Revolving Facility Maturity Date and the date of termination of the Revolving Facility Commitments.

 

“Revolving Borrowing”
shall mean a Borrowing comprised of Revolving Loans.

 

“Revolving Credit
Facility” shall mean the revolving credit facilities represented by the Revolving Facility Commitments.

 

    	 	-70-	 

     

    

 

“Revolving Facility
Aggregate Commitment” shall mean the aggregate amount of Revolving Facility Commitments as such commitment may be
(a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04. As of the Closing Date, the Revolving Facility Aggregate
Commitment is $150,000,000.

 

“Revolving Facility
Commitment” shall mean, with respect to any Revolving Lender, such Lender’s commitment to make Revolving Loans
pursuant to Section 2.01 and incur L/C Exposure pursuant to Section 2.05, expressed as an amount
representing the maximum aggregate permitted amount of such Lender’s Revolving Facility Exposure hereunder, as such commitment
may be (a) reduced from time to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04 and (c) increased pursuant to Section 2.24.
The amount of each Lender’s Revolving Facility Commitment is set forth on Schedule 2.01, or in the Assignment
and Acceptance pursuant to which such Lender shall have assumed its Revolving Facility Commitment, as applicable.

 

“Revolving Facility
Exposure” shall mean, as of any date of determination, the sum of (a) the aggregate principal amount of outstanding
Revolving Loans (inclusive of Extraordinary Advances and Swingline Advances), plus (b) the amount of the L/C Exposure; provided,
that for purposes of Section 2.12(a), the Revolving Facility Exposure shall exclude the aggregate amount of Swingline
Advances. The Revolving Facility Exposure of any Lender at any time shall be such Lender’s Applicable Percentage of the total
Revolving Facility Exposure at such time (as such amount may be adjusted due to the existence of any Defaulting Lenders).

 

“Revolving Facility
Maturity Date” shall mean April 29, 2023.

 

“Revolving Lender”
shall mean a Lender with a Revolving Facility Commitment or with outstanding Revolving Facility Exposure.

 

“Revolving Loan
Account” shall have the meaning as assigned in Section 2.04(h).

 

“Revolving Loan
Exposure” shall mean, with respect to any Revolving Lender, as of any date of determination (a) prior to the termination
of the Revolving Facility Commitments, the amount of such Lender’s Revolving Facility Commitment, and (b) after the termination
of the Revolving Facility Commitments, the aggregate outstanding principal amount of the Revolving Loans of such Lender.

 

“Revolving Loans”
shall mean any revolving loan made by the Revolving Lenders to the Borrower pursuant to Section 2.01(b), including
any Swingline Advance and any Protective Advance, in each case with respect to the Revolving Facility Commitments.

 

“S&P”
shall mean S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, a subsidiary of S&P
Global Inc.

 

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

 

    	 	-71-	 

     

    

 

“Sanctioned Person”
shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons, (b) any Person headquartered,
organized or resident in a Sanctioned Country, (c) any Person owned or controlled by, or acting for or on behalf of, any Person
described in clauses (a) or (b) or (d) otherwise the subject or target of Sanctions.

 

“Sanctions Laws”
shall mean laws, rules or regulations relating to economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the
United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United
Kingdom or any other relevant sanctions authority with jurisdiction over the Borrower or any of its Subsidiaries.

 

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

 

“Second Lien
Administrative Agent” shall mean (x) the “administrative agent” under and as defined in the Second Lien
Credit Agreement, (y) any successor administrative agent permitted by the terms of the Second Lien Credit Agreement and/or (y)
any administrative or similar agent under the documentation evidencing a Permitted Refinancing of the Second Lien Credit Agreement
and designated by the Borrower and the Administrative Agent as a “Second Lien Administrative Agent” from time to time.

 

“Second Lien
Credit Agreement” shall mean the Second Lien Credit Agreement dated as of the date hereof among the Borrower, U.S.
Bank National Association, as administrative and as collateral agent, and the several banks and other financial institutions from
time to time parties thereto as lenders, as such agreement may be amended, restated, amended and restated, supplemented, waived
or otherwise modified from time to time in accordance with terms of the First-Second Intercreditor Agreement.

 

“Second Lien
Credit Facility” shall mean the “Credit Facility” under and as defined in the Second Lien Credit Agreement
as of the date hereof and any similar term in the Second Lien Credit Agreement as the Second Lien Credit Agreement may be amended,
restated, amended and restated, supplemented, waived or otherwise modified from time to time.

 

“Second Lien
Lenders” shall mean (x) each of the lenders under and as defined in the Second Lien Credit Agreement from time to
time, or, as the context may require, (y) each of the lenders (or equivalent Persons) of a parties to the documents governing Permitted
Refinancing Indebtedness entered into in the place of the Second Lien Credit Agreement and designed by the Borrower and the Administrative
Agent as “Second Lien Lenders” from time to time.

 

“Second Lien
Loan Documents” shall mean (x) the “Loan Documents” as such term is defined in the Second Lien Credit
Agreement as of the Closing Date and, as the context may require, (y) “Loan Documents” (or equivalent term) as defined
in credit agreement, note purchase agreement, indenture or other documents entered into in connection with any Permitted Refinancing
of the Second Lien Credit Agreement and governing such Permitted Refinancing Indebtedness; in each case, as such documents may
be amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time in accordance with the
terms of the applicable Intercreditor Agreement.

 

    	 	-72-	 

     

    

 

“Secured Parties”
shall mean the “Secured Parties” as defined in the Collateral Agreement.

 

“Securitization
Assets” shall mean (x) in respect of the PNC Securitization, the accounts receivable of the Loan Parties and other
Supporting Assets (as defined in the PNC Receivables Purchase Agreement and any other assets of the Securitization Subsidiary pledged
or sold pursuant to the terms of the Receivables Purchase Agreement and the other PNC Securitization Documents and (y) in respect
to any other Qualified Securitization Financing, (i) the accounts receivable of one or more of the Loan Parties sold or contributed
to a Securitization Subsidiary pursuant and subject to such Qualified Securitization Financing (all “Pool Receivables”),
the related security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables, (iv) the
cash collateral accounts, the lock boxes and collection accounts owned by such Securitization Subsidiary and all amounts on deposit
therein, and all certificates and instruments, if any, from time to time evidencing such lock-boxes and collection accounts and
amounts on deposit therein, (v) all rights (but none of the obligations) of the Securitization Subsidiary transferred under the
applicable purchase and sale agreement, (vi) all other personal and fixture property or assets of the applicable Securitization
Subsidiary of every kind and nature including, without limitation, all goods (including inventory, equipment and any accessions
thereto), instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit
accounts, securities accounts, securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other
investment property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims
and proceeds, and all general intangibles (including all payment intangibles) (each as defined in the UCC) and (vii) all proceeds
of, and all amounts received or receivable under any or all of, the foregoing.

 

“Securitization
Collection Account” has the meaning assigned in Section 5.15.

 

“Securitization
Fees” shall mean distributions or payments made directly or by means of discounts with respect to any participation
interest issued or sold in connection with, and other fees paid in connection with any Qualified Securitization Financing.

 

“Securitization
Financing” shall mean any transaction or series of transactions that may be entered into by the Borrower or any of
its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a
Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in
the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower
or any of its Subsidiaries. For the avoidance of doubt, a “Securitization Financing” for the purposes of this agreement
shall include an on or off-balance sheet receivables securitization arrangement, as well as, any factoring arrangement, receivables
financing or vendor financing arrangement.

 

“Securitization
Provider” shall mean (a) the PNC Securitization Parties for so long as the PNC Securitization is in effect and (b)
any other person designated by the Borrower as a “Securitization Provider” in connection with a Securitization Financing
entered into by the Borrower or any of its subsidiaries or a Securitization Subsidiary from time to time.

 

    	 	-73-	 

     

    

 

“Securitization
Subsidiary” shall mean a Wholly Owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging
in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which
the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities
other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof
and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental
or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided
below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise)
of which (i) is guaranteed by the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary
(excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization
Undertakings), (ii) is recourse to or obligates the Borrower or any other Subsidiary of the Borrower, other than another Securitization
Subsidiary, in any way other than pursuant to Standard Securitization Undertakings (other than with respect any repayment obligations
under any Eligible Supporting Letter of Credit (as defined in the related Qualified Securitization Documents)) or (iii) subjects
any property or asset of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly
or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings,
(b) with which none of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary,
has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to
be no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not
Affiliates of the Borrower and (c) to which none of the Borrower or any other Subsidiary of the Borrower, other than another
Securitization Subsidiary, has any obligation to maintain or preserve such entity’s financial condition or cause such entity
to achieve certain levels of operating results.  Any such designation by the board of directors of the Borrower or such
other Person shall be evidenced to the Administrative Agent by delivery to the Administrative Agent of a certified copy of the
resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed
by a Responsible Officer certifying that such designation complied with the foregoing conditions.

 

“Security Documents”
shall mean the Mortgages, the Guaranty Agreement, the Collateral Agreement, the Intellectual Property Security Agreements and each
of the security agreements, mortgages and other instruments and documents executed and delivered pursuant to any of the foregoing
or pursuant to Section 5.11, in each case, as amended from time to time in accordance with the terms hereof
and thereof.

 

“Settlement”
shall have the meaning as assigned in Section 2.04(d)(i).

 

“Settlement Date”
shall have the meaning as assigned in Section 2.04(d)(i).

 

“Side Letter”
shall mean that certain letter agreement dated as of June 27, 2018, by and among the Borrower, GBG and Seller.

 

    	 	-74-	 

     

    

 

“Similar Business”
shall mean any business or activity of the Borrower or any of its Subsidiaries currently conducted or proposed as of the Closing
Date, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof,
or is synergistic with or complementary, incidental, ancillary or related thereto.

 

“Specified Event
of Default” shall mean an Event of Default under Section 7.01(b), (c) (solely with
respect to principal, interest and other recurring fees) (h) or (i).

 

“Specified Representations”
shall mean those representations and warranties of the Loan Parties pursuant to Section 3.01(a), (b),
and (d), Section 3.02(a) and (b)(i)(B) (in each case, with respect only to the Loan
Documents), Section 3.03, Section 3.10, Section 3.11, Section 3.17(a)
and (b) (in each case, subject to the Funding Condition Provision), Section 3.19, Section 3.25(a),
Section 3.26 (with respect only to OFAC) and Section 3.27 (with respect only to OFAC and
the FCPA).

 

“Specified Transaction”
shall mean (a) any Acquisition, any Disposition, any sale, or other transfer that results in a Person ceasing to be a Subsidiary,
any involuntary Disposition, any Investment that results in a Person becoming a Subsidiary, in each case, whether by merger, consolidation,
division, or otherwise, or any incurrence or repayment of Indebtedness or (b) any other event that by the terms of the Loan Documents
requires Pro Forma Compliance with a test or covenant or requires such test or covenant to be calculated on a Pro Forma Basis.

 

“Standard Letter
of Credit Practice” shall mean, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable
in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices
applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case,
(a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which
laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

 

“Standard Securitization
Undertakings” means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary
of the Borrower that are customary in a Securitization Financing.

 

“Statutory Reserves”
shall mean, with respect to any currency, the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including
any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority,
the Board, the Financial Services Authority, the European Central Bank or other Governmental Authority for any category of deposits
or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as a decimal. Such
reserve percentages shall, in the case of U.S. Dollar-denominated Loans, include those imposed pursuant to Regulation D of the
Board. Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset or similar requirements without benefit of
or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law,
rule or regulation, including Regulation D. Statutory Reserves shall be adjusted automatically on and as of the effective date
of any change in any reserve, liquid asset or similar requirement.

 

    	 	-75-	 

     

    

 

“Sterling”
shall mean the lawful money of the United Kingdom.

 

“Subscription
Agreements” shall mean, collectively, (i) the Subscription Agreement, dated as of the date hereof, by and between
the Borrower and Jason Rabin, (ii) the Subscription Agreement, dated as of the date hereof, by and between the Borrower and Ares,
and (iii) the Subscription Agreement, dated as of the date hereof, by and between the Borrower and GSO.

 

“subsidiary”
shall mean, with respect to any person (herein referred to as the “parent”), any corporation, partnership,
association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity
or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination
is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise
Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent;
provided that in no event shall any Securitization Subsidiary be deemed a subsidiary hereunder unless otherwise specified
herein.

 

“Subsidiary”
shall mean, unless the context otherwise requires, a subsidiary of the Borrower.

 

“Subsidiary Loan
Party” shall mean (i) each of the Wholly Owned Subsidiaries of the Borrower set forth on Schedule 1.01(g)
hereto on the Closing Date and (ii) each other Domestic Subsidiary of the Borrower formed or acquired after the Closing Date (other
any Excluded Subsidiary).

 

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

 

“Swingline Advance”
shall have the meaning as assigned in Section 2.04(b).

 

“Takings or Casualty
Event” shall mean any loss of, damage to or destruction of, or any condemnation or other taking for public use by
any Governmental Authority of, any property of any Loan Party or any of its Subsidiaries.

 

“Taxes”
shall mean any and all present or future taxes, levies, imposts, duties (including stamp 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.

 

    	 	-76-	 

     

    

 

“Tengram”
shall mean Tengram Capital Partners, LP.

 

“Term Borrowing”
shall mean a Borrowing comprised of Term Loans of a given Class.

 

“Term Lender”
shall mean means any Lender with a Term Loan Commitment or an outstanding Term Loan.

 

“Term Loan”
shall mean any term loan made by the Term Lenders to the Borrower pursuant to Section 2.01(a). The aggregate principal
amount of the Term Loans outstanding as of Closing Date is $645,000,000.

 

“Term Loan Commitment”
shall mean, with respect to each Lender, the commitment, if any, of such Lender to make Term Loans hereunder on the Closing Date,
expressed as an amount representing the maximum aggregate permitted principal amount of the Term Loans to be made by such Lender.
The amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.01, or in the Assignment and
Acceptance pursuant to which such Lender shall have assumed its Term Loan Commitment, as applicable. The aggregate amount of the
Lenders’ Term Loan Commitments as of the Closing Date (immediately prior to termination on such date pursuant to Section
2.08(a)) is $645,000,000.

 

“Term Loan Maturity
Date” shall mean the date that is the five year anniversary of the Closing Date.

 

“Test Period”
shall mean, as of any date of determination, the period of four consecutive fiscal quarters of the Borrower then most recently
ended and Reported (taken as one accounting period).

 

“Tranche”
shall mean a category of Commitments and extensions of credits thereunder.

 

“Transaction
Costs” shall mean fees, premiums, expenses, closing payments and other similar transaction costs (including original
issue discount or upfront fees) payable or otherwise borne by Borrower and/or its subsidiaries in connection with the Transactions
and the transactions contemplated thereby.

 

“Transaction
Documents” shall mean, Acquisition Agreement, the Ancillary Agreements (as defined in the Acquisition Agreement),
the Transition Services Agreement, the Closing Date Subordinated Convertible Note, the Permitted CIT Agreements, the PNC Securitization
Documents, the Loan Documents and the Second Lien Loan Documents, in each case, as amended, restated, amended and restated, supplemented
or otherwise modified from time to time in accordance with the terms hereof and thereof.

 

    	 	-77-	 

     

    

 

“Transactions”
shall mean, collectively, the Closing Date Acquisition and the transactions to occur pursuant to the Acquisition Agreement, the
Ancillary Agreements (as defined in the Acquisition Agreement) and the other Transaction Documents, including (a) the execution
and delivery of the Loan Documents and the initial borrowings hereunder, (b) the execution and delivery of the Second Lien Credit
Agreement and other Second Lien Loan Documents and the initial borrowings thereunder and the issuance of Equity Interests in the
Borrower pursuant to the Subscription Agreements, (c) the execution and delivery of the PNC Securitization Documents, the Permitted
CIT Agreements and other documents, intercreditor agreements and other transactions documents and filings related to the PNC Securitization
and the Permitted Credit Support Arrangements and the amendment to the Whitehall Factoring Agreement and purchase and sale of certain
accounts receivable relating to the Acquired Business and the Whitehall Factoring Agreement, (d) the repayment, redemption or discharge
of, and termination of all obligations and commitments and release of guaranties and liens under certain Existing Indebtedness,
(e) the conversion of the Borrower’s preferred stock into common stock, (f) the receipt by the Borrower of the Equity Contribution,
(g) the issuance of the Closing Date Subordinated Note, (h) the Borrower and certain of its Subsidiaries changing their names upon
the consummation of the Closing Date Acquisition and the making of the requisite filings with the secretary of state (or equivalent)
in the applicable jurisdictions, (i) capitalization of the Securitization Subsidiary in respect of the PNC Securitization and (j)
the payment of all Transaction Costs to be paid on, prior to or subsequent to the Closing Date.

 

“Transition Services
Agreement” shall mean Transition Services Agreement, dated as of the Closing Date, by and between Differential Brands
Group Inc., a Delaware corporation and GBG USA Inc., a Delaware corporation, as the same may be amended, amended and restated,
restated, supplemented or otherwise modified from time to time.

 

“Type,”
when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall include the Adjusted
Eurocurrency Rate and ABR.

 

“UCP”
shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision, International
Chamber of Commerce Publication No. 600 and any subsequent revision thereof adopted by the International Chamber of Commerce on
the date such Letter of Credit is issued.

 

“Unfinanced Capital
Expenditures” shall mean, for any period of determination, (a) Capital Expenditures for such period, minus (b) the
portion of Capital Expenditures for such period that (i) are made in connection with the reinvestment of Net Proceeds of any Disposition
to the extent permitted hereunder, (ii) are financed with net cash proceeds of any issuance of Equity Interests of the Borrower
or are paid for with Equity Interests of the Borrower (in each case, other than Disqualified Stock), (iii) are obtained as a result
of a trade-in or exchange of equipment or other fixed assets, (iv) are reimbursed by, or result in a credit from, third parties
(including any landlord or other owner of real property leased in connection with leasehold or property improvements made by such
party) or (v) are financed with the incurrence of Indebtedness (other than revolving loans, proceeds of Qualified Securitization
Financings or factoring advances).

 

    	 	-78-	 

     

    

 

“Uniform Commercial
Code” and “UCC” shall mean the Uniform Commercial Code in effect in the State of New York;
provided that if by reason of mandatory provisions of Applicable Law, the perfection,
non-perfection or priority of a security interest is governed by the Uniform Commercial Code in effect in a jurisdiction other
than the State of New York, the term “Uniform Commercial Code” means the Uniform Commercial Code in effect in
such other jurisdiction for the purposes of the provisions in the Loan Documents relating to such perfection or priority.

 

“Unreimbursed
Amount” shall have the meaning assigned to such term in Section 2.05.

 

“Unrestricted
Cash” shall mean, as of any date of determination,  the aggregate amount of all cash and Cash Equivalents on
the consolidated balance sheet of the Borrower and its Subsidiaries that are Loan Parties that are not “restricted”
for purposes of GAAP and in which is held in an account which subject to a Control Agreement for the benefit of the Collateral
Agent or in which the Collateral Agent has a perfected first-priority security interest (except in each case, to the extent a Control
Agreement or such “control” shall not be required unless and until so required pursuant to Section 5.11);
provided, however, that the aggregate amount of Unrestricted Cash shall not (i) exceed $20,000,000, (ii) include
any cash or Cash Equivalents that are subject to a Lien (other than any Lien in favor of the Collateral Agent) or (iii) include
any cash or Cash Equivalents that are restricted by contract, law or material adverse tax consequences from being applied to repay
any Obligations under the Agreement.

 

“U.S. Dollars”
or “$” shall mean lawful money of the United States of America.

 

“U.S. Lending
Office” shall mean, as to any Lender, the applicable branch, office or Affiliate of such Lender designated by such
Lender to make Loans to the Borrower.

 

“U.S. Person”
shall mean any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” shall have the meaning specified in Section 2.17(g).

 

“Voting Stock”
shall mean, as to any entity, all classes of Equity Interests of such entity then outstanding and normally entitled to vote in
the election of directors of such entity.

 

“Warehouses”
shall mean each real property location with Inventory of the Loan Parties on average monthly basis in excess of $2,500,000.

 

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

 

    	 	-79-	 

     

    

 

“Whitehall Factoring
Agreement” shall mean the Amended and Restated Receivables Purchase Agreement, dated as of December 30, 2009, by
and between the Sellers (as defined therein), Whitehall Funding, LLC and acknowledged by Citibank, N.A., as the same may be amended,
amended and restated, restated, supplemented or otherwise modified from time to time.

 

“Wholly Owned
Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than
directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person
or another Wholly Owned Subsidiary of such person.

 

“Withdrawal Liability”
shall mean liability to a Multiemployer Plan as a result of a “complete withdrawal” or “partial withdrawal”
from such Multiemployer Plan, as such terms are defined in Section 4201(b) of ERISA.

 

“Withholding
Agent” shall mean any Loan Party and each of the Revolving Agent and the Administrative Agent.

 

“Working Capital”
shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis as of any date of determination, Current
Assets at such date of determination minus Current Liabilities at such date of determination; provided,
that, for purposes of calculating Excess Cash Flow, increases or decreases in Working Capital shall be calculated without regard
to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets
or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting.

 

“Write-Down and
Conversion Powers” shall mean, 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.

 

    	 	-80-	 

     

    

 

Section
1.02      Terms Generally. (a) The definitions set forth or referred to in Section 1.01 shall apply
equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” All references
herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles
and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require.
Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document or other document or agreement
shall mean such document as amended, restated, amended and restated, supplemented or otherwise modified from time to time. Except
as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP,
as in effect from time to time; provided, that, although all financial statements required to be delivered in accordance
with Sections 5.04(a) and 5.04(b) will be prepared in accordance with GAAP as in effect at such time such audit
is performed, if a change in GAAP (or in the interpretation of GAAP) after the Closing Date would affect the computation of any
financial ratio or requirement set forth in any Loan Document, the Borrower may request an amendment to any provision hereof to
eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change
shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. For
purposes of determining compliance with amounts and ratios contained herein (including for the purposes of calculating compliance
with any financial covenant) contained herein, (i) with respect to the accounting for leases as either operating leases or capital
leases and the impact of such accounting in accordance with FASB ASC 840 on the definitions and the calculation of financial covenants
contained herein, for the purposes of such calculations GAAP herein as in effect on the Closing Date shall be applied, (ii) with
respect to accounting for revenue recognition from contracts with customers and the impact of such accounting in accordance with
FASB ASC 606 on the definitions and the calculation of amounts and ratios contained herein, GAAP as in effect on the Closing Date
shall be applied and (iii) Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding
principal amount thereof, and without giving effect to any election under FASB ASC 825 and FASB ASC 470-20 (or
any other financial accounting standard having a similar result or effect) to value any Indebtedness of the Borrower or its Subsidiaries
at “fair value” as defined therein.

 

Any restriction, condition
or prohibition applicable to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale or transfer, or similar
term, set forth herein shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets
to a series of a limited liability company, as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment,
sale or transfer, or similar term, as applicable.

 

(b) All terms used in this
Agreement which are defined in Article 8 or Article 9 of the NYUCC as in effect from time to time and which are not otherwise defined
herein shall have the same meanings herein as set forth therein, provided that terms used herein which are defined in the UCC as
in effect on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of such statute
except as the Administrative Agent and the Borrower may otherwise agree.

 

Section
1.03     Pro Forma Calculations. For purposes
of determining the permissibility of any action, change, transaction or event or compliance with any term that requires a calculation
of any financial ratio or test (including, without limitation, any Consolidated Fixed Charge Coverage Ratio, Consolidated First
Lien Leverage Ratio, Consolidated Total Leverage Ratio and/or the amount or percentage of Net Receivables Financing Profit
(including any component definitions of the foregoing), Specified Transactions that have been made
during any applicable period of measurement (or subsequent to such applicable period of measurement and prior to or simultaneously
with the event for which the calculation of any such ratio is made) and any Limited Condition Acquisition (including any related
actions and transactions) shall be calculated on a Pro Forma Basis and be given pro forma effect assuming that all such
Specified Transactions and Limited Condition Acquisition had occurred on the first day of the applicable period of measurement
(or, in the case of Consolidated Total Debt, on the last date of the applicable period of measurement) in good faith by a Responsible
Officer of the Borrower and include, for the avoidance of doubt.

 

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Section
1.04      Currency Translation. For purposes of determining compliance as of any date with Section 6.01,
6.02, 6.04, 6.05, 6.06 or 6.07, amounts incurred or outstanding
in currencies other than U.S. Dollars shall be translated into U.S. Dollars at the exchange rates in effect on the first Business
Day of the fiscal quarter in which such determination occurs or in respect of which such determination is being made, as such
exchange rates shall be determined in good faith by the Borrower. No Default or Event of Default shall arise as a result of any
limitation or threshold set forth in U.S. Dollars in Section 6.01, 6.02, 6.04,
6.05, 6.06 or 6.07 or paragraph (f) or (j) of Section 7.01
being exceeded solely as a result of changes in currency exchange rates from those applicable on the first day of the
fiscal quarter in which such determination occurs or in respect of which such determination is being made.

 

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

 

Section
1.06      Limited Condition Acquisitions. Notwithstanding anything herein to the contrary,
solely in the case of the incurrence of any Indebtedness or Liens or the making of any Investments or consolidations, mergers,
divisions, or other fundamental changes, in each case in connection with a Limited Condition Acquisition, (a) for purposes of
determining compliance with any provision of this Agreement which requires that no Default or Event of Default, as applicable,
has occurred, is continuing or would result from any such action, as applicable, such condition shall be deemed satisfied, so
long as (x) no Event of Default exists on the date of execution of the definitive agreement(s) for such Limited Condition Acquisition
and (y) no Specified Event of Default exists at the time of, and immediately after giving effect to, the consummation of such
Limited Condition Acquisition, and (b) for purposes of determining compliance with any provision of this Agreement which requires
that any of the representations and warranties made by any Loan Party set forth in this Agreement or in any other Loan Document
be true and correct, such condition shall be deemed satisfied, so long as (x) the representations and warranties in this Agreement
and the other Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier therein)
as of the date of execution of the definitive agreement(s) for such Limited Condition Acquisition and (y) the Specified Representations
(in each case, modified solely to the extent necessary to reflect the applicable terms of such Limited Condition Acquisition as
set forth in the definitive agreement(s) governing such transaction) are true and correct in all material respects (without duplication
of any materiality qualifier therein), at the time of, and immediately after giving effect to, the consummation of such Limited
Condition Acquisition, and neither the Borrower nor any other Loan Party shall be required to bring down any other representation
or warranty as a condition to the consummation of such Limited Condition Acquisition (or the incurrence of any Indebtedness and
any other ancillary transaction consummated in connection with such Limited Condition Acquisition).

 

    	 	-82-	 

     

    

 

SECTION 1.07      Cashless
Rolls. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, any Lender may exchange,
continue or roll over all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar
transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the
Administrative Agent and such Lender.

 

Article
II

 

The Credits

 

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

 

(a)       each
Term Lender agrees to make Term Loans to the Borrower in U.S. Dollars on the Closing Date from its U.S. Lending Office in a principal
amount equal to its Term Loan Commitment. Amounts repaid in respect of Term Loans may not be reborrowed.

 

(b)       Subject
to the terms and conditions of this Agreement, until the Revolving Facility Maturity Date each Revolving Lender agrees (severally,
not jointly or jointly and severally) to make revolving loans to Borrower in an amount at any one time outstanding not to exceed
the lesser of:

 

(ii)       such
Lender’s Revolving Facility Commitment, or

 

(iii)      such
Lender’s Applicable Percentage of the result of (x) the Maximum Revolver Amount less (y) the L/C Exposure at such time.

 

(c)       The
outstanding principal amount of the Revolving Loans, together with interest accrued and unpaid thereon, shall constitute Obligations
and shall be due and payable on the Revolving Facility Maturity Date or, if earlier, on the date on which they are declared due
and payable pursuant to the terms of this Agreement or the date on which Revolving Facility Commitments with respect thereto have
been terminated pursuant to the terms of this Agreement.

 

(d)       Anything
to the contrary in this Section 2.01 notwithstanding, Revolving Agent shall have the right (but not the obligation),
in the exercise of its Permitted Discretion, to establish and increase or decrease Reserves against the Borrowing Base. The amount
of any Reserve established by Revolving Agent shall have a reasonable relationship to the event, condition, other circumstance,
or fact that is the basis for such Reserve and shall not be duplicative of any other reserve established and currently maintained.

 

    	 	-83-	 

     

    

 

(e)       within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and, subject to
the terms and conditions of this Agreement, reborrow Revolving Loans.

 

Section
2.02      Loans and Borrowings.

 

(a)       Each
Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance
with their respective Commitments of the applicable Class.

 

(b)       Subject
to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower
may request in accordance herewith. Each Lender at its option may make any ABR Loan or Eurocurrency Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise of such option shall
not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement and such Lender shall
not be entitled to any amounts payable under Section 2.15 or 2.17 solely in respect of increased
costs or taxes resulting from such exercise and existing at the time of such exercise.

 

(c)       At
the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. At the time that (i) each ABR Revolving
Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not
less than the Borrowing Minimum; provided, that an ABR Revolving Borrowing may be in an aggregate amount that is
equal to the entire unused balance of the Revolving Commitments. Borrowings of more than one Type and Class may be outstanding
at the same time; provided, that there shall not at any time be more than a total of (i) five Eurocurrency Borrowings
outstanding under each Class of Term Loans and (ii) five Eurocurrency Borrowings outstanding under the Revolving Credit Facility.

 

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

 

(e)       If
no election as to the Type of Borrowing or is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest
Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration.

 

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Section
2.03      Requests for Term Borrowings. To request a Term Borrowing, the Borrower
shall notify the Administrative Agent of such request (as provided in Section 9.01) in writing by providing
a Borrowing Request in the form of Exhibit C hereto (a) in the case of a Eurocurrency Borrowing, not later than such time as the
Administrative Agent and Lead Arrangers shall agree, (b) in the case of an ABR Term Loan Borrowing, not later than such time as
the Administrative Agent and Lead Arrangers shall agree. Each such written Borrowing Request shall be irrevocable and shall be
provided by electronic mail or telecopy to the Administrative Agent. Each such written Borrowing Request shall specify the following
information in compliance with Section 2.02:

 

(i)       the
Class of such Borrowing;

 

(ii)       the
aggregate amount of the requested Borrowing;

 

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

 

(iv)      whether
such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

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

 

(vi)      the
location and number of the Borrower’s account to which funds are to be disbursed.

 

(b)       Unless
the Administrative Agent receives notice from a Term Lender prior to 9:00 a.m. on the Closing Date that such Term Lender will not
make available as and when required hereunder to Administrative Agent for the account of Borrower the amount of that Term Lender’s
Term Loan Commitment, Administrative Agent may assume that each Term Lender has made or will make such amount available to Administrative
Agent in immediately available funds on the Closing Date and Administrative Agent may, in reliance upon such assumption, make available
to Borrower a corresponding amount. If, on the Closing Date, any Term Lender shall not have remitted the full amount that is required
to make available to Administrative Agent in immediately available funds and if Administrative Agent has made available to Borrower
such amount on the Closing Date, then such Term Lender shall make the amount of such Term Lender’s Term Loan Commitment available
to the Administrative Agent in immediately available funds, to the Administrative Agent’s account, no later than 10:00 a.m.
on the Business Day that is the first Business Day after the Closing Date. If any Term Lender shall not remit the full amount that
it is required to make available to Administrative Agent in immediately available funds as and when required hereby and if Administrative
Agent has made available to Borrower such amount, then that Term Lender shall be obligated to immediately remit such amount to
Administrative Agent, together with interest at the Defaulting Lender Rate for each day until the date on which such amount is
so remitted. A notice submitted by Administrative Agent to any Term Lender with respect to amounts owing under this Section 2.03(b)
shall be conclusive, absent manifest error. If the amount that a Term Lender is required to remit is made available to Administrative
Agent, then such payment to Administrative Agent shall constitute such Term Lender’s Term Loan for all purposes of this Agreement.

 

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Section
2.04      Revolving Borrowing Procedures and Settlements.

 

(a)           Procedure
for Borrowing Revolving Loans. Each Revolving Borrowing shall be made by a written Borrowing Request by an Authorized Person
delivered to Administrative Agent and Revolving Agent and received by Administrative Agent and Revolving Agent no later than (i)
10:00 a.m. on the Business Day that is five (5) Business Days prior to the requested Funding Date or (ii) if a Swingline Advance
is available hereunder and requested, 10 a.m. on the requested Funding Date specifying (i) the amount of such Revolving Borrowing
(which shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum),
and, (ii) if such Revolving Borrowing is requested to be made as a Swingline Advance and (iii) the requested Funding Date (which
shall be a Business Day); provided, that any Revolving Borrowing requested to be made five (5) or more Business Days after
delivery of the Borrowing Request therefor shall not be deemed a request for a Swingline Advance. With respect to each request
for a Revolving Borrowing requested to be made as a Swingline Advance pursuant to this Section 2.04(a), each Revolving
Lender agrees that Revolving Agent shall make such requested Revolving Borrowing to Borrower on behalf of the Revolving Lenders
as a Swingline Advance so long as (x) the making of such Swingline Advance would not result in the aggregate amount of outstanding
Swingline Advances exceeding $50,000,000 (the “Maximum Swingline Amount”) and (y) the conditions precedent set
forth in Section 4.01 shall be satisfied.

 

		(b)	Making of Loans.

 

(i)       After
receipt of a request for a Revolving Borrowing pursuant to Section 2.04(a), Revolving Agent at its option and in
its discretion shall do either of the following:

 

(A)       if
such Revolving Borrowing is requested to be made as a Swingline Advance, advance the amount of the requested Revolving Borrowing
to Borrower disproportionately (a “Swingline Advance”) out of Revolving Agent’s own funds on behalf of
Revolving Lenders, solely to the extent that the aggregate amount of outstanding Swingline Advances (after giving effect to any
such Revolving Borrowing) does not exceed the Maximum Swingline Amount, which Swingline Advance shall be on the Funding Date specified
in the relevant request for a Revolving Borrowing, and thereby elect Settlement in accordance with clause (d) below such that,
upon such Settlement, each Lender’s share of the Revolving Loans (including the amount of any such Swingline Advance settled
on such date) equals, at all times, such Lender’s Applicable Percentage of the outstanding Revolving Loans. For the avoidance
of doubt, all Swingline Advances constitute Revolving Loans hereunder. Revolving Agent shall make the proceeds of Swingline Advances
available to Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds to the
Designated Account. Each Swingline Advance shall be in an amount that is an integral multiple of an amount to be agreed between
the Borrower and Revolving Agent, and not less than an amount to be agreed between the Borrower and the Revolving Agent. Revolving
Agent shall charge to the Revolving Loan Account usual and customary fees for the wire transfer of each Revolving Borrowing. All
Swingline Advances made under this Section 2.04(b)(i)(A) shall be subject to Settlement in accordance with Section
2.04(d) below; it being understood that all payments on any such Swingline Advances shall be payable solely to Revolving
Agent until Settlement thereof shall have occurred; or

 

    	 	-86-	 

     

    

 

(B)       if
such Revolving Borrowing is not requested to be made as a Swingline Advance and if Swingline Advances are not available, notify
the Lenders by telecopy, telephone, email, or other electronic form of transmission, of the requested Revolving Borrowing. If Revolving
Agent has notified the Revolving Lenders of a requested Revolving Borrowing five (5) Business Days prior to the Funding Date, then
each Revolving Lender shall make the amount of such Lender’s Applicable Percentage of the requested Revolving Borrowing available
to Revolving Agent in immediately available funds, to Revolving Agent’s Account, not later than 12.00 p.m. on the Business
Day that is the requested Funding Date. After Revolving Agent’s receipt of the proceeds of such Revolving Loans from the
Revolving Lenders, Revolving Agent shall make the proceeds thereof available to Borrower on the applicable Funding Date by transferring
immediately available funds equal to such proceeds received by Agent to the Designated Account; provided, that, subject
to the provisions of Section 2.04(c)(ii), no Revolving Lender shall have an obligation to make any Revolving Loan
to the extent the requested Revolving Borrowing would exceed the Availability on such Funding Date. Revolving Agent shall charge
to the Revolving Loan Account usual and customary fees for the wire transfer of each Revolving Borrowing.

 

(ii)       Unless
Revolving Agent receives notice from a Revolving Lender prior to 9:30 a.m. on the Business Day that is the requested Funding Date
relative to a requested Revolving Borrowing as to which Revolving Agent has notified the Revolving Lenders of a requested Revolving
Borrowing that such Revolving Lender will not make available as and when required hereunder to Revolving Agent for the account
of Borrower the amount of that Revolving Lender’s Applicable Percentage of the Revolving Borrowing, Revolving Agent may assume
that each Revolving Lender has made or will make such amount available to Revolving Agent in immediately available funds on the
Funding Date and Revolving Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrower
a corresponding amount. If, on the requested Funding Date, any Revolving Lender shall not have remitted the full amount that it
is required to make available to Revolving Agent in immediately available funds and if Revolving Agent has made available to Borrower
such amount on the requested Funding Date, then such Revolving Lender shall make the amount of such Revolving Lender’s Applicable
Percentage of the requested Revolving Borrowing available to Revolving Agent in immediately available funds, to Revolving Agent’s
Account, no later than 10:00 a.m. on the Business Day that is the first Business Day after the requested Funding Date (in which
case, the interest accrued on such Revolving Lender’s portion of such Revolving Borrowing for the Funding Date shall be for
Revolving Agent’s separate account). If any Revolving Lender shall not remit the full amount that it is required to make
available to Revolving Agent in immediately available funds as and when required hereby and if Revolving Agent has made available
to Borrower such amount, then that Revolving Lender shall be obligated to immediately remit such amount to Revolving Agent, together
with interest at the Defaulting Lender Rate for each day until the date on which such amount is so remitted. A notice submitted
by Revolving Agent to any Revolving Lender with respect to amounts owing under this Section 2.04(c)(ii) shall
be conclusive, absent manifest error. If the amount that a Revolving Lender is required to remit is made available to Revolving
Agent, then such payment to Revolving Agent shall constitute such Revolving Lender’s Revolving Loan for all purposes of this
Agreement. If such amount is not made available to Revolving Agent on the Business Day following the Funding Date, Revolving Agent
will notify Borrower of such failure to fund and, upon demand by Revolving Agent, Borrower shall pay such amount to Revolving Agent
for Revolving Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a
rate per annum equal to the interest rate applicable at the time to the Revolving Loans composing such Revolving Borrowing.

 

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		(c)	Protective Advances and Optional Overadvances.

 

(i)       Any
contrary provision of this Agreement or any other Loan Document notwithstanding, but subject to Section 2.04(c)(iv),
at any time (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) that any
of the other applicable conditions precedent set forth in Article IV are not satisfied, Revolving Agent hereby is authorized
by Borrower and the Revolving Lenders, from time to time, in Revolving Agent’s sole discretion, to make Revolving Loans to,
or for the benefit of, Borrower, on behalf of the Revolving Lenders, that Revolving Agent in its Permitted Discretion deems necessary
or desirable (1) to preserve or protect the Collateral or any portion thereof, or (2) to enhance the likelihood of repayment
of the Obligations (the Revolving Loans described in this Section 2.04(c)(i) shall be referred to as “Protective
Advances”). Notwithstanding the foregoing, no Protective Advance shall be made which would cause the aggregate amount
of all Protective Advances outstanding at any one time to exceed 10% of the Revolving Facility Aggregate Commitment unless the
Majority Lenders of the Revolving Credit Facility otherwise agree.

 

(ii)       Any
contrary provision of this Agreement or any other Loan Document notwithstanding, but subject to Section 2.04(c)(iv),
the Revolving Lenders hereby authorize Revolving Agent, and Revolving Agent may, but is not obligated to, knowingly and intentionally,
continue to make Revolving Loans to Borrower notwithstanding that an Overadvance exists or would be created thereby, so long as
(A) after giving effect to such Revolving Loans, the outstanding Revolving Facility Exposure does not exceed the Borrowing Base
by more than 10% of the Revolving Facility Aggregate Commitment (unless the Majority Lenders of the Revolving Credit Facility agree
to a higher amount), and (B) after giving effect to such Revolving Loans, the outstanding Revolving Facility Exposure does not
exceed the Revolving Facility Aggregate Commitment. In the event Revolving Agent obtains actual knowledge that an Overadvance exists,
regardless of the amount of, or reason for, such excess, Revolving Agent shall notify the Lenders as soon as practicable and the
Lenders with Revolving Facility Commitments thereupon shall, together with Revolving Agent, jointly determine the terms of arrangements
that shall be implemented with Borrower intended to eliminate the Overadvance within thirty (30) days. In such circumstances, if
any Lender with a Revolving Facility Commitment objects to the proposed terms of reduction or repayment of any Overadvance, the
terms of reduction or repayment thereof shall be implemented according to the determination of the Majority Lenders of the Revolving
Credit Facility. The foregoing provisions are meant for the benefit of the Revolving Lenders and Revolving Agent and are not meant
for the benefit of Borrower. Each Lender with a Revolving Facility Commitment shall be obligated to make Revolving Loans in accordance
with Section 2.04(b) in, or settle Overadvances made by Revolving Agent with Revolving Agent as provided in Section
2.04(d) (or Section 2.23, as applicable) for, the amount of such Lender’s Applicable Percentage of
any unintentional Overadvances by Revolving Agent reported to such Revolving Lender, any intentional Overadvances made as permitted
under this Section 2.04(c)(ii), and any Overadvances resulting from the charging to the Revolving Loan Account of
interest, fees, or expenses of the Revolving Agent.

 

    	 	-88-	 

     

    

 

(iii)      Each
Protective Advance and each Overadvance (each, an “Extraordinary Advance”) shall be deemed to be a Revolving
Loan hereunder. Prior to Settlement with respect to Extraordinary Advances, all payments on the Extraordinary Advances made by
Revolving Agent, including interest thereon, shall be payable to Revolving Agent solely for its own account. The Extraordinary
Advances shall be repayable on demand, be secured by the Liens of the Collateral Agent, constitute Obligations hereunder, and bear
interest at the rate applicable from time to time to Revolving Loans. The provisions of this Section 2.04(c) are
for the exclusive benefit of Revolving Agent and the Revolving Lenders and are not intended to benefit Borrower (or any other Loan
Party) in any way.

 

(iv)      Notwithstanding
anything contained in this Agreement or any other Loan Document to the contrary: (A) no Extraordinary Advance may be made by Revolving
Agent if such Extraordinary Advance would cause the aggregate principal amount of Extraordinary Advances outstanding to exceed
an amount equal to 10% or more of the Revolving Facility Aggregate Commitment; and (B) to the extent that the making of any Extraordinary
Advance causes the aggregate Revolving Facility Exposure to exceed the Revolving Facility Aggregate Commitment, such portion of
such Extraordinary Advance shall be for Revolving Agent’s sole and separate account and not for the account of any Revolving
Lender and shall be entitled to priority in repayment in accordance with the Agreement Among Lenders.

 

(d)          Settlement.
It is agreed that each Revolving Lender’s funded portion of the Revolving Loans is intended by the Revolving Lenders to equal,
at all times, such Revolving Lender’s Applicable Percentage of the outstanding Revolving Loans. Such agreement notwithstanding,
Revolving Agent and the Revolving Lenders agree (which agreement shall not be for the benefit of Borrower) that in order to facilitate
the administration of this Agreement and the other Loan Documents, settlement among the Revolving Lenders as to the Revolving Loans
(including the Swingline Advances and Extraordinary Advances) shall take place on a periodic basis in accordance with the following
provisions:

 

    	 	-89-	 

     

    

 

(i)       Revolving
Agent shall request settlement (“Settlement”) with the Revolving Lenders on a weekly basis (or, on a
more or less frequent basis if so determined by Revolving Agent in its reasonable discretion but not less frequently than once
per month) (A) for itself, with respect to the outstanding Swingline Advances and Extraordinary Advances, and (B) with respect
to Borrower’s or its Subsidiaries’ payments or other amounts received, as to each by notifying the Revolving Lenders
by telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than five
(5) Business Days immediately prior to the date of such requested Settlement (the date of such requested Settlement being
the “Settlement Date”). Such notice of a Settlement Date shall include a summary statement of the amount
of outstanding Revolving Loans (including Swingline Advances and Extraordinary Advances) for the period since the prior Settlement
Date. Subject to the terms and conditions contained herein (including Section 2.23): (1) if the amount of the
Revolving Loans (including Swingline Advances and Extraordinary Advances) made by a Revolving Lender that is not a Defaulting Lender
exceeds such Lender’s Applicable Percentage of the Revolving Loans (including Swingline Advances and Extraordinary Advances)
as of a Settlement Date, then Revolving Agent shall, by no later than 12:00 p.m. on the Settlement Date, transfer in immediately
available funds to a deposit account of such Revolving Lender (as such Revolving Lender may designate), an amount such that each
such Revolving Lender shall, upon receipt of such amount, have as of the Settlement Date, its Applicable Percentage of the Revolving
Loans (including Swingline Advances and Extraordinary Advances), and (2) if the amount of the Revolving Loans (including Swingline
Advances and Extraordinary Advances) made by a Revolving Lender is less than such Revolving Lender’s Applicable Percentage
of the Revolving Loans (including Swingline Advances and Extraordinary Advances) as of a Settlement Date, such Revolving Lender
shall no later than 12:00 p.m. on the Settlement Date transfer in immediately available funds to Revolving Agent’s Account,
an amount such that each such Revolving Lender shall, upon transfer of such amount, have as of the Settlement Date, its Applicable
Percentage of the Revolving Loans (including Swingline Advances and Extraordinary Advances). Such amounts made available to Agent
under clause (2) of the immediately preceding sentence shall be applied against the amounts of the applicable Swingline Advances
or Extraordinary Advances and shall constitute Revolving Loans of such Lenders. If any such amount is not made available to Revolving
Agent by any Revolving Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Revolving Agent
shall be entitled to recover for its account such amount on demand from such Revolving Lender together with interest thereon at
the Defaulting Lender Rate.

 

(ii)       In
determining whether a Revolving Lender’s balance of the Revolving Loans (including Swingline Advances and Extraordinary Advances)
is less than, equal to, or greater than such Revolving Lender’s Applicable Percentage of the Revolving Loans (including Swingline
Advances and Extraordinary Advances) as of a Settlement Date, Revolving Agent shall, as part of the relevant Settlement, apply
to such balance the portion of payments actually received in good funds by Revolving Agent with respect to principal, interest,
fees payable by Borrower and allocable to the Revolving Lenders hereunder, and proceeds of Collateral.

 

(iii)       Between
Settlement Dates, Revolving Agent, to the extent Swingline Advances or Extraordinary Advances for the account of Revolving Agent
are outstanding, may apply any payments or other amounts received by Revolving Agent, that in accordance with the terms of this
Agreement would be applied to the reduction of the Revolving Loans, to the Swingline Advances and Extraordinary Advances. During
the period between Settlement Dates, Revolving Agent with respect to Swingline Advances and Extraordinary Advances, and each Revolving
Lender with respect to the Revolving Loans other than Swingline Advances and Extraordinary Advances, shall be entitled to interest
at the applicable rate or rates payable under this Agreement on the daily amount of funds employed by Revolving Agent, or the Revolving
Lenders, as applicable.

 

    	 	-90-	 

     

    

 

(iv)       Anything
in this Section 2.04(d) to the contrary notwithstanding, in the event that a Revolving Lender is a Defaulting Lender,
Revolving Agent shall be entitled to refrain from remitting settlement amounts to the Defaulting Lender and, instead, shall be
entitled to elect to implement the provisions set forth in Section 2.23. In furtherance of the foregoing, each Revolving
Lender hereby acknowledges that its obligation to provide Settlement pursuant to this Section 2.04(d) is absolute
and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default
or Event of Default, or the reduction or termination of the Commitments, and that each such payment shall be made without any offset,
abatement, withholding or reduction whatsoever. The Settlement provisions set forth in this Section 2.04(d) shall
not relieve the Borrower of any default in the payment thereof.

 

(e)       Notation.
Revolving Agent, as a non-fiduciary agent for Borrower, shall maintain a register showing the principal amount of the Loans owing
to each Lender, and Swingline Advances and/or Extraordinary Advances owing to Revolving Agent, and the interests therein of each
Lender, from time to time and such register shall, absent manifest error, be presumed to be correct and accurate. In the event
of any conflict between the entries made in the register maintained by the Revolving Agent pursuant to this Section 2.04(e)
and entries made in the Register maintained by the Administrative Agent pursuant to Section 9.04(b)(ii), the entries
made in the Register maintained by the Administrative Agent shall govern and control absent manifest error.

 

(f)       Crediting
Payments. The receipt of any payment item in respect of the Revolving Credit Facility by Revolving Agent shall not be required
to be considered a payment on account unless such payment item is a wire transfer of immediately available federal funds made to
Revolving Agent’s Account or unless and until such payment item is honored when presented for payment. Should any payment
item not be honored when presented for payment, then Borrower shall be deemed not to have made such payment and interest shall
be calculated accordingly. Anything to the contrary contained herein notwithstanding, any payment item shall be deemed received
by Revolving Agent only if it is received into Revolving Agent’s Account on a Business Day on or before 1:30 p.m. If any
payment item is received into Revolving Agent’s Account on a non-Business Day or after 1:30 p.m. on a Business Day (unless
Revolving Agent, in its sole discretion, elects to credit it on the date received), it shall be deemed to have been received by
Revolving Agent as of the opening of business on the immediately following Business Day.

 

(g)       Designated
Account. Revolving Agent is authorized to make the Revolving Loans, and each Issuing Bank is authorized to issue the Letters
of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized
Person. Borrower agrees to establish and maintain the Designated Account for the purpose of receiving the proceeds of the Revolving
Loans requested by Borrower and made by Revolving Agent or the Revolving Lenders hereunder. Unless otherwise agreed by Revolving
Agent and Borrower, any Revolving Loan requested by Borrower and made by Revolving Agent or the Revolving Lenders hereunder shall
be made to the Designated Account.

 

    	 	-91-	 

     

    

 

(h)       Maintenance
of Revolving Loan Account; Statements of Obligations. Revolving Agent shall maintain an account on its books in the name of
Borrower (the “Revolving Loan Account”) on which Borrower will be charged with the Revolving Loans (including
Swingline Advances and Extraordinary Advances) made by Revolving Agent or the Revolving Lenders to Borrower or for Borrower’s
account, the Letters of Credit issued or arranged by each Issuing Bank for Borrower’s account, and with all other payment
Obligations on account of the Revolving Credit Facility hereunder or under the other Loan Documents, including, accrued interest
and fees on account thereof. In accordance with Section 2.04(f), the Revolving Loan Account will be credited with
all payments received by Revolving Agent from Borrower or for Borrower’s account in respect of the Revolving Credit Facility.
Revolving Agent shall make available to Borrower monthly statements regarding the Revolving Loan Account, including the principal
amount of the Revolving Loans and interest and fees accrued with respect thereto, and each such statement, absent manifest error,
shall be conclusively presumed to be correct and accurate unless, within 30 days after Revolving Agent first makes such a statement
available to Borrower, Borrower shall deliver to Revolving Agent written objection thereto describing the error or errors contained
in such statement.

 

Section
2.05      Letters of Credit.

 

(a)       L/C
Facility. Subject to the terms and conditions of this Agreement, until the Revolving Facility Maturity Date (the “L/C
Facility Termination Date”), the Revolving Lenders shall provide to Borrower a portion of the Revolving Facility
Commitment in an aggregate principal amount not to exceed $25,000,000 (the “L/C Sublimit”) for the issuance
of Letters of Credit. For the avoidance of doubt, HPS shall not be required to act as an Issuing Bank or be to Issue Letters of
Credit unless agreed to in writing in its sole discretion.

