Document:

Exhibit 10.1

 

EXECUTION
VERSION

 

AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT
AGREEMENT

 

This Amendment No. 2
to Amended and Restated Credit Agreement (this “Agreement”) is dated as of December 28, 2021, and effective in
accordance with Section 3 below, by and among QUANEX BUILDING PRODUCTS CORPORATION, a Delaware corporation (the
“Borrower”), the Lenders (as defined below) party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity
as administrative agent (in such capacity, “Agent”) for each member of the Lender Group (as defined in the Credit
Agreement referenced below) and the Bank Product Providers (as defined in the Credit Agreement referenced below).

 

STATEMENT OF PURPOSE:

 

The Borrower, the lenders party thereto from time
to time (the “Lenders”) and the Agent are parties to that certain Amended and Restated Credit Agreement dated as of
October 18, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”
and the Credit Agreement prior to giving effect to this Agreement being referred to as the “Existing Credit Agreement”).

 

The Borrower has requested that the Agent and
the Lenders agree to amend the Existing Credit Agreement as more specifically set forth herein. Subject to the terms and conditions set
forth herein, the Agent and each of the Lenders party hereto have agreed to grant such request of the Borrower.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.            Capitalized
Terms. All capitalized undefined terms used in this Agreement (including, without limitation, in the introductory paragraph and the
statement of purpose hereto) shall have the meanings assigned thereto in the Credit Agreement.

 

2.            Amendments.
Subject to the terms and conditions set forth herein and the effectiveness of this Agreement in accordance with its terms, the parties
hereto agree that:

 

(a)          the
Existing Credit Agreement is hereby amended, (i) to delete red or green stricken text (indicated textually in the same manner as
the following examples: stricken text and stricken text) and (ii) to add the blue or green double-underlined
text (indicated textually in the same manner as the following examples: double-underlined
text and double-underlined
text), in each case, as set forth in the conformed copy of the Credit Agreement attached as Annex A hereto;
and

 

(b)          a
new Schedule 1.1(e) (Specified Leases) is hereby added to the Credit Agreement, as set forth in the attached Annex B
hereto.

 

3.            Conditions
to Effectiveness. This Agreement shall be deemed to be effective upon (a) the Agent receiving counterparts of this Agreement
executed by the Agent, the Lenders and the Borrower and (b) unless otherwise agreed to by the Agent, the Agent being paid or reimbursed
for all reasonable fees and out-of-pocket charges and other expenses incurred in connection with this Agreement, including, without limitation,
the reasonable documented fees of counsel for the Agent.

 

    1 

     

    

 

4.            Effect
of this Agreement. Except as expressly provided herein, the Existing Credit Agreement and the other Loan Documents shall remain unmodified
and in full force and effect. Except as expressly set forth herein, this Agreement shall not be deemed (a) to be a waiver of, or
consent to, a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, (b) to
prejudice any other right or rights which the Agent or the Lenders may now have or may have in the future under or in connection with
the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended,
restated, supplemented or otherwise modified from time to time, (c) to be a commitment or any other undertaking or expression of
any willingness to engage in any further discussion with the Borrower, any other Loan Party or any other Person with respect to any waiver,
amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor
of the Lenders or the Agent, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to
or a modification or amendment of, any other term or condition of any other agreement by and among the Loan Parties, on the one hand,
and the Agent or any other Lender, on the other hand. References in the Existing Credit Agreement to “this Agreement” (and
indirect references such as “hereunder”, “hereby”, “herein”, and “hereof”) and in any
Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit Agreement as modified hereby.

 

5.            Representations
and Warranties/No Default. By its execution hereof,

 

(a)            the
Borrower represents and warrants that after giving effect to this Agreement (i) the representations and warranties contained in
the Credit Agreement and each other Loan Document (including this Agreement) are true and correct in all material respects on and as
of the date hereof (except to the extent that any such representation and warranty is qualified by materiality or reference to Material
Adverse Effect, in which case such representation and warranty shall be true, correct and complete in all respects), other than any such
representations or warranties that, by their express terms, refer to an earlier date, in which case they shall have been true and correct
in all material respects on and as of such earlier date (except to the extent that any such representation and warranty is qualified
by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall be true, correct and complete
in all respects), and (ii) no Default or Event of Default has occurred and is continuing as of the effective date hereof or will
occur after giving effect to this Agreement; and

 

(b)            the
Borrower hereby certifies, represents and warrants to the Agent, for the benefit of the Lender Group and the Bank Product Providers,
that (a) it is duly authorized to execute and deliver this Agreement, and to perform its obligations under this Agreement; (b) this
Agreement has been duly executed and delivered on behalf of its duly authorized representative; (c) this Agreement constitutes its
legal, valid, and binding obligation, enforceable against it in accordance with its terms, except as enforceability thereof may be limited
by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium, or other similar laws affecting creditors’ rights generally
and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity); and (d) its
execution, delivery and performance of this Agreement do not violate or constitute a breach of (i) any of its Governing Documents,
(ii) any material agreement or instrument to which such party is a party, or (iii) any Applicable Law to which it or its properties
or operations is subject.

 

6.            Acknowledgment
and Consent. By its execution hereof, the Borrower (a) acknowledges and consents to all of the terms and conditions of this
Agreement, (b) affirms all of its obligations under the Loan Documents and acknowledges that the covenants, representations, warranties
and other obligations set forth in the Credit Agreement, the Notes and the other Loan Documents to which it is a party remain in full
force and effect, (c) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting, (d) agrees
that this Agreement shall in no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents
and (e) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge such
Person’s obligations under the Loan Documents.

 

    2 

     

    

 

7.            Miscellaneous.
Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and
effect. This Agreement is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the parties
concerning its subject matter. This Agreement shall be binding on and inure to the benefit of the parties and their heirs, beneficiaries,
successors and permitted assigns. This Agreement shall be deemed to be a Loan Document under and as defined in the Credit Agreement for
all purposes.

 

8.            Governing
Law. THIS AGREEMENT AND THE TRANSACTIONS EVIDENCED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK, AND SHALL BE FURTHER SUBJECT TO THE PROVISIONS OF SECTION 12 OF THE CREDIT AGREEMENT.

 

9.            Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery
by telecopier or electronic mail of an executed counterpart of a signature page to this Agreement shall be effective as delivery
of an original executed counterpart of this Agreement.

 

[Signature Pages Follow]

 

    3 

     

    

 

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

 

	BORROWER:	QUANEX BUILDING PRODUCTS CORPORATION
	 	 
	 	By:	/s/ Scott Zuehlke
	 	Name:	Scott Zuehlke
	 	Title:	SVP, CFO & Treasurer

 

Quanex Building Products Corporation

Amendment No. 2 to Amended and Restated Credit
Agreement

Signature Page

 

     

     

    

 

	AGENT AND LENDERS:	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Agent, Swingling Lender, Issuing
    Lender and as a Lender
	 	 
	 	By:	/s/
    Robert Corder
	 	Name:	Robert Corder
	 	Title:	Senior Vice President

 

Quanex Building Products Corporation

Amendment No. 2 to Amended and Restated Credit
Agreement

Signature Page

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as
    a Lender
	 	 
	 	By:	/s/ Adam Rose
	 	Name:	Adam Rose
	 	Title:	SVP

 

Quanex Building Products Corporation

Amendment No. 2 to Amended and Restated Credit
Agreement

Signature Page

 

     

     

    

 

	 	CITIBANK, N.A., as a Lender
	 	 
	 	By:	/s/ Cynthia Goodwin
	 	Name:	Cynthia Goodwin
	 	Title:	Senior Vice President

 

Quanex Building Products Corporation

Amendment No. 2 to Amended and Restated Credit
Agreement

Signature Page

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as
    a Lender
	 	 
	 	By:	/s/ Andrew Rossman
	 	Name:	Andrew Rossman
	 	Title:	Vice President

 

Quanex Building Products Corporation

Amendment No. 2 to Amended and Restated Credit
Agreement

Signature Page

 

     

     

    

 

ANNEX A

 

Amended Credit Agreement

 

[See attached]

 

     

     

    

 

CONFORMED
COPYFINAL VERSION

 

		Published CUSIP Number:	74761WAH6
	 	Revolving Credit CUSIP Number:	74761WAJ2

 

 

 

$325,000,000

 

AMENDED AND RESTATED CREDIT AGREEMENT1

 

Dated as of October 18, 2018

(as amended by Amendment No. 1 to Amended
and Restated Credit Agreement dated as of July 6, 2020

(the
 “and
Amendment”) No. 2
to Amended and Restated Credit Agreement dated as of December 28,

2021)

 

by and among

 

QUANEX BUILDING PRODUCTS CORPORATION,

as Borrower

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Agent, Swingline Lender and Issuing Lender

 

THE LENDERS THAT ARE PARTIES HERETO,

as the Lenders,

 

BANK
OF AMERICA, N.A.,

as Syndication Agent,

 

CITIBANK, N.A.

and

JPMORGAN
CHASE BANK, N.A.,

as Co-Documentation Agents

 

WELLS FARGO SECURITIES, LLC

and

MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED,

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

 

1
This conformed copy has been prepared for ease of reference and the legally operative terms of the changes made to the
original Amended and Restated Credit Agreement via the Amendment are contained in the Amendment itself. In the event of a conflict between
the terms of Amended and Restated Credit Agreement as amended pursuant to the Amendment and the terms of this conformed copy the terms
of Amended and Restated Credit Agreement as amended by the Amendment shall govern.

 

     

     

    

 

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	DEFINITIONS
    AND CONSTRUCTION	1
	 	1.1	Definitions	1
	 	1.2	Accounting Terms	4253
	 	1.3	Code	4353
	 	1.4	Construction	4353
	 	1.5	Time References	4454
	 	1.6	Schedules and Exhibits	4454
	 	1.7	Exchange
    Rates: Currency Equivalents	4454
	 	1.8	Change of Currency	4455
	 	1.9	Rates	4555
	2.	CREDIT FACILITY AND TERMS OF PAYMENT	4556
	 	2.1	[Reserved]	4556
	 	2.2	[Reserved]	4556
	 	2.3	Repayment
    of Incremental Term Loans	4556
	 	2.4	Prepayments of Incremental
    Term Loans	4556
	 	2.5	Revolving Credit Loans	4657
	 	2.6	Swingline Loans	4657
	 	2.7	Procedure
    for Advances of Revolving Credit Loans and Swingline Loans	4859
	 	2.8	Repayment
    and Prepayment of Revolving Credit and Swingline Loans	4860
	 	2.9	Permanent
    Reduction of the Revolving Credit Commitment	5061
	 	2.10	Termination of Revolving
    Credit Facility	5062
	 	2.11	Evidence of Debt	5062
	 	2.12	Computation of Interest
    and Fees	5162
	 	2.13	Notice and Manner of Conversion
    or Continuation of Loans	5163
	 	2.14	Interest Rates: Rates,
    Payments, and Calculations	5264
	 	2.15	Letter
    of Credit Facility	5265
	 	2.16	Fees	5770
	 	2.17	Payments Generally; Agent’s
    Clawback	5770
	 	2.18	Changed
    Circumstances	5972
	 	2.19	Increased Costs;
    Reserves on LIBOR Rate Loans; Compensation for Losses	6178
	 	2.20	Incremental
    Increases	6380

 

    -i-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	3.	CONDITIONS; TERM OF AGREEMENT	6582
	 	3.1	Conditions Precedent to Closing
    and Initial Extensions of Credit	6582
	 	3.2	Conditions to All Extensions of Credit	6785
	 	3.3	Effect of Maturity	6885
	 	3.4	Conditions Subsequent	6885
	4.	REPRESENTATIONS AND WARRANTIES	6886
	 	4.1	Due Organization and Qualification; Subsidiaries	6886
	 	4.2	Due Authorization; No Conflict	6986
	 	4.3	Governmental Consents	6987
	 	4.4	Binding Obligations; Perfected Liens	69847
	 	4.5	Title to Assets; No Encumbrances	7087
	 	4.6	Litigation	7088
	 	4.7	Compliance with Laws	7088
	 	4.8	No Material Adverse Effect	7088
	 	4.9	Solvency; Fraudulent Transfer	7088
	 	4.10	Employee Benefits	7088
	 	4.11	Environmental Condition	7189
	 	4.12	Complete Disclosure	7289
	 	4.13	Patriot Act	7289
	 	4.14	Indebtedness	7290
	 	4.15	Payment of Taxes	7290
	 	4.16	Margin Stock	7290
	 	4.17	Governmental Regulation	7290
	 	4.18	Anti-Corruption Laws; Anti-Money Laundering Laws and
    Sanctions	7290
	 	4.19	Employee and Labor Matters	7391
	 	4.20	Intellectual Property; Licenses, Etc	7391
	 	4.21	Leases	7491
	 	4.22	Deposit Accounts and Securities Accounts	7491
	 	4.23	Absence of Defaults	7491
	 	4.24	Senior Indebtedness Status	7492
	 	4.25	Insurance	7492
	 	4.26	Material Contracts	7492

 

    -ii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	5.	AFFIRMATIVE COVENANTS	7592
	 	5.1	Financial Statements, Reports, Certificates, Notices	7592
	 	5.2	Accounting Methods and Financial Records	7694
	 	5.3	Existence	7794
	 	5.4	Maintenance of Properties	7795
	 	5.5	Taxes	7795
	 	5.6	Insurance	7795
	 	5.7	Inspection	7895
	 	5.8	Compliance with Laws	7895
	 	5.9	Environmental	7896
	 	5.10	Disclosure Updates	7896
	 	5.11	Formation of Subsidiaries	7896
	 	5.12	Further Assurances	7997
	 	5.13	Compliance with Material Contracts	7997
	 	5.14	Compliance with Anti-Corruption Laws, Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions 	8097
	 	5.15	Compliance with ERISA and the IRC	8098
	6.	NEGATIVE COVENANTS	8098
	 	6.1	Indebtedness	8098
	 	6.2	Liens	8098
	 	6.3	Fundamental Changes	8198
	 	6.4	Disposal of Assets	8199
	 	6.5	Nature of Business	8199
	 	6.6	Prepayments and Amendments	8199
	 	6.7	Restricted Payments	82100
	 	6.8	Fiscal Year; Accounting Methods	83101
	 	6.9	Investments	83101
	 	6.10	Transactions with Affiliates	83101
	 	6.11	Use of Proceeds	84102
	 	6.12	No Further Negative Pledges; Restrictive Agreements	84102

 

    -iii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	7.	FINANCIAL COVENANTS	85103
	 	7.1	Consolidated Leverage Ratio	85103
	 	7.2	Consolidated Interest Coverage Ratio	86103
	8.	EVENTS OF DEFAULT	86104
	 	8.1	Payments	86104
	 	8.2	Covenants	86104
	 	8.3	Judgments	86104
	 	8.4	Voluntary Bankruptcy, etc	86104
	 	8.5	Involuntary Bankruptcy, etc	87104
	 	8.6	Default Under Other Agreements	87105
	 	8.7	Representations, etc	87105
	 	8.8	Guaranty	87105
	 	8.9	Security Documents	87105
	 	8.10	Loan Documents	87105
	 	8.11	Change of Control	87105
	 	8.12	ERISA	87105
	 	8.13	Interference with Business	88106
	 	8.14	Senior Debt Status	88106
	9.	RIGHTS AND REMEDIES	88106
	 	9.1	Rights and Remedies	88106
	 	9.2	Application of Funds	88107
	 	9.3	Rights and Remedies Cumulative; Non-Waiver; Etc	89107
	10.	WAIVERS; INDEMNIFICATION	90108
	 	10.1	Demand; Protest; etc	90108
	 	10.2	The Lender Group’s Liability for Collateral	90108
	 	10.3	Indemnification	90108
	 	10.4	Costs and Expenses	91109
	11.	NOTICES	91109
	12.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER	92110
	13.	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS	94112
	 	13.1	Assignments and Participations	94112

 

    -iv-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	14.	AMENDMENTS; WAIVERS	97115
	 	14.1	Amendments and Waivers	97115
	 	14.2	Mitigation Obligations; Replacement of Certain Lenders	99118
	 	14.3	No Waivers; Cumulative Remedies	100118
	15.	AGENT; THE LENDER GROUP	102119
	 	15.1	Appointment and Authorization of Agent	102119
	 	15.2	Delegation of Duties	102119
	 	15.3	Liability of Agent	103120
	 	15.4	Reliance by Agent	103120
	 	15.5	Notice of Default or Event of Default	103120
	 	15.6	Credit Decision	103121
	 	15.7	Costs and Expenses; Indemnification	104121
	 	15.8	Agent in Individual Capacity	105122
	 	15.9	Successor Agent	105122
	 	15.10	Lender in Individual Capacity	106123
	 	15.11	Collateral and Guaranty Matters	106123
	 	15.12	Right of Setoff; Sharing of Payments	107124
	 	15.13	Agency for Perfection	108125
	 	15.14	Payments by Agent to the Lenders	108125
	 	15.15	Concerning the Collateral and Related Loan Documents	109126
	 	15.16	Agent May File Proofs of Claim	109126
	 	15.17	Several Obligations; No Liability	109126
	 	15.18	Joint Lead Arrangers, Joint Bookrunners, Syndication Agents and Documentation Agents	110127
	 	15.19	Defaulting Lenders	110127
	 	15.20	Cash Collateral	112129
	16.	TAXES	113130
	 	16.1	Defined Terms	113130
	 	16.2	Payments Free of Taxes	113130
	 	16.3	Payment of Other Taxes by the Loan Parties	113130
	 	16.4	Indemnification by the Loan Parties	113130
	 	16.5	Indemnification by the Lenders	113130

 

    -v-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page

 

	 	16.6	Evidence of Payments	113131
	 	16.7	Status of Lenders	114131
	 	16.8	Treatment of Certain Refunds	115132
	 	16.9	Survival	116133

	17.	GENERAL PROVISIONS	116133
	 	17.1	Effectiveness	116133
	 	17.2	Section Headings	116133
	 	17.3	Interpretation	116133
	 	17.4	Severability of Provisions	116133
	 	17.5	Bank Product Providers	116133
	 	17.6	Debtor-Creditor Relationship	117134
	 	17.7	Counterparts; Electronic Execution	117134
	 	17.8	No Advisory or Fiduciary Responsibility	1171314
	 	17.9	Revival and Reinstatement of Obligations; Certain Waivers	118135
	 	17.10	Confidentiality	118136
	 	17.11	Survival	120137
	 	17.12	Patriot Act; Anti-Money Laundering Laws	120137
	 	17.13	Integration	120138
	 	17.14	Independent Effect of Covenants; Inconsistencies	121138
	 	17.15	Judgment Currency	121138
	 	17.16	Acknowledgement and Consent to Bail-In of Affected
    Financial Institutions	121139
	 	17.17	Certain ERISA Matters	122139
	 	17.18	Amendment and Restatement; No Novation	123140
	 	17.19	Acknowledgement Regarding Any Supported QFCs	123140

 

    -vi-

     

    

 

	 	EXHIBITS AND SCHEDULES
	 	 
	Exhibit A	Form of Assignment and Assumption
	Exhibit B	Form of Compliance Certificate
	Exhibit C-1	Form of Revolving Credit Note
	Exhibit C-2	Form of Swingline Note
	Exhibit C-3	Form of Incremental Term Loan Note
	Exhibit D	Form of Notice of Conversion/Continuation
	Exhibit E	Form of Notice of Prepayment
	Exhibit F	Form of Notice of Borrowing
	Exhibit G	Form of Perfection Certificate
	Exhibit H	Form of Solvency Certificate
	Exhibit I-1 through I-4	Form of Tax Compliance Certificates
	 	 
	Schedule 1.1(a)	Permitted Investments
	Schedule 1.1(b)	Permitted Liens
	Schedule 1.1(c)	Existing Letters of Credit
	Schedule 1.1(d)	Revolving Credit Commitments and Revolving Credit Commitment Percentages
	Schedule
    1.1(e)	Specified
    Leases
	Schedule 3.4	Conditions Subsequent
	Schedule 4.1(b)	Capitalization of Borrower
	Schedule 4.1(c)	Capitalization of Borrower’s Subsidiaries
	Schedule 4.1(d)	Subscriptions, Options, Warrants, Calls
	Schedule 4.10	Employee Benefits
	Schedule 4.11	Environmental Matters
	Schedule 4.14	Permitted Indebtedness
	Schedule 4.20	Intellectual Property Claims
	Schedule 4.22	Deposit Accounts and Securities Accounts
	Schedule 4.25	Insurance
	Schedule 4.26	Material Contracts

 

    -vii-

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS AMENDED AND RESTATED CREDIT AGREEMENT, is
entered into as of October 18, 2018, by and among QUANEX BUILDING PRODUCTS CORPORATION, a Delaware corporation (“Borrower”),
the lenders identified on the signature pages hereof (each of such lenders, together with its successors and permitted assigns,
is referred to hereinafter as a “Lender”, as that term is hereinafter further defined) and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association (“Wells Fargo”), as administrative agent for each member of the Lender
Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”).

 

The parties agree as follows:

 

1.            DEFINITIONS
AND CONSTRUCTION.

 

1.1            Definitions.
As used in this Agreement, the following terms shall have the following definitions:

 

“Account”
means an account (as that term is defined in the Code).

 

“Accounting
Changes” means changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion
by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency
with similar functions).

 

“Acquisition”
means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or any
division or business line of) any other Person, or (b) the purchase or other acquisition (whether by means of a merger, consolidation,
or otherwise) by a Person or its Subsidiaries of a majority of the Equity Interests of any other Person.

 

“Additional
Documents” has the meaning specified therefor in Section 5.12.

 

“Adjusted
Eurocurrency Rate” means, as to any Loan denominated in any applicable currency not bearing interest based on an RFR (which, as
of the date hereof, shall mean Dollars and each of the currencies identified in clause (a) of the definition of “Alternative
Currency”, other than Sterling) for any Interest Period, a
rate per annum determined by Agent pursuant to the following formula:

 

	Adjusted
    Eurocurrency Rate =	Eurocurrency
    Rate for such Currency for such
	 	Interest
    Period
	 	1.00-Eurocurrency
    Reserve Percentage

 

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

 

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

 

“Affiliate”
means, as applied to any Person, any other Person who controls, is controlled by, or is under common control with, such Person. For purposes
of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power
to direct the management and policies of a Person, whether through the ownership of Equity Interests, by contract, or otherwise; provided,
that, for purposes of Section 6.10: (a) any Person which owns directly or indirectly 20% or more of the Equity Interests
having ordinary voting power for the election of directors or other members of the governing body of a Person or 20% or more of the partnership
or other ownership interests of a Person (other than as a limited partner of such Person) shall be deemed an Affiliate of such Person,
(b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership
in which a Person is a general partner shall be deemed an Affiliate of such Person; provided further, that Quanex
Foundation shall not be deemed to be an Affiliate of any Loan Party or of any Subsidiary of any Loan Party unless, at the time in question,
Quanex Foundation owns directly or indirectly 20% or more of the Equity Interests having ordinary voting power for the election of directors
of Borrower.

 

     

     

    

 

“Agent”
has the meaning specified therefor in the preamble to this Agreement.

 

“Agent-Related
Persons” means Agent, together with its Affiliates, officers, directors, employees, attorneys, and agents.

 

“Agent’s
Liens” means the Liens granted by any Loan Party or its Subsidiaries to Agent under the Loan Documents and securing the Obligations.

 

“Agent’s
Office” means Agent’s address set forth in Section 11, or such other address as Agent may from time to time
notify Borrower and the Lenders, to which payments due are to be made and at which Loans will be disbursed.

 

“Agreement”
means this Credit Agreement.

 

“Alternative
Currency” means each of (a) Euro and (b) Sterling, in each case to the extent such currencies are (i) freely
transferable and convertible into Dollars, (ii) dealt with in the London interbank deposit market and (iii) currencies for
which no central bank or other governmental authorization in the country of issue of such currency is required to give authorization
for the use of such currency by any Lender for making Revolving Credit Loans unless such authorization has been obtained and remains
in full force and effect.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in
the applicable Alternative Currency as determined by Agent at such time on the basis of the Spot Rate (determined in respect of the most
recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

 

“Alternative
Currency Sublimit” means the lesser of (a) $50,000,000 and (b) the Revolving Credit Commitment.

 

“Amendment
No. 2 Effective Date” means December 28, 2021.

 

“Announcements”
has the meaning assigned thereto in Section 1.9.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower or its Subsidiaries from time to time
concerning or relating to bribery or corruption, including the U.K. Bribery Act of 2010 and the United States Foreign Corrupt Practices
Act of 1977, each as amended, and the rules and regulations thereunder.

 

    - 2 -

     

    

 

“Anti-Money
Laundering Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules applicable
to Borrower or its Subsidiaries related to terrorism financing or money laundering, including any applicable provision of the Patriot
Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§
5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959).

 

“Applicable
Margin” means the corresponding percentages per annum as set forth below based on the Consolidated Leverage Ratio:

 

	 	 	 	 	 	 	 	 	LIBOREur	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	ocurrency	 	 		 	 	 	 
	 	 	 	 	 	 	 	 	Rate Loans	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	and	 	 	 	 	 	 	 
	Pricing	 	 	 	 	Commitment	 	 	Transitioned	 	 	Initial RFR	 	 	Base Rate	 
	Level	 	 	Consolidated Leverage
    Ratio	 	Fee	 	 	RFR
    Loans	 	 	Loans	 	 	Loans	 
	I	 	 	Less than or equal to 1.50 to 1.00	 	 	0.200	%	 	 	1.25	%	 	 	1.2826	%	 	 	0.25	%
	II	 	 	Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00	 	 	0.225	%	 	 	1.50	%	 	 	1.5326	%	 	 	0.50	%
	III	 	 	Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00	 	 	0.250	%	 	 	1.75	%	 	 	1.7826	%	 	 	0.75	%
	IV	 	 	Greater than 3.00 to 1.00	 	 	0.300	%	 	 	2.00	%	 	 	2.0326	%	 	 	1.00	%

 

The Applicable Margin shall be determined and adjusted quarterly on
the date five (5) Business Days after the day on which Borrower provides a Compliance Certificate pursuant to Section 5.1(a)(iv) for
the most recently ended Fiscal Quarter of Borrower (each such date, a “Calculation Date”); provided that (a) the
Applicable Margin shall be based on Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter
the Pricing Level shall be determined by reference to the Consolidated Leverage Ratio as of the last day of the most recently ended Fiscal
Quarter of Borrower preceding the applicable Calculation Date, and (b) if Borrower fails to provide a Compliance Certificate when
due as required by Section 5.1(a)(iv) for the most recently ended Fiscal Quarter of Borrower preceding the applicable
Calculation Date, the Applicable Margin from the date on which such Compliance Certificate was required to have been delivered shall
be based on Pricing Level IV until such time as such Compliance Certificate is delivered, at which time the Pricing Level shall be determined
by reference to the Consolidated Leverage Ratio as of the last day of the most recently ended fiscal quarter of Borrower preceding such
Calculation Date. The applicable Pricing Level shall be effective from one Calculation Date until the next Calculation Date. Any adjustment
in the Pricing Level shall be applicable to all Extensions of Credit then existing or subsequently made or issued.

 

Notwithstanding the foregoing, in the event
that any financial statement or Compliance Certificate delivered pursuant to Section 5.1(a)(i), (ii) or (iv) is
shown to be inaccurate (regardless of whether (i) this Agreement is in effect, (ii) any Commitments are in effect, or (iii) any
Extension of Credit is outstanding when such inaccuracy is discovered or such financial statement or Compliance Certificate was delivered),
and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable
Period”) than the Applicable Margin applied for such Applicable Period, then (A) Borrower shall immediately deliver to
Agent a corrected Compliance Certificate for such Applicable Period, (B) the Applicable Margin for such Applicable Period shall
be determined as if the Consolidated Leverage Ratio in the corrected Compliance Certificate were applicable for such Applicable Period,
and (C) Borrower shall immediately and retroactively be obligated to pay to Agent the accrued additional interest and fees owing
as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by Agent in accordance
with Section 2.17(a). Nothing in this paragraph shall limit the rights of Agent and Lenders with respect to Section 2.14(b) and
Section 9 nor any of their other rights under this Agreement or any other Loan Document. Borrower’s obligations
under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder. The Applicable
Margin with respect to any Incremental Term Loan shall be set forth in the applicable Incremental Amendment.