 

(b)       [Reserved].

 

(c)       Advances
of the L/C Facility. Until the date that is five (5) Business Days prior to the L/C Facility Termination Date, Borrower may
request the Revolving Agent to issue or cause to be issued under the Revolving Credit Facility one or more Letters of Credit for
its own account in such form as is acceptable to Revolving Agent and the Issuing Bank (if not Revolving Agent) in the Issuing Bank’s
or Revolving Agent’s reasonable discretion, respectively. Each Letter of Credit shall constitute a utilization of the Revolving
Facility Commitment in an amount equal to the L/C Exposure attributable to such Letter of Credit. Without the prior written consent
of Revolving Agent, in no event shall Borrower make any request for, or Revolving Agent recognize any request by Borrower for,
the issuance of any Letter of Credit after the date that is five (5) Business Days prior to the L/C Facility Termination Date.

 

    	 	-92-	 

     

    

 

(d)       Requests
for Issuance of Letters of Credit; Amendment; Renewal or Extension. To request the issuance, amendment, renewal or extension
of a Letter of Credit Borrower shall deliver to Revolving Agent a notice requesting for issuance of a Letter of Credit or requesting
the amendment, renewal or extension of an existing Letter of Credit, identifying the Letter of Credit to be amended, renewed or
extended, if applicable, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day),
the date on which such Letter of Credit is to expire (in compliance with paragraph (e), below), the amount of such Letter of Credit,
the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend
such Letter of Credit as applicable. Borrower also shall submit a letter of credit application on the Issuing Bank’s standard
form in connection with any request for a Letter of Credit or any request to amend, renew or extend a Letter of Credit, and copies
of all invoices, purchase orders and shipping documents relating to the Inventory to be covered by such Letter of Credit as Revolving
Agent and the Issuing Bank may request. In the event of any inconsistency between the terms and conditions of this Agreement and
the terms and conditions of any form of letter of credit application or other agreement submitted by Borrower to, or entered into
by Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

 

(e)       Limitations
on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal
or extension of each Letter of Credit Borrower shall be deemed to represent and warrant that), after giving effect to such issuance,
amendment, renewal or extension (i) the L/C Exposure with respect to such Letter of Credit shall not exceed $25,000,000, (ii) the
issuance, amendment, renewal or extension of such Letter of Credit would not cause the aggregate amount of L/C Exposures under
the L/C Facility to exceed the L/C Sublimit, and (C) the issuance, amendment, renewal or extension of such Letter of Credit would
not cause Obligations under the Revolving Credit Facility to exceed the Maximum Revolver Amount.

 

(f)       Expiration
Date. Each Letter of Credit issued hereunder shall expire at or prior to the close of business on the earlier of (A) the date
which is twelve (12) months after the date of the issuance of such Letter of Credit (or, in the case of any amendment, renewal
or extension thereof, twelve (12) months after the then-current expiration date of such Letter of Credit, so long as such amendment,
renewal or extension occurs within three (3) months of such then-current expiration date), and (B) the L/C Facility Termination
Date, unless such Letter of Credit shall have been fully Cash Collateralized on or prior to the L/C Facility Termination Date.

 

(g)       Reimbursement.
If the Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, Borrower shall reimburse the Issuing Bank
and/or Revolving Agent in respect of such L/C Disbursement as directed by the Issuing Bank and Revolving Agent in a joint written
instruction, by paying to the Issuing Bank and/or Revolving Agent, as so directed, an amount equal to such L/C Disbursement not
later than 1:30 p.m., Eastern Time, on (A) the Business Day that Borrower receives notice of such L/C Disbursement, if such notice
is received prior to 10:00 a.m., Eastern Time, or (B) the Business Day immediately following the day that Borrower receives such
notice, if such notice is not received prior to such time; provided that, Borrower may, subject to the conditions to borrowing
set forth in this Agreement, request in accordance with the applicable provisions of this Agreement that such payment be financed
with a Borrowing of Revolving Loans in an equivalent amount and, to the extent so financed, Borrower’s obligation to make
such payment in connection with an L/C Disbursement shall be discharged and replaced by the resulting Borrowing. Each such request
for a Borrowing of Revolving Loans shall be subject to all applicable terms and conditions of Section 2.04. With
respect to any amount advanced by Revolving Agent and/or any Revolving Lenders and required to be reimbursed by Borrower pursuant
to the foregoing provisions of this paragraph (g), Borrower agrees that Revolving Agent may charge any such amount to the Revolving
Loan Account on the dates such reimbursement is made.

 

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(h)       Promptly
following receipt of a notice of a L/C Disbursement, each Revolving Lender agrees to fund its Applicable Percentage of any Borrowing
deemed made pursuant to paragraph (g) above, on the same terms and conditions as if Borrower, on behalf of the other Loan Parties,
had requested the amount thereof as a Borrowing pursuant to Section 2.04 and Revolving Agent shall promptly pay to
the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. By the issuance of a Letter of Credit and
without any further action on the part of the applicable Issuing Bank or the Revolving Lenders, such Issuing Bank shall be deemed
to have granted to each Revolving Lender, and each Revolving Lender shall be deemed to have purchased, a participation in each
Letter of Credit issued by such Issuing Bank, in an amount equal to its Applicable Percentage of such Letter of Credit, and each
such Revolving Lender agrees to pay to Revolving Agent, for the account of such Issuing Bank, such Revolving Lender’s Applicable
Percentage of any L/C Disbursement made by Issuing Bank under the applicable Letter of Credit. In consideration and in furtherance
of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to Revolving Agent, for the account
of the applicable Issuing Bank, such Revolving Lender’s Applicable Percentage of each L/C Disbursement made by such Issuing
Bank and not reimbursed by the Borrower on the date due or of any reimbursement payment required to be refunded to the Borrower
for any reason. Each Revolving Lender acknowledges and agrees that its obligation to deliver to Revolving Agent, for the account
of the Issuing Bank, an amount equal to its respective Applicable Percentage of each Letter of Credit Disbursement pursuant to
this Section 2.05 shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence
or continuation of an Event of Default or Default or the failure to satisfy any condition set forth in Article IV. If any such
Revolving Lender fails to make available to Revolving Agent the amount of such Revolving Lender’s Applicable Percentage of
a L/C Disbursement as provided in this Section 2.05, then Revolving Agent (for the account of the applicable Issuing
Bank) shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon at the Defaulting
Lender Rate until paid in full.

 

(i)       Borrower
agrees to indemnify, defend and hold harmless (to the fullest extent permitted by law) each Lender and each Issuing Bank (including
the branches, Affiliates, and correspondents of each Issuing Bank) and each other Indemnitee (each, including Issuing Bank, a “Letter
of Credit Related Person”) from and against any and all claims, demands, suits, actions, investigations, proceedings,
liabilities, fines, costs, penalties, and damages, and all reasonable out-of-pocket fees and disbursements of attorneys, experts,
or consultants and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement
of this indemnification, which may be incurred by or awarded against any such Letter of Credit Related Person (other than Taxes,
which shall be governed by Section 2.17, unless such Taxes are imposed pursuant to a non-Tax claim on amounts payable
pursuant to this Section 2.05) (the “Letter of Credit Indemnified Costs”), and which arise
out of or in connection with, or as a result of:

 

    	 	-94-	 

     

    

 

(i)        any
Letter of Credit or any pre-advice of its issuance;

 

(ii)       any
transfer, sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any such Letter of Credit Related
Person in connection with any Letter of Credit;

 

(iii)       any
action or proceeding arising out of, or in connection with, any Letter of Credit (whether administrative, judicial or in connection
with arbitration), including any action or proceeding to compel or restrain any presentation or payment under any Letter of Credit,
or for the wrongful dishonor of, or honoring a presentation under, any Letter of Credit;

 

(iv)       any
independent undertakings issued by the beneficiary of any Letter of Credit;

 

(v)       any
unauthorized instruction or request made to Issuing Bank in connection with any Letter of Credit or requested Letter of Credit
or error in computer or electronic transmission;

 

(vi)       an
adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated;

 

(vii)      any
third party seeking to enforce the rights of an applicant, beneficiary, nominated person, transferee, assignee of Letter of Credit
proceeds or holder of an instrument or document;

 

(viii)     the
fraud, forgery or illegal action of parties other than the Letter of Credit Related Person;

 

(ix)       Issuing
Bank’s performance of the obligations of a confirming institution or entity that wrongfully dishonors a confirmation; or

 

(x)       the
acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto governmental or regulatory authority
or cause or event beyond the control of the Letter of Credit Related Person;

 

in each case, including that resulting from
the Letter of Credit Related Person’s own negligence; provided, however, that such indemnity shall not be available
to any Letter of Credit Related Person claiming indemnification under clauses (i) through (x) above to the extent that such Letter
of Credit Indemnified Costs (x) are determined in a final, non-appealable judgment of a court of competent jurisdiction to have
resulted directly from the gross negligence, bad faith or willful misconduct of the Letter of Credit Related Person claiming indemnity,
(y) result from a material breach by such Letter of Credit Related Person claiming indemnification at a time when the Borrower
has not breached its obligations under the Loan Documents or (z) result from a dispute solely among Letter of Credit Related Persons.
Borrower hereby agrees to pay the Letter of Credit Related Person claiming indemnity on demand from time to time all amounts owing
under this Section 2.05(i). If and to the extent that the obligations of Borrower under this Section 2.05(i)
are unenforceable for any reason, Borrower agrees to make the maximum contribution to the Letter of Credit Indemnified Costs permissible
under applicable law. This indemnification provision shall survive termination of this Agreement and all Letters of Credit.

 

    	 	-95-	 

     

    

 

(j)           The
liability of Issuing Bank (or any other Letter of Credit Related Person) under, in connection with or arising out of any Letter
of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages
suffered by Borrower that are caused directly by Issuing Bank’s gross negligence or willful misconduct in (i) honoring a
presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of
such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies with the terms and
conditions of such Letter of Credit or (iii) retaining Drawing Documents presented under a Letter of Credit. Issuing Bank shall
be deemed to have acted with due diligence and reasonable care if Issuing Bank’s conduct is in accordance with Standard Letter
of Credit Practice or in accordance with this Agreement. Borrower’s aggregate remedies against Issuing Bank and any Letter
of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing
Documents shall in no event exceed the aggregate amount paid by Borrower to Issuing Bank in respect of the honored presentation
in connection with such Letter of Credit under Section 2.05(h), plus interest at the rate then applicable to Revolving
Loans hereunder. Borrower shall take action to avoid and mitigate the amount of any damages claimed against Issuing Bank or any
other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit. Any
claim by Borrower under or in connection with any Letter of Credit shall be reduced by an amount equal to the sum of (x) the amount
(if any) saved by Borrower as a result of the breach or alleged wrongful conduct complained of; and (y) the amount (if any) of
the loss that would have been avoided had Borrower taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful
dishonor, by specifically and timely authorizing Issuing Bank to effect a cure.

 

(k)          Borrower
is responsible for preparing or approving the final text of the Letter of Credit as issued by Issuing Bank, irrespective of any
assistance Issuing Bank may provide such as drafting or recommending text or by Issuing Bank’s use or refusal to use text
submitted by Borrower. Borrower is solely responsible for the suitability of the Letter of Credit for Borrower’s purposes.
With respect to any Letter of Credit containing an “automatic amendment” to extend the expiration date of such Letter
of Credit, Issuing Bank, in its sole discretion, may give notice of nonrenewal of such Letter of Credit and, if Borrower does not
at any time want such Letter of Credit to be renewed, Borrower will so notify Revolving Agent and Issuing Bank at least 15 calendar
days before Issuing Bank is required to notify the beneficiary of such Letter of Credit or any advising bank of such nonrenewal
pursuant to the terms of such Letter of Credit.

 

(l)           Borrower’s
reimbursement and payment obligations under this Section 2.05 are absolute, unconditional and irrevocable and shall
be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including:

 

(i)        any
lack of validity, enforceability or legal effect of any Letter of Credit or this Agreement or any term or provision therein or
herein;

 

    	 	-96-	 

     

    

 

(ii)       payment
against presentation of any draft, demand or claim for payment under any Drawing Document that does not comply in whole or in part
with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement
therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such
Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;

 

(iii)       Issuing
Bank or any of its branches or Affiliates being the beneficiary of any Letter of Credit;

 

(iv)       Issuing
Bank or any correspondent honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit even
if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit;

 

(v)       the
existence of any claim, set-off, defense or other right that Borrower or any other Person may have at any time against any beneficiary,
any assignee of proceeds, Issuing Bank or any other Person;

 

(vi)       any
other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section
2.05(l), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, Borrower’s
reimbursement and other payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether
against Issuing Bank, the beneficiary or any other Person; or

 

(vii)       the
fact that any Default or Event of Default shall have occurred and be continuing;

 

provided, however, that subject
to Section 2.05(j) above, the foregoing shall not release Issuing Bank from such liability to Borrower as may be
finally determined in a final, non-appealable judgment of a court of competent jurisdiction against Issuing Bank following reimbursement
or payment of the obligations and liabilities, including reimbursement and other payment obligations, of Borrower to Issuing Bank
arising under, or in connection with, this Section 2.05 or any Letter of Credit.

 

(m)       Without
limiting any other provision of this Agreement, Issuing Bank and each other Letter of Credit Related Person (if applicable) shall
not be responsible to Borrower for, and Issuing Bank’s rights and remedies against Borrower and the obligation of Borrower
to reimburse Issuing Bank for each drawing under each Letter of Credit shall not be impaired by:

 

(i)       honor
of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter
of Credit, even if the Letter of Credit requires strict compliance by the beneficiary;

 

(ii)       honor
of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by any purported
successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document or (B) under
a new name of the beneficiary;

 

    	 	-97-	 

     

    

 

(iii)       acceptance
as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in
the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the
Letter of Credit;

 

(iv)       the
identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of
any Drawing Document (other than Issuing Bank’s determination that such Drawing Document appears on its face substantially
to comply with the terms and conditions of the Letter of Credit);

 

(v)       acting
upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that Issuing Bank in good faith believes
to have been given by a Person authorized to give such instruction or request;

 

(vi)       any
errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent
or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing to give
notice to Borrower;

 

(vii)       any
acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other Person or any breach
of contract between the beneficiary and Borrower or any of the parties to the underlying transaction to which the Letter of Credit
relates;

 

(viii)     assertion
or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any requirement
that any Drawing Document be presented to it at a particular hour or place;

 

(ix)       payment
to any paying or negotiating bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully
honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it;

 

(x)       acting
or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where Issuing Bank has issued,
confirmed, advised or negotiated such Letter of Credit, as the case may be;

 

(xi)       honor
of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such
expiration date and dishonored by Issuing Bank if subsequently Issuing Bank or any court or other finder of fact determines such
presentation should have been honored;

 

(xii)       dishonor
of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

 

    	 	-98-	 

     

    

 

(xiii)       honor
of a presentation that is subsequently determined by Issuing Bank to have been made in violation of international, federal, state
or local restrictions on the transaction of business with certain prohibited Persons.

 

(n)       Unless
otherwise expressly agreed by Issuing Bank and Borrower when a Letter of Credit is issued (including any such agreement applicable
to an Existing Letter of Credit), the rules of the ISP and the UCP shall apply to each standby Letter of Credit.

 

Section
2.06      Collections.

 

(a)       The
Loan Parties shall establish and maintain cash management services of a type, number, number with a financial institution and on
terms, in each case, reasonably satisfactory to the Revolving Agent including the concentration accounts described below (each
such deposit account, a “Collection Account” and, collectively, the “Collection Accounts”).
Each Loan Party shall take commercially reasonable steps to ensure that, net cash proceeds in excess of Minimum Retained Amounts
received from payments by (i) Securitization Providers and Credit Support Providers in respect of the purchase of Receivables from
Loan Parties and (ii) Account Debtors that are not paid directly in to a Collection Account of a Loan Party shall be deposited
promptly (and in no event later than the third Business Day after the date of receipt thereof) into a Collection Account of a Loan
Party subject to a Control Agreement which provides the Collateral Agent with springing “control” over such account
(each, a “Controlled Account”).

 

(b)       Each
Control Agreement shall provide, that following written notice from Revolving Agent to the applicable bank or securities intermediary
after the occurrence of a Cash Dominion Event the applicable bank or securities intermediary will forward, by daily sweep, all
amounts in such account to the Revolving Agent’s Account, provided, that, notwithstanding the foregoing, after the occurrence
of a Cash Dominion Event, unless an Event of Default pursuant to Section 7.01(b), 7.01(c), 7.01(h) or 7.01(i) is continuing or
Excess Availability is less than $5,000,000, the Revolving Agent shall direct the applicable bank or securities intermediary to
forward, by daily sweep, only amounts in excess of $30,000,000 (across all such accounts in the aggregate) to the Revolving Agent’s
Account. To the extent a Cash Dominion Period terminates in accordance with clause (ii) of the definition thereof, Revolving Agent
shall work in good faith with the applicable bank or securities intermediary to restore springing control as promptly as possible.

 

Section
2.07      Interest Elections. (a) Each Borrowing initially shall be of the Type specified
in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified
in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section.
The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans resulting from
an election made with respect to any such portion shall be considered a separate Borrowing. For the avoidance of doubt, a Swingline
Advance that has not been converted to Revolving Loans (other than a Swingline Advance) may not be converted or continued.

 

    	 	-99-	 

     

    

 

(b)       To
make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (as provided in
Section 9.01) in writing (in a form as the Administrative Agent may reasonably request) (which may be by electronic
mail or telecopy), in the case of an election that would result in a Borrowing, by the time that a Borrowing Request would be required
under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be
made on the effective date of such election. Notwithstanding any other provision of this Section, the Borrower shall not be permitted
to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with
Section 2.02(d) or (iii) convert any Borrowing to a Borrowing not available under the Class of Commitments
pursuant to which such Borrowing was made.

 

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

 

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

 

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

 

(iii)      whether
the resulting outstanding credit extension is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 

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

 

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

 

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

 

(e)       If
the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period
such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing and the Administrative Agent, at the written request (including a request through electronic means)
of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing
of Loans, may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing of Loans
shall be converted to an ABR Borrowing of the applicable Class at the end of the Interest Period applicable thereto.

 

    	 	-100-	 

     

    

 

Section
2.08      Termination and Reduction of Commitments. (a)(i) Unless previously terminated
the Revolving Facility Commitment shall terminate on the Revolving Facility Maturity Date and (ii) the Term Loan Commitments shall
terminate on the Closing Date (immediately after the incurrence of the Term Loans on such date).

 

(b)       The
Borrower may at any time terminate, or from time to time reduce, the Revolving Facility Commitments; provided, that
(i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000 and not less
than $5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments), (ii) such reduction shall be without
premium or penalty (but subject to Section 2.16 and except for the Prepayment Fee payable pursuant to Sections 2.12(e))
and (iii) the Borrower shall not terminate or reduce the Revolving Facility Commitments to an amount that would be less than
the sum of (A) the Revolving Facility Exposure as of such date, plus (B) the principal amount of all Revolving Loans not yet made
as to which a request has been given by Borrower under Section 2.04(a), plus (C) the amount of all Letters of Credit not
yet issued as to which a request has been given by Borrower pursuant to Section 2.05; provided further
that, the Borrower may terminate the unused Revolving Facility Commitments of any Defaulting Lender at any time, or from time to
time, in any amounts and without a pro rata reduction of the Revolving Facility Commitments of the other Lenders.

 

(c)       The
Borrower shall notify the Administrative Agent in writing (which may be by electronic mail or telecopy) of any election to terminate
or reduce the Revolving Facility Commitments under paragraph (b) of this Section at least three Business Days
prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly
following receipt of any notice, the Administrative Agent shall advise the Revolving Agent, who in turn shall advise the applicable
Revolving Lenders, of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable;
provided, that a notice of termination of the Revolving Facility Commitments delivered by the Borrower may state
that such notice is conditioned upon the effectiveness of an event or other financing, in which case such notice may be revoked
by the Borrower (by notice to the Administrative Agent and Revolving Agent on or prior to the specified effective date) if such
condition is not satisfied. Any termination or reduction of the Commitments of any Class pursuant to this Section 2.08
shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their
respective Commitments of such Class.

 

Section
2.09      Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally
promises to pay (i) to the Administrative Agent for the account of each Revolving Lender, the then unpaid principal amount of
each Revolving Loan and each L/C Disbursement of such Lender on the Revolving Facility Maturity Date, (ii) to the Administrative
Agent for the account of each Term Lender the then unpaid principal amount of each Term Loan of such Term Lender as provided in
Section 2.10 and (iii) to the Revolving Agent, the then unpaid principal amount of each Swingline Advance on
the Revolving Facility Maturity Date.

 

    	 	-101-	 

     

    

 

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

 

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

 

(d)       The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall
be prima facie evidence of the existence, currencies and amounts of the obligations recorded therein; provided, that
the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement and in the event of any conflict
between the entries made in the accounts maintained pursuant to Section 2.09(b) and the accounts maintained pursuant
to Section 2.09(c), the accounts maintained pursuant to Section 2.09(c) shall govern and control absent
manifest error.

 

(e)       Any
Lender may request that Loans of any Class made by it be evidenced by a promissory note (a “Note”). In
such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered
assigns and in a form approved by the Administrative Agent (with respect to Term Loans) or the Revolving Agent (with respect to
Revolving Loans) and reasonably acceptable to the Borrower.

 

Section
2.10      Repayment of Loans.

 

(a)       Subject
to the other paragraphs of this Section, the Borrower shall repay Term Loans prior to 2:00 p.m., Local Time, on each date set forth
below in the aggregate principal amount set forth for such Borrowings opposite such date:

 

	Date	 	Term Loans to Be Repaid	 
	March 31, 2019	 	$	1,612,500.00	 
	June 30, 2019	 	$	1,612,500.00	 
	September 30, 2019	 	$	4,031,250.00	 
	December 31, 2019	 	$	4,031,250.00	 
	March 31, 2020	 	$	8,062,500.00	 
	June 30, 2020	 	$	8,062,500.00	 
	September 30, 2020	 	$	8,062,500.00	 
	December 31, 2020	 	$	8,062,500.00	 
	March 31, 2021	 	$	8,062,500.00	 

 

    	 	-102-	 

     

    

 

	Date	 	Term Loans to Be Repaid	 
	June 30, 2021	 	$	8,062,500.00	 
	September 30, 2021	 	$	8,062,500.00	 
	December 31, 2021	 	$	8,062,500.00	 
	March 31, 2022	 	$	8,062,500.00	 
	June 30, 2022	 	$	8,062,500.00	 
	September 30, 2022	 	$	8,062,500.00	 
	December 31, 2022	 	$	8,062,500.00	 
	March 31, 2023	 	$	8,062,500.00	 
	June 30, 2023	 	$	8,062,500.00	 
	September 30, 2023	 	$	8,062,500.00	 
	Term Loan Maturity Date	 	 	the remaining principal amount	 

 

To the extent not previously paid, the outstanding
principal amount of the Term Loans shall be due and payable on the Term Loan Maturity Date. If any payment under this clause
(a) shall be due on a day that is not a Business Day, the date for payment shall be the next preceding Business Day.

 

(b)       To
the extent not previously paid, outstanding Revolving Loans shall be due and payable on the Revolving Facility Maturity Date.

 

(c)       Subject
to Section 2.23, prepayment of the Loans from:

 

(i)       all
Net Proceeds pursuant to Section 2.11(b) and Excess Cash Flow pursuant to Section 2.11(c)
that are applied to prepay Term Loans shall be applied to reduce the unpaid scheduled amortization payments under paragraph (a)
above in respect of the Term Loans on a ratable basis (which shall include, for the avoidance of doubt, the Term Loan Maturity
Date payment); and

 

(ii)       any
optional prepayments of the Term Loans pursuant to Section 2.11(a) shall be applied to reduce the unpaid scheduled
amortization payment under paragraph (a) above in respect of the Term Loans on a ratable basis (which shall
include, for the avoidance of doubt, the Term Loan Maturity Date payment).

 

(d)       Prior
to any repayment of any Loan or Loans hereunder, the Borrower shall select the Borrowing or Borrowings constituting such Loan or
Loans to be repaid or reduced and shall notify the Administrative Agent in writing by electronic mail or telecopy) of such selection
(i) in the case of an ABR Term Loan Borrowing, not later than 12:00 p.m., Local Time, one Business Day before the scheduled
date of such repayment, (ii) in the case of a Eurocurrency Borrowing, not later than 12:00 p.m., Local Time, three Business
Days before the scheduled date of such repayment or reduction and (iii) in the case of an ABR Revolving Borrowing, not later than
10:00 a.m. Local Time, one Business Day prior to the day of such repayment. Except as otherwise provided in Section 2.11(e),
each repayment of a Borrowing within any Class shall be applied ratably to the Loans in such Class included in the repaid Borrowing.
Notwithstanding anything to the contrary in the immediately preceding sentence, the Borrower shall select the Borrowing or Borrowings
to be repaid and shall notify the Administrative Agent in writing (by electronic mail or telecopy) of such selection not later
than 12:00 p.m., Local Time, on the scheduled date of such repayment. Repayments of Borrowings shall be accompanied by accrued
interest on the amount repaid and any fees required pursuant to Section 2.12(e) and reasonably documented out-of-pocket
expenses with respect to such repayments to the extent required to be reimbursed pursuant to the terms of this Agreement. Notwithstanding
anything herein to the contrary (but in any event subject to Section 2.16), the Borrower may rescind any notice of
prepayment pursuant to Section 2.11(a), if such prepayment would have resulted from a refinancing or repayment of
the facilities under this Agreement (whether through the incurrence of other Indebtedness, issuance of Equity Interests or otherwise),
which refinancing or repayment shall not be consummated or shall otherwise be delayed, or condition such prepayment pursuant to
Section 2.11(a) on the consummation of such refinancing or repayment. Any prepayments required to be made under Sections 2.11(b),
(c) or (d) shall be accompanied by a written notice of such prepayment in accordance with the timing
in this Section 2.10(d), and shall include the sub-section of Section 2.11 that such payment is being made pursuant
to.

 

    	 	-103-	 

     

    

 

(e)       Notwithstanding
the foregoing provisions of this Section 2.10, the application of all payments and prepayments of Loans shall be
subject to the Agreement Among Lenders. For the avoidance of doubt, this Section 2.10(e) shall not apply to prepayments
of the Second Lien Term Loans.

 

Section
2.11      Prepayment of Loans. (a) The Borrower shall have the right, in its sole
discretion at any time and from time to time to prepay any Borrowing in whole or in part, in accordance with paragraphs (c)
and (d) of Section 2.10, without premium or penalty (but subject to Section 2.16
and except for the Prepayment Fee payable pursuant to Sections 2.12(e)), in an aggregate principal
amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum or, if less, the amount
outstanding, subject to prior written notice in accordance with Section 2.10(d).

 

(b)       Not
later than the fifth Business Day after Borrower’s receipt thereof, Net Proceeds shall be applied promptly after receipt
thereof to prepay Term Loans in accordance with paragraphs (c) and (d) of Section 2.10.
For the avoidance of doubt, in the event that any Net Proceeds are not reinvested within the periods specified to in “Net
Proceeds”, or, promptly following the request by the Administrative Agent if an Event of Default shall have occurred and
be continuing at the time such Net Proceeds are received by the Borrower, the Borrower shall immediately apply the Net Proceeds
as set forth in paragraphs (c) and (d) of Section 2.10. Notwithstanding anything to the contrary
in this Agreement, any Net Proceeds of the type described in clause (d) of definition of “Net Proceeds” shall be applied
ratably among the Term Loans, the Revolving Loans and the Indebtedness outstanding under the Second Lien Credit Agreement, based
on the original principal amounts of each facility as of the Closing Date.

 

(c)       Not
later than 105 days after the end of each Excess Cash Flow Period, commencing with the Excess Cash Flow Period ending on December
31, 2019, the Borrower shall prepay the Term Loans as set forth in paragraphs (c) and (d) of Section 2.10
in an aggregate amount equal to the (A) the Required Percentage of such Excess Cash Flow, if any, for such Excess Cash Flow Period,
minus (B) the sum of (1) the aggregate principal amount of voluntary prepayments of Term Loans pursuant
to Section 2.11(a), (2) permanent voluntary reductions of Revolving Facility Commitments pursuant to Section 2.08(b)
solely to the extent that an equal amount of Revolving Loans was simultaneously repaid pursuant to Section 2.11(a)
(and solely to the extent any such voluntary prepayments of Term Loans and permanent reductions of Revolving Facility Commitments
shall not have already been deducted when calculating Excess Cash Flow) and (3) the aggregate amount of Net Proceeds applied to
repay the Term Loans pursuant to Section 2.11(b) in respect of clause (c) of the definition of “Net
Proceeds” in such Excess Cash Flow Period; provided, that if the amount in clause (B) exceeds
the amount in clause (A), no such prepayment of Term Loans shall be required. Not later than five Business Days
after the date on which the Borrower is required to deliver financial statements with respect to the end of each Excess Cash Flow
Period under Section 5.04(a), the Borrower will deliver to the Administrative Agent a certificate signed by
a Responsible Officer of the Borrower setting forth the amount, if any, of Excess Cash Flow for such fiscal year, the amount of
any required prepayment and the calculation thereof in reasonable detail.

 

    	 	-104-	 

     

    

 

(d)       In
the event and on such occasion that the total Revolving Facility Exposure exceeds the lesser of (x) the total Revolving Facility
Commitments and (y) the Borrowing Base, the Borrower shall prepay Revolving Borrowings (or, if no such Borrowings are outstanding,
deposit Cash Collateral in an account with the Collateral Agent pursuant to Section 2.22) in an aggregate amount
equal to such excess.

 

(e)       Each
Lender may elect, by notice to the Administrative Agent at or prior to the time and in the manner specified by the Administrative
Agent (prior to any prepayment of Term Loans required to be made by the Borrower pursuant to this Section 2.11),
to decline all (but not a portion) of its Applicable Percentage of such prepayment (such declined amounts, the “Declined
Amounts”) in which case such Declined Amounts shall be applied (A) first to the remaining non-declining Lenders on
a ratable basis and (B) second, any remaining amounts, to any mandatory prepayments required under Section 2.11(b)
of the Second Lien Credit Agreement; provided that in the event any Second Lien Lenders elect to decline receipt of such
Declined Amounts in accordance with the terms of the Second Lien Credit Agreement, the remaining amount thereof may be retained
by the Borrower (such retained amount, the “Retained Declined Amounts”). If a Lender fails to deliver
a notice of election declining receipt of its Applicable Percentage of such mandatory prepayment to the Administrative Agent within
the time frame specified by the Administrative any such failure will be deemed to constitute an acceptance of such Lender’s
Applicable Percentage of the total amount of such mandatory prepayment of Term Loans.

 

(f)       Notwithstanding
the foregoing provisions of this Section 2.11, the application of all payments and prepayments of Loans shall be
subject to the Agreement Among Lenders. For the avoidance of doubt, this Section 2.11(f) shall not apply to prepayments
of the Second Lien Term Loans.

 

    	 	-105-	 

     

    

 

(g)       Notwithstanding
any other provisions of this Section 2.11, (A) to the extent that any of or all the Net Proceeds described in clauses (b)
and (c) of this Section 2.11 are attributable to a Foreign Subsidiary that would otherwise give rise
to a prepayment obligation under any such clause, in each case (x) are prohibited or delayed by applicable local law or restrictions
(not effected in anticipation or contemplation of such prepayment) under such Foreign Subsidiary’s Organizational Documents
(including as a result of minority ownership) from being repatriated to the United States or (y) the upstreaming or transfer
as a distribution or dividend of which would, in the good faith determination of the Borrower in consultation with the Administrative
Agent, cause any Loan Party or Subsidiary thereof to incur a material adverse tax liability and (B) to the extent that any or all
of the relevant Net Proceeds described in clauses (b) and (c) of this Section 2.11 are
received by any joint venture, for so long as the repatriation to the Borrower of such Net Proceeds would be prohibited under the
Organizational Documents governing such joint venture or the existing documents governing the Indebtedness of such joint venture
(such amount described in the foregoing clause (A) or (B), as the case may be, a “Restricted
Amount”), then the amount the Borrower will be required to mandatorily prepay shall be reduced by the Restricted
Amount and such Restricted Amount may be retained by the applicable Subsidiary, and the failure to apply any such Restricted Amounts
toward any such mandatory prepayment shall not result in a Default or Event of Default hereunder; provided, that the Borrower
hereby agrees to cause the applicable Subsidiary to promptly take all commercially reasonable actions required by the applicable
local law to permit such repatriation, or as the case may be, to eliminate such material adverse tax liability in its reasonable
control in order to make such prepayment, and once such repatriation of any of such affected Net Proceeds is no longer delayed
or is permitted under the applicable local law, Organizational Document(s), or as the case may be, such material adverse tax liability
is eliminated, such repatriation will be promptly effected and such repatriated Net Proceeds will be promptly (and in any event
not later than five (5) Business Days after such repatriation) applied to the repayment of the Loans pursuant to this Section
2.11.

 

Section
2.12      Fees. (a) The Borrower agrees to pay to each Revolving Lender (other than
any Defaulting Lender), through the Administrative Agent, three Business Days after the last day of March, June, September and
December in each year, and three Business Days after the date on which the Revolving Facility Commitments of all the Revolving
Lenders shall be terminated as provided herein (which, if said day is not a Business Day, then the next Business Day thereafter),
a commitment fee (a “Commitment Fee”) on the average daily amount of the Available Unused Commitment
of such Revolving Lender during the preceding quarter (or shorter period commencing with the Closing Date or ending with the date
on which the last of the Revolving Facility Commitments of such Lender shall be terminated), which shall accrue at a rate equal
to the Applicable Margin. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of
360 days. For the purpose of calculating any Lender’s Commitment Fee, the outstanding Swingline Advances during the
period for which such Lender’s Commitment Fee is calculated shall be deemed to be zero. The Commitment Fee due to each Revolving
Lender shall commence to accrue on the Closing Date and shall cease to accrue on the date on which the last of the Revolving Facility
Commitments of such Lender shall be terminated as provided herein.

 

    	 	-106-	 

     

    

 

(b)       The
Borrower from time to time agrees to pay (i) to Revolving Agent, for its own account, three Business Days after the last day of
March, June, September and December of each year and three Business Days after the date on which the Revolving Facility Commitments
of all the Lenders shall be terminated as provided herein, a fee (an “L/C Participation Fee”) on the
daily aggregate L/C Exposure (excluding the portion thereof attributable to unreimbursed L/C Disbursements), during the preceding
quarter (or shorter period commencing with the Closing Date or ending with the Revolving Facility Maturity Date or the date on
which the Revolving Facility Commitments shall be terminated) at the rate per annum equal to the Applicable Margin for Eurocurrency
Revolving Borrowings effective for each day in such period and (ii) to each Issuing Bank, for its own account, (x) three Business
Days after the last day of March, June, September and December of each year and three Business Days after the date on which the
Revolving Facility Commitments of all the Lenders shall be terminated as provided herein, a fronting fee in respect of each Letter
of Credit issued by such Issuing Bank for the period from and including the date of issuance of such Letter of Credit to and including
the termination of such Letter of Credit, computed at a rate to be agreed between the Issuing Bank and the Borrower per annum
of the daily average stated amount of such Letter of Credit (or as otherwise agreed with such Issuing Bank), plus
(y) in connection with the issuance, amendment or transfer of any such Letter of Credit or any L/C Disbursement thereunder, such
Issuing Bank’s customary documentary and processing charges (collectively, “Issuing Bank Fees”).
All L/C Participation Fees and Issuing Bank Fees that are payable on a per annum basis shall be computed on the basis of
the actual number of days elapsed in a year of 360 days.

 

(c)       The
Borrower agrees to pay to the Administrative Agent, for the account of the Administrative Agent, the administrative agent fees
set forth in the Fee Letter (the “Administrative Agent Fees”).

 

(d)       The
Borrower agrees to pay to the Documentation Agent, for the account of the Documentation Agent, the documentation agent fees set
forth in the Fee Letter (the “Documentation Agent Fees”).

 

(e)       If
(x) the Borrower makes a voluntary prepayment of all or any portion of Term Loans pursuant to Section 2.11(a) or
a mandatory prepayment of all or any portion of Term Loans pursuant to Section 2.11(b) from the receipt of Net Proceeds
pursuant to clause (a) (other than with respect to asset sales and other Dispositions by the Borrower and its Subsidiaries resulting
in Net Proceeds in an amount less than $25,000,000 in the aggregate), clause (b) or clause (c) of the definition thereof, (y) any
Prepayment Transaction is consummated in respect of all or any portion of the Term Loans (including an assignment of all or any
portion of a Term Loan held by a Non-Consenting Lender pursuant to Section 2.19(c)) or (z) the Borrower makes a voluntary
or mandatory reduction of the Revolving Facility Commitments (collectively, the “Payment or Reduction Events”
and each , a “Payment or Reduction Event”), the Borrower shall pay each Lender whose Term Loans or Revolving
Facility Commitments are subject to such Payment or Reduction Event, on the date of such Payment or Reduction Event, a fee (the
“Prepayment Fee”), equal to: (i) if such Payment or Reduction Event occurs on or prior to the first anniversary
of the Closing Date, 3.00% of the aggregate principal amount of Term Loans and/or Revolving Facility Commitments, as applicable,
subject to such Payment or Reduction Event, (ii) if such Payment or Reduction Event occurs after the first anniversary of the Closing
Date but on or prior to the second anniversary of the Closing Date, 2.00% on the aggregate principal amount of Term Loans and/or
Revolving Facility Commitments, as applicable, subject to such Payment or Reduction Event and (iii) if such Payment or Reduction
Event occurs after the second anniversary of the Closing Date but on or prior to the third anniversary of the Closing Date, 1.00%
on the aggregate principal amount of Term Loans and/or Revolving Facility Commitments, as applicable, subject to such Payment or
Reduction Event; provided, however that for the avoidance of doubt, no Prepayment Fee shall be due
with respect to any prepayments made pursuant to Section 2.11(b) from the receipt of Net Proceeds pursuant to (A)
a Takings or Casualty Event, (B) clause (d) of the definition of “Net Proceeds” or (C) Section 2.11(c).

 

    	 	-107-	 

     

    

 

(f)       Field
Examination and Other Fees. Borrower shall pay to Revolving Agent $12,500 per month in addition to third party field examination,
appraisal, and valuation fees and charges as and when incurred or chargeable; provided, that for so long as no Event of
Default shall have occurred and be continuing, Borrower shall not be obligated to reimburse Revolving Agent for more than (i) two
(2) Field Exams and Inventory Appraisals in any twelve month period; provided that any additional Field Exams or Inventory
Appraisals required by Revolving Agent in any given twelve month period shall be performed at the expense of Revolving Agent; and,
provided, further, that if an Event of Default shall have occurred and be continuing, Revolving Agent may conduct
additional Field Exams and Inventory Appraisals at Borrower’s expense. For the avoidance of doubt, the reimbursement limitations
set forth in this clause (f) shall not apply to Field Exams and Inventory Appraisals conducted in connection with a Permitted Business
Acquisition (provided that unless agreed otherwise with the Borrower, there shall not be more than one such exam per Permitted
Business Acquisition).

 

(g)       All
Fees and expenses shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or with respect
to clause (f), to the Revolving Agent), for distribution, if and as appropriate, among the applicable Lenders, except that Issuing
Bank Fees shall be paid directly to the applicable Issuing Banks. Once paid, none of the Fees shall be refundable under any circumstances.

 

Section
2.13      Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline
Advance) shall bear interest at the ABR plus the Applicable Margin.

 

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

 

(c)       Notwithstanding
the foregoing, if any Event of Default exists or is continuing, then all such amounts outstanding under the Loan Documents shall
bear interest, after as well as before judgment, at a rate per annum equal to (A) in the case of principal of any Loan,
2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or
(B) in the case of any other amount, 2.00% plus the interest rate that would have applied had such amount, during
the period of non-payment, constituted an ABR Loan; provided, that this paragraph (c) shall not
apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.09.

 

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

 

    	 	-108-	 

     

    

 

(e)       All
computations of interest for ABR Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual
days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall
accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day
on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made
shall, subject to Section 2.18(a), bear interest for one day. Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

Section
2.14      Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurocurrency Borrowing denominated in any currency, on any day:

 

(a)       the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining any applicable Adjusted Eurocurrency Rate for such currency for such Interest Period for such day;
or

 

(b)       the
Administrative Agent is advised by the Required Lenders that any applicable Adjusted Eurocurrency Rate for such currency for such
Interest Period for such day will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans
included in such Borrowing, for such Interest Period or such day;

 

then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by electronic mail or telecopy as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing
denominated in such currency shall be ineffective and such Borrowing shall be converted to or continued as on the last day of the
Interest Period applicable thereto, an ABR Borrowing and (ii) if any Borrowing Request requests a Eurocurrency Borrowing in such
currency, such Borrowing shall be made as an ABR Borrowing.

 

If at any time the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause
(a) above have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause
(a) above have not arisen but the supervisor for administrator of LIBOR or a Governmental Authority having jurisdiction over
the Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be used for
determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavour to establish an alternate
rate of interest to LIBOR that gives due consideration to the then prevailing market convention for determining a rate of interest
for syndicated loans in the U.S. at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate
of interest and such other related changes to this Agreement as may be applicable (but, for the avoidance of doubt, such related
changes shall not include a reduction in the Applicable Margin). Notwithstanding anything to the contrary in Section 9.09,
such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the
Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest
is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.
From and after the making of a determination described in this paragraph until an alternate rate of interest shall be determined
in accordance with paragraph (but in the case of the circumstances described in clause (ii), only to the extent LIBOR for
the applicable Interest Period is not available or published at such time on a current basis) any Interest Election Request that
requests the conversion of Borrowing to, or continuation of any Borrowing as, a LIBOR Borrowing for the applicable Interest Period
shall be ineffective.

 

    	 	-109-	 

     

    

 

Section
2.15      Increased 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 Adjusted Eurocurrency Rate) or any Issuing Bank;

 

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

 

(iii)       impose
on any Lender or Issuing Bank or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency
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 of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make
any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of
Credit or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether
of principal, interest or otherwise), then the Borrower will pay to such Lender or Issuing Bank, as applicable, such additional
amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction
suffered.

 

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

 

    	 	-110-	 

     

    

 

(c)       A
certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank
or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section shall
be delivered to the Borrower (attaching reasonable supporting back-up evidence with respect to such calculations) and shall be
conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Bank, as applicable, the amount shown as due on
any such certificate within 30 days after receipt thereof.

 

(d)       Promptly
after any Lender or any Issuing Bank has determined that it will make a request for increased compensation pursuant to this Section 2.15,
such Lender or Issuing Bank shall notify the Borrower thereof. Failure or delay on the part of any Lender or Issuing Bank to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand
such compensation; provided, that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant
to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or Issuing
Bank, as applicable, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
or Issuing Bank’s intention to claim compensation therefor; provided, further, that if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended
to include the period of retroactive effect thereof.

 

Section
2.16      Break Funding Payments. In the event of (a) the payment of any principal
of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event
of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto,
(c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant
hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as
a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall
compensate each Lender for their reasonable and documented out-of-pocket loss, cost and expense attributable to such event. In
the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined by such
Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had
such event not occurred, at the Adjusted Eurocurrency Rate that would have been applicable to such Loan, for the period from the
date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert
or continue a Eurocurrency Loan, for the period that would have been the Interest Period for such Loan), over (ii) the amount
of interest that would accrue on such principal amount for such period at the interest rate that such Lender would bid were it
to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period from other
banks in the Eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled
to receive pursuant to this Section (together with reasonable supporting backup calculations) in respect thereof shall be delivered
to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any
such certificate within 30 days after receipt thereof.

 

    	 	-111-	 

     

    

 

Section
2.17      Taxes.

 

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

 

(b)       Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or 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 Borrower or 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) 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 Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)       Indemnification
by the Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within 30 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 2.17(d)) payable or paid by such Recipient or required to be withheld or deducted from a payment to such
Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf
or on behalf of a Lender, shall be conclusive absent manifest error.

 

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

 

    	 	-112-	 

     

    

 

(f)       Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent and Revolving Agent, within 30 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or any Loan Party
has not already indemnified the Administrative Agent or Revolving Agent, as applicable, for such Indemnified Taxes and without
limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with
the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes
attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or Revolving Agent, as applicable
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to any Lender by the Administrative Agent or Revolving Agent, as applicable, shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent or Revolving Agent, as applicable, to set off and
apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent
or Revolving Agent, as applicable, to the Lender from any other source against any amount due to the Administrative Agent or Revolving
Agent, as applicable, under this Section 2.17(f).

 

(g)          Status
of Lenders and Agents. 

 

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

 

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

 

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

 

    	 	-113-	 

     

    

 

(B)       each
Foreign Lender and each Agent that is not a U.S. Person (a “Foreign Agent”) shall, to the extent it is
legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested
by the recipient) on or prior to the date on which such Person becomes a party to this Agreement or other applicable Loan Document
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following
is applicable:

 

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

 

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

 

(3)       in
the case of a Foreign Lender or Foreign Agent claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender or Foreign Agent
is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the
Borrower as described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN or W-8BEN-E; or

 

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

 

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

 

    	 	-114-	 

     

    

 

(D)       if
a payment made to a Lender or an Agent under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA
if the Lender or the Agent (as applicable) were to fail to comply with the applicable reporting requirements of FATCA (including
those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Lender or the Agent (as applicable) shall deliver
to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested
by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent
as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine
that the Lender or the Agent (as applicable) has complied with its 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 and each Agent agree that if any
form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, the Lender or the Agent
(as applicable) shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing
of its legal inability to do so.

 

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

 

    	 	-115-	 

     

    

 

(i)       Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative
Agent or Revolving Agent, as applicable, 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.

 

Section
2.18      Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a)  Unless
otherwise specified herein, the Borrower shall make each payment required to be made by it hereunder (whether of principal, interest,
fees or reimbursement of L/C Disbursements, or of amounts payable under Section 2.15, 2.16 or
2.17, or otherwise) prior to 2:00 p.m., Local Time, on the date when due, in immediately available funds, without
condition or deduction for any defense, recoupment, set-off or counterclaim. Any amounts received after such time on any date
may, in the discretion of the Administrative Agent be deemed to have been received on the next succeeding Business Day for purposes
of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated
to the Borrower by the Administrative Agent except payments to be made directly to the applicable Issuing Bank as expressly provided
herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.05
shall be made directly to the persons entitled thereto. The Administrative Agent shall distribute any such payments received
by it for the account of any other person to the appropriate recipient promptly following receipt thereof. Unless otherwise specified
herein, if any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the
next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period
of such extension. All payments under each Loan Document of principal or interest in respect of any Loan (or of any breakage indemnity
in respect of any Loan) shall be made in the currency of such Loan; all other payments hereunder and under each other Loan Document
shall be made in U.S. Dollars, except as otherwise expressly provided herein. Any payment required to be made by the Administrative
Agent or Revolving Agent, as applicable, hereunder shall be deemed to have been made by the time required if the Administrative
Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or
operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

 

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

 

    	 	-116-	 

     

    

 

(c)       If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of its Term Loans of a given Tranche, Revolving Loans or participations in L/C Disbursements resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Term Loans, Revolving Loans and participations
in L/C Disbursements and accrued interest thereon under any Tranche than the proportion received by any other Lender under such
Tranche, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Term Loans,
Revolving Loans and participations in L/C Disbursements of other Lenders under such Tranche to the extent necessary so that the
benefit of all such payments shall be shared by the Lenders under such Tranche ratably in accordance with the aggregate amount
of principal of and accrued interest on their respective Term Loans, Revolving Loans and participations in L/C Disbursements under
such Tranche; provided, that (i) if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest, and (ii) the provisions of this paragraph (c) shall not be construed to apply to (x)
any payment made pursuant to and in accordance with the express terms of this Agreement (including, without limitation, Section 2.11(e)
or the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided
for in Section 2.22, or (z) any payment obtained by a Lender as consideration for the assignment of or sale
of a participation in any of its Loans or subparticipations in L/C Disbursements to any assignee or participant. The Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

(d)       Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the applicable Issuing Bank hereunder that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as applicable, the amount due. In such event, if
the Borrower has not in fact made such payment, then each of the Lenders or the applicable Issuing Bank, as applicable, severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of (A) (1) in the case of Loans, the Federal Funds Effective Rate, (2) in the case of any
other amounts denominated in U.S. Dollars, the Federal Funds Effective Rate, and (3) in the case of any other amount denominated
in a currency other than U.S. Dollars, the rate reasonably determined by the Administrative Agent to be the cost to it of funding
such amount, and (B) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

    	 	-117-	 

     

    

 

(e)       If
any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent
because the applicable conditions set forth in Article IV are not satisfied or waived in accordance with the
terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest.

 

(f)       The
obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and to make payments pursuant to
Section 9.05(d) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation
or to make any payment under Section 9.05(d) on any date required hereunder shall not relieve any other Lender of
its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so
make its Loan, to purchase its participation or to make its payment under Section 9.05(d).

 

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

 

(b)       If
any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or is a
Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,
require any such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i)
the Borrower shall have received the prior written consent of the Administrative Agent (and, if in respect of any Revolving Facility
Commitment or Revolving Loan, the Revolving Agent and the Issuing Bank), which consent shall not unreasonably be withheld, (ii)
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in L/C
Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the
extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) (iii) in
the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required
to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments,
(iv) the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 9.04, and (v)
such assignment does not conflict with any applicable laws. A Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment cease to apply. Nothing in this Section 2.19 shall be deemed to prejudice any rights that the Borrower
may have against any Lender that is a Defaulting Lender.

 

    	 	-118-	 

     

    

 

(c)       If
any Lender has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of Section
9.09 requires the consent of all the Lenders affected or each Lender and with respect to which the Required Lenders (as
may be required by Section 9.09 in any given case) shall have granted their consent (any such Lender referred to
above, a “Non-Consenting Lender”), then so long as no Event of Default then exists, the Borrower shall
have the right (unless such Non-Consenting Lender grants such consent) to (i) replace any such Non-Consenting Lender by requiring
such Non-Consenting Lender to assign its Loans and Commitments hereunder to one or more assignees reasonably acceptable to the
Administrative Agent (and, if in respect of any Revolving Facility Commitment or Revolving Loan, the Revolving Agent and Issuing
Bank) or (ii) require such Non-Consenting Lender to assign all of its Term Loans hereunder or all of its Revolving Facility Commitments
or Revolving Loans hereunder to one or more assignees reasonably acceptable to the Administrative Agent (and, if in respect of
any Revolving Facility Commitment or Revolving Loan, Revolving Agent and the Issuing Bank); provided, that (i) all
Obligations of the Borrower owing to such Non-Consenting Lender being replaced, including obligations arising under Section 2.16
as a result of such replacement, and/or all Obligations of the Borrower owing to such Non-Consenting Lender in respect of any Loans
required to be assigned shall be paid in full to such Non-Consenting Lender concurrently with such assignment (including all fees
payable to such Non-Consenting Lender in accordance with Sections 2.12(b) and (e)), and (ii) the replacement
Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus
accrued and unpaid interest thereon. In connection with any such assignment the Borrower, the Administrative Agent, such Non-Consenting
Lender and the replacement Lender shall otherwise comply with Section 9.04.

 

Section
2.20      [Reserved].

 

Section
2.21      Illegality. If any Lender reasonably determines that any change in law has
made it unlawful, or that any Governmental Authority has asserted after the Closing Date that it is unlawful, for any Lender or
its applicable lending office to make or maintain any Eurocurrency Loans, then, on notice thereof by such Lender to the Borrower
through the Administrative Agent, any obligations of such Lender to make or continue Eurocurrency Loans or to convert ABR Borrowings
to Eurocurrency Borrowings shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall upon demand from such Lender
(with a copy to the Administrative Agent), either convert all Eurocurrency Borrowings of such Lender to ABR Borrowings, either
on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings
to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

    	 	-119-	 

     

    

 

Section
2.22      Cash Collateral.