 

    -
                                                                                      3 -

     

    

 

 

“Applicable
Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement
for such Alternative Currency as may be determined by Agent to be necessary for timely settlement on the relevant date in accordance
with normal banking procedures in the place of payment.

 

“Approved
Fund” means any Person (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) 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.

 

“Assignment
and Assumption” means an Assignment and Assumption Agreement substantially in the form of Exhibit A.

 

“Available
Tenor” means, as of any date of determination and with respect to any then-current Benchmark for any Currency, as applicable, (a) if
such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length
of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to
such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated
with reference to such Benchmark, in each case, as of such date and not including,
for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant
to Section 2.18(c)(iv).

 

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

 

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

 

“Bank
Product” means any one or more of the following financial products or accommodations extended to the Borrower or any of its
Subsidiaries by a Bank Product Provider: (a) credit cards (including commercial cards (including so-called “purchase cards”,
 “procurement cards” or “p-cards”)), (b) credit card processing services, (c) debit cards, (d) stored
value cards, (e) Cash Management Services, or (f) transactions under Hedge Agreements.

 

    - 4
                                                                                      -

     

    

 

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

 

“Bank
Product Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses owing by the
Borrower or any of its Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective
of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising, (b) all Hedge Obligations, and (c) all amounts that Agent or any Lender is obligated to pay to a Bank Product Provider
as a result of Agent or such Lender purchasing participations from, or executing guarantees or indemnities or reimbursement obligations
to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to the Borrower or any of its Subsidiaries.

 

“Bank
Product Provider” means any Person that, (a) at the time it enters into a Bank Product Agreement with the Borrower or
any of its Subsidiaries, is a Lender, an Affiliate of a Lender, Agent or an Affiliate of Agent, or (b) at the time it (or its Affiliate)
becomes a Lender (including on the Closing Date), is a party to a Bank Product Agreement with the Borrower or any of its Subsidiaries,
in each case in its capacity as a party to such Bank Product Agreement, including each of the foregoing in its capacity, if applicable,
as a Hedge Provider.

 

“Bankruptcy
Code” means title 11 of the United States Code, as in effect from time to time, or any similar domestic or foreign federal
or state law for the relief of debtors.

 

“Base
Rate” means the greatest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) (i) prior
to the USD LIBOR
Rate (which rate shall be calculated based upon an Interest Period of 1 month and shall be determined on a daily basis) plus
1%Transition
Date, the Adjusted Eurocurrency Rate for Dollars for a one-month term in effect on such day plus 1.00% and (ii) on and after the
USD LIBOR Transition Date, Daily Simple RFR for Dollars in effect on such day plus 1.00%, each change in the Base Rate shall take effect
simultaneously with the corresponding change or changes in the prime rate referenced in clause (c) below, Federal Funds Rate, Adjusted
Eurocurrency Rate for Dollars or Daily Simple RFR for Dollars, as the case may be (provided that this clause (b) shall not be applicable
during any period in which the Adjusted Eurocurrency Rate or Daily Simple RFR, as applicable, is unavailable or unascertainable),
and (c) the rate of interest announced, from time to time, within Wells Fargo as its “prime rate”, with the understanding
that the “prime rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the
basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording
thereof after its announcement in such internal publications as Wells Fargo may designate. Notwithstanding anything to the contrary in
this Agreement, if the Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Base
Rate Loan” means each portion of the Loans that bears interest at a rate determined by reference to the Base Rate. All Base
Rate Loans shall be denominated in Dollars.

 

    -
                                                                                      5 -

     

    

 

“Benchmark”
means, initially, with respect to any (a) Obligations, interest, fees, commissions or other amounts denominated in, or
calculated with respect to, Dollars, the Adjusted Eurocurrency Rate for Dollars; provided that if (i) the USD LIBOR Transition
Date has occurred or (ii) a Benchmark Transition Start Date (with respect to a Benchmark Transition Event) or a Term RFR
Transition Date (with respect to a Term RFR Transition Event), as applicable, has occurred with respect to the then-current
Benchmark for Dollars, then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other
amounts, the applicable Benchmark Replacement to the extent that such
Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.18(c)(i), (b) Obligations, interest,
fees, commissions or other amounts denominated in, or calculated with respect to, Sterling, the Daily Simple RFR applicable for such
currency; provided that if a Benchmark Transition Start Date (with respect to a Benchmark Transition Event) or a Term RFR Transition
Date (with respect to a Term RFR Transition Event), as applicable, has occurred with respect to such Daily Simple RFR or the
then-current Benchmark for such currency, then “Benchmark” means, with respect to such Obligations, interest, fees,
commissions or other amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate pursuant to Section 2.18(c)(i) and (c) Obligations, interest, fees, commissions or other amounts
denominated in, or calculated with respect to, Euros, the Adjusted Eurocurrency Rate applicable for such currency; provided that if
a Benchmark Transition Start Date (with respect to a Benchmark Transition Event) or a Term RFR Transition Date (with respect to a
Term RFR Transition Event), as applicable, has occurred with respect to such Adjusted Eurocurrency Rate or the then-current
Benchmark for such currency, then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or
other amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark
rate pursuant to Section 2.18(c)(i).

 

“Benchmark
Replacement” means,

 

(a)            from
and after the Benchmark Transition Start Date with respect to any Benchmark Transition Event for the then-current Benchmark, the sum
of: (i) the alternate benchmark rate that has been selected by Agent and Borrower as the replacement for such Benchmark giving due
consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate
by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a
replacement for such Benchmark for syndicated credit facilities denominated in the applicable Currency at such time and (ii) the
related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor,
such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents;

 

(b)            with
respect to the USD LIBOR Transition Date, for any Available Tenor of the Adjusted Eurocurrency Rate for Dollars, the first alternative
set forth in the order below that can be determined by Agent for the USD LIBOR Transition Date:

 

		(1)	Term RFR for Dollars;

 

		(2)	Daily
                                            Simple RFR for Dollars; or

 

		(3)	the
                                            sum of: (A) the alternate benchmark rate that has been selected by Agent and Borrower
                                            as the replacement for the Adjusted Eurocurrency Rate for Dollars giving due consideration
                                            to (i) any selection or recommendation of a replacement benchmark rate or the mechanism
                                            for determining such a rate by the Relevant Governmental Body or (ii) any evolving or
                                            then-prevailing market convention for determining a benchmark rate as a replacement for the
                                            Adjusted Eurocurrency Rate for Dollars for syndicated credit facilities denominated in Dollars
                                            at such time and (B) the related Benchmark Replacement Adjustment; provided that, if
                                            such Benchmark Replacement as so determined would be less than the Floor, such Benchmark
                                            Replacement will be deemed to be the Floor for the purposes of this Agreement and the other
                                            Loan Documents; or

 

    - 6
                                                                                      -

     

    

 

(c)            from
and after the Term RFR Transition Date with respect to any Term RFR Transition Event for any Currency, the Term RFR for such Currency;

 

provided
that, in the case of clause (b)(1), if Agent decides that Term RFR for Dollars is not administratively feasible for Agent, then Term
RFR for Dollars will be deemed unable to be determined for purposes of this definition.

 

“Benchmark
Replacement Adjustment” means, for purposes of clauses (a) and (b)(3) of the definition of “Benchmark Replacement”,
with respect to any replacement of any then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor,
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) that has been selected by Agent and Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining
a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable currency.

 

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

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark for Dollars or
any Alternative Currency:

 

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

 

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

 

    - 7 -

     

    

 

(c)            in
the case of a Term RFR Transition Event for such currency, the Term RFR Transition Date applicable thereto.

 

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

 

“Benchmark
Transition Event” means, with respect to the then-current Benchmark for any Dollars or any Alternative Currency (other than Adjusted
Eurocurrency Rate for Dollars), the occurrence of one or more of the following events with respect to such Benchmark:

 

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

 

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

 

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

 

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

 

“Benchmark
Transition Start Date” means, with respect to any Benchmark, in the case of a Benchmark Transition Event, the earlier of (i) the
applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information
of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of
information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of
such statement or publication).

 

    - 8 -

     

    

 

“Benchmark
Unavailability Period” means, with respect to (a) the Adjusted Eurocurrency Rate for Dollars, the period (if any) (i) beginning
at the time that the USD LIBOR Transition Date has occurred pursuant to clause (a) of that
definition if, at such time, no Benchmark Replacement has replaced the Adjusted Eurocurrency Rate for Dollars for all purposes hereunder
and under any Loan Document in accordance with Section 2.18(c)(i) and (ii) ending at the time that a Benchmark Replacement
has replaced the Adjusted Eurocurrency Rate for Dollars for all purposes hereunder and under any Loan Document in accordance
with Section 2.18(c)(i) and (b) any then-current Benchmark for any Currency other than the Adjusted Eurocurrency Rate
for Dollars, the period (if any) (i) beginning at the time that a Benchmark
Replacement Date with respect to such Benchmark pursuant to clauses (a) or (b) of that definition has occurred if, at such
time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Loan Document in accordance with
Section 2.18(c)(i) and (ii) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section 2.18(c)(i).

 

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

 

“Beneficial
Ownership Regulation” means 31 CFR § 1010.230.

 

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

 

“Board
of Directors” means, as to any Person, the board of directors (or comparable managers) of such Person, or any committee thereof
duly authorized to act on behalf of the board of directors (or comparable managers).

 

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

 

“Borrower”
has the meaning specified therefor in the preamble to this Agreement.

 

“Borrower
Materials” has the meaning specified therefor in Section 17.10(c).

 

“Borrowing”
means a borrowing consisting of simultaneous Loans of the same Type, in the same currency and, in the case of LIBORany
Eurocurrency Rate LoansLoan
or Term RFR Loan, as applicable, having the same Interest Period made by each of the Lenders pursuant to Section 2.2.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws
of, or are in fact closed in, the state where Agent’s Office with respect to Obligations denominated in Dollars is located and:

 

(a)            if
such day relates to any interest rate settings as to a LIBOREurocurrency Rate
Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such LIBOREurocurrency Rate
Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such LIBOREurocurrency Rate
Loan, means any such day on which dealings in deposits in Dollars are conducted by and between banks in thea
London interbank eurodollar marketBanking
Day;

 

    - 9 -

     

    

 

(b)            if
such day relates to any interest rate settings as to a LIBOREurocurrency Rate
Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such LIBOREurocurrency Rate
Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any such LIBOREurocurrency Rate
Loan, means a TARGET Day;

 

(c)            if
such day relates to any interest rate settings as to a LIBOREurocurrency
Rate Loan denominated in a currency other than Dollars or EuroEuros,
means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable
offshore interbank market for such currency; and

 

(d)            if
such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or EuroEuros,
in respect of a LIBOREurocurrency Rate
Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or EuroEuros to
be carried out pursuant to this Agreement in respect of any such LIBOREurocurrency Rate
Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal
financial center of the country of such currency.

 

“Capital
Expenditures” means, with respect to any Person for any period, the amount of all expenditures by such Person and its Subsidiaries
during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or
financed, but excluding, without duplication (a) expenditures made during such period in connection with the replacement, substitution,
or restoration of assets or properties from the Net Cash Proceeds from any Permitted Disposition or any Insurance and Condemnation Event,
(b) with respect to the purchase price of assets that are purchased substantially contemporaneously with the trade-in of existing
assets during such period, the amount that the gross amount of such purchase price is reduced by the credit granted by the seller of
such assets for the assets being traded in at such time, (c) expenditures made during such period to consummate one or more Permitted
Acquisitions, (d) capitalized software development costs to the extent such costs are deducted from net earnings under the definition
of Consolidated EBITDA for such period, (e) expenditures during such period that, pursuant to a written agreement, are reimbursed
by a third Person (excluding Borrower or any of its Affiliates), and (f) an amount equal to the aggregate of amounts received during
such period from, and pursuant to written agreements with, third Persons (excluding any Loan Party or any of its Affiliates) in reimbursement
of expenditures made during any preceding period.

 

“Capital
Lease” means a lease that is required to be capitalized for financial reportingclassified
as a “finance lease” under the Financial Accounting Standard Board (FASB) lease accounting standard (ASC 842). Notwithstanding
the foregoing and for sake of clarity, the leases set forth on Schedule 1.1(e) (as such Schedule may be amended from time to time
with the consent of the Administrative Agent) shall not be treated as Capital Leases for purposes in accordance with GAAP
of
this Agreement.

 

“Capitalized
Lease Obligation” means that portion of the obligations under a Capital Lease that is required to be capitalized in accordance
with GAAP.
Notwithstanding the foregoing and for sake of clarity, the obligations under the leases set forth on Schedule 1.1(e) (as such Schedule
may be amended from time to time with the consent of the Administrative Agent) shall not be treated as Capitalized Lease Obligations
or Indebtedness for purposes of this Agreement.

 

 

    - 10 -

     

    

 

“Cash Collateralize”
means, to deposit in a deposit account subject to a Control Agreement or to pledge and deposit with, or deliver to Agent, or
directly to the Issuing Lender (with notice thereof to Agent), for the benefit of the Issuing Lender, the Swingline Lender or the
Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations or
Swingline Loans, cash or deposit account balances or, if Agent and the Issuing Lender and the Swingline Lender shall agree, in their
sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to Agent, the
Issuing Lender and the Swingline Lender, as applicable. “Cash Collateral” shall have a meaning correlative to the
foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash
Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or
issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the
date of acquisition thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the United States or any
political subdivision of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof
and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s, (c) commercial
paper maturing no more than 270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1
from S&P or at least P-1 from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’
acceptances maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United States
or any state thereof or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition thereof
combined capital and surplus of not less than $1,000,000,000, (e) Deposit Accounts maintained with (i) any bank that satisfies
the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state
thereof so long as the full amount maintained with any such other bank is insured by the Federal Deposit Insurance Corporation, (f) repurchase
obligations of any commercial bank satisfying the requirements of clause (d) of this definition or of any recognized securities
dealer having combined capital and surplus of not less than $1,000,000,000, having a term of not more than seven days, with respect to
securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities of 6 months or less
from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the criteria described in clause
(d) above, (h) Investments in money market funds substantially all of whose assets are invested in the types of assets described
in clauses (a) through (g) above, (i) investments substantially similar to those described above which are denominated
in Euros, GBP or Canadian Dollars (including similarly capitalized foreign banks organized under the laws of Germany, the United Kingdom
or Canada), and (j) deposits by a Foreign Subsidiary with a foreign bank organized under the laws of Germany, the United Kingdom
or Canada so long as such deposits could not reasonably be maintained with an institution satisfying the criteria set forth above and
so long as the amount maintained with such foreign bank does not exceed the amount reasonably necessary or foreseeable to manage the
local operations of such Foreign Subsidiary in such country.

 

“Cash
Management Services” means any cash management or related services including treasury, depository, return items, overdraft,
controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic
clearing house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve
Fedline system) and other customary cash management arrangements.

 

“Change
in Law” means the occurrence after the date of this Agreement of: (a) the adoption or effectiveness of any law, rule,
regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation, judicial ruling, judgment or treaty
or in the administration, interpretation, implementation or application by any Governmental Authority of any law, rule, regulation, guideline
or treaty, or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or
not having the force of law; provided that notwithstanding anything in this Agreement to the contrary, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
or foreign regulatory authorities shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted,
implemented, adopted or issued.

 

 

    -
                                                                                      11 -

     

    

 

“Change
of Control” means that:

 

(a)            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) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act, except that a “person” or “group” shall be deemed to have “beneficial ownership”
of all Equity Interests that such “person” or “group” has the right to acquire, whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of more than 35% of the Equity Interests of the Borrower entitled
to vote in the election of members of the Board of Directors of Borrower;

 

(b)            during
any period of 24 consecutive months commencing on or after the Closing Date, the occurrence of a change in the composition of the Board
of Directors of Borrower such that a majority of the members of such Board of Directors are not Continuing Directors; or

 

(c)            Borrower
fails to own and control, directly or indirectly, 100% of the Equity Interests of each other Loan Party.

 

“Class”
means, when used in reference to any Loan, whether such Loan is a Revolving Credit Loan, Swingline Loan or Incremental Term Loan and,
when used in reference to any Commitment, whether such Commitment is a Revolving Credit Commitment or an Incremental Term Loan Commitment.

 

“Closing
Date” means October 18, 2018.

 

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

 

“Collateral”
means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by any Loan Party or its Subsidiaries in
or upon which a Lien is granted by such Person in favor of Agent or the Lenders under any of the Loan Documents.

 

“Commitment
Fee” has the meaning assigned thereto in Section 2.16(a).

 

“Commitment
Percentage” means, as to any Lender, such Lender’s Revolving Credit Commitment Percentage or Incremental Term Loan Percentage,
as applicable.

 

“Commitments”
means, collectively, as to all Lenders, the Revolving Credit Commitments and the Incremental Term Loan Commitments of such Lenders.

 

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

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit B delivered by the chief financial officer
of Borrower to Agent.

 

 

    - 12
                                                                                      -

     

    

 

“Confidential
Information” has the meaning specified therefor in Section 17.10(a).

 

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

 

“Consolidated”
means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation of such term, test,
statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or operating results
of such Person and its Subsidiaries.

 

“Consolidated
EBITDA” means, with respect to any fiscal period, the sum of the following determined on a Consolidated basis, without duplication,
for Borrower and its Subsidiaries in accordance with GAAP:

 

(a)            Consolidated Net Income, plus

 

(b)            the
sum of the following amounts of Borrower and its Subsidiaries for such period to the extent deducted in determining Consolidated Net
Income for such period:

 

(i)            any
extraordinary, unusual, or non-recurring non-cash losses,

 

(ii)            Consolidated
Interest Expense,

 

(iii)          tax
expense based on income, profits or capital, including federal, foreign, state, franchise and similar taxes (and for the avoidance of
doubt, specifically excluding any sales taxes or any other taxes held in trust for a Governmental Authority),

 

(iv)         depreciation
and amortization,

 

(v)           with
respect to any Permitted Acquisition after the Closing Date, costs, fees, charges, or expenses consisting of out-of-pocket expenses owed
by Borrower or any of its Subsidiaries to any Person for services performed by such Person in connection with such Permitted Acquisition
incurred within 90 days of the consummation of such Permitted Acquisition,

 

(vi)          non-cash
compensation expense (including deferred non-cash compensation expense), or other non-cash expenses or charges, arising from the sale
or issuance of Equity Interests, the granting of stock options, and the granting of stock appreciation rights and similar arrangements
(including any repricing, amendment, modification, substitution, or change of any such Equity Interests, stock option, stock appreciation
rights, or similar arrangements) minus the amount of any such expenses or charges when paid in cash to the extent not deducted
in the computation of net earnings (or loss),

 

(vii)         one-time
non-cash restructuring charges,

 

(viii)        non-cash
exchange, translation, or performance losses relating to any hedging transactions or foreign currency fluctuations, and

 

(ix)           non-cash
losses on sales of fixed assets or write-downs of fixed or intangible assets, minus

 

 

    - 13
                                                                                      -

     

    

 

(c)            the
sum of the following amounts of Borrower and its Subsidiaries for such period to the extent included in determining Consolidated Net
Income for such period:

 

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

 

(ii)            interest
income,

 

(iii)            exchange,
translation or performance gains relating to any hedging transactions or foreign currency fluctuations,

 

(iv)            income
arising by reason of the application of FAS 141R, and

 

(v)            any
cash expenses or payments made by the Borrower and its Subsidiaries during such period which represent the reversal of non-cash charges
added back in a prior period under clause (b)(i), (b)(vi) or (b)(vii).

 

For the purposes of calculating
Consolidated EBITDA for any Reference Period, if at any time during such Reference Period (and after the Closing Date), Borrower or any
of its Subsidiaries shall have consummated (a) a Permitted Acquisition, Consolidated EBITDA for such Reference Period shall be calculated
after giving pro forma effect thereto (including pro forma adjustments arising out of events which
are directly attributable to such Permitted Acquisition, are reasonably identifiable, factually supportable, are expected to have a continuing
impact and are certified by the chief financial officer of Borrower as having been determined in good faith to be reasonably anticipated
to be realizable within 12 months following such Permitted Acquisition, in each case; provided that the aggregate amount of all
such pro forma adjustments shall not exceed 10% of pro forma Consolidated EBITDA (determined prior
to any adjustments pursuant to this paragraph) for any Reference Period) or in such other manner acceptable to Agent as if any such Permitted
Acquisition or adjustment occurred on the first day of such Reference Period and (b) any Material Disposition, Consolidated EBITDA
for such Reference Period shall be calculated after giving pro forma effect thereto as if any such Material Disposition
occurred on the first day of such Reference Period.

 

“Consolidated
Funded Indebtedness” means, with respect to the Borrower and its Subsidiaries as of any date of determination on a Consolidated
basis without duplication, all Indebtedness to the extent required to be classified as indebtedness on the Consolidated balance sheet
of the Borrower and its Subsidiaries (other than Indebtedness relating to issued and undrawn letters of credit and bankers’ acceptances
and Indebtedness described in clause (f) of the definition thereof).

 

“Consolidated
Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA minus federal,
state, local and foreign income taxes paid in cash minus cash dividends minus Capital Expenditures, in each case for the
most recently completed Reference Period to (b) Consolidated Interest Expense, in each case for the most recently completed Reference
Period.

 

“Consolidated
Interest Expense” means, with respect to any fiscal period, the aggregate of the interest expense of Borrower and its Subsidiaries
for such period, determined on a Consolidated basis in accordance with GAAP.

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness on such date
to (b) Consolidated EBITDA for the most recently completed Reference Period.

 

 

    - 14
                                                                                      -

     

    

 

“Consolidated
Net Income” means, with respect to any fiscal period, the net income (or loss) of Borrower and its Subsidiaries for such period,
determined on a Consolidated basis, without duplication, in accordance with GAAP; provided, that in calculating Consolidated Net
Income, there shall be excluded (a) the net income (or loss) of any Person (other than a Subsidiary which shall be subject to clause
(c) below), in which Borrower or any of its Subsidiaries has a joint interest with a third party, except to the extent such net
income is actually paid in cash to Borrower or any of its Subsidiaries by dividend or other distribution during such period, (b) the
net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Borrower or any of its Subsidiaries or is merged
into or consolidated with Borrower or any of its Subsidiaries or that Person’s assets are acquired by Borrower or any of its Subsidiaries
except to the extent included pursuant to the foregoing clause (a), (c) the net income (if positive), of any Subsidiary to the extent
that the declaration or payment of dividends or similar distributions by such Subsidiary to Borrower or any of its Subsidiaries of such
net income (i) is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to such Subsidiary or (ii) would be subject to any taxes payable
on such dividends or distributions, but in each case only to the extent of such prohibition or taxes and (d) any gain or loss from
Dispositions of assets during such period.

 

“Continuing
Director” means (a) any member of the Board of Directors who was a director (or comparable manager) of Borrower on the
Closing Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual was
approved, appointed or nominated for election to the Board of Directors by a majority of the then Continuing Directors.

 

“Control
Agreement” means a control agreement, providing for springing dominion, and otherwise in form and substance reasonably satisfactory
to Agent, executed and delivered by a Loan Party or one of its Subsidiaries, Agent, and the applicable securities intermediary (with
respect to a Securities Account) or bank (with respect to a Deposit Account).

 

“Copyright
Security Agreement” has the meaning specified therefor in the Guaranty and Security Agreement.

 

“Credit
Facility” means, collectively, the Revolving Credit Facility, the Swingline Facility, the L/C Facility and any term loan credit
facility with respect to Incremental Term Loans advanced pursuant to Section 2.20.

 

“Daily
Simple RFR” means, for any day (an “RFR Rate Day”), a rate per annum equal to, for any Obligations, interest, fees,
commissions or other amounts denominated in, or calculated with respect to, (a) Dollars, on and after the USD LIBOR Transition Date,
the greater of (i) Spread Adjusted SOFR for the day (such day, an “RFR Determination Day”) that is five (5) RFR
Business Days prior to (A) if such RFR Rate Day is an RFR Business Day, such RFR Rate Day or (B) if such RFR Rate Day is not
an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case, utilizing the SOFR component of such
Spread Adjusted SOFR that is published by the SOFR Administrator on the SOFR Administrator’s Website, and (ii) the Floor,
and (b) Sterling, the greater of (i) SONIA for the day (such day, an “RFR Determination Day”) that is five (5) RFR
Business Days prior to (A) if such RFR Rate Day is an RFR Business Day, such RFR Rate Day or (B) if such RFR Rate Day is not
an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case, as such SONIA is published by the SONIA
Administrator on the SONIA Administrator’s Website, and (ii) the Floor. If by 5:00 pm (local time for the applicable RFR)
on the second (2nd) RFR Business Day immediately following any RFR Determination Day, the RFR in respect of such RFR Determination
Day has not been published on the applicable RFR Administrator’s Website and a Benchmark Replacement Date with respect to the applicable
Daily Simple RFR has not occurred, then the RFR for such RFR Determination Day will be the RFR as published in respect of the first preceding
RFR Business
Day for which such RFR was published on the RFR Administrator’s Website; provided that any RFR determined pursuant to this sentence
shall be utilized for purposes of calculation of Daily Simple RFR for no more than three (3) consecutive RFR Rate Days. Any change
in Daily Simple RFR due to a change in the applicable RFR shall be effective from and including the effective date of such change in
the RFR without notice to Borrower.

 

 

    - 15 -

     

    

 

“Daily
Simple RFR Loan” means a Loan that bears interest at a rate based on Daily Simple RFR other than pursuant to clause (b) of
the definition of “Base Rate”.

 

“Default”
means an event, condition, or default that, with the giving of notice, the passage of time, or both, would be an Event of Default.

 

“Defaulting
Lender” means, subject to Section 15.19(b), any Lender that (a) has failed to (i) fund all or any portion
of the Revolving Credit Loans, any Incremental Term Loan, participations in L/C Obligations or participations in Swingline Loans required
to be funded by it hereunder within two Business Days of the date such Loans or participations were required to be funded hereunder unless
such Lender notifies Agent and Borrower in writing that such failure is the result of such Lender’s determination that one or more
conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, or (ii) pay to Agent, the Issuing Lender, the Swingline Lender or any other Lender any
other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans)
within two Business Days of the date when due, (b) has notified Borrower, Agent, the Issuing Lender or the Swingline Lender in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such
writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based
on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default,
shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business
Days after written request by Agent or Borrower, to confirm in writing to Agent and Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become
the subject of a proceeding under any Insolvency Proceeding, (ii) had appointed for it a receiver, custodian, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or
assets, including the FDIC or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject
of a Bail-In Action; 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 so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by Agent that a Lender is a Defaulting Lender
under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender (subject to Section 15.19(b)) upon delivery of written notice of such determination
to Borrower, the Issuing Lender, the Swingline Lender and each Lender.

 

“Deposit
Account” means any deposit account (as that term is defined in the Code).

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction
and any sale, transfer, license or other disposition of (whether in one transaction or in a series of transactions) of any property (including
any Equity Interests) by any Person (or the granting of any option or other right to do
any of the foregoing), including by a division of a limited liability company, and including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

 

    - 16 -

     

    

 

“Disqualified
Equity Interests” means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interests
into which they are is convertible or for which they are exchangeable), or upon the happening of any event or condition (a) mature
or are mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise
(except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change
of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued
and payable and the termination of the Commitments), (b) are redeemable at the option of the holder thereof (other than solely for
Qualified Equity Interests), in whole or in part, (c) provide for the scheduled payments of dividends in cash, or (d) are or
become convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests,
in each case, prior to the date that is 180 days after the Maturity Date.

 

“Dollar
Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with
respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by Agent or the
Issuing Lender, as applicable, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date)
for the purchase of Dollars with such Alternative Currency.

 

“Dollars”
or “$” means United States dollars.

 

“Domestic
Subsidiary” means any Subsidiary of Borrower organized under the laws of any political subdivision of the United States.

 

“Early
Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date
notice of such Early Opt-in Election is provided to the Lenders, so long as Agent has not received, by 5:00 p.m. on the fifth (5th)
Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early
Opt-in Election from Lenders comprising the Required Lenders.

 

“Early
Opt-in Election” means the occurrence of: (a) a notification by the Administrative Agent to (or the request by Borrower to
Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities
at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other
rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available
for review), and (b) the joint election by Agent and Borrower to trigger a fallback from the Adjusted Eurocurrency Rate for Dollars
and the provision by Agent of written notice of such election to the Lenders.

 

“Earn-Outs”
means unsecured liabilities of a Loan Party or any of its Subsidiaries arising under an agreement to make any deferred payment as a part
of the Purchase Price for a Permitted Acquisition, including performance bonuses or consulting payments in any related services, employment
or similar agreement, in an amount that is subject to or contingent upon the revenues, income, cash flow or profits (or the like) of
the target of such Permitted Acquisition.

 

 

    - 17 -

     

    

 

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

 

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

 

“EEA
Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any credit institution or investment firm
established in any EEA Member Country.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 13.1(b)(iii), (v) and
(vi) (subject to such consents, if any, as may be required under Section 13.1(b)(iii)).

 

“Employee
Benefit Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA, whether or not subject
to ERISA, (a) that is or within the preceding 6 years has been sponsored, maintained or contributed to by any Loan Party or ERISA
Affiliate or (b) to which any Loan Party or ERISA Affiliate has, or has had at any time within the preceding 6 years, any liability,
contingent or otherwise.

 

“Environmental
Action” means any written complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial
or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority involving violations of
Environmental Laws or releases of Hazardous Materials (a) from any assets, properties, or businesses of Borrower, any Subsidiary
of a Borrower, or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any
facilities which received Hazardous Materials generated by Borrower, any Subsidiary of a Borrower, or any of their predecessors in interest.

 

“Environmental
Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code, binding
and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each
case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree
or judgment, in each case, to the extent binding on Borrower or its Subsidiaries, relating to the environment, the effect of the environment
on employee health, or Hazardous Materials, in each case as amended from time to time.

 

“Environmental
Liabilities” means all liabilities, monetary obligations, losses, damages, reasonable costs and expenses (including all reasonable
fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties,
sanctions, and interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental Authority or any
third party, and which relate to any Environmental Action.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities.

 

 

    -
                                                                                      18 -

     

    

 

“Equipment”
means equipment (as that term is defined in the Code).

 

“Equity
Interests” means, with respect to a Person, all of the shares, options, warrants, interests, or participations of or in such
Person, whether voting or nonvoting, including capital stock (or other ownership or profit interests), or preferred stock.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statutes, and all regulations and guidance promulgated
thereunder. Any reference to a specific section of ERISA shall be deemed to be a reference to such section of ERISA and any successor
statutes, and all regulations and guidance promulgated thereunder.

 

“ERISA
Affiliate” means each entity, trade or business (whether or not incorporated) that together with a Loan Party or a Subsidiary
would be (or has been) treated as a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections
(b), (c), (m) or (o) of section 414 of the IRC. ERISA Affiliate shall include any Subsidiary of any Loan Party.

 

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

 

“EURIBOR”
has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

“EURIBOR
Rate” has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

“Euro”
and “€” mean the single currency of the Participating Member States.

 

“EurodollarEurocurrency
Banking Day” means, (i) for Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect
to, Dollars, a London Banking Day, and (ii) for Obligations, interest, fees, commissions or other amounts denominated in, or calculated
with respect to, Euros, a TARGET Day; provided, that for purposes of any notice requirements in Sections 2.4(a), 2.7(a), 2.8(c), 2.9(a),
2.13 and 2.20, in each case, such day is also a Business Day.

 

“Eurocurrency
Rate” means,

 

(a)            for
any Eurocurrency Rate Loan for any Interest Period:

 

(i)            denominated
in Dollars, the greater of (A) the rate of interest per annum equal to the London interbank offered rate for deposits in Dollars
(“USD LIBOR”) as administered by the IBA, or a comparable or successor administrator approved by Agent, for a period comparable
to the applicable Interest Period (in each case, the “USD LIBOR Rate”), at approximately 11:00 a.m. (London time) on
the Rate Determination Date; and (B) the Floor; and

 

(ii)            denominated
in Euros, the greater of (A) the rate of interest per annum equal to the Euro Interbank Offered Rate (“EURIBOR”) as
administered by the European Money Markets Institute, or a comparable or successor adminitrator approved by Agent, for a period comparable
to the applicable Interest Period (in each case, the “EURIBOR Rate”), at approximately 11:00 a.m. (Brussels time) on
the Rate Determination Date and (B) the Floor; and

 

 

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                                                                                      19 -

     

    

 

(b)            for
any rate calculation with respect to a Base Rate Loan on any date, the rate of interest per annum equal to USD LIBOR as administered
by the IBA, or a comparable or successor administrator approved by Agent, for a period comparable to one month, at approximately 11:00
a.m. (London time) two (2) Eurocurrency Banking Days prior to the date of such calculation.

 

Each
calculation by Agent of Eurocurrency Rate shall be conclusive and binding for
all purposes, absent manifest error.

 

“Eurocurrency
Rate Loan” means any Loan bearing interest at a rate based on the Adjusted Eurocurrency Rate other than pursuant to clause (b) of
the definition of “Base Rate”.

 

“Eurocurrency
Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the Board
of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including,
without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of
liabilities for a member bank of the Federal Reserve System in New York City or
any other reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance
of the Commitments or the funding of the Loans. The Adjusted Eurocurrency Rate for each outstanding Loan shall be adjusted automatically
as of the effective date of any change in the Eurocurrency Reserve Percentage.

 

“Event
of Default” has the meaning specified therefor in Section 8.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as in effect from time to time.

 

“Excluded
Assets” has the meaning specified therefor in the Guaranty and Security Agreement.

 

“Excluded
Subsidiary” means each (a) Immaterial Domestic Subsidiary and (b) Foreign Subsidiary.

 

“Excluded
Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of
the liability of such Loan Party for or the guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to
secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule,
regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue
of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the liability for or the guarantee of such Loan Party or the grant of such security
interest becomes effective with respect to such Swap Obligation (such determination being made after giving effect to any applicable
keepwell, support or other agreement for the benefit of the applicable Loan Party). If a Swap Obligation arises under a master agreement
governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for
which such guarantee or security interest is or becomes illegal for the reasons identified in the immediately preceding sentence of this
definition.

 

 

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                                                                                      20 -

     

    

 

“Excluded
Taxes” means, with respect to any Recipient of any payment to be made by or on account of any Obligation of the Loan
Parties hereunder, (a) Taxes imposed on or measured by its overall net income (however denominated), franchise Taxes imposed on
it (in lieu of net income Taxes), and branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political
subdivision thereof) under the laws of which such Recipient is organized or in which its principal office is located or, in the case
of any Lender, in which its applicable Lending Office is located, or (ii) that are Other Connection Taxes, (b) in the case
of a Foreign Lender (other than an assignee pursuant to a request by Borrower under Section 14.2), any United States
federal withholding Tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party
hereto (or designates a new Lending Office) or is attributable to such Foreign Lender’s failure or inability (other than as a
result of a Change in Law) to comply with Section 16.7, except to the extent that such Foreign Lender (or its assignor,
if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the
Loan Parties with respect to such withholding Tax pursuant to Section 16, and (c) any United States federal
withholding Tax imposed under FATCA.

 

“Existing
Credit Agreement” means that certain Credit Agreement dated July 29, 2016 by and among Borrower, as borrower, the lenders
party thereto and Wells Fargo, as agent for such lenders, as amended prior to the Closing Date.

 

“Existing
Letters of Credit” means those letters of credit existing on the Closing Date and identified on Schedule 1.1(c).

 

“Extensions
of Credit” means, as to any Lender at any time, (a) an amount equal to the sum of (i) the aggregate principal amount
of all Revolving Credit Loans made by such Lender then outstanding, (ii) such Lender’s Revolving Credit Commitment Percentage
of the L/C Obligations then outstanding, (iii) such Lender’s Revolving Credit Commitment Percentage of the Swingline Loans
then outstanding and (iv) the aggregate principal amount of any Incremental Term Loans made by such Lender then outstanding, or
(b) the making of any Loan or participation in any Letter of Credit by such Lender, as the context requires.

 

“FATCA”
means Sections 1471 through 1474 of the IRC, 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) and any current or future regulations or official interpretations thereof.

 

“FCA”
has the meaning assigned thereto in Section 1.9.

 

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average
of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized standing selected
by it.

 

“Fee
Letters” means, collectively, (a) that certain fee letter, dated as of October 3, 2018, between Borrower and Wells
Fargo Securities, LLC and (b) that certain fee letter, dated as of October 3, 2018, between Borrower and Merrill Lynch, Pierce,
Fenner & Smith Incorporated.

 

“First
Tier Foreign Subsidiary” means any Foreign Subsidiary that is a “controlled foreign corporation” within the meaning
of Section 957 of the IRC and the Equity Interests of which are owned directly by any Loan Party.

 

“Fiscal
Month” means any calendar month of any Fiscal Year.

 

 

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                                                                                      21 -

     

    

 

“Fiscal
Quarter” means any fiscal quarter of any Fiscal Year, which quarters shall generally end on the last day of each January, April,
July and October of such Fiscal Year in accordance with the fiscal accounting calendar of the Loan Parties.

 

“Fiscal
Year” means any period of 12 consecutive Fiscal Months ending on October 31 of any calendar year.

 

“Floor”
means a rate of interest equal to 0%.

 

“Foreign
Lender” means any Lender or Participant that is not a United States person within the meaning of IRC section 7701(a)(30).

 

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

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Lender, such Defaulting Lender’s
Revolving Credit Commitment Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by the Issuing Lender,
other than such L/C 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 Swingline Lender, such Defaulting Lender’s
Revolving Credit Commitment Percentage of outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

 

“Funds
Flow Agreement” means a flow of funds agreement, dated as of even date with this Agreement, in form and substance reasonably
satisfactory to Agent, executed and delivered by Borrower and Agent.

 

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States, consistently applied.

 

“Governing
Documents” means (a) with respect to any corporation, the certificate or articles of incorporation or formation and the
bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company, the certificate or articles of formation or organization or articles of association, and the limited liability company
or operating agreement or bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (c) with
respect to any partnership, joint venture, trust or other form of business entity, the partnership agreement, joint venture agreement,
declaration or other applicable agreement or documentation evidencing or otherwise relating to its formation or organization, governance
and capitalization (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); and (d) with
respect to any of the entities described above, any other agreement, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization, including
an excerpt from the commercial register.

 

“Governmental
Authority” means the government of any nation or any political subdivision thereof, whether at the national, state, territorial,
provincial, municipal or any other level, 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 any supra-national bodies such as the European
Union or the European Central Bank).

 

    - 22 -

     

    

 

“Guarantor”
means (a) each Subsidiary of Borrower (other than any Excluded Subsidiary) and (b) each other Person that becomes a guarantor
after the Closing Date pursuant to Section 5.11.

 

“Guaranty
and Security Agreement” means that certain Guaranty and Security Agreement, dated as of July 29, 2016, in form and substance
reasonably satisfactory to Agent, executed and delivered by Borrower and each of the Guarantors to Agent.

 

“Hazardous
Materials” means (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws
or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic
substances,” or any other formulation intended to define, list, or classify substances by reason of deleterious properties such
as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum,
or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes
associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable
substances or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil
or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million.

 

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

 

“Hedge
Obligations” means any and all obligations or liabilities, whether absolute or contingent, due or to become due, now existing
or hereafter arising, of the Borrower or any of its Subsidiaries arising under, owing pursuant to, or existing in respect of Hedge Agreements
entered into with one or more of the Hedge Providers.

 

“Hedge
Provider” means any Person that, (a) at the time it enters into a Hedge Agreement with the Borrower or any of its Subsidiaries,
is a Lender, an Affiliate of a Lender, Agent or an Affiliate of Agent or (b) at the time it (or its Affiliate) becomes a Lender
(including on the Closing Date), is a party to a Hedge Agreement with the Borrower or any of its Subsidiaries, in each case in its capacity
as a party to such Hedge Agreement.

 

“IBA”
has the meaning assigned thereto in Section 1.9.

 

    - 23
                                                                                      -

     

    

 

“Immaterial
Domestic Subsidiary” means any Domestic Subsidiary that (a) together with its Subsidiaries, (i) has assets representing
no more than 2.5% of the Consolidated total assets of Borrower and its Domestic Subsidiaries and (ii) generates no more than 2.5%
of the Consolidated revenues of Borrower and its Domestic Subsidiaries, in each case, as reflected in the most recent financial statements
delivered pursuant to Section 5.1 and (b) has been designated as an “Immaterial Domestic Subsidiary” by
Borrower in the manner provided below; provided that, if at any time, (x) the total assets of the Immaterial Domestic Subsidiaries,
taken as a whole, as of the last day of Borrower’s most recently ended Fiscal Quarter shall be greater than 5% of the Consolidated
total assets of Borrower and its Domestic Subsidiaries or (y) the total revenues of the Immaterial Domestic Subsidiaries, taken
as a whole, as of the last day of Borrower’s most recently ended Fiscal Quarter shall be greater than 5% of the Consolidated total
revenues of Borrower and its Domestic Subsidiaries on such date, then the Loan Parties shall take such actions as may be necessary, including
causing a Subsidiary to become a Guarantor and grant security interests pursuant to Section 5.11, in order to comply with
the requirements set forth in the preceding clauses (x) and (y). Borrower may from time to time designate any Domestic Subsidiary
(including a newly-created or newly-acquired Domestic Subsidiary) as an Immaterial Domestic Subsidiary by delivering to Agent a certificate
of the chief financial officer of the Borrower making such designation and confirming that (i) such Domestic Subsidiary meets the
requirements set forth in this definition and (ii) immediately after giving effect to such designation, no Event of Default shall
have occurred and be continuing. As of the Closing Date, each of Quanex Services, Inc., a Delaware corporation, and Truseal Technologies, Inc.,
a Delaware corporation, is an Immaterial Domestic Subsidiary.

 

“Incremental
Amendment” means an amendment agreement in form and substance reasonably satisfactory to Agent delivered in connection with
Section 2.20.

 

“Incremental
Effective Date” has the meaning specified in Section 2.20(a).

 

“Incremental
Increases” has the meaning specified in Section 2.20(a).

 

“Incremental
Lender” has the meaning specified in Section 2.20(a).

 

“Incremental
Term Loan” has the meaning specified in Section 2.20(a).

 

“Incremental
Term Loan Commitment” has the meaning specified in Section 2.20(a).

 

“Incremental
Term Loan Note” means a promissory note made by the Borrower in favor of an Incremental Lender evidencing the portion of the
Incremental Term Loans made by such Incremental Lender, substantially in the form attached as Exhibit C-3, and any substitutes
therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.

 

“Incremental
Term Loan Percentage” means, with respect to any Incremental Term Lender at any time, the percentage of the total outstanding
principal balance of the Incremental Term Loans represented by the outstanding principal balance of such Incremental Term Lender’s
Incremental Term Loans.

 

“Indebtedness”
as to any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of
such Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect
of letters of credit, bankers acceptances, or other financial products, (c) all obligations of such Person as a lessee under Capital
Leases, (d) all obligations or liabilities of others secured by a Lien on any asset of such Person, irrespective of whether such
obligation or liability is assumed, (e) all obligations of such Person under Earn-Outs or to pay the deferred purchase price of
assets (other than trade payables incurred in the ordinary course of business and repayable in accordance with customary trade practices
and, for the avoidance of doubt, other than royalty payments payable in the ordinary course of business in respect of licenses), (f) all
monetary obligations of such Person owing under Hedge Agreements (which amount shall be calculated based on the amount that would be
payable by such Person if the Hedge Agreement were terminated on the date of determination), (g) any Disqualified Equity Interests
of such Person, and (h) any obligation of such Person guaranteeing or intended to guarantee (whether directly or indirectly guaranteed,
endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses
(a) through (g) above. For purposes of this definition, (i) the amount of any Indebtedness represented by a guaranty or
other similar instrument shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum
amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (ii) the
amount of any Indebtedness which is limited or is non-recourse to a Person or for which recourse is limited to an identified asset shall
be valued at the lesser of (A) if applicable, the limited amount of such obligations, and (B) if applicable, the fair market
value of such assets securing such obligation.

 

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                                                                                      24 -

     

    

 

“Indemnified
Liabilities” has the meaning specified therefor in Section 10.3.

 

“Indemnified
Person” has the meaning specified therefor in Section 10.3.

 

“Indemnified
Taxes” means (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 clause (a), Other Taxes.

 

“Initial
RFR Loan” means an RFR Loan that would have borne interest based upon a Daily Simple RFR or a Term RFR on the Amendment No. 2
Effective Date. Loans denominated in Sterling are Initial RFR Loans.

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any
other state or federal bankruptcy or insolvency law, or under any similar debtor relief laws of any other applicable jurisdiction, assignments
for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking
reorganization, arrangement, or other similar relief in any applicable jurisdiction.

 

“Insurance
and Condemnation Event” means the receipt by Borrower or any of its Subsidiaries of any cash insurance proceeds or condemnation
award payable by reason of business interruption, theft, loss, physical destruction or damage, taking or similar event with respect to
any of their respective property.

 

“Intercompany
Subordination Agreement” means an intercompany subordination agreement, dated as of July 26, 2016, executed and delivered
by Borrower, each of its Subsidiaries and Agent, in form and substance reasonably satisfactory to Agent.

 

“Interest
Payment Date” means, (a) as to any LIBOREurocurrency Rate
Loan or
Term RFR Loan, the last day of each Interest Period applicable to such Loan and the applicable
Maturity Date; provided, however, that if any Interest Period for a LIBOR Rate Loan  exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and
(b) as to any Base Rate Loan, the last Business Day of each Fiscal Quarter and the applicable Maturity Date;
and (c) as to any Daily Simple RFR Loan, the last day of each month.

 

    -
                                                                                      25 -

     

    

 

“Interest
Period” means, with respect to each LIBOREurocurrency
Rate Loan
or Term RFR Loan, a period commencing on the date of the making of such LIBOREurocurrency Rate
Loan or
Term RFR Loan (or the continuation of a LIBOREurocurrency Rate
Loan or
Term RFR Loan or the conversion of a Base Rate Loan to a LIBOREurocurrency Rate
Loan or
Term RFR Loan) and ending 1, 2, 3, or 6 months thereafter; provided,
that

 

(a)            interest
shall accrue at the applicable rate based upon the LIBOR Rateapplicable
Benchmark from and including the first day of each Interest Period to, but excluding, the
day on which any Interest Period expires,

 

(b)            any
Interest Period that would end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such
Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day,

 

(c)            with
respect to an Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end on the last
Business Day of the calendar month that is 1, 2, 3, or 6 months after the date on which the Interest Period began,
as applicable,

 

(d)            no
Interest Period shall extend beyond the Maturity Date,

 

(e)            there
shall be no more than six (6) Interest Periods in effect at any time, and

(e)            there
shall be no more than six (6) Interest Periods in effect at any time

 

(f)             no
tenor that has been removed from this definition pursuant to Section 2.18(c)(iv) shall be available for specification in any
Notice of Borrowing or Notice of Conversion/Continuation.

 

“Inventory”
means inventory (as that term is defined in the Code).

 

“Investment”
means, with respect to any Person, (a) any investment by such Person in any other Person (including Affiliates) in the form of loans,
guarantees, advances, capital contributions (excluding (i) commission, travel, and similar advances to officers and employees of
such Person made in the ordinary course of business, and (ii) bona fide accounts receivable arising in the ordinary course
of business), (b) Acquisitions and acquisitions of Indebtedness, Equity Interests, or all or substantially all of the assets of
such other Person (or of any division or business line of such other Person), and (c) any other items that are or would be classified
as investments on a balance sheet prepared in accordance with GAAP. The amount of any Investment shall be the original cost of such Investment
plus the cost of all additions thereto, without any adjustment for increases or decreases in value, or write-ups, write-downs, or write-offs
with respect to such Investment.

 

“IRC”
means the Internal Revenue Code of 1986, as amended, and any successor statutes, and all regulations and guidance promulgated
thereunder. Any reference to a specific section of the IRC shall be deemed to be a reference to such section of the IRC and any
successor statutes, and all regulations and guidance promulgated thereunder.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP98”
means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce Publication
No. 590.

 

    - 26 -

     

    

 

“Issuing
Lender” means (a) with respect to Letters of Credit issued hereunder on or after the Closing Date, Wells Fargo and (b) with
respect to the Existing Letters of Credit, Wells Fargo, in its capacity as issuer thereof.

 

“Joint
Lead Arrangers” means Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other
registered broker-dealer wholly owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s
or any of its Subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following
the date of this Agreement), each in their respective capacities as joint lead arranger and joint bookrunner.

 

“Junior
Indebtedness” means (a) Subordinated Indebtedness, (b) unsecured Indebtedness, and (c) Indebtedness secured
by Liens that are junior to the Liens securing the Obligations; provided that Junior Indebtedness shall not include any Permitted
Intercompany Advances.

 

“L/C
Facility” means the letter of credit facility established pursuant to Section 2.15.

 

“L/C
Obligations” means at any time, an amount equal to the sum of (a) the aggregate undrawn and unexpired amount of the then
outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed
pursuant to Section 2.15(e).

 

“L/C
Participants” means, with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders other
than the Issuing Lender.

 

“L/C
Sublimit” means the lesser of (a) $20,000,000 and (b) the Revolving Credit Commitment.

 

“Lender”
has the meaning set forth in the preamble to this Agreement, shall include the Issuing Lender and the Swingline Lender, and shall
also include any other Person made a party to this Agreement pursuant to the provisions of Section 2.20 or Section 13.1
and “Lenders” means each of the Lenders or any one or more of them.

 

“Lender
Group” means each of the Lenders (including the Issuing Lender and the Swingline Lender) and Agent, or any one or more of them.

 

“Lender
Group Expenses” means all (a) costs or expenses (including taxes and insurance premiums) required to be paid by Borrower
or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Lender Group, (b) reasonable documented
out-of-pocket fees or charges paid or incurred by Agent in connection with the Lender Group’s transactions with Borrower or its
Subsidiaries under any of the Loan Documents, including, photocopying, notarization, couriers and messengers, telecommunication, public
record searches, filing fees, recording fees, publication and environmental audits, (c) Agent’s customary fees and charges
imposed or incurred in connection with any background checks or OFAC/PEP searches related to Borrower or its Subsidiaries, (d) Agent’s
customary fees and charges (as adjusted from time to time) with respect to the disbursement of funds (or the receipt of funds) to or
for the account of Borrower (whether by wire transfer or otherwise), together with any reasonable out-of-pocket costs and expenses incurred
in connection therewith, (e) reasonable documented out-of-pocket costs and expenses paid or incurred by the Lender Group to correct
any default or enforce any provision of the Loan Documents, or during the continuance of an Event of Default, in gaining possession of,
maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion
thereof, irrespective of whether a sale is consummated, (f) Agent’s reasonable costs and expenses (including reasonable documented
attorneys’ fees and expenses) relative to third party claims or any other lawsuit or adverse proceeding paid or incurred, whether
in enforcing or defending the Loan Documents or otherwise in connection with the transactions contemplated by the Loan Documents, Agent’s
Liens in and to the Collateral, or the Lender Group’s relationship with Borrower or any of its Subsidiaries, (g) Agent’s
and each Joint Lead Arranger’s reasonable documented costs and expenses (including reasonable documented attorneys’ fees,
but limited to the reasonable documented attorneys’ fees of counsel to Wells Fargo and Wells Fargo Securities, LLC, and due diligence
expenses) incurred in advising, structuring, drafting, reviewing, administering (including travel, meals, and lodging), syndicating (including
reasonable costs and expenses relative to CUSIP, SyndTrak or other communication costs incurred in connection with a syndication of the
loan facilities), or amending, waiving, or modifying the Loan Documents, (h) reasonable documented out-of-pocket fees and expenses
incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand
for payment thereunder and (i) Agent’s, the Issuing Lender’s and each Lender’s reasonable documented costs and
expenses (including reasonable documented attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating,
enforcing (including reasonable documented attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection
with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning Borrower or any of its Subsidiaries
or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether a lawsuit or
other adverse proceeding is brought, or in taking any enforcement action or any Remedial Action with respect to the Collateral.

 

    - 27 -

     

    

 

“Lender-Related
Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates, officers, directors,
employees, attorneys, and agents and the officers, directors, employees, attorneys, and agents of such Lender’s Affiliates.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify Borrower and Agent.

 

“Letter
of Credit Application” means an application, in the form specified by the Issuing Lender from time to time, requesting the
Issuing Lender to issue a Letter of Credit.

 

“Letters
of Credit” means the collective reference to letters of credit issued pursuant to Section 2.15(a) and the
Existing Letters of Credit. Letters of Credit may be issued in Dollars or an Alternative Currency.

 

“LIBOR”
means, subject to the implementation of a Replacement Rate in accordance with Section 2.18(c).

 

(a)            for
any interest rate calculation with respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of the rate for
deposits in the applicable currency for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration
Limited, a United Kingdom company, or a comparable or successor quoting service approved by Agent, at approximately 11:00 a.m. (London
time) two (2) London Banking Days prior to the first day of the applicable Interest Period; provided that, if, for any reason, such
rate is not so published, then such rate shall be determined by Agent to be the arithmetic average of the rate per annum at which deposits
in the applicable currency would be offered by first class banks in the London interbank market to Agent at approximately 11:00 a.m. (London
time) two (2) London Banking Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period,
and

 

(b)            for
any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis of the rate for
deposits in Dollars for an Interest Period equal to one month
(commencing on the date of determination of such interest rate) as published by the ICE Benchmark Administration Limited, a United Kingdom
company, or a comparable or successor quoting service approved by Agent, at approximately 11:00 a.m. (London time) on such date
of determination, or, if such date is not a Business Day, then the immediately preceding Business Day; provided that, if, for any reason,
such rate is not so published then such rate for such Base Rate Loan shall be determined by Agent to be the arithmetic average of the
rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to Agent at approximately
11:00 a.m. (London time) on such date of determination for a period equal to one month commencing on such date of determination.

 

    - 28 -

     

    

 

Each
calculation by Agent of LIBOR shall be conclusive and binding for all purposes, absent
manifest error. Notwithstanding the foregoing, (x) in no event shall LIBOR (including, without limitation, any Replacement Rate
with respect thereto) be less than 0% and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance
with Section 2.18(c), in the event that a Replacement Rate with respect to LIBOR is implemented then all references herein to LIBOR
shall be deemed references to such Replacement Rate.

 

“LIBOR
Rate” means a rate per annum determined by Agent pursuant to the following formula:

 

	LIBOR Rate
    =	 	LIBOR
	 	 	1.00-Eurodollar
    Reserve Percentage

 

“LIBOR
Rate Loan” means any Loan that bears interest at a rate determined by reference to the LIBOR Rate. LIBOR Rate Loans may be denominated
in Dollars or in an Alternative Currency; provided that all Loans denominated in an Alternative Currency must be LIBOR Rate Loans.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory
or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement of any kind
or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital
Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing.