 

(a)       Certain
Credit Support Events. Following the request of the Administrative Agent, the Revolving Agent or any Issuing Bank if, as of
the L/C Facility Termination Date, any L/C Exposure for any reason remains outstanding, the Borrower shall, in each case, immediately
following demand Cash Collateralize the then outstanding amount of all L/C Exposure.

 

(b)       Grant
of Security Interest. All Cash Collateral required to be deposited pursuant to clause (a) above (other than credit
support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at a bank
to be reasonably agreed between the Revolving Agent, Collateral Agent and the Borrower. The Borrower, and to the extent provided
by any Lender, such Lender, hereby grants to (and subjects to the control of) the Collateral Agent, for the benefit of the Collateral
Agent, the applicable Issuing Bank and the Lenders, and agrees to maintain, a first priority security interest in all such cash,
deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds
of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.22(c).
If at any time the Administrative Agent or the Collateral Agent determines that Cash Collateral is subject to any right or claim
of any person other than the Collateral Agent as herein provided, or that the total amount of such Cash Collateral is less than
the applicable Fronting Exposure and other obligations secured thereby, then (i) the Borrower (solely to the extent that the applicable
Cash Collateral was provided by the Borrower), or (ii) the relevant Defaulting Lender (solely to the extent that the applicable
Cash Collateral was provided by such Defaulting Lender) will, promptly upon demand by the Administrative Agent or Collateral Agent,
pay or provide to the Collateral Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

 

(c)       Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.22
or Sections 2.04, 2.05, 2.11(d), 2.23 or 7.01 in respect
of Letters of Credit shall be held and applied to the satisfaction of the specific Letter of Credit obligations, obligations to
fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation)
and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be
provided for herein.

 

(d)       Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released
promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including
by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance
with Section 9.04(b)(ii))) or (ii) the Administrative Agent’s good faith determination that there exists excess
Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of a Loan Party
shall not be released during the continuance of a Default or Event of Default (and following application as provided in this Section 2.22
may be otherwise applied in accordance with Section 7.01), and (y) the person providing Cash Collateral
and the Issuing Bank may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting
Exposure or other obligations.

 

    	 	-120-	 

     

    

 

Section
2.23      Defaulting Lenders.

 

(a)       Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(i)       Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 9.09.

 

(ii)       Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 9.06),
shall be applied at such time or times as may be determined by the Revolving Agent as follows: first, to the payment of
any amounts owing by that Defaulting Lender to the Administrative Agent or Revolving Agent hereunder; second, to the payment
on a pro rata basis of any amounts owing by that Defaulting Lender to the Issuing Bank; third, if so determined by the Administrative
Agent or Collateral Agent or requested by the Issuing Bank, to be held as Cash Collateral for future funding obligations of that
Defaulting Lender of any participation in any Letter of Credit; fourth, as the Borrower may request (so long as no Default
or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, as determined by the Revolving Agent; fifth, if so determined by the Revolving Agent
and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting
Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the Issuing Bank as
a result of any judgment of a court of competent jurisdiction obtained by any Lender, Issuing Bank against that Defaulting Lender
as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings
in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were
made at a time when the conditions set forth in Section 4.01 were satisfied or waived, such payment shall be
applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied
to the payment of any Loans of, or L/C Borrowings to, that Defaulting Lender. Any payments, prepayments or other amounts paid or
payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.23(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each
Lender irrevocably consents hereto.

 

    	 	-121-	 

     

    

 

(iii)         Certain
Fees. The Defaulting Lender shall not be entitled to receive any Commitment Fee pursuant to Section 2.12(a)
for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that
otherwise would have been required to have been paid to that Defaulting Lender).

 

(iv)         Letter
of Credit Provisions. If any Letter of Credit is outstanding at the time that a Lender becomes a Defaulting Lender then:

 

(A)       Borrower
shall within one Business Day following notice by Revolving Agent Cash Collateralize such Defaulting Lender’s L/C Exposure
(after giving effect to any partial reallocation pursuant to clause (A) above), pursuant to a cash collateral agreement to be entered
into in form and substance reasonably satisfactory to Revolving Agent, for so long as such L/C Exposure is outstanding; provided,
that Borrower shall not be obligated to Cash Collateralize any Defaulting Lender’s L/C Exposure if such Defaulting Lender
is also the Issuing Bank;

 

(B)       if
Borrower Cash Collateralizes any portion of such Defaulting Lender’s L/C Exposure pursuant to this Section 2.23(a)(iv),
Borrower shall not be required to pay any L/C Participation Fees to Revolving Agent pursuant to Section 2.12(b) with
respect to such Cash Collateralized portion theL/C Exposure during the period such L/C Exposure is Cash Collateralized;

 

(C)       [reserved];

 

(D)       to
the extent any Defaulting Lender’s L/C Exposure is not Cash Collateralized, then, without prejudice to any rights or remedies
of the Issuing Bank or any Lender hereunder, all L/C Participation Fees that would have otherwise been payable under Section
2.12(b) with respect to such portion of such L/C Exposure shall instead be payable to the Issuing Bank until such portion
of the L/C Exposure is Cash Collateralized or reallocated;

 

(E)       so
long as any Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend, or increase any Letter of Credit
to the extent the Issuing Bank has not otherwise entered into arrangements reasonably satisfactory to the Issuing Bank and Borrower
to eliminate the Issuing Bank’s risk with respect to the Defaulting Lender’s participation in Letters of Credit; and

 

(F)       Revolving
Agent may release any cash collateral provided by Borrower pursuant to this Section 2.23(a)(v) to the Issuing Bank
and the Issuing Bank may apply any such cash collateral to the payment of such Defaulting Lender’s Applicable Percentage
of any L/C Disbursement that is not reimbursed by Borrower pursuant to Section 2.05.

 

    	 	-122-	 

     

    

 

(b)       Defaulting
Lender Cure. If the Borrower, the Administrative Agent, Revolving Agent, and the Issuing Bank agree in writing in their reasonable
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify
the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein
(which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that
portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary
to cause the Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in
accordance with their Applicable Percentages (without giving effect to Section 2.23(a)(iv)), 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 Borrower while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, 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.

 

Article
III

 

Representations and Warranties

 

The Borrower represents and
warrants on the Closing Date (after giving effect to the Transactions occurring on the Closing Date) and upon each Credit Extension
thereafter that:

 

Section
3.01      Organization; Powers. Except as set forth on Schedule 3.01,
the Borrower and each of the Subsidiaries (a) is a limited liability company, unlimited liability company, corporation or partnership
duly organized, validly existing and in good standing (or, if applicable in a foreign jurisdiction, enjoys the equivalent status
under the laws of any jurisdiction of organization outside the United States) under the laws of the jurisdiction of its organization,
(b) has all requisite corporate or other organizational power and authority to own its property and assets and to carry on its
business as now conducted, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect
(c) is qualified to do business in each jurisdiction and licensed and, as applicable, in good standing under the laws of each
jurisdiction where such qualification or license or, if applicable, good standing is required, except where the failure so to
qualify would not reasonably be expected to have a Material Adverse Effect, (d) has the corporate or other organizational power
and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument
contemplated thereby to which it is or will be a party and, in the case of the Borrower, to borrow and otherwise obtain credit
hereunder and (e) has all requisite governmental licenses, authorizations, consents and approvals to own its property and assets
and to carry on its business as now conducted, except where the failure to do so would not reasonably be expected to have a Material
Adverse Effect.

 

    	 	-123-	 

     

    

 

Section
3.02      Authorization. The execution, delivery and performance by the Borrower and
each of the other Loan Parties of each of the Loan Documents to which it is a party, and the borrowings hereunder and the transactions
forming a part of the Transactions, (a) have been duly authorized by all corporate, stockholder or limited liability company or
partnership action required to be obtained by the Borrower and such Loan Parties and (b) will not (i) violate (A) any provision
of law, statute, rule or regulation, (B) the certificate or articles of incorporation or other constitutive documents (including
any limited liability company or operating agreements) or by-laws of the Borrower or any such Loan Parties, (C) any applicable
order of any court or any rule, regulation or order of any Governmental Authority or (D) any provision of any indenture, certificate
of designation for preferred stock, agreement or other instrument to which the Borrower or any such Loan Parties is a party or
by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute
(alone or with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration
of any right or obligation (including any payment) or to a loss of a material benefit under any such indenture, certificate of
designation for preferred stock, agreement or other instrument, where any such conflict, violation, breach or default referred
to in clause (i) or (ii) of this Section 3.02, would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien
upon or with respect to any property or assets now owned or hereafter acquired by the Borrower or any such Loan Parties, other
than the Liens created by the Loan Documents and Liens permitted by Section 6.02.

 

Section
3.03      Enforceability. This Agreement has been duly executed and delivered by the
Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party that is party thereto will
constitute, a legal, valid and binding obligation of such Loan Party enforceable against each such Loan Party in accordance with
its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar
laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law), (iii) implied covenants of good faith and fair dealing and (iv) any foreign
laws, rules and regulations as they relate to pledges of Equity Interests or granting of Liens pursuant to such agreements.

 

Section
3.04      Governmental Approvals. No action, consent or approval of, registration
or filing with or any other action by any Governmental Authority is or will be required in connection with the Transactions, except
for (a) filings necessary to perfect or maintain the perfection or priority of the Liens created by the Security Documents (including,
for the avoidance of doubt, the filing of Uniform Commercial Code financing statements and equivalent filings in foreign jurisdictions),
(b) filings with the United States Patent and Trademark Office and the United States Copyright Office and comparable offices in
foreign jurisdictions and equivalent filings in foreign jurisdictions, (c) recordation of the Mortgages, (d) such as have
been made or obtained and are in full force and effect, (e) such other actions, consents, approvals, registrations or filings
with respect to which the failure to be obtained or made would not reasonably be expected to have a Material Adverse Effect and
(f) filings or other actions listed on Schedule 3.04.

 

Section
3.05      Financial Statements. (a) The Borrower has heretofore furnished to the Lenders:

 

(i)       The
unaudited pro forma consolidated balance sheet and related pro forma statement of income of the Borrower and its subsidiaries as
of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least
sixty (60) days prior to the Closing Date (or if the end of the most recently completed four-fiscal quarter period is the end of
a fiscal year, ended at least ninety (90) days before the Closing Date) (the “Pro Forma Financial Statement”),
prepared after giving effect to the Transactions has occurred as of such date (in the case of such balance sheet) or at the beginning
of such period (in the case of such statement of income); provided, that such pro forma financial statement shall
reflect the impact of any licensor change of control consents not obtained with respect to licensing agreements; provided
further, that each such pro forma financial statement shall be prepared in good faith by the Borrower based on assumptions
believed by the Borrower to have been reasonable as of the date of delivery thereof. The Pro Forma Financial Statement presents
fairly, in all material respects on a pro forma basis the estimated financial position of the Borrower and its consolidated Subsidiaries
as at June 30, 2018, assuming the events in the preceding sentence have actually occurred at such date.

 

    	 	-124-	 

     

    

 

(ii)       The
audited consolidated balance sheets of the Borrower and its subsidiaries as at December 31, 2016 and December 31, 2017
and the related statements of operations, changes in combined equity and cash flows of the Borrower and its subsidiaries for the
fiscal years ended December 31, 2016 and December 31, 2017, in each such case, copies of which have heretofore been furnished
or otherwise made available to each Lender, which have been prepared in accordance with GAAP applied consistently throughout the
periods involved, and present fairly, in all material respects, the financial position and results of operations of the Borrower
and its subsidiaries, as of and on such dates set forth on such financial statements.

 

(iii)       The
unaudited quarterly consolidated balance sheets of the Borrower and its combined Subsidiaries and the related statements of operations
and cash flows showing the financial position of the Borrower and its combined Subsidiaries, in each such case, which have been
prepared in accordance with GAAP applied consistently throughout the periods involved, and present fairly, in all material respects,
the financial position and results of operations of the Borrower and its Subsidiaries, for the most recent fiscal quarter ended
June 30, 2018, subject to normal year-end audit adjustments and the absence of footnotes.

 

(iv)       The
unaudited monthly summary income statement information in a form consistent with what is delivered to the Board of Directors and
summary balance sheet information in the form agreed to between the Administrative Agent and the Borrower prior to the Closing
Date, for the most recent month ended June 30, 2018.

 

(v)       Except
as set forth in Schedule 3.05(b), as of the Closing Date, none of the Borrower or any of the Subsidiaries has any
material Guarantees, contingent liabilities or other liabilities, or any long-term leases or unusual forward or long term commitments,
including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that
are not reflected in the financial statements referred to in the preceding clauses (a)(i) and (ii). During the period from
March 31, 2018, to and including the Closing Date there has been no Disposition by the Borrower or any of its Subsidiaries of any
material part of its business or property that has not been disclosed to the Administrative Agent.

 

    	 	-125-	 

     

    

 

Section
3.06      No Material Adverse Effect. Since March 31, 2018, there has been no event,
development or circumstance that has had or would reasonably be expected to have a Material Adverse Effect.

 

Section
3.07      Title to Properties; Possession Under Leases. (a) Each of the Borrower and
the Subsidiaries has good and valid record fee simple title to, or valid leasehold interests in, or easements or other limited
property interests in, all its properties and assets (including all Mortgaged Properties), except for minor defects in title that
do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for
their intended purposes and except where the failure to have such title, interests or easements would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

(b)       Each
of the Borrower and the Subsidiaries has complied with all obligations under all leases to which it is a party, except where the
failure to comply would not reasonably be considered to have Material Adverse Effect, and all such leases are in full force and
effect, except leases in respect of which the failure to be in full force and effect would not reasonably be expected to have a
Material Adverse Effect. Except as set forth on Schedule 3.07(b), as of the Closing Date, the Borrower and each
of the Subsidiaries enjoys peaceful and undisturbed possession under all such leases, other than leases in respect of which the
failure to enjoy peaceful and undisturbed possession would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(c)       Each
of the Borrower and the Subsidiaries owns or possesses or has valid licenses to all patents, trademarks, service marks, trade names,
copyrights, domain names, trade secrets, and all applications or registrations for patents, trademarks, service marks, trade names,
copyrights, and domain names and other intellectual property rights with respect thereto necessary for the present conduct of its
business, without any conflict (of which the Borrower has been notified in writing) with the rights of others, and there has been
no infringement of any Intellectual Property, except where such failure to own or possess or have a valid license to such intellectual
property rights or where such conflicts and restrictions, in each case would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

Section
3.08      Subsidiaries. (a)  Schedule 3.08(a) sets forth
as of the Closing Date the name and jurisdiction of incorporation, formation or organization of each direct and indirect subsidiary
of Borrower. Except as set forth on Schedule 3.08(a), as of the Closing Date, all of the issued and outstanding
Equity Interests of each subsidiary of Borrower is owned directly by Borrower or by another subsidiary.

 

(b)       Each
Loan Party is the record and beneficial owner of, and has good and marketable title to, the Equity Interests pledged by (or purported
to be pledged by) it under the Security Documents, free of any and all Liens other than Liens permitted by Section 6.02.

 

(c)       As
of the Closing Date, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments
(other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any
Equity Interests of any Subsidiaries of the Borrower which are Loan Parties, and there are no other rights to purchase, or shareholder,
voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance
or sale of, any Equity Interests pledged by (or purported to be pledged) under the Security Documents, except rights of employees
to purchase Equity Interests of Borrower or as set forth on Schedule 3.08(c).

 

    	 	-126-	 

     

    

 

Section
3.09      Litigation; Commercial Tort Claims; Compliance with Laws. (a)  As
of the Closing Date, (A) there are no actions, suits or proceedings at law or in equity or, to the knowledge of the Borrower,
investigations by or on behalf of any Governmental Authority or in arbitration now pending, or, to the knowledge of the Borrower,
threatened in writing against or affecting the Borrower or any of its subsidiaries or any business, property or rights of any
such person (i) that involve any Loan Document or the Transactions or (ii) would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect or materially adversely affect the Transactions. As of the date of any Borrowing
after the Closing Date, there are no actions, suits or proceedings at law or in equity or, to the knowledge of the Borrower, investigations
by or on behalf of any Governmental Authority or in arbitration now pending, or, to the knowledge of the Borrower, threatened
in writing against or affecting the Borrower or any of its Subsidiaries or any business, property or rights of any such person
which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; (B) there are no actions,
suits or proceedings at law or in equity against any of the vendors of the Borrower or any of its Subsidiaries that would reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect or materially adversely affect the Transactions;
(C) Schedule 3.09(a), set forth the complete list of commercial tort claims of the Borrower or any Subsidiary and,
to the Borrower’s knowledge, a complete list of all material actions, suits and proceedings against the Borrower or any
Subsidiary.

 

(b)       None
of the Borrower, the Subsidiaries or their respective properties or assets is in violation of (nor will the continued operation
of their material properties and assets as currently conducted violate) any law, rule or regulation (including any zoning,
building, Environmental Law, ordinance, code or approval or any building permit) or any restriction of record or agreement affecting
any Mortgaged Property, 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.

 

(c)       Agreements
with Regulatory Agencies. Neither the Borrower nor any of its Subsidiaries is subject to any cease-and-desist or enforcement
action issued by, or is a party to any written agreement, consent agreement or memorandum of understanding with, or is a party
to any commitment letter or similar undertaking to, any Governmental Authority that currently restricts the conduct of its business
(each item in this sentence, a “Regulatory Agreement”) in a manner that would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. Nor has the Borrower or any of its Subsidiaries been advised
since March 31, 2018 by any Governmental Authority that it is issuing, initiating, ordering, or requesting any such Regulatory
Agreement that would reasonably be expected to have a Material Adverse Effect. The Borrower and each of its Subsidiaries is in
compliance with each Regulatory Agreement to which it is party or subject, other than to the extent such noncompliance would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Borrower nor any of
its Subsidiaries has received any notice from any Governmental Authority indicating that either the Borrower or any of its Subsidiaries
is not in compliance with any such Regulatory Agreement, other than to the extent such noncompliance would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

    	 	-127-	 

     

    

 

Section
3.10      Federal Reserve Regulations. (a)  None of the Borrower or the
Subsidiaries 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.

 

(b)       No
part of the proceeds of any Loan 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 Regulation T, Regulation U or Regulation X.

 

Section
3.11      Investment Company Act. None of the Borrower or the Subsidiaries is an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

 

Section
3.12      Use of Proceeds. The Borrower will use the proceeds of the Term Loans borrowed
on the Closing Date solely to fund consideration for the Closing Date Acquisition and fees, costs and expenses incurred in connection
with the Transactions and to finance the repayment, redemption or discharge of, and termination of all obligations and commitments
under the Existing Indebtedness and for the payment of fees and expenses payable in connection with the Transactions. The Borrower
will use the proceeds of the Revolving Loans for working capital needs and other general corporate purposes (including, without
limitation, to finance (x) costs and expenses in connection with the Transactions and (y) any Permitted Business Acquisitions);
provided that the aggregate principal amount of Revolving Loans and Letters of Credit made on the Closing Date shall be
subject to the Closing Date Revolver Cap. The Borrower will use the proceeds of the Letters of Credit solely to support payment
obligations incurred by the Borrower and its Subsidiaries.

 

Section
3.13      Tax Returns. Except as set forth on Schedule 3.13:

 

(a)       Each
of the Borrower and the Subsidiaries (i) has timely filed or caused to be timely filed all federal, state, local and non-U.S. Tax
returns required to have been filed by it that are material to such companies taken as a whole and each such Tax return is true
and correct in all material respects, including, without limitation, relating to all periods or portions thereof ending on or prior
to the Closing Date and (ii) has timely paid or caused to be timely paid all Taxes shown thereon to be due and payable by it and
all other material Taxes or assessments, except Taxes or assessments, including, without limitation, relating to all periods or
portions thereof ending on or prior to the Closing Date that are being contested in good faith by appropriate proceedings in accordance
with Section 5.03 and for which the Borrower or any of the Subsidiaries (as the case may be) has set aside on
its books adequate reserves in accordance with GAAP; and

 

    	 	-128-	 

     

    

 

(b)       Other
than as could not be, individually or in the aggregate, reasonably expected to have a Material Adverse Effect: as of the Closing
Date, with respect to each of the Borrower and the Subsidiaries, (i) there are no claims being asserted in writing with respect
to any Taxes, (ii) no presently effective waivers or extensions of statutes of limitation with respect to Taxes have been given
or requested and (iii) no Tax returns are being examined by, and no written notification of intention to examine has been received
from, the Internal Revenue Service or any other Taxing authority.

 

Section
3.14      No Material Misstatements. (a)  All written information (to the
Borrower’s knowledge with respect to any written information related to or provided by the Acquired Business prior to the
Closing Date) including historical financials (including pro forma financial statements based on historical balance sheets and
income statements, but excluding, in each case, projected financial information, the Projections, budgets, estimates and information
of a general economic or industry specific nature) (the “Information”) concerning the Borrower, the
Subsidiaries, the Transactions and any other transactions contemplated hereby included in the Information Memorandum or otherwise
prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative Agent
in connection with the Transactions, when taken as a whole (as modified or supplemented by other information so furnished), were
accurate and complete in all material respects, as of the date such Information was furnished to the Lenders and as of the Closing
Date and did not contain any untrue statement of a material fact as of any such date or omit to state a material fact necessary
in order to make the statements contained therein not materially misleading (after giving effect to all modifications, supplements
and updates thereto from time to time) in light of the circumstances under which such statements were made.

 

(b)       Any
Projections and estimates prepared by or on behalf of the Borrower or any of its representatives and that have been made available
to any Lenders or the Administrative Agent in connection with the Transactions (i) have been prepared in good faith based upon
assumptions believed by the Borrower to be reasonable as of the date thereof, as of the date such Projections and estimates were
furnished to the Lenders and as of the Closing Date, and (ii) as of the Closing Date, have not been modified in any material respect
by the Borrower (it being understood that Projections and estimates by their nature are inherently uncertain, that actual results
may differ significantly from the Projections or estimated results and that such differences may be material and no assurances
are being given that the results reflected in the Projections and estimates will be achieved).

 

Section
3.15      Employee Benefit Plans. (a)  Except as would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect or as set forth on Schedule 3.15:
(i) each of the Borrower and the Subsidiaries is in compliance with the applicable provisions of ERISA and the provisions of the
Code relating to the Plans; (ii) no Reportable Event has occurred during the past five years as to which the Borrower, a Subsidiary
or any ERISA Affiliate was required to file a report with the PBGC, other than reports that have been filed; (iii) the present
value of all accumulated benefit obligations under each Plan (based on those assumptions used to fund such Plan), as of the last
annual valuation date applicable thereto for which a valuation is available, does not exceed the fair market value of the assets
of such Plan; (iv) no ERISA Event has occurred; and (v) none of the Borrower, the Subsidiaries or the ERISA Affiliates has received
any written notification that any Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV
of ERISA, or has knowledge that any Multiemployer Plan is reasonably expected to be terminated.

 

    	 	-129-	 

     

    

 

(b)       Each
of the Borrower and the Subsidiaries is in compliance (i) with all applicable provisions of law and all applicable regulations
and published interpretations thereunder with respect to any employee pension benefit plan or other employee benefit plan governed
by the laws of a jurisdiction other than the United States and (ii) with the terms of any such plan, except, in each case, for
such noncompliance that would not reasonably be expected to have a Material Adverse Effect.

 

Section
3.16      Environmental Matters. Except as disclosed on Schedule 3.16
and except as to matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect
(i) no written notice, request for information, order, complaint or penalty has been received by the Borrower or any of the Subsidiaries,
and there are no judicial, administrative or other actions, suits or proceedings pending or threatened, that allege a violation
of or liability under any applicable Environmental Laws, in each case relating to the Borrower or any of the Subsidiaries, (ii)
each of the Borrower and the Subsidiaries has obtained and maintained all permits, licenses and other approvals necessary for
its operations to comply with all applicable Environmental Laws and is, and during the term of all applicable statutes of limitation,
has been, in compliance with the terms of such permits, licenses and other approvals and with all other applicable Environmental
Laws, (iii) to Borrower's knowledge, there has been no material written environmental assessment or audit conducted of any property
currently owned or leased by the Borrower or any of the Subsidiaries that has not been made available to the Administrative Agent
prior to the date hereof, (iv) no Hazardous Material is located at, on or under any property currently or, to the knowledge of
the Borrower, formerly owned, operated or leased by the Borrower or any of its Subsidiaries that would reasonably be expected
to give rise to any cost, liability or obligation of the Borrower or any of the Subsidiaries under any applicable Environmental
Laws, and no Hazardous Material has been generated, owned, treated, stored, handled or controlled by the Borrower or any of its
Subsidiaries and transported to or Released at any location in a manner that would reasonably be expected to give rise to any
cost, liability or obligation of the Borrower or any of the Subsidiaries under any Environmental Laws and (v) there are no written
agreements in which the Borrower or any of the Subsidiaries has expressly assumed or undertaken responsibility, and such assumption
or undertaking of responsibility has not expired or otherwise terminated, for any liability or obligation of any other person
arising under or relating to applicable Environmental Laws.

 

Section
3.17      Security Documents. (a)  The Collateral Agreement is effective
to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest
in the Collateral described therein and proceeds thereof to the extent intended to be created thereby. In the case of the Pledged
Collateral described in the Collateral Agreement, when certificates or promissory notes, as applicable, representing such Pledged
Collateral are delivered to the Collateral Agent in New York with, transfer powers duly executed in blank, and in the case of
the other Collateral described in the Collateral Agreement (other than Intellectual Property), when financing statements in appropriate
form are filed in the offices specified on Schedule 3 of the Collateral Agreement, the Collateral Agent (for the benefit of the
Secured Parties) shall have a fully perfected Lien on, and security interest in (to the extent required thereby), all right, title
and interest of the Loan Parties in such Collateral and, subject to Section 9-315 of the New York Uniform Commercial Code,
the proceeds thereof, as security for the Obligations to the extent perfection can be obtained by filing Uniform Commercial Code
financing statements, in each case prior and superior in right to any other person (except Liens expressly permitted by Section
6.02).

 

    	 	-130-	 

     

    

 

(b)       When
the Intellectual Property Security Agreements are properly filed in the United States Patent and Trademark Office and the United
States Copyright Office, and, with respect to Collateral comprised of Intellectual Property in which a security interest cannot
be perfected by such filings, upon the proper filing of the financing statements referred to in paragraph (a)
above, the Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest
in (to the extent intended to be created thereby), all right, title and interest of the Loan Parties thereunder in the domestic
Intellectual Property included in the Collateral, in each case prior and superior in right to any other person (it being understood
that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary
to perfect a lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by
the Grantors thereunder after the Closing Date) except Liens expressly permitted by Section 6.02.

 

(c)       [reserved].

 

(d)       [reserved].

 

(e)       The
Mortgages executed and delivered after the Closing Date pursuant to Section 5.11 shall be effective to create
in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable Lien on all of the Loan
Parties’ right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and when such Mortgages
are filed or recorded in the proper real estate filing or recording offices, the Collateral Agent (for the benefit of the Secured
Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such
Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof,
in each case prior and superior in right to any other person, other than with respect to the rights of a person pursuant to Liens
expressly permitted by Section 6.02.

 

(f)       After
taking the actions specified for perfection therein, each Security Document (excluding the Collateral Agreement and the Mortgages,
each of which is covered by another paragraph of this Section 3.17), when executed and delivered, will be effective
under applicable law to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable
security interest in the Collateral subject thereto (to the extent intended to be created thereby), and will constitute a fully
perfected Lien on and security interest in all right, title and interest of the Loan Parties in the Collateral subject thereto
(to extent required thereby), prior and superior to the rights of any other person, except for rights secured by Liens expressly
provided by Section 6.02.

 

    	 	-131-	 

     

    

 

(g)       Notwithstanding
anything herein (including this Section 3.17) or in any other Loan Document to the contrary, none of the Borrower
or any other Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the priority or
the enforceability of any pledge of or security interest in any Equity Interests or any assets of any Foreign Subsidiary or any
assets in a foreign jurisdiction, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign
law.

 

Section
3.18      Location of Real Property. Schedule 3.18 lists as of
the Closing Date all material real property owned or leased by the Borrower and the Loan Parties and the addresses thereof. As
of the Closing Date, the Borrower and the Loan Parties (i) own in fee all the real property set forth as being owned by them on
such Schedule 3.18 and (ii) have in all material respects, valid leases in a material real property set forth as
being leased by them on Schedule 3.18.

 

Section
3.19      Solvency.  Immediately after giving effect to the Transactions on the
Closing Date and the incurrence of the indebtedness and obligations being incurred in connection with this Agreement, the Second
Lien Credit Agreement and the Transactions, (i) the sum of the debt (including contingent liabilities) of the Borrower and
its Subsidiaries, taken as a whole, does not exceed the fair value of the present assets of the Borrower and its Subsidiaries,
taken as a whole; (ii) the fair saleable value of the assets of the Borrower and its Subsidiaries, taken as a whole, is not
less than the amount that will be required to pay the probable liabilities (including contingent liabilities) of the Borrower
and its Subsidiaries, taken as a whole, on their debts as they become absolute and matured; (iii) the capital of the Borrower
and its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower or its Subsidiaries,
taken as a whole, contemplated as of the Closing Date; and (iv) the Borrower and its Subsidiaries, taken as a whole, do not
intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their
ability to pay such debts as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent
liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability.

 

Section
3.20      Labor Matters. Except as, individually or in the aggregate, would not reasonably
be expected to have a Material Adverse Effect: (a) there are no strikes, lockouts, stoppages, slowdowns or other labor disputes
pending or threatened against the Borrower or any of the Subsidiaries; (b) the hours worked and payments made to employees of
the Borrower and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable law dealing
with such matters; (c) all payments due from the Borrower or any of the Subsidiaries or for which any claim may be made against
the Borrower or any of the Subsidiaries, on account of wages and employee health and welfare insurance and other benefits have
been paid or accrued as a liability on the books of the Borrower or such Subsidiary to the extent required by GAAP; (d) the Borrower
and the Subsidiaries are in compliance with all applicable laws, agreements, policies, plans and programs relating to employment
and employment practices and (e) to the Borrower’s knowledge, all the vendors of the Borrower and the Subsidiaries are in
compliance with all applicable laws, agreements, policies, plans and programs relating to employment and employment practices.
Except as set forth on Schedule 3.20, consummation of the Transactions will not give rise to a right of termination
or right of renegotiation on the part of any union under any collective bargaining agreement to which the Borrower or any of the
Subsidiaries (or any predecessor) is a party or by which the Borrower or any of the Subsidiaries (or any predecessor) is bound.

 

    	 	-132-	 

     

    

 

Section
3.21      Insurance. As of the Closing Date, Schedule 3.21 sets forth
a true, complete and correct description of all material insurance maintained by or on behalf of the Borrower or the Subsidiaries
and such insurance is in full force and effect. Such insurance complies with the requirements of this Agreement and the other
Loan Documents and the Borrower believes (in the good faith judgment of the management of Borrower) that the insurance maintained
by or on behalf of the Borrower and the Subsidiaries is in at least such amounts as is adequate, reasonable and prudent in light
of the size and nature of its business.

 

Section
3.22      Inventory Matters.

 

(a)       As
to each item of Inventory that is identified by Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to the
Revolving Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible
by virtue of one or more of the excluding criteria (other than any Revolving Agent-discretionary criteria) set forth in the definition
of Eligible Inventory;

 

(b)       [reserved];
and

 

(c)       Each
Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’
Inventory and the book value thereof.

 

Section
3.23      Material Agreements; No Violation; No Default.

 

(a)       None
of the Borrower or any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in any agreement or instrument to which any of the Borrower or any Subsidiary is a party that, individually
or in the aggregate, has resulted, or would reasonably be expected to result, in a Material Adverse Effect.

 

(b)       As
of the Closing Date, no Loan Party has any Material Agreement other than those specifically disclosed on Schedule 3.23.

 

(c)       As
of the Closing Date, none of the Borrower or any Subsidiary is in material violation of any Material Agreement and all the Material
Agreements are enforceable and valid in all material respects.

 

(d)       No
Default or Event of Default has occurred and is continuing.

 

Section
3.24      [Reserved].

 

Section
3.25      PATRIOT Act, etc. (a) To the extent applicable, each Loan Party is in
compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other
enabling legislation or executive order relating thereto, and (ii) the PATRIOT Act.

 

    	 	-133-	 

     

    

 

(b) As of the Closing Date,
the information provided by Borrower in a Beneficial Ownership Certification delivered to any Lender is true and correct in all
respects.

 

Section
3.26      Sanctions Laws (a) None of the Loan Parties or Subsidiaries is in violation
of any applicable Sanctions Laws, engages in or conspires to engage in any transaction that evades or avoids, or has the purpose
of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any applicable Sanctions Laws.

 

(b)       None
of the Loan Parties or Subsidiaries is any of the following (each a “Blocked Person”):

 

(i)       a
Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

 

(ii)       a
Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject
to the provisions of, Executive Order No. 13224;

 

(iii)      a
Person with which any Agent or Lender is prohibited from dealing or otherwise engaging in any transaction by any Sanctions Laws;

 

(iv)      a
Person that commits, threatens or conspires to commit or supports “terrorism” (as defined in Executive Order No. 13224);
or

 

(v)       a
Person that is named as a “specially designated national” on the most current list published by the U.S. Treasury Department
Office of Foreign Assets Control at its official website or any replacement website or other replacement official publication of
such list.

 

(c)       No
Loan Party or, to the knowledge of any Loan Party, any of its agents acting in any capacity in connection with the Loans, Letters
of Credit, the Transactions or the other transactions hereunder (i) conducts any business or engages in making or receiving
any contribution of funds, goods or services to or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages
in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224.

 

Section
3.27      Anti-Corruption Laws and Sanctions Laws. The Borrower, its Subsidiaries
and, to the knowledge of the Borrower, their respective officers, employees, directors and agents that act in any capacity in
connection with the credit facility established hereby, are in compliance with Anti-Corruption Laws and applicable Sanctions
Laws in all material respects. None of (a) the Borrower, any Subsidiary or, to the knowledge of Borrower, any of their
respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any
Subsidiary that act in any capacity in connection with the credit facility established hereby, is a Sanctioned Person. No
Borrowing, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or
applicable Sanctions Laws.

 

    	 	-134-	 

     

    

 

Section
3.28      Compliance With Collateral and Guarantee Requirement. The Borrower and each
other Loan Party is in compliance with the Collateral and Guarantee Requirement applicable to each such Loan Party.

 

Article
IV

 

Conditions of Lending

 

The obligations of (a) the
Lenders to make Loans and (b) any Issuing Bank to issue, amend, extend or renew Letters of Credit or increase the stated amounts
of Letters of Credit hereunder (each, a “Credit Event”) are subject to the satisfaction (or waiver) of
the following conditions:

 

Section
4.01      All Credit Events. On the date of each Credit Extension (in the case of
clauses (b) and (c), other than on the Closing Date):

 

(a)       (i)
In the case of a Term Borrowing, the Administrative Agent shall have received a Borrowing Request as required by Section 2.03,
(ii) in the case of a Revolving Borrowing, (A) the Administrative Agent and Revolving Agent shall have received a Borrowing Request
as required by Section 2.04(a) and (B) the Revolving Agent shall have received a Borrowing Base Certificate no later
than 12:00 p.m. on the date of such request or (iii) in the case of the issuance, amendment, extension or renewal of a Letter of
Credit, the applicable Issuing Bank and the Administrative Agent shall have received a notice requesting the issuance, amendment,
extension or renewal of such Letter of Credit as required by Section 2.05.

 

(b)       The
representations and warranties of the Loan Parties set forth in the Loan Documents that are qualified by materiality shall be true
and correct, and the representations and warranties that are not so qualified shall be true and correct in all material respects,
in each case on and as of the date of such Borrowing or issuance, amendment, extension or renewal of a Letter of Credit (other
than an amendment, extension or renewal of a Letter of Credit without any (i) increase in the stated amount of such Letter of Credit
or (ii) extension of the expiration of such Letter of Credit), as applicable, with the same effect as though made on and as
of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such
representations and warranties that are qualified by materiality shall be true and correct, and the representations and warranties
that are not so qualified shall be true and correct in all material respects, as of such earlier date).

 

(c)       At
the time of and immediately after the applicable Credit Extension (other than an amendment, extension or renewal of a Letter of
Credit without any (i) increase in the stated amount of such Letter of Credit or (ii) extension of the expiration of such Letter
of Credit), as applicable, no Event of Default or Default shall have occurred and be continuing or would result immediately therefrom.

 

    	 	-135-	 

     

    

 

Each Credit Extension (other
than on the Closing Date, any Credit Extension in respect of any Limited Condition Acquisition and other than an amendment, extension
or renewal of a Letter of Credit without any (i) increase in the stated amount of such Letter of Credit or (ii) extension
of the expiration of such Letter of Credit) shall be deemed to constitute a representation and warranty by the Borrower on the
date of such Borrowing, issuance, amendment, extension or renewal as applicable, as to the matters specified in paragraphs (b)
and (c) of this Section 4.01.

 

Section
4.02       Closing Date. On the Closing Date:

 

(a)       The
Administrative Agent (or its counsel) shall have received from each party thereto a counterpart of this Agreement and each other
Loan Document (including the First-Second Intercreditor Agreement to be entered into on the Closing Date) signed on behalf of each
party thereto.

 

(b)       The
Administrative Agent shall have received, on behalf of itself, the Lenders and each Issuing Bank on the Closing Date the following
customary legal opinions:

 

(i)       the
legal opinion Dechert LLP, special counsel for the Borrower and the other Loan Parties; and

 

(ii)       the
legal opinion of local counsel in each jurisdiction in which a Loan Party is organized, to the extent such Loan Party is not covered
by the opinion referenced in the preceding clause (i).

 

Each legal opinion shall be (i) in form and
substance reasonably satisfactory to the Administrative Agent, (ii) dated the Closing Date, and (iii) addressed to each Issuing
Bank, the Administrative Agent, the Collateral Agent and the Lenders, covering such other matters relating to the Loan Documents
as the Administrative Agent shall reasonably request. Each of the Borrower and the other Loan Parties hereby instructs its counsel
to deliver such opinions.

 

(c)       The
Revolving Agent shall have received a completed Borrowing Base Certificated;

 

(d)       The
Administrative Agent shall have received in the case of each Loan Party each of the items referred to in clauses (i),
(ii) and (iii) below:

 

(i)        a
copy of the certificate or articles of incorporation or formation, limited liability agreement, partnership agreement or other
constituent or governing documents, including all amendments thereto, of each Loan Party, (a) if applicable in such jurisdiction,
certified as of a recent date by the Secretary of State (or other similar official) of the jurisdiction of its organization, and
a certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such jurisdiction)
of each such Loan Party as of a recent date from such Secretary of State (or other similar official), and (b) otherwise, (i) certified
by the Secretary or Assistant Secretary of each such Loan Party or other person duly authorized by the constituent documents of
such Loan Party or (ii) otherwise in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders;

 

    	 	-136-	 

     

    

 

(ii)       a
certificate of the Secretary or Assistant Secretary or similar officer of each Loan Party or other person duly authorized by the
constituent documents of such Loan Party dated the Closing Date and certifying (solely in his or her capacity as an officer of
such Loan Party):

 

(A)       that
attached thereto is a true and complete copy of the by-laws (or limited liability company agreement, articles of association, partnership
agreement or other equivalent constituent and governing documents) of such Loan Party as in effect on the Closing Date and at all
times since a date prior to the date of the resolutions described in clause (B) below;

 

(B)       that
attached thereto is a true and complete copy of resolutions (or equivalent authorizing actions) duly adopted by the Board of Directors
(or equivalent governing body) of such Loan Party (or its managing general partner or managing member), authorizing the execution,
delivery and performance of each of the Loan Documents to which such person is a party and, in the case of the Borrower, the borrowings
hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Closing
Date;

 

(C)       that
the certificate or articles of incorporation, by-laws, limited liability company agreement, articles of association, partnership
agreement or other equivalent constituent and governing documents of such Loan Party have not been amended since the date of the
last amendment thereto disclosed pursuant to clause (i) above;

 

(D)       as
to the incumbency and specimen signature of each officer or other duly authorized person executing any Loan Document or any other
document delivered in connection herewith on behalf and in the name of such Loan Party;

 

(E)       as
to the absence of any pending proceeding for the dissolution of liquidation of such Loan Party or, to the knowledge of such person,
threatening in writing the existence of such Loan Party; and

 

(iii)       a
certification of another officer or other duly authorized person as to the incumbency and specimen signature of the Secretary or
Assistant Secretary or similar officer or other person duly authorized by such Loan Party executing the certificate pursuant to
clause (ii) above.

 

(e)       Subject
to the Funding Conditions Provisions (as defined below), the elements of the Collateral and Guarantee Requirement (other than clause
(f) thereof) shall have been satisfied and the Administrative Agent shall have received a completed Perfection Certificate dated
the Closing Date and signed by a Responsible Officer of the Borrower and the Loan Parties, together with all attachments contemplated
thereby, and the results of a recent lien, tax lien, judgment and litigation search in each of the jurisdictions or offices (including,
without limitation, in the United States Patent and Trademark Office and the United States Copyright Office) in which UCC financing
statement should be made to evidence or perfect security interests in all assets of the Loan Parties, and such search shall reveal
no Liens on any of the assets of the Loan Parties, except for Liens permitted by Section 6.02 or Liens to be terminated
on the Closing Date pursuant to documentation reasonably satisfactory to the Administrative Agent.

 

    	 	-137-	 

     

    

 

(f)       On
the Closing Date, the Closing Date Acquisition and other Transactions contemplated to occur on the Closing Date shall be consummated
substantially concurrently with the funding of the Term Loans on the Closing Date.

 

(g)       The
Administrative Agent shall have received a solvency certificate from the Chief Financial Officer of the Borrower, substantially
in the form of Annex B attached to the Commitment Letter.

 

(h)       The
Agents shall have received payment of all fees and expenses of the Lenders, the Agents and the Lead Arrangers required to be paid
by the Borrower on the Closing Date pursuant to the Commitment Letter and Fee Letter or evidence that such fees and expenses will
be paid substantially concurrently with the initial funding of the Loans on the Closing Date.

 

(i)       Substantially
concurrently with the initial funding hereunder, the Closing Date Acquisition shall be consummated in accordance in all material
respects with the terms of the Acquisition Agreement, after giving effect to any modifications, amendments, consents or waivers
that are not materially adverse to the Lenders without the consent of the Lead Arrangers; provided that (i) a reduction
in the purchase price under the Acquisition Agreement shall be deemed to be materially adverse to the Lenders, (ii) any substantive
modification, amendment, consent or waiver to the definition of “Material Adverse Effect” contained in the Acquisition
Agreement shall be deemed to be materially adverse to the Lenders and (iii) the waiver or otherwise failure to obtain the consents
with respect to the Disney Licenses (as defined in the Side Letter), including the election to proceed with the Closing Date Acquisition
without the consent of the Disney Licenses shall be deemed to be materially adverse to the Lenders.

 

(j)       No
Material Adverse Effect shall have occurred or be occurring.

 

(k)       Evidence
reasonably satisfactory to the Administrative Agent that substantially concurrently with the effectiveness of this Agreement, the
Borrower shall have entered into the Second Lien Credit Agreement based on a term sheet approved by the Lead Arrangers (such term
sheet the “Second Lien Facility Term Sheet”) (it being acknowledged and agreed that the terms set forth
in the Second Lien Facility Term Sheet, dated as of June 27, 2018 and previously provided to the Lead Arrangers, are satisfactory
to the Lead Arrangers); in aggregate committed amount of not less than $668,000,000 substantially simultaneously with the initial
borrowings under the Credit Facilities, and the Lead Arrangers shall have received duly executed copies of the Second Lien Loan
Documents.

 

(l)       The
Lenders shall have received the Pro Forma Financial Statement.

 

(m)     The
Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower, dated the Closing Date, confirming
satisfaction with Sections 4.02 (f), (j), (r) and (s).

 

    	 	-138-	 

     

    

 

(n)       At
least five days prior to the Closing Date, the Agents and the Lenders shall have received all documentation and other information
required by bank regulatory authorities or reasonably requested by any Agent or any Lender under or in respect of applicable “know-your-customer”
and anti-money laundering rules and regulations, including the PATRIOT Act, and including a duly executed W-9 tax form (or such
other applicable IRS tax form) of the Borrower that was requested at least 10 days prior to the Closing Date.

 

(o)       At
least five days prior to the Closing Date, any Borrower that qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Borrower.

 

(p)       Revolving
Agent shall have received an audit of Eligible Inventory, in each case the results of which shall be satisfactory to Revolving
Agent.

 

(q)       The
Administrative Agent shall have received the PNC Securitization Documents and the Permitted CIT Agreements.

 

(r)       After
giving effect to all Borrowings to occur on the Closing Date, Excess Availability shall be at least $50,000,000.

 

(s)       The
Closing Date Acquisition Representations and the Specified Representations shall be true and correct in all material respects (or
if qualified by materiality, in all respects).

 

(t)       [Reserved].

 

(u)      The
Acquisition Agreement, including all exhibits, schedules and attachments thereto and all other documents and matters in connection
therewith (including (i) using commercially reasonable efforts to obtain licensor consents with respect to licensing agreements
with respect to the Closing Date Acquisition and with respect to the Collateral Agent’s security interest in such licenses
and the enforcement by the Collateral Agent thereof, (ii) obtaining factoring agreements or arrangements on commercially reasonable
terms available at the time of execution and providing for substantially comparable availability, in each case than the existing
Whitehall Factoring Agreement, (iii) obtaining transition services agreements (including a sourcing agreement with a duration of
at least 6 months after the Closing Date) and (iv) obtaining management agreements with key members of senior management of the
Acquired Business customary for transactions of this type) shall be reasonably satisfactory to the Borrower, Administrative Agent,
Collateral Agent and Lead Arrangers (it being understood that the draft of the Acquisition Agreement dated as of June 27, 2018
and previously provided to the Lead Arrangers on June 27, 2018 is reasonably satisfactory to the Lead Arrangers).

 

Notwithstanding the foregoing,
to the extent that any Collateral or any security interest therein (other than the pledge and perfection of security interests
in the pledged certificated stock and other assets pursuant to which a lien may be perfected by the filing of a financing statement
under the UCC or a short-form Intellectual Property Security Agreement with the U.S. Patent and Trademark Office or the U.S. Copyright
Office) is not or cannot be provided or perfected on the Closing Date after the Borrower’s using commercially reasonable
efforts to do so without undue burden or expense, the delivery of such Collateral (and perfection of security interests therein)
shall not constitute a condition precedent to the availability of the Credit Facilities on the Closing Date but shall be required
to be delivered and perfected after the Closing Date (and in any event, within 45 days after the Closing Date plus any extensions
granted by the Administrative Agent and Collateral Agent in their reasonable discretion). This paragraph is referred to as the
“Funding Conditions Provision”.

 

    	 	-139-	 

     

    

 

Without limiting the generality
of the provisions of the last paragraph of Section 8.03, for purposes of determining compliance with the conditions
specified in this Section 4.02, each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a Lender.

 

Article
V

 

Affirmative Covenants

 

The Borrower covenants and
agrees with each Lender that until Payment in Full, the Borrower will, and will cause each of the Subsidiaries to:

 

Section
5.01      Existence; Businesses and Properties. (a)  Do or cause to be done
all things necessary to preserve, renew and keep in full force and effect its legal existence and good standing under the laws
of the jurisdiction of its organization, (i) except as otherwise expressly permitted under Section 6.05 or
(with respect to any Subsidiary that is not a Loan Party) to the extent that a failure to do so would not reasonably be expected
to have a Material Adverse Effect and (ii) except for the liquidation or dissolution of Subsidiaries if the assets of such Subsidiaries
to the extent they exceed estimated liabilities are acquired by the Borrower or a Wholly Owned Subsidiary of the Borrower in such
liquidation or dissolution; provided, that Subsidiaries that are Subsidiary Loan Parties may not be liquidated into
Subsidiaries that are not Subsidiary Loan Parties, unless such liquidation is otherwise permitted by Section 6.05(b).
The Borrower shall use commercially reasonable efforts to enforce all of its material rights and obligations under the Acquisition
Agreement.

 

(b)       Do
or cause to be done all things necessary to (i) obtain, preserve, renew, extend and keep in full force and effect the permits,
franchises, authorizations, patents, trademarks, service marks, trade names, copyrights, domain names, trade secrets, applications
or registrations for patents, trademarks, service marks, trade names, copyrights, domain names, licenses, rights, privileges and
other intellectual property used in and material to the normal conduct of its business, (ii) comply in all material respects with
all material applicable laws, rules, regulations (including any zoning, building, ordinance, code or approval or any building
permits or any restrictions of record or agreements affecting the Mortgaged Properties) and judgments, writs, injunctions, decrees
and orders of any Governmental Authority, whether now in effect or hereafter enacted, and (iii) at all times maintain and preserve
all material property necessary to the normal conduct of its business and keep such property in good repair, working order and
condition (ordinary wear and tear excepted) and from time to time use commercially reasonable efforts make, or cause to be made,
all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business
carried on in connection therewith, if any, may be properly conducted at all times (in each case except as expressly permitted
by this Agreement; unless, in each case, the failure to do so would not be likely to have a Material Adverse Effect).

 

    	 	-140-	 

     

    

 

Section
5.02      Insurance. (a) Keep its insurable properties insured at all times by financially
sound and reputable insurers in such amounts as shall be customary for similar businesses of a similar size owning similar properties
in the same localities where the Borrower and its Subsidiaries operate and maintain such reasonable insurance (including, to the
extent consistent with past practices or industry practices for Similar Businesses, self-insurance), of such types, to such extent
and against such risks, as is customary with companies in the same or similar businesses, taking into account the general degree
to which such companies are leveraged, and maintain such other insurance as may be required by law or any other Loan Document.

 

(b)       Cause
all such property and property casualty insurance policies to be endorsed or otherwise amended to include appropriate loss payable
endorsements, including, with respect to Mortgaged Properties, a “standard” or “New York”
lender’s loss payable endorsement, in each case, in form and substance reasonably satisfactory to the Administrative Agent,
which endorsement shall provide that, from and after the Closing Date, if the insurance carrier shall have received written notice
from the Administrative Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise
payable to the Borrower or the other Loan Parties under such policies directly to the Collateral Agent; cause all such policies
to provide that none of the Borrower, the Administrative Agent or any other party shall be a coinsurer thereunder and to contain
a “Replacement Cost Endorsement,” without any deduction for depreciation, and such other provisions as the Administrative
Agent may reasonably (in light of a Default or a material development in respect of the insured property) require from time to
time to protect their interests; deliver original or certified copies of all such policies or a certificate of an insurance broker
to the Administrative Agent; cause each such policy to provide that it shall not be canceled, lapsed (including for nonrenewal)
or terminated upon advance notice, to the extent available on commercially reasonable terms, not less than 30 days’
prior written notice (or 10 days’ prior written notice in the case of any failure to pay any premium due thereunder)
thereof by the insurer to the Administrative Agent; deliver to the Administrative Agent, prior to the cancellation, lapse (including
for nonrenewal) or termination 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 Administrative Agent), or insurance certificate with respect thereto, together
with evidence satisfactory to the Administrative Agent of payment of the premium therefor.

 

(c)       Notify
the Administrative Agent promptly after any separate insurance concurrent in form or contributing in the event of loss with that
required to be maintained under this Section 5.02 is taken out by the Borrower or any of the Subsidiaries; and
promptly deliver to the Administrative Agent a duplicate original copy of such policy or policies, or an insurance certificate
with respect thereto.