 

“Limited
Conditionality Acquisition” means any Permitted Acquisition that is not conditioned on the availability of financing.

 

“Loan
Documents” means this Agreement, the Fee Letters, the Intercompany Subordination Agreement, the Security Documents, the Reaffirmation
Agreement, any Note or Notes, any Incremental Amendment and any other instrument or agreement entered into, now or in the future, by
Borrower or any of its Subsidiaries and any member of the Lender Group in connection with this Agreement (other than any Bank Product
Agreement).

 

“Loan
Party” means Borrower or any Guarantor.

 

“Loans”
means the collective reference to the Revolving Credit Loans, the Incremental Term Loans and the Swingline Loans, and “Loan”
means any of such Loans.

 

“London
Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank
Eurodollar market.

 

    - 29 -

     

    

 

“Margin
Stock” as defined in Regulation U of the Board of Governors as in effect from time to time.

 

“Material
Adverse Effect” means (a) a material adverse effect in the business, operations, results of operations, assets, liabilities
or financial condition of Borrower and its Subsidiaries, taken as a whole, (b) a material impairment of Borrower’s and its
Subsidiaries ability to perform their payment and other material obligations under the Loan Documents to which they are parties or of
the Lender Group’s ability to enforce the Obligations or realize upon the Collateral (other than as a result of as a result of
an action taken or not taken that is solely in the control of Agent), or (c) a material impairment of the enforceability or priority
of Agent’s Liens with respect to all or a material portion of the Collateral.

 

“Material
Contract” means, with respect to any Person, each contract or agreement to which such Person or any of its Subsidiaries is
a party, the loss of which could reasonably be expected to result in a Material Adverse Effect.

 

“Material
Disposition” means any Disposition or series of related Dispositions by Borrower or any of its Subsidiaries of all or substantially
all of its assets, any division or business line or other assets with a fair market value in excess of $5,000,000.

 

“Maturity
Date” means the first to occur of (a) October 18, 2023 and (b) the date of acceleration of any of the Obligations
pursuant to Section 8.2(a).

 

“Minimum
Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances,
an amount equal to 105% of the sum of (i) the Fronting Exposure of the Issuing Lender with respect to Letters of Credit issued and
outstanding at such time and (ii) the Fronting Exposure of the Swingline Lender with respect to
all Swingline Loans outstanding at such time and (b) otherwise, an amount determined by Agent and the Issuing Lender that is entitled
to Cash Collateral hereunder at such time in their sole discretion.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Multiemployer
Plan” means any multiemployer plan within the meaning of Section 3(37) or 4001(a)(3) of ERISA with respect to which
any Loan Party or ERISA Affiliate has an obligation to contribute or has any liability, contingent or otherwise or could be assessed
withdrawal liability assuming a complete withdrawal from any such multiemployer plan.

 

“Net
Cash Proceeds” means, with respect to any Disposition by Borrower or any of its Subsidiaries of assets or any Insurance and
Condemnation Event, the amount of cash proceeds received (directly or indirectly) from time to time (whether as initial consideration
or through the payment of deferred consideration) by or on behalf of Borrower or its Subsidiaries, in connection therewith after deducting
therefrom only (i) the amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) Indebtedness owing
to Agent or any Lender under this Agreement or the other Loan Documents and (B) Indebtedness assumed by the purchaser of such asset)
which is required to be, and is, repaid in connection with such Disposition or Insurance and Condemnation Event, (ii) reasonable
fees, commissions, and expenses related thereto and required to be paid by Borrower or such Subsidiary in connection with such Disposition
or Insurance and Condemnation Event, (iii) taxes paid or payable to any taxing authorities by Borrower or such Subsidiary in connection
with such Disposition, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of
such cash, actually paid or payable to a Person that is not an Affiliate of Borrower or any of its Subsidiaries, and are properly attributable
to such transaction; and (iv) all amounts that are set aside as a reserve (A) for adjustments in respect of the purchase price
of such assets, (B) for any liabilities associated with such sale or casualty, to the extent such reserve is required by GAAP, (C) for
the payment of unassumed liabilities relating to the assets sold or otherwise disposed of at the time of, or within 30 days after, the
date of such sale or other disposition, and (D) for the payment of indemnification obligations.

 

    - 30 -

     

    

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver, amendment, modification or termination that (a) requires
the approval of all Lenders or all affected Lenders in accordance with the terms of Section 13.1 and (b) has been approved
by the Required Lenders.

 

“Non-Defaulting
Lender” means each Lender other than a Defaulting Lender.

 

“Non-U.S.
Plan” means any plan, benefit, scheme or compensation program or arrangement for the benefit of employees or individual workers
located outside of the United States or any Employee Benefit Plan sponsored, maintained or contributed to by any Foreign Subsidiary or
ERISA Affiliate that is organized under the laws of any political subdivision outside of the United States, and in each case, is not
subject to United States law.

 

“Notes”
means the collective reference to the Revolving Credit Notes, the Swingline Note and the Incremental Term Loan Notes.

 

“Notice
of Borrowing” has the meaning specified in Section 2.7(a).

 

“Notice
of Conversion/Continuation” has the meaning specified in Section 2.13.

 

“Notice
of Prepayment” has the meaning specified in Section 2.4(a).

 

“Notification
Event” means (a) the occurrence of a “reportable event” described in Section 4043 of ERISA for which
the 30-day notice requirement has not been waived by applicable regulations issued by the PBGC, (b) the withdrawal of any Loan Party
or ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of
ERISA, (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a
Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities,
(d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC or
any Pension Plan or Multiemployer Plan administrator, (e) any other event or condition that would constitute grounds under Section 4042(a) of
ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, (f) the imposition of a Lien pursuant
to the IRC or ERISA in connection with any Employee Benefit Plan or the existence of any facts or circumstances that could reasonably
be expected to result in the imposition of a Lien or a requirement that any Loan Party or ERISA Affiliate provide security to any Pension
Plan under the IRC, (g) the partial or complete withdrawal of any Loan Party or ERISA Affiliate from a Multiemployer Plan (other
than any withdrawal that would not constitute an Event of Default under Section 8.12), (h) any event or condition that
results in the reorganization or insolvency of a Multiemployer Plan under Sections of ERISA, (i) any event or condition that results
in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by the PBGC of proceedings to terminate
or to appoint a trustee to administer a Multiemployer Plan under ERISA, (j) any Pension Plan being in “at risk status”
within the meaning of IRC Section 430(i), (k) any Multiemployer Plan being in “endangered status” or “critical
status” within the meaning of IRC Section 432(b) or the determination that any Multiemployer Plan is or is expected to
be insolvent or in reorganization within the meaning of Title IV of ERISA, (l) with respect to any Pension Plan, any Loan Party
or ERISA Affiliate incurring a substantial cessation of operations within the meaning of ERISA Section 4062(e), (m) an “accumulated
funding deficiency” within the meaning of the IRC or ERISA (including Section 412 of the IRC or Section 302 of ERISA)
or the failure of any Pension Plan or Multiemployer Plan to meet the minimum funding standards within the meaning of the IRC or ERISA
(including Section 412 of the IRC or Section 302 of ERISA), in each case, whether or not waived, (n) the filing of an
application for a waiver of the minimum funding standards within the meaning of the IRC or ERISA (including Section 412 of the IRC
or Section 302 of ERISA) with respect to any Pension Plan or Multiemployer Plan, (o) the failure to make by its due date a
required payment or contribution with respect to any Pension Plan or Multiemployer Plan, (p) any event that results in or could
reasonably be expected to result in a liability by a Loan Party pursuant to Title I of ERISA or the excise tax provisions of the IRC
relating to Employee Benefit Plans or any event that results in or could reasonably be expected to result in a liability to any Loan
Party or ERISA Affiliate pursuant to Title IV of ERISA or Section 401(a)(29) of the IRC, or (q) any of the foregoing is reasonably
likely to occur in the following 30 days.

 

    - 31 -

     

    

 

“Obligations”
means (a) all loans (including the Loans), debts, principal, interest (including any interest that accrues after the commencement
of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding),
premiums, liabilities, obligations (including indemnification obligations), fees (including the fees provided for in the Fee Letters),
L/C Obligations, Lender Group Expenses (including Lender Group Expenses that accrue after the commencement of an Insolvency Proceeding,
regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), guaranties, indemnities
and all covenants and duties of any other kind and description owing by any Loan Party arising out of, under, pursuant to, in connection
with, or evidenced by this Agreement or any of the other Loan Documents and irrespective of whether for the payment of money, whether
direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including all interest not paid
when due and all other expenses or other amounts that Borrower is required to pay or reimburse by the Loan Documents or by law or otherwise
in connection with the Loan Documents, and (b) all Bank Product Obligations (other than Excluded Swap Obligations). Any reference
in this Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions, modifications,
renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding. Any reference in this Agreement or in the Loan
Documents to the Obligations shall include all or any portion thereof and any extensions, modifications, renewals, or alterations thereof,
prior, during and subsequent to any Insolvency Proceeding.

 

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

 

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

 

“Other
Taxes” means all court, intangible, recording and filing taxes, taxes arising from a registration, performance of any Loan
Document and the receipt or perfection of a security interest, present or future stamp or documentary Taxes or any other excise or property
Taxes, charges or similar levies (together, in each case, with any interest and penalties thereon) that arise from any payment made for
or on account an Obligation under this Agreement or any other Loan Document, or from the execution, delivery, or enforcement of, 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 14.2).

 

    - 32 -

     

    

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds
Rate and (ii) an overnight rate determined by Agent, the Issuing Lender, or the Swingline Lender, as the case may be, in accordance
with banking industry rules on interbank compensation, and (b) with respect to any amount denominated in an Alternative Currency,
the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount approximately equal to
the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Wells Fargo
in the applicable offshore interbank market for such currency to major banks in such interbank market.

 

“Participant”
has the meaning specified therefor in Section 13.1(d).

 

“Participant
Register” has the meaning specified therefor in Section 13.1(d).

 

“Participating
Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“Patent
Security Agreement” has the meaning specified therefor in the Guaranty and Security Agreement.

 

“Patriot
Act” has the meaning specified therefor in Section 4.13.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor agency.

 

“Pension
Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject
to the provisions of Title IV or Section 302 of ERISA or Sections 412 or 430 of the IRC sponsored, maintained, or contributed to
by any Loan Party or ERISA Affiliate or to which any Loan Party or ERISA Affiliate has any liability, contingent or otherwise.

 

“Perfection
Certificate” means a certificate in the form of Exhibit G.

 

“Permitted
Acquisition” means any Acquisition that meets all of the following requirements:

 

(a)            no
less than 15 Business Days (or such shorter period as agreed to by Agent) prior to the proposed closing date of such Acquisition, Borrower
shall have delivered written notice of such Acquisition to Agent, which notice shall include the proposed closing date of such Acquisition;

 

(b)            such
acquisition shall have been approved by the Board of Directors (or equivalent governing body) of the Person to be acquired (in the case
of an acquisition of a Person) and such approval shall not have been withdrawn prior to the consummation thereof;

 

(c)            such
Person or division or line of business is engaged in the same or a similar line of business as Borrower or any of its Subsidiaries or
any business or operation reasonably related thereto;

 

    - 33
                                                                                      -

     

    

 

(d)            if
such Acquisition is a merger or consolidation involving a Loan party, a Loan Party shall be the surviving Person (or, other than in the
case of the Borrower, the surviving Person shall become a Guarantor) and no Change of Control shall have been effected thereby;

 

(e)            upon
consummation of the Acquisition, the Loan Parties shall comply with the applicable provisions of Section 5.11 within the
time periods specified therein;

 

(f)            no
Default or Event of Default shall have occurred and be continuing both before and after giving effect to such Acquisition and any Indebtedness
incurred in connection therewith; provided that if such Acquisition is a Limited Conditionality Acquisition financed with proceeds
of a substantially concurrent Incremental Term Loan, this clause (f) shall be satisfied if (i) no Default or Event of Default
shall have occurred and be continuing at the time of the execution of definitive purchase agreement, merger agreement or other acquisition
agreement governing such Acquisition and (ii) no Event of Default under any of Sections 8.1, 8.4 or 8.5 shall
have occurred and be continuing both before and after giving effect to such Acquisition and any Indebtedness incurred in connection therewith
(including such Incremental Term Loan);

 

(g)            the
assets being acquired or the Person whose Equity Interests are being acquired did not have negative Consolidated EBITDA during the four
(4) consecutive Fiscal Quarter period most recently concluded prior to the date of the proposed Acquisition;

 

(h)            Borrower
is in compliance, on a pro forma basis after giving effect to such Acquisition and any Indebtedness incurred or assumed
in connection therewith, with the financial covenants set forth in Section 7 calculated as of the last day of the most recently
ended Fiscal Quarter of Borrower for which financial statements are available, as if such acquisition (and any related incurrence or
repayment of Indebtedness) had occurred on the first day of each relevant period for testing such compliance; provided that, if
such Acquisition is a Limited Conditionality Acquisition, this clause (h) may be determined at the time of the execution (as opposed
to closing) of the definitive purchase agreement, merger agreement or other acquisition agreement governing such Acquisition;

 

(i)            for
any Acquisition with aggregate consideration (including cash, Cash Equivalents, Equity Interests and other deferred payment obligations)
in excess of $100,000,000, no later than 5 Business Days (or such shorter period as agreed to by Agent) prior to the proposed closing
date of such Acquisition, Borrower shall have delivered to Agent the following:

 

(i)            a
Compliance Certificate showing compliance with clause (h) above;

 

(ii)           copies
of substantially final documentation entered into or to be entered into in connection with such Acquisition, which shall be in form and
substance reasonably satisfactory to Agent;

 

(iii)          material
financial information regarding the Person or business to be acquired in connection with such Acquisition (except to the extent that
any such information is subject to any confidentiality agreement, unless mutually agreeable arrangements can be made to preserve such
information as confidential); and

 

(iv)          forecasted
balance sheets, profit and loss statements and cash flow statements for the Person to be acquired, all prepared on a basis consistent
with such Person’s historical financial statements, together with appropriate supporting details and a statement of underlying
assumptions for the one (1) year period following the date of the proposed Acquisition, on a quarterly basis, in form and substance
(including, without limitation, as to scope and underlying assumptions) reasonably satisfactory to Agent; and

 

    - 34 -

     

    

 

(j)            not
later than 5 Business Days (or such later date as Agent may agree in its sole discretion) following the consummation of such Acquisition,
the Borrower shall have delivered to Agent a certificate of a Responsible Officer thereof certifying that all of the requirements set
forth in this definition (other than the requirements set forth in clause (e) of this definition) have been satisfied.

 

“Permitted
Dispositions” means:

 

(a)            sales,
abandonment, or other Dispositions of (i) Equipment that is substantially worn, damaged, or obsolete or no longer used or useful
in the ordinary course of business, (ii) leases or subleases of Real Property not useful in the conduct of the business of Borrower
and its Subsidiaries and (iii) patents, trademarks, copyrights, and other intellectual
property rights that is obsolete or no longer used or useful in the ordinary course of business,

 

(b)            sales,
abandonment, or other Dispositions of Inventory that is damaged or obsolete or no longer used or useful in the ordinary course of business,
and sales of Inventory to buyers in the ordinary course of business,

 

(c)            the
use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents,

 

(d)            the
licensing of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business,

 

(e)            the
granting of Permitted Liens,

 

(f)             the
sale or discount, in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in connection
with the compromise or collection thereof,

 

(g)            any
involuntary loss, damage or destruction of property,

 

(h)            any
involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition
of use of property,

 

(i)             the
leasing or subleasing of assets of Borrower or its Subsidiaries in the ordinary course of business,

 

(j)              the
sale or issuance of Qualified Equity Interests of Borrower,

 

(k)            (i) the
lapse of registered patents, trademarks, copyrights and other intellectual property of Borrower and its Subsidiaries to the extent not
economically desirable in the conduct of their business or (ii) the abandonment of patents, trademarks, copyrights, or other intellectual
property rights in the ordinary course of business, provided, that as to any such Disposition that occurs other than solely by reason
of final expiration not subject to extension or renewal, so long as (in each case under clauses (i) and
(ii)), (A) with respect to copyrights, such copyrights are not material revenue generating copyrights, and (B) the occurrence
of such lapse could not reasonably be expected to have a Material Adverse Effect,

 

    - 35 -

     

    

 

(l)             the
making of Restricted Payments that are expressly permitted to be made pursuant to this Agreement,

 

(m)           the
making of Permitted Investments,

 

(n)            so
long as no Event of Default has occurred and is continuing or would immediately result therefrom, transfers of assets (i) from Borrower
or any of its Subsidiaries to a Loan Party, and (ii) from any Subsidiary of Borrower that is not a Loan Party to any other Subsidiary
of Borrower (provided that, with respect to any such transfer by any Subsidiary of the Borrower that is not a Loan Party to any
Loan Party, the consideration for such transfer shall not exceed the fair market value of such assets),

 

(o)            the
Disposition of Receivables in connection with Permitted Receivables Sales, and

 

(p)            Dispositions
of assets (other than Accounts, Inventory, or Equity Interests of Subsidiaries of Borrower) not otherwise permitted in clauses
(a) through (o) above so long as (i) no Default or Event of Default shall be continuing or result therefrom,
(ii) at least 75% of the aggregate consideration received for such Disposition is cash consideration and is paid at the time of
the closing of such Disposition, (iii) such Disposition is made for fair market value, (iv) the aggregate fair market value
of all assets disposed of in a Fiscal Year (including the proposed Disposition) does not exceed 10% of Borrower’s Consolidated
total assets (determined as of the last day of the most recent Fiscal Year for which financial statements have been delivered pursuant
to Section 5.1(a)(i)) and (v) the Consolidated EBITDA represented by such assets does not exceed 10% of Consolidated
EBITDA (determined as of the last day of the most recent Fiscal Year for which financial statements have been delivered pursuant to Section 5.1(a)(i)).

 

“Permitted
Indebtedness” means:

 

(a)            Indebtedness
evidenced by this Agreement or the other Loan Documents,

 

(b)            Indebtedness
set forth on Schedule 4.14 and any Refinancing Indebtedness in respect of any such Indebtedness,

 

(c)            Indebtedness
(including Capitalized Lease Obligations) incurred after the Closing Date and at the time of, or within 270 days after, the acquisition,
construction, repair, replacement or improvement of any fixed assets for the purpose of financing all or any part of the acquisition,
construction, repair, replacement or improvement costs thereof, in an aggregate principal amount outstanding at any one time not to exceed
$25,000,000 (“Permitted Purchase Money Indebtedness”), and any Refinancing Indebtedness in respect of such Indebtedness,

 

(d)            Indebtedness
constituting or owing by reason of Permitted Investments,

 

(e)            Indebtedness
arising in connection with the endorsement of instruments or other payment items for deposit or collection,

 

(f)             Indebtedness
consisting of (i) unsecured guarantees incurred in the ordinary course of business with respect to surety and appeal bonds, performance
bonds, bid bonds, appeal bonds, completion guarantee and similar obligations and (ii) unsecured guarantees arising with respect
to customary indemnification obligations to purchasers in connection with Permitted Dispositions,

 

    -
                                                                                      36 -

     

    

 

(g)            Indebtedness
of a Person whose assets or Equity Interests are acquired by any Loan Party or any of its Subsidiaries in a Permitted Acquisition; provided,
that such Indebtedness (i) was in existence prior to the date of such Permitted Acquisition, and (ii) was not incurred in
connection with, or in contemplation of, such Permitted Acquisition in an aggregate principal amount not to exceed $25,000,000
outstanding at any one time,

 

(h)            Indebtedness
incurred in the ordinary course of business under performance, surety, statutory, or appeal bonds,

 

(i)             Indebtedness
owed to any Person providing property, casualty, liability, or other insurance to Borrower or any of its Subsidiaries, so long as the
amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such
insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year,

 

(j)             the
incurrence by Borrower or its Subsidiaries of Indebtedness under Hedge Agreements that are incurred for the bona fide purpose of hedging
the interest rate, commodity, or foreign currency risks associated with Borrower’s and its Subsidiaries’ operations and not
for speculative purposes,

 

(k)            Indebtedness
incurred in the ordinary course of business in respect of credit cards, credit card processing services, debit cards, stored value cards,
commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”), or Cash
Management Services,

 

(l)             contingent
liabilities in respect of any indemnification obligation, adjustment of purchase price, non-compete, or similar obligation of Borrower
or the applicable Loan Party incurred in connection with the consummation of one or more Permitted Acquisitions,

 

(m)           unsecured
Indebtedness incurred in respect of netting services, overdraft protection, and other like services, in each case, incurred in the ordinary
course of business,

 

(n)            unsecured
Indebtedness of Borrower owing to employees, former employees, officers, former officers, directors, or former directors (or any spouses,
ex-spouses, or estates of any of the foregoing) incurred in connection with the redemption by Borrower of the Equity Interests of Borrower
that has been issued to such Persons, so long as (i) no Default or Event of Default has occurred and is continuing or would result
therefrom, and (ii) the aggregate principal amount of all such Indebtedness outstanding at any one time does not exceed $5,000,000,

 

(o)            Indebtedness
of Foreign Subsidiaries in an aggregate outstanding principal amount not to exceed $25,000,000 at any time outstanding; provided,
that such Indebtedness is not directly or indirectly recourse to any of the Loan Parties or of their respective assets,

 

(p)            accrual
of interest, accretion or amortization of original issue discount, or the payment of interest in kind, in each case, on Indebtedness
that otherwise constitutes Permitted Indebtedness,

 

(q)            unsecured
Indebtedness of the Loan Parties and their Subsidiaries; provided, that in the case of each incurrence of such Indebtedness, (i) no
Default or Event of Default shall have occurred and be continuing or would be caused by the incurrence of such Indebtedness, (ii) Agent
shall have received satisfactory written evidence that Borrower has a Consolidated Leverage Ratio at or below the then applicable ratio
set forth in Section 7.1 (without giving effect to any adjustment to such ratio following a Permitted Acquisition in accordance
with such Section) on a pro  forma basis after giving effect to the issuance of any such Indebtedness, (iii) such Indebtedness
does not mature prior to the date that is 91 days after the Maturity Date, (iv) the weighted average life to maturity of such Indebtedness
shall not be shorter than that applicable to any then outstanding Incremental Term Loan, (v) if such Indebtedness is Subordinated
Indebtedness, any guaranty by the Loan Parties shall be expressly subordinated to the Obligations on terms materially not less favorable
to the Lenders than the subordination terms of such Subordinated Indebtedness, (vi) if guaranteed, such Indebtedness is not guaranteed
by any Subsidiary that is not a Loan Party and (vii) the terms of such Indebtedness (other than pricing, fees, rate floors, premiums
and optional prepayment or redemption provisions (and, if applicable, subordination terms)), taken as a whole, are not materially more
restrictive (as determined by Borrower in good faith) on the Borrower and its Subsidiaries than the terms and conditions of this Agreement,
taken as a whole, or are otherwise on current market terms,

 

    -
                                                                                      37 -

     

    

 

(r)            customary
indemnification obligations incurred by any Loan Party or any Subsidiary thereof in connection with any Permitted Receivables Sale, and

 

(s)            other
Indebtedness incurred by Borrower or any other Loan Party in an aggregate outstanding principal amount not to exceed $30,000,000 at any
one time.

 

For
all purposes of this Agreement, if an item of Indebtedness meets the criteria of more than one of the types of Permitted Indebtedness
described in the above clauses, the Loan Party in question (i) shall have the right to determine in its sole discretion the category
to which such Indebtedness is to be allocated, (ii) shall not be required to allocate the amount of such Indebtedness to more than
one of such categories, (iii) may elect in its sole discretion to apportion such item of Indebtedness between or among any two or
more of such categories otherwise applicable, and (iv) may effect a reallocation of all or any part of such Indebtedness incurred
under clauses (c), (g), (n),  (o) and (s) to, between or among any one or more of such clauses (c), (g), (n),
  (o) and (s) at any time and from time to time (provided that, at the time such reclassification, such Indebtedness
meets the requirements set forth in such clause (c), (g), (n), (o) or (s)).

 

“Permitted
Intercompany Advances” has the meaning specified therefor in clause (g) of the definition of Permitted Investments.

 

“Permitted
Investments” means:

 

(a)            Investments
in cash and Cash Equivalents,

 

(b)            Investments
in negotiable instruments deposited or to be deposited for collection in the ordinary course of business,

 

(c)            advances
made in connection with purchases of goods or services in the ordinary course of business,

 

(d)            Investments
received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of business or owing
to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an account debtor or upon the foreclosure
or enforcement of any Lien in favor of a Loan Party or its Subsidiaries,

 

(e)            Investments
owned by any Loan Party or any of its Subsidiaries on the Closing Date and set forth on Schedule 1.1(a),

 

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(f)             guarantees
permitted under the definition of Permitted Indebtedness,

 

(g)            unsecured
loans and advances (collectively, “Permitted Intercompany Advances”) made by (i) a Loan Party to another Loan
Party, (ii) a Subsidiary of Borrower that is not a Loan Party to another Subsidiary of Borrower that is not a Loan Party, (iii) a
Subsidiary of Borrower that is not a Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination
Agreement, and (iv) a Loan Party to a Subsidiary of Borrower that is not a Loan Party so long as (x) the aggregate principal
amount of all such loans and advances under this clause (iv) (by type, not by the borrower) does not exceed, together with any Permitted
Acquisitions made pursuant to clause (k)(ii) below,
$40,000,000 outstanding at any one time and (y) at the time of the making of such loan or advance, no Event of Default has occurred
and is continuing or would result therefrom,

 

(h)            Equity
Interests or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to a
Loan Party or its Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course of business) or as security
for any such Indebtedness or claims,

 

(i)             deposits
of cash made in the ordinary course of business to secure performance of operating leases,

 

(j)            (i) non-cash
loans and advances to employees, officers, and directors of Borrower or any of its Subsidiaries for the purpose of purchasing Equity
Interests in Borrower so long as the proceeds of such loans are used in their entirety to purchase such Equity Interests in Borrower,
and (ii) loans and advances to employees and officers of Borrower or any of its Subsidiaries in the ordinary course of business
for any other business purpose and in an aggregate principal amount not to exceed $5,000,000 outstanding at any one time,

 

(k)            (i) Permitted
Acquisitions to the extent that any Person or property acquired in such Permitted Acquisition becomes a part of a Loan Party or becomes
a Guarantor in the manner contemplated by Section 5.11, and (ii) Permitted Acquisitions to the extent that any Person
or property acquired in such Permitted Acquisition does not become a Guarantor or a part of a Loan Party in an aggregate amount at any
time outstanding not to exceed, together with any Permitted Intercompany Advances made pursuant to clause (g)(iv) above,
$40,000,000,

 

(l)             Investments
in the form of capital contributions and the acquisition of Equity Interests made by any Loan Party in any other Loan Party (other than
capital contributions to or the acquisition of Equity Interests of Borrower),

 

(m)            Investments
resulting from entering into (i) Bank Product Agreements or (ii) Hedge Agreements of the type described in clause (j) of
the definition of Permitted Indebtedness,

 

(n)            equity
Investments by any Loan Party in any Subsidiary of such Loan Party which is required by law to maintain a minimum net capital requirement
or as may be otherwise required by applicable law,

 

(o)            Investments
held by a Person acquired in a Permitted Acquisition to the extent that such Investments were not made in contemplation of or in connection
with such Permitted Acquisition and were in existence on the date of such Permitted Acquisition,

 

(p)            Investments
so long as (i) no Event of Default has occurred and is continuing or would result therefrom and (ii) Borrower demonstrates
that the Consolidated Leverage Ratio, calculated on a pro   forma basis after giving effect to such Investment and any Indebtedness
incurred in connection therewith, is not greater than 2.75 to 1.00,

 

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                                                                                      39 -

     

    

 

(q)            so
long as no Event of Default has occurred and is continuing or would result therefrom, any other Investments in an aggregate amount not
to exceed $30,000,000 during the term of this Agreement.

 

For
all purposes of this Agreement, if an Investment meets the criteria of more than one of the types of Permitted Investments described
in the above clauses (other than under clause (p)), the Loan Party in question (i) shall have the right to determine in its sole
discretion the category to which such Investment is to be allocated, (ii) shall not be required to allocate the amount of such Investment
to more than one of such categories, (iii) may elect in its sole discretion to apportion such item of Investment between or among
any two or more of such categories otherwise applicable, and (iv) may effect a reallocation of all or any part of such Investment
made under clauses (g)(iv),  (j),  (k)(ii) and (q) to, between or among any one or more of such clauses (g)(iv),
(j),  (k)(ii) and (q) at any time and from time to time (provided that, at the time such reclassification,
such Investments meets the requirements set forth in such clause (g)(iv),  (j),  (k)(ii) or (q)).

 

“Permitted
Liens” means

 

(a)            Liens
created pursuant to the Loan Documents (including, without limitation, Liens in favor of the Swingline Lender and/or the Issuing Lenders,
as applicable, on Cash Collateral granted pursuant to the Loan Documents),

 

(b)            Liens
for unpaid taxes, assessments, or other governmental charges or levies that either (i) are not yet delinquent, or (ii) the
underlying taxes, assessments, or charges or levies are the subject of Permitted Protests,

 

(c)             judgment
Liens arising solely as a result of the existence of judgments, orders, or awards that do not constitute an Event of Default under Section 8.3,

 

(d)            Liens
set forth on Schedule 1.1(b); provided, that to qualify as a Permitted Lien, any such Lien described on Schedule 1.1(b) shall
only secure the Indebtedness that it secures on the Closing Date and any Refinancing Indebtedness in respect thereof,

 

(e)            the
interests of lessors under operating leases and licensors under license agreements entered into in the ordinary course of business that
do not interfere in any material respect with the operations of the business of Borrower and its Subsidiaries,

 

(f)             purchase
money Liens on fixtures and equipment and the interests of lessors under Capital Leases to the extent that such Liens or interests secure
Permitted Purchase Money Indebtedness and so long as (i) such Lien attaches only to the asset purchased, leased or otherwise acquired
and the proceeds thereof, and (ii) such Lien only secures the Indebtedness that was incurred to acquire the asset purchased, leased
or otherwise acquired or any Refinancing Indebtedness in respect thereof,

 

(g)            Liens
arising by operation of law and not as a result of any default or omission by any Loan Party or its Subsidiaries in favor of warehousemen,
landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred in the ordinary course of business and not in connection
with the borrowing of money, and which Liens either (i) are for sums not yet delinquent, or (ii) are the subject of Permitted
Protests,

 

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                                                                                      40 -

     

    

 

(h)            Liens
on amounts deposited to secure obligations of Borrower and its Subsidiaries in connection with worker’s compensation or other unemployment
insurance or other social security legislation (other than Liens imposed pursuant to ERISA),

 

(i)             Liens
on amounts deposited to secure obligations of Borrower and its Subsidiaries in connection with the making or entering into of bids, tenders,
contracts or leases in the ordinary course of business and not in connection with the borrowing of money,

 

(j)             Liens
on amounts deposited to secure reimbursement obligations of Borrower and its Subsidiaries with respect to surety or appeal bonds obtained
in the ordinary course of business,

 

(k)            with
respect to any Real Property (i) easements, rights of way, encroachments, minor defects or irregularities in title, zoning restrictions,
municipal bylaws, development agreements, and entitlement, land use, building or planning restrictions or regulations that, individually
or in the aggregate, do not materially interfere with or impair the use or operation thereof, and (ii) the extent such Real Property
is leased by a Loan Party, any Liens to which the underlying fee or any other interest in such leased Real Property (or the land on which
or the building in which such leased Real Property may be located) is subject, including rights of the landlord under the applicable
lease and all superior, underlying and ground leases and renewals, extensions, amendments or substitutions thereof,

 

(l)              licenses
of patents, trademarks, copyrights, and other intellectual property rights entered into in the ordinary course of business,

 

(m)            Liens
that are replacements of Permitted Liens to the extent that the original Indebtedness is the subject of permitted Refinancing Indebtedness
and so long as the replacement Liens only encumber those assets that secured the original Indebtedness and, if applicable, subject to
subordination terms and conditions that are at least as favorable to the Lender Group as those that were applicable to the original Lien,

 

(n)            rights
of setoff or bankers’ liens upon deposits of funds in favor of banks or other depository institutions, solely to the extent incurred
in connection with the maintenance of such Deposit Accounts in the ordinary course of business or under the general business conditions
of a bank,

 

(o)            Liens
granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums
to the extent the financing is permitted under the definition of Permitted Indebtedness,

 

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

 

(q)            Liens
solely on any cash earnest money deposits made by Borrower or any of its Subsidiaries in connection with any letter of intent or purchase
agreement with respect to a Permitted Acquisition,

 

(r)             Liens
assumed by Borrower or its Subsidiaries in connection with a Permitted Acquisition that secure Indebtedness permitted under clause
(g) of the definition of Permitted Indebtedness,

 

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(s)             Liens
arising under a Permitted Receivables Sale solely with respect to Receivables disposed of by a Loan Party or its Subsidiary in accordance
with such Permitted Receivables Sale, and

 

(t)             other
Liens as to which the aggregate amount of the obligations secured thereby does not exceed $30,000,000;

 

provided that
Liens permitted under clauses (d), (f), (h), (i), (j), (l), (n), (o), (p), (q), (s) and (t) of
this definition shall not encumber any Real Property of Borrower or any of its Subsidiaries.

 

For
all purposes of this Agreement and subject to the limitations set forth above, if a Lien meets the criteria of more than one of the types
of Permitted Liens described in the above clauses, the Loan Party in question (i) shall have the right to determine in its sole
discretion the category to which such Lien is to be allocated, (ii) shall not be required to allocate the amount of such Lien to
more than one of such categories, (iii) may elect in its sole discretion to apportion such item of Lien between or among any two
or more of such categories otherwise applicable, and (iv) may effect a reallocation of all or any part of such Lien incurred under
clauses (f), (r) and (t) to, between or among any one or more of such clauses (f), (r) and
(t) at any time and from time to time (provided that, at the time such reclassification, such Liens meets the requirements
set forth in such clause (f), (r) or (t)).

 

“Permitted
Protest” means the right of Borrower or any of its Subsidiaries to protest any Lien (other than any Lien that secures the Obligations),
taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment, provided that
(a) a reserve with respect to such obligation is established on Borrower’s or its Subsidiaries’ books and records in
such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by Borrower or its
Subsidiary, as applicable, in good faith, and (c) Agent is satisfied that, while any such protest is pending, there will be no impairment
of the enforceability, validity, or priority of any of Agent’s Liens.

 

“Permitted
Purchase Money Indebtedness” has the meaning specified therefor in clause (c) of the definition of Permitted Indebtedness.

 

“Permitted
Receivables Sales” means sales (including at a discount) by one or more Loan Parties and/or their Subsidiaries of Receivables
owing from customers from time to time pursuant to a supply chain financing arrangement or other financing arrangement for the collection
or compromise of the same (“Supply Chain Financing Arrangements”) in the ordinary course of business on customary
terms; provided that (a) the aggregate amount of Receivables sold in connection with such Supply Chain Financing Arrangements
(calculated based on the non-discounted value of such Receivables) that remain outstanding or uncollected by the purchaser thereof shall
not exceed $25,000,000 at any time outstanding and (b) any Liens arising under the Permitted Receivables Sales shall not at any
time encumber any property other than the identified Receivables sold pursuant to the applicable Permitted Receivables Sales.

 

“Person”
means natural persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability partnerships,
joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments
and agencies and political subdivisions thereof.

 

“Platform”
has the meaning specified therefor in Section 17.10(c).

 

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

 

“Public
Lender” has the meaning specified therefor in Section 17.10(c).

 

“Purchase
Price” means, with respect to any Acquisition, an amount equal to the aggregate consideration, whether cash, property or securities
(including the fair market value of any Equity Interests of Borrower issued in connection with such Acquisition and including the maximum
amount of Earn-Outs), paid or delivered by Borrower or one of its Subsidiaries in connection with such Acquisition (whether paid at the
closing thereof or payable thereafter and whether fixed or contingent), but excluding therefrom (a) any cash of the seller and its
Affiliates used to fund any portion of such consideration and (b) any cash or Cash Equivalents acquired in connection with such
Acquisition.

 

“Qualified
Equity Interests” means and refers to any Equity Interests issued by Borrower (and not by one or more of its Subsidiaries)
that is not a Disqualified Equity Interest.

 

“Quanex
Foundation” means Quanex Foundation, a Texas non-profit corporation (File Number: 68333201).

 

“Quanex
Incentive Plans” means (a) the Quanex Building Products Corporation 2008 Omnibus Incentive Plan and (b) the Quanex
Building Products Corporation Deferred Compensation Plan, each as amended, modified, supplemented, renewed, extended or restated from
time to time in accordance with the terms of this Agreement.

 

“Rate
Determination Date” means, with respect to any Interest Period, two (2) Eurocurrency Banking Days prior to the commencement
of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market,
as determined by Agent; provided that to the extent that such market practice is not administratively feasible for Agent, such other
day as otherwise reasonably determined by Agent).

 

“Reaffirmation
Agreement” means the Reaffirmation Agreement and Amendment dated as of even date with this Agreement by Borrower, Guarantors
and certain Subsidiaries party thereto to Agent for the benefit of the Lenders.

 

“Real
Property” means any estates or interests in real property now owned or hereafter acquired by Borrower or its Subsidiaries and
the improvements thereto.

 

“Receivables”
means the accounts receivable or Accounts and the related property and rights of any Loan Party.

 

“Recipient”
means (a) Agent, (b) any Lender and (c) the Issuing Lender, as applicable.

 

“Record”
means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable
form.

 

“Reference
Period” means, as of any date of determination, the period of four (4) consecutive Fiscal Quarters ended on or immediately
prior to such date for which Borrower has delivered financial statements and a Compliance Certificate pursuant to Section 5.1.

 

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                                                                                      43 -

     

    

 

“Reference
Time” with respect to any setting of the then-current Benchmark for any currency means (a) if such Benchmark is a Daily Simple
RFR, (i) if the RFR for such Benchmark is SOFR,
then two (2) RFR Business Days prior to (A) if the date of such setting is an RFR Business Day, such date or (B) if the
date of such setting is not an RFR Business Day, the RFR Business Day immediately preceding such date, and (ii) if the RFR for such
Benchmark is SONIA, then two (2) RFR Business Days prior to (A) if the date of such setting is an RFR Business Day, such date
or (B) if the date of such setting is not an RFR Business Day, the RFR Business Day immediately preceding such date, (b) if
such Benchmark is an Adjusted Eurocurrency Rate, (i) if the applicable Adjusted Eurocurrency Rate for such Benchmark is based upon
USD LIBOR, then 11:00 a.m. (London time) on the day that is two (2) Eurocurrency Banking Days preceding the date of such setting,
and (ii) if the applicable Adjusted Eurocurrency Rate for such Benchmark is based upon EURIBOR, then 11:00 a.m. (Brussels time)
on the day that is two (2) Eurocurrency Banking Days preceding the date of such setting, and (c) otherwise, then the time determined
by Agent, including in accordance with the Benchmark Replacement Conforming Changes.

 

“Refinancing
Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as:

 

(a)          such
refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed,
or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the
amount of unfunded commitments with respect thereto,

 

(b)          such
refinancings, renewals, or extensions do not result in a shortening of the final stated maturity or the average weighted maturity (measured
as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions
that, taken as a whole, are or could reasonably be expected to be materially adverse to the interests of the Lenders,

 

(c)          if
the Indebtedness that is refinanced, renewed, or extended was Subordinated Indebtedness, then the terms and conditions of the refinancing,
renewal, or extension must include subordination terms and conditions that are at least as favorable to the Lender Group as those that
were applicable to the refinanced, renewed, or extended Indebtedness,

 

(d)          the
Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations other
than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended,

 

(e)          if
the Indebtedness that is refinanced, renewed or extended was unsecured, such refinancing, renewal or extension shall be unsecured,

 

(f)           if
the Indebtedness that is refinanced, renewed or extended was secured (i) such refinancing, renewal or extension shall be secured
by substantially the same or less collateral as secured such refinanced, renewed or extended Indebtedness on terms no less favorable
to Agent or the Lender Group and (ii) the Liens securing such refinancing, renewal or extension shall not have a priority more senior
than the Liens securing such refinanced, renewed or extended Indebtedness, and

 

(g)          at
the time of the incurrence thereof, no Default or Event of Default shall have occurred and be continuing.

 

“Register”
has the meaning specified therefor in Section 13.1(c).

 

    - 44 -

     

    

 

“Reimbursement
Obligation” means the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 2.15(e) for
amounts drawn under Letters of Credit issued by the Issuing Lender.

 

“Relevant
Governmental Body” means (a) with respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions
or other amounts denominated in, or calculated with respect to, Dollars, the Board of Governors or the Federal Reserve Bank of New York,
or a committee officially endorsed or convened by the Board of Governors or the Federal Reserve Bank of New York, or any successor thereto
and (b) with respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated
in, or calculated with respect to, any Alternative Currency, (1) the central bank for the currency in which such Obligations, interest,
fees, commissions or other amounts are denominated, or calculated with respect to, or any central bank or other supervisor which is responsible
for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any
working group or committee officially endorsed or convened by (A) the central bank for the currency in which such Obligations, interest,
fees, commissions or other amounts are denominated, or calculated with respect to, (B) any central bank or other supervisor that
is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement,
(C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof.

 

“Remedial
Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any
way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of
Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment,
(c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or post-remedial
operation and maintenance activities, or (e) conduct any other actions with respect to Hazardous Materials required by Environmental
Laws.

 

“Replacement
Rate” has the meaning assigned thereto in Section 2.18(c).

 

“Required
Lenders” means, at any time, one or more Lenders having or holding more than 50% of the aggregate outstanding Incremental
Term Loans, Revolving Credit Exposure and unfunded Commitments of all Lenders, or if the Revolving Credit Commitment has been
terminated, any combination of Lenders holding more than 50% of the aggregate Incremental Term Loans and Revolving Credit Exposure; provided,
that the outstanding Incremental Term Loans, Revolving Credit Exposure and unfunded Commitments of any Defaulting Lender shall be
disregarded in the determination of the Required Lenders.

 

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

 

“Responsible
Officer” means, as to any Person, the chief executive officer, president, chief financial officer, controller, treasurer or
assistant treasurer of such Person or any other officer of such Person designated in writing by Borrower and reasonably acceptable to
Agent; provided that, to the extent requested thereby, Agent shall have received a certificate of such Person certifying as to
the incumbency and genuineness of the signature of each such officer. Any document delivered hereunder or under any other Loan Document
that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted
on behalf of such Person.

 

    - 45 -

     

    

 

“Restricted
Payment” means to (a) declare or pay any dividend or make any other payment or distribution, directly or indirectly, on
account of Equity Interests issued by Borrower or any of its Subsidiaries (including any payment in connection with any merger or consolidation
involving Borrower or any of its Subsidiaries) or to the direct or indirect holders of Equity Interests issued by Borrower or any of
its Subsidiaries in their capacity as such (other than dividends or distributions payable in Qualified Equity Interests issued by Borrower,
(b) purchase, redeem, make any sinking fund or similar payment, or otherwise acquire or retire for value (including in connection
with any merger or consolidation involving Borrower or any of its Subsidiaries) any Equity Interests issued by Borrower or any of its
Subsidiaries, (c) make any payment to retire, or to obtain the surrender of, any outstanding warrants, options, or other rights
to acquire Equity Interests of Borrower or any of its Subsidiaries now or hereafter outstanding, or (d) make, or cause or suffer
to permit to make, any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance
(including in-substance or legal defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness.

 

“Revaluation
Date” means:

 

(a) (a) with
respect to any Loan, each of the following: (i) each date of a borrowing of a LIBORan
RFR Loan or a Eurocurrency Rate Loan denominated
in an Alternative Currency, as applicable, but only as to the amounts so borrowed on such date, (ii) each date
of a continuation of a LIBORan
RFR Loan or a Eurocurrency Rate Loan,
as applicable, denominated in an Alternative Currency pursuant
to the terms of this Agreement, but only as to the amounts so continued on such date and (iii) such additional dates
as Agent shall determine or the Required Lenders shall require; and

 

(b) (b) with
respect to any Letter of Credit, each of the following: (i) each date of issuance of a Letter of Credit, (ii) each date of
an amendment of any such Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by
the Issuing Lender under any Letter of Credit denominated in an Alternative Currency and (iv) such additional dates as Agent or
the Issuing Lender shall determine or the Required Lenders shall require.

 

“Revolving
Credit Commitment” means (a) as to any Revolving Credit Lender, the obligation of such Revolving Credit Lender to make
Revolving Credit Loans to, and to purchase participations in L/C Obligations and Swingline Loans for the account of, the Borrower hereunder
in an aggregate principal amount at any time outstanding not to exceed the amount set forth opposite such Revolving Credit Lender’s
name on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof (including, without
limitation, Section 2.20) and (b) as to all Revolving Credit Lenders, the aggregate commitment of all Revolving Credit
Lenders to make Revolving Credit Loans, as such amount may be modified at any time or from time to time pursuant to the terms hereof
(including, without limitation, Section 2.20). The aggregate Revolving Credit Commitment of all the Revolving Credit Lenders
on the Closing Date shall be $325,000,000. The initial Revolving Credit Commitment of each Revolving Credit Lender is set forth opposite
the name of such Lender on Schedule 1.1(d).

 

“Revolving
Credit Commitment Increase” has the meaning specified in Section 2.20(a).

 

“Revolving
Credit Commitment Percentage” means, with respect to any Revolving Credit Lender at any time, the percentage of the total
Revolving Credit Commitments of all the Revolving Credit Lenders represented by such Revolving Credit Lender’s Revolving
Credit Commitment. If the Revolving Credit Commitments have terminated or expired, the Revolving Credit Commitment Percentages shall
be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments. The Revolving
Credit Commitment Percentage of each Revolving Credit Lender on the Closing Date is set forth opposite the name of such Lender on Schedule
1.1(d).

 

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“Revolving
Credit Exposure” means, as to any Revolving Credit Lender at any time, the Dollar Equivalent amount of the aggregate principal
amount at such time of its outstanding Revolving Credit Loans and such Revolving Credit Lender’s participation in L/C Obligations
and Swingline Loans at such time.

 

“Revolving
Credit Facility” means the revolving credit facility established pursuant to Section 2 (including any increase
in such revolving credit facility established pursuant to Section 2.20).

 

“Revolving
Credit Lenders” means, collectively, all of the Lenders with a Revolving Credit Commitment.

 

“Revolving
Credit Loan” means any revolving loan made to the Borrower pursuant to Section 2.5, and all such revolving loans
collectively as the context requires.

 

“Revolving
Credit Note” means a promissory note made by the Borrower in favor of a Revolving Credit Lender evidencing the Revolving Credit
Loans made by such Revolving Credit Lender, substantially in the form attached as Exhibit C-1, and any substitutes therefor,
and any replacements, restatements, renewals or extension thereof, in whole or in part.

 

“Revolving
Credit Outstandings” means the sum of (a) with respect to Revolving Credit Loans and Swingline Loans on any date,
the Dollar Equivalent amount of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments
or repayments of Revolving Credit Loans and Swingline Loans, as the case may be, occurring on such date; plus (b) with respect
to any L/C Obligations on any date, the Dollar Equivalent amount of the aggregate outstanding amount thereof on such date after giving
effect to any Extensions of Credit occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of
such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in
the maximum amount available for drawing under Letters of Credit taking effect on such date.

 

“RFR”
means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) Dollars,
on and after the USD LIBOR Transition Date, SOFR, and (b) Sterling, SONIA.

 

“RFR
Administrator” means the SOFR Administrator, or the SONIA Administrator, as applicable.

 

“RFR
Business Day” means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect
to, (a) Dollars, on and after the USD LIBOR Transition Date, any day except for (i) a Saturday, (ii) a Sunday or (iii) a
day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be
closed for the entire day for purposes of trading in United States government securities, and (b) Sterling, any day except for (i) a
Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London; provided, that for purposes
of any notice requirements in Sections 2.4(a), 2.7(a), 2.8(c), 2.9(a), 2.13 and 2.20, in each case, such day is also a Business Day.

 

“RFR
Loan” means a Daily Simple RFR Loan or a Term RFR Loan, as the context may require.

 

    - 47 -

     

    

 

“RFR
Rate Day” has the meaning assigned thereto in the definition of “Daily Simple RFR”.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a part of McGraw-Hill Financial and any successor thereto.

 

“Same
Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with
respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by Agent or the Issuing
Lender, as applicable, to be customary in the place of disbursement or payment for the settlement of international banking transactions
in the relevant Alternative Currency.

 

“Sanctioned
Country” means at any time, a country, region or territory which is itself or whose government is the subject or target of
any Sanctions (including Cuba, Iran, North Korea, Syria and the Crimean Region of Ukraine).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC,
including Specially Designated Nationals and Blocked Persons, the U.S. Department of State, the United Nations Security Council, the
European Union, any European Union member state, Her Majesty’s Treasury, or other relevant sanctions authority, (b) any Person
operating, organized or resident in a Sanctioned Country or (c) any Person directly or indirectly owned or controlled (individually
or in the aggregate) by or acting on behalf of any such Person or Persons described in clauses (a) and (b).

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government (including
those administered by OFAC), the United Nations Security Council, the European Union or any European Union member state, Her Majesty’s
Treasury, or other relevant sanctions authority.

 

“Screen
Rate” means, for any Eurocurrency Rate Loan denominated in Dollars, the USD LIBOR Rate, and for any Eurocurrency Rate Loan denominated
in Euros, the EURIBOR Rate.

 

“SEC”
means the United States Securities and Exchange Commission and any successor thereto.

 

“Securities
Account” means a securities account (as that term is defined in the Code).

 

“Security
Documents” means the Guaranty and Security Agreement, the Control Agreements, the Patent Security Agreement, the Trademark
Security Agreement, the Copyright Security Agreement, and each other security agreement or other instrument or document executed and
delivered to Agent pursuant to this Agreement or any other Loan Document granting a Lien to secure any of the Obligations.

 

“SOFR”
means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

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

 

“Solvency
Certificate” means a solvency certificate substantially in the form of Exhibit H.

 

“Solvent”
means, with respect to any Person as of any date of determination that, (a) the sum of the Indebtedness and other liabilities (including
contingent liabilities) of such Person and its Subsidiaries, on a Consolidated basis, does not exceed the fair value of the assets of
such Person and its Subsidiaries, on a Consolidated basis; (b) the capital of such Person and its Subsidiaries, on a Consolidated
basis, is not unreasonably small in relation to the conducting of the business of such Person and its Subsidiaries, on a Consolidated
basis; (c) the present fair saleable value of the assets of such Person and its Subsidiaries, on a Consolidated basis, is not less
than the amount that will be required to pay the probable liabilities (including contingent liabilities) of such Person and its Subsidiaries,
on a Consolidated basis, on their debts as they become absolute and matured in the ordinary course of business; (d) such Person
and its Subsidiaries do not intend to incur, or believe that they will incur, on a Consolidated basis debts or liabilities (including
current obligations and contingent liabilities) beyond their ability to pay such debts and liabilities on a Consolidated basis as they
mature in the ordinary course of business; and (e) such Person and its Subsidiaries, on a Consolidated basis, are able to pay their
respective debts and liabilities, contingent liabilities and other commitments 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 would reasonably be expected to become an actual or matured
liability.

 

“SONIA”
means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.

 

“SONIA
Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA
Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor
source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“Spot
Rate” for a currency means the rate determined by Agent or the Issuing Lender, as applicable, to be the rate quoted by the
Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal
foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign
exchange computation is made; provided that Agent or the Issuing Lender may obtain such spot rate from another financial institution
designated by Agent or the Issuing Lender if the Person acting in such capacity does not have as of the date of determination a spot
buying rate for any such currency; provided further that the Issuing Lender may use such spot rate quoted on the date as of which
the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency.

 

“Spread
Adjusted SOFR” means with respect to any RFR Business Day, a rate per annum equal to the sum of (a) the secured overnight
financing rate for such RFR Business Day plus (b) 0.11448% (11.448 basis points).

 

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                                                                                      49 -

     

    

 

“Spread
Adjusted Term SOFR” means, for any Available Tenor and Interest Period, a rate per annum equal to the sum of (a) the forward-looking
term rate for a period comparable to such Available Tenor based on the SOFR that is published by an authorized benchmark administrator
and is displayed on a screen or other information service, each as identified or selected by Agent in its reasonable discretion at approximately
a time and as of a date prior to the commencement of such Interest Period determined by Agent in its reasonable discretion in a manner
substantially consistent with market practice and (b) (i) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s
duration, (ii) 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and (iii) 0.42826% (42.826
basis points) for an Available Tenor of six-months’ duration.

 

“Sterling”
or “£” means the lawful currency of the United Kingdom.

 

“Subordinated
Indebtedness” means any Indebtedness of Borrower or its Subsidiaries incurred from time to time that is subordinated in right
of payment to the Obligations; provided that, if such Indebtedness is secured, it shall be subject to an intercreditor agreement
in form and substance reasonably acceptable to Agent.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly
owns or controls the Equity Interests having ordinary voting power to elect a majority of the Board of Directors of such corporation,
partnership, limited liability company, or other entity. Notwithstanding the foregoing, Quanex Foundation, a non-profit Texas corporation,
shall be deemed to not be a Subsidiary so long as it remains a non-profit entity.

 

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

 

“Swingline
Commitment” means the lesser of (a) $15,000,000 and (b) the Revolving Credit Commitment.

 

“Swingline
Facility” means the swingline facility established pursuant to Section 2.

 

“Swingline
Lender” means Wells Fargo in its capacity as swingline lender hereunder or any successor thereto.

 

“Swingline
Loan” means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.6, and all such
swingline loans collectively as the context requires.

 

“Swingline
Note” means a promissory note made by the Borrower in favor of the Swingline Lender evidencing the Swingline Loans made by
the Swingline Lender, substantially in the form attached as Exhibit C-2, and any substitutes therefor, and any replacements,
restatements, renewals or extension thereof, in whole or in part.

 

“Swingline
Participation Amount” has the meaning assigned thereto in Section 2.6(b)(iii).

 

“TARGET
Day” means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment
system (or, if such payment system ceases to be operative, such other payment system (if any) determined by Agent to be a suitable
replacement) is open for the settlement of payments in Euro.

 

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                                                                                      50 -

     

    

 

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

 

“Term
RFR” means, with respect to any currency for any Interest Period, a rate per annum equal to (a) for any Obligations, interest,
fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the greater of (i) Spread Adjusted Term
SOFR and (ii) the Floor and (b) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated
with respect to, Sterling, the greater of (i) the forward-looking term rate for a period comparable to such Interest Period based
on the RFR for such currency that is published by an authorized benchmark administrator and is displayed on a screen or other information
service, each as identified or selected by Agent in its reasonable discretion at approximately a time and as of a date prior to the commencement
of such Interest Period determined by Agent in its reasonable discretion in a manner substantially consistent with market practice and
(ii) the Floor.