 

(d)       In
connection with the covenants set forth in this Section 5.02, it is understood and agreed that:

 

    	 	-141-	 

     

    

 

(i)       none
of the Administrative Agent, the Revolving Agent, the Lenders, the Issuing Bank and their respective agents or employees shall
be liable for any loss or damage insured by the insurance policies required to be maintained under this Section 5.02,
it being understood that (A) the Loan Parties shall look solely to their insurance companies or any other parties other than the
aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights of subrogation
against the Administrative Agent, the Revolving Agent, the Lenders, any Issuing Bank or their agents or employees. If, however,
the insurance policies, as a matter of the internal policy of such insurer, do not provide waiver of subrogation rights against
such parties, as required above, then the Borrower, on behalf of itself and behalf of each of its subsidiaries, hereby agrees,
to the extent permitted by law, to waive, and further agrees to cause each of their Subsidiaries to waive, its right of recovery
after the occurrence and during the continuance of an Event of Default, if any, against the Administrative Agent, the Revolving
Agent, the Lenders, any Issuing Bank and their agents and employees; and

 

(ii)       the
designation of any form, type or amount of insurance coverage by the Administrative Agent under this Section 5.02
shall in no event be deemed a representation, warranty or advice by the Administrative Agent or the Lenders that such insurance
is adequate for the purposes of the business of the Borrower and the Subsidiaries or the protection of their properties.

 

Section
5.03      Taxes. Pay and discharge promptly when due all material Taxes imposed upon
it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well
as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such properties
or any part thereof; provided, however, that such payment and discharge shall not be required with
respect to any such Tax or claim so long as (a) the validity or amount thereof shall be contested in good faith by appropriate
proceedings, (b) the Borrower or the affected Subsidiary, as applicable, shall have set aside on its books adequate reserves in
accordance with GAAP with respect thereto, and (c) the failure to make such payment and discharge would not reasonably be expected
to result in a Material Adverse Effect.

 

    	 	-142-	 

     

    

 

Section
5.04      Financial Statements, Reports, etc. Furnish to the Administrative Agent
(which will promptly furnish such information to the Lenders):

 

(a)       as
soon as available, but in any event within 90 days after the end of each fiscal year (or, if applicable, such shorter period
as the SEC shall specify for the filing of Annual Reports on Form 10-K or, if applicable, such longer period permitted under
Rule 12b-25 under the Exchange Act), (i) a consolidated balance sheet and related statements of operations and comprehensive
income, cash flows and owners’ equity showing the financial position of the Borrower and its subsidiaries as of the close
of such fiscal year and the consolidated results of its operations during such year and, commencing with the fiscal year ending
December 31, 2020 (and, in the case of a comparative statement of revenue, commencing with the fiscal year ended December
31, 2019), setting forth in comparative form the corresponding figures for the prior fiscal year, and (ii) management’s
discussion and analysis of significant operational and financial developments during such fiscal year and a “key performance
indicator” report with such content as may be mutually agreed by the Administrative Agent and the Borrower, which consolidated
balance sheet and related statements of operations and comprehensive income, cash flows and owners’ equity shall be audited
by an independent certified public accounting firm of recognized national standing reasonably acceptable to the Administrative
Agent (it being understood that any of the “big four” or other nationally recognized accounting firms shall be acceptable
to the Administrative Agent) and accompanied by an opinion of such accountants (which shall not contain any scope of qualification
(other than an emphasis of matter paragraph) (other than solely with respect to, or resulting solely from (i) for any such qualification
relating to changes in accounting principles or practices reflecting changes in GAAP that are required or approved by such auditors
(subject to Required Lender consent) and (ii) other than a “going concern” qualification or exception resulting solely
from (x) an impending maturity of the Credit Facilities, the Second Lien Credit Facility or any Qualified Securitization Financing
or (y) the inability to demonstrate prospective compliance with Section 6.10 of this Agreement or Section
6.10 of the Second Lien Credit Agreement or any other equivalent financial covenants under any other Indebtedness permitted
hereunder)) to the effect that such consolidated financial statements fairly present, in all material respects, the financial position
and results of operations of the Borrower and its subsidiaries on a consolidated basis in accordance with GAAP (it being understood
that the delivery by the Borrower of Annual Reports on Form 10-K of the Borrower and its consolidated subsidiaries shall satisfy
the requirements of this Section 5.04(a) to the extent such Annual Reports include the information specified
herein);

 

(b)       as
soon as available, but in any event within 45 days after the first three fiscal quarters of each fiscal year (or, if applicable,
such shorter period as the SEC shall specify for the filing of Quarterly Reports on Form 10-Q or, if applicable, such longer
period permitted under Rule 12b-25 under the Exchange Act), (i) a consolidated balance sheet and related statements of operations
and comprehensive income and cash flows showing the financial position of the Borrower and its subsidiaries as of the close of
such fiscal quarter and the consolidated results of its operations during such fiscal quarter and the then-elapsed portion of the
fiscal year and setting forth in comparative form the corresponding figures for the corresponding periods of the prior fiscal year,
and (ii) management’s discussion and analysis of significant operational and financial developments during such quarterly
period and a “key performance indicator” report with such content as may be mutually agreed by the Administrative Agent
and the Borrower, all of which shall be in reasonable detail and which consolidated balance sheet and related statements of operations
and comprehensive income and cash flows shall be certified by a Responsible Officer of the Borrower on behalf of the Borrower as
fairly presenting, in all material respects, the financial position and results of operations of the Borrower and its subsidiaries
on a consolidated basis in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes (it
being understood that the delivery by the Borrower of Quarterly Reports on Form 10-Q of the Borrower and its consolidated
subsidiaries shall satisfy the requirements of this Section 5.04(b) to the extent such Quarterly Reports include
the information specified herein));

 

(c)       as
soon as available, but in any event within 45 days after the end of each fiscal month of any fiscal quarter (and within 60 days
for each of the first two fiscal months of the fiscal quarter ending on or prior to December 31, 2018) a consolidated balance sheet
and related statements of operations and comprehensive income and cash flows showing the financial position of the Borrower and
its subsidiaries as of the close of such month and the consolidated results of its operations during such month;

 

    	 	-143-	 

     

    

 

(d)       [Reserved];

 

(e)       (i)
concurrently with any delivery of financial statements under paragraph (a) or (b) above commencing
on or after the fiscal quarter ended December 31, 2018, a certificate of a Responsible Officer of the Borrower (the “Compliance
Certificate”) (A) certifying that no Event of Default or Default has occurred or, if such an Event of Default
or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with
respect thereto and (B) other than with respect to the delivery of the Compliance Certificate made concurrently with the delivery
of financial statements delivered under paragraph (a) above with respect to the fiscal year ending December 31, 2018,
setting forth computations in reasonable detail (x) demonstrating compliance with the covenants contained in Section 6.10,
and (y) solely in respect of financial statements under paragraph (a) above, the Excess Cash Flow and (ii) concurrently
with any delivery of financial statements under paragraph (a) above, but only if available after use of commercially
reasonable efforts, a certificate of the accounting firm opining on or certifying such statements stating whether they obtained
knowledge during the course of their examination of such statements of any such Default or Event of Default (which certificate
may be limited to accounting matters and contains disclaimers of responsibility for legal interpretations and other customary qualifications
and disclaimers);

 

(f)       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 Administrative Agent, other reports and statements filed by the Borrower or any of its subsidiaries
with the SEC on a non-confidential basis, or after public offering, distributed to its stockholders generally, as applicable; provided,
however, that such reports, proxy statements, filings and other materials required to be delivered pursuant to this
clause (f) shall be deemed delivered for purposes of this Agreement when posted to the website of the Borrower
or any website operated by the SEC containing “EDGAR” database information;

 

(g)       if,
as a result of any change in accounting principles and policies from those applied in the preparation of the financial statements
referred to in Section 3.05(a)(ii) for the fiscal year ended December 31, 2017, the consolidated financial
statements of the Borrower and its subsidiaries delivered pursuant to paragraph (a) above will differ in any
material respect from the consolidated financial statements that would have been delivered pursuant to such clauses
had no such change in accounting principles and policies been made, then, together with the first delivery of financial statements
pursuant to paragraph (a) above following such change, a schedule prepared by a Responsible Officer on behalf
of the Borrower reconciling such changes to what the financial statements would have been without such changes;

 

(h)       as
soon as available, but in any event within 90 days after the beginning of each fiscal year, detailed consolidated monthly
budgets for such fiscal year and, as soon as available, significant revisions approved by the Board of Directors, if any, of such
budget and monthly projections with respect to such fiscal year, including a description of underlying assumptions with respect
thereto (and including monthly balance sheet, profit and loss and cash flow figures);

 

    	 	-144-	 

     

    

 

(i)       promptly
following the reasonable request of the Administrative Agent (but not more than once per quarter in connection with the delivery
of a Compliance Certificate), an updated Perfection Certificate (or, to the extent such request relates to specified information
contained in the Perfection Certificate, such information) reflecting such changes to Collateral granted pursuant to a Security
Document since the date of the information most recently received pursuant to this paragraph (i) or Section 5.11(f);

 

(j)       concurrently
with the delivery of such information under the PNC Receivables Purchase Agreement (or other applicable Securitization Financing
Documents), such material information and reporting required under Sections 7.01(c)(i), 7.01(c)(ii) and 7.01(d) of the PNC Receivables
Purchase Agreement (or any analogous provisions of any other Qualified Securitization Financing Documentation);

 

(k)       promptly,
from time to time, such other information regarding the operations, business affairs and financial condition of the Borrower or
any of its subsidiaries, or compliance with the terms of any Loan Document, or such consolidating financial statements, as in each
case the Administrative Agent may reasonably request in writing (for itself or on behalf of any Lender);

 

(l)       promptly
following request by the Administrative Agent, copies of: (i) each Schedule B (Actuarial Information) to the most recent annual
report (Form 5500 Series) filed with the Internal Revenue Service with respect to a Plan; (ii) the most recent actuarial valuation
report for any Plan; and (iii) all notices received from a Multiemployer Plan sponsor, a plan administrator or any governmental
agency, or provided to any Multiemployer Plan by Borrower, a Subsidiary or any ERISA Affiliate, concerning an ERISA Event; and

 

(m)     promptly
upon request by the Administrative Agent or any Lender, information and documentation for purposes of compliance with Beneficial
Ownership Regulations or any applicable “know your customer” requirements under the PATRIOT Act or other applicable
anti-money laundering laws.

 

Notwithstanding anything
to the contrary set forth in this Agreement or any other Loan Document, no Loan Party shall be required to disclose to any Agent
or any Lender (or any authorized representative or independent contractor of any of them) any information that (w) is prohibited
by Law to be disclosed, (x) is subject to attorney-client privilege or constitutes attorney work product, (y) the disclosure
of which would cause a breach of a binding non-disclosure agreement with any Governmental Authority or any other third party to
the extent such agreement is not made in contemplation of the avoidance of this Agreement or (z) that constitutes non-financial
trade secrets or non-financial proprietary information of the Borrower or its Subsidiaries and/or any of their respective customers
and/or suppliers (provided such confidentiality obligations were not entered into solely in contemplation of the requirements of
this Section 5.04); provided, that in the event the Borrower does not provide any certificate, report or information
requested pursuant to this Section 5.04 in reliance on the preceding proviso, the Borrower shall provide notice to the Administrative
Agent that such certificate, report or information is being withheld and the Borrower shall use commercially reasonable efforts
to describe, to the extent both feasible and permitted under the applicable Law or confidentiality obligations, or without waiving
such privilege, as applicable, the applicable certificate, report or information.

 

    	 	-145-	 

     

    

 

Section
5.05      Litigation and Other Notices. Furnish to the Administrative Agent written
notice of the following promptly after any Responsible Officer of the Borrower obtains actual knowledge thereof:

 

(a)       any
Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with
respect thereto;

 

(b)       the
filing or commencement of, or any written threat or written notice of intention of any person to file or commence, any action,
suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against the Borrower
or any of its subsidiaries as to which would reasonably be expected to have a Material Adverse Effect;

 

(c)       any
other development specific to the Borrower or any of its subsidiaries that is not a matter of general public knowledge and that
has had, or would reasonably be expected to have, a Material Adverse Effect;

 

(d)       the
occurrence of any ERISA Event that, together with all other ERISA Events that have occurred, would reasonably be expected to have
a Material Adverse Effect;

 

(e)       any
material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiaries thereof; and

 

(f)       any
(i) degradation in advance rates under a Qualified Securitization Financing which results in a change in the average Advance Ratio
for accounts receivable under such Qualified Securitization Financing of more than 20% as compared to the average Advance Ratio
for the same month in the prior year and that such change in the Advance Ratio would be reasonably expected to result in a Default
under Section 6.10 as reasonably determined by the Borrower in good faith or (ii) an increase of more than 2.00% on the interest
rate spread for the then existing Securitization Financing; provided further that any changes to pricing resulting from "dynamic
pricing" provisions contained in the Qualified Securitization Financing Documents as in effect on the Closing Date (or such
the PNC Securitization has been refinanced, the Qualified Securitization Financing Documents then in effect) shall not constitute
an amendment to the pricing of such Qualified Securitization Financing.

 

Section
5.06      Compliance with Laws. Comply with all laws, rules, regulations and orders
of any Governmental Authority as applicable to it or its property, except in each case, where the failure to do so would not reasonably
be expected to result in a Material Adverse Effect; provided, that this Section 5.06 shall not
apply to Environmental Laws, which are the subject of Section 5.10, or to laws related to Taxes, which are
the subject of Section 5.03.

 

    	 	-146-	 

     

    

 

Section
5.07      Maintaining Records; Inspections, Field Exams and Appraisals.

 

(a)       Maintenance
of Records; Inspections. Maintain all financial records in accordance with GAAP and permit any persons designated by the Administrative
Agent or Revolving Agent or, upon the occurrence and during the continuance of an Event of Default, the Lenders to visit and inspect
the financial records and, subject to the terms of applicable leases with third parties, the properties of the Borrower or any
of the Subsidiaries at reasonable times, upon reasonable prior notice to the Borrower (provided, however, that such
visits and inspections shall be coordinated through the Agents), and (i) prior to the existence of a continuing Event of Default
no more than two times per year and (ii) after and during any continuing Event of Default as often as requested; and to make extracts
from and copies of such financial records, and permit any persons designated by the Administrative Agent or Revolving Agent or,
upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior notice to the Borrower
to discuss the affairs, finances and condition of the Borrower or any of the Subsidiaries with the officers thereof and independent
accountants therefor (the Agents and the Lenders shall give the Loan Parties a reasonable opportunity to participate in any discussions
with the Loan Parties’ independent public accountants and any such discussions and inspections shall be subject to reasonable
requirements of confidentiality, including requirements imposed by law or by contract and any reasonable costs and expenses of
such inspection being reimbursed by the Borrower); provided that, notwithstanding anything in this Section 5.07(a)
to the contrary, the Borrower and its Subsidiaries will not be required to disclose, permit the inspection, examination or making
copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes trade secrets or
proprietary information, (ii) in respect of which disclosure is prohibited by applicable law or binding contractual arrangement
and such contractual arrangement was not created or made binding in contemplation of this provision, or (iii) is subject to attorney-client
or similar privilege or constitutes attorney work product; provided that in the case of the foregoing clauses (i) – (iii),
the Borrower shall inform the Lenders that information is being withheld and shall use commercially reasonable efforts to provide
the Lenders such information without revealing such trade secrets, proprietary information or information subject to such privilege
or to obtain such consent, as applicable.

 

(b)       Field
Exams, Appraisals. Each Loan Party will, and will permit each of its Subsidiaries to, permit representatives of Revolving Agent
to (i) conduct field examinations and audits of Inventory (collectively “Field Exams”) and other personal
property of the Loan Parties and their Subsidiaries and (ii) conduct appraisals of Inventory (“Inventory Appraisals”)
of the Loan Parties and their Subsidiaries, which shall, unless an Event of Default is continuing, be at such reasonable times
during normal business hours and upon reasonable advance notice to the Borrower.

 

Section
5.08      Payment of Obligations. Pay its material Indebtedness and other material
obligations, including material Tax liabilities, before the same shall become delinquent or in default, except where (a) the validity
or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside
on its books adequate reserves with respect thereto in accordance with GAAP, and (c) the failure to make such payment would not
reasonably be expected to result in a Material Adverse Effect.

 

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Section
5.09      Use of Proceeds. Use the proceeds of the Loans and the Letters of Credit
only as contemplated in Section 3.12. The Borrower will not request any Borrowing, and the Borrower shall not
use, and shall procure that its Subsidiaries and, to its knowledge, none of their respective directors, officers, employees and
agents shall use, the proceeds of any Borrowing (a) in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws in any material
respect, (b) for the purpose of funding, financing or facilitating any unauthorized activities, business or transaction of or
with any Sanctioned Person, or in any Sanctioned Country, or (c) knowingly in any manner that would result in the violation of
any Sanctions Laws applicable to any party hereto.

 

Section
5.10      Compliance with Environmental Laws. Comply with all Environmental Laws applicable
to its operations and properties; and comply with and obtain and renew all material permits, licenses and other approvals required
pursuant to Environmental Law for its operations and properties, except, in each case with respect to this Section 5.10,
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
5.11      Further Assurances; Additional Security. (a) Execute any and such further
documents, financing statements, agreements and instruments, and take such further actions (including the filing and recording
of financing statements, fixture filings, Mortgages and other documents and recordings of Liens in stock registries), that may
be required under any applicable law, or that the Administrative Agent or Collateral Agent may reasonably request, to cause the
Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties, and provide to the Administrative
Agent, from time to time following the Administrative Agent’s reasonable request, evidence reasonably satisfactory to the
Administrative Agent as to the perfection and priority of the Liens created or intended to be created in the Collateral by the
Security Documents.

 

(b)       [Reserved].

 

    	 	-148-	 

     

    

 

(c)       Promptly
notify the Administrative Agent following the acquisition of, and, following the reasonable written request of the Administrative
Agent, grant and cause each of the Loan Parties to grant to the Collateral Agent security interests and mortgages in, such Owned
Material Real Property of the Borrower or any such Loan Parties as are not covered by the original Mortgages (other than assets
that (i) are subject to permitted secured financing arrangements containing restrictions permitted by Section 6.09(c),
pursuant to which a Lien on such assets securing the Obligations is not permitted or (ii) are not required to become subject to
the Liens of the Collateral Agent pursuant to Section 5.11(g) or the Security Documents), to the extent acquired
after the Closing Date and having a value or purchase price at the time of acquisition in excess of $5,000,000 pursuant to documentation
in such form as is reasonably satisfactory to the Administrative Agent (each, an “Additional Mortgage”)
and constituting valid and enforceable perfected Liens superior to and prior to the rights of all third persons subject to no other
Liens except as are permitted by Section 6.02, at the time of perfection thereof, record or file, and cause
each such Subsidiary to record or file, the Additional Mortgage or instruments related thereto in such manner and in such places
as is required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted
pursuant to the Additional Mortgages and pay, and cause each such Subsidiary to pay, all Taxes (in accordance with Section 5.03),
fees and other charges payable in connection therewith, in each case subject to paragraph (g) below. With respect
to each such Additional Mortgage, the Borrower shall deliver, or cause the applicable Loan Party to deliver, to the Administrative
Agent contemporaneously therewith a title insurance policy or policies or marked up unconditional binder of title insurance in
an amount equal to the fair market value of the Mortgaged Property, paid for by the Borrower or the applicable Loan Party, issued
by a nationally recognized title insurance company insuring the Lien of each such Mortgage as a valid first Lien on the Mortgaged
Property described therein, free of any other Liens except as permitted by Section 6.02 and Liens arising by
operation of law, together with such endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request
and a survey if reasonably available with respect to property outside the United States. Additionally, if applicable, Borrower
shall deliver to the Administrative Agent a completed standard “life of loan” flood hazard determination form for each
property encumbered by a Mortgage, and if the property is located in an area designated by the U.S. Federal Emergency Management
Agency (or any successor agency) as having special flood or mud slide hazards, (i) a notification to the Borrower (“Borrower
Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood
Insurance Program (“NFIP”) created by the U.S. Congress pursuant to the National Flood Insurance Act
of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform
Act of 2004 is not available because the applicable community does not participate in the NFIP, (ii) documentation evidencing the
Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or
overnight delivery), and (iii) if Borrower Notice is required to be given and flood insurance is available in the community in
which the property is located, a copy of one of the following: the flood insurance policy, the Borrower’s application for
a flood insurance policy plus proof of premium payment, a declaration page confirming that flood insurance has been issued, or
such other evidence of flood insurance reasonably satisfactory to the Administrative Agent.

 

(d)       In
connection with (i) the formation or acquisition of any direct or indirect Subsidiary of the Borrower that is a Domestic Subsidiary
(other than an Excluded Subsidiary) or (ii) any existing direct or indirect subsidiary of the Borrower becoming a Subsidiary of
the Borrower that is a Domestic Subsidiary (other than an Excluded Subsidiary), within 15 Business Days after the date of such
formation, acquisition or Subsidiary becoming a Subsidiary of the Borrower that is a Domestic Subsidiary (other than an Excluded
Subsidiary), notify the Administrative Agent and the Lenders thereof and, within 30 Business Days after such date or such longer
period as the Administrative Agent shall agree or as set forth in the definition of Collateral and Guarantee Requirement for such
class of assets, cause the Collateral and Guarantee Requirement to be satisfied with respect to such subsidiary and with respect
to any Equity Interest in or Indebtedness of such subsidiary owned by or on behalf of any Loan Party, subject to Section 5.11(g).

 

(e)       [Reserved].

 

    	 	-149-	 

     

    

 

(f)       (i)
Furnish to the Administrative Agent prompt written notice following any change (A) in any Loan Party’s corporate or organization
name, (B) in any Loan Party’s identity or (C) in any Loan Party’s organizational identification number, provided, that
to the extent required to maintain perfection of such Collateral, within 30 days after such change (or such later period agreed
by the Administrative Agent in its Permitted Discretion), the Borrower will file (or direct an agent to file on its behalf) such
Uniform Commercial Code financing statements that are required in order for the Collateral Agent to continue following such change
to have a valid, legal and perfected security interest such Collateral (to the extent intended to be created by the Security Documents
by a filing of an “all assets” financing statement) and (ii) promptly notify the Administrative Agent if any material
portion of the Collateral is damaged or destroyed.

 

(g)       The
Collateral and Guarantee Requirement and the other provisions of this Section 5.11 need not be satisfied with
respect to Excluded Assets.

 

For the avoidance of doubt,
and without limitation, Section 5.11 shall apply to any division of a Loan Party required to become a Loan Party
pursuant to the terms of the Loan Documents and to any allocation of assets to a series of a limited liability company.

 

Section
5.12      Fiscal Year; Accounting. In the case of the Borrower, cause its fiscal year
to end on December 31.

 

Section
5.13      [Reserved].

 

Section
5.14      Lender Meetings. In the case of the Borrower, participate in a conference
call with the Administrative Agent, Revolving Agent and the Lenders not more than once during each fiscal quarter to be held at
such time and date as may be reasonably agreed upon by the Borrower, the Revolving Agent and the Administrative Agent.

 

Section
5.15      Securitization Matters. Each of the Loan Parties party to any of the Qualified Securitization Documents shall
enforce all of their rights and obligations under such Qualified Securitization Document.

 

Section
5.16      Compliance with Anti-Corruption Laws and Sanctions Laws. (A) Maintain
policies and procedures reasonably designed to ensure compliance by the Borrower, the Subsidiaries, and their respective
directors, officers, employees, and agents with the Anti-Corruption Laws and (B) within 90 days of the Closing Date (or such
later date as may be agreed to by Administrative Agent in its sole discretion) and thereafter maintain policies and
procedures reasonably designed to ensure compliance by the Borrower, the Subsidiaries, and their respective directors,
officers, employees, and agents with Sanctions Laws.

 

Section
5.17      Post-Closing Matters. Deliver to Administrative Agent, in form and substance
reasonably satisfactory to the Administrative Agent, the items described on Schedule 5.17 hereof or take such actions described
on Schedule 5.17, in each case, on or before the dates specified with respect to such items on Schedule 5.17 (or, in each case,
such later date as may be agreed to by Administrative Agent in its sole discretion). All conditions, covenants, representations
and warranties contained in this Agreement and the other Loan Documents will be deemed modified to the extent necessary to effect
the foregoing (and to permit the taking of the actions described on Schedule 5.17 within the time periods specified thereon, rather
than as elsewhere provided in the Loan Documents).

 

    	 	-150-	 

     

    

 

Section
5.18      Location of Collateral. Borrower will, and will cause each of its Subsidiaries
to, keep its Inventory (other than (i)  Inventory in transit, (ii) under repair or being manufactured or constructed at third
party manufacturing locations or (iii) on-consignment in progress at third party locations, jobs or contracts, in each case in
the ordinary course of business) (x) located at a retailor or (y) with an aggregate value at such location on an average monthly
basis in excess of $500,000, in each case with respect to clauses (x) and (y) only at the locations identified on Schedule 5.18
(or any supplement thereof) and their chief executive offices only at the locations identified on Schedule 5.18
(or any supplement thereof); provided, that (x) Borrower may amend Schedule 5.18 so long as such
amendment occurs by written notice to Revolving Agent not less than ten (10) days prior to the date on which such Inventory is
moved to such new location and (y) Borrower may move Inventory to a location not set forth Schedule 5.18 on a temporary
basis not to exceed 15 consecutive days (or such longer period agreed by the Revolving Agent) without prior notice or the need
to amend Schedule 5.18 to the extent that (A) such Inventory has an aggregate value of less than $2,000,000 or (B)
exigent circumstances exist; provided that in such circumstances described in (y)(A) or (B) above, the Borrower shall notify
the Revolving Agent as promptly as practical following such move; and provided further, that the location of any such relocated
chief executive office shall be within the continental United States.

 

Section
5.19      [Reserved].

 

Section
5.20      Compliance with Collateral and Guarantee Requirement. Comply in all respects
with the Collateral and Guarantee Requirement with respect to each such Loan Party.

 

Section
5.21      Collateral Reporting.

 

(a)       Deliver,
on behalf of each Loan Party, to the Revolving Agent (and if so requested by the Revolving Agent, with copies to each Revolving
Lender) each of the documents set forth below at the following times in form satisfactory to Revolving Agent:

 

(i)       monthly
(no later than the tenth (10th) Business Day of each month), and with each request for a Borrowing, an executed Borrowing Base
Certificate;

 

(ii)       monthly
(no later than the tenth (10th) Business Day of each month), (A) a detailed report regarding Borrower’s and its Subsidiaries’
cash and Cash Equivalents, and (B) a detailed report showing additions of, and deletions to, Eligible Inventory, and a calculation
of the net book value (calculated in accordance with GAAP on a basis consistent with Borrower’s historical accounting practices)
of Eligible Inventory at the end of such period;

 

(iii)       monthly
(no later than the thirtieth (30th) day of each month), (A) a reconciliation of Accounts and trade accounts payable of each Loan
Party’s general ledger accounts to its monthly financial statements including any book reserves related to each category,
and (B) a detailed report describing accrued expenses;

 

    	 	-151-	 

     

    

 

(iv)       on
the last day of each fiscal quarter, (A) a report regarding Borrower’s and its Subsidiaries’ accrued but unpaid, ad
valorem taxes, and (B) a Perfection Certificate or a supplement to the Perfection Certificate, if requested by Revolving Agent;

 

(v)       on
the last day of each fiscal year, a detailed list of Borrower’s and its Subsidiaries’ customers, with address and contact
information; and

 

(vi)       promptly,
upon request by Revolving Agent, (A) an insurance claim report, and (B) such other reports as to the Collateral or the financial
condition of Borrower and its Subsidiaries, as Revolving Agent may reasonably request.

 

(b)       Notwithstanding
clause (a) above, to the extent (i) Excess Availability is less than $15,000,000 or (ii) any Event of Default then exists,
the items, certificates and information set forth in clause (a)(i), (a)(ii) and (a)(iii)
shall be delivered to the Revolving Agent on a weekly basis (on the second (2nd) Business Day of each such week)

 

(c)       Borrower
agrees to use, and to cause its Subsidiaries to use, commercially reasonable efforts in cooperation with Revolving Agent to facilitate
and implement a system of electronic collateral reporting in order to provide electronic reporting of each of the items set forth
in clause (a) above.

 

Article
VI

 

Negative Covenants

 

The Borrower covenants and
agrees with each Lender that until Payment in Full, the Borrower will not, and will not cause or permit any of the Subsidiaries
to:

 

Section
6.01      Indebtedness. Incur, create, assume or permit to exist any Indebtedness,
except:

 

(a)       Indebtedness
(other than intercompany Indebtedness) of the Subsidiaries existing, or incurred pursuant to facilities existing, on the Closing
Date and set forth on Schedule 6.01 and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness
or, without duplication, replacements of such facilities that would constitute Permitted Refinancing Indebtedness with respect
to such facilities if all Indebtedness available to be incurred thereunder were outstanding on the date of such replacement;

 

(b)       Indebtedness
created hereunder and under the other Loan Documents;

 

(c)       Indebtedness
of the Borrower and the Subsidiaries pursuant to Swap Agreements consisting of (i) non-speculative Swap Agreements entered into
in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct
of its business or the management of its liabilities (including currency risks), and (ii) non-speculative Swap Agreements entered
into in the ordinary course of business in order to effectively cap, collar or exchange interest rates (from fixed to floating
rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment
of the Borrower or any Subsidiary;

 

    	 	-152-	 

     

    

 

(d)       Indebtedness
of the Borrower and the Subsidiaries 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
or property, warehouse receipts or similar instruments, casualty or liability insurance to the Borrower or any Subsidiary, pursuant
to reimbursement or indemnification obligations to such person, in each case, provided in the ordinary course of business; provided,
that that any reimbursement obligations in respect thereof are reimbursed within 60 days following the incurrence thereof (or such
longer period as is permitted without interest or other charges under the benefit plan or other instrument under which reimbursement
is to be made);

 

(e)       Indebtedness
of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary; provided, that (i)
Indebtedness of any Subsidiary that is not a Subsidiary Loan Party owing to the Borrower or any Subsidiary Loan Party shall be
subject to Section 6.04, and (ii) Indebtedness of the Borrower owing to any Subsidiary and Indebtedness of any
other Loan Party owing to any Subsidiary that is not a Subsidiary Loan Party shall be subordinated in right of payment to the Obligations
on terms reasonably satisfactory to the Administrative Agent;

 

(f)       Indebtedness
of the Borrower and the Subsidiaries in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees
and similar obligations, in each case, including those incurred to secure health, safety, insurance and environmental obligations
of the Borrower and its Subsidiaries as conducted in accordance with good and prudent business industry practice and otherwise
as permitted by the Loan Documents, in an aggregate principal amount not to exceed $5,000,000 at any one time outstanding;

 

(g)       Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business or other cash management services in the ordinary course of business and in good faith;
provided, that (i) such Indebtedness (other than credit or purchase cards) is extinguished within 30 Business Days
of notification to the Borrower of its incurrence; and (ii) such Indebtedness in respect of credit or purchase cards is extinguished
within 90 days from its incurrence;

 

(h)       (i)
Indebtedness of a Subsidiary acquired after the Closing Date or a person merged into or consolidated with the Borrower or any Subsidiary
after the Closing Date and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness, in each case,
exists at the time of such acquisition, merger or consolidation and is not created in contemplation of such event and where such
acquisition, merger or consolidation is permitted by this Agreement, and (ii) any Permitted Refinancing Indebtedness incurred
to Refinance such Indebtedness; provided, that the aggregate principal amount of any such Indebtedness for borrowed
money (other than intercompany items) at the time of, and after giving effect to, such acquisition, merger or consolidation, such
assumption or such incurrence, as applicable (together with all other Indebtedness outstanding pursuant to this paragraph (h)
or paragraph (i) of this Section 6.01), would not be in a aggregate outstanding principal amount that exceeds
the greater of $25,000,000 and 10% of Net Receivables Financing Profit as of the last day of the most recently ended Test Period
at any one time outstanding;

 

    	 	-153-	 

     

    

 

(i)       (i)
Capital Lease Obligations, mortgage financings and purchase money Indebtedness incurred by the Borrower or any Subsidiary prior
to or within 365 days after the acquisition, lease or improvement of the respective asset permitted under this Agreement in order
to finance such acquisition or improvement and (ii) any Permitted Refinancing Indebtedness in respect thereof, collectively, in
an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof (together with Indebtedness
outstanding pursuant to this paragraph (i) or paragraph (h) of this Section 6.01) would not
be in a aggregate outstanding principal amount that exceeds the greater of $25,000,000 and 10% of Net Receivables Financing Profit
as of the last day of the most recently ended Test Period at any one time outstanding;

 

(j)       Indebtedness
in respect of the Second Lien Credit Agreement and any Permitted Refinancing Indebtedness with respect thereto, in an aggregate
principal amount at any one time outstanding not to exceed $668,000,000; provided that such amount may increase solely with respect
to any “payment in kind” interest that accrues pursuant to the Second Lien Credit Agreement; provided further, that
such Indebtedness is secured only by the Liens permitted under Section 6.02 and shall be subject to the First-Second
Intercreditor Agreement;

 

(k)       other
Indebtedness of the Borrower or any Subsidiary, in an aggregate principal amount at any one time outstanding pursuant to this paragraph (k)
not in excess of the greater of $25,000,000 and 10% of Net Receivables Financing Profit as of the last day of the most recently
ended Test Period at any one time outstanding;

 

(l)        Guarantees
by the Borrower or any Subsidiary of any Indebtedness of the Borrower or any Subsidiary permitted to be incurred under this Agreement;
provided, that, notwithstanding anything to the contrary in this Section 6.01, (i) the Borrower
and the Loan Parties shall not Guarantee the Indebtedness of any Subsidiary that is not a Loan Party unless such Guarantee is permitted
under Section 6.04, (ii) any Guarantees by the Borrower or any Loan Party under this Section 6.01(l)
of any other Indebtedness of a person that is subordinated in right of payment to other Indebtedness of such person shall be expressly
subordinated in right of payment to the Obligations on terms not materially less favorable to the Lenders than the subordination
terms of such other Indebtedness, and (iii) no Subsidiary shall Guarantee any Junior Indebtedness (or Permitted Refinancing Indebtedness
in respect of any of the foregoing), unless such Subsidiary is also is or becomes a Guarantor and Loan Party hereunder;

 

(m)      Indebtedness
arising from agreements of the Borrower or any Subsidiary providing for indemnification, adjustment of purchase price or similar
obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other
than Guarantees of Indebtedness incurred by any person acquiring all or any portion of such business, assets or a Subsidiary for
the purpose of financing such acquisition, in each case, to the extent such obligation or transaction is permitted by this Agreement;

 

(n)       reimbursement
and similar obligations of Subsidiaries in respect of letters of credit or bank guarantees (other than Letters of Credit issued
pursuant to Section 2.05); provided that any reimbursement obligations in respect thereof and have an
aggregate face amount at any one time outstanding not in excess of $60,000,000;

 

    	 	-154-	 

     

    

 

(o)       Indebtedness
of the Borrower and the Subsidiaries supported by a Letter of Credit, in a principal amount not in excess of the stated amount
of such Letter of Credit;

 

(p)       Indebtedness
consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in
each case, in the ordinary course of business;

 

(q)       to
the extent constituting Indebtedness, all premium (if any), interest (including interest paid in kind and post-petition interest),
fees, expenses, charges and additional or contingent interest on Indebtedness otherwise permitted to be incurred pursuant to this
Section 6.01;

 

(r)       Indebtedness
consisting of unsecured vendor financing incurred in the ordinary course of business and consistent with past practices of the
Borrower and its Subsidiaries, so long as the aggregate principal amount of such Indebtedness does not exceed $50,000,000 at any
one time outstanding;

 

(s)       up
to $10,000,000 in aggregate principal amount of Indebtedness of Foreign Subsidiaries at any time outstanding; provided,
that to the extent that the terms of such Indebtedness are permitted hereunder, any increase in the amount of such Indebtedness
as a result of capitalized or paid-in-kind interest or accreted principal on such Indebtedness pursuant to such terms shall not
constitute a further issuance or incurrence of Indebtedness for purposes of this Section 6.01(s);

 

(t)       (i)(x)
up to $50,000,000 in aggregate principal amount of Indebtedness consisting of earn-outs (cash or non-cash), indemnifications, deferred
purchase price, purchase price adjustments and other similar obligations of the Borrower or any Subsidiary, in each case, incurred
or assumed under a purchase agreement, deferred compensation or other similar arrangements incurred by such person in connection
with the Transactions or any other Permitted Business Acquisitions or any other Investment, acquisition or sale or other Disposition
permitted hereunder plus (y) any Existing Earn Out Obligations and (ii) any Permitted Refinancing Indebtedness incurred to Refinance
any of the foregoing;

 

(u)       Indebtedness
in respect of (i) netting services and similar services in connection with deposit accounts to the extent incurred in the ordinary
course of business or other contingent liabilities arising out of the endorsement of checks, drafts and other instruments or other
payment items for deposit or collection in the ordinary course of business and (ii) obligations arising under customary indemnity
agreements to title insurers to cause such title insurers to issue title insurance policies;

 

(v)       Indebtedness
in respect of judgments, orders, attachments or awards not resulting in an Event of Default under Section 7.01(j)
or in respect of appeal or other surety bonds relating to, and settlements in connection with, such judgments, orders, attachments
or awards;

 

    	 	-155-	 

     

    

(w)       Indebtedness
consisting of unfunded pension fund and other employee benefit obligations and liabilities incurred in the ordinary course of business
to the extent they are permitted to remain unfunded under applicable law;

 

(x)       Indebtedness
of the Borrower and its Subsidiaries consisting of (i) take-or-pay obligations contained in supply arrangements, in each case,
in the ordinary course of business and/or (ii) liabilities in respect of customer deposits and advance payments received in the
ordinary course of business from customers for goods and services purchased in the ordinary course of business;

 

(y)       up
to $10,000,000 in aggregate principal amount of Indebtedness consisting of obligations of the Borrower and its Subsidiaries under
deferred compensation or other similar arrangements with employees incurred by such Person in connection with the Transactions,
any Permitted Business Acquisition or any other Investment expressly permitted hereunder;

 

(z)       Indebtedness
in respect of license agreements, to the extent constituting guaranteed minimum revenues and similar obligations in the ordinary
course of business;

 

(aa)     the Closing Date
Subordinated Note in an amount not to exceed $25,000,000; provided that such amount may increase solely with respect to any “payment
in kind” interest that accrues pursuant to the Closing Date Subordinated Note;

 

(bb)    Indebtedness incurred
pursuant to a Qualified Securitization Arrangement and any Permitted Refinancing in respect thereof in the form of a Qualified
Securitization Arrangements in an aggregate principal amount not to exceed $550,000,000 at any one time outstanding (it being understood
that to the extent a Qualified Securitization Arrangement is entered into by a Securitization Subsidiary, the amount of Indebtedness
available under this clause (bb) shall be reduced dollar-for-dollar by the principal amount then outstanding under such Qualified
Securitization Arrangement entered into by a Securitization Subsidiary); and

 

(cc)     Indebtedness in respect
of the Existing Letters of Credit in amount not to exceed the stated amounts of such Existing Letters of Credit (and any Permitted
Refinancing Indebtedness in respect thereof).

 

Section
6.02      Liens. Create, incur, assume or permit to exist any Lien on any property
or assets (including stock or other securities of any person, including the Borrower or any Subsidiary of the Borrower) at the
time owned by it, except:

 

(a)       Liens
on property or assets of the Subsidiaries existing on the Closing Date and set forth on Schedule 6.02(a) and
any Lien granted as a replacement or substitute therefor; provided, that (i) any such replacement or substitute; Liens shall secure
only those obligations that they secure on the Closing Date (and Permitted Refinancing Indebtedness in respect thereof permitted
by Section 6.01(a)) and shall not subsequently apply to any other property or assets of the Borrower or any
Subsidiary other than the property and assets subject thereto on the Closing Date (plus improvements and accessions to such property
and assets) and (ii) in the case of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted, subject to
compliance with clause (e) of the definition of the term “Permitted Refinancing Indebtedness”;

 

    	 	-156-	 

     

    

 

(b)       any
Lien created under the Loan Documents or permitted in respect of any Mortgaged Property by the terms of the applicable Mortgage;

 

(c)       any
Lien on any property or asset of the Borrower or any Subsidiary (i) securing Indebtedness or Permitted Refinancing Indebtedness
permitted by Section 6.01(h) or (ii) acquired after the Closing Date in a transaction permitted by this Agreement
and securing Indebtedness in an aggregate amount not to exceed $15,000,000 at any one time; provided, that such Lien
(A) does not apply to any other property or assets of the Borrower or any of the Subsidiaries not securing such Indebtedness, at
the date of the acquisition of such property or asset (other than after acquired property subjected to a Lien securing Indebtedness
incurred prior to such date and which Indebtedness is permitted hereunder, such Indebtedness owing to the same financier as the
financier of such Indebtedness at the date of the acquisition, that require a pledge of after acquired property, it being understood
that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for
such acquisition), (B) such Lien is not created in contemplation of or in connection with such acquisition, (C) in the case
of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted, subject to compliance with clause (e)
of the definition of the term “Permitted Refinancing Indebtedness” and (D) in the case of clause (ii)
of this Section 6.02(c), (x) after giving effect to any such Lien and the incurrence of Indebtedness, if any, secured
by such Lien is created, incurred, acquired or assumed (or any prior Indebtedness becomes so secured) on a Pro Forma Basis,
the Consolidated First Lien Leverage Ratio, calculated as of the last day of the most recently ended and Reported fiscal quarter,
shall be less than or equal to 2.50 to 1.00, (y) at the time of the incurrence of such Lien and after giving effect thereto, no
Default or Event of Default shall have occurred and be continuing or would result therefrom and (z) the Indebtedness or other obligations
secured by such Lien are otherwise permitted by this Agreement;

 

(d)       Liens
for Taxes, assessments and governmental charges the payment of which is not required under Section 5.03;

 

(e)       landlord’s,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens
arising in the ordinary course of business and securing obligations (including those other than for borrowed money) that 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 Borrower or any Subsidiary shall have set aside on its books reserves in accordance with GAAP;

 

(f)       (i)
pledges or 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 social security laws or regulations and deposits
securing liability to insurance carriers under insurance or self-insurance arrangements in respect of such obligations and (ii)
pledges or 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 Borrower or any Subsidiary;

 

    	 	-157-	 

     

    

 

(g)       deposits
and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness for borrowed money), leases (other
than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases,
government contracts, trade contracts, agreements with public 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 the Borrower or any Subsidiary in the ordinary
course of business, including those incurred to secure health, safety, insurance and environmental obligations in the ordinary
course of business;

 

(h)       zoning
restrictions, survey exceptions, easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments,
rights-of-way, restrictions on or agreements dealing with the use of real property, servicing agreements, development agreements,
site plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects or irregularities
that, in the aggregate, do not interfere in any material respect with the ordinary conduct of the business of the Borrower or any
Subsidiary (taken as a whole);

 

(i)       purchase
money security interests in equipment or other property or improvements thereto hereafter acquired (or, in the case of improvements,
constructed) by the Borrower or any Subsidiary (including the interests of vendors and lessors under conditional sale and title
retention agreements related thereto); provided, that (i) such security interests secure Indebtedness permitted by
Section 6.01(i) (including any Permitted Refinancing Indebtedness in respect thereof), (ii) such security interests
are incurred, and the Indebtedness secured thereby is created, within 365 days after such acquisition, (iii) the Indebtedness secured
thereby does not exceed 100% of the cost of such equipment or other property or improvements at the time of such acquisition or
construction, including transaction costs incurred by the Borrower or any Subsidiary in connection with such acquisition (including
any Permitted Refinancing Indebtedness incurred in respect thereof) and (iv) such security interests do not apply to any other
property or assets of the Borrower or any Subsidiary (other than to improvements and accessions to such equipment or other property
or improvements but not to other parts of the property to which any such improvements are made); provided, further,
that individual financings of equipment provided by a single lender may be cross-collateralized to other financings of equipment
provided solely by such lender; provided, still further, that such security interest shall not be required
to secure Indebtedness under Section 6.01(i), if (x) after giving effect to any such Lien and the incurrence
of Indebtedness secured by such Lien is created, incurred, acquired or assumed (or any prior Indebtedness becomes so secured) on
a Pro Forma Basis, the Consolidated First Lien Leverage Ratio, calculated as of the last day of the most recently completed
and Reported fiscal quarter, shall be less than or equal to 3.00 to 1.00, (y) at the time of the incurrence of such Lien and after
giving effect thereto, no Event of Default shall have occurred and be continuing or would result therefrom, and (z) the Indebtedness
or other obligations secured by such Lien are otherwise permitted by this Agreement;

 

(j)       Liens
on the Collateral securing Indebtedness incurred pursuant to Section 6.01(j) subject to the First-Second Intercreditor
Agreement;

 

(k)       Liens
securing judgments that do not constitute an Event of Default under Section 7.01(j);

 

    	 	-158-	 

     

    

 

(l)        Liens
on the Securitization Assets arising in connection with a Qualified Securitization Financing;

 

(m)      Liens
disclosed by the title insurance policies delivered on or subsequent to the Closing Date and pursuant to Section 5.11
and any replacement, extension or renewal of any such Lien; provided, that such replacement, extension or renewal
Lien shall not cover any property other than the property that was subject to such Lien prior to such replacement, extension or
renewal plus any improvements and accessions to such property; provided, further, that the Indebtedness
and other obligations secured by such replacement, extension or renewal Lien are permitted by this Agreement;

 

(n)       any
interest or title of a lessor under any leases or subleases entered into by the Borrower or any Subsidiary in the ordinary course
of business;

 

(o)       Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection
with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Subsidiary to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower and the Subsidiaries
or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the
ordinary course of business;

 

(p)       Liens
arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar
rights;

 

(q)       Liens
on cash securing obligations in respect of standby letters of credit or on the goods (or the documents of title in respect of such
goods) financed by trade letters of credit and the proceeds and products thereof in the case of trade letters of credit securing
obligations in respect of such trade related letters of credit in each case permitted under Sections 6.01(f),
(k) and (cc);

 

(r)       licenses
of software that are not material to the conduct of any of the business lines of the Borrower and the Subsidiaries and the value
of which does not constitute a material portion of the assets of the Borrower and its Subsidiaries, taken as a whole, and such
license does not materially interfere with the ordinary course of conduct of the business of the Borrower or any of its Subsidiaries;

 

(s)       Liens
(x) 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 or (y) on specific items of inventory or other goods and the proceeds thereof securing the relevant Person’s
obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or goods;

 

(t)       Liens
on the assets of a Foreign Subsidiary that secure Indebtedness of such Foreign Subsidiary that is permitted to be incurred under
Section 6.01;

 

(u)       Liens
solely on any cash earnest money deposits made by the Borrower or any of the Subsidiaries in connection with any letter of intent
or purchase agreement permitted hereunder with respect to any acquisition that would constitute an Investment permitted by this
Agreement;

 

    	 	-159-	 

     

    

 

(v)       Liens
(i) arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by
any Loan Party or Subsidiary thereof in the ordinary course of business or (ii) incurred by the Borrower or its Subsidiaries arising
under Section 2-505 of the UCC;

 

(w)       Liens
in favor of the Borrower or any Loan Party;

 

(x)       Liens
arising from precautionary Uniform Commercial Code financing statements or consignments entered into in connection with any transaction
otherwise permitted under this Agreement;

 

(y)       Liens
of licensors and franchisors in the ordinary course of business not securing Indebtedness (other than in respect of licenses, to
the extent constituting Indebtedness with respect to guaranteed minimum revenues and similar obligations in the ordinary course
of business permitted under Section 6.01(z)); provided that such liens of licensors shall not extend to any assets other than the
licenses subject to such agreement any payments in respect thereof;

 

(z)       Liens
on not more than $10,000,000 of deposits securing Swap Agreements permitted to be incurred under Section 6.01(c);

 

(aa)     Liens (x) on insurance
policies and the proceeds thereof or securing the financing of premiums with respect thereto and/or (y) securing other insurance
premium financing arrangements; provided, that such Liens are limited to the applicable unearned insurance premiums;

 

(bb)    Liens incurred to
secure cash management services in the ordinary course of business and in good faith; provided, that such Liens are
not incurred in connection with, and do not secure, any borrowings or Indebtedness;

 

(cc)     deposits or other
Liens with respect to property or assets of the Borrower or any Subsidiary; provided, that the obligations secured
by such Liens shall not exceed the greater of $12,500,000 and 5% of Net Receivables Financing Profit as of the last day of the
most recently ended Test Period at any one time outstanding;

 

(dd)    leases and subleases
not constituting Capital Lease Obligations of real property not material to the conduct of any business line of the Borrower and
its Subsidiaries granted to others in the ordinary course of business that do not materially and adversely interfere with the ordinary
conduct of the business of the Borrower or any of its Subsidiaries (taken as a whole);

 

(ee)     Liens on assets of
Excluded Subsidiaries to the extent securing Indebtedness of Excluded Subsidiaries which are non-recourse to the Loan Parties and
otherwise not expressly restricted hereunder; provided, that the obligations secured by such Liens shall not exceed
$10,000,000 at any one time outstanding;

 

    	 	-160-	 

     

    

 

(ff)      Liens consisting
of (i) customary rights of first refusal, options, tag, drag and similar rights in joint venture agreements and agreements
with respect to non-wholly owned Subsidiaries and (ii) encumbrances or restrictions (including put and call arrangements)
in favor of a party to a joint venture agreement with respect to Equity Interests of, or assets owned by, any joint venture or
similar arrangement pursuant to any joint venture agreement or similar agreement;

 

(gg)    Liens on property
acquired pursuant to a Permitted Business Acquisition (and the proceeds thereof) or assets of a Subsidiary in existence at the
time such Subsidiary is acquired pursuant to a Permitted Business Acquisition or a Permitted Refinancing thereof; provided
that (i) such Lien was not created in contemplation of such Permitted Business Acquisition, (ii) such Lien does not extend
to or cover any additional property (other than improvements and accessions to such property) and (iii) the Indebtedness secured
thereby is permitted under Section 6.01(h);

 

(hh)    Liens encumbering
reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage
accounts incurred in the ordinary course of business and not for speculative purposes;

 

(ii)       Liens
on cash securing obligations in respect of standby letters of credit or on the goods (or the documents of title in respect of such
goods) financed by trade letters of credit and the proceeds and products thereof in the case of trade letters of credit securing
obligations in respect of such trade related letters of credit in each case permitted under Sections 6.01(n);
provided that any cash collateral supporting such letters of credit shall not at any time exceed $10,000,000 outstanding;

 

(jj)       Liens on cash or
Cash Equivalents used to defease or to satisfy and discharge Indebtedness; provided that such defeasance or satisfaction
and discharge is permitted by this Agreement

 

(kk)     (i) licenses or sublicenses
granted by the Borrower and/or its Subsidiaries permitted in accordance with the terms of this Agreement, (ii) leases or subleases
granted by the Borrower or any of its Subsidiaries to other Persons not materially interfering with the conduct of the business
of the Borrower or any Guarantor, (iii) any interest or title of a lessor, sublessor or licensor under any Lease, (iv) restriction
or encumbrance to which the interest or title of such lessor or sublessor may be subject, (v) subordination of the interest of
the lessee or sub-lessee under such Lease to any restriction or encumbrance referred to in the preceding clause (iv) and
(vi) royalty, revenue, profit sharing or buy/sell arrangements arising out of Joint Ventures, purchase and sale contracts, development
contracts or other arrangements permitted hereunder;

 

(ll)      [reserved];

 

(mm)   Liens on Credit Support
Assets sold or pledged pursuant to the terms of a Permitted Credit Support Arrangement; and

 

    	 	-161-	 

     

    

 

(nn)    extensions, renewals,
refinancings and replacements of the Liens described above, so long as (i) the Indebtedness or other obligations secured by any
such Lien at the time of any such extension, renewal, refinancing or replacement is not increased to any amount greater than the
sum of (A) the outstanding principal amount (or accreted value, if applicable) of such Indebtedness or obligations and (B) an amount
necessary to pay any unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance
costs, fees, commissions and expenses related to such extension, renewal, refinancing or replacement  and (ii) no additional
property (other than accessions, improvements, and replacements in respect of such property) is subject to such Lien.