 

“Term
RFR Loan” means a Loan that bears interest at a rate based on Term RFR other than pursuant to clause (b) of the definition
of “Base Rate”.

 

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

 

“Term
RFR Transition Date” means, in the case of a Term RFR Transition Event, the date that is thirty (30) calendar days after Agent
has provided the related Term RFR Notice to the Lenders and Borrower pursuant to Section 2.18(c)(i)(C).

 

“Term
RFR Transition Event” means, with respect to any currency for any Interest Period, the determination by Agent that (a) the
applicable Term RFR for such currency has been recommended for use by the Relevant Governmental Body and (b) the administration
of such Term RFR is administratively feasible for Agent.

 

“Trademark
Security Agreement” has the meaning specified therefor in the Guaranty and Security Agreement.

 

“Transactions”
means, collectively, (a) the consummation of the refinancing of the Indebtedness outstanding under the Existing Credit Agreement,
(b) the execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party, the Extensions of Credit
on the Closing Date and the use of proceeds thereof, and (c) the payment of all fees and expenses in connection with the foregoing.

 

“Transitioned
RFR Loan” means a Loan that is an RFR Loan that would not have borne interest based upon a Daily Simple RFR or a Term RFR on the
Amendment No. 2 Effective Date. To the extent that Loans denominated in Dollars bear interest based on a Daily Simple RFR or Term
RFR after the Amendment No. 2 Effective Date, such Loans would be Transitioned RFR Loans.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or, a
LIBOREurocurrency Rate
Loan or
an RFR Loan, as applicable.

 

    - 51 -

     

    

 

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

 

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

 

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

 

“Uniform
Customs” means the Uniform Customs and Practice for Documentary Credits (2007 Revision), effective July, 2007 International
Chamber of Commerce Publication No. 600.

 

“United
States” means the United States of America.

 

“USD
LIBOR” has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

“USD
LIBOR Rate” has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

“USD
LIBOR Transition Date” means, the earlier of (a) the date that all Available Tenors of USD LIBOR have either (i) permanently
or indefinitely ceased to be provided by IBA; provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of USD LIBOR or (ii) been announced by the FCA pursuant to public statement or
publication of information to be no longer representative and (b) the Early Opt-in Effective Date.

 

“U.S.
Person” means a “United States Person” within the meaning of Section 7701(a)(30) of the IRC.

 

“U.S.
Tax Compliance Certificate” has the meaning specified therefor in Section 16.7(b)(ii)(3).

 

“Voidable
Transfer” has the meaning specified therefor in Section 17.9.

 

“Wells
Fargo” has the meaning specified therefor in the preamble to this Agreement.

 

“Withdrawal
Liability” means liability with respect to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding
Agent” means any Loan Party and Agent.

 

“Write-Down
and Conversion Powers” means, 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.

 

    - 52 -

     

    

 

1.2          Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP; provided, that
if Borrower notifies Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any Accounting Change
occurring after the Closing Date or in the application thereof on the operation of such provision (or if Agent notifies 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 Accounting Change or in the application thereof, then Agent and Borrower agree that they will negotiate in good faith amendments
to the provisions of this Agreement that are directly affected by such Accounting Change with the intent of having the respective positions
of the Lenders and Borrower after such Accounting Change conform as nearly as possible to their respective positions as of the date of
this Agreement and, until any such amendments have been agreed upon and agreed to by the Required Lenders, the provisions in this Agreement
shall be calculated as if no such Accounting Change had occurred. When used herein, the term “financial statements” shall
include the notes and schedules thereto. Whenever the term “Borrower” is used in respect of a financial covenant or a related
definition, it shall be understood to mean Borrower and its Subsidiaries on a consolidated basis, unless the context clearly requires
otherwise. Notwithstanding anything to the contrary contained herein, (a) all financial statements delivered hereunder shall be
prepared, and all financial covenants contained herein shall be calculated, without giving effect to any election under the Statement
of Financial Accounting Standards Board’s Accounting Standards Codification Topic 825 (or any similar accounting principle) permitting
a Person to value its financial liabilities or Indebtedness at the fair value thereof, and (b) the term “unqualified opinion”
as used herein to refer to opinions or reports provided by accountants shall mean an opinion or report that is (i) unqualified,
and (ii) does not include any explanation, supplemental comment, or other comment concerning the ability of the applicable Person
to continue as a going concern or concerning the scope of the audit.

 

1.3          Code.
Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise
defined herein; provided, that to the extent that the Code is used to define any term herein and such term is defined differently
in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern.

 

1.4          Construction.
Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include the
singular, references to the singular include the plural, the terms “includes” and “including” are not
limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase
 “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and
similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be,
as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section,
subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this
Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments,
changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as
applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth herein). The words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties. Any
reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean
(a) the payment or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued
and unpaid with respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the
Loans, (ii) all Lender Group Expenses that have accrued and are unpaid regardless of whether demand has been made therefor,
(iii) all fees or charges that have accrued hereunder or under any other Loan Document (including the Commitment Fees) and are
unpaid, (b) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Cash Collateral,
(c) the receipt by Agent of cash collateral in order to secure any other contingent Obligations for which a claim or demand for
payment has been made on or prior to such time or in respect of matters or circumstances known to Agent or a Lender at such time
that are reasonably expected to result in any loss, cost, damage, or expense (including reasonable attorneys’ fees and legal
expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such contingent
Obligations, (d) the payment or repayment in full in immediately available funds of all other outstanding Obligations
(including the payment of any termination amount then applicable (or which would or could become applicable as a result of the
repayment of the other Obligations) under Hedge Agreements provided by Hedge Providers) other than (i) unasserted contingent
indemnification Obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed
by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and
(iii) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without
being required to be repaid, and (e) the termination of all of the Commitments of the Lenders. Any reference herein to any
Person shall be construed to include such Person’s successors and assigns; provided that no Loan Party shall assign its
obligations under the Loan Documents except in accordance with Section 13.1. Any requirement of a writing contained
herein or in any other Loan Document shall be satisfied by the transmission of a Record.

 

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1.5          Time
References. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, all references to time
of day refer to Eastern standard time or Eastern daylight saving time, as in effect in Charlotte, North Carolina on such day. For purposes
of the computation of a period of time from a specified date to a later specified date, the word “from” means “from
and including” and the words “to” and “until” each means “to and including”; provided
that, with respect to a computation of fees or interest payable to Agent or any Lender, such period shall in any event consist of at
least one full day.

 

1.6          Schedules
and Exhibits. All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

 

1.7          Exchange
Rates: Currency Equivalents.

 

(a)          Agent
or the Issuing Lender shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts
of Extensions of Credit and Revolving Credit Outstandings denominated in Alternative Currencies. Such Spot Rates shall become effective
as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the
next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial
covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of
the Loan Documents shall be such Dollar Equivalent amount as so determined by Agent or the Issuing Lender.

 

(b)          Wherever
in this Agreement in connection with a borrowing, conversion, continuation or prepayment of a LIBORan
RFR Loan or Eurocurrency Rate Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a
required minimum, a required maximum or multiple amount, is expressed in Dollars, but such LIBOR Rateborrowing, Loan
or Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of
such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as
determined by Agent or the Issuing Lender, as applicable.

 

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1.8          Change
of Currency.

 

(a)          The
obligation of the Borrower to make a payment denominated in the national currency unit of any member state of the European Union that
adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption. If, in relation
to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall
be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the
Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts
the Euro as its lawful currency; provided that if any borrowing in the currency of such member state is outstanding immediately
prior to such date, such replacement shall take effect, with respect to such borrowing, at the end of the then current Interest Period.

 

(b)          Each
provision of this Agreement shall be subject to such reasonable changes of construction as Agent may from time to time specify to be
appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices
relating to the Euro.

 

(c)          Each
provision of this Agreement also shall be subject to such reasonable changes of construction as Agent may from time to time specify to
be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the
change in currency.

 

1.9          Rates. Agent
does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or
any other matter related to the rates in the definition of “LIBOR”The
interest rate on Loans denominated in Dollars or an Alternative Currency may be determined by reference to a benchmark rate that is,
or may in the future become, the subject of regulatory reform or cessation. Regulators have signaled the need to use alternative
reference rates for some of these benchmark rates and, as a result, such benchmark rates may cease to comply with applicable laws
and regulations, may be permanently discontinued or the basis on which they are calculated may change. The London interbank offered
rate, which may be one of the benchmark rates with reference to which the interest rate on Loans may be determined, is intended to
represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On
March 5, 2021, the ICE Benchmark Administration (“IBA”), the administrator of the London interbank offered rate,
and the Financial Conduct Authority (the “FCA”), the regulatory supervisor of IBA, announced in public statements (the
 “Announcements”) that the final publication or representativeness date for the London interbank offered rate for:
(a) Sterling, Yen, Swiss Francs and Euros will be December 31, 2021, (b) Dollars for 1-week and 2-month tenor
settings will be December 31, 2021 and (c) Dollars for overnight, 1-month, 3-month, 6-month and 12-month tenor settings
will be June 30, 2023. No successor administrator for IBA was identified in such Announcements. As a result, it is possible
that commencing immediately after such dates, the London interbank offered rate for such currencies and tenors may no longer be
available or may no longer be deemed a representative reference rate upon which to determine the interest rate on applicable Loans.
There is no assurance that the dates set forth in the Announcements will not change or that IBA or the FCA will not take further
action that could impact the availability, composition or characteristics of any London interbank offered rate. Public and private
sector industry initiatives have been and continue, as of the date hereof, to be underway to implement new or alternative reference
rates to be used in place of London interbank offered rates. In the event that the London interbank offered rate or any other
then-current Benchmark is no longer available
or in certain other circumstances set forth in Section 2.18(c), such Section 2.18(c) provides a mechanism for
determining an alternative rate of interest. Agent will notify Borrower, pursuant to Section 2.18(c), of any change to the
reference rate upon which the interest rate on Loans is based. However, Agent does not warrant or accept any responsibility for, and
shall not have any liability with respect to, (i) the continuation of, administration of, submission of, calculation of or any
other matter related to the London interbank offered rate, the rates in the definition of “Eurocurrency Rate” or any
Benchmark, any component definition thereof or rates referenced in the definition thereof or with respect to any alternative,
successor or replacement rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the
composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it
may or may not be adjusted pursuant to Section 2.18(c), will be similar to, or produce the same value or economic equivalence
of, or have the same volume or liquidity as, such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or
(ii) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. Agent and its Affiliates or
other related entities may engage in transactions that affect the calculation of a Benchmark, any alternative, successor or
replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to
Borrower. Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component
definition thereof or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall
have no liability to Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect,
special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and
whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information
source or service.

 

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		2.	CREDIT FACILITY AND TERMS OF PAYMENT.

 

2.1          [Reserved].

 

2.2          [Reserved].

 

2.3          Repayment
of Incremental Term Loans. In the event any Incremental Term Loans are made, such Incremental Term Loans shall be repaid by Borrower
in the amount and on the dates set forth in the Incremental Amendment with respect to thereto.

 

2.4          Prepayments
of Incremental Term Loans.

 

(a)          Optional
Prepayments. Borrower shall have the right at any time and from time to time, without premium or penalty, to prepay any Incremental
Term Loans, in whole or in part, with irrevocable prior written notice to Agent substantially in the form attached as Exhibit E
(a “Notice of Prepayment”) given not later than 11:00 a.m. (i) on the same Business Day as each Base
Rate Loan and (ii) (A) in
the case of an RFR Loan denominated in Dollars, at least three (3) RFR
Business Days before each LIBORprepayment
of such RFR Loan, (B) in the case of a Eurocurrency Rate Loan denominated in Dollars, at least three (3) Eurocurrency Banking
Days before prepayment of such Eurocurrency Rate Loan, (C) in the case of an RFR Loan denominated in any Alternative Currency, at
least three (3) RFR Business Days before prepayment of such RFR Loan, and (D) in the case of a Eurocurrency Rate Loan denominated
in any Alternative Currency, at least four (4) Eurocurrency Banking Days before prepayment of such Eurocurrency Rate
Loan, specifying the date,
currency and amount of repayment, whether the repayment is of LIBOREurocurrency Rate
Loans,
RFR Loans or Base Rate Loans or a combination thereof, and if a combination thereof, the amount allocable to each and the
Class(es) of the Incremental Term Loans to be repaid. Each optional prepayment of the Incremental Term Loans hereunder shall be in an
aggregate principal amount of at least $1,000,000 or any whole multiple of $500,000 in excess thereof (or, in each case, if less, the
entire principal amount thereof then outstanding) and shall be applied to the outstanding principal installments of the applicable Class(es)
of Incremental Term Loan on a pro rata basis, including the bullet payment on the Maturity Date. Each repayment shall
be accompanied by any amount required to be paid pursuant to Section 2.19(e). A Notice of Prepayment received after 11:00
a.m. shall be deemed received on the next Business Day. Agent shall promptly notify the applicable Lenders of each Notice of Prepayment.
Notwithstanding the foregoing, Borrower may rescind any notice of prepayment under this Section 2.4(a) if such prepayment
would have resulted from a refinancing of the applicable Incremental Term Loans or the consummation of other transactions, which refinancing
or other transactions shall not be consummated or shall otherwise be delayed.

 

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(b)          No
Reborrowings. Amounts prepaid under the Incremental Term Loans pursuant to this Section 2.4 may not be reborrowed.

 

2.5          Revolving
Credit Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations
and warranties set forth in this Agreement and the other Loan Documents, each Revolving Credit Lender severally agrees to make Revolving
Credit Loans to the Borrower in Dollars or one or more Alternative Currencies from time to time from the Closing Date to, but not including,
the Maturity Date as requested by the Borrower in accordance with the terms of Section 2.7; provided, that (a) the
Revolving Credit Outstandings shall not exceed the Revolving Credit Commitment, (b) the Revolving Credit Exposure of any Revolving
Credit Lender shall not at any time exceed such Revolving Credit Lender’s Revolving Credit Commitment and (c) the aggregate
Revolving Credit Outstandings denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit. Each Revolving
Credit Loan by a Revolving Credit Lender shall be in a principal amount equal to such Revolving Credit Lender’s Revolving Credit
Commitment Percentage of the aggregate principal amount of Revolving Credit Loans requested on such occasion. Subject to the terms and
conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until the Maturity Date.

 

2.6          Swingline
Loans.

 

(a)          Availability.
Subject to the terms and conditions of this Agreement and the other Loan Documents, including, without limitation, Section 3.2(e) of
this Agreement, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, the
Swingline Lender may, in its sole discretion, make Swingline Loans in Dollars to the Borrower from time to time from the Closing Date
to, but not including, the Maturity Date; provided, that (i) after giving effect to any amount requested, the Revolving Credit
Outstandings shall not exceed the Revolving Credit Commitment and (ii) the aggregate principal amount of all outstanding Swingline
Loans (after giving effect to any amount requested) shall not exceed the Swingline Commitment.

 

(b)          Refunding.

 

(i)          The
Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby
irrevocably directs the Swingline Lender to act on its behalf), by written notice given no later than 11:00 a.m. on any
Business Day request each Revolving Credit Lender to make, and each Revolving Credit Lender hereby agrees to make, a Revolving
Credit Loan as a Base Rate Loan in an amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of
the aggregate amount of the Swingline Loans outstanding on the date of such notice, to repay the Swingline Lender. Each Revolving
Credit Lender shall make the amount of such Revolving Credit Loan available to Agent in immediately available funds at Agent’s
Office not later than 1:00 p.m. on the day specified in such notice. The proceeds of such Revolving Credit Loans shall be
immediately made available by Agent to the Swingline Lender for application by the Swingline Lender to the repayment of the
Swingline Loans. No Revolving Credit Lender’s obligation to fund its respective Revolving Credit Commitment Percentage of a
Swingline Loan shall be affected by any other Revolving Credit Lender’s failure to fund its Revolving Credit Commitment
Percentage of a Swingline Loan, nor shall any Revolving Credit Lender’s Revolving Credit Commitment Percentage be increased as
a result of any such failure of any other Revolving Credit Lender to fund its Revolving Credit Commitment Percentage of a Swingline
Loan.

 

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(ii)            The
Borrower shall pay to the Swingline Lender on demand, and in any event on the Maturity Date, in immediately available funds the amount
of such Swingline Loans to the extent amounts received from the Revolving Credit Lenders are not sufficient to repay in full the outstanding
Swingline Loans requested or required to be refunded. In addition, the Borrower irrevocably authorizes Agent to charge any account maintained
by the Borrower with the Swingline Lender (up to the amount available therein) in order to immediately pay the Swingline Lender the amount
of such Swingline Loans to the extent amounts received from the Revolving Credit Lenders are not sufficient to repay in full the outstanding
Swingline Loans requested or required to be refunded. If any portion of any such amount paid to the Swingline Lender shall be recovered
by or on behalf of the Borrower from the Swingline Lender in bankruptcy or otherwise, the loss of the amount so recovered shall be ratably
shared among all the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitment Percentages.

 

(iii)           If
for any reason any Swingline Loan cannot be refinanced with a Revolving Credit Loan pursuant to Section 2.6(b)(i), each Revolving
Credit Lender shall, on the date such Revolving Credit Loan was to have been made pursuant to the notice referred to in Section 2.6(b)(i),
purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount
(the “Swingline Participation Amount”) equal to such Revolving Lender’s Revolving Credit Commitment Percentage
of the aggregate principal amount of Swingline Loans then outstanding. Each Revolving Credit Lender will immediately transfer to the
Swingline Lender, in immediately available funds, the amount of its Swingline Participation Amount. Whenever, at any time after the Swingline
Lender has received from any Revolving Credit Lender such Revolving Credit Lender’s Swingline Participation Amount, the Swingline
Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Revolving Credit Lender its
Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect
such Revolving Credit Lender’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest
on all Swingline Loans then due); provided that in the event that such payment received by the Swingline Lender is required to
be returned, such Revolving Credit Lender will return to the Swingline Lender any portion thereof previously distributed to it by the
Swingline Lender.

 

(iv)           Each
Revolving Credit Lender’s obligation to make the Revolving Credit Loans referred to in Section 2.6(b)(i) and to
purchase participating interests pursuant to Section 2.6(b)(iii) shall be absolute and unconditional and shall not be
affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Revolving Credit
Lender or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (B) the
occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 3,
(C) any adverse change in the condition (financial or otherwise) of the Borrower, (D) any breach of this Agreement or any other
Loan Document by the Borrower, any other Loan Party or any other Revolving Credit Lender or (E) any other circumstance, happening
or event whatsoever, whether or not similar to any of the foregoing.

 

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(v)            If
any Revolving Credit Lender fails to make available to Agent, for the account of the Swingline Lender, any amount required to be paid
by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.6(b) by the time specified in
Section 2.6(b)(i) or 2.6(b)(iii), as applicable, the Swingline Lender shall be entitled to recover from such
Revolving Credit Lender (acting through Agent), on demand, such amount with interest thereon for the period from the date such payment
is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the applicable
Federal Funds Rate, plus any administrative, processing or similar fees customarily charged by the Swingline Lender in connection with
the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute
such Revolving Credit Lender’s Revolving Credit Loan or Swingline Participation Amount, as the case may be. A certificate of the
Swingline Lender submitted to any Revolving Credit Lender (through Agent) with respect to any amounts owing under this clause (iv) shall
be conclusive absent manifest error.

 

(c)             Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, this Section 2.2 shall be subject to the
terms and conditions of Section 15.19 and Section 15.20.

 

2.7            Procedure
for Advances of Revolving Credit Loans and Swingline Loans.

 

(a)             Requests
for Borrowing. The Borrower shall give Agent irrevocable prior written notice substantially in the form of Exhibit F
(a “Notice of Borrowing”) not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan
and each Swingline Loan, (ii)(A) in
the case of an RFR Loan denominated in Dollars, at least three (3) RFR Business
Days before each LIBORsuch
RFR Loan, (B) in the case of a Eurocurrency Rate Loan denominated in Dollars,
at least three (3) Eurocurrency Banking Days before such Eurocurrency Rate Loan, (C) in the case of an RFR Loan
denominated in any Alternative Currency, at least three (3) RFR Business Days before such RFR Loan, and
(iiiD) in
the case of a Eurocurrency Rate Loan denominated in any Alternative Currency, at least four
(4) BusinessEurocurrency
Banking Days before each LIBORsuch
Eurocurrency Rate Loan denominated in an Alternative Currency, of its intention to borrow, specifying
(A) the date of such borrowing, which shall be a Business Day, (B) the amount of such borrowing, which shall be,
(x) with respect to Base Rate Loans (other than Swingline Loans) in an aggregate principal amount of $1,000,000 or a whole
multiple of $500,000 in excess thereof, (y) with respect to LIBOREurocurrency Rate Loans
and RFR Loans in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof and
(z) with respect to Swingline Loans in an aggregate principal amount of $500,000 or a whole multiple of $100,000 in excess
thereof, (C) whether such Loan is to be a Revolving Credit Loan or Swingline Loan, (D) in the case of a Revolving Credit
Loan whether the Loans are to be LIBORa
Eurocurrency Rate LoansLoan,
an RFR Loan or Base Rate Loans, (E) in the case of a LIBOREurocurrency
Rate Loan
or a Term RFR Loan, the duration of the Interest Period applicable thereto and (F) in the case of a LIBOREurocurrency Rate Loan
or a Term RFR Loan, whether such Loan is to be denominated in Dollars or an Alternative Currency. If the Borrower fails
to specify a type of Loan in a Notice of Borrowing, then the applicable Loans shall be made as Base Rate Loans. If the Borrower
requests a borrowing of LIBOREurocurrency
Rate Loans
or Term RFR Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month. If the Borrower requests a borrowing of LIBOREurocurrency Rate Loans
or Term RFR Loans in any such Notice of Borrowing, but fails to specify the currency, it will be deemed to have specified
Dollars. A Notice of Borrowing received after 11:00 a.m. shall be deemed received on the next Business Day. Agent shall
promptly notify the Revolving Credit Lenders of each Notice of Borrowing.

 

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(b)             Disbursement
of Revolving Credit and Swingline Loans. Not later than 1:00 p.m., in the case of any Loan denominated in Dollars, and not later
than the Applicable Time specified by Agent in the case of any Loan denominated in an Alternative Currency, in each case on the proposed
borrowing date, (i) each Revolving Credit Lender will make available to Agent, for the account of the Borrower, in Same Day Funds
at Agent’s Office in funds immediately available to Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage
of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to Agent, for
the account of the Borrower, in Same Day Funds at Agent’s Office in funds immediately available to Agent, the Swingline Loans to
be made on such borrowing date. The Borrower hereby irrevocably authorizes Agent to disburse the proceeds of each borrowing requested
pursuant to this Section in Same Day Funds by crediting or wiring such proceeds to the deposit account of the Borrower identified
in the most recent notice of account designation delivered by the Borrower to Agent or as may be otherwise agreed upon by the Borrower
and Agent from time to time. Subject to Section 2.17 hereof, Agent shall not be obligated to disburse the portion of the
proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not
made available to Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of
refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.6(b).

 

2.8            Repayment
and Prepayment of Revolving Credit and Swingline Loans.

 

(a)            Repayment
on Maturity Date. The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in
full on the Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.6(b) (but, in any event, no
later than the Maturity Date), together, in each case, with all accrued but unpaid interest thereon.

 

(b)            Mandatory
Prepayments.

 

(i)             If
at any time the Revolving Credit Outstandings exceed the Revolving Credit Commitment, the Borrower agrees to repay immediately upon notice
from Agent, by payment to Agent for the account of the Revolving Credit Lenders, Extensions of Credit in an amount equal to such excess
with each such repayment applied first, to the principal amount of outstanding Swingline Loans, second to the principal
amount of outstanding Revolving Credit Loans and third, with respect to any Letters of Credit then outstanding, a payment of Cash
Collateral into a Cash Collateral account opened by Agent, for the benefit of the Revolving Credit Lenders, in an amount equal to such
excess.

 

(ii)            If
at any time Agent notifies Borrower that aggregate principal amount of Revolving Credit Outstandings denominated in Alternative Currencies
exceeds an amount equal to 105% of the Alternative Currency Sublimit then in effect, Borrower agrees to repay within two (2) Business
Days after receipt of such notice, by payment to Agent for the account of the Lenders, Revolving Credit Loans denominated in Alterative
Currencies in an aggregate amount thereof sufficient to reduce such outstanding amount as of such date of payment to an amount not to
exceed 100% of the Alternative Currency Sublimit then in effect.

 

(c)            Optional
Prepayments. The Borrower may at any time and from time to time prepay Revolving Credit Loans and Swingline Loans, in whole or
in part, without premium or penalty, upon delivery to Agent of a Notice of Prepayment not later than 11:00 a.m. (i) on the
same Business Day as each Base Rate Loan and each Swingline Loan, and (ii) (A) in
the case of an RFR Loan denominated in Dollars, at least three (3) RFR Business
Days before each LIBOR Rate Loanprepayment
of such RFR Loan, (B) in the case of a Eurocurrency Rate Loan denominated in Dollars, at least three (3) Eurocurrency
Banking Days before prepayment of such Eurocurrency Rate Loan, (C) in the case of an RFR Loan denominated in any Alternative
Currency, at least three (3) RFR Business Days before prepayment
of such RFR Loan, and (iiiD) in
the case of a Eurocurrency Rate Loan denominated in any Alternative Currency, at least four
(4) BusinessEurocurrency
Banking Days before each LIBORprepayment
of such Eurocurrency Rate Loan denominated in an Alternative Currency, specifying the date,
the currency and amount of prepayment and whether the prepayment is of LIBOREurocurrency Rate Loans,
RFR Loans, Base Rate Loans, Swingline Loans or a combination thereof, and, if of a combination thereof, the amount
allocable to each. Upon receipt of such notice, Agent shall promptly notify each Revolving Credit Lender. If any such notice is
given, the amount specified in such notice shall be due and payable on the date set forth in such notice. Partial prepayments shall
be in an aggregate amount of $1,000,000 or a whole multiple of $500,000 in excess thereof with respect to Base Rate Loans (other
than Swingline Loans), $1,000,000 or a whole multiple of $500,000 in excess thereof with respect to LIBOREurocurrency
Rate Loans
or RFR Loans and $500,000 or a whole multiple of $100,000 in excess thereof with respect to Swingline Loans. A Notice of
Prepayment received after 11:00 a.m. shall be deemed received on the next Business Day. Each such repayment shall be
accompanied by any amount required to be paid pursuant to Section 2.19(e) hereof. Notwithstanding the foregoing,
Borrower may rescind any notice of prepayment under this Section 2.8(c) if such prepayment would have resulted from
a refinancing of the Revolving Credit Facility or the consummation of other transactions, which refinancing or other transactions
shall not be consummated or shall otherwise be delayed.

 

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(d)            [Reserved].

 

(e)            Limitation
on Prepayment of LIBOREurocurrency Rate Loans
and RFR Loans. The Borrower may not prepay any LIBOREurocurrency
Rate Loan or
Term RFR Loan on any day other than on the last day of the Interest Period applicable thereto,
or any Daily Simple RFR Loan on any day other than an Interest Payment Date therefor, unless such prepayment is
accompanied by any amount required to be paid pursuant to Section 2.19(e) hereof.

 

(f)            Hedge
Agreements. No repayment or prepayment of the Loans pursuant to this Section shall affect any of the Borrower’s obligations
under any Hedge Agreement entered into with respect to the Loans.

 

2.9            Permanent
Reduction of the Revolving Credit Commitment.

 

(a)            Voluntary
Reduction. The Borrower shall have the right at any time and from time to time, upon at least five (5) Business Days prior irrevocable
written notice to Agent, to permanently reduce, without premium or penalty, (i) the entire Revolving Credit Commitment at any time
or (ii) portions of the Revolving Credit Commitment, from time to time, in an aggregate principal amount not less than $1,000,000
or any whole multiple of $500,000 in excess thereof. Any reduction of the Revolving Credit Commitment shall be applied to the Revolving
Credit Commitment of each Revolving Credit Lender according to its Revolving Credit Commitment Percentage. All Commitment Fees accrued
until the effective date of any termination of the Revolving Credit Commitment shall be paid on the effective date of such termination.
Notwithstanding the foregoing, Borrower may rescind any notice to reduce the Revolving Credit Commitment under this Section 2.9(a) if
such reduction would have resulted from a refinancing of the Revolving Credit Facility or the consummation of other transactions, which
refinancing or other transactions shall not be consummated or shall otherwise be delayed.

 

(b)            Corresponding
Payment. Each permanent reduction permitted pursuant to this Section shall be accompanied by a payment of principal
sufficient to reduce the aggregate outstanding Revolving Credit Loans, Swingline Loans and L/C Obligations, as applicable, after
such reduction to the Revolving Credit Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit
exceeds the Revolving Credit Commitment as so reduced, the Borrower shall be required to deposit Cash Collateral in a Cash
Collateral account opened by Agent in an amount equal to such excess. Any reduction of the Revolving Credit Commitment to zero shall
be accompanied by payment of all outstanding Revolving Credit Loans and Swingline Loans (and furnishing of Cash Collateral
satisfactory to Agent for all L/C Obligations) and shall result in the termination of the Revolving Credit Commitment and the
Swingline Commitment, the Alternative Currency Sublimit and the Revolving Credit Facility. If the reduction of the Revolving Credit
Commitment requires the repayment of any LIBOREurocurrency
Rate  Loan
or RFR Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 2.19(e) hereof.

 

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2.10          Termination
of Revolving Credit Facility. The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Maturity
Date.

 

2.11          Evidence
of Debt.

 

(a)            Extensions
of Credit. The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by Agent in the ordinary
course of business. In addition, each Lender may record in such Lender’s internal records, an appropriate notation evidencing the
date and amount of each Loan from such Lender, each payment and prepayment of principal of any such Loan, and each payment of interest,
fees and other amounts due in connection with the Obligations due to such Lender. The accounts or records maintained by Agent and each
Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to Borrower and the interest and payments
thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by
any Lender and the accounts and records of Agent in respect of such matters, the accounts and records of Agent shall control in the absence
of manifest error. Upon the request of any Lender made through Agent, Borrower shall execute and deliver to such Lender (through Agent)
a Revolving Credit Note, Incremental Term Loan Note and/or Swingline Note, as applicable, which shall evidence such Lender’s
applicable Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date,
Type (if applicable), amount and maturity of its Loans and payments with respect thereto. Upon receipt of an affidavit of a Lender as
to the loss, theft, destruction or mutilation of such Lender’s Note and upon cancellation of such Note, Borrower will issue, in
lieu thereof, a replacement Note in favor of such Lender, in the same principal amount thereof and otherwise of like tenor.

 

(b)            Participations.
In addition to the accounts and records referred to in subsection (a), each Revolving Credit Lender and Agent shall maintain in accordance
with its usual practice accounts or records evidencing the purchases and sales by such Revolving Credit Lender of participations in Letters
of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained by Agent and the accounts and
records of any Revolving Credit Lender in respect of such matters, the accounts and records of Agent shall control in the absence of
manifest error.

 

2.12          Computation
of Interest and Fees. All interest and fees chargeable under the Loan Documents shall be calculated on the basis of a 360
day year, in each case, for the actual number of days elapsed in the period during which the interest or fees accrue (or, in the
case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing,
in accordance with such market practice), except that interest computed for (a) Base Rate Loans when the Base Rate is based on
Wells Fargo’s prime rate and (b) LIBOREurocurrency
Rate LoansLoan
or Term RFR Loan denominated in Sterling shall be computed on the basis of a year of 365 days (or 366 days in a leap
year). Interest shall accrue on each outstanding Loan beginning, and including the day, such Loan is made and until (but not
including) the day on which such Loan (or such portion thereof) is paid, provided that any Loan that is repaid on the same
day on which it is made shall, subject to Section 2.17(a), bear interest for one day. Each determination by Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

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2.13          Notice
and Manner of Conversion or Continuation of Loans. Provided that no Default or Event of Default has occurred and is then
continuing, Borrower shall have the option to (ia)
convert at any time following the third Business Day after the Closing Date all or any portion of any outstanding Base Rate Loans
(other than Swingline Loans) in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof into one
or more Eurocurrency
Rate Loans or, after the USD LIBOR RateTransition
Date, RFR Loans and, (ii)b)
in the case of a Eurocurrency Rate Loan or Term RFR Loan denominated in Dollars, upon the expiration of any Interest
Period, (Ai)
convert all or any part of itsany
such outstanding LIBOREurocurrency Rate Loans
or Term RFR Loans in a principal amount equal to $1,000,000 or a whole multiple of $500,000 in excess thereof (or
such lesser amount as shall represent all of the Eurocurrency Rate Loans or Term RFR Loans, as applicable, denominated in Dollars
then outstanding) into Base Rate Loans (other than Swingline Loans) or (Bii)
continue any such LIBOREurocurrency Rate
Loans as LIBOREurocurrency Rate
Loans or
Term RFR Loans as Term RFR Loans, (c) in the case of a Daily Simple RFR Loan denominated in Dollars, upon the occurrence of the
Interest Payment Date therefor, (i) convert all or any part of any such outstanding Daily Simple RFR Loans in a principal
amount equal to $1,000,000 or a whole multiple of $500,000 in excess thereof (or such lesser amount as shall represent all of the
Daily Simple RFR Loans, as applicable, denominated in Dollars then outstanding) into Base Rate Loans or (ii) continue any such
Daily Simple RFR Loans as Daily Simple RFR Loans, (d) in the case of a Eurocurrency Rate Loan or Term RFR Loan denominated in
any Alternative Currency, upon the expiration of any Interest Period, continue any such Eurocurrency Rate Loans as Eurocurrency Rate
Loans or Term RFR Loans as Term RFR Loans in such Alternative Currency and (e) in the case of a Daily Simple RFR Loan
denominated in any Alternative Currency, upon the occurrence of the Interest Payment Date therefor, continue any such Daily Simple
RFR Loans as Daily Simple RFR Loans in such Alternative Currency. Whenever Borrower desires to convert or continue Loans
as provided above, Borrower shall give Agent irrevocable prior written notice in the form attached as Exhibit D (a
 “Notice of Conversion/Continuation”) not later than (x) 11:00 a.m. (i) in
the case of a Loan denominated in Dollars that is to be an RFR Loan, at least three (3) RFR Business
Days before
the day on which a proposed conversion or continuation of such Loan is to be effective, (ii) in the case of LIBOR
Rate Loansa
Loan denominated in Dollars orthat
is to be a Eurocurrency Rate Loan, at least three (3) Eurocurrency Banking Days before the day on which a proposed conversion
or continuation of such Loan is to be effective, (yiii) in
the case of a Loan denominated in any Alternative Currency that is to be an RFR Loan, at least three (3) RFR Business Days
before the day on which a proposed conversion or continuation of such Loan is to be effective, and (iv) in the case of a Loan
denominated in any Alternative Currency that is to be a Eurocurrency Rate Loan, at least four
(4) BusinessEurocurrency
Banking Days in the case of LIBOR Rate Loans denominated in Alternative Currencies before the day on
which a proposed conversion or continuation of such Loan is to be effective,
in each case specifying (1) the Loans to be converted or continued, and, in the case of any LIBOREurocurrency
Rate Loan
or Term RFR Loan to be converted or continued, the last day of the Interest Period therefor, (2) the effective date
of such conversion or continuation (which shall be a Business Day), (3) the principal amount of such Loans to be converted or
continued, (4) in
the case of any Eurocurrency Rate Loan or Term RFR Loan, the Interest Period to be applicable to such converted or
continued LIBOREurocurrency
Rate Loan or
Term RFR Loan, and (5) the currency in which such Revolving Credit Loan is denominated. If Borrower fails to give a
timely Notice of Conversion/Continuation for
any Daily Simple RFR Loan prior to the end of the Interest Period for any LIBOR Rate Loan, then the applicable
LIBOR Rate Loan shall be continuedInterest
Payment Date therefor, then, unless such RFR Loan is repaid as provided herein, the Borrower shall be deemed to have selected that
such RFR Loan shall automatically be continued as a Daily Simple RFR Loan in its original currency as of such Interest Payment Date.
If Borrower fails to give a timely Notice of Conversion/Continuation for any Eurocurrency Rate Loan or Term RFR Loan prior to the
Interest Period therefor, then, unless such Term RFR Loan is repaid as provided herein, the Borrower shall be deemed to have
selected that such Term RFR Loan shall automatically be
continued as a LIBOREurocurrency Rate Loan
or Term RFR Loan in its original currency with an Interest Period of one month. Any such automatic continuance as
a LIBOR Rate Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR
Rate Loan being continued. If the Borrower
requests a conversion to, or continuation of, a LIBOREurocurrency
Rate Loan
or a Term RFR Loan, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of
one month for such LIBOR Rate Loan. Notwithstanding anything to the contrary herein, a Swingline Loan may not be
converted to a LIBOREurocurrency
Rate Loan
or an RFR Loan. Agent shall promptly notify the affected Lenders with respect to the foregoing. For the avoidance of
doubt, any reference herein to (i) the expiration of an Interest Period or (ii) any mandatory payment or conversion required in
connection therewith shall not, in any case, be deemed to constitute a “maturity” of any Loan hereunder. No LIBOREurocurrency
Rate Loan
or Term RFR Loan may be converted into or continued as a LIBOREurocurrency
Rate Loan
or a Term RFR Loan denominated in a different currency, but instead must be prepaid in the original currency of such LIBOREurocurrency
Rate Loan
or a Term RFR Loan and reborrowed in the other currency.

 

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2.14          Interest
Rates: Rates, Payments, and Calculations.

 

(a)             Interest
Rates. Revolving
Credit Loans may be (i) with respect to Revolving Credit Loans denominated in Dollars, (A) Base Rate Loans or (B)(I) prior
to the USD LIBOR Transition Date, Eurocurrency Rate Loans or (II) on and after the USD LIBOR Transition Date, RFR Loans, (ii) with
respect to Revolving
Credit Loans denominated in Euros,
Eurocurrency Rate Loans or (iii) with respect to Revolving Credit Loans denominated in Sterling, RFR Loans, each as further provided
herein. Subject to the provisions of Section 2.14(b) below, at the election of the Borrower, (ix) Revolving
Credit Loans denominated in Dollars shall bear interest at (A)1)
if such Revolving Credit Loans are denominated in Dollars, the Base Rate plus the Applicable Margin or (B2)
the LIBOR Rateif
such Revolving Credit Loans are denominated in Dollars or any Alternative Currency, the Benchmark for Obligations, interest, fees, commissions
or other amounts denominated in, or calculated with respect to, such currency plus the Applicable Margin;
(ii) Revolving Credit Loans denominated in an Alternative Currency,
and (y) any Swingline Loan shall bear interest at the LIBORBase Rate plus the Applicable Margin (provided that the LIBOR Rate
shall not be available until three (3) Business Days after the Closing Date in the case of LIBOR Rate Loans denominated in Dollars
or four (4) Business Days after the Closing Date in the case of LIBOR Rate Loans denominated in an Alternative Currency, in each
case unless the Borrower has delivered to Agent a letter in form and substance reasonably satisfactory to Agent indemnifying the Lenders
in the manner set forth in Section 2.19(e)) and (iii) any Swingline Loan shall bear
interest at the Base Rate plus the Applicable Margin. The Borrower shall select the
rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Borrowing is given or at the time a Notice
of Conversion/Continuation is given pursuant to Section 2.13.

 

(b)            Default
Rate. (x) Automatically upon the occurrence and during the continuation of an Event of Default pursuant to Section 8.1,
8.4 or 8.5 and (y) at the election of the Required Lenders (or Agent on behalf of the Required Lenders), upon the
occurrence and during the continuation of an Event of Default pursuant to any other Section, all Obligations(A) Borrower
shall no longer have the option to request Eurocurrency Rate Loans, Term RFR Loans, Daily Simple RFR Loans, Swingline Loans or
Letters of Credit, (B) all outstanding Eurocurrency Rate Loans and Term RFR Loans shall bear interest at a rate per
annum rate equal to 2% above of
two percent (2%) in excess of the total per annum rate otherwise applicable
thereunder (including, for the avoidance of doubt, the Applicable Margin) then
applicable to Eurocurrency Rate Loans or Term RFR Loans or Daily Simple RFR Loans, as applicable, until the end of the applicable
Interest Period or the applicable Interest Payment Date therefor and shall automatically
be payable upon the demand of Agentconverted
to a Base Rate Loan denominated
in Dollars (in an amount equal to the Dollar Equivalent of the applicable Alternative Currency, if applicable) at the end of the
applicable Interest Period therefor and shall, as of such conversion, bear interest at a rate per annum of two percent (2%) in
excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, and (C) all outstanding Base Rate
Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two
percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Obligations
arising hereunder or under any other Loan Document. Interest shall continue to accrue on the Obligations after the filing by or
against the Borrower of any petition seeking any relief in bankruptcy or under Bankruptcy Code or under any other state or federal
bankruptcy or insolvency law, or under any similar debtor relief laws.

 

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(c)            Payment.
Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times
as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Insolvency Proceeding.

 

(d)            Intent
to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any other
amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall,
in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally
to agree upon the rate or rates of interest and manner of payment stated within it; provided, that, anything contained herein
to the contrary notwithstanding, if such rate or rates of interest or manner of payment exceeds the maximum allowable under applicable
law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum
amount as is allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied
to reduce the principal balance of the Obligations to the extent of such excess, with any balance remaining after such principal balance
has been reduced to zero to be paid over to Borrower, so long as no Event of Default has occurred and is continuing.

 

2.15          Letter
of Credit Facility.

 

(a)            L/C
Facility.

 

(i)             Availability.
Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the Revolving Credit Lenders set forth
in Section 2.15(d)(i), agrees to issue standby or commercial Letters of Credit in Dollars or an Alternative Currency in an
aggregate amount not to exceed the L/C Sublimit for the account of the Borrower or, subject to Section 2.15(h), any Subsidiary
thereof, Letters of Credit may be issued on any Business Day from the Closing Date to, but not including the thirtieth (30th)
Business Day prior to the Maturity Date in such form as may be approved from time to time by the Issuing Lender; provided, that
the Issuing Lender shall not issue any Letter of Credit if, after giving effect to such issuance, (A) the L/C Obligations would
exceed the L/C Sublimit, (B) the Revolving Credit Outstandings would exceed the Revolving Credit Commitment or (C) the Revolving
Credit Outstandings denominated in Alternative Currencies would exceed the Alternative Currency Sublimit.

 

(ii)            Terms
of Letters of Credit. Each Letter of Credit shall (A) be denominated in Dollars or an Alternative Currency in a minimum amount
of $100,000, in the case of a commercial Letter of Credit, or $100,000, in the case of a standby Letter of Credit (or such lesser amount
as agreed to by the Issuing Lender and Agent), (B) expire on a date no more than twelve (12) months after the date of issuance or
last renewal of such Letter of Credit (subject to automatic renewal for additional one (1) year periods (but not to a date later
than the date set forth below) pursuant to the terms of the Letter of Credit Application or other documentation acceptable to the Issuing
Lender), which date shall be no later than the fifth (5th) Business Day prior to the Maturity Date, and (C) be subject to the Uniform
Customs, in the case of a commercial Letter of Credit, or ISP98, in the case of a standby Letter of Credit, in each case as set forth
in the Letter of Credit Application or as determined by the Issuing Lender and, to the extent not inconsistent therewith, the laws of
the State of New York. The Issuing Lender shall not at any time be obligated to issue any Letter of Credit hereunder if (1) any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lender
from issuing such Letter of Credit, or any applicable law applicable to the Issuing Lender or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the Issuing Lender shall prohibit, or request that the
Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon
the Issuing Lender with respect to letters of credit generally or such Letter of Credit in particular any restriction or reserve or capital
requirement (for which the Issuing Lender is not otherwise compensated) not in effect on the Closing Date, or any unreimbursed loss,
cost or expense that was not applicable, in effect or known to the Issuing Lender as of the Closing Date and that the Issuing Lender
in good faith deems material to it, (2) the conditions set forth in Section 3.2 are not satisfied, (3) the issuance
of such Letter of Credit would violate one or more policies of the Issuing Lender applicable to letters of credit generally or (4) the
beneficiary of such Letter of Credit is a Sanctioned Person. References herein to “issue” and derivations thereof with respect
to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise
requires. As of the Closing Date, each of the Existing Letters of Credit shall constitute, for all purposes of this Agreement and the
other Loan Documents, a Letter of Credit issued and outstanding hereunder.

 

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(iii)            Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, Section 2.15 shall be subject to the terms
and conditions of Section 15.19 and Section 15.20.

 

(b)            Procedure
for Issuance of Letters of Credit. The Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by
delivering to the Issuing Lender at its applicable office (with a copy to Agent at Agent’s Office) a Letter of Credit Application
therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information
as the Issuing Lender or Agent may request. Upon receipt of any Letter of Credit Application, the Issuing Lender shall process such Letter
of Credit Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance
with its customary procedures and shall, subject to Section 2.15(a) and Section 3, promptly issue the Letter
of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business
Days for any Letter of Credit to be denominated in Dollars (or four (4) Business Days for any Letter of Credit to be denominated
in an Alternative Currency) after its receipt of the Letter of Credit Application therefor and all such other certificates, documents
and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as
otherwise may be agreed by the Issuing Lender and the Borrower. The Issuing Lender shall promptly furnish to the Borrower and Agent a
copy of such Letter of Credit and Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Lender,
furnish to such Revolving Credit Lender a copy of such Letter of Credit and the amount of such Revolving Credit Lender’s participation
therein.

 

(c)            Commissions
and Other Charges.

 

(i)             Letter
of Credit Commissions. Subject to Section 5.19(a)(iii)(B), the Borrower shall pay to Agent, for the account of the
Issuing Lender and the L/C Participants, a letter of credit commission in Dollars with respect to each Letter of Credit in the
amount equal to the Dollar Equivalent of the daily amount available to be drawn under such Letters of Credit times the Applicable
Margin with respect to Revolving Credit Loans that are LIBOREurocurrency
Rate Loans
or Transitioned RFR Loans (determined, in each case, on a per annum basis). Such commission shall be payable quarterly in
arrears on the last Business Day of each Fiscal Quarter, on the Maturity Date and thereafter on demand of Agent. Agent shall,
promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant
to this Section 2.15(e) in accordance with their respective Revolving Credit Commitment Percentages.

 

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(ii)            Issuance
Fee. In addition to the foregoing commission, the Borrower shall pay directly to the Issuing Lender, for its own account, an issuance
fee in Dollars based on the Dollar Equivalent with respect to each Letter of Credit issued by the Issuing Lender as set forth in the
Fee Letter executed by the Issuing Lender. Such issuance fee shall be payable quarterly in arrears on the last Business Day of each Fiscal
Quarter commencing with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date and thereafter
on demand of the Issuing Lender. For the avoidance of doubt, such issuance fee shall be applicable to and paid upon each of the Existing
Letters of Credit.

 

(iii)            Other
Fees, Costs, Charges and Expenses. In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing
Lender for such normal and customary fees, costs, charges and expenses as are incurred or charged by the Issuing Lender in issuing, effecting
payment under, amending or otherwise administering any Letter of Credit issued by it.

 

(d)            L/C
Participations.

 

(i)             The
Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters
of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing
Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk an undivided interest equal
to such L/C Participant’s Revolving Credit Commitment Percentage in the Issuing Lender’s obligations and rights under and
in respect of each Letter of Credit issued by it hereunder and the amount of each draft paid by the Issuing Lender thereunder. Each L/C
Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit issued
by the Issuing Lender for which the Issuing Lender is not reimbursed in full by the Borrower through a Revolving Credit Loan or otherwise
in accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand, in Dollars, at the
Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Credit Commitment
Percentage of the Dollar Equivalent amount of such draft, or any part thereof, which is not so reimbursed.

 

(ii)            Upon
becoming aware of any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 2.15(d)(i) in
respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit, issued by it, the Issuing
Lender shall notify Agent of such unreimbursed amount and Agent shall notify each L/C Participant (with a copy to the Issuing
Lender) of the amount and due date of such required payment and such L/C Participant shall pay to Agent (which, in turn shall pay
the Issuing Lender) the amount specified on the applicable due date. If any such amount is paid to the Issuing Lender after the date
such payment is due, such L/C Participant shall pay to the Issuing Lender on demand, in addition to such amount, the product of
(A) such amount, times (B) the daily average Overnight Rate as determined by Agent during the period from and
including the date such payment is due to the date on which such payment is immediately available to the Issuing Lender at a rate
per annum equal to the applicable Overnight Rate from time to time in effect, times (C) a fraction the numerator of
which is the number of days that elapse during such period and the denominator of which is 360. A certificate of the Issuing Lender
with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. With respect to
payment to the Issuing Lender of the unreimbursed amounts described in this Section, if the L/C Participants receive notice that any
such payment is due (1) prior to 1:00 p.m. on any Business Day, such payment shall be due that Business Day, and
(2) after 1:00 p.m. on any Business Day, such payment shall be due on the following Business Day.

 

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(iii)            Whenever,
at any time after the Issuing Lender has made payment under any Letter of Credit issued by it and has received from any L/C Participant
its Revolving Credit Commitment Percentage of such payment in accordance with this Section, the Issuing Lender receives any payment related
to such Letter of Credit (whether directly from the Borrower or otherwise), or any payment of interest on account thereof, the Issuing
Lender will distribute to such L/C Participant its pro rata share thereof; provided, that in the event that
any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return
to the Issuing Lender the portion thereof previously distributed by the Issuing Lender to it.

 

(iv)            Each
L/C Participant’s obligation to make the Revolving Credit Loans referred to in Section 2.15(d)(ii) and to
purchase participating interests pursuant to Section 2.15(d)(i) shall be absolute and unconditional and shall not
be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Revolving
Credit Lender or the Borrower may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever,
(B) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions
specified in Section 3, (C) any adverse change in the condition (financial or otherwise) of the Borrower,
(D) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other Revolving Credit
Lender or (E) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

(e)            Reimbursement
Obligation of the Borrower.

 

(i)             In
the event of any drawing under any Letter of Credit, the Borrower agrees to reimburse (either with the proceeds of a Revolving Credit
Loan as provided for in this Section or with funds from other sources), in Same Day Funds, the Issuing Lender on each date on which
the Issuing Lender notifies the Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (A) such
draft so paid and (B) any amounts referred to in Section 2.15(c)(iii) incurred by the Issuing Lender in connection
with such payment.

 

(ii)            In
the case of a Letter of Credit denominated in an Alternative Currency, Borrower shall reimburse the Issuing Lender in such
Alternative Currency, unless (A) the Issuing Lender (at its option) shall have specified in such notice that it will require
reimbursement in Dollars or (B) in the absence of any such requirement for reimbursement in Dollars, Borrower shall have
notified the Issuing Lender promptly following receipt of the notice of drawing that Borrower will reimburse the Issuing Lender in
Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative
Currency, the Issuing Lender shall notify Borrower of the Dollar Equivalent of the amount of the drawing promptly following the
determination thereof. Not later than 11:00 a.m. on the date of any payment by the Issuing Lender under a Letter of Credit to
be reimbursed in Dollars, or the Applicable Time on the date of any payment by the Issuing Lender under a Letter of Credit to be
reimbursed in an Alternative Currency (each such date, an “Honor Date”), Borrower shall reimburse the Issuing
Lender through Agent in an amount equal to the amount of such drawing and in the applicable currency. In the event that (A) a
drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to this Section 2.15(e)(ii) and
(B) the Dollar amount paid by Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment
to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing,
Borrower agrees, as a separate and independent obligation, to indemnify the Issuing Lender for the loss resulting from its inability
on that date to purchase the Alternative Currency in the full amount of the drawing.

 

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(iii)            Unless
the Borrower shall immediately notify the Issuing Lender that the Borrower intends to reimburse the Issuing Lender for such drawing from
other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to Agent requesting that the Revolving
Credit Lenders make a Revolving Credit Loan as a Base Rate Loan on the applicable repayment date in the amount of (A) such draft
so paid and (B) any amounts referred to in Section 2.15(c)(iii) incurred by the Issuing Lender in connection with
such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan as a Base Rate Loan in such amount, the proceeds of
which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving
Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse
the Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by
any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.7(a) or
Section 3. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to
reimburse the Issuing Lender as provided above, or if the amount of such drawing is not fully refunded through a Base Rate Loan as provided
above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans
which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment
in full.

 

(f)             Obligations
Absolute. The Borrower’s obligations under this Section 2.15 (including, without limitation, the Reimbursement
Obligation) shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or
defense to payment which the Borrower may have or have had against the Issuing Lender or any beneficiary of a Letter of Credit or
any other Person. The Borrower also agrees that the Issuing Lender and the L/C Participants shall not be responsible for, and the
Borrower’s Reimbursement Obligation under Section 2.15(e) shall not be affected by, among other things, the
validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid,
fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to
which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of
Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit issued by
it, except for errors or omissions caused by the Issuing Lender’s gross negligence or willful misconduct, as determined by a
court of competent jurisdiction by final nonappealable judgment. The Borrower agrees that any action taken or omitted by the Issuing
Lender under or in connection with any Letter of Credit issued by it or the related drafts or documents, if done in the absence of
gross negligence or willful misconduct shall be binding on the Borrower and shall not result in any liability of the Issuing Lender
or any L/C Participant to the Borrower. The responsibility of the Issuing Lender to the Borrower in connection with any draft
presented for payment under any Letter of Credit issued to it shall, in addition to any payment obligation expressly provided for in
such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in
connection with such presentment substantially conforms to the requirements under such Letter of Credit.

 

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(g)            Effect
of Letter of Credit Application. To the extent that any provision of any Letter of Credit Application related to any Letter of Credit
is inconsistent with the provisions of this Section 2.15, the provisions of this Section 2.15 shall apply.

 

(h)            Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations
of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse, or to cause the applicable Subsidiary to reimburse,
the Issuing Lender hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance
of Letters of Credit for the account of any of its Subsidiaries inures to the benefit of the Borrower and that the Borrower’s business
derives substantial benefits from the businesses of such Subsidiaries.

 

2.16          Fees.

 

(a)            Commitment
Fee. Commencing on the Closing Date, subject to Section 15.19(a)(iii)(A), the Borrower shall pay to Agent, for the account
of the Revolving Credit Lenders, a non-refundable commitment fee (the “Commitment Fee”) in Dollars at a rate per annum
equal to the Applicable Margin on the average daily unused portion of the Revolving Credit Commitment of the Revolving Credit Lenders
(other than the Defaulting Lenders, if any); provided, that the amount of outstanding Swingline Loans shall not be considered
usage of the Revolving Credit Commitment for the purpose of calculating the Commitment Fee. The Commitment Fee shall be payable in arrears
on the last Business Day of each Fiscal Quarter during the term of this Agreement commencing January 31, 2019 and ending on the
date the Revolving Credit Commitment has been terminated. The Commitment Fee shall be distributed by Agent to the Revolving Credit Lenders
(other than any Defaulting Lender) pro rata in accordance with such Revolving Credit Lenders’ respective Revolving
Credit Commitment Percentages.

 

(b)            Other
Fees. Borrower shall pay to Agent and the Joint Lead Arrangers for their own respective accounts fees in the amounts and at the times
specified in the Fee Letters. Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the
amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.17          Payments
Generally; Agent’s Clawback.

 

(a)           General.
All payments to be made by Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.