 

Section
6.03      Sale and Lease-Back Transactions. Enter into any arrangement, directly or
indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for
substantially the same purpose or purposes as the property being sold or transferred.

 

Section
6.04      Investments, Loans and Advances. Purchase, hold or acquire (including pursuant
to any merger with a person that is not a Wholly Owned Subsidiary immediately prior to such merger; and including in one transaction
or a series of transactions) any Equity Interests, Indebtedness, other securities of or of all or substantially all of the property
and assets or business of another person or assets constituting a business unit, line of business or division of such person,
make or permit to exist any loans, advances or capital contributions to or Guarantees of the obligations of, or make or permit
to exist any investment or any other interest in (each, an “Investment”), in any other person, except:

 

(a)       the
consummation of the Transactions pursuant to and in accordance with the Transaction Documents;

 

(b)       (x)
Investments by (x) the Borrower or the Subsidiaries in other Subsidiaries effective as of the Closing Date as set forth on Schedule
6.04, and (y) any modification, renewal or extension thereof, so long as the aggregate amount of all Investments pursuant to
clause (x) is not increased at any time above the amount of such Investment existing or committed on the Closing
Date (other than pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date or
to the extent that such increase utilizes another available basket under this Section 6.04), (ii) Investments by the Borrower or
any Subsidiary Loan Party in the Borrower or any Subsidiary Loan Party; (iii) [reserved]; (iv) Investments by any Subsidiary that
is not a Loan Party in any other Subsidiary that is not a Loan Party and (v) Investments by the Borrower or any Subsidiary in the
Borrower or any Subsidiary not otherwise permitted in clauses (ii), (iii) or (iv) above
in an aggregate amount for all such Investments made or deemed made pursuant to this Section 6.04(b)(v) that
are at that time outstanding in an amount not to exceed the greater of (1) $30,000,000 and (2) 12.5% of Net Receivables Financing
Profit as of the last day of the most recently ended Test Period at any one time outstanding (with the fair market value of each
Investment being measured at the time made and without giving effect to subsequent changes in value); provided, that
intercompany current liabilities incurred in the ordinary course of business and in good faith in connection with cash management
operations shall not be included in calculating the limitation in this Section 6.04(b) at any time;

 

(c)       Investments
in cash and Cash Equivalents;

 

    	 	-162-	 

     

    

 

(d)       Investments
arising out of the receipt by the Borrower or any Subsidiary of noncash consideration for the sale of assets permitted under Section 6.05;

 

(e)       (i)
advances of payroll payments and expenses to employees of the Borrower or any Subsidiary in the ordinary course of business and
(ii) commissions, travel, and similar advances to officers and employees of the Borrower or any Subsidiary made in the ordinary
course of business not to exceed $5,000,000 at any one time outstanding;

 

(f)       (i)
Accounts, accounts receivable arising, notes receivable, and trade credit granted, in the ordinary course of business, (ii) any
securities received in satisfaction or partial satisfaction of defaulted accounts receivable from financially troubled account
debtors to the extent reasonably necessary in order to prevent or limit loss, (iii) any prepayments and other credits to suppliers
made in the ordinary course of business;

 

(g)       Indebtedness
in respect of (i) Swap Agreements permitted pursuant to Section 6.01(c) and (ii) vendor financing permitted
pursuant to Section 6.01(r);

 

(h)       Investments
existing on the Closing Date and set forth on Schedule 6.04 and any modification, replacement, renewal or extension
thereof; provided that the amount of the original Investment (or as the context may require, commitment to invest) is not
increased except by the terms of such original Investment disclosed to the Administrative Agent in writing prior to the Closing
Date or as otherwise permitted by another clause this Section 6.04;

 

(i)       Investments
resulting from (i) pledges and deposits referred to in Sections 6.02(f), (g), (k), (s)
and (u) and (ii)  indemnities made in the ordinary course of business or in the Transaction Documents;

 

(j)       additional
Investments by the Borrower or any of its Subsidiaries having an aggregate amount at any one time outstanding not to exceed the
greater of $25,000,000 and 10% of Net Receivables Financing Profit as of the last day of the most recently ended Test Period at
any one time outstanding (with the Fair market value of each Investment being measured at the time made and without giving effect
to subsequent changes in value);

 

(k)       Investments
constituting Permitted Business Acquisitions;

 

(l)       Investments
consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other persons;

 

(m)      intercompany
loans and other Investments between Foreign Subsidiaries;

 

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

 

(o)       (i)
Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (other than with
Disqualified Stock) (or the net cash proceeds thereof) not applied for any other purpose and (ii) Investments received substantially
contemporaneously in exchange for Equity Interests of the Borrower (in whole or in part); provided, that (x) no Change
in Control would result therefrom, and (y) such Equity Interests do not constitute Disqualified Stock;

 

    	 	-163-	 

     

    

 

(p)       Investments
(including Indebtedness and Equity Interests) received in connection with the bankruptcy or reorganization of, or settlement of
delinquent accounts and disputes with or judgments against, customers and suppliers or in settlement of delinquent obligations
of, or other disputes with, customers and suppliers arising, in each case, in the ordinary course of business or Investments acquired
by the Borrower as a result of a foreclosure by the Borrower or any of the Subsidiaries with respect to any secured Investments
or other transfer of title with respect to any secured Investment in default;

 

(q)       Investments
of a Person in existence at the time such Person becomes a Subsidiary or is merged into or consolidated with a Subsidiary in accordance
with Section 6.05 after the Closing Date to the extent that (i) such acquisition, merger or consolidation is
permitted under this Section 6.04, (ii) such Investments of such Person were not made in contemplation of or
in connection with such acquisition, merger or consolidation, and (iii) such Investments were in existence on the date of such
acquisition, merger or consolidation;

 

(r)       Investments
in joint ventures or similar arrangements not to exceed the greater of $12,500,000 and 5% of Net Receivables Financing Profit as
of the last day of the most recently ended Test Period at any one time outstanding (in each case, determined at the time made and
without giving effect to subsequent changes in value);

 

(s)       Guarantees
by (i) the Borrower or any Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do
not constitute Indebtedness, in each case, entered into by the Borrower or any Subsidiary in the ordinary course of business and
(ii) any Foreign Subsidiary of operating leases (other than Capital Lease Obligations) or of obligations that do not constitute
Indebtedness, in each case, entered into by any Foreign Subsidiary in the ordinary course of business;

 

(t)       Investments
made with Excluded Contributions provided that (i) at the time of such Investment and after giving effect thereto, no Event of
Default shall have occurred and be continuing or would result therefrom and (ii) such Excluded Contributions shall not have been
otherwise applied for any other purpose;

 

(u)       Investments
made by Subsidiaries that are not Subsidiary Loan Parties solely to the extent such Investments are made with the proceeds received
by such Subsidiary from an Investment in such Subsidiary made pursuant to Sections 6.04(b)(v), or (j);

 

(v)       Guarantees
permitted under Section 6.01 (except to the extent such Guarantee is expressly subject to Section 6.04);

 

(w)      Investments
arising directly out of the receipt by the Borrower or any Subsidiary of non-cash consideration for any sale or other Disposition
of assets permitted under Section 6.05 (other than Section 6.05(e)) or any other Disposition of property not constituting an Asset
Sale;

 

    	 	-164-	 

     

    

 

(x)       (i)
Investments in a Securitization Subsidiary to the extent required by the applicable Qualified Securitization Financing Documentation
therefor or resulting from the transfers of Securitization Assets; provided, however, that any such Investment in
a Securitization Subsidiary is in the form of a contribution of additional Securitization Assets or as equity (other than Disqualified
Stock), (ii) Investments in any Securitization Subsidiary in the form of Permitted Credit Support Services (provided any such Investments
in the form of Permitted Securitization Cash Collateral may not exceed the Permitted Securitization Cash Collateral Amount at any
one time outstanding) and (iii) distributions or payments of Securitization Fees in connection with a Qualified Securitization
Financing;

 

(y)       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;

 

(z)       Investments
for which no consideration is provided by any Loan Party or any Subsidiary;

 

(aa)     Investments resulting
from the sale of Credit Support Assets pursuant to any Permitted Credit Support Arrangement; and

 

(bb)    Investments that
constitute Dividends that are permitted by Section 6.06.

 

Notwithstanding anything
to the contrary contained in Section 6.04 above, the Borrower and its Subsidiaries shall not, directly (and shall
cause their Subsidiaries not to, directly or indirectly) make any Investments pursuant to clauses (j) and (s)
above in order to make Dividends not otherwise permitted under Section 6.06 or Junior Indebtedness Payments not otherwise
permitted under Section 6.09(b).

 

For purposes of this Section
6.04, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases
in the value of such Investment, and shall be net of returns of capital, repayment of principal or net disposition proceeds in
respect thereof (up to the aggregate amount actually invested).

 

Section
6.05      Mergers, Consolidations, Sales of Assets and Acquisitions. Merge into or
consolidate with any other person, or permit any other person to merge into or consolidate with it (including by division), or
sell, transfer, lease or otherwise Dispose of (in one transaction or in a series of transactions including by allocation of any
assets to a series of a limited liability company) all or any part of its assets (whether now owned or hereafter acquired), or
issue, sell, transfer or otherwise dispose of any Equity Interests of any Subsidiary or purchase, lease or otherwise acquire (in
one transaction or a series of transactions) all of any division, unit or business of any other person, except that this Section
shall not prohibit:

 

(a)       (i)
the lease, purchase and sale of inventory, in each case, in the ordinary course of business by the Borrower or any Subsidiary and
sales of accounts receivables pursuant to the terms of a Permitted Credit Support Arrangement, (ii) the acquisition of any
other asset in the ordinary course of business by the Borrower or any Subsidiary, (iii) the sale or other Dispositions of
(x) inventory, goods held for sale or immaterial assets, in each case, in the ordinary course of business and (y) worn out, obsolete,
scrap or surplus assets or assets no longer useful in the conduct of the business of the Loan Parties and their Subsidiaries or
otherwise economically impracticable to maintain, or (iv) the sale of Cash Equivalents in the ordinary course of business;

 

    	 	-165-	 

     

    

 

(b)       if
at the time thereof and immediately thereafter no Event of Default shall have occurred and be continuing or would result therefrom,
(i) the merger of any Subsidiary into the Borrower in a transaction in which the Borrower is the survivor, (ii) the merger
or consolidation of (x) any Domestic Subsidiary into or with any Subsidiary Loan Party in a transaction in which the surviving
or resulting entity is a Subsidiary Loan Party or (y) any Foreign Subsidiary into or with any Subsidiary Loan Party in a transaction
in which the surviving or resulting entity is a Subsidiary Loan Party, and, in the case of each of clauses (i)
and (ii), no person other than the Borrower or Subsidiary Loan Party receives any consideration, (iii) the merger
or consolidation of any Subsidiary that is not a Loan Party into or with any other Subsidiary that is not a Loan Party or (iv)
the liquidation or dissolution or change in form of entity of any Subsidiary (other than the Borrower) in accordance with Section 5.01(a)(ii)
if the Borrower determines in good faith that such liquidation, change in form or dissolution is in the best interests of the Borrower
and is not materially disadvantageous to the Lenders;

 

(c)       sales,
transfers, leases or other Dispositions to the Borrower or a Subsidiary (upon voluntary liquidation or otherwise); provided,
that any sales, transfers, leases or other Dispositions by a Loan Party to a Subsidiary that is not a Loan Party in an amount in
excess of $10,000,000 shall not be permitted under this clause (c);

 

(d)       
any Disposition of Securitization Assets or Permitted Securitization Cash Collateral to a Securitization Subsidiary or any Securitization
Provider (solely to the extent subject to a Qualified Securitization Financing) and in the case of the PNC Securitization Financing,
solely to the extent such Disposition is prior to the Purchase and Sale Termination Date but giving effect to any extension thereof
(as defined in the PNC Purchase and Sale Agreement as in effect on the date hereof);

 

(e)       Investments
permitted by Section 6.04 (other than Section 6.04(v)), Liens permitted by Section 6.02 and
Dividends permitted by Section 6.06;

 

(f)       any
swap of assets with a fair market value not to exceed $10,000,000 in the aggregate during the term of this Agreement in exchange
for other assets of comparable or greater value or usefulness to the business of the Borrower and the Subsidiaries taken as a whole,
as determined in good faith by the management of the Borrower, provided that (i) no Event of Default shall have occurred and be
continuing or would result therefrom and (ii) for the avoidance of doubt, such swap of assets shall not, directly or indirectly,
be made for the purposes of making a Dividend not otherwise permitted under Section 6.06 or Junior Indebtedness Payment
not otherwise permitted under Section 6.09(b);

 

(g)       the
sale of defaulted receivables in the ordinary course of business and not as part of an accounts receivables financing transaction;

 

    	 	-166-	 

     

    

 

(h)       sales,
transfers or other Dispositions of the assets of a subsidiary for fair market value in connection with the dissolution of any Subsidiary
that is not a Loan Party not in excess of $10,000,000;

 

(i)       any
Permitted Business Acquisition or merger or consolidation in order to effect a Permitted Business Acquisition; provided,
that following any such merger or consolidation (i) involving the Borrower, the Borrower is the surviving corporation, (ii) involving
a Domestic Subsidiary, the surviving or resulting entity shall be a Subsidiary Loan Party that is a Wholly Owned Subsidiary and
(iii) involving a Foreign Subsidiary, the surviving or resulting entity shall be a Wholly Owned Subsidiary;

 

(j)       licensing
and cross-licensing arrangements (other than any perpetual or royalty free licensing arrangements) involving any technology, intellectual
property or other intellectual property rights of the Borrower or any Subsidiary in the ordinary course of business and other licensing
and cross-licensing arrangements involving any technology, intellectual property or other intellectual property rights of the Borrower
or any Subsidiary that do not materially and adversely interfere with the ordinary course of the business of the Borrower or any
of its Subsidiaries, taken as a whole and/or that are not material and adverse to the ordinary course of conduct of the business
of the Borrower or any of its Subsidiaries, taken as a whole;

 

(k)       the
lease, assignment or sublease of any real or personal property in the ordinary course of business;

 

(l)       sales,
leases or other Dispositions of equipment or other assets (excluding, inventory, accounts receivable, Equity Interests, Intellectual
Property, assets constituting a business division, unit, line of business, all or substantially all of the assets of any Material
Subsidiary, sale and lease-back transactions and receivables) of the Borrower and the Subsidiaries determined by the management
of the Borrower to be no longer useful or necessary in the operation of the business of the Borrower or any of the Subsidiaries;
provided, that the Net Proceeds thereof are applied in accordance with Section 2.11(b);

 

(m)      subject
to additional limitations on amendments or modifications of agreements set forth herein, the termination, amendment or modification
of agreements in the ordinary course of business or that the Borrower has reasonably determined in good faith is in the best interests
of the Loan Parties and their Subsidiaries, provided that such terminations, amendments or modifications are not
materially adverse to the Lenders and would not reasonably be expected to result in a Material Adverse Effect;

 

(n)      any
transfer of property or assets that represents a surrender or waiver of a contract right or a settlement, surrender or release
of a contract or tort claim; provided, that such surrender or waiver is not materially adverse to the Lenders and would
not reasonably be expected to result in a Material Adverse Effect;

 

(o)       Dispositions
of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint
venture parties set forth in joint venture agreements and similar binding agreements;

 

(p)       the
unwinding of any Swap Agreement or hedging contract;

 

    	 	-167-	 

     

    

 

(q)       the
lapse or abandonment in the ordinary course of business of any Intellectual Property no longer material to the business; and

 

(r)       sales
and other Dispositions for fair market value in an aggregate amount not to exceed $100,0000,000; provided that with respect
to any such sale or other Disposition with a purchase price in excess of $25,000,000 at least 75% of the consideration for such
Disposition shall consist of cash or Cash Equivalents (provided that for purposes of the 75% cash or Cash Equivalents consideration
requirement, (w) the greater of the principal amount and carrying value of any liabilities (as reflected on the most recent balance
sheet of the Borrower provided hereunder or in the footnotes thereto), or if incurred, accrued or increased subsequent to the date
of such balance sheet, such liabilities that would have been reflected on the balance sheet of the Borrower or in the footnotes
thereto if such incurrence, accrual or increase had taken place on or prior to the date of such balance sheet, as determined in
good faith by the Borrower) of the Borrower or such Subsidiary, other than liabilities that are by their terms subordinated to
the Obligations, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions
relating to such sale or Disposition) pursuant to a written agreement which releases such Borrower or such Subsidiary from such
liabilities, (x) the amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection
with such sale or Disposition, (y) any Securities received by any Loan Party from the transferee that are converted by such Person
into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of
the applicable sale or Disposition and (z) any Designated Non-Cash Consideration received in respect of such Disposition having
an aggregate fair market value (as reasonably determined in good faith by the Borrower), taken together with all other Designated
Non-Cash Consideration received pursuant to this clause (z) that is at that time outstanding, shall not exceed the
greater of $5,000,000 and 2.5% of Net Receivables Financing Profit as of the last day of the most recently Test Period.

 

Notwithstanding anything
to the contrary contained in Section 6.05 above, (i) no sale, transfer or other disposition of assets shall be permitted by this
Section 6.05 (except as permitted to Loan Parties pursuant to Section 6.05(c)) unless such disposition is for fair market value
(as reasonably determined in good faith by the Borrower), and (ii) no sale, transfer or other disposition of assets with a fair
market value of more than $10,000,000 shall be permitted by paragraph (l) of this Section 6.05 unless such disposition is for at
least 75% cash consideration; provided, that for purposes of clause (ii), the amount of any secured Indebtedness of the Borrower
or any Subsidiary or other Indebtedness of a Subsidiary that is not a Loan Party (as shown on the Borrower’s or such Subsidiary’s
most recent balance sheet or in the notes thereto) that is assumed by the transferee of any such assets shall be deemed to be cash;
provided further that, any such sale or transfer or other disposition shall not include any material Intellectual Property or Material
License Agreements.

 

To the extent that any
Collateral is sold or otherwise disposed of as permitted by this Section 6.05 to any Person other than a Loan
Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, which Liens shall be automatically
released upon the consummation of such Disposition; it being understood and agreed that the Agents shall be authorized to take,
and shall take, any actions reasonably requested by the Borrower in order to effect the foregoing in accordance with Section
9.20 hereof.

 

    	 	-168-	 

     

    

 

Section
6.06      Dividends and Distributions. Declare or pay, directly or indirectly, any
dividend or make, directly or indirectly, any other distribution (by reduction of capital or otherwise), whether in cash, property,
securities or a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity
Interests payable solely by the issuance of additional Equity Interests (other than Disqualified Stock) of the person paying such
dividends or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire for value (or permit any subsidiary
of the Borrower to purchase or acquire) any of its Equity Interests or set aside any amount for any such purpose (other than through
the issuance of additional Equity Interests of the person redeeming, purchasing, retiring or acquiring such shares) (any of the
foregoing dividends, distributions, redemptions, repurchases, retirements, other acquisitions or setting aside of amounts, “Dividends”);
provided, however, that:

 

(a)       (i)
any Subsidiary may declare and pay dividends to, or make other distributions to, the Borrower or any Subsidiary that is a direct
parent of such Subsidiary and, if not a Wholly Owned Subsidiary, to each other direct owner of Equity Interests of such Subsidiary
on a pro rata basis (or more favorable basis from the perspective of the Borrower or such Subsidiary) based on their relative
ownership interests; and (ii) to the extent permitted by Section 6.04, any Subsidiary that is not a Wholly Owned
Subsidiary may repurchase its Equity Interests from any owner of the Equity Interests of such Subsidiary that is not the Borrower
or a Subsidiary;

 

(b)       any
person may make noncash repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or other securities
convertible or exchangeable for Equity Interests if such Equity Interests represent a portion of the exercise, conversion or exchange
price thereof;

 

(c)       any
person may make distributions to minority shareholders of any subsidiary that is acquired pursuant to a Permitted Business Acquisition
pursuant to appraisal or dissenters’ rights with respect to shares of such subsidiary held by such shareholders; and

 

(d)       the
Borrower or any Subsidiary may make payments of cash, or dividends, distributions or advances to allow such person to make payments
of cash, in lieu of the issuance of fractional shares upon exercise of warrants or upon the conversion or exchange of Equity Interests
of such person; provided, however, that the aggregate amount of such payments, dividends, distributions or
advances payable under this clause (d) in cash shall not exceed, when taken together with the amounts under clause
(g) below, the greater of $5,000,000 and 2.5% of Net Receivables Financing Profit as of the last day of the most recently
ended Test Period; provided that the aggregate amount of such Dividends shall not exceed $25,000,000;

 

(e)       any
Loan Party or Subsidiary thereof may make payments and distributions in respect of the Transactions, to the extent constituting
a Dividend;

 

(f)       the
Borrower may declare and pay Dividends with respect to its Equity Interests payable solely
in additional shares of its Equity Interests (other than Disqualified Stock);

 

    	 	-169-	 

     

    

 

(g)       the
Borrower may make Dividends pursuant to and in accordance with stock option plans or other
benefit plans for management or employees of the Borrower and its Subsidiaries (including, without limitation, redemptions or repurchases
of Equity Interests (i) deemed to occur upon exercise of options or warrants or similar rights by the delivery of Equity Interests
in satisfaction of the exercise price such options or warrants or similar rights or (ii) in consideration of withholding or similar
taxes payable by any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors,
executors, administrators, heirs, legatees or distributees of any of the foregoing)) provided, however,
that the aggregate amount under this clause (g) shall not exceed, when taken together with the amounts under clause
(d) above, the greater of $5,000,000 and 2.5% of Net Receivables Financing Profit as of the last day of the most recently
ended Test Period; provided that the aggregate amount of such Dividends shall not exceed $25,000,000;

 

(h)       the
Borrower may make additional Dividend payments in an aggregate amount not to exceed $2,500,000 so long as no Default or Event of
Default has occurred and is continuing or would occur; and

 

(i)        to
the extent constituting a Dividend or Distribution, any payments of cash and/or Equity Interests (other than Disqualified Stock)
of the Borrower to a holder of the Closing Date Subordinated Convertible Note (or for the benefit of a holder of the Closing Date
Subordinated Convertible Note) upon the conversion thereof in accordance with the terms thereof; provided that any payments in
cash, either must be (x) from proceeds of issuances after the Closing Date of Equity Interests (other than Disqualified Stock and
to the extent not otherwise applied) in the Borrower or (y) permitted to be paid pursuant to Section 6.09(b)(i)(F)(ii).

 

Section
6.07      Transactions with Affiliates. (a) [reserved]; or (b) sell or transfer any
property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transaction with,
any of its Affiliates if they involve one or more payments by Borrower or any of its Subsidiaries in excess of $1,000,000 for
any single transaction or series of related transactions, unless such transaction is (i) otherwise expressly permitted (or required)
with such Affiliates or holders under this Agreement or (ii) upon terms not materially less favorable to the Borrower or such
Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a person that is not an
Affiliate; provided, that this clause (ii) shall not apply to (A) the indemnification of directors
of the Borrower or the Subsidiaries in accordance with customary practice or (B) to the extent otherwise permitted under this
Agreement (each of which shall not be prohibited by this Section 6.07), the following:

 

(i)       any
issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, equity purchase agreements, deferred compensation agreements, bonuses, stock options and stock ownership plans or
health, disability, insurance, severance or similar employee benefit plans approved by the Board of Directors of Borrower;

 

(ii)       any
other transactions permitted pursuant to Section 6.04(x)(ii), 6.05(b), 6.05(d), or 6.06;

 

    	 	-170-	 

     

    

 

(iii)       transactions
among the Borrower and the Loan Parties and transactions among the Loan Parties;

 

(iv)      the
payment of fees and indemnities to directors, officers, employees and consultants of the Borrower and the Subsidiaries in the ordinary
course of business;

 

(v)       the
existence of, or the performance by the Borrower or any of its Subsidiaries of its obligations under the terms of, the Transaction
Documents, agreements set forth on Schedule 6.07 and any amendment thereto or similar agreements which it may
enter into thereafter; provided, however, that the existence of, or the performance by the Borrower
or any of its Subsidiaries of its obligations under, any future amendment to any such existing agreement or under any similar agreement
entered into after the Closing Date shall only be permitted by this clause (iv) to the extent that the terms
of any such existing agreement together with all amendments thereto, taken as a whole, or new agreement are not otherwise more
disadvantageous to the Lenders in any material respect than the original agreement as in effect on the Closing Date;

 

(vi)      transactions
to effect the Transactions and the payment of all fees and expenses related to the Transactions, as described herein or contemplated
by the Transaction Documents;

 

(vii)     any
employment agreements entered into by the Borrower or any of the Subsidiaries in the ordinary course of business;

 

(viii)    payments
or loans (or cancellation of loans) to employees or consultants that are (A) approved by a majority of the Board of Directors or
a committee of the Board of Directors of the Borrower in good faith, (B) made in compliance with applicable law and (C) otherwise
permitted under this Agreement;

 

(ix)      transactions
with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course
of business;

 

(x)       any
transaction in respect of which the Borrower delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed
to the Board of Directors of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally
recognized standing that is (A) in the good faith determination of the Borrower qualified to render such letter and (B) reasonably
satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are not less materially favorable
to the Borrower or such Subsidiary, as applicable, than would be obtained in a comparable arm’s length transaction with a
person that is not an Affiliate;

 

(xi)      transactions
involving the provision of services (and consideration therefor) by any Loan Party or Subsidiary thereof to any other Loan Party
or Subsidiary thereof in the ordinary course of business;

 

(xii)     transactions
contemplated by, or in connection with, any Transition Services Agreement;

 

    	 	-171-	 

     

    

 

(xiii)    transactions
with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business;

 

(xiv)    any
transaction set forth on Schedule 6.07;

 

(xv)     intercompany
transactions for the purpose of improving the consolidated tax efficiency of the Borrower and the Subsidiaries;

 

(xvi)    the
termination of management agreements and payments in connection therewith at the net present value of future payments or as required
by such the terms of such agreements;

 

(xvii)   transactions
among the Borrower and its Subsidiaries that are not prohibited under this Agreement in the ordinary course of business;

 

(xviii)  entering
into tax sharing agreements or arrangements approved by the Board of Directors of the Borrower (or a committee thereof), provided
that any payments thereunder are permitted by Section 6.06; and

 

(xix)    any
agreements or arrangements between a third party and an Affiliate of the Borrower that are acquired or assumed by the Borrower
or any Subsidiary in connection with an acquisition or merger of such third party (or assets of such third party) by or with the
Borrower or any Subsidiary; provided, that (A) such acquisition or merger is permitted under this Agreement and (B)
such agreements or arrangements are not entered into in contemplation of such acquisition or merger or otherwise for the purpose
of avoiding the restrictions imposed by this Section 6.07.

 

Section
6.08      Business of the Borrower and the Subsidiaries. Notwithstanding any other
provisions hereof, engage at any time in any business or business activity other than, (i) any business or business activity conducted
by any of them on the Closing Date and any business or business activities incidental or related thereto, (ii) any business or
business activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof or ancillary
or complementary thereto, including the consummation of the Transactions, (iii) any business or business activity that the senior
management of the Borrower deems beneficial for the Borrower or such Subsidiary or (iv) any business or business activity of any
person acquired pursuant to a Permitted Business Acquisition provided that such Permitted Business Acquisition was in a Similar
Business.

 

Section
6.09      Limitation on Modifications and Payments of Indebtedness; Modifications of
Certificate of Incorporation, By-Laws and Certain Other Agreements; etc. (a)  Amend or modify in any manner
materially adverse to the Lenders (taken as a whole and solely in their capacities as Lenders) (i) the articles or
certificate of incorporation or by-laws or limited liability company operating agreement or other Organizational Documents
and (ii) the Material Agreements (other than any Material License Agreements), except (x) any such amendments, modifications
or changes that are necessary to consummate or implement the Transactions (including any transactions incidental thereto and
(y) in the case of any Qualified Securitization Financing Documentation (or any Permitted Refinancing in respect thereof),
any such amendments, modifications or changes so long as the applicable Securitization Financing will remain a
“Qualified Securitization Financing”.

 

    	 	-172-	 

     

    

 

(b)       (i)
Make, or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities
(other than newly issued Equity Interests) or other property) of or in respect of principal of or interest on any Junior Indebtedness
(or any Permitted Refinancing Indebtedness in respect of the foregoing), having an aggregate principal amount outstanding in excess
of $5,000,000 individually or in the aggregate or any payment or other distribution (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Junior Indebtedness (or any such Permitted Refinancing Indebtedness in respect of the foregoing) (collectively,
a “Junior Indebtedness Payment”), except for: (A) a Refinancing with Permitted Refinancing Indebtedness
in respect thereof to the extent permitted by Section 6.01, (B) regularly scheduled interest payments and payments
of fees, expenses and indemnification obligations in respect of Indebtedness (including for the avoidance of doubt, the accretion
of interest paid-in-kind and the capitalization of such interest to the principal amount of such Indebtedness), in each case when
due and in amounts not to exceed the amounts required to be paid with respect thereto, in each case, other than payments in respect
of the Indebtedness prohibited by the applicable Intercreditor Agreement or subordinated in right of payment to the Obligations
prohibited by the subordination provisions thereof, (C) to the extent this Agreement is then in effect, principal on the scheduled
maturity date thereof, subject to any subordination provisions applicable thereto, (D) purchases, redemptions, retirement, conversions,
acquisition, cancellation or termination of Junior Indebtedness with the proceeds of contributions to common capital, or issuances
of Equity Interests of the Borrower, conversion of Junior Indebtedness to (or payments of such Indebtedness in whole or in part
with) Equity Interests of the Borrower or exchange of Junior Indebtedness for Equity Interests of the Borrower, in each case, other
than Disqualified Stock of the Borrower or in exchange for Equity Interest of the Borrower (other than Disqualified Stock) and
Permitted Refinancing Indebtedness in respect thereof, (E) if such Indebtedness would otherwise constitute an “applicable
high yield discount obligation” within the meaning of Section 163(i) of the Code, on each interest payment date ending
on or after the fifth anniversary of the issue date of such Indebtedness, the Borrower and/or its Subsidiaries shall make such
AHYDO Payments in cash as shall be necessary to ensure that such Indebtedness will not be considered an “applicable high
yield discount obligation”, (F)(i) mandatory prepayments of Indebtedness under the Second Lien Credit Agreement and (ii)
prepayments of the Closing Date Subordinated Convertible Note to the extent the aggregate amount of such prepayments, when combined
with the aggregate all cash payments made pursuant to Section 6.06(i) does not exceed an amount equal to (x) $2,000,000 plus
(y) the amount cash payments made solely with the proceeds of Equity Interests (other than Disqualified Stock) in the Borrower
and (G) the termination of Capital Leases or other asset-specific financings in respect of assets no longer used or useful in the
business of any Loan Party or otherwise being sold as part of an Asset Sale permitted under Section 6.05 hereunder;

 

(ii)       Amend
or modify, or permit the amendment or modification of, any provision of any Junior Indebtedness documentation (and any Permitted
Refinancing Indebtedness in respect of the foregoing), or any agreement relating thereto, other than amendments or modifications
that (A) are not in any manner materially adverse to Lenders (solely in their capacity as Lenders taken as a whole) and that do
not materially and adversely affect the subordination provisions thereof (if any) in a manner adverse to the Lenders (solely in
their capacity as Lenders hereunder taken as a whole) and (B) to the extent applicable, otherwise comply with the definition of
“Permitted Refinancing Indebtedness” provided that the foregoing limitation shall not otherwise prohibit any
Permitted Refinancing Indebtedness or any other replacement, refinancing, amendment, supplement, modification, extension, renewal,
restatement or refunding of any Junior Indebtedness, in each case, that is permitted under this Agreement in respect thereof.

 

    	 	-173-	 

     

    

 

(c)       Enter
into any agreement or instrument that by its terms restricts (i) the payment of dividends or distributions or the making of cash
advances by any Material Subsidiary to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary or
(ii) the granting of Liens by the Borrower or any Loan Party, or any Subsidiary required to be a Loan Party, pursuant to the Security
Documents, in each case, other than those arising under any Loan Document or those restrictions that are not material and adverse
to the interests of the Lenders (solely in their capacity as Lenders and taken as a whole), except, in each case, restrictions
existing by reason of:

 

(A)       restrictions
imposed by applicable Law;

 

(B)       contractual
encumbrances or restrictions (1) in effect on the Closing Date with respect to Liens permitted under Section 6.02(a)
or as otherwise disclosed on Schedule 6.09(c), (2) pursuant to documentation related to any Indebtedness permitted
pursuant to Section 6.01 as long as such encumbrances or restrictions are not materially more restrictive, taken
as a whole, than those contained in this Agreement, (3) pursuant to documentation related to any permitted renewal, extension or
refinancing of any Indebtedness described in clause (1) that does not expand the scope of any such encumbrance or
restriction or make such restriction materially more onerous to the Lenders (in their capacity as such and taken as a whole), or
(4) contained in an agreement acquired in connection with the Transactions;

 

(C)       any
restriction on the Equity Interests or assets of a Subsidiary imposed pursuant to an agreement entered into for the sale or Disposition
of such Equity Interests or assets permitted under Section 6.05 pending the closing of such sale or Disposition;

 

(D)       customary
provisions in joint venture agreements and other similar agreements applicable to the assets of, or the Equity Interests in, joint
ventures entered into in the ordinary course of business;

 

(E)       any
restrictions imposed by any agreement relating to Indebtedness permitted by Section 6.01 and/or secured by a
Lien permitted by Section 6.02 to secure such Indebtedness to the extent that such restrictions apply only to
the property or assets securing such Indebtedness;

 

    	 	-174-	 

     

    

 

(F)       customary
provisions contained in leases or licenses of intellectual property and other similar agreements entered into in the ordinary course
of business;

 

(G)       customary
provisions restricting subletting or assignment of any lease governing a leasehold interest;

 

(H)       customary
provisions restricting assignment of any agreement entered into in the ordinary course of business;

 

(I)        customary
restrictions and conditions contained in any agreement relating to the sale of any asset permitted under Section 6.05
applicable to the asset to be sold pending the consummation of such sale;

 

(J)        restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(K)       customary
provisions contained in leases, licenses, contracts and other similar agreements entered into in the ordinary course of business
that impose restrictions on the property subject to such lease;

 

(L)       customary
provisions contained in any Permitted Credit Support Arrangement; or

 

(M)      any
agreement in effect at the time such subsidiary becomes a Subsidiary, so long as such agreement was not entered into in contemplation
of such person becoming a Subsidiary and such restriction does not apply to the Borrower or any other Material Subsidiary or any
of their respective assets.

 

Section
6.10      Financial Maintenance Covenants. Beginning with the fiscal quarter
ending on March 31, 2019, except with the written consent of the Required Lenders, permit:

 

(a)       the
Consolidated First Lien Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below:

 

	Fiscal Quarter End Date	 	Consolidated First Lien Leverage Ratio
	March 31, 2019	 	3.50:1.00
	June 30, 2019	 	3.75:1.00
	September 30, 2019	 	4.75:1.00
	December 31, 2019	 	4.25:1.00
	March 31, 2020	 	4.00:1.00
	June 30, 2020	 	4.00:1.00
	September 30, 2020	 	4.00:1.00
	December 31, 2020	 	3.75:1.00

 

    	 	-175-	 

     

    

 

	Fiscal Quarter End Date	 	Consolidated First Lien Leverage Ratio
	March 31, 2021	 	3.75:1.00
	June 30, 2021	 	3.50:1.00
	September 30, 2021	 	3.25:1.00
	December 31, 2021	 	3.25:1.00
	March 31, 2022	 	3.00:1.00
	June 30, 2022	 	3.00:1.00
	September 30, 2022	 	2.75:1.00
	December 31, 2022	 	2.75:1.00
	March 31, 2023	 	2.50:1.00
	June 30, 2023	 	2.50:1.00
	September 30, 2023 and thereafter	 	2.25:1.00

 

(b)       the
Consolidated Total Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below:

 

	Fiscal Quarter End Date	 	Consolidated Total Leverage Ratio
	March 31, 2019	 	7.25:1.00
	June 30, 2019	 	7.50:1.00
	September 30, 2019	 	9.75:1.00
	December 31, 2019	 	8.50:1.00
	March 31, 2020	 	8.50:1.00
	June 30, 2020	 	8.50:1.00
	September 30, 2020	 	8.50:1.00
	December 31, 2020	 	8.25:1.00
	March 31, 2021	 	8.00:1.00
	June 30, 2021	 	7.75:1.00
	September 30, 2021	 	7.75:1.00
	December 31, 2021	 	7.50:1.00
	March 31, 2022	 	7.50:1.00
	June 30, 2022	 	7.25:1.00
	September 30, 2022	 	7.00:1.00
	December 31, 2022	 	7.00:1.00
	March 31, 2023	 	7.00:1.00
	June 30, 2023	 	6.75:1.00
	September 30, 2023 and thereafter	 	6.50:1.00

 

    	 	-176-	 

     

    

 

 

(c)       the
Consolidated Fixed Charge Coverage Ratio on the last day of any fiscal quarter to be less than the ratios set forth below:

 

	Fiscal Quarter End Date	 	Consolidated Fixed Charge Coverage Ratio
	March 31, 2019	 	1.50:1.00
	June 30, 2019	 	1.50:1.00
	September 30, 2019	 	1.10:1.00
	December 31, 2019	 	1.20:1.00
	March 31, 2020	 	1.10:1.00
	June 30, 2020	 	1.00:1.00
	September 30, 2020	 	1.00:1.00
	December 31, 2020	 	1.00:1.00
	March 31, 2021	 	1.00:1.00
	June 30, 2021	 	1.00:1.00
	September 30, 2021	 	1.00:1.00
	December 31, 2021	 	1.00:1.00
	March 31, 2022	 	1.00:1.00
	June 30, 2022	 	1.00:1.00
	September 30, 2022	 	1.00:1.00
	December 31, 2022	 	1.00:1.00
	March 31, 2023	 	1.00:1.00
	June 30, 2023	 	1.00:1.00
	September 30, 2023 and thereafter	 	1.00:1.00

 

Section
6.12      Limitations on Change in Fiscal Periods. Allow the fiscal year of the Borrower
to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters.

 

Article
VII

 

Events of Default

 

Section
7.01      Events of Default. In case of the happening of any of the following events
(“Events of Default”):

 

(a)       any
representation, warranty, certification or statement of fact made or deemed made by the Borrower or any other Loan Party in any
Loan Document, shall prove to have been incorrect or misleading in any material respect when so made, deemed made or furnished
by the Borrower or any other Loan Party;

 

    	 	-177-	 

     

    

 

(b)       default
shall be made in the payment of any principal of any Loan or the reimbursement with respect to any L/C Disbursement when and as
the same shall become due and payable in accordance with the terms hereof, whether at the due date thereof or at a date fixed for
prepayment thereof or by acceleration thereof or otherwise;

 

(c)       default
shall be made in the payment of any interest on any Loan or on any L/C Disbursement or in the payment of any Fee or any other amount
(other than an amount referred to in paragraph (b) above) due under any Loan Document, when and as the same
shall become due and payable, and such default in payment shall continue unremedied for a period of three Business Days with respect
to interest and five Business Days with respect to other amounts as applicable;

 

(d)       any
default shall be made in the due observance or performance by the Borrower of any covenant or agreement contained in Section 5.01(a)
(with respect to the Borrower only), 5.05(a) or in Article VI.

 

(e)       default
shall be made in the due observance or performance by the Borrower or any Loan Party of (x) any covenant or agreement contained
in Section 5.04 and such default shall continue unremedied for a period of 5 days after notice thereof from the Administrative
Agent to the Borrower or (y) any covenant or agreement contained in any Loan Document (other than those specified in paragraphs (b),
(c) and (d) above and clause (x) above) and such default shall continue unremedied for a period of
30 days after the earlier of (1) notice thereof from the Administrative Agent to the Borrower and (2) knowledge of a Responsible
Officer of the Borrower or any Loan Party of such default;

 

(f)       (i)
any event or condition occurs that (a) results in any Material Indebtedness becoming due prior to its scheduled maturity (with
all applicable grace periods having expired), (b) enables or permits (with all applicable grace periods having expired) the holder
or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (or, in the case
of a Qualified Securitization Financing, any event or condition occurs with respect to the conduct or performance of any Receivables
Seller or any servicer of the Receivables (so long as such servicer is the Borrower or a Subsidiary thereof) under the terms of
the documents relating to the applicable Qualified Securitization Financing that terminates such Qualified Securitization Financing
or that would permit the providers thereof to terminate such financing or arrangement or commitments or availability with respect
thereto (any such event, a “Securitization Termination Event”), in each case to the extent such Qualified
Securitization Financing is not replaced with another Securitization Financing or other substantially comparable financing arrangement
within ninety (90) days after the occurrence of such Securitization Termination Event) or (ii) the Borrower or any Subsidiary shall
fail to pay the principal of any Material Indebtedness at the stated final maturity thereof (with all applicable grace periods
having expired); provided, that this clause (f) shall not apply (and no Default or Event of Default
shall result) to 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.

 

    	 	-178-	 

     

    

 

(g)       there
shall have occurred a Change in Control;

 

(h)       involuntary
proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief
in respect of the Borrower or any of its Subsidiaries, or of a substantial part of the property or assets of the Borrower or any
of its Subsidiaries, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state
or foreign bankruptcy, moratorium, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries or for a substantial part of the property
or assets of the Borrower or any of its Subsidiaries or (iii) the winding-up or liquidation of the Borrower or any of its Subsidiaries
(except, in the case of any subsidiary, in a transaction permitted by Section 6.05); and such proceeding or
petition shall continue undischarged or undismissed for 60 days or an order or decree approving or ordering any of the foregoing
shall be entered;

 

(i)       the
Loan Parties or any of their Subsidiaries (other than any Immaterial Subsidiary or pursuant to a transaction permitted under the
Loan Documents) shall (i) voluntarily commence any proceeding or file any petition seeking relief under Debtor Relief Law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or the filing of any petition described in paragraph (h) above (other than any Immaterial Subsidiary or pursuant
to a transaction permitted under the Loan Documents), (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Loan Parties or their Subsidiaries (other than any Immaterial
Subsidiary) or for all or a substantial part of the Collateral, (iv) make a general assignment for the benefit of creditors or
(v) become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(j)       the
failure by the Borrower or any Loan Party or any Material Subsidiary to pay one or more final judgments aggregating in excess of
$25,000,000 (to the extent not paid, and not covered by independent third-party insurance as to which the insurer has been notified
of such judgment or order and does not dispute coverage), which judgments are not discharged or effectively waived or stayed for
a period of 60 consecutive days, or any action shall be legally taken by a judgment creditor to levy upon assets or properties
of the Borrower or any Subsidiary to enforce such judgment;

 

(k)       (i)
an ERISA Event shall have occurred, (ii) a trustee shall be appointed by a United States district court to administer any Plan,
or (iii) the Borrower, a Subsidiary or any ERISA Affiliate shall engage in any non-exempt “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan; and in each case in clauses (i)
through (iii) above, such event or condition, together with all other such events or conditions, if any, would reasonably
be expected to have a Material Adverse Effect;

 

    	 	-179-	 

     

    

 

(l)       (i)
any Loan Document (other than in accordance with its terms or the terms of the other Loan Documents or upon Payment in Full) shall
for any reason be asserted in writing by the Borrower or any Loan Party not to be a legal, valid and binding obligation of any
party thereto, (ii) any security interest purported to be created by any Security Document and to extend to assets that are not
immaterial to the Borrower and the Loan Parties on a consolidated basis or the Equity Interests of the Borrower, shall cease to
be, or shall be asserted in writing by the Borrower or any other Loan Party (or, in the case of any Security Document with respect
to the pledge of Equity Interests of the Borrower, the pledgor thereunder) not to be, a valid and perfected security interest (perfected
as or having the priority required by this Agreement or the relevant Security Document and subject to such limitations and restrictions
as are set forth herein and therein) in the securities, assets or properties covered thereby, except to the extent that any such
loss of perfection or priority results from the limitations of foreign laws, rules and regulations as they apply to pledges of
Equity Interests in Foreign Subsidiaries, or from the failure of the Administrative Agent or Collateral Agent or their respective
agents to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement,
or to file Uniform Commercial Code continuation statements or take the actions described on Schedule 3.04 and
except to the extent that such loss is covered by a lender’s title insurance policy and the Administrative Agent shall be
reasonably satisfied with the credit of such insurer, or (iii) the Guarantees pursuant to the Security Documents by the Borrower
or any material Loan Parties of any material portion of the Obligations shall cease to be in full force and effect (other than
in accordance with the terms thereof), or shall be asserted in writing by the Borrower or any Loan Party not to be in effect or
not to be legal, valid and binding obligations;

 

(m)      Any
Indebtedness under the Second Lien Credit Agreement shall cease to be validly subordinated to the Obligations pursuant to the First-Second
Lien Intercreditor Agreement or any other Junior Indebtedness or any guarantees thereof that is subordinated in right of payment
or liens to the Obligations, shall cease for any reason to be validly subordinated to the Obligations as provided in the documentation
governing such Junior Indebtedness or any Loan Party shall contest the subordination of any Junior Indebtedness or any guarantees
thereof;

 

(n)       any
order, judgment or decree shall be entered against any Loan Party decreeing the dissolution, split up or cessation or restraint
from conducting a material part of the business of business of such Loan Party and such order shall remain undischarged or unstayed
for a period in excess of 60 consecutive days; or

 

(o)       any
failure to comply with Environmental Laws or Release of Hazardous Materials, that shall cause or would be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

then, and in every such event (other than an
event with respect to any Loan Party described in paragraph (h) or (i) above), and at any time
thereafter during the continuance of such event, the Administrative Agent (or the Revolving Agent, with respect to the Revolving
Facility Commitments), at the request of the Required Lenders, shall, by notice to the Borrower, take any or all of the following
actions, at the same or different times: (i) terminate forthwith the Commitments, (ii) declare the Loans then outstanding to be
forthwith due and payable in whole or in part, whereupon the principal of the Loans then outstanding so declared to be due and
payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder
and under any other Loan Document constituting Obligations, shall become forthwith due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or
in any other Loan Document to the contrary notwithstanding and (iii) demand Cash Collateral pursuant to Section 2.22;
and in any event with respect to any Loan Party described in paragraph (h) or (i) above, the Commitments
shall automatically terminate, the principal of the Loans then outstanding, together with the premium amount that would be due
in accordance with Section 2.12(c) if the Loans were repaid or prepaid on such date, accrued interest thereon and any unpaid accrued
Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document constituting Obligations, shall
automatically become due and payable and the Administrative Agent shall be deemed to have made a demand for Cash Collateral to
the full extent permitted under Section 2.22, without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the
contrary notwithstanding.

 

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Section
7.02      Exclusion of Certain Subsidiaries. Solely for the purposes of determining
whether an Event of Default has occurred under clause (h), (i) or (j) of Section 7.01,
any reference in any such clause to any subsidiary shall be deemed not to include any Immaterial Subsidiary affected by any event
or circumstance referred to in any such clause.

 

Article
VIII

 

The Agents

 

Section
8.01      Appointment and Authority. (a) Each of the Term Lenders hereby irrevocably
appoints Ares Capital Corporation to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents
and each of the Revolving Lenders and the Issuing Banks hereby appoints ACF FINCO I LP to act on its behalf as Revolving Agent
hereunder and under the other Loan Documents, and authorizes the Administrative Agent or Revolving Agent, as applicable, to take
such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent or Revolving Agent by the
terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article
are solely for the benefit of the Administrative Agent, the Revolving Agent, the Collateral Agent, the Lenders and the Issuing
Banks, and the Borrower shall not have rights as a third party beneficiary of any of such provisions.

 

(b)       Each
of the Lenders and each Issuing Bank hereby irrevocably appoints ACF FINCO I LP to act on its behalf as the “Collateral Agent”
under the Loan Documents, and each of the Lenders and the Issuing Bank hereby irrevocably appoints and authorizes the Collateral
Agent to act as the agent of such Lender and the Issuing Bank for purposes of acquiring, holding and enforcing any and all Liens
on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as
are reasonably incidental thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact
appointed by the Collateral Agent pursuant to Section 8.05 for purposes of holding or enforcing any Lien on the Collateral
(or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction
of the Administrative Agent or Revolving Agent, as applicable, shall be entitled to the benefits of all provisions of this Article
VIII and Article IX (including Section 9.04(d), as though such co-agents, sub-agents and attorneys-in-fact
were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

 

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Section
8.02      Rights as a Lender. (a) The person(s) serving as the Administrative Agent
or Revolving Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Administrative Agent or Revolving Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the person serving as the Administrative
Agent or Revolving Agent hereunder in its individual capacity. Such person and its Affiliates may accept deposits from, lend money
to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of
business with the Borrower or any Subsidiary or other Affiliate thereof as if such person were not the Administrative Agent or
Revolving Agent hereunder and without any duty to account therefor to the Lenders.

 

Section
8.03      Exculpatory Provisions. The Administrative Agent and the Revolving Agent
shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting
the generality of the foregoing, the Administrative Agent and Revolving Agent:

 

(a)       shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is
continuing;

 

(b)       shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents or that the Administrative Agent or Revolving Agent, as applicable,
is required to exercise as directed in writing by the Required Lenders or the Majority Lenders of the Revolving Credit Facility
(or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided
that neither the Administrative Agent nor Revolving Agent shall be required to take any action that, in its opinion or the opinion
of its counsel, may expose the Administrative Agent or Revolving Agent, as applicable, to liability or that is contrary to any
Loan Document or applicable law; and

 

(c)       shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the person serving as the Administrative Agent or Revolving Agent or any of its Affiliates in any capacity.

 

Neither the Administrative
Agent nor the Revolving Agent shall be liable for any action taken or not taken by it (i) with the consent or at the request
of the Required Lenders or the Majority Lenders of the Revolving Credit Facility, as applicable, (or such other number or percentage
of the Lenders as shall be necessary, or as the Administrative Agent or Revolving Agent, as applicable, shall believe in good faith
shall be necessary, under the circumstances as provided in Sections 7.01 and 9.09) or (ii) in
the absence of its own gross negligence or willful misconduct. The Administrative Agent and Revolving Agent shall be deemed not
to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent or Revolving
Agent, as applicable, by the Borrower, a Lender or an Issuing Bank.

 

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Neither the Administrative
Agent nor Revolving Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report
or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein,
other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or Revolving Agent, as applicable.

 

Section
8.04      Reliance by Administrative Agent and Revolving Agent. The Administrative
Agent and Revolving Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by
the proper person. The Administrative Agent and Revolving Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must
be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Administrative Agent or Revolving Agent, as applicable, may
presume that such condition is satisfactory to such Lender or an Issuing Bank unless the Administrative Agent or Revolving Agent,
as applicable, shall have each received notice to the contrary from such Lender or an Issuing Bank prior to the making of such
Loan or the issuance of such Letter of Credit. The Administrative Agent or Revolving Agent may consult with legal counsel (who
may be counsel for the Borrower), independent accountants and other experts selected by them, and shall not be liable for any
action taken or not taken by them in accordance with the advice of any such counsel, accountants or experts.

 

Section
8.05      Delegation of Duties. The Administrative Agent and/or Revolving Agent may
perform any and all of their respective duties and exercise their respective rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Administrative Agent and/or Revolving Agent, as applicable.
The Administrative Agent and/or Revolving Agent, as applicable, and any such sub-agent may perform any and all of their respective
duties and exercise their respective rights and powers by or through their respective Related Parties. The exculpatory provisions
of this Article VIII shall apply to any such sub-agent and to the Related Parties of the Administrative Agent
and/or Revolving Agent, as applicable, and any such sub-agent, and shall apply to their respective activities in connection with
the syndication of the credit facilities provided for herein as well as activities as Administrative Agent and/or Revolving Agent,
as applicable.

 

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Section
8.06      Resignation of the Administrative Agent, Revolving Agent or Collateral Agent.
The Administrative Agent, Revolving Agent and/or Collateral Agent may each at any time by giving ten days’ written
notice to the Lenders, the Issuing Banks and the Borrower notice of its resignation as Administrative Agent, Revolving Agent
and/or Collateral Agent. Upon receipt of any such notice of resignation, the Required Lenders (in the case of the
Administrative Agent or Collateral Agent) or the Majority Lenders of the Revolving Credit Facility (in the case of the
Revolving Agent) shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with
an office in the United States or an Affiliate of any such bank with an office in the United States, and the Administrative
Agent, Revolving Agent and/or Collateral Agent, as applicable, further agrees that for the 30 day period immediately
following its notice of resignation, it will not appoint a successor unless the Borrower shall have consented to such
successor, such consent not to be unreasonably withheld or delayed. If no such successor shall have been so appointed by the
Required Lenders or Majority Lenders of the Revolving Credit Facility, as applicable, and shall have accepted such
appointment within 30 days after the retiring Administrative Agent, Revolving Agent and/or Collateral Agent gives notice
of its resignation, then the retiring Administrative Agent, Revolving Agent and/or Collateral Agent may on behalf of the
Lenders and the Issuing Banks, appoint a successor Administrative Agent, Revolving Agent and/or Collateral Agent meeting the
qualifications set forth above; provided that if the Administrative Agent, Revolving Agent and/or
Collateral Agent shall notify the Borrower and the Lenders that no qualifying person has accepted such appointment, then such
resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent,
Revolving Agent and/or Collateral Agent shall be discharged from its duties and obligations hereunder and under the other
Loan Documents (except in its capacity as Collateral Agent holding collateral security on behalf of any Secured Parties, it
shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and
(2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent or
Revolving Agent shall instead be made by or to each Term Lender (in the case of the Administrative Agent) or each Revolving
Lender and the Issuing Banks (in the case of the Revolving Agent) directly, until such time as the Required Lenders or the
Majority Lenders of the Revolving Credit Facility appoint a successor Administrative Agent, Revolving Agent and/or Collateral
Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent,
Revolving Agent and/or Collateral Agent hereunder, such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring (or retired) Administrative Agent, Revolving Agent and/or Collateral Agent, and
the retiring Administrative Agent, Revolving Agent and/or Collateral Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by the Borrower to a successor Administrative Agent, Revolving Agent and/or Collateral Agent shall
be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
retiring Administrative Agent’s, Revolving Agent’s and/or Collateral Agent’s resignation hereunder and
under the other Loan Documents, the provisions of this Article VIII and Section 9.05 shall
continue in effect for the benefit of such retiring Administrative Agent, Revolving Agent and/or Collateral Agent, its
sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Administrative Agent, Revolving Agent and/or Collateral Agent was acting as Administrative Agent and/or
Collateral Agent. Notwithstanding anything to the contrary herein, no Disqualified Institution (nor any Affiliate thereof)
may be appointed as a successor Administrative Agent, Revolving Agent and/or Collateral Agent or sub-agent.

 

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Section
8.07      Non-Reliance on Administrative Agent and Other Lenders. Each Lender and
the Issuing Banks acknowledges that it has, independently and without reliance upon the Administrative Agent, Revolving Agent
or Collateral Agent or any other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each Issuing Bank
also acknowledges that it will, independently and without reliance upon the Administrative Agent, Revolving Agent or Collateral
Agent or any other Lender or any of their Related Parties and based on such documents and information 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

 

Section
8.08      No Other Duties, Etc. Anything herein to the contrary notwithstanding, none
of the Lead Arrangers or Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, Revolving Agent, the Collateral
Agent, a Lender or an Issuing Bank hereunder.

 

Section
8.09      Administrative Agent May File Proofs of Claim. In case of the pendency of
any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent
or Revolving Agent, as applicable (irrespective of whether the principal of any Loan or L/C Borrowing shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand
on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise

 

(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, 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 Issuing Banks, the Administrative Agent or Revolving Agent (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks, the Administrative Agent,
the Revolving Agent and their respective agents and counsel and all other amounts due to the Lenders, the Issuing Banks, the Administrative
Agent and the Revolving Agent under Sections 2.12 and 9.05) allowed in such judicial proceeding;
and

 

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

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the
Issuing Banks to make such payments to the Administrative Agent or Revolving Agent, as applicable, and, in the event that the Administrative
Agent or Revolving Agent, shall consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to
the Administrative Agent or Revolving Agent any amount due for the reasonable compensation, expenses, disbursements and advances
of the Administrative Agent or Revolving Agent, as applicable, and its agents and counsel, and any other amounts due the Administrative
Agent or Revolving Agent, as applicable, under Sections 2.12 and 9.05.

 

    	 	-185-	 

     

    

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent or Revolving Agent to authorize or consent to or accept or adopt on behalf
of any Lender or the Issuing Banks any specific plan of reorganization, arrangement, adjustment or composition affecting the Obligations
or the rights of any Lender or the Issuing Banks to authorize the Administrative Agent or Revolving Agent to vote in respect of
the claim of any Lender or the Issuing Banks in any such proceeding.

 

Section
8.10      Collateral Agreement. (a) (i) The Lenders and the Issuing Banks irrevocably
authorize the Collateral Agent, at its option and in its discretion, to release (and deliver evidence of such release) any Lien
on any property granted to or held by the Collateral Agent under any Loan Document (A) upon Payment in Full, (B) that is sold
or to be sold to a party that is not a Loan Party or otherwise disposed of as part of or in connection with any sale or other
Disposition permitted hereunder or under any other Loan Document, or (C) subject to Section 9.09, if approved, authorized
or ratified in writing by the Required Lenders or such other number or percentage of Lenders required hereby.

 

(ii) to subordinate any Lien
on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property that
is permitted by clauses (i) or (j) of Section 6.02.

 

(b)       The
Lenders and the Issuing Banks irrevocably authorize the Administrative Agent or Collateral Agent, as applicable, at its option
and in its discretion, to release (and deliver evidence of such release) any guarantor from its obligations under the Guaranty
Agreement and the other Security Documents upon Payment in Full or if person ceases to be a Loan Party as a result of a transaction
permitted hereunder and under the other Loan Documents (as the context may require).

 

(c)       Anything
contained in any of the Loan Documents to the contrary notwithstanding, the Borrower, the Administrative Agent, the Collateral
Agent and each Lender hereby agree that no Secured Party shall have any right individually to realize upon any of the Collateral
or to enforce the Guarantee and Collateral Agreement or any other Security Document, it being understood and agreed that all powers,
rights and remedies under any of the Security Documents may be exercised solely by the Administrative Agent or the Collateral Agent,
as applicable, for the benefit of the Secured Parties in accordance with the terms thereof and all powers, rights and remedies
under the Security Documents may be exercised solely by the Collateral Agent for the benefit of the Secured Parties in accordance
with the terms thereof.

 

Upon request by the Administrative Agent at
any time, each of the Required Lenders will confirm in writing the Administrative Agent’s or Collateral Agent’s, as
applicable, authority to release or subordinate its interest in particular types or items of property, or to release any guarantor
from its obligations under the Guarantee and the other Security Documents.

 

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Section
8.11      Withholding Tax. To the extent required by any applicable laws (as determined
in good faith by the Administrative Agent or Revolving Agent, as applicable), the Administrative Agent or Revolving Agent, as
applicable, may withhold from any payment to any Lender or under any Loan Document an amount equivalent to any applicable withholding
Tax. Without limiting or expanding the provisions of Section 2.17, each Lender shall indemnify and hold harmless
the Administrative Agent or Revolving Agent against, and shall make payment in respect thereof within 10 days after demand therefor,
any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements
of any counsel for the Administrative Agent or Revolving Agent, as applicable) incurred by or asserted against the Administrative
Agent or Revolving Agent, as applicable, by the IRS or any other Governmental Authority as a result of the failure of the Administrative
Agent or Revolving Agent, as applicable, to properly withhold Tax from amounts paid to or for the account of such Lender for any
reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify
the Administrative Agent or Revolving Agent, as applicable, of a change in circumstance that rendered the exemption from, or reduction
of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative
Agent or Revolving Agent, as applicable, shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent or Revolving Agent, as applicable, to set off and apply any and all amounts at any time owing to such Lender under this
Agreement or any other Loan Document against any amount due the Administrative Agent or Revolving Agent, as applicable, under
this Section 8.11. The agreements in this Section 8.11 shall survive the resignation and/or replacement
of the Administrative Agent or Revolving Agent, as applicable, any assignment of rights by, or the replacement of, a Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

Section
8.12      Certain ERISA Matters.

 

		(a)	Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent, the Revolving Agent, the Collateral Agent and the Lead Arrangers and their
respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that
at least one of the following is and will be true:

 

(i)        such Lender is not using “plan assets” (within the meaning of Section
3(42) of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii)      the prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14
(a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class
exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions
involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective
investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable
so as to exempt from the prohibitions of ERISA Section 406 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, or

 

    	 	-187-	 

     

    

 

(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.

 

		(b)	In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect
to a Lender, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, the Revolving Agent, the Collateral Agent and the Lead Arrangers and their respective
Affiliates, and for the benefit of the Borrower and any other Loan Party, that none of the Administrative Agent, the Revolving
Agent, the Collateral Agent or any other Lead Arranger or any of their respective 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 Administrative Agent, Revolving Agent or the Collateral Agent under this
Agreement, any Loan Document or any documents related to hereto or thereto).

 

Article
IX

 

Miscellaneous

 

Section
9.01      Notices. (a)  Except in the case of notices and other communications
permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopier as follows, and all notices and other communications permitted hereunder to
be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)       if
to any Loan Party, to its address set forth on Schedule 9.01(a)(i);

 

(ii)       if
to the Administrative Agent, Revolving Agent, Collateral Agent or Documentation Agent, to the applicable address as set forth on
Schedule 9.01(a)(ii) and including copies to any sub-agents as set forth therein; and

 

    	 	-188-	 

     

    

 

(iii)       if
to any Issuing Bank, to it at the address or telecopy number set forth separately in writing.

 

Notwithstanding anything
to the contrary set forth herein, any notice or communication provided or required to be provided to the Administrative Agent,
Revolving Agent and/or Collateral Agent by any party hereto or under any other Loan Document shall also be communicated to the
Documentation Agent in a like manner contemporaneously therewith.

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b)
below shall be effective as provided in such subsection (b).

 

(b)       Notices
and other communications to the Lenders and each Issuing Bank hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender or any Issuing Bank pursuant to Article II if such
Lender or any Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under
such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided
that approval of such procedures may be limited to particular notices or communications.

 

(c)       Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice
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, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying
the website address therefor.

 

(d)       Each
of the Borrower, the Administrative Agent, the Collateral Agent, each Issuing Bank may change its address, telecopier or telephone
number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent,
the Collateral Agent and each Issuing Bank. In addition, each Lender agrees to notify the Administrative Agent and the Collateral
Agent from time to time to ensure that the Administrative Agent and the Collateral Agent has on record (i) an effective address,
contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be
sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual
at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation
on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such
Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make
reference to the Communications that are not made available through the “Public Side Information” portion of the Platform
and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States
Federal or state securities laws.

 

    	 	-189-	 

     

    

 

(e)       The
Administrative Agent, the Collateral Agent, each Issuing Bank and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Borrowing Requests) purportedly given by or on behalf of the Borrower even if (i) such notices were not made
in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or
(ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the
Administrative Agent, the Collateral Agent, each Issuing Bank, each Lender and the Related Parties of each of them from all losses,
costs, expenses and liabilities resulting from the reliance by such person on each notice purportedly given by or on behalf of
the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent and the Collateral Agent
may be recorded by the Administrative Agent and Collateral Agent, and each of the parties hereto hereby consents to such recording.

 

Section
9.02      Survival of Agreement. All covenants, agreements, representations and warranties
made by the Borrower and the other Loan Parties herein, in the other Loan Documents and in any document, certificate or statement
delivered pursuant hereto or in connection with or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the Lenders and each Issuing Bank and shall survive the making by the Lenders of the Loans, the execution
and delivery of the Loan Documents and the issuance of the Letters of Credit, regardless of any investigation made by such persons
or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan
or L/C Disbursement or any Fee or any other Obligations (other than yet unasserted contingent Obligations) under this Agreement
or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have
not been expired or terminated. Without prejudice to the survival of any other agreements contained herein, indemnification and
reimbursement obligations contained herein (including pursuant to Sections 2.15, 2.17 8.11, and
9.05) shall survive the Payment in Full, the expiration of the Letters of Credit and the termination of the Commitments
or this Agreement.

 

Section
9.03      Binding Effect. This Agreement shall become effective when it shall have
been executed by the Borrower and the Administrative Agent and when the Administrative Agent shall have received copies hereof
that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure
to the benefit of the Borrower, each Issuing Bank, the Administrative Agent and each Lender and their respective permitted successors
and assigns.

 

    	 	-190-	 

     

    

 

Section
9.04      Successors and Assigns. (a) The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any
Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and
any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except in accordance with this Section (and any attempted assignment
or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any person (other than the parties hereto, their respective successors and assigns permitted hereby (including any
Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c)
of this Section), and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing
Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement or the other Loan Documents.

 

(b)          (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may at any time assign to one or
more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans (including for purposes of this Section 9.04(b), participations
in Letter of Credit obligations) at the time owing to it) with the prior written consent of:

 

(A)       the
Revolving Agent; provided, that the consent of the Revolving Agent shall not be required if such assignment is an
assignment (1) of a Term Loan or (2) from one Revolving Lender to another Revolving Lender, an Affiliate of a Revolving Lender
or an Approved Fund of a Revolving Lender;

 

(B)       the
Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an assignment of
in the case of a Term Loan, all or any portion of such Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund of such
Lender; and

 

(C)       each
Issuing Bank; provided, that the consent of the Issuing Bank shall not be required if such assignment is an assignment
of a Term Loan.

 

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

 

(A)       except
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans under a given Tranche to related Approved Funds, the amount of the
Commitments or Loans of the assigning Lender under a given Tranche subject to each such assignment (as of the date such Assignment
and Acceptance is recorded in the Register by the Administrative Agent) shall not be less than (x) $1,000,000 in respect of Term
Loans, and (y) $5,000,000 in respect of the Revolving Loans, in each case, unless the Administrative Agent otherwise expressly
consent to such assignment; provided that simultaneous assignments to two or more Related Funds or by two or more
Related Funds to a single Assignee shall be treated as one assignment for purposes of the minimum assignment requirement, and shall
be in an amount that is an integral multiple of $1,000,000 (or the entire remaining amount of such Lender’s Commitment);

 

    	 	-191-	 

     

    

 

(B)       the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500 (which may be waived or reduced at the Administrative Agent’s sole discretion);
provided, that (i) assignments pursuant to Section 2.19 shall not require the signature of the
assigning Lender to become effective and (ii) any such processing and recordation fee in connection with assignments pursuant to
Section 2.19 shall be paid by the assignee;

 

(C)       the
Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and all documentation
and other information with respect to the assignee that is required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, including any tax forms required
to be provided pursuant to Section 2.17(g); and

 

(D)       in
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x)
pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder
(and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment
of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with
the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes
of this Agreement until such compliance occurs.

 

For the purposes of this Section
9.04, “Approved Fund” means any person (other than a natural person or a Disqualified Institution)
that is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its activities and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

    	 	-192-	 

     

    

 

(iii)       Subject
to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the effective date specified
in each Assignment and Acceptance (which shall be the date of such recordation) the Assignee thereunder shall be a party hereto
and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance,
be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.05).
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section
9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with paragraph (c) of this Section.

 

(iv)       The
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
in the United States of America a copy of each Assignment and Acceptance delivered to it and a register for the recordation of
the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C
Exposure owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, Issuing Bank and the Lenders
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

 

(v)       Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, all documents required
under Section 9.04(b)(ii)(C) (unless the Assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b)
of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein
in the Register. No assignment shall be effective for purposes of this Agreement unless and until it has been recorded in the Register
as provided in this paragraph, provided that for the avoidance of doubt, the date that is the later of (i) the trade date specified
(if any) in the Assignment and Assumption and (ii) the day such Assignment and Assumption has been recorded in the Register shall
be the effective date of the assignment.

 

    	 	-193-	 

     

    

 

(c)       (i)
Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other
entities (other than a natural person, or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural person, a Defaulting Lender or a Disqualified Institution, or the Borrower or any of the Affiliated Lenders)
(a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans owing to it); provided, that (a) such Lender’s
obligations under this Agreement shall remain unchanged, (b) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (c) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 9.05(b)
with respect to any payments made by such Lender to its Participants. Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents
and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided,
that (x) such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver that (1) requires the consent of each Lender directly and adversely affected thereby pursuant
to Section 9.04(a)(i) or clause (i), (ii), (iii), (iv),
(v) or (vi) of the first proviso to Section 9.09(b) and (2) directly and adversely affects
such Participant and (y) no other agreement with respect to such Participant may exist between such Lender and such Participant.

 

(ii)       The
Borrower agrees that each Participant shall be entitled to the benefits of Sections
2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section
2.17(g) (it being understood that the documentation required under Section 2.17(g) shall be delivered to
the participating Lender)) to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees
to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and
(B) shall not be entitled to receive any greater payment under Sections 2.16 or 2.17,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts
to cooperate with the Borrower to effectuate the provisions of Section 2.19 with respect to any Participant.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.06 as
though it were a Lender; provided that such Participant agrees
to be subject to Section 2.18(c) as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any
commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that
such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury
Regulations (or, in each case, any amended or successor version). The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

    	 	-194-	 

     

    

 

(d)       Any
Lender may, without the consent of the Administrative Agent or the Borrower, at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement (other than to any Disqualified Institution (provided that
the list of Disqualified Institutions (other than any “reasonably identifiable affiliate” (on the basis of such Affiliate’s
name) included in the definition of “Disqualified Institution”) is made available to any Lender who specifically requests
a copy thereof) or any natural Person) 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.

 

(e)       The
Borrower, at its expense and following receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender
requiring Notes to facilitate transactions of the type described in paragraph (d) above.

 

(f)       No
Lender may at any time enter into a total return swap, total rate of return swap, credit default swap or other derivative instrument
under which any Secured Obligation is a reference obligation with any counterparty that is a Disqualified Institution.

 

(i)       If
any assignment or participation under this Section 9.04 is made to any Disqualified Institution (other than
any Bona Fide Debt Fund) without the Borrower’s prior written consent (any such Person, a “Disqualified Person”),
then the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Person and the Administrative
Agent, (A) terminate any Commitment of such Disqualified Person and cause the Borrower to repay all obligations of the Borrower
owing to such Disqualified Person, (B) in the case of any outstanding Term Loans held by such Disqualified Person, purchase such
Term Loans by paying the lesser of (x) par and (y) the amount that such Disqualified Person paid to acquire such Term
Loans, plus accrued interest thereon, accrued fees and all other amounts payable to it hereunder and/or (C) require
such Disqualified Person to assign, without recourse (in accordance with and subject to the restrictions contained in this Section
9.04), all of its interests, rights and obligations under this Agreement to one or more Eligible Assignees; provided
that (I) in the case of clause (B), the applicable Disqualified Person has received payment of an amount
equal to the lesser of (1) par and (2) the amount that such Disqualified Person paid for the applicable Loans and participations
in Letters of Credit, plus accrued interest thereon, accrued fees and all other amounts payable to it hereunder from
the Borrower, (II) in the case of clauses (A) and (B), the Borrower shall be liable to the relevant
Disqualified Person under Section 2.16 if any Eurocurrency Loan owing to such Disqualified Person is repaid
or purchased other than on the last day of the Interest Period relating thereto and (III) in the case of clause (C),
the relevant assignment shall otherwise comply with this Section 9.04 (except that (x) no registration
and processing fee required under this Section 9.04 shall be required with any assignment pursuant to this paragraph
and (y) any Term Loan acquired by any Affiliated Lender pursuant to this paragraph will not be included in calculating compliance
with the Affiliated Lender Cap for a period of 90 days following such transfer; provided that, to the extent the
aggregate principal amount of Term Loans held by Affiliated Lenders exceeds the Affiliated Lender Cap on the 91st day following
such transfer, then such excess amount shall either be (x) contributed to the Borrower or any of its subsidiaries and retired
and cancelled immediately upon such contribution or (y) automatically cancelled)). Nothing in this Section 9.04(f)
shall be deemed to prejudice any right or remedy that the Borrower may otherwise have at law or equity.

 

    	 	-195-	 

     

    

 

(g)       Notwithstanding
the foregoing, no assignment may be made or participation sold to (i) a natural person, (ii) other an during the continuance of
an Event of Default, a Disqualified Institution without the prior written consent of the Borrower, (iii) any Defaulting Lender
or any of its subsidiaries, or any person who, upon becoming a Lender hereunder, would constitute any of the foregoing persons
described in this clause (iii) or (iv) any Affiliated Lenders. Upon the request of any Lender, the Administrative Agent shall
inform such Lender as to whether an actual proposed Participant or Assignee is a Disqualified Institution.

 

(h)       Notwithstanding
anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under
this Agreement in respect of its Term Loans to any Affiliated Lender on a non-pro rata basis (A) through a Dutch auction
open to all Lenders holding the relevant Term Loans on a pro rata basis or (B) through open market purchases, in each
case with respect to clauses (A) and (B), without the consent of the Administrative Agent; provided
that:

 

(i)       any
Term Loans acquired by the Borrower or any of its Subsidiaries shall be retired and cancelled immediately upon the acquisition
thereof; provided that upon any such retirement and cancellation, the aggregate outstanding principal amount of the
Term Loans shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans so retired and cancelled,
and each principal repayment installment with respect to the applicable Term Loans pursuant to Section 2.10(a)
shall be reduced on a pro rata basis by the full par value of the aggregate principal amount of Term Loans so cancelled;

 

(ii)       the
relevant Affiliated Lender and assigning Lender shall have executed an Assignment and Assumption;

 

(iii)       after
giving effect to the relevant assignment and to all other assignments to all Affiliated Lenders, (A) the aggregate principal amount
of all Term Loans and all other term loans of the Borrower or its Subsidiaries that are pari passu with the Term Loans at
any time held by all Affiliated Lenders shall not exceed either (I) 25% of the aggregate principal amount of the Term Loans
then outstanding (after giving effect to any substantially simultaneous cancellations thereof) or (II) 25% of the sum of the
aggregate principal amount of Term Loans then outstanding (after giving effect to any substantially simultaneous cancellations
thereof) and all other term loans of the Borrower or its Subsidiaries that are pari passu with the Term Loans and (B) the
aggregate number of Affiliated Lenders shall not exceed 49% of the aggregate number of all Lenders (clauses (A) and
(B) collectively, the “Affiliated Lender Cap”); provided that each party
hereto acknowledges and agrees that the Administrative Agent shall not be liable for any losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever incurred or suffered by any Person
in connection with any compliance or non-compliance with this clause (h)(iii) or any purported assignment
exceeding the Affiliated Lender Cap (it being understood and agreed that the Affiliated Lender Cap is intended to apply to any
Loan made available to Affiliated Lenders by means other than formal assignment (e.g., as a result of an acquisition of
another Lender by any Affiliated Lender or the provision of Additional Term Loans by any Affiliated Lender); provided further,
that to the extent that any assignment to any Affiliated Lender would result in the aggregate principal amount of Term Loans held
by Affiliated Lenders exceeding the Affiliated Lender Cap (after giving effect to any substantially simultaneous cancellation thereof),
the assignment of the relevant excess amount shall be null and void;

 

    	 	-196-	 

     

    

 

(iv)       in
connection with any assignment effected pursuant to a Dutch auction and/or open market purchase conducted by the Borrower or any
of its Subsidiaries, (A) the relevant Person may not use the proceeds of any Revolving Loans to fund such assignment and (B) no
Event of Default exists at the time of acceptance of bids for the Dutch auction or the entry into a binding agreement with respect
to the relevant open market purchase, as applicable; and

 

(v)       by
its acquisition of Term Loans, each relevant Affiliated Lender shall be deemed to have acknowledged and agreed that:

 

(A)       the
Term Loans held by such Affiliated Lender shall be disregarded in both the numerator and denominator in the calculation of any
Required Lender or other Lender vote (and the Term Loans held by such Affiliated Lender shall be deemed to be voted pro rata
along with the other Lenders that are not Affiliated Lenders); provided that (x) such Affiliated Lender shall
have the right to vote (and the Term Loans held by such Affiliated Lender shall not be so disregarded) with respect to any amendment,
modification, waiver, consent or other action that requires the vote of all Lenders or all Lenders directly and adversely affected
thereby with respect to Sections 9.09(b)(i)-(iii), as the case may be, (and with respect to other matters, Affiliated
Lenders shall be deemed to vote pro rata in the same manner and percentages as non-Affiliated Lenders) and (y) no amendment,
modification, waiver, consent or other action shall (1) disproportionately affect such Affiliated Lender in its capacity as a Lender
as compared to other Lenders of the same Class that are not Affiliated Lenders in their capacities as Lenders or (2) deprive any
Affiliated Lender of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in
each case without the consent of such Affiliated Lender; and

 

    	 	-197-	 

     

    

 

(B)       such
Affiliated Lender, solely in its capacity as an Affiliated Lender, will not be entitled to (i) attend (including by telephone)
or participate in any meeting or discussion (or portion thereof) among the Administrative Agent or any Lender or among Lenders
to which the Loan Parties or their representatives are not invited or (ii) receive any information or material prepared by
the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except
to the extent such information or materials have been made available by the Administrative Agent or any Lender to any Loan Party
or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative
notices in respect of its Term Loans required to be delivered to Lenders pursuant to Article 2);

 

(vi)       no
Affiliated Lender shall be required to represent or warrant that, as of the date of any such purchase or assignment, it is not
in possession of material non-public information with respect to the Borrower and/or any subsidiary thereof and/or their respective
securities in connection with any assignment permitted by this Section 9.04(g);

 

(vii)        in
any proceeding under any Debtor Relief Law, the interest of any Affiliated Lender in any Term Loan will be deemed to be voted in
the same proportion as the vote of Lenders that are not Affiliated Lenders on the relevant matter; provided that
each Affiliated Lender will be entitled to vote its interest in any Term Loan to the extent that any plan of reorganization or
other arrangement with respect to which the relevant vote is sought proposes to treat the interest of such Affiliated Lender in
such Term Loan in a manner that is less favorable to such Affiliated Lender than the proposed treatment of Term Loans held by other
Term Lenders; and

 

(viii)      any
Loans assigned to Affiliated Lenders may (but shall not be required to) be contributed to the Borrower or any of its subsidiaries
for purposes of cancelling such Indebtedness (it being understood that any Loans so contributed shall be retired and cancelled
immediately upon thereof).

 

(i)       Resignation
as an Issuing Bank. Notwithstanding anything to the contrary contained herein, if at any time Issuing Bank assigns all of its
Revolving Facility Commitment and Revolving Loans pursuant to Section 9.04(b), such Issuing Bank may, upon 30 days’
notice to the Borrower and the Lenders, resign as an Issuing Bank. In the event of any such resignation as an Issuing Bank, the
Borrower shall be entitled to appoint from among the Lenders a successor Issuing Bank hereunder (subject to such Lender’s
consent); provided, however, that no failure by the Borrower to appoint any such successor shall affect the
resignation of such Issuing Bank. If such Issuing Bank resigns, it shall retain all the rights, powers, privileges and duties of
an Issuing Bank hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation
as an Issuing Bank and all unreimbursed L/C Disbursements with respect thereto (including the right to require the Lenders to make
ABR Loans or fund risk participations in unreimbursed amounts pursuant to Section 2.05. Upon the appointment
of a successor Issuing Bank, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of a retiring Issuing Bank, as the case may be, and (b) the successor Issuing Banks shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to the resigning Issuing Bank to effectively assume the obligations of such Issuing Bank with respect to such Letters of Credit.

 

    	 	-198-	 

     

    

 

Section
9.05      Expenses; Indemnity. (a) The Borrower agrees to pay (i) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, the Documentation Agent, the Collateral Agent and
their respective Affiliates in connection with the syndication of the credit facilities provided for herein, the preparation,
negotiation, execution and delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated)
(including reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent, Documentation Agent
and Collateral Agent), (ii) all reasonable and documented out-of-pocket expenses incurred by each Issuing Bank in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, the Documentation Agent, the Collateral Agent, any
Lender and each Issuing Bank (including the fees, charges and disbursements of any counsel for the Administrative Agent, the Documentation
Agent, the Collateral Agent, any Lender or any Issuing Bank), in connection with the enforcement or protection of their rights
(A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection
with the Loans made or the Letters of Credit issued hereunder, including all such out-of-pocket costs incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit; provided that, the Borrower’s
obligations under this Section 9.05(a) for fees and expenses of legal counsel shall be limited to reasonable and
documented fees and expenses of (x) one primary outside legal counsel for the Administrative Agent and Documentation Agent and
one primary outside legal counsel for the Revolving Agent and Collateral Agent for all persons described in clauses (i) through
(iii) above, taken as a whole, (y) in the case of any actual or perceived conflict of interest, one outside legal counsel for
each group of affected persons similarly situated, taken as a whole, in each appropriate jurisdiction and (z) if necessary, one
local or foreign legal counsel in each appropriate jurisdiction (which may include a single special counsel acting in multiple
jurisdictions) for all persons described in clauses (i) through (iii) above, taken as a whole. For the avoidance of doubt, the
Borrower’s obligations under this Section 9.05(a) for fees and expenses of legal counsel shall exclude allocated
costs of internal counsel to all persons described in clauses (i) through (iii) above.

 

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(b)       The
Borrower shall indemnify the Administrative Agent, the Documentation Agent, the Collateral Agent, Lead Arrangers, the Agents, each
Issuing Bank, each Lender, their respective Affiliates and each of their respective directors, trustees, officers, employees and
agents and other respective successors and assigns (each such person being called an “Indemnitee”) against,
and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related reasonable out-of-pocket
costs and expenses, including reasonable counsel fees, charges and disbursements (except the allocated costs of internal counsel
and limited to the fees and expenses of (x) one primary outside legal counsel to the Indemnitees, taken as a whole, (y) in the
case of any actual or perceived conflict of interest where the Indemnitee affected by such conflict has informed the Borrower of
such conflict and thereafter retains its own counsel, one outside legal counsel for each group of affected Indemnitees similarly
situated, taken as a whole, in each appropriate jurisdiction and (z) if necessary, one local or foreign legal counsel in each appropriate
jurisdiction (which may include a single special counsel acting in multiple jurisdictions) to the Indemnitees, taken as a whole),
incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or
delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and the other
transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including
any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought
by you, a third party, by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors,
shareholders or creditors, or (iv) any violation of Environmental Law or presence or Release of Hazardous Materials related in
any way to the Borrower or any other Loan Party; provided, that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses are (x) determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of
such Indemnitee (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad
faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z)
any dispute solely among Indemnitees (other than any claims against an Indemnitee in its capacity or in fulfilling its role as
an agent or arranger or any similar role hereunder or under any other Loan Document and other than any claims arising out of any
act or omission of the Borrower or any of its Affiliates). The provisions of this Section 9.05 shall remain operative
and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated
hereby, the repayment, satisfaction and discharge of any of the Obligations, the resignation of the Administrative Agent, the Documentation
Agent, the Collateral Agent or any Issuing Bank, the invalidity or unenforceability of any term or provision of this Agreement
or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Documentation Agent, the
Collateral Agent, any Issuing Bank or any Lender. All amounts due under this Section 9.05 shall be payable no later
than ten Business Days after written demand therefor, accompanied by reasonable documentation with respect to any reimbursement,
indemnification or other amount requested. This Section 9.05(b) shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)       To
the fullest extent permitted by applicable law, no party shall assert, and each party hereby waives, any claim against any other
Person, 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, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby other than as a result of the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee as
determined by a final and nonappealable judgment of a court of competent jurisdiction

 

    	 	-200-	 

     

    

 

(d)       To
the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a)
or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Documentation
Agent (or any sub-agent thereof), the Collateral Agent (or any sub-agent thereof), any Issuing Bank or any Related Party of any
of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Documentation Agent
(or any sub-agent thereof), the Collateral Agent (or any sub-agent thereof), the applicable Issuing Bank or such Related Party,
as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or
any such sub-agent), the Documentation Agent (or any sub-agent thereof), the Collateral Agent (or any sub-agent thereof), or the
applicable Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent), the Documentation Agent (or any sub-agent thereof), the Collateral Agent (or any sub-agent thereof),
or applicable Issuing Bank in connection with such capacity. The obligations of the Lenders under this subsection (d)
are subject to the provisions of Section 2.18(f).

 

Section
9.06      Right of Set-off. If an Event of Default shall have occurred and be continuing,
each Lender and each Issuing Bank is hereby authorized at any time and from time to time thereafter, to the fullest extent permitted
by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other indebtedness at any time owing by such Lender or such Issuing Bank to or for the credit or the account of the Borrower
or any other Subsidiary against any of and all the obligations of the Borrower now or hereafter existing under this Agreement
or any other Loan Document held by such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing
Bank shall have made any demand under this Agreement or such other Loan Document and although the obligations may be unmatured;
provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts
so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.23 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds
and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender
as to which it exercised such right of setoff. The rights of each Lender and each Issuing Bank under this Section 9.06
are in addition to other rights and remedies (including other rights of set-off) that such Lender or such Issuing Bank may have.

 

    	 	-201-	 

     

    

 

Section
9.07      Payments Set Aside. To the extent that any payment by or on behalf of the
Borrower is made to the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender, or the Administrative Agent,
the Collateral Agent, any Issuing Bank or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff
or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Administrative Agent, the Collateral Agent, such Issuing Bank or such Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and
each Issuing Bank severally agrees to pay to the Administrative Agent or the Collateral Agent, as applicable, upon demand its
applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent or the Collateral
Agent (as applicable), plus interest thereon from the date of such demand to the date such payment is made at a
rate per annum equal to the Federal Funds Effective Rate from time to time in effect.

 

Section
9.08      Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN
LETTERS OF CREDIT TO THE EXTENT SET FORTH THEREIN) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK.

 

Section
9.09      Waivers; Amendment. (a) None of the Lead Arrangers, the Agents or the Lenders
shall by any act (except by a written instrument pursuant to clause (b) below), delay, indulgence, omission or otherwise
be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to
exercise, nor any delay in exercising, on the part of any Lead Arranger, Agent or Lender, any right, power or privilege hereunder
shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Lead Arranger, Agent
or Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such
Lead Arranger, Agent or Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative,
may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

(b)       Neither
this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified, other than (x)
in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required
Lenders (or the Administrative Agent with the consent of the Required Lenders) or (y) in the case of any other Loan Document (other
than any waiver, amendment or modification to effectuate any modification thereto expressly contemplated by the terms of such other
Loan Document), pursuant to an agreement or agreements in writing entered into by each party thereto and any of the Administrative
Agent, Revolving Agent or Collateral Agent that may be a party thereto, as applicable and consented to by the Required Lenders
(or such other requisite parties expressly provided for therein); provided, however, that no such agreement
shall:

 

    	 	-202-	 

     

    

 

(i)       decrease
or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan or any L/C Disbursement
of a Lender without the prior written consent of each Lender directly affected thereby; provided that any amendment
to the financial covenant definitions or any component of the definitions thereof in this Agreement shall not constitute a reduction
in the rate of interest for purposes of this clause (i); it being understood that only the consent of the Required
Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to
pay interest at the Default Rate,

 

(ii)       increase
or extend the Commitment of any Lender or decrease the Commitment Fees or L/C Participation Fees or other fees of any Lender without
the prior written consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants,
Defaults or Events of Default or of a mandatory prepayment or reduction in the aggregate Commitments shall not constitute an increase
of the Commitments of any Lender or a decrease of fees of any Lender),

 

(iii)       extend,
waive or reduce the amount of any scheduled installment of principal or extend any date on which payment of interest on any Loan
or any L/C Disbursement or any Fees is due, without the prior written consent of each Lender adversely affected thereby (it being
understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory prepayment
or reduction in the aggregate Commitments shall not constitute an extension, waiver or reduction of the amount of a scheduled installment
of principal or date of payment of interest or fees),

 

(iv)       amend
or modify the provisions of Section 2.18(b) or (c) in a manner that would by its terms alter the
pro rata sharing of payments required thereby, or require any Lender to make available Interest Periods longer than six months
without its consent, without the prior written consent of the each Lender adversely affected thereby,

 

(v)       amend
or modify the provisions of this Section or the definition of the term “Required Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination
or grant any consent hereunder, without the prior written consent of each Lender adversely affected thereby (it being understood
that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the
determination of the Required Lenders on substantially the same basis as the applicable Loans and Commitments),

 

(vi)       release
all or substantially all the Collateral or release any of the Borrower or any other Loan Party from its Guarantee under the Guaranty
Agreement, unless, in the case of a Loan Party, (x) such transaction is otherwise permitted by the Loan Documents or (y) all or
substantially all of the Equity Interests of such Loan Party are sold or otherwise disposed of in a transaction permitted by this
Agreement, without the prior written consent of each Lender,

 

(vii)       subordinate
the Liens in favor of the Administrative Agent or Collateral Agent, as applicable, securing the Obligations, with respect to all
or substantially all of the Collateral, without the prior written consent of each Lender adversely affected thereby,

 

    	 	-203-	 

     

    

 

(viii)       effect
any waiver, amendment or modification that by its terms adversely affects the rights of Lenders participating in any Class of Loans
(solely in their capacities as Lenders), as the case may be, differently from those of Lenders participating in another Class of
Loans, without the consent of the Majority Lenders participating in the adversely affected Class (it being agreed that the Required
Lenders, may waive, in whole or in part, any prepayment required by Section 2.11 so long as the application
of any prepayment still required to be made is not changed),

 

(ix)       No
amendment, waiver, modification, elimination, or consent shall amend, without written consent of Revolving Agent or the Majority
Lenders of the Revolving Credit Facility, modify, or eliminate;

 

(x)       No
amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any provision of this Agreement or the other
Loan Documents pertaining to any Issuing Bank, or any other rights or duties of any Issuing Bank under this Agreement or the other
Loan Documents, without the written consent of such Issuing Bank;

 

(xi)       No
amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any provision of this Agreement or the other
Loan Documents pertaining to Revolving Agent, or any other rights or duties of Revolving Agent under this Agreement or the other
Loan Documents, without the written consent of Revolving Agent; and

 

(xii)       effect
any waiver, amendment or modification of Section 5.4 of the Collateral Agreement, or any comparable provision of any other
Security Document, in a manner that materially adversely affects the rights in respect of payments or collateral of Lenders, without
the consent of each Lender so affected;

 

provided further that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent, the Revolving
Agent, or an Issuing Bank hereunder without the prior written consent of the Administrative Agent, the Collateral Agent, the Revolving
Agent, or such Issuing Bank acting as such at the effective date of such agreement, as applicable. Each Lender shall be bound by
any waiver, amendment or modification authorized by this Section 9.09 and any consent by any Lender pursuant to this
Section 9.09 shall bind any Assignee of such Lender.

 

(c)       Without
the consent of any Lender, the Loan Parties and the Administrative Agent may (in their respective sole discretion, or shall, to
the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or enter into
any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest
in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law
to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security
interests therein comply with applicable law.

 

    	 	-204-	 

     

    

 

(d)       Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any
Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any other waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than
other affected Lenders shall require the consent of such Defaulting Lender.

 

(e)       Subject
to the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the
Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions
of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the
benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Loans and the accrued interest and
fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of Required
Lenders.

 

(f)       [Reserved];

 

(g)       Notwithstanding
anything to the contrary contained in this Section 9.09, if at any time after the Closing Date, the Administrative
Agent, Revolving Agent and the Borrower shall have unanimously identified an obvious error, ambiguity, defect, inconsistency or
any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent,
Revolving Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any
further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders
within five Business Days following receipt of notice thereof.

 

(h)       Notwithstanding
anything to the contrary contained in this Section 9.09, any waiver, amendment or modification of this Agreement
that (x) in the absence of this clause (h) would require the consent of the Required Lenders and (y) by its terms
affects solely the rights, benefits, duties or obligations under this Agreement of one Class of Lenders and not any other Class
of Lenders may, in each case, be effected by an agreement or agreements in writing entered into by the Borrower and Majority Lenders
of such affected Class of Lenders (together with any other individual Lender directly affected thereby whose consent would be required
by the first and second provisos appearing in Section 9.09(b)).

 

(i)       Notwithstanding
anything to the contrary contained in this Section 9.09, this Agreement and the other Loan Documents may be amended,
restated, supplemented and/or otherwise modified with the written consent of the Administrative Agent, the Borrower and the Required
Lenders, in order to (i) increase the interest rate or yield applicable to the Credit Facilities, including by increasing the Applicable
Margin or similar component of the interest rate, by modifying the method of computing interest applicable to the Credit Facilities
(including by creating any new interest rate “floors”) or paying additional upfront fees, consent fees or original
issue discount on or with respect to the Credit Facilities and (ii) increase a letter of credit, unused commitment, facility or
utilization fee or other fees having similar effect under the Credit Facilities.

 

    	 	-205-	 

     

    

 

Section
9.10      Interest Rate Limitation. Notwithstanding any other provision herein, the
aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection therewith
deemed in the nature of interest under applicable Requirements of Law, shall not exceed the Highest Lawful Rate. If the rate of
interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate,
the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest
due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this
Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest
due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have
been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent
permitted by law, the Borrower shall pay to Administrative Agent an amount equal to the difference between the amount of interest
paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding
the foregoing, it is the intention of the Lenders and the Borrower to conform strictly to any applicable usury laws. Accordingly,
if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful
Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied
to the outstanding amount of the Loans made hereunder or be refunded to the Borrower.

 

Section
9.11      [Reserved].

 

Section
9.12      Entire Agreement. This Agreement and the other Loan Documents represent
the entire agreement of the parties hereto with respect to the subject matter hereof and thereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof and thereof. There are no promises, undertakings,
representations or warranties by the Lead Arranger, any Agent or any Lender relative to the subject matter hereof not expressly
set forth or referred to herein or in the other Loan Documents.

 

Section
9.13      WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	-206-	 

     

    

 

Section
9.14      Severability. In the event any one or more of the provisions contained in
this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby.
The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. Without limiting
the foregoing provisions of this Section 9.14, if and to the extent that the enforceability of any provisions in
this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative
Agent, Revolving Agent or any Issuing Bank, as applicable, then such provisions shall be deemed to be in effect only to the extent
not so limited.

 

Section
9.15      Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall
become effective as provided in Section 9.03. Delivery of an executed counterpart to this Agreement by facsimile
(or other electronic) transmission pursuant to procedures approved by the Administrative Agent shall be as effective as delivery
of a manually signed original.

 

Section
9.16      Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken
into consideration in interpreting, this Agreement.

 

Section
9.17      Jurisdiction; Consent to Service of Process. (a) Each of the parties hereto
hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State
court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in
any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that any Lender or any Issuing Bank may otherwise have to bring any action or proceeding relating to this Agreement
or the other Loan Documents against the Borrower or any other Loan Party or their properties in the courts of any jurisdiction.

 

(b)       Each
of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or the other Loan Documents in any New York State or federal court. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

    	 	-207-	 

     

    

 

Section
9.18      Confidentiality. Each of the Lenders, each Issuing Bank and each of the
Agents agrees that it shall maintain in confidence any Information relating to the Borrower and the other Loan Parties furnished
to it by or on behalf of the Borrower or the other Loan Parties (other than information that (a) has become generally available
to the public other than as a result of a disclosure by such party, (b) has been independently developed by such Lender, such
Issuing Bank or such Agent without violating this Section 9.18 or (c) was available to such Lender, such Issuing
Bank or such Agent from a third party having, to such person’s knowledge, no obligations of confidentiality to the Borrower
or any other Loan Party) and shall not reveal the same other than to its directors, trustees, officers, employees and advisors
with a need to know or to any person that approves or administers the Loans on behalf of such Lender (so long as each such person
shall have been instructed to keep the same confidential in accordance with this Section 9.18), except: (a) to the
extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National Association
of Insurance Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing
party are listed or traded, (b) as part of normal reporting or review procedures to Governmental Authorities or the National Association
of Insurance Commissioners, (c) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, trustees, advisors and representatives (so long as each such person shall have been instructed to keep the
same confidential in accordance with this Section 9.18), (d) in order to enforce its rights under any Loan Document
in a legal proceeding, (e) to any prospective assignee of, or prospective Participant in, any of its rights under this Agreement
(so long as such person shall have been instructed to keep the same confidential in accordance with this Section 9.18);
provided that in no case can such disclosure be made to a Disqualified Institution, (f) to any direct or indirect contractual
counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty
or professional advisor to such contractual counterparty is not a Disqualified Institution and agrees to be bound by the provisions
of this Section) (g) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder (h) to
existing and prospective investors and funding sources, (i) any rating agency in connection with rating of the Borrower or its
Subsidiaries or the Credit Facilities or (k) with the consent of the Borrower. For purposes of this Section 9.18,
“Information” shall mean all information received from the Borrower or any of its Subsidiaries relating
to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available
to any Agent, any Lender or any Issuing Bank on a non-confidential basis prior to disclosure by  the Borrower or any of its
Subsidiaries; provided that, in the case of information received from the Borrower or any of its Subsidiaries after the
Closing Date, all such information shall be deemed confidential unless such information is clearly identified at the time of delivery
as not being confidential.

 

    	 	-208-	 

     

    

 

Section
9.19      Direct Website Communications.

 

(a)       Delivery.
(i) Each Loan Party hereby agrees that it will use commercially reasonable efforts to provide to the Administrative Agent all information,
documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other
Loan Document, including all notices, requests, financial statements, financial and other reports, certificates and other information
materials, but excluding any such communication that (a) relates to a request for a new, or a conversion of an existing, borrowing
or other extension of credit (including any election of an interest rate or interest period relating thereto), (b) relates to the
payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (c) provides notice of
any Default or Event of Default under this Agreement or (d) is required to be delivered to satisfy any condition precedent to the
effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications
collectively, the “Communications”), by transmitting the Communications in an electronic/soft medium
in a format reasonably acceptable to the Administrative Agent. In addition, each Loan Party agrees to continue to provide the Communications
to the Administrative Agent in the manner specified in this Agreement or any other Loan Document but only to the extent requested
by the Administrative Agent. Nothing in this Section 9.19 shall prejudice the right of the Agents, the Lead Arrangers
or any Lender or any Loan Party to give any notice or other communication pursuant to this Agreement or any other Loan Document
in any other manner specified in this Agreement or any other Loan Document.

 

(ii)       The
Administrative Agent agrees that receipt of the Communications by the Administrative Agent at its e-mail address set forth in Section
9.01 shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents.
Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to
the Platform (as defined below) shall constitute effective delivery of the Communications to such Lender for purposes of the
Loan Documents. Each Lender agrees (a) to notify the Administrative Agent in writing (including by electronic communication) from
time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (b)
that the foregoing notice may be sent to such e-mail address. Notwithstanding the foregoing or anything else contained herein or
in the other Loan Documents to the extent and such Communications, materials, notices and/or documents, in each case required to
be delivered pursuant to Section 5.04(a), (b), (c) and (f) are included in materials otherwise publicly filed with the SEC or otherwise
there shall be no further delivery requirement for notice purposes hereunder and any such Communications, materials, notices and/or
documents shall be deemed to be delivered on the earliest of (i) the date on which the Borrower post such Communications, materials,
notices and/or documents or provides a link thereto on Borrower’s website on the Internet or (ii) on which date such documents
are posted on the Borrower’s behalf on an Internet or internet website, if any, to which, each Lender and the Agents have
access (whether a commercial, third-party website or whether sponsored by the Administrative Agent).

 

    	 	-209-	 

     

    

 

(b)       Posting.
The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arrangers will make the Communications available
to the Lenders and each Issuing Bank by posting the Communications on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive
material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing,
and who may be engaged in investment and other market-related activities with respect to such person’s securities. The Borrower
hereby agrees that it will use commercially reasonable efforts to identify that portion of the Communications that may be distributed
to the Public Lenders and that (w) all such Communications shall be clearly and conspicuously marked “PUBLIC” which,
at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking
Communications “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers,
each Issuing Bank and the Lenders to treat such Communications as not containing any material non-public information (although
it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state
securities laws (provided, however, that to the extent such Communications constitute Information,
they shall be treated as set forth in Section 9.18); (y) all Communications marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the
Administrative Agent and the Lead Arrangers shall be entitled to treat any Communications that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”

 

(c)       Platform.
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT
THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
IN OR OMISSIONS FROM THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE
BY ANY AGENT PARTY IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. In no event shall the Administrative Agent, the Collateral
Agent or any of their respective Related Parties (collectively, the “Agent Parties”) have any liability
to the Borrower, any Lender, any Issuing Bank or any other person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) arising out of the Borrower’s, or the Administrative Agent’s, or the Collateral
Agent’s, transmission of Communications through the Internet, except to the extent that such losses, claims, damages, liabilities
or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall
any Agent Party have any liability to the Borrower, any Lender, any Issuing Bank or any other person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages).

 

    	 	-210-	 

     

    

 

Section
9.20      Release of Liens and Guarantees. In the event that any Loan Party conveys,
sells, leases, assigns, transfers or otherwise disposes of all or any portion of any of the Equity Interests or assets of any
Loan Party (other than the Equity Interests of the Borrower) to a person that is not (and is not required to become) a Loan Party
in a transaction permitted by this Agreement, then the Administrative Agent and the Collateral Agent shall promptly (and the Lenders
hereby authorize the Administrative Agent and the Collateral Agent to) take such action and execute any such documents as may
be requested by the Borrower (without further action or consent by the Lenders) and at the Borrower’s expense to release
(or evidence the release) or permit the Borrower (or its agent or designee to take) such actions to release any Liens created
by any Loan Document in respect of such assets or Equity interests, and, in the case of a Disposition of the Equity Interests
of any Loan Party in a transaction permitted by this Agreement or the other Loan Documents and as a result of which such Loan
Party would cease to be a Subsidiary, terminate such Loan Party’s obligations under the Guaranty Agreement, Collateral Agreement
and any other applicable Security Document; provided that the release of any Subsidiary because it ceases to be a Wholly Owned
Subsidiary shall constitute an Investment in an amount equal to the fair market value of the net assets of such relevant Subsidiary
and must be permitted under Section 6.04. In addition, the Administrative Agent agrees to take such actions as are
reasonably requested by the Borrower and at the Borrower’s expense (or where applicable permit the Borrower (or its agent
or representative to take such actions) to terminate (or to evidence the termination) the Liens and security interests created
by the Loan Documents when all the Obligations are Paid in Full. Any representation, warranty or covenant contained in any Loan
Document relating to any such Equity Interests, asset or subsidiary of the Borrower shall no longer be deemed to be made once
such Equity Interests or asset or subsidiary is so conveyed, sold, leased, assigned, transferred or disposed of.

 

Section
9.21      Power of Attorney. Each Lender and each Issuing Bank hereby (i) authorizes
the Administrative Agent as its agent and attorney-in-fact to execute and deliver, on behalf of and in the name of such Lender
or Issuing Bank (or Affiliate), all and any Loan Documents (including Security Documents) and related documentation, (ii) authorizes
the Administrative Agent to appoint any further agents or attorneys-in-fact to execute and deliver, or otherwise to act, on behalf
of and in the name of the Administrative Agent for any such purpose and (iii) authorizes the Administrative Agent to delegate
its powers under this power of attorney and to do any and all acts and to make and receive all declarations that are deemed necessary
or appropriate to the Administrative Agent.

 

Section
9.22      PATRIOT Act Notice. Each Lender, each Issuing Bank, the Administrative Agent
(for itself and not on behalf of any Lender) and the Collateral Agent hereby notifies each Loan Party that pursuant to the requirements
of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information
includes the name, address and taxpayer information number of each Loan Party and other information that will allow such Lender,
such Issuing Bank, the Administrative Agent or the Collateral Agent, as applicable, to identify such Loan Party in accordance
with the PATRIOT Act. The Borrower shall, promptly following a request by any Lender, any Issuing Bank, the Administrative Agent
or the Collateral Agent, provide such documentation and other information that such Lender, such Issuing Bank, the Administrative
Agent or the Collateral Agent, as applicable, reasonably requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act.

 

    	 	-211-	 

     

    

 

Section
9.23      No Advisory or Fiduciary Relationship. In connection with all aspects of
each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any
other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement
provided by the Administrative Agent, the Lead Arrangers, and the other Agents are arm’s length commercial transactions
between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Lead Arrangers, and the other Agents,
on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has
deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions
of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Lead Arrangers,
and the other Agents each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates,
or any other person and (B) neither the Administrative Agent, the Lead Arrangers, nor any of the other Agents has any obligation
to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lead Arrangers, and the other Agents
and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those
of the Borrower and its Affiliates, and neither the Administrative Agent, the Lead Arrangers, nor any of the other Agents has
any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the
Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Lead Arrangers, and the
other Agents with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

 

Section
9.24      Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent
such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent 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

 

    	 	-212-	 

     

    

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

[Remainder of page left intentionally blank.]

 

    	 	-213-	 

     

    

 

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

 

	 	DIFFERENTIAL BRANDS GROUP INC., as Borrower
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:  Lori Nembirkow
	 	Title:   Secretary

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	ARES CAPITAL CORPORATION, as Administrative Agent
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title:   Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	ACF FINCO I LP, as
	 	Revolving Agent and Collateral Agent
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	HPS INVESTMENT PARTNERS, LLC, as Documentation Agent
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:   Managing Director

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Ares Capital Corporation,
	 	as a Term Lender
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	CION ARES DIVERSIFIED CREDIT FUND,
	 	as a Term Lender
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES CENTRE STREET PARTNERSHIP, L.P.,
	 	as a Term Lender
	 	By: Ares Centre Street GP, Inc., as general partner
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Ares Jasper Fund Holdings, LLC,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, as servicer
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Ares ND CSF Holdings LLC,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, as servicer
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Ares Credit Strategies Insurance Dedicated Fund Series of SALI Multi-Series Fund, L.P.,
	 	as a Term Lender
	 	By: Ares Management LLC, its investment subadvisor
	 	By: Ares Capital Management LLC, as subadvisor
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Ares Senior Direct Lending Master Fund Designated Activity Company,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Ares Senior Direct Lending Parallel Fund (L), L.P.,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Ares Senior Direct Lending Parallel Fund (U), L.P.,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Ares SDL Holdings (U) Inc.,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

 

	 	ADF I Holdings LLC,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, as servicer
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ACF FinCo I LP,
	 	as a Term Lender
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	AC AMERICAN FIXED INCOME IV, L.P.,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Federal Insurance Company,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	SC ACM Private Debt Fund L.P.,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment advisor
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Nationwide Life Insurance Company,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Nationwide Mutual Insurance Company,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Great American Life Insurance Company,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment advisor
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Great American Insurance Company,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Bowhead IMC LP,
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	AN Credit Strategies Fund, L.P.
	 	as a Term Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	Ares European Credit Strategies Fund VIII (BUMA), L.P.,
	 	as a Term Lender
	 	By: Ares Management Limited, its investment manager
	 	By: Ares Capital Management LLC, its subadvisor
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	ARES CAPITAL CORPORATION,
	 	as a Revolving Lender
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	CION ARES DIVERSIFIED CREDIT FUND,
	 	as a Revolving Lender
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES CENTRE STREET PARTNERSHIP, L.P.,
	 	as a Revolving Lender
	 	By: Ares Centre Street GP, Inc., as general partner
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES JASPER FUND, L.P.,
	 	as a Revolving Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	ARES ND CREDIT STRATEGIES FUND LLC,
	 	as a Revolving Lender
	 	By: Ares Capital Management LLC, its account manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES OF SALI MULTI-SERIES FUND, L.P.,
	 	as a Revolving Lender
	 	By: Ares Management LLC, its investment subadvisor
	 	By: Ares Capital Management LLC, as subadvisor
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES SENIOR DIRECT LENDING MASTER FUND DESIGNATED ACTIVITY COMPANY,
	 	as a Revolving Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES SENIOR DIRECT LENDING PARALLEL FUND (L), L.P.,
	 	as a Revolving Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	ARES SENIOR DIRECT LENDING PARALLEL FUND (U), L.P.,
	 	as a Revolving Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES SDL HOLDINGS (U) INC.,
	 	as a Revolving Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory
	 	 
	 	ARES DIRECT FINANCE I LP,
	 	as a Revolving Lender
	 	By: Ares Capital Management LLC, its investment manager
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name:  Mitchell Goldstein
	 	Title:  Authorized Signatory

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Specialty Loan Fund 2016, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Specialty Loan Ontario Fund 2016, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Specialty Loan Fund 2016-L, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	SLF 2016 Institutional Holdings, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Service Provider
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Moreno Street Direct Lending Fund, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Falcon Credit Fund, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	NDT Senior Loan Fund, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Aiguilles Rouges Sector B Investment Fund, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	AXA Equitable Life Insurance Company,
	 	as Term Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Reliance Standard Life Insurance Company,
	 	as Term Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By: 	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Safety National Casualty Corporation,
	 	as Revolving Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By: 	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Philadelphia Indemnity Insurance Company,
	 	as Term Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By: 	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Specialty Loan Fund – CX – 2, L.P.
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Cactus Direct Lending Fund, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Private Loan Opportunities Fund, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Red Cedar Fund 2016, L.P.,
	 	 
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, its Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Swiss Capital HPS Private Debt Fund L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Pacific Indemnity Company,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director

 

[Signature Page to First Lien Credit Agreement]

 

    	 	 	 

     

    

 

	 	Brickyard Direct Lending Fund, L.P.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director
	 	 
	 	Lincoln Investment Solutions, Inc.,
	 	as Term Lender and Revolving Lender
	 	By: HPS Investment Partners, LLC, as Investment Manager
	 	 	 
	 	By:	/s/ Vikas Keswani
	 	Name:  Vikas Keswani
	 	Title:  Managing Director

 

[Signature Page to First Lien Credit Agreement]EXHIBIT 10.2

 

 

 

FIRST LIEN COLLATERAL AGREEMENT

among

DIFFERENTIAL BRANDS GROUP INC.,

certain of its Subsidiaries

and

 

ACF FINCO I LP,

as First Lien Collateral Agent

 

Dated as of
October 29, 2018

 

 

 

    	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	SECTION 1. DEFINED TERMS	1
	 	 	 
	1.1	Definitions	1
	1.2	Other Definitional Provisions	7
	 	 	 
	SECTION 2. GRANT OF SECURITY
    INTEREST; CONTINUING LIABILITY UNDER COLLATERAL	8
	 	 
	SECTION 3. REPRESENTATIONS AND WARRANTIES	9
	 	 	 
	3.1	[Reserved].	10
	3.2	Title; No Other Liens	10
	3.3	Valid, Perfected First Priority Liens	10
	3.4	Name; Jurisdiction of Organization, Etc.	11
	3.5	Inventory and Equipment	11
	3.6	Special Collateral; Excluded Collateral	11
	3.7	Investment Property	12
	3.8	[Reserved	13
	3.9	Intellectual Property	13
	3.10 	[Reserved].	14
	3.11 	Letter of Credit Rights	14
	3.12 	Commercial Tort Claims	14
	 	 	 
	SECTION 4. COVENANTS	14
	 	 	 
	4.1	[Reserved].	14
	4.2	Delivery and Control of Instruments, Chattel Paper, Negotiable Documents, Investment Property and Deposit Accounts	14
	4.3	Maintenance of Perfected Security Interest; Further Documentation	15
	4.4	[Reserved].	16
	4.5	[Reserved]	16
	4.6	Investment Property	16
	4.7	Voting and Other Rights with Respect to Pledged Securities	17
	4.8	[Reserved]	18
	4.9	Intellectual Property	18
	4.10 	[Reserved]	20
	4.11 	Government Receivables	20
	4.12 	Letter of Credit Rights	20
	4.13 	Commercial Tort Claims	20
	 	 	 
	SECTION 5. REMEDIAL PROVISIONS	21
	 	 	 
	5.1	Certain Matters Relating to Receivables	21
	5.2	Communications with Obligors	21

 

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	 	 	Page
	 	 	 
	5.3	Proceeds to be Turned Over To First Lien Collateral Agent	22
	5.4	Application of Proceeds	22
	5.5	Code and Other Remedies	23
	5.6	Effect of Securities Laws	24
	5.7	Deficiency	24
	 	 	 
	SECTION 6. POWER OF ATTORNEY	25
	 	 	 
	6.1	First Lien Collateral Agent’s Appointment as Attorney-in-Fact, Etc.	25
	6.2	Authorization of Financing Statements	26
	6.3	Further Assurances	27
	 	 	 
	SECTION 7. LIEN ABSOLUTE; WAIVER OF SURETYSHIP DEFENSES	27
	 	 	 
	7.1	Lien Absolute, Waivers	27
	 	 	 
	SECTION 8. THE FIRST LIEN COLLATERAL AGENT	29
	 	 	 
	8.1	Authority of First Lien Collateral Agent	29
	8.2	Duty of First Lien Collateral Agent	29
	8.3	Exculpation of the First Lien Collateral Agent	30
	8.4	Delegation of Duties.	31
	8.5	No Individual Foreclosure, Etc	31
	 	 	 
	SECTION 9. MISCELLANEOUS	32
	 	 	 
	9.1	Amendments in Writing	32
	9.2	Notices	32
	9.3	No Waiver by Course of Conduct; Cumulative Remedies	32
	9.4	Enforcement Expenses; Indemnification	32
	9.5	Successors and Assigns	32
	9.6	Set-Off	33
	9.7	Counterparts	33
	9.8	Severability	33
	9.9	Section Headings	33
	9.10 	Integration/Conflict	33
	9.11 	GOVERNING LAW	34
	9.12 	Submission to Jurisdiction; Waivers	34
	9.13 	Acknowledgments	35
	9.14 	Additional Grantors	35
	9.15 	Releases	35
	9.16 	WAIVER OF JURY TRIAL	35
	 	 	 
	SCHEDULE 1	Description of Pledged Investment Property	2-1
	SCHEDULE 2	Filings and Other Actions Required to Perfect Security Interests	3-1
	SCHEDULE 3	Exact Legal Name, Location of Jurisdiction of Organization and Chief Executive Office	4-1

 

    	ii

     

    

 

	 	 	Page
	 	 	 
	SCHEDULE 4 	Location of Inventory and Equipment	5-1
	SCHEDULE 5 	LOCATION OF INVENTORY AND EQUIPMENT (WITH BAILEES, WAREHOUSEMAN OR SIMILAR PARTIES)	6-1
	SCHEDULE 6 	Government Receivables	7-1
	SCHEDULE 7 	Copyrights; Patents; Trademarks; Intellectual Property Licenses; Other Intellectual Property	8-1
	SCHEDULE 8 	Vehicles	9-1
	SCHEDULE 9 	Letter of Credit Rights	10-1
	SCHEDULE 10 	Commercial Tort Claims	11-1
	EXHIBIT A	Form of Uncertificated Securities Control Agreement	A-1
	EXHIBIT B-1 	Form of Copyright Security Agreement	EXHIBIT B-1
	EXHIBIT B-2	Form of Patent Security Agreement	EXHIBIT B-2
	EXHIBIT B-3 	Form of Trademark Security Agreement	EXHIBIT B-3
	ANNEX 1	Assumption Agreement	ANNEX 1-1

 

    	iii

     

    

 

FIRST
LIEN COLLATERAL AGREEMENT, dated as of October 29, 2018, among each of the signatories hereto
designated as a Grantor on the signature pages hereto (together with any other entity that may become a party hereto as a Grantor
as provided herein, each a “Grantor” and collectively, the “Grantors”), and ACF FINCO I LP,
as First Lien Collateral Agent (in such capacity and together with its permitted successors and assigns in such capacity, the “First
Lien Collateral Agent”) for (i) the banks and other financial institutions or entities (the “Lenders”)
from time to time parties to the First Lien Credit Agreement, dated as of the date hereof (as
amended, restated, supplemented or otherwise modified or replaced from time to time, the “Credit Agreement”),
among DIFFERENTIAL BRANDS GROUP INC., a Delaware corporation (the “Borrower”), the Lenders, Ares Capital Corporation
as Administrative Agent and ACF FINCO I LP as the Revolving Agent and First Lien Collateral Agent, and the other Secured Parties
(as hereinafter defined).

 

WITNESSETH:

 

WHEREAS, pursuant to
the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject
to the conditions set forth therein;

 

WHEREAS, the Borrower
is a member of an affiliated group of companies that includes each other Grantor;

 

WHEREAS, the Borrower
and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit
from the making of the extensions of credit under the Credit Agreement; and

 

WHEREAS, it is a condition
precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement
that the Grantors shall have executed and delivered this Agreement to the First Lien Collateral Agent for the benefit of the Secured
Parties.

 

NOW, THEREFORE, in consideration
of the premises and to induce the Administrative Agent, Revolving Agent, First Lien Collateral Agent and the Lenders to enter into
the Credit Agreement and to induce the Lenders and Issuing Banks to make their respective extensions of credit to the Borrower
thereunder and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Grantor
hereby agrees with the First Lien Collateral Agent, for the benefit of the Secured Parties, as follows:

 

SECTION 1. DEFINED TERMS

 

1.1           Definitions.
(a) Unless otherwise defined herein, terms defined in the

Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement, and the following terms which are defined in the UCC are used herein as
so defined (and if defined in more than one article of the UCC shall have the meaning specified in Article 9 thereof): Accounts,
Account Debtor, As-Extracted Collateral, Authenticate, Certificated Security, Chattel Paper, Commodity Account, Commodity Contract,
Commodity Intermediary, Documents, Electronic Chattel Paper, Entitlement Order, Equipment, Farm Products, Financial Asset, Fixtures,
Goods, Health-Care-Insurance Receivable, Instruments, Inventory, Letter of Credit Rights, Manufactured Homes, Money, Payment Intangibles,
Securities Account, Securities Intermediary, Security, Security Entitlement, Supporting Obligations, Tangible Chattel Paper and
Uncertificated Security.

 

    	1-1

     

    

 

(b)          The
following terms shall have the following meanings: “After-Acquired Intellectual Property” shall have the meaning
set forth in Section 4.9(c).

 

“Agreement” shall mean
this First Lien Collateral Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Bankruptcy Proceeding”
means: (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Guarantor; (b) any other
voluntary or involuntary insolvency, reorganization or Bankruptcy Case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to any Guarantor or with respect to a material portion of their respective assets;
(c) any liquidation, dissolution, reorganization or winding up of any Guarantor whether voluntary or involuntary and whether or
not involving insolvency or bankruptcy; or (d) any assignment for the benefit of creditors or any other marshaling of assets and
liabilities of any Guarantor.

 

“Collateral” shall have
the meaning set forth in Section 2; provided that, for the avoidance of doubt, in no event shall any Excluded Assets constitute
“Collateral”.

 

“Collateral Account”
shall mean (i) any collateral account established by the First Lien Collateral Agent as provided in Section 5.1 or 5.3 and (ii)
any cash collateral account established as provided in the Credit Agreement.

 

“Copyright Licenses”
shall mean all written agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any
Copyright or otherwise providing for a covenant not to sue for infringement or other violation of any Copyright (including, without
limitation, those listed on Schedule 7).

 

“Copyrights” shall mean,
with respect to any Grantor, all of such Grantor’s right, title and interest in and to all works of authorship and all intellectual
property rights therein, all United States and foreign copyrights (whether or not the underlying works of authorship have been
published), including but not limited to copyrights in software and databases, all designs (including but not limited to all industrial
designs, “Protected Designs” within the meaning of 17 U.S.C. 1301 et. Seq. and Community designs), and all “Mask
Works” (as defined in 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, and with respect to any
and all of the foregoing: (i) all registrations and applications for registration thereof including, without limitation, the registrations
and applications listed on Schedule 7, (ii) all extensions, renewals, and restorations thereof, (iii) all rights to sue
or otherwise recover for any past, present and future infringement or other violation thereof, (iv) all Proceeds of the foregoing,
including, without limitation, license fees, royalties, income, payments, claims, damages and proceeds of suit now or hereafter
due and/or payable with respect thereto, and (v) all other rights of any kind accruing thereunder or pertaining thereto throughout
the world.

 

“Credit Agreement” shall have the meaning
set forth in the preamble hereto.

 

    	2

     

    

 

“Deposit Account” shall
mean all “deposit accounts” as defined in Article 9 of the UCC and all other accounts maintained with any financial
institution (other than Securities Accounts or Commodity Accounts), and shall include, without limitation, all of the accounts
listed on Schedule 1 hereto under the heading “Deposit Accounts” together, in each case, with all funds held
therein and all certificates or instruments representing any of the foregoing.

 

“Discharge of the Secured Obligations”
shall mean and shall have occurred upon termination of the Commitments and payment in full of all Secured Obligations (other than
contingent indemnification obligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit
as to which other arrangements satisfactory to the First Lien Collateral Agent and the Issuing Banks shall have been made).

 

“General Intangibles”
shall mean all “general intangibles” as such term is defined in Section 9-102(a)(42) of the UCC and, in any event, shall
include, without limitation, with respect to any Grantor, all rights of such Grantor to receive any tax refunds, all hedge agreements,
contracts, agreements, instruments and indentures and all licenses, permits, concessions, franchises and authorizations issued
by Governmental Authorities in any form, and portions thereof, to which such Grantor is a party or under which such Grantor has
any right, title or interest or to which such Grantor or any property of such Grantor is subject, as the same may from time to
time be amended, supplemented, replaced or otherwise modified, including, without limitation, (i) all rights of such Grantor to
receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of such Grantor to receive proceeds
of any insurance, indemnity, warranty or guaranty with respect thereto, (iii) all rights of such Grantor to damages arising thereunder,
and (iv) all rights of such Grantor to terminate and to perform, compel performance and to exercise all remedies thereunder.

 

“Guarantor” has the meaning set forth in
the Guaranty Agreement.

 

“Insurance” shall mean
all insurance policies covering any or all of the Collateral (regardless of whether the First Lien Collateral Agent is the loss
payee thereof).

 

“Intellectual Property”
shall mean, with respect to any Grantor, the collective reference to all rights, priorities and privileges relating to intellectual
property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, Copyrights,
Copyright Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses, Trade Secrets and Trade Secret Licenses, and all
rights to sue or otherwise recover for any past, present and future infringement, dilution, misappropriation, or other violation
or impairment thereof, including the right to receive all Proceeds therefrom, including without limitation license fees, royalties,
income payments, claims, damages and proceeds of suit, now or hereafter due and/or payable with respect thereto.

 

“Intellectual Property Security
Agreements” shall mean, collectively, the Copyright Security Agreement substantially the form of Exhibit B-1,
the Patent Security Agreement substantially in the form of Exhibit B-2, and the Trademark Security Agreement substantially
in the form of Exhibit B-3.

 

    	3

     

    

 

“Intercompany Note”
shall mean any promissory note evidencing loans made by any Grantor to the Borrower or any of its Subsidiaries.

 

“Investment Property”
shall mean the collective reference to (i) all “investment property” as such term is defined in Section 9-102(a)(49)
of the UCC including, without limitation, all Certificated Securities and Uncertificated Securities, all Security Entitlements,
all Securities Accounts, all Commodity Contracts and all Commodity Accounts (other than any Excluded Assets), (ii) all security
entitlements, in the case of any United States Treasury book-entry securities, as defined in 31 C.F.R. section 357.2, or, in the
case of any United States federal agency book-entry securities, as defined in the corresponding United States federal regulations
governing such book-entry securities, and (iii) whether or not constituting “investment property” as so defined, all
Pledged Notes, all Pledged Equity Interests, all Pledged Security Entitlements and all Pledged Commodity Contracts.

 

“Issuers” shall mean the collective reference
to each issuer of Pledged Equity Interests.

 

“Material Intellectual Property”
shall mean any Intellectual Property included in the Collateral that is material to the business of any Grantor or is otherwise
of material value.

 

“Material IP License”
shall mean any Copyright License, Patent License or Trademark License that is material to the business of any Grantor or otherwise
of material value.

 

“Obligations” shall mean the “Obligations”
as defined in the Credit Agreement.

 

“Patent Licenses” shall
mean all written agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any Patent
or otherwise providing for a covenant not to sue for infringement or other violation of any Patent (including, without limitation,
those listed on Schedule 7).

 

“Patents” shall mean,
with respect to any Grantor, all of such Grantor’s right, title and interest in and to all patentable inventions and designs,
all United States, foreign, and multinational patents, certificates of invention, and similar industrial property rights, and applications
for any of the foregoing, including, without limitation, (i) each patent and patent application listed on Schedule 7, (ii)
all reissues, substitutes, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii)
all inventions and improvements described and claimed therein, (iv) all rights to sue or otherwise recover for any past, present
and future infringement or other violation thereof, (v) all Proceeds of the foregoing, including, without limitation, license fees,
royalties, income, payments, claims, damages, proceeds of suit and other payments now or hereafter due and/or payable with respect
thereto, and (vi) all other rights accruing thereunder or pertaining thereto throughout the world.

 

“Pledged Commodity Contracts”
shall mean all Commodity Contracts listed on Schedule 1 and all other Commodity Contracts to which any Grantor is party
from time to time.

 

“Pledged Debt
Securities” shall mean all debt securities now owned or hereafter acquired by any Grantor, including, without
limitation, the debt securities listed on Schedule 1, together with any other certificates, options, rights or
security entitlements of any nature whatsoever in respect of the debt securities of any Person that may be issued or granted
to, or held by, any Grantor while this Agreement is in effect.

 

    	4

     

    

 

“Pledged Equity Interests”
shall mean all Equity Interests, and shall include Pledged LLC Interests, Pledged Partnership Interests and Pledged Stock; provided,
however, that in no event shall “Pledged Equity Interests” include any Excluded Assets.

 

“Pledged LLC Interests”
shall mean all membership interests and other interests now owned or hereafter acquired by any Grantor in any limited liability
company including, without limitation, all limited liability company interests listed on Schedule 1  hereto under the heading
“Pledged LLC Interests” and the certificates, if any, representing such limited liability company interests and any
interest of such Grantor on the books and records of such limited liability company and any securities entitlements relating thereto
and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from
time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability
company interests and any other warrant, right or option or other agreement to acquire any of the foregoing, all management rights,
all voting rights, any interest in any capital account of a member in such limited liability company, all rights as and to become
a member of the limited liability company, all rights of the Grantor under any shareholder or voting trust agreement or similar
agreement in respect of such limited liability company, all of the Grantor’s right, title and interest as a member to any
and all assets or properties of such limited liability company, and all other rights, powers, privileges, interests, claims and
other property in any manner arising out of or relating to any of the foregoing; provided, however, that Pledged LLC Interests
shall not include any Excluded Assets.

 

“Pledged Notes” shall
mean all promissory notes now owned or hereafter acquired by any Grantor including, without limitation, those listed on Schedule
1 and all the Intercompany Notes.

 

“Pledged Partnership Interests”
shall mean all partnership interests and other interests now owned or hereafter acquired by any Grantor in any general partnership,
limited partnership, limited liability partnership or other partnership including, without limitation, all partnership interests
listed on Schedule 1 hereto under the heading “Pledged Partnership Interests” and the certificates, if any,
representing such partnership interests, and any interest of such Grantor on the books and records of such partnership and all
dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to
time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership interests and
any other warrant, right or option to acquire any of the foregoing, all management rights, all voting rights, any interest in any
capital account of a partner in such partnership, all rights as and to become a partner of such partnership, all of the Grantor’s
rights, title and interest as a partner to any and all assets or properties of such partnership, and all other rights, powers,
privileges, interests, claims and other property in any manner arising out of or relating to any of the foregoing; provided,
however, that Pledged Partnership Interests shall not include any Excluded Assets.

 

“Pledged Securities”
shall mean the collective reference to the Pledged Debt Securities, the Pledged Notes and the Pledged Equity Interests regardless
of whether constituting Securities under the UCC.

 

    	5

     

    

 

“Pledged Security Entitlements”
shall mean all security entitlements with respect to the financial assets listed on Schedule 1 and all other security entitlements
of any Grantor.

 

“Pledged Stock” shall
mean all shares of capital stock now owned or hereafter acquired by such Grantor, including, without limitation, all shares of
capital stock described on Schedule 1 hereto under the heading “Pledged Stock”, and the certificates, if any,
representing such shares and any interest of such Grantor in the entries on the books of the Issuer of such shares and all dividends,
distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of such shares and any other warrant, right or
option to acquire any of the foregoing; provided, however, that Pledged Stock shall not include any Excluded Assets.

 

“Proceeds” shall mean
all “proceeds” as such term is defined in Section 9-102(a)(64) of the UCC and, in any event, shall include, without
limitation, all dividends or other income from the Pledged Securities, collections thereon and distributions or payments with respect
thereto.

 

“Receivable” shall mean
all Accounts and any other right to payment for goods or other property sold, leased, licensed or otherwise disposed of or for
services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper or classified as a Payment Intangible
and whether or not it has been earned by performance. References herein to Receivables shall include any Supporting Obligation
or collateral securing such Receivable.

 

“Secured Obligations”
shall mean (i) in the case of the Borrower, the Obligations and (ii) in the case of the Guarantors, the Guaranteed Obligations
(as defined in the Guaranty Agreement).

 

“Secured Parties” shall
mean collectively, the Arranger, the Administrative Agent, the Revolving Agent, the First Lien Collateral Agent, the Syndication
Agent, the Documentation Agent, the Bookrunner, the Lenders, the Issuing Banks, each Indemnitee pursuant to Section 9.05 of the
Credit Agreement and each co-agent or sub-agent appointed by the Administrative Agent, Revolving Agent or First Lien Collateral
Agent from time to time pursuant to the Credit Agreement.

 

“Securities Act” shall mean the Securities
Act of 1933, as amended.

 

“Trade Secret Licenses”
shall mean all agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any Trade
Secret or otherwise providing for a covenant not to sue for misappropriation or other violation of a Trade Secret, including those
in which a Grantor is a licensor or licensee thereunder.

 

“Trade Secrets” shall
mean, with respect to any Grantor, all of such Grantor’s right, title and interest in and to all trade secrets and with respect
to any and all of the foregoing (i) all rights to sue or otherwise recover for any past, present and future misappropriation or
other violation thereof, (ii) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments,
claims, damages, proceeds of suit and other payments now or hereafter due and/or payable with respect thereto, and (iii) all other
rights of any kind accruing thereunder or pertaining thereto throughout the world.

 

    	6

     

    

 

“Trademark Licenses”
shall mean all written agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any
Trademark or otherwise providing for a covenant not to sue for infringement, dilution, or other violation of any Trademark or permitting
coexistence with respect to a Trademark (including, without limitation, those listed on Schedule 7).

 

“Trademarks” shall mean,
with respect to any Grantor, all of such Grantor’s right, title and interest in and to all domestic, foreign and multinational
trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade dress,
trade styles, logos, Internet domain names, other indicia of origin or source identification, and general intangibles of a like
nature, whether registered or unregistered, and, with respect to any and all of the foregoing, (i) all registrations and applications
for registration thereof including, without limitation, the registrations and applications listed on Schedule 7, (ii) all
extensions and renewals thereof, (iii) all of the goodwill of the business connected with the use of and symbolized by any of the
foregoing, (iv) all rights to sue or otherwise recover for any past, present and future infringement, dilution, or other violation
thereof, (v) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages,
proceeds of suit and other payments now or hereafter due and/or payable with respect thereto, and (vi) all other rights of any
kind accruing thereunder or pertaining thereto throughout the world.

 

“UETA” shall have the meaning set forth in
Section 3.3.

 

“Vehicles” shall mean
all cars, trucks, trailers, construction and earth moving equipment and other Equipment of any nature covered by a certificate
of title law of any jurisdiction and includes, without limitation, the vehicles listed on Schedule 8, and all tires and
other appurtenances to any of the foregoing.

 

1.2           Other
Definitional Provisions. (a) The words “hereof”, “herein”, “hereto” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement, and Section, Schedule, Exhibit and Annex references, are to this Agreement unless otherwise specified. References
to any Schedule, Exhibit or Annex shall mean such Schedule, Exhibit or Annex as amended or supplemented from time to time in accordance
with this Agreement.

 

(b)           The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

(c)           Where
the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to
such Grantor’s Collateral or the relevant part thereof.

 

(d)           The
expressions “payment in full,” “paid in full” and any other similar terms or phrases when used herein shall
mean payment in cash in immediately available funds.

 

(e)           The
use herein of the word “include” or “including”, when following any general statement, term or
matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately
following such word or to similar items or matters, whether or not non-limiting language (such as “without
limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather
shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general
statement, term or matter.

 

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(f)            All
references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to
any Article of the UCC.

 

SECTION 2. GRANT OF SECURITY INTEREST;

CONTINUING LIABILITY UNDER COLLATERAL

 

(a)           Each
Grantor hereby collaterally assigns, pledges and grants to the First Lien Collateral Agent, for the benefit of the Secured Parties,
a security interest in, all of the following property, in each case, wherever located and now owned or at any time hereafter acquired
by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively,
the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether
at the stated maturity, by acceleration or otherwise) of the Secured Obligations:

 

		(i)	all Accounts, including all Receivables;

 

		(ii)	all Chattel Paper;

 

		(iii)	all Deposit Accounts;

 

		(iv)	all Documents;

 

		(v)	all Equipment;

 

		(vi)	all General Intangibles;

 

		(vii)	all Instruments;

 

		(viii)	all Insurance;

 

		(ix)	all Intellectual Property;

 

		(x)	all Inventory;

 

		(xi)	all Investment Property;

 

		(xii)	all Letter of Credit Rights;

 

		(xiii)	all Money;

 

		(xiv)	all Pledged Equity Interests;

 

		(xv)	all Goods not otherwise described above;

 

		(xvi)	all Collateral Accounts;

 

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(xvii) all
books, records, ledger cards, files, correspondence, customer lists, supplier lists, blueprints, technical specifications, manuals,
computer software and related documentation, computer printouts, tapes, disks and other electronic storage media and related data
processing software and similar items that at any time pertain to or evidence or contain information relating to any of the Collateral
or are otherwise necessary or helpful in the collection thereof or realization thereupon;

 

(xviii) all
commercial tort claims now or hereinafter described on Schedule 10; and

 

(xix) to the
extent not otherwise included, all other property of such Grantor and all Proceeds, products, accessions, rents and profits of
any and all of the foregoing and all collateral security, Supporting Obligations and guarantees given by any Person with respect
to any of the foregoing.

 

Notwithstanding anything
to the contrary in this Agreement, (i) none of the Excluded Assets shall constitute Collateral and (ii) any lien or security interest
created herein in favor of the First Lien Collateral Agent, for the benefit of the Secured Parties, in (x) any Securitization Assets
shall be automatically released immediately upon and concurrently with the sale thereof pursuant to a Qualified Securitization
Financing, to the extent, with respect to the PNC Securitization Financing, transferred prior to the Purchase and Sale Termination
Date but giving effect to any extension thereof (as defined in the PNC Purchase and Sale Agreement as in effect on the date hereof)
(y) any Credit Support Assets shall be automatically released immediately upon and concurrently with the sale thereof pursuant
to a Permitted Credit Support Arrangement.

 

(b)           Notwithstanding
anything herein to the contrary, (i) each Grantor shall

remain liable for all obligations under
the Collateral and nothing contained herein is intended or shall be a delegation of duties to the First Lien Collateral Agent or
any Secured Party, and (ii) each Grantor shall remain liable under each of the agreements included in the Collateral, including,
without limitation, any Receivables and any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform
all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and
neither the First Lien Collateral Agent nor any Secured Party shall have any obligation or liability under any of such agreements
by reason of or arising out of this Agreement or any other document related thereto nor shall the First Lien Collateral Agent or
any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have
any obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without
limitation, any agreements relating to any Receivables, Pledged Partnership Interests or Pledged LLC Interests.

 

SECTION 3. REPRESENTATIONS AND WARRANTIES

 

To induce the
Secured Parties to enter into the Credit Agreement and to induce the Lenders and the Issuing Bank to make their respective
extensions of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the First Lien Collateral
Agent, for the benefit of the Secured Parties, on the Closing Date (after giving effect to the Transactions occurring on the
Closing Date and subject to the Funding Conditions Provision), and, unless specified as only as of the Closing Date, on the
date of each Credit Event, (and for the purposes of making such representations and warranties set forth in this Section 3 in
connection with each Credit Event, each Grantor may, prior to the making of any such representation and warranty, amend and
supplement all Schedules as applicable but once made, such representation and warranty shall, as of such making, be deemed to
have been made based on the Schedules in effect at such date), (other than, for the avoidance of doubt, with respect to any
Excluded Assets except as set forth in Section 3.6(b) below), that:

 

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3.1           [Reserved].

 

3.2           Title;
No Other Liens. Such Grantor owns each item of the Collateral free and clear of any and all Liens or claims, including,
without limitation, liens arising as a result of such Grantor becoming bound (as a result of merger or otherwise) as Grantor
under a security agreement entered into by another Person, except, with respect to any Collateral other than Pledged Equity
Interests, for Permitted Liens and, in the case of Pledged Equity Interests, Permitted Liens arising pursuant to applicable
law. No financing statement, mortgage or other public notice with respect to all or any part of the Collateral is on file or
of record in any public office, except such as have been filed in favor of the First Lien Collateral Agent, for the benefit
of the Secured Parties, pursuant to this Agreement or as are permitted by the Credit Agreement.

 

3.3           Valid,
Perfected First Priority Liens. (a) The security interests granted pursuant to this Agreement constitute a legal and
valid security interest in favor of the First Lien Collateral Agent, for the benefit of the Secured Parties, securing the
payment and performance of each Grantor’s Secured Obligations. In the case of the Pledged Securities described herein,
when certificates or promissory notes, as applicable, representing such Pledged Securities are delivered to the First Lien
Collateral Agent in New York with, transfer powers duly executed in blank, and in the case of the other Collateral described
herein (other than Intellectual Property), when financing statements in appropriate form are filed in the offices specified
on Schedule 3, the First Lien Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected
Lien on, and security interest in (to the extent required thereby), all right, title and interest of the Grantors in such
Collateral and, subject to Section 9-315 of the New York Uniform Commercial Code, the proceeds thereof, as security for the
Obligations to the extent perfection can be obtained by filing Uniform Commercial Code financing statements, in each case
prior and superior in right to any other person (except Permitted Liens). When the Intellectual Property Security Agreements
are properly filed in the United States Patent and Trademark Office and the United States Copyright Office, and, with respect
to Collateral comprised of Intellectual Property in which a security interest cannot be perfected by such filings, upon the
proper filing of the financing statements referred to in this Section 3.3(a), the First Lien Collateral Agent (for the
benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in (to the extent intended to be
created thereby), all right, title and interest of the Loan Parties thereunder in the domestic Intellectual Property included
in the Collateral, in each case prior and superior in right to any other person (it being understood that subsequent
recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to
perfect a lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired
by the Grantors thereunder after the Closing Date) except Permitted Liens. Without limiting the foregoing, to the extent
required hereunder or under the Credit Agreement, each Grantor has taken such actions that are necessary to: (i) establish
the First Lien Collateral Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC)
over any portion of the Investment Property constituting Certificated Securities, Uncertificated Securities, Securities
Accounts, Securities Entitlements or Commodity Accounts, (ii) establish the First Lien Collateral Agent’s
“control” (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts, (iii) establish the First
Lien Collateral Agent’s “control” (within the meaning of Section 9-107 of the UCC) over all Letter of
Credit Rights, (iv) establish the First Lien Collateral Agent’s control (within the meaning of Section 9-105 of the
UCC) over all Electronic Chattel Paper and (v) establish the First Lien Collateral Agent’s “control”
(within the meaning of Section 16 of the Uniform Electronic Transactions Act as in effect in the applicable jurisdiction (the
“UETA”)) over all “transferable records” (as defined in UETA).

 

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3.4           Name;
Jurisdiction of Organization, Etc. As of the Closing Date, such Grantor’s exact legal name (as indicated on the public
record of such Grantor’s jurisdiction of incorporation, formation or organization), jurisdiction of incorporation, formation
or organization, organizational identification number, if any, and the location of such Grantor’s chief executive office
or sole place of business are specified on Schedule 3. Each Grantor is organized solely under the law of the jurisdiction
so specified and has not filed any certificates of domestication, transfer or continuance in any other jurisdiction. Except as
specified on Schedule 3, as of the Closing Date, it has not changed its name, jurisdiction of organization, chief executive
office or sole place of business (if applicable) or its corporate structure in any way (e.g. by merger, consolidation, change in
corporate form or otherwise) within the past five years. As of the Closing Date, subject to any Permitted Liens and any Securitization
Financing, no Grantor has within the last five years become bound (whether as a result of merger or otherwise) as Grantor under
a security agreement entered into by another Person, which has not heretofore been terminated. Unless otherwise stated on Schedule
3, such Grantor is not a transmitting utility as defined in UCC § 9-102(a)(80).

 

3.5           Inventory
and Equipment. (a) The Inventory and the Equipment (other than Inventory and Equipment in transit) with an aggregate value
at such location on an average monthly basis in excess of $500,000 are located at the locations listed on Schedule 4(a).

 

(b)           [Reserved].

 

(c)           Except
as set forth on Schedule 5 hereto, none of the Inventory with an aggregate value at such location on an average monthly
basis in excess of $2,000,000 is stored with a bailee, warehouseman, or similar party.

 

3.6           Special
Collateral; Excluded Collateral. (a) As of the Closing Date, none of the Collateral constitutes, or is the Proceeds of, (1)
Farm Products, (2) As-Extracted Collateral, (3) Manufactured Homes, (4) Health-Care Insurance Receivables, (5) timber to be cut
or (6) aircraft engines, satellites, ships or railroad rolling stock.

 

(b)           [Reserved].

 

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3.7           Investment
Property. (a) Schedule 1 hereto sets forth under the headings “Pledged Stock”, “Pledged LLC
Interests” and “Pledged Partnership Interests”, respectively, all of the Pledged Stock, Pledged LLC
Interests and Pledged Partnership Interests owned by any Grantor and such Pledged Equity Interests constitute the percentage
of issued and outstanding shares of stock, percentage of membership interests or percentage of partnership interests of the
respective issuers thereof indicated on such Schedule. Schedule 1 hereto sets forth under the heading “Pledged
Debt Securities” or “Pledged Notes” all of the Pledged Debt Securities and Pledged Notes owned by any
Grantor, and all of such Pledged Debt Securities and Pledged Notes, have been, in the case of those issued by Affiliates of
such Grantor, or, in the case of those issued by Persons that are not Affiliates of such Grantor, to the knowledge of such
Grantor have been, duly authorized, authenticated, issued, and delivered and are the legal, valid and binding obligation of
the issuers thereof enforceable in accordance with their terms and are not in default and, in the case of those issued by
Affiliates of such Grantor, constitute all of the issued and outstanding intercompany indebtedness owed by such Affiliates to
such Grantor evidenced by an instrument or certificated security of the respective issuers thereof. Schedule 1 hereto
sets forth under the headings “Securities Accounts,” “Commodities Accounts,” and “Deposit
Accounts,” respectively, all of the Securities Accounts, Commodities Accounts and Deposit Accounts in which each
Grantor has an interest. Each Grantor is the sole entitlement holder or customer of each such account, and such Grantor has
not consented to, and is not otherwise aware of, any Person (other than the First Lien Collateral Agent pursuant hereto)
having “control” (within the meanings of Sections 8-106, 9-106 and 9-104 of the UCC) over, or any other interest
in, any such Securities Account, Commodity Account or Deposit Account or any securities, commodities or other property
credited thereto.

 

(b)           The
shares of Pledged Stock pledged by such Grantor hereunder constitute all of the issued and outstanding shares of all classes of
the Equity Interests of each Issuer owned by such Grantor other than any such Equity Interests that are Excluded Assets.

 

(c)           To
the extent such concepts are applicable, all the shares of the Pledged Equity Interests have been duly and validly issued and are
fully paid and nonassessable. No Grantor is in material default of its material obligations under any Organizational Document of
any Issuer of Pledged Equity Interests.

 

(d)           None
of the Pledged LLC Interests or Pledged Partnership Interests are, or represent interests in entities that (a) are registered as
investment companies, (b) are dealt in or traded on securities exchanges or markets or (c) have opted to be treated as securities
under the Uniform Commercial Code of any jurisdiction.

 

(e)           No
consent, approval or authorization of any Person is required for the pledge by such Grantor of the Pledged Equity Interests
pursuant to this Agreement or for the execution, delivery or performance of this Agreement by such Grantor (other than such
consent, approval or authorization the failure to obtain would (i) reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, or (ii) result in the creation or imposition of any Lien upon or with respect to any
property or assets now owned or hereafter acquired by the Borrower or any such Loan Parties, other than Permitted Liens),
whether under (w) the Organizational Documents of any Issuer of Pledged Equity Interests, (x) any provision of law, statute,
rule or regulation, (y) any applicable order of any court or any rule, regulation or order of any Governmental Authority or
(z) any provision of any indenture, certificate of designation for preferred stock, agreement or other instrument to which
any Grantor is a party or by which any of them or any of their property is or may be bound, except such as have been obtained
and are in full force and effect.

 

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3.8           [Reserved].

 

3.9           Intellectual
Property.

 

(a)           Schedule
7 lists all of the following Intellectual Property, to the extent owned by such Grantor: (i) issued Patents and pending Patent
applications, (ii) registered Trademarks and applications for the registration of Trademarks, and (iii) registered Copyrights,
and applications to register Copyrights. All such Intellectual Property is recorded in the name of such Grantor. Except as set
forth on Schedule 7, such Grantor is the sole and exclusive owner of the entire and unencumbered right, title and interest
in and to such Intellectual Property, as well as any other Material Intellectual Property owned by such Grantor, in each case free
and clear of all Liens, claims and licenses, except for Permitted Liens and the licenses set forth on Schedule 7.

 

(b)           Except
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all Intellectual Property
that is required to be listed on Schedule 7, is subsisting and has not been adjudged invalid or unenforceable, in whole
or in part, nor, in the case of Patents, is any of such Intellectual Property the subject of a reexamination proceeding, and such
Grantor has performed all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every
registration and application of Copyrights, Patents and Trademarks of such Grantor in full force and effect.

 

(c)           Schedule
7 lists all Material IP Licenses. With respect to each Material IP License: (i) such license is valid and binding and in full
force and effect; (ii) solely with respect any Material IP License that constitute Collateral, such license will not cease to be
valid and binding and in full force and effect on terms identical to those currently in effect as a result of the rights and interests
granted herein, nor will the grant of such rights and interests constitute a breach or default under such license or otherwise
give the licensor or licensee a right to terminate such license; (iii) such Grantor has not received any notice of termination
or cancellation under such license; (iv) such Grantor has not received any notice of a breach or default under such license, which
breach or default has not been cured; (v) such Grantor has not granted to any other third party any rights, adverse or otherwise,
under such license; and (vi) such Grantor is not in breach or default in any material respect, and no event has occurred that,
with notice and/or lapse of time, would constitute such a breach or default by such Grantor or permit termination, modification
or acceleration of or under such license, except, in each case, as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(d)           Except
as would not reasonably be expected to have a Material Adverse Effect, no action or proceeding is pending, or, to the knowledge
of such Grantor, threatened, alleging that such Grantor, or the conduct of such Grantor’s business, infringes, misappropriates,
dilutes, or otherwise violates the intellectual property of any other Person.

 

(e)           Such
Grantor controls the nature and quality of all products sold and all services rendered under or in connection with all
Trademarks owned by such Grantor constituting Material Intellectual Property, and has taken such commercially reasonable
actions necessary to insure that its licensees of all such Trademarks comply with such Grantor’s standards of
quality.

 

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(f)            Except
as set forth on Schedule 7, such Grantor has not made a previous assignment, sale, transfer, exclusive license, or similar
arrangement constituting a present or future assignment, sale, transfer, exclusive license or similar arrangement by such Grantor
of any Material Intellectual Property or Material IP License owned or held by such Grantor that has not been terminated or released.

 

3.10         [Reserved].

 

3.11         Letter of Credit Rights. No Grantor
is a beneficiary or assignee under any letter of credit with a value in excess of $5,000,000 (individually) other than the letters
of credit described on Schedule 9 as of the Closing Date.

 

3.12         Commercial Tort
Claims. No Grantor has any commercial tort claims individual value in excess of $5,000,000 other than those described on Schedule
10 as of the Closing Date.

 

SECTION 4. COVENANTS

 

Each Grantor covenants
and agrees with the Secured Parties that, from and after the date of this Agreement until the Discharge of the Secured Obligations:

 

4.1           [Reserved].

 

4.2           Delivery
and Control of Instruments, Chattel Paper, Negotiable Documents, Investment Property and Deposit Accounts.

 

(a)           Without
limiting Section 4.6 hereof, if any of the Collateral is or shall become evidenced or represented by any Instrument, Certificated
Security, Negotiable Document or Tangible Chattel Paper, such Instrument (other than checks received in the ordinary course of
business), Certificated Security, Negotiable Document or Tangible Chattel Paper with an individual principal amount in excess of
$5,000,000, such Collateral shall be delivered to the First Lien Collateral Agent therefor, duly endorsed in a manner reasonably
satisfactory to the First Lien Collateral Agent, to be held as Collateral pursuant to this Agreement; provided that the foregoing
delivery requirement shall not apply to any intellectual property licensing agreements or other similar agreements.

 

(b)           If
any of the Collateral is or shall become Electronic Chattel Paper with an individual value in excess of $5,000,000
(individually), promptly following the request of the First Lien Collateral Agent such Grantor shall ensure that (i) a single
authoritative copy exists which is unique, identifiable and unalterable (except as provided in clauses (iii), (iv) and (v) of
this paragraph), (ii) such authoritative copy identifies the First Lien Collateral Agent as the assignee and is communicated
to and maintained by the First Lien Collateral Agent or its designee, (iii) copies or revisions that add or change the
assignee of the authoritative copy can only be made with the participation of the First Lien Collateral Agent, (iv) each copy
of the authoritative copy and any copy of a copy is readily identifiable as a copy and not the authoritative copy and (v) any
revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

 

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(c)           Without
limiting Section 5.6 hereof, if any of the Collateral is or shall become evidenced or represented by an Uncertificated Security
with a value in excess of $5,000,000 individually, such Grantor shall use commercially reasonable efforts to cause the Issuer to
agree in writing with such Grantor and the First Lien Collateral Agent that such Issuer will comply with instructions with respect
to such Uncertificated Security originated by the First Lien Collateral Agent without further consent of such Grantor, such agreement
to be in substantially the form of Exhibit A or in form and substance reasonably satisfactory to the First Lien Collateral
Agent.

 

(d)           Each
Grantor shall maintain Securities Entitlements, Securities Accounts and Deposit Accounts, other than Excluded Accounts only with
financial institutions that have agreed to comply with entitlement orders and instructions issued or originated by the First Lien
Collateral Agent without further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to
the First Lien Collateral Agent.

 

(e)           If
any of the Collateral is or shall become evidenced or represented by a Commodity Contract with a face value in excess of $5,000,000
individually, such Grantor shall use commercially reasonable efforts to cause the Commodity Intermediary with respect to such Commodity
Contract to agree in writing with such Grantor and the First Lien Collateral Agent that such Commodity Intermediary will apply
any value distributed on account of such Commodity Contract as directed by the First Lien Collateral Agent without further consent
of such Grantor, such agreement to be in form and substance reasonably satisfactory to the First Lien Collateral Agent.

 

(f)            [Reserved].

 

4.3           Maintenance
of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest created by this
Agreement in the Collateral as a perfected security interest having at least the priority described in Section 3.3 and shall use
commercially reasonable efforts to defend such security interest against the claims and demands of other Persons (other than those
Persons holding Permitted Liens with respect to such Permitted Liens).

 

(b)           Such
Grantor shall furnish to the First Lien Collateral Agent statements and schedules further identifying and describing the Collateral
and such other reports in connection with the assets and property of such Grantor as the First Lien Collateral Agent may reasonably
request, in any event no more than once per fiscal quarter, all in reasonable detail.

 

(c)           From
time to time, following reasonable request of the First Lien Collateral Agent, and at the sole expense of such Grantor, such
Grantor shall use commercially reasonable efforts to promptly and duly authorize, execute and deliver, and have recorded,
such further instruments and documents and take such commercially reasonable further actions as the First Lien Collateral
Agent may reasonably request as are necessary for the purpose of obtaining or preserving the full benefits of this Agreement
and of the rights and powers herein granted, including, without limitation, (i) the filing of any financing or continuation
statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the
security interests created hereby and (ii) in the case of Investment Property, Deposit Accounts and any other relevant
Collateral, taking such commercially reasonable actions necessary to enable the First Lien Collateral Agent to obtain
“control” (within the meaning of the applicable Uniform Commercial Code) with respect thereto to the extent
required hereunder, including without limitation, with respect to any deposit account or securities account (other than
Excluded Accounts), use commercially reasonable efforts to deliver to the Collateral Agent a Control Agreement with respect
to such deposit account or securities account.

 

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(d)           In
the event that a Grantor hereafter acquires any Collateral of a type described in Section 3.6(a) hereof, it shall promptly notify
the First Lien Collateral Agent in writing and following the reasonable request of the First Lien Collateral Agent (or automatically
after the occurrence and during the continuance of an Event of Default) take such commercially reasonable actions and execute such
documents and make such filings all at such Grantor’s expense as the First Lien Collateral Agent may reasonably request in
order to ensure that the First Lien Collateral Agent has a valid, perfected, security interest in such Collateral, with senior
priority and subject only to any Permitted Liens.

 

4.4           [Reserved].

 

4.5           [Reserved].

 

4.6           Investment
Property. (a) If such Grantor shall become entitled to receive or shall receive any stock or other ownership certificate
(including, without limitation, any certificate representing a stock dividend or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), or
option or rights in respect of Collateral consisting of capital stock or other Pledged Equity Interest of any Issuer, whether
in addition to, in substitution of, as a conversion of, or in exchange for, any shares of or other ownership interests in
Collateral consisting of the Pledged Equity Interests, or otherwise in respect thereof, in each case, solely to the extent
constituting Collateral, such Grantor shall, subject to the Collateral and Guarantee Requirement, accept the same as the
agent of the Secured Parties, hold the same on behalf of and for the Secured Parties and deliver the same forthwith to the
First Lien Collateral Agent in the exact form received, duly endorsed by such Grantor to the First Lien Collateral Agent, if
required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if
the First Lien Collateral Agent so requests, signature guaranteed, to be held by the First Lien Collateral Agent, subject to
the terms hereof, as additional collateral security for the Secured Obligations. If an Event of Default shall have occurred
and be continuing for which notice has been given by the Administrative Agent to the Grantors; provided no such notice shall
be required in the case of any bankruptcy or insolvency of any Grantor, any sums paid upon or in respect of the Pledged
Equity Interests upon the liquidation or dissolution of any Issuer shall be paid over to the First Lien Collateral Agent to
be held by it hereunder as additional collateral security for the Secured Obligations, and in case any distribution of
capital shall be made on or in respect of the Pledged Equity Interests or any property shall be distributed upon or with
respect to the Pledged Equity Interests pursuant to the recapitalization or reclassification of the capital of any Issuer or
pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security
interest in favor of the First Lien Collateral Agent, be delivered to the First Lien Collateral Agent to be held by it
hereunder as additional collateral security for the Secured Obligations. If an Event of Default shall have occurred and be
continuing for which notice has been given by the Administrative Agent to the Grantors; provided no such notice shall be
required in the case of any bankruptcy or insolvency of any Grantor, any sums of money or property so paid or distributed in
respect of the Pledged Equity Interests shall be received by such Grantor, such Grantor shall, until such money or property
is paid or delivered to the First Lien Collateral Agent, hold such money or property on behalf of and for the Secured
Parties, segregated from other funds of such Grantor, as additional collateral security for the Secured Obligations.

 

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(b)          Without
the prior written consent of the First Lien Collateral Agent, unless otherwise permitted by the Credit Agreement, such Grantor
will not (i) vote to enable, or take any other action to permit, any Issuer to amend its Organizational Documents in any manner
that materially changes the rights of such Grantor with respect to any Pledged Equity Interests or materially and adversely affects
the validity, perfection or priority of the First Lien Collateral Agent’s security interest therein, (ii) enter into any
agreement or undertaking materially and adversely restricting the right or ability of such Grantor or the First Lien Collateral
Agent to sell, assign or transfer any of the Investment Property or Proceeds thereof or any interest therein or (iii) cause or
permit any Issuer of any Pledged Partnership Interests or Pledged LLC Interests which are not securities (for purposes of the UCC)
as of the Closing Date to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests
to be treated as securities for purposes of the UCC; provided, however, that notwithstanding the foregoing, if any
issuer of any Pledged Partnership Interests or Pledged LLC Interests takes any such action in violation of the foregoing in this
clause (b), such Grantor shall promptly notify the First Lien Collateral Agent in writing of any such election or action and, in
such event, following the reasonable request of the First Lien Collateral Agent shall take such commercially reasonable steps necessary
to establish the First Lien Collateral Agent’s “control” thereof.

 

(c)           Each
Grantor which is an Issuer agrees that (i) it will be bound by the terms of this Agreement relating to Collateral consisting of
Pledged Equity Interests issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will
notify the First Lien Collateral Agent promptly in writing of the occurrence of any of the events described in Section 4.6(a) with
respect to the Pledged Equity Interests issued by it and (iii) the terms of Section 4.7(c) shall apply to it, mutatis mutandis,
with respect to such actions that may be required of it pursuant to Section 4.7(c) with respect to the Pledged Equity Interests
issued by it. In addition, each Grantor which is either an Issuer or an owner of any Collateral consisting of Pledged Equity Interests
hereby consents, to the grant by each other Grantor of the security interest hereunder in favor of the First Lien Collateral Agent
and to the transfer of any Collateral consisting of Pledged Equity Interests to the First Lien Collateral Agent or its nominee
following the occurrence and continuance of an Event of Default and to the substitution of the First Lien Collateral Agent or its
nominee as a partner, member or shareholder or other equity holder of the Issuer of the related Pledged Equity Interest.

 

4.7           Voting
and Other Rights with Respect to Pledged Securities. (a) Unless an Event of Default shall have occurred and be
continuing, each Grantor shall be permitted to receive all cash dividends paid in respect of Collateral consisting of the
Pledged Equity Interests and all payments made in respect of Collateral consisting of Pledged Notes or Pledged Debt
Securities, to the extent permitted by the Credit Agreement, and to exercise all voting and corporate rights with respect to
the Pledged Equity Interests; provided, however, that, except as permitted by the Credit Agreement, no vote
shall be cast or corporate or other ownership right exercised or other action taken which would materially and adversely
impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Credit
Agreement, this Agreement or any other Loan Document.

 

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(b)           If
an Event of Default shall occur and be continuing, upon written notice from the First Lien Collateral Agent to the applicable Grantor;
provided no such notice shall be required in the case of any bankruptcy or insolvency of any Grantor: (i) all rights of each Grantor
to exercise or refrain from exercising the voting and other consensual rights with respect to Collateral consisting of Pledged
Securities which it would otherwise be entitled to exercise shall cease and all such rights shall thereupon become vested in the
First Lien Collateral Agent who shall thereupon have the sole right, but shall be under no obligation, to exercise or refrain from
exercising such voting and other consensual rights and (ii) the First Lien Collateral Agent shall have the right, without further
notice to any Grantor, to transfer all or any portion of the Pledged Securities to its name or the name of its nominee or agent.
In addition, the First Lien Collateral Agent shall have the right at any time following such event, without further notice to any
Grantor, to exchange any certificates or instruments representing any Pledged Securities for certificates or instruments of smaller
or larger denominations. In order to permit the First Lien Collateral Agent to exercise the voting and other consensual rights
which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled
to receive hereunder following the reasonable request of the First Lien Collateral Agent each Grantor shall promptly execute and
deliver (or use commercially reasonable efforts to cause to be executed and delivered) to the First Lien Collateral Agent such
proxies, dividend payment orders and other instruments as the First Lien Collateral Agent may from time to time reasonably request
and each Grantor acknowledges that the First Lien Collateral Agent may utilize the power of attorney set forth herein after the
occurrence and during the continuance of an Event of Default.

 

(c)           Each
Grantor hereby authorizes and instructs each Issuer of any Pledged Securities pledged by such Grantor hereunder to, upon the occurrence
and during the continuance of an Event of Default, following contemporaneous written notice from the First Lien Collateral Agent
to the applicable Grantor; provided no such notice shall be required in the case of any bankruptcy or insolvency of any Grantor:
(i) comply with any instruction received by it from the First Lien Collateral Agent in writing that (x) states that an Event of
Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or
further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and
(ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Pledged Securities directly
to the First Lien Collateral Agent.

 

4.8           [Reserved].

 

4.9           Intellectual
Property. (a) Such Grantor will not, without the prior written

consent of the First Lien Collateral Agent,
do any act or omit to do any act whereby any Material Intellectual Property may lapse, become abandoned, terminated, cancelled,
dedicated to the public, forfeited, or otherwise impaired.

 

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(b)           Such
Grantor shall take all reasonable steps, including in any proceeding before the United States Patent and Trademark Office or the
United States Copyright Office, or any foreign counterpart of the foregoing, to pursue any application and maintain any registration
or issuance of each Trademark, Patent, and Copyright owned by or, to the extent it has the right to take such steps, exclusively
licensed to such Grantor and constituting Material Intellectual Property.

 

(c)           Such
Grantor agrees that, should it hereafter (i) obtain an ownership interest in any item of Intellectual Property, (ii) obtain an
exclusive license to any Copyrights, (iii) (either by itself or through any agent, employee, licensee, or designee) file any application
for the registration or issuance of any Intellectual Property with the United States Patent and Trademark Office, the United States
Copyright Office, or any similar office or agency in any other country or in any political subdivision of any of the foregoing,
or (iv) should it file a Statement of Use or an Amendment to Allege Use with respect to any “intent-to-use” Trademark
application (the items in clauses (i), (ii) (iii) and (iv), collectively, the “After-Acquired Intellectual Property”),
then the provisions of Section 2 shall automatically apply thereto, and any such After-Acquired Intellectual Property shall automatically
become part of the Collateral, and with respect to any such After-Acquired Intellectual Property that is (w) an issued Patent or
pending Patent application, (x) a registered Trademark or application for the registration of a Trademark, (y) a registered Copyright,
or application to register a Copyright, or (z) an exclusive license to any Copyrights, such Grantor shall give prompt (and, in
any event within five (5) Business Days after the last day of the fiscal quarter in which such Grantor acquires such ownership
interest) written notice thereof to the First Lien Collateral Agent in accordance herewith, and shall provide the First Lien Collateral
Agent with an amended Schedule 7 hereto, in each case, concurrently with the delivery of each of the quarterly financials
(or Quarterly Reports) delivered pursuant to Section 5.04(b) of the Credit Agreement, and promptly take the actions specified in
Section 4.9(d) with respect thereto.

 

(d)           Such
Grantor shall execute Intellectual Property Security Agreements with respect to the Intellectual Property included in the Collateral
as of the Closing Date, as well as any After-Acquired Intellectual Property, in substantially the form of Exhibits C-1, C-2,
or C-3, as applicable, in order to record the security interest granted herein to the First Lien Collateral Agent for the benefit
of the Secured Parties with the United States Patent and Trademark Office or the United States Copyright Office, as applicable,
and such Grantor shall promptly execute and deliver, and have recorded, any and all other agreements, instruments, documents, and
papers as the First Lien Collateral Agent may reasonably request to evidence the Secured Parties’ security interest in any
such Intellectual Property with any other applicable offices, agencies, or Governmental Authorities, subject to the Collateral
and Guarantee Requirement.

 

(e)           [Reserved].

 

(f)            Such
Grantor shall not permit the inclusion in any contract to which it hereafter becomes a party of any provision that could or
may in any way materially impair or prevent the creation of a security interest in, or the assignment of, such
Grantor’s rights and interests in any property that constitutes Material Intellectual Property, or in any Material IP
License. With respect to each Material IP License entered into by such Grantor following the Closing Date, such Grantor shall
ensure that such Material IP License expressly permits the grant of a security interest therein, and the assignment and
sublicensing of such Material IP License in connection with the exercise of rights and remedies under Section 5
hereunder.

 

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(g)           Such
Grantor shall promptly notify the First Lien Collateral Agent if it knows that any item of Material Intellectual Property may become
(i) terminated, abandoned, dedicated to the public or placed in the public domain, (ii) invalid or unenforceable, (iii) subject
to any adverse determination or development regarding such Grantor’s ownership, registration or use or the validity or enforceability
of such item of Intellectual Property (including the institution of, or any adverse development with respect to (excluding office
actions and similar decisions received in the ordinary course of prosecution of any application), any action or proceeding in the
United States Patent and Trademark Office, the United States Copyright Office, any state registry, any foreign counterpart of the
foregoing, or any court) or (iv) the subject of any reversion or termination rights.

 

(h)           In
the event that any Material Intellectual Property owned by or exclusively licensed to any Grantor is infringed, misappropriated,
diluted or otherwise violated by another Person, such Grantor shall, (i) promptly take action, consistent with its reasonable business
judgment, to stop such infringement, misappropriation, dilution or other violation and protect its rights in such Material Intellectual
Property including, but not limited to, the initiation of a suit for injunctive relief and to recover damages, provided that, with
respect to such Material Intellectual Property exclusively licensed to such Grantor, such Grantor shall take such actions to the
extent permitted under the applicable license, and (ii) promptly notify the First Lien Collateral Agent after it learns thereof.

 

4.10         [Reserved]. 

 

4.11         Government Receivables.
If any Grantor shall at any time after the date of this Agreement acquire or become the beneficiary of Collateral consisting of
Receivables in respect of which the account debtor is a Governmental Authority, such Grantor shall promptly notify the First Lien
Collateral Agent if such Receivable is in excess of $5,000,000 (individually) and, upon the reasonable request of the First Lien
Collateral Agent, shall take such commercially reasonable steps necessary to perfect the Lien of the First Lien Collateral Agent
for the benefit of the Secured Parties therein, and make such Lien enforceable against the account debtor.

 

4.12         Letter of Credit
Rights. Concurrently with the delivery of each of the quarterly financials (or Quarterly Reports) delivered pursuant to Section
5.04(b) of the Credit Agreement, each Grantor shall provide the First Lien Collateral Agent with an amended or supplemented Schedule
9 to reflect such additional letters of credit with a value in excess of $5,000,000 (individually) since Schedule 9
was last delivered.

 

4.13         Commercial Tort
Claims. Concurrently with the delivery of each of the quarterly financials (or Quarterly Reports) delivered pursuant to Section
5.04(b) of the Credit Agreement, each Grantor shall provide the First Lien Collateral Agent with an amended or supplemented Schedule
10 to reflect such additional commercial tort claims with an individual value in excess of $5,000,000 since Schedule 10
was last delivered.

 

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SECTION 5. REMEDIAL PROVISIONS

 

5.1           Certain
Matters Relating to Receivables.

 

(a)           After
an Event of Default that has occurred and is continuing, the First Lien Collateral Agent shall have the right to make test verifications
of the Collateral consisting of Receivables in any manner and through any medium that it reasonably considers advisable, and each
Grantor shall furnish all such assistance and information as the First Lien Collateral Agent may require in connection with such
test verifications. At any time and from time to time, upon the First Lien Collateral Agent’s request and at the expense
of the relevant Grantor, such Grantor shall cause independent public accountants or others reasonably satisfactory to the First
Lien Collateral Agent to furnish to the First Lien Collateral Agent reports showing reconciliations, aging and test verifications
of, and trial balances for, the Collateral consisting of Receivables.

 

(b)           The
First Lien Collateral Agent hereby authorizes each Grantor to collect such Grantor’s Receivables that are Collateral and
each Grantor hereby agrees to continue to collect all amounts due or to become due to such Grantor under such Receivables and any
Supporting Obligation in respect thereof and diligently exercise each material right it may have under any Receivable and any such
Supporting Obligation, in each case, at its own expense consistent with its reasonable business judgment; provided, however,
that the First Lien Collateral Agent may curtail or terminate said authority at any time after the occurrence and during the continuance
of an Event of Default. If required by the First Lien Collateral Agent at any time after the occurrence and during the continuance
of an Event of Default, any payments of Collateral consisting of Receivables, when collected by any Grantor, (i) shall forthwith
(and, in any event, within two (2) Business Days) be deposited by such Grantor in the exact form received, duly endorsed by such
Grantor to the First Lien Collateral Agent if required, in a Collateral Account maintained under the sole dominion and control
of the First Lien Collateral Agent, subject to withdrawal by the First Lien Collateral Agent for the account of the Secured Parties
only as provided in Section 5.4, and (ii) until so turned over, shall be held by such Grantor on behalf of and for the Secured
Parties, segregated from other funds of such Grantor. Each such deposit of Proceeds of Collateral consisting of Receivables shall
be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.

 

(c)           If
an Event of Default has occurred and is continuing, following the First Lien Collateral Agent’s request, each Grantor shall
deliver to the First Lien Collateral Agent all original and other documents evidencing, and relating to, the agreements and transactions
which gave rise to the Collateral consisting of Receivables, including, without limitation, all original orders, invoices and shipping
receipts.

 

5.2           Communications
with Obligors. (a) The First Lien Collateral Agent in its own name or in the name of others may, following
contemporaneous written notice to the Grantors provided no such notice shall be required in the case of any bankruptcy or
insolvency of any Grantor, after the occurrence and during the continuance of an Event of Default communicate with obligors
under the Receivables to verify with them to the First Lien Collateral Agent’s satisfaction the existence, amount and
terms of any Collateral consisting of Receivables.

 

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(b)          After
the occurrence and during the continuance of an Event of Default, the First Lien Collateral Agent may following written notice
to the applicable Grantor, notify, or require any Grantor to notify, the Account Debtor or counterparty to make all payments under
such Receivables directly to the First Lien Collateral Agent.

 

5.3           Proceeds
to be Turned Over To First Lien Collateral Agent. In addition to the rights of the Secured Parties specified in Section 5.1
with respect to payments of Collateral consisting of Receivables, if an Event of Default shall occur and be continuing and upon
First Lien Collateral Agent’s written request, all Proceeds received by any Grantor consisting of cash, Cash Equivalents,
checks and other near-cash items shall be held by such Grantor on behalf of and for the Secured Parties, segregated from other
funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the First Lien Collateral Agent in
the exact form received by such Grantor (duly endorsed by such Grantor to the First Lien Collateral Agent, if required). All Proceeds
received by the First Lien Collateral Agent hereunder shall be held by the First Lien Collateral Agent in a Collateral Account
maintained under its sole dominion and control. All Proceeds while held by the First Lien Collateral Agent in a Collateral Account
(or by such Grantor on behalf of and for the Secured Parties) shall continue to be held as collateral security for all the Secured
Obligations and shall not constitute payment thereof until applied as provided in Section 5.4.

 

5.4           Application
of Proceeds. (a) Subject to Section 5.4(b) below, the Agreement Among Lenders and the First-Second Intercreditor Agreement,
if an Event of Default shall have occurred and be continuing, at any time at the First Lien Collateral Agent’s election,
the First Lien Collateral Agent may (and, if directed by the Required Lenders, shall), notwithstanding the provisions of Section
2.08 and Section 2.11 of the Credit Agreement, apply all or any part of the Collateral and/or net Proceeds thereof (after deducting
fees and expenses as provided in Section 5.5) realized through the exercise by the First Lien Collateral Agent of its remedies
hereunder, whether or not held in any Collateral Account, in payment of the Secured Obligations. The First Lien Collateral Agent
shall apply any such Collateral or Proceeds to be applied in the following order:

 

First, to the First Lien
Collateral Agent, the Revolving Agent and the Administrative Agent to pay incurred and unpaid fees and expenses under the Loan
Documents;

 

Second, to the Administrative
Agent in respect of Secured Obligations then due and owing and remaining unpaid for application by the Administrative Agent in
accordance with the terms of the Credit Agreement;

 

Third, to the Administrative
Agent in respect of all Secured Obligations, (other than those under clause second above) for prepayment of such Secured Obligations
in accordance with the terms of the Credit Agreement; and

 

Fourth, any balance of
such Proceeds remaining after a Discharge of the Secured Obligations shall be paid over to the Borrower or to whomsoever may be
lawfully entitled to receive the same and any Collateral remaining after a Discharge of Secured Obligations shall be returned to
the applicable Grantor or to whomsoever may be lawfully entitled to receive the same.

 

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In addition, with respect
to any proceeds of Insurance received by the First Lien Collateral Agent, (x) if no Event of Default shall have occurred and be
continuing, (i) such Insurance Proceeds shall be returned to the Grantors if permitted or required by the Credit Agreement or (ii)
if not so permitted or required by the Credit Agreement, then such Insurance Proceeds shall be applied in accordance with this
Section 5.4(a) and (y) if an Event of Default shall have occurred and be continuing, then such Insurance Proceeds shall be applied
in accordance with this Section 5.4(a).

 

(b)          Notwithstanding
the foregoing, with respect to any Letters of Credit issued by an Issuing Bank, if such Issuing Bank, or the First Lien Collateral
Agent on behalf of such Issuing Bank, shall have received any Collateral to “cash collateralize” any such Letter of
Credit, all such Collateral shall first be applied to satisfy any reimbursement obligations and other obligations owing to the
Issuing Bank in respect of such Letter of Credit before it may be applied as set forth in Section 5.4(a).

 

5.5           Code
and Other Remedies. (a) If an Event of Default shall occur and be continuing, the First Lien Collateral Agent, on behalf
of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in
any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a
secured party under the UCC (whether or not the UCC applies to the affected Collateral) and all rights under any other
applicable law or in equity. Without limiting the generality of the foregoing, the First Lien Collateral Agent, without
further demand of performance or other demand, defense, presentment, protest, advertisement or notice of any kind (except any
notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands,
presentments, protests, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect,
receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, license, assign,
give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do
any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or
office of any Secured Party, on the internet or elsewhere upon such terms and conditions as it may deem advisable and at such
prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. So long as an
Event of Default shall have occurred and be continuing, the First Lien Collateral Agent may store, repair or recondition any
Collateral or otherwise prepare any Collateral for disposal in the manner and to the extent that the First Lien Collateral
Agent reasonably deems necessary and appropriate. Each Secured Party shall have the right upon any such public sale or sales,
and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral
so sold or to become the licensor of all or any such Collateral, free of any right or equity of redemption in any Grantor,
which right or equity is hereby waived and released. For purposes of bidding and making settlement or payment of the purchase
price for all or a portion of the Collateral sold at any such sale made in accordance with the UCC or other applicable laws,
including, without limitation, the Bankruptcy Code, the First Lien Collateral Agent, as agent for and representative of the
Secured Parties (but not any Secured Party or Secured Parties in its or their respective individual capacities unless the
Required Lenders shall otherwise agree in writing), shall be entitled to credit bid and use and apply the Secured Obligations
(or any portion thereof) as a credit on account of the purchase price for any Collateral payable by the First Lien Collateral
Agent at such sale, such amount to be apportioned ratably to the Secured Obligations of the Secured Parties in accordance
with their pro rata share of such Secured Obligations. Each purchaser at any such sale shall hold the property
sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent
permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the
future have under any rule of law or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent
notice of sale shall be required by law, at least ten (10) days’ notice to such Grantor of the time and place of any
public sale or the time after which any private sale is to be made shall constitute reasonable notification. The First Lien
Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The
First Lien Collateral 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. The
First Lien Collateral Agent may sell the Collateral without giving any warranties as to the Collateral. The First Lien
Collateral Agent may specifically disclaim or modify any warranties of title or the like. The foregoing will not be
considered to adversely affect the commercial reasonableness of any sale of the Collateral. Each Grantor agrees that it would
not be commercially unreasonable for the First Lien Collateral Agent to dispose of the Collateral or any portion thereof by
using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the
reasonable capability of doing so, or that match buyers and sellers of assets. Each Grantor hereby waives any claims against
the First Lien Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at
such a private sale was less than the price which might have been obtained at a public sale, even if the First Lien
Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. Each Grantor
further agrees, at the First Lien Collateral Agent’s request, to assemble the Collateral and make it available to the
First Lien Collateral Agent at places which the First Lien Collateral Agent shall reasonably select, whether at such
Grantor’s premises or elsewhere. The First Lien Collateral Agent shall have the right to enter onto the property where
any Collateral is located without any obligation to pay rent and take possession thereof with or without judicial process.
The First Lien Collateral Agent shall have no obligation to marshal any of the Collateral.

 

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(b)          The
First Lien Collateral Agent shall deduct from such Proceeds all reasonable costs and expenses of every kind incurred in
connection with the exercise of its rights and remedies against the Collateral or incidental to the care or safekeeping of
any of the Collateral or in any way relating to the Collateral or the rights of the Secured Parties hereunder, including,
without limitation, reasonable and documented attorneys’ fees and disbursements. Any net Proceeds remaining after such
deductions shall be applied or retained by the First Lien Collateral Agent in accordance with Section 5.4. Only after such
application and after the payment by the First Lien Collateral Agent of any other amount required by any provision of law,
including, without limitation, Section 9-615(a) of the UCC, need the First Lien Collateral Agent account for the surplus, if
any, to any Grantor. If the First Lien Collateral Agent sells any of the Collateral upon credit, the Grantor will be credited
only with payments actually made by the purchaser and received by the First Lien Collateral Agent. In the event the purchaser
fails to pay for the Collateral, the First Lien Collateral Agent may resell the Collateral and the applicable Grantor shall
be credited with proceeds of the sale. To the extent permitted by applicable law, each Grantor waives all claims, damages and
demands it may acquire against any Secured Party arising out of the exercise by it or them of any rights hereunder.

 

(c)           In
the event of any Disposition of any of the Intellectual Property, the goodwill of the business connected with and symbolized by
any Trademarks subject to such Disposition shall be included, and the applicable Grantor shall supply the First Lien Collateral
Agent or its designee with such Grantor’s know-how and expertise, and with documents and things embodying the same, relating
to the exploitation of such Intellectual Property, including the manufacture, distribution, advertising and sale of products or
the provision of services under such Intellectual Property, and such Grantor’s customer lists and other records and documents
relating to such Intellectual Property and to the manufacture, distribution, advertising and sale of such products and services.

 

(d)           For
the purpose of enabling the First Lien Collateral Agent to exercise rights and remedies under this Section 5.5 (including in order
to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, license out, convey,
transfer or grant options to purchase any Collateral) at such time as the First Lien Collateral Agent shall be lawfully entitled
to exercise such rights and remedies, each Grantor hereby grants to the First Lien Collateral Agent, for the benefit of the Secured
Parties, (i) an irrevocable, nonexclusive, and assignable license or sublicense (exercisable without payment of royalty or other
compensation to such Grantor), subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor
of such Grantor to avoid the risk of invalidation of such Trademarks, and exercisable only upon the occurrence and continuance
of an Event of Default, to use, practice, license, sublicense, and otherwise exploit any and all Intellectual Property now owned
or licensed or hereafter acquired or licensed by such Grantor (which license shall include access to all media in which any of
the licensed items may be recorded or stored and to all software and programs used for the compilation or printout thereof) and
(ii) an irrevocable license (without payment of rent or other compensation to such Grantor) to use, operate and occupy all real
property owned, operated, leased, subleased, or otherwise occupied by such Grantor.

 

5.6           Effect
of Securities Laws. Each Grantor recognizes that the First Lien
Collateral Agent may be unable to effect a public sale of any or all of the Pledged Equity Interests or the Pledged Debt
Securities by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or
otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will
be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view
to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any
such private sale shall be deemed to have been made in a commercially reasonable manner. The First Lien Collateral Agent
shall be under no obligation to delay a sale of any of the Pledged Equity Interests or the Pledged Debt Securities for the
period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act,
or under applicable state securities laws, even if such Issuer would agree to do so.

 

5.7           Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are
insufficient to pay its Secured Obligations and the fees and disbursements of any attorneys employed by any Secured Party to
collect such deficiency, all in accordance with and subject to the Credit Agreement.

 

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SECTION 6. POWER OF ATTORNEY

 

6.1           First
Lien Collateral Agent’s Appointment as Attorney-in-Fact, Etc. (a) Each Grantor hereby irrevocably constitutes and appoints
the First Lien Collateral Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own
name, for the purpose of carrying out the terms of this Agreement, to take such appropriate action and to execute any and all documents
and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality
of the foregoing, each Grantor hereby gives the First Lien Collateral Agent the power and right, on behalf of such Grantor, without
notice to or assent by such Grantor, to do any or all of the following:

 

(i)          in
the name of such Grantor or its own name, or otherwise, take possession of and endorse and collect any checks, drafts, notes, acceptances
or other instruments for the payment of moneys due under any Receivable or with respect to any other Collateral and file any claim
or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the First Lien Collateral
Agent for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Collateral whenever
payable;

 

(ii)         in
the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and
papers as the First Lien Collateral Agent may request to evidence the Secured Parties’ security interest in such Intellectual
Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby;

 

(iii)        pay or
discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or purchase any insurance
called for by the terms of the Loan Documents and pay all or any part of the premiums therefor and the costs thereof;

 

(iv)        execute,
in connection with any sale provided for in Section 5.5 or 5.6, any endorsements, assignments or other instruments of conveyance
or transfer with respect to the Collateral; and

 

(v)         (1)
direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become
due thereunder directly to the First Lien Collateral Agent or as the First Lien Collateral Agent shall direct; (2) ask or
demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become
due at any time in respect of or arising out of any Collateral; (3) sign and endorse any invoices, freight or express bills,
bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other
documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in
equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right
in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any
Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such
discharges or releases as the First Lien Collateral Agent may deem appropriate; (7) assign any Copyright, Patent or Trademark
(along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for
such term or terms, on such conditions, and in such manner, as the First Lien Collateral Agent shall in its sole discretion
determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though the First Lien Collateral Agent were the absolute owner thereof for all
purposes, and do, at the First Lien Collateral Agent’s option and such Grantor’s expense, at any time, or from
time to time, all acts and things which the First Lien Collateral Agent deems necessary to protect, preserve or realize upon
the Collateral and the Secured Parties’ security interests therein and to effect the intent of this Agreement, all as
fully and effectively as such Grantor might do.

 

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Anything in this Section
6.1(a) to the contrary notwithstanding, the First Lien Collateral Agent agrees that, except as provided in Section 6.1(b), it will
not exercise any rights under the power of attorney provided for in this Section 6.1(a) unless an Event of Default shall have occurred
and be continuing.

 

(b)          If
any Grantor fails to perform or comply with any of its agreements contained herein, the First Lien Collateral Agent, at its option,
but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement;
provided, however, that unless an Event of Default has occurred and is continuing or time is of the essence, the
First Lien Collateral Agent shall not exercise this power without first making demand on the Grantor and the Grantor failing to
promptly comply therewith.

 

(c)          [Reserved].

 

(d)          Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations
and agencies contained in this Agreement are coupled with an interest and are irrevocable until a Discharge of the Secured Obligations.

 

6.2           Authorization
of Financing Statements. Each Grantor acknowledges that pursuant to Section 9-509(b) of the UCC and any other applicable law,
the First Lien Collateral Agent is authorized to file or record financing or continuation statements, and amendments thereto, and
other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as the First
Lien Collateral Agent reasonably determines necessary and appropriate to perfect or maintain the perfection of the security interests
of the First Lien Collateral Agent under this Agreement. Each Grantor agrees that such financing statements may describe the collateral
in the same manner as described in the Security documents or as “all assets” or “all personal property”
of the such Grantor, whether now owned or hereafter existing or acquired by the such Grantor or such other description as the First
Lien Collateral Agent, in its sole judgment, determines is necessary or advisable. A photographic or other reproduction of this
Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording
in any jurisdiction.

 

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6.3           Further
Assurances. Each Grantor agrees that from time to time, at the expense of such Grantor, it shall, subject to the
Collateral and Guarantee Requirement, promptly execute and deliver all further instruments and documents and take all
commercially reasonable further action that may be necessary or desirable, or that the First Lien Collateral Agent may
reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security
interest granted or purported to be granted hereby or to enable the First Lien Collateral Agent to exercise and enforce its
rights and remedies hereunder in respect of any Collateral.

 

SECTION 7. LIEN ABSOLUTE; WAIVER OF SURETYSHIP
DEFENSES

 

7.1           Lien
Absolute, Waivers (a) All rights of First Lien Collateral Agent hereunder, and all obligations of Grantors hereunder,
shall be absolute and unconditional irrespective of, shall not be affected by, and shall remain in full force and effect
without regard to, and hereby waives all, rights, claims or defenses that it might otherwise have (now or in the future) with
respect to, in each case, each of the following (whether or not such Grantor has knowledge thereof):

 

(i)          the
validity or enforceability of the Credit Agreement or any other Loan Document, any of the Secured Obligations or any guarantee
or right of offset with respect thereto at any time or from time to time held by any Secured Party;

 

(ii)         any
renewal, extension or acceleration of, or any increase in the amount of the Secured Obligations, or any amendment, supplement,
modification or waiver of, or any consent to departure from, the Loan Documents;

 

(iii)        any
failure or omission to assert or enforce or agreement or election not to assert or enforce, delay in enforcement, or the stay or
enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right,
power or remedy (whether arising under any Loan Documents, at law, in equity or otherwise) with respect to the Secured Obligations
or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Secured Obligations;

 

(iv)        any
change, reorganization or termination of the corporate structure or existence of Borrower or any other Grantor or any of their
Subsidiaries and any corresponding restructuring of the Secured Obligations;

 

(v)         any
settlement, compromise, release, or discharge of, or acceptance or refusal of any offer of payment or performance with respect
to, or any substitutions for, the Secured Obligations or any subordination of the Secured Obligations to any other obligations;

 

(vi)        the
validity, perfection, non-perfection or lapse in perfection, priority or avoidance of any security interest or lien, the release
of any or all collateral securing, or purporting to secure, the Secured Obligations or any other impairment of such collateral;

 

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(vii)       any exercise
of remedies with respect to any security for the Secured Obligations (including, without limitation, any collateral, including
the Collateral securing or purporting to secure any of the Secured Obligations) at such time and in such order and in such manner
as the First Lien Collateral Agent and the Secured Parties may decide and whether or not every aspect thereof is commercially reasonable
and whether or not such action constitutes an election of remedies and even if such action operates to impair or extinguish any
right of reimbursement or subrogation or other right or remedy that any Grantor would otherwise have and without limiting the generality
of the foregoing or any other provisions hereof, each Grantor hereby expressly waives any and all benefits which might otherwise
be available to such Grantor under applicable law, including, without limitation, California Civil Code Sections 2809, 2810, 2819,
2939, 2845, 2848, 2849, 2850, 2855, 2899 and 3433; and

 

(viii)      any
other circumstance whatsoever which may or might in any manner or to any extent vary the risk of any Grantor as an obligor in respect
of the Secured Obligations or which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower
or any other Grantor for the Secured Obligations, or of such Grantor under the guarantee contained in the Credit Agreement or of
any security interest granted by any Grantor, whether in a Bankruptcy Proceeding or in any other instance.

 

(b)          In
addition each Grantor further waives any and all other defenses, set- offs or counterclaims (other than a defense of payment or
performance in full hereunder) which may at any time be available to or be asserted by it, the Borrower or any other Grantor or
Person against any Secured Party, including, without limitation, failure of consideration, breach of warranty, statute of frauds,
statute of limitations, accord and satisfaction and usury.

 

(c)          Each
Grantor waives diligence, presentment, protest, marshaling, demand for payment, notice of dishonor, notice of default and notice
of nonpayment to or upon the Borrower or any of the other Grantors with respect to the Secured Obligations. Except for notices
provided for herein, each Grantor hereby waives notice (to the extent permitted by applicable law) of any kind in connection with
this Agreement or any collateral securing the Secured Obligations, including, without limitation, the Collateral. When making any
demand hereunder or otherwise pursuing its rights and remedies hereunder against any Grantor, First Lien Collateral Agent may,
but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against
Borrower, any other Grantor or any other Person or against any collateral security or guarantee for the Secured Obligations or
any right of offset with respect thereto, and any failure by First Lien Collateral Agent to make any such demand, to pursue such
other rights or remedies or to collect any payments from Borrower, any other Grantor or any other Person or to realize upon any
such collateral security or guarantee or to exercise any such right of offset, or any release of Borrower, any other Grantor or
any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Grantor of any obligation
or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter
of law, of Secured Party against any Grantor. For the purposes hereof “demand” shall include the commencement and continuance
of any legal proceedings.

 

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SECTION 8. THE FIRST LIEN COLLATERAL AGENT

 

8.1           Authority
of First Lien Collateral Agent. (a) Each Grantor acknowledges that the rights and responsibilities of the First Lien Collateral
Agent under this Agreement with respect to any action taken by the First Lien Collateral Agent or the exercise or non-exercise
by the First Lien Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein
or resulting or arising out of this Agreement shall, as between the First Lien Collateral Agent and the other Secured Parties,
be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them,
but, as between the First Lien Collateral Agent and the Grantors, the First Lien Collateral Agent shall be conclusively presumed
to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall
be under any obligation, or entitlement, to make any inquiry respecting such authority.

 

(b)          The
First Lien Collateral Agent has been appointed to act as First Lien Collateral Agent hereunder by the Lenders and, by their acceptance
of the benefits hereof, the other Secured Parties. The First Lien Collateral Agent shall be obligated, and shall have the right
hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking
any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement
and the Credit Agreement. The provisions of the Credit Agreement relating to the First Lien Collateral Agent, including without
limitation, the provisions relating to resignation or removal of the First Lien Collateral Agent (subject to Section 8.3(e) hereof)
and the powers and duties and immunities of the First Lien Collateral Agent, are incorporated herein by this reference and shall
survive any termination of the Credit Agreement.

 

8.2           Duty
of First Lien Collateral Agent. The First Lien Collateral Agent’s sole duty with respect to the custody, safekeeping
and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with
it in the same manner as the First Lien Collateral Agent deals with similar property for its own account. Neither the First Lien
Collateral Agent nor any other Secured Party nor any of their respective officers, directors, partners, employees, agents, attorneys
or other advisors, attorneys-in-fact or affiliates shall be liable for failure to demand, collect or realize upon any of the Collateral
or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of
any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers
conferred on the Secured Parties hereunder are solely to protect the Secured Parties’ interests in the Collateral and shall
not impose any duty upon any Secured Party to exercise any such powers. The Secured Parties shall be accountable only for amounts
that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, partners,
employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates shall be responsible to any Grantor for any act
or failure to act hereunder, except to the extent that any such act or failure to act is found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted solely and proximately from their own gross negligence or willful misconduct
in breach of a duty owed to such Grantor.

 

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8.3           Exculpation
of the First Lien Collateral Agent. (a) The First Lien Collateral Agent shall not be responsible to any Secured Party
for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or of any
Security Document or the validity or perfection of any security interest or for any representations, warranties, recitals or
statements made herein or therein or made in any written or oral statements or in any financial or other statements,
instruments, reports or certificates or any other documents furnished or made by the First Lien Collateral Agent to the
Secured Parties or by or on behalf of any Secured Party to the First Lien Collateral Agent or any Secured Party in connection
with the Security Documents and the transactions contemplated thereby or for the financial condition or business affairs of
any Loan Party or any other Person liable for the payment of any Secured Obligations, nor shall the First Lien Collateral
Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions,
covenants or agreements contained in any of the Security Documents or as to the existence or possible existence of any Event
of Default or Default or to make any disclosures with respect to the foregoing.

 

(b)          Neither
the First Lien Collateral Agent nor any of its officers, partners, directors, employees or agents shall be liable to the Secured
Parties for any action taken or omitted by the First Lien Collateral Agent under or in connection with any of the Security Documents
except to the extent caused solely and proximately by the First Lien Collateral Agent’s gross negligence or willful misconduct,
as determined by a final, non-appealable judgment of a court of competent jurisdiction. The First Lien Collateral Agent shall be
entitled to refrain from any act or the taking of any action in connection herewith or any of the Security Documents or from the
exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until the First Lien Collateral
Agent shall have been instructed in respect thereof by the Required Lenders and, upon such instruction, the First Lien Collateral
Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority,
in accordance with such written instructions. Without prejudice to the generality of the foregoing, (i) the First Lien Collateral
Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed
by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely
and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for the Grantors and their Subsidiaries),
accountants, experts and other professional advisors selected by it; and (ii) no Secured Party shall have any right of action whatsoever
against the First Lien Collateral Agent as a result of the First Lien Collateral Agent acting or refraining from acting hereunder
or under any of the Security Documents in accordance with the Credit Agreement.

 

(c)          Without
limiting the indemnification provisions of the Credit Agreement, each of the Secured Parties not party to the Credit
Agreement severally agrees to indemnify the First Lien Collateral Agent, to the extent that the First Lien Collateral Agent
shall not have been reimbursed by any Loan Party, for and against 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 be imposed on, incurred by or asserted against the First Lien Collateral Agent in exercising
its powers, rights and remedies or performing its duties hereunder or under the Security Documents or otherwise in its
capacity as the First Lien Collateral Agent in any way relating to or arising out of this Agreement or the Security
Documents; provided, no such Secured Party shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely and proximately from the
First Lien Collateral Agent’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment
of a court of competent jurisdiction. If any indemnity furnished to the First Lien Collateral Agent for any purpose shall, in
the opinion of the First Lien Collateral Agent, be insufficient or become impaired, the First Lien Collateral Agent may call
for additional indemnity and cease, or not commence, to do the acts insufficiently indemnified against until such additional
indemnity is furnished.

 

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(d)          No
direction given to the First Lien Collateral Agent which imposes, or purports to impose, upon the First Lien Collateral Agent any
obligation not set forth in or arising under this Agreement or any Security Document accepted or entered into by the First Lien
Collateral Agent shall be binding upon the First Lien Collateral Agent.

 

(e)          Prior
to the Discharge of the Secured Obligations, the First Lien Collateral Agent may resign at any time in accordance with Section
8.06 of the Credit Agreement. After the First Lien Collateral Agent’s resignation in accordance with Section 8.06 of the
Credit Agreement, the provisions of Section 8 hereof and of Section 8 of the Credit Agreement shall continue in effect for its
benefit in respect of any actions taken or omitted to be taken by it while it was acting as First Lien Collateral Agent. Upon the
acceptance of any appointment as the First Lien Collateral Agent by a successor First Lien Collateral Agent in accordance with
Section 8.06 of the Credit Agreement, the retiring First Lien Collateral Agent shall promptly transfer all Collateral within its
possession or control to the possession or control of the successor First Lien Collateral Agent and shall execute and deliver such
notices, instructions and assignments as may be necessary or desirable to transfer the rights of the First Lien Collateral Agent
in respect of the Collateral to the successor First Lien Collateral Agent.

 

8.4           Delegation
of Duties. The First Lien Collateral Agent may perform any and all of its duties and exercise its rights and powers under
this Agreement or under any other Security Document by or through any one or more sub-agents appointed by the First Lien
Collateral Agent. The First Lien Collateral Agent and any such sub-agent may perform any and all of its duties and exercise
its rights and powers by or through their respective Affiliates. All of the rights, benefits, and privileges (including the
exculpatory and indemnification provisions) of this Section 8 shall apply to any such sub-agent and to any of the Affiliates
of the First Lien Collateral Agent and any such sub-agents, and shall apply to their respective activities as if such
sub-agent and Affiliates were named herein in connection with the transactions contemplated hereby and by the Security
Documents. Notwithstanding anything herein to the contrary, each sub-agent appointed by the First Lien Collateral Agent or
Affiliate of the First Lien Collateral Agent or Affiliate of any such sub-agent shall be a third party beneficiary under this
Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to
indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an independent right
of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification)
directly, without the consent or joinder of any other Person, against any or all of the Loan Parties and the Secured Parties,
and such rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified
or amended without the consent of such sub-agent or Affiliate acting in such capacity.

 

8.5           No
Individual Foreclosure, Etc. No Secured Party shall have any right individually to realize upon any of the Collateral or
to enforce any guarantee of the Secured Obligations except to the extent expressly contemplated by this Agreement or the
other Loan Documents, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be
exercised solely by the First Lien Collateral Agent on behalf of the Secured Parties in accordance with the terms thereof.
Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of
the guarantees of the Secured Obligations provided hereunder and under any other Loan Documents, to have agreed to the
foregoing provisions and the other provisions of this Agreement. Without limiting the generality of the foregoing, each
Secured Party authorizes the First Lien Collateral Agent to credit bid all or any part of the Secured Obligations held by
it.

 

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SECTION 9. MISCELLANEOUS

 

9.1           Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified
except by a written instrument executed by each affected Grantor and the First Lien Collateral Agent, provided that
any provision of this Agreement imposing obligations on any Grantor may be waived by the First Lien Collateral Agent in a
written instrument executed by the First Lien Collateral Agent. After the Discharge of the Secured Obligations, the
provisions of this Agreement may be waived, amended, supplemented or otherwise modified by a written instrument executed by
each Grantor. Notwithstanding anything to the contrary contained in this Section 9.1, the Borrowers may amend the Schedules
upon notice to Agent.

 

9.2           Notices.
All notices and other communications provided for herein to or upon the First Lien Collateral Agent or any Grantor hereunder
shall be effected in the manner provided for in Section 9.01 of the Credit Agreement.

 

9.3           No
Waiver by Course of Conduct; Cumulative Remedies. No Secured Party shall by any act (except by a written instrument
pursuant to Section 9.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of
any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which such Secured Party would otherwise have on any future occasion. The rights
and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other
rights or remedies provided by law.

 

9.4           Enforcement
Expenses; Indemnification. Each Grantor agrees to (a) pay or reimburse each Secured Party for all its costs and expenses
incurred in enforcing or preserving any rights under this Agreement and (b) indemnify each Secured Party, in each case to the
same extent that the Borrower is obligated to do so pursuant to Section 9.05 of the Credit Agreement. The agreements in this
Section shall survive repayment of the Secured Obligations and all other amounts payable under the Credit Agreement and the
other Loan Documents.

 

9.5           Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective permitted successors and assigns; provided that no Grantor may assign or otherwise transfer any of
its rights or obligations under this Agreement without the prior written consent of the First Lien Collateral Agent, unless
permitted under the Credit Agreement, and any such assignment or transfer without such consent shall be null and void and
(ii) and no Secured Party may assign or otherwise transfer its rights or obligations hereunder except in accordance with the
Loan Documents.

 

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9.6           Set-Off.
Each Grantor hereby irrevocably authorizes each Secured Party at any time and from time to time while an Event of Default
shall have occurred and be continuing, to the fullest extent permitted by law, to set-off and apply any and all deposits
(general or special, time or demand, provisional or final), at any time held and other indebtedness owing by such Secured
Party to or for the credit or the account of such Grantor, or any part thereof in such amounts as such Secured Party may
elect, against any and all of the obligations of such Grantor to such Secured Party hereunder, whether arising hereunder,
under the Credit Agreement, any other Loan Document or otherwise, as such Secured Party may elect, whether or not any Secured
Party has made any demand for payment and although such obligations may be unmatured, provided that, if such Secured
Party is a Lender, it complies with Section 9.06 of the Credit Agreement. Each Secured Party exercising any right of set-off
shall notify such Grantor promptly of any such set-off and the application made by such Secured Party of the proceeds
thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of each Secured Party under this Section are in addition to other rights and remedies (including, without
limitation, other rights of set-off) which such Secured Party may have.

 

9.7           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which, when
taken together, shall constitute but one contract. Delivery of an executed counterpart to this Agreement by facsimile (or
other electronic) transmission pursuant to procedures approved by the Administrative Agent shall be as effective as delivery
of a manually signed original.

 

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

 

9.9           Section
Headings. The Section headings and Table of Contents used herein are for convenience of reference only, are not part of
this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this
Agreement.

 

9.10        Integration/Conflict.
This Agreement and the other Loan Documents represent the entire agreement of the Grantors, the First Lien Collateral Agent
and the other Secured Parties with respect to the subject matter hereof and thereof, and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof and thereof. There are no promises,
undertakings, representations or warranties by the First Lien Collateral Agent or any other Secured Party relative to the
subject matter hereof and thereof not expressly set forth or referred to herein or therein. In the event that any of the
Collateral hereunder is also subject to a valid and enforceable Lien under the terms of a Mortgage securing the Secured
Obligations and the terms thereof are inconsistent with the terms of this Agreement, then with respect to such Collateral,
the terms of such Mortgage shall control in the case of fixtures and real property leases, letting and licenses of, and
contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall control in the case
of all other Collateral. In the event of any conflict between the terms of this Agreement and this Credit Agreement, the
terms of the Credit Agreement shall govern and control.

 

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9.11        GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS
OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS).

 

9.12        Submission
to Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally:

 

(a)          submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents (whether
arising in contract, tort or otherwise) to which it is a party, or for recognition and enforcement of any judgment in respect thereof,
to the exclusive general jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, the courts of
the United States for the Southern District of New York sitting in the Borough of Manhattan, and appellate courts from any thereof;

 

(b)          agrees
that all claims in respect of any such action or proceeding shall be heard and determined in such New York state court or, to the
fullest extent permitted by applicable law, in such federal court;

 

(c)          agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law and that nothing in this agreement or any other Loan Document shall affect
any right that any Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against such Grantor or any of its assets in the courts of any jurisdiction;

 

(d)          waives,
to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any
action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph
(a) of this Section (and irrevocably waives to the fullest extent permitted by applicable law the defense of an inconvenient forum
to the maintenance of such action or proceeding in any such court);

 

(e)          consents
to service of process in the manner provided in Section 9.17 of the Credit Agreement (and agrees that nothing in this Agreement
will affect the right of any party hereto to serve process in any other manner permitted by applicable law); and

 

(f)          waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover any special, exemplary, punitive or consequential
damages.

 

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9.13        Acknowledgments. Each Grantor
hereby acknowledges that:

 

(a)          in
connection with all aspects of each transaction contemplated hereby, it has consulted its own legal advisors to the extent it has
deemed appropriate;

 

(b)          no
Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or
any of the other Loan Documents and the provisions of Section 9.23 of the Credit Agreement are incorporated herein, mutatis
mutandis (to apply to this Agreement rather than the Credit Agreement), and the relationship between the Grantors, on the one
hand, and the Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)          no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Secured Parties or among the Grantors and the Secured Parties.

 

9.14        Additional
Grantors. Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 5.11 of
the Credit Agreement shall become a Grantor as required by the Credit Agreement for all purposes of this Agreement upon execution
and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto.

 

9.15        Releases.
(a) The Collateral shall be released from the Liens created hereby as set forth in Section 9.20 of the Credit Agreement and Section
2(a) of this Agreement. This Agreement and all obligations (other than those expressly stated to survive such termination) of the
First Lien Collateral Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of
any act by any party, and all rights to the Collateral shall revert to the Grantors upon a Discharge of the Secured Obligations.

 

(b)         Each Grantor acknowledges
that, except upon release pursuant to clause (a) above, it is not authorized to file any financing statement or amendment or termination
statement with respect to any financing statement originally filed in connection herewith without the prior written consent of
the First Lien Collateral Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC.

 

9.16         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, FIRST LIEN COLLATERAL AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS

 

    	35

     

    

 

BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

 

[Remainder of page left intentionally
blank.]

 

    	36

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Second Lien Collateral Agreement to be duly executed and delivered as of the date first above written.

 

	 	GRANTORS:
	 	 
	 	DIFFERENTIAL BRANDS GROUP INC.

 

	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	DBG HOLDINGS SUBSIDIARY INC.
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	DBG SUBSIDIARY INC.
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	HUDSON CLOTHING HOLDINGS, INC.
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	HUDSON CLOTHING, LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	DFBG SWIMS, LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature Page to first
LIEN Collateral Agreement

 

    	 

     

    

 

	 	HC ACQUISITION HOLDINGS, INC.
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	RG PARENT LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	ROBERT GRAHAM HOLDINGS, LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	ROBERT GRAHAM DESIGNS, LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	ROBERT GRAHAM RETAIL LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	RGH GROUP LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature Page to
first LIEN Collateral Agreement

 

    	 

     

    

 

	 	MARCO BRUNELLI IP, LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	CENTRIC BRANDS HOLDING LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	AMERICAN MARKETING ENTERPRISES INC.
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	BRIEFLY STATED HOLDINGS INC.
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	BRIEFLY STATED INC.
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG JEWELRY INC.
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature Page to
first LIEN Collateral Agreement

 

    	 

     

    

 

	 	KHQ INVESTMENT LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	KHQ ATHLETICS LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	ROSETTI HANDBAGS AND ACCESSORIES,
	 	LTD
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG ACCESSORIES GROUP LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG SOCKS LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	VZI INVESTMENT CORP.
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature Page to
first LIEN Collateral Agreement

  

    	 

     

    

 

	 	GBG-BCBG LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG-BCBG RETAIL LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG DENIM USA, LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG BEAUTY LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	ADDED EXTRAS LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	LOTTA LUV BEAUTY LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature Page to
first LIEN Collateral Agreement

 

    	 

     

    

 

	 	GBG WEST LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	F&T APPAREL LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG DENIM RETAIL LLC
	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	INNOVO WEST SALES, INC.
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	CENTRIC BEBE LLC
	 	 
	 	By: 	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature Page to
first LIEN Collateral Agreement

 

    	 

     

    

 

	 	FIRST LIEN COLLATERAL AGENT:
	 	 
	 	ACF FINCO I LP,
	 	as First Lien Collateral Agent

 

	 	By:	/s/Mitchell Goldstein
	 	 	Name: Mitchell Goldstein
	 	 	Title: Authorized Signatory

 

Signature
Page to first LIEN Collateral Agreement

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