 

(i)            Except
as otherwise expressly provided herein, all payments by Borrower on account of the principal of or interest on the Loans denominated
in Dollars payable to the Lenders under this Agreement shall be made to Agent, for the account of the respective Lenders to which such
payment is owed, at Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein.
Agent will promptly distribute to each Lender its Commitment Percentage (or other applicable share as provided herein) of such payment
in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by Agent after 2:00 p.m., at
the option of Agent, shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to
accrue.

 

(ii)            Except
as otherwise expressly provided herein, all payments by Borrower on account of the principal of or interest on the Revolving Credit
Loans denominated in an Alternative Currency payable to the Lenders under this Agreement shall be made to Agent, for the account of
the respective Lenders to which such payment is owed, at Agent’s Office in such Alternative Currency and in Same Day Funds not
later than the Applicable Time on the date specified herein. Agent will promptly distribute to each Lender its Commitment Percentage
(or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. Each payment to Agent of Agent’s fees or expenses shall be made for the account of Agent. All payments
received by Agent after the Applicable Time, at the option of Agent, shall be deemed received on the next succeeding Business Day
and any applicable interest or fee shall continue to accrue.

 

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(iii)            Without
limiting the generality of the foregoing, Agent may require that any payments due under this Agreement be made in the United States.
If, for any reason, Borrower is prohibited by any applicable law from making any required payment hereunder in an Alternative Currency,
Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount. Upon receipt by Agent
of each such payment, Agent shall distribute to each such Lender at its address for notices set forth herein its Revolving Credit Commitment
Percentage (or other applicable share as provided herein) of such payment and shall wire advice of the amount of such credit to each
Lender. Each payment to Agent on account of the principal of or interest on the Swingline Loans or of any fee, commission or other amounts
payable to the Swingline Lender shall be made in like manner, but for the account of the Swingline Lender. Each payment to Agent of the
Issuing Lender’s fees or L/C Participants’ commissions shall be made in like manner, but for the account of the Issuing Lender
or the L/C Participants, as the case may be. Each payment to Agent of Agent’s fees or expenses shall be made for the account of
Agent and any amount payable to any Lender under Sections 2.19(a), 2.19(a), 10.3, 10.4 or 16 shall be paid to Agent for
the account of the applicable Lender. Subject to the definition of Interest Period, if any payment under this Agreement shall be specified
to be made upon a day which is not a Business Day, it shall be made on the next succeeding day which is a Business Day and such extension
of time shall in such case be included in computing any interest if payable along with such payment.

 

(b)            (i)             Funding
by Lenders; Presumption by Agent. Unless Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing of LIBOR Rate Loans (ori) in the case of any Borrowing of Base Rate Loans, prior tonot
later than 12:00 noon on the date of suchany
proposed Borrowing) and
(ii) otherwise, prior
to the proposed date of any Borrowing that such Lender will not make available to Agent such Lender’s share of such
Borrowing, Agent may assume that such Lender has made such share available on such date in accordance with Section 2.2 (or
in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required
by Section 2.2) and may, in reliance upon such assumption, make available to Borrower a corresponding amount. In such event,
if a Lender has not in fact made its share of the applicable Borrowing available to Agent, then the applicable Lender and Borrower severally
agree to pay to Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including
the date such amount is made available to Borrower to but excluding the date of payment to Agent, at (A) in the case of a payment
to be made by such Lender, the Overnight Rate, and (B) in the case of a payment to be made by Borrower, the interest rate applicable
to Base Rate Loans. If Borrower and such Lender shall pay such interest to Agent for the same or an overlapping period, Agent shall promptly
remit to Borrower the amount of such interest paid by Borrower for such period. If such Lender pays its share of the applicable Borrowing
to Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by Borrower shall
be without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment to Agent.

 

(ii)             Payments
by Borrower; Presumptions by Agent. Unless Agent shall have received notice from Borrower prior to the time at which any payment
is due to Agent for the account of the Lenders, the Issuing Lender or the Swingline Lender hereunder that Borrower will not make
such payment, Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders, the Issuing Lender or the Swingline Lender, as the case may be, the amount due. In such
event, if Borrower has not in fact made such payment, then each of the Lenders, the Issuing Lender or the Swingline Lender, as the
case may be, severally agrees to repay to Agent forthwith on demand the amount so distributed to such Lender, the Issuing Lender or
the Swingline Lender, in Same Day Funds with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to Agent, as the Overnight Rate.

 

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A notice of Agent to any Lender or Borrower with
respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

 

(c)            Failure
to Satisfy Conditions Precedent. If any Lender makes available to Agent funds for any Loan to be made by such Lender as provided
in the foregoing provisions of this Section 2, and such funds are not made available to Borrower by Agent because the conditions
to funding set forth in Section 3 are not satisfied or waived in accordance with the terms hereof, Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without interest.

 

(d)            Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Loans, to issue or participate in Letters of Credit and to make
payments hereunder are several and not joint. The failure of any Lender to make available its Commitment Percentage of any Loan requested
by Borrower, to fund any such participation or to make any payment hereunder 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 Commitment Percentage of such Loan, to purchase its participation or to make its payment hereunder.

 

(e)            Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

 

2.18        Changed
Circumstances.

 

(a)            Illegality.
If, after the date hereof, the introduction of, or any change in, any applicable law or any change in the interpretation or
administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or
directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make
it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to
make or maintain any LIBOR Rate Loanapplicable
Daily Simple RFR Loan, Term RFR Loan or Eurocurrency Rate Loan, or to determine or charge interest based upon any applicable RFR,
Daily Simple RFR, Term RFR, Eurocurrency Rate or Adjusted Eurocurrency Rate (whether denominated in Dollars or an
Alternative Currency), such Lender shall promptly give notice thereof to Agent and Agent shall promptly give notice to Borrower and
the other Lenders. Thereafter, until Agent notifies Borrower that such circumstances no longer exist, (i) the
obligationsany
obligation of the Lenders to make LIBORsuch
RFR Loans or Eurocurrency Rate Loans (whether
denominated in Dollars or an Alternative Currency, as applicable), in the affected currency or currencies, and theany
right of Borrower to convert any such Loan to
a LIBORdenominated
in Dollars to an RFR Loan or a Eurocurrency Rate Loan or continue any such Loan
as a LIBORan
RFR Loan or a Eurocurrency Rate Loan (whether
denominated in Dollars or an Alternative Currency, as applicable) in the affected currency or currencies shall be
suspended and thereafter Borrower may select only Base Rate Loans and (ii) if any of the Lenders(ii) if
necessary to avoid such illegality, Agent shall compute the Base Rate without reference to clause (b) of the definition of
 “Base Rate”, in each case until each such affected Lender notifies Agent and Borrower that the circumstances giving rise
to such determination no longer
exist. Upon receipt of such notice, (A) Borrower shall, if necessary to avoid such illegality, upon demand from any Lender
(with a copy to Agent), prepay or, if applicable, (I) convert all such RFR Loans or Eurocurrency Rate Loans denominated in
Dollars to Base Rate Loans or (II) convert all such RFR Loans or Eurocurrency Rate Loans denominated in an affected Alternative
Currency to Base Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) (in
each case, if necessary to avoid such illegality, Agent shall compute the Base Rate without reference to clause (b) of the
definition of “Base Rate”), (1) with respect to Daily Simple RFR Loans, on the Interest Payment Date therefor, if
all affected Lenders may lawfully continue to maintain such Daily Simple RFR Loans to such day, or immediately, if any
Lender may not lawfully continue to maintain a LIBOR Rate Loan to such
Daily Simple RFR Loans to such day or (2) with respect to Eurocurrency Rate Loans or Term RFR Loans, on the endlast
day of the then
current Interest Period applicable thereto, thetherefor,
if all affected Lenders may lawfully continue to maintain such Eurocurrency Rate Loans or Term RFR Loans, as applicable Loan
shall, to such day, or immediately be converted to a Base Rate Loan for the remainder of such Interest
Period ,if any Lender may
not lawfully continue to maintain such Eurocurrency Rate Loans or Term RFR Loans, as applicable, to such day and (B) if
necessary to avoid such illegality, Agent shall during the period of such suspension compute the Base Rate without reference to
clause (b) of the definition of “Base Rate”, in each case until Agent is advised in writing by each affected Lender
that it is no longer illegal for such Lender to determine or charge interest rates based upon Daily Simple RFR, Term RFR, the
Eurocurrency Rate or Adjusted Eurocurrency Rate, as applicable. Upon any such prepayment or conversion, Borrower shall also pay any
additional amounts required pursuant to Section 2.19(e).

 

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(b)           Inability
to Determine Rates. Unless and until a Replacement Rate is implemented in accordance with clause (c) below, in connection
with any request for a LIBOR Rate Loan or a conversion to or continuation thereof, if for any reason (i

 

(i)             Subject
to clause (c) below, in connection with any RFR Loan or, on and after the USD LIBOR Transition Date, any Base Rate Loan, a
request therefor, a conversion to or a continuation thereof or otherwise, if for any reason (A) Agent shall determine (which
determination shall be conclusive and binding absent manifest error) that (x) if Daily Simple RFR is utilized in any
calculations hereunder or under any other Loan Document with respect to any Obligations, interest, fees, commissions or other
amounts, “Daily Simple RFR” cannot be determined pursuant to the definition thereof or (y) if Term RFR is utilized
in any calculations hereunder or under any other Loan Document with respect to any Obligations, interest, fees, commissions or other
amounts, “Term RFR” cannot be determined pursuant to the definition thereof on or prior to the first day of any Interest
Period or (B) Agent shall determine (which determination shall be conclusive and binding absent manifest error) that a
fundamental change has occurred in the foreign exchange markets with respect to an applicable Alternative Currency (including
changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls) so
as to cause Agent to be unable to determine Daily Simple RFR or Term RFR, as the case may be, then Agent shall promptly give notice
thereof to Borrower. Upon notice thereof by Agent to Borrower, (A) in the case of the circumstances described in clause
(A)(x) or clause (B) with respect to Daily Simple RFR, any obligation of the Lenders to make Daily Simple RFR Loans in
each such currency, and any right of Borrower to convert any Loan in each such currency (if applicable) or continue any Loan as a
Daily Simple RFR Loan in each such currency, shall be suspended until Agent revokes such notice, (B) in the case of the
circumstance described in clause (A)(y) or clause (B) with respect to Term RFR, any obligation of the Lenders to make Term
RFR Loans in each such currency, and any right of Borrower to convert any Loan in each such currency (if applicable) or continue any
Loan as a Term RFR Loan in each such currency, shall be suspended during the affected Interest Periods until Agent revokes such
notice, and (C) if such determination affects the calculation of Base Rate, Agent shall during the period of such suspension
compute Base Rate without reference to clause (b) of the definition of “Base Rate” until Agent revokes such
notice. Upon receipt of such notice, (1) Borrower may revoke any pending request for a borrowing of, conversion to or
continuation of affected Daily Simple RFR Loans or Term RFR Loans, as the case may be, in each such affected currency or convert
such borrowing request into a request for the other type of RFR Loans (to the extent such other type of RFR Loan has not been
precluded by this Section 2.18) or, failing that, (I) in the case of any request for a borrowing of an affected RFR Loan
in Dollars, Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate
Loans in the amount specified therein and (II) in the case of any request for a borrowing of an affected RFR Loan in an
Alternative Currency, then such request shall be ineffective and (2)(I) any outstanding affected Daily Simple RFR Loans
denominated in Dollars will be deemed to have been converted into Base Rate Loans on the Interest Payment Date therefor or, in the
case of Term RFR Loans, at the end of the applicable Interest Period and (II) any outstanding affected RFR Loans denominated in
an Alternative Currency, at Borrower’s election, shall either (x) be converted into Base Rate Loans denominated in
Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) immediately or, in the case of Term RFR Loans, at
the end of the applicable Interest Period or (y) be prepaid in full, together with accrued interest thereon (subject to
Section 2.18(a)), immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period; provided that if
no election is made by Borrower by the date that is three (3) Business Days after receipt by Borrower of such notice or, in the
case of Term RFR Loans, the last day of the current Interest Period for the applicable RFR Loan, if earlier, Borrower shall be
deemed to have elected clause (1) above. Upon any such prepayment or conversion, Borrower shall also pay any additional amounts
required pursuant to Section 2.19(e).

 

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(ii)            Subject
to clause (c) below, if, for any reason (x) on or prior to the first day of any Interest Period with respect to a
Eurocurrency Rate Loan or (y) prior to the USD LIBOR Transition Date, on any day with respect to a Base Rate Loan, in
connection with a request therefor, a conversion to or a continuation thereof or otherwise, (A) Agent shall
determine (which determination shall be conclusive and binding absent manifest error) that deposits (whether in Dollars or
an Alternative Currency) are not being offered to banks in the London or
other applicable offshore interbank Eurodollar market for the applicable currency, amount
and Interest Period of such Loan, (ii (or,
with respect to any Base Rate Loan, for a one month term), (B) Agent shall determine (which determination shall be conclusive
and binding absent manifest error) that a fundamental change has occurred in the foreign exchange or interbank markets with respect
to the applicable Alternative Currency (including changes in national or international financial, political or economic conditions
or currency exchange rates or exchange controls), (C) Agent shall determine (which determination shall be conclusive
and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBORAdjusted
Eurocurrency Rate for such currency
and Interest Period with respect to a proposed LIBOR Rate Loan (whether denominated in Dollars or an Alternative
Currency),
including because the Screen Rate for the applicable currency is not available or published on a current basis, or
(iiiD)
the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the LIBORAdjusted
Eurocurrency Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans
during such Interest Period and
shall have provided notice of such determination to Agent, then Agent shall promptly give notice thereof to
Borrower. Thereafter, until Agent notifies Borrower that such circumstances no longer exist, the(x) any obligation
of the Lenders to make LIBOREurocurrency Rate
Loans in
each such currency, and theany right of Borrower to convert any Loan toin
each such currency (if applicable) or continue any Loan as a LIBOREurocurrency
Rate Loan shall be suspendedis
each such currency (in each case, to the extent of the affected Eurocurrency Rate Loans or Interest Periods), shall be suspended and
(I) any outstanding affected Eurocurrency Rate Loans denominated in Dollars will be deemed to have been converted into Base
Rate Loans at the end of the applicable Interest Period and (II) any outstanding affected Eurocurrency Rate Loans denominated
in an Alternative Currency, andat
Borrower’selection,
shall either (i) repay in full (or cause to be repaid in full) the then outstanding principala.
be converted into Base Rate Loans denominated in Dollars (in an amount equal
to the Dollar Equivalent of each such LIBOR Rate LoanAlternative
Currency) at the end of the applicable Interest Period or b. be prepaid in full, together with accrued interest thereon
(subject to Section 2.142.18(da)), onat
the end of the applicable Interest Period; provided that if no election is made by Borrower by the date that is three
(3) Business Days after receipt by Borrower of such notice or, in the case of Eurocurrency Rate Loans, the last day
of the then current Interest Period for
the applicable to such LIBOREurocurrency
Rate Loan; or (ii) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan as of
the last day of such Interest Period,
if earlier, Borrower shall be deemed to have elected clause (1) above, and (y) if such determination pursuant to this
Section 2.18(b)(ii) affects the calculation of Base Rate, Agent shall during the period of such suspension compute Base
Rate without reference to clause (b) of the definition of “Base Rate”. Upon any such prepayment or conversion,
Borrower shall also pay any additional amounts required pursuant to Section 2.19(e).

 

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(c)             Alternative
Rate of Interest. Notwithstanding anything to the contrary in Section 2.18(b) above,
if Agent has made the determination (such determination to be conclusive absent manifest error) that (i) the circumstances described
in Section 2.18(b)(i) or (b)(ii) have
arisen and that such circumstances are unlikely to be temporary, (ii) any applicable interest rate specified herein is no longer
a widely recognized benchmark rate for newly originated loans in the U.S. syndicated loan market in the applicable currency or (iii) the
applicable supervisor or administrator (if any) of any applicable interest rate specified herein or any Governmental Authority having,
or purporting to have, jurisdiction over Agent has made a public statement identifying a specific date after which any applicable interest
rate specified herein shall no longer be used for determining interest rates for loans in the U.S. syndicated loan market in the applicable
currency, then Agent may, to the extent practicable (in consultation with Borrower and as determined by Agent to be generally in accordance
with similar situations in other transactions in which it is serving as administrative agent or otherwise consistent with market practice
generally), establish a replacement interest rate (the “Replacement Rate”), in which
case, the Replacement Rate shall, subject to the next two sentences, replace such applicable interest rate for all purposes under the
Loan Documents unless and until (A) an event described in Section 2.18ba)(i), (b)(ii),
(c)(i), (c)(ii) or (c)(iii) occurs
with respect to the Replacement Rate or (B) the Required Lenders (either directly or through Agent) notify Borrower that the Replacement
Rate does not adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement Rate. In
connection with the establishment and application of the Replacement Rate, this Agreement and the other Loan Documents shall be amended
solely with the consent of Agent and the Borrower, as may be necessary or appropriate, in the opinion of Agent, to effect the provisions
of this Section 2.18(c). Notwithstanding anything to the contrary in this Agreement or
the other Loan Documents (including, without limitation, Section 14.1), such amendment
shall become effective without any further action or consent of any other party to this Agreement so long as Agent shall not have received,
within five (5) Business Days of the delivery of such amendment to the Lenders, written notices from such Lenders that in the aggregate
constitute Required Lenders, with each such notice stating that such Lender objects to such amendment (which such notice shall note with
specificity the particular provisions of the amendment to which such Lender objects). To the extent the Replacement Rate is approved
by Agent in connection with this clause (c), the Replacement Rate shall be applied in a manner consistent with market practice; provided
that, in each case, to the extent such market practice is not administratively feasible for Agent, such Replacement Rate shall be applied
as otherwise reasonably determined by Agent (it being understood that any such modification by Agent shall not require the consent of,
or consultation with, any of the Lenders).Benchmark
Replacement Setting.

 

(i)             Benchmark
Replacement.

 

(A)             Notwithstanding
anything to the contrary herein
or in any other Loan Document, if the USD LIBOR Transition Date has occurred prior to the Reference Time in respect of any setting of
the Adjusted Eurocurrency Rate for Dollars, then (x) if a Benchmark Replacement
is determined in accordance with clause (b)(1) or (b)(2) of the definition of “Benchmark Replacement” for the USD
LIBOR Transition Date, such Benchmark Replacement will replace the then-current Benchmark with respect to Obligations, interest, fees,
commissions or other amounts denominated in, or calculated with respect to, Dollars for all purposes hereunder and under any Loan Document
in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any
other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause
(b)(3) of the definition of “Benchmark Replacement” for the USD LIBOR Transition Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on
the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment
to, or further
action or consent of any other party to, this
Agreement or any other Loan Document so long as Agent has not received, by such time, written notice of objection to such Benchmark Replacement
from Lenders comprising the Required Lenders (which such notice shall note with specificity the particular provisions of the amendment
to which such Lender objects).

 

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(B)             Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event with respect to any
Benchmark, Agent and Borrower may amend this Agreement to replace such Benchmark with a Benchmark Replacement. Any such amendment with
respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Agent
has posted such proposed amendment to all affected Lenders and Borrower so long as Agent has not received, by such time, written notice
of objection to such amendment from Lenders comprising the Required Lenders (which
such notice shall note with specificity the particular provisions of the amendment to which such Lender objects). No
replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 2.18(c)(i)(B) will occur prior to the applicable
Benchmark Transition Start Date.

 

(C)             Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term RFR Transition
Date has occurred prior to the Reference Time in respect of any setting of the then-current Benchmark consisting of a Daily Simple RFR
(including a Daily Simple RFR implemented as a Benchmark Replacement pursuant to Section 2.18(c)(i)(A) or Section 2.18(c)(i)(B))
for the applicable currency, then the applicable Benchmark Replacement will replace such Benchmark for all purposes hereunder or under
any Loan Document in respect of such Benchmark for the applicable currency setting and subsequent Benchmark settings, without any amendment
to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that this clause (C) shall
not be effective unless Agent has delivered to the Lenders and Borrower a Term RFR Notice with respect to the applicable Term RFR Transition
Event. For the avoidance of doubt, Agent shall not be required to deliver a Term RFR Notice after a Term RFR Transition Event and may
elect or not elect to do so in its sole discretion.

 

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

 

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(iii)             Notices;
Standards for Decisions and Determinations.
Agent will promptly notify Borrower and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness
of any Benchmark Replacement Conforming Changes. Agent will promptly notify Borrower of the removal or reinstatement of any tenor of
a Benchmark pursuant to Section 2.18(c)(iv). Any determination, decision or election that may be made by Agent or, if applicable,
any Lender (or group of Lenders) pursuant to this Section 2.18(c), including any determination with respect to a tenor, rate or
adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any
action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without
consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this
Section 2.18(c).

 

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

 

(v)             Benchmark
Unavailability Period. Upon the earlier of Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period or the actual commencement of a Benchmark Unavailability Period with respect to a given Benchmark, Borrower
may revoke any pending request for a borrowing of, conversion to or continuation of RFR Loans or Eurocurrency Rate Loans, in each
case, to be made, converted or continued during any Benchmark Unavailability Period denominated in the applicable currency and,
failing that, (A)(I) in the case of any request for any affected RFR Loans or a Eurocurrency Rate Loans, in each case,
denominated in Dollars, if applicable, Borrower will be deemed to have converted any such request into a request for a borrowing of
or conversion to Base Rate Loans in the amount specified therein and (II) in the case of any request for any affected RFR Loan
or Eurocurrency Rate Loan, in each case, in an Alternative Currency, if applicable, then such request shall be ineffective and
(B)(I) any outstanding affected RFR Loans or Eurocurrency Rate Loans, in each case, denominated in Dollars, if applicable, will
be deemed to have been converted into Base Rate Loans immediately or, in the case of Term RFR Loans or Eurocurrency Rate Loans, at
the end of the applicable Interest Period and (II) any outstanding affected RFR Loans or Eurocurrency Rate Loans, in each case,
denominated in an Alternative Currency, at Borrower’s election, shall either (x) be converted into Base Rate Loans
denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) immediately or, in the case of
Term RFR Loans or Eurocurrency Rate Loans, at the end of the applicable Interest Period or (y) be prepaid in full immediately
or, in the case of Term RFR Loans or Eurocurrency Rate Loans, at the end of the applicable Interest Period; provided that, with
respect to any Daily Simple RFR Loan, if no election is made by Borrower by the date that is three (3) Business Days after
receipt by Borrower of such notice, Borrower shall be deemed to have elected clause (1) above; provided, further that, with
respect to any Eurocurrency Rate Loan or Term RFR Loan, if no election is made by Borrower by the earlier of (x) the date
that is three (3) Business Days after receipt by Borrower of such notice and (y) the last day of the current Interest
Period for the applicable Eurocurrency Rate Loan or Term RFR Loan, Borrower shall be deemed to have elected clause (1) above.
Upon any such prepayment or conversion, Borrower shall also pay accrued interest on the amount so prepaid or converted, together
with any additional amounts required pursuant to Section 2.19(e). During a Benchmark Unavailability Period with respect to any
Benchmark or at any time that a tenor for any then-current Benchmark is not an Available Tenor, the component of Base Rate based
upon the then-current Benchmark that is the subject of such Benchmark Unavailability Period or such tenor for such Benchmark, as
applicable, will not be used in any determination of Base Rate.

 

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All of Borrower’s obligations under this
Section 2.18 shall survive termination of the Commitments and repayment of all other Obligations hereunder.

 

2.19          Increased
Costs; Reserves on LIBOR Rate Loans; Compensation for Losses.

 

(a)             Increased
Costs Generally. 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 reserve requirement reflected in the LIBORAdjusted
Eurocurrency Rate) or the Issuing Lender;

 

(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 the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or LIBOR Rate 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, the Issuing Lender or such other Recipient of making, converting to, continuing or
maintaining any LIBOR Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost
to such Lender, the Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or
receivable by such Lender, the Issuing Lender or other Recipient hereunder (whether of principal, interest or any other amount)
then, upon request of such Lender, the Issuing Lender or other Recipient, Borrower will pay to such Lender, the Issuing Lender or
other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Lender or other
Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

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

 

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(c)            Certificates
for Reimbursement. A certificate of a Lender, the Issuing Lender or such other Recipient setting forth the amount or amounts necessary
to compensate such Lender, the Issuing Lender, such other Recipient or any of their respective holding companies, as the case may be,
as specified in subsection (a) or (b) of this Section and delivered to Borrower shall be conclusive absent manifest error.
Borrower shall pay such Lender or the Issuing Lender or such other Recipient, as the case may be, the amount shown as due on any such
certificate within 10 days after receipt thereof.

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender or the Issuing Lender or such other Recipient to demand compensation pursuant
to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s or
such other Recipient’s right to demand such compensation, provided that Borrower shall not be required to compensate a Lender
or the Issuing Lender or any other Recipient pursuant to the foregoing provisions of this Section for any increased costs incurred
or reductions suffered more than one hundred eighty (180) days prior to the date that such Lender or the Issuing Lender or such other
Recipient, as the case may be, notifies Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
or the Issuing Lender’s or such other Recipient’s intention to claim compensation therefor (except that, if the Change in
Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended
to include the period of retroactive effect thereof).

 

(e)            Compensation
for Losses. Upon demand of any Lender (with a copy to Agent) from time to time, Borrower shall promptly compensate such Lender for
and hold such Lender harmless from any loss, cost or expense incurred by it as a result of.:

 

(i)             any
continuation, conversion, payment or prepayment of any Daily
Simple RFR Loan on
a date other than a Baseon
the Interest Payment Date therefor (in each case, whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise
and including as a result of an Event of Default) or Term RFR Loan or a Eurocurrency Rate Loan on a daydate
other than the last day of the Interest Period for such Loan (therefor
(in each case, whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise and
including as a result of an Event of Default);

 

(ii)            any
failure by Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay,(A) borrow, 
or continue an
RFR Loan or a Eurocurrency Rate Loan or convert anyto
an RFR Loan other thanor
a BaseEurocurrency
Rate Loan on thea
date or in the amount notified by Borrowerspecified
therefor in a Notice of Borrowing or Notice of Conversion/Continuation or (B) prepay any RFR Loan or Eurocurrency Rate Loan on
a date specified therefor in any Notice of Prepayment (regardless of whether any such Notice of Prepayment may be revoked under
Section 2.4(a) or Section 2.8(c) and is revoked in accordance therewith);

 

(iii)           any
failure of Borrower to make paymentsany
payment when due of any LIBOR Rate Loan (or interest due thereon) denominated in an Alternative Currency on its scheduled
due dateamount
due hereunder in connection with an RFR Loan or a Eurocurrency Rate Loan or any payment thereof in a different currency; or

 

(iv)           any
assignment of a LIBORany
Daily Simple RFR Loan other than on the Interest Payment Date therefor or any Eurocurrency Rate Loan on a
dayor
Term RFR Loan other than on
the last day of the Interest Period thereforapplicable
thereto as a result of a request by Borrower pursuant to Section 14.2;

 

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including any loss of anticipated profits on account of interest payments
that would otherwise have been made with respect to such LIBOR Rate Loan and any loss or expense arising from the liquidation
or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were
obtained. Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable
by Borrower to the Lenders under this Section 2.19(e), each Lender shall be deemed to have funded each LIBOR
Rate Loan made by it atin
the case of a Eurocurrency Rate Loan, the amount of such loss or expense shall be determined by the applicable Lender based upon the
assumption that such Lender funded its Commitment Percentage of the LIBOREurocurrency
Rate for such Loan by a matching deposit or other borrowingLoans
in the London or
other applicable offshore interbank market for a comparable amount and for a comparable periodsuch
currency, whether or not such LIBOREurocurrency
Rate Loan was in fact so funded,
and using any reasonable attribution or averaging methods which such Lender deems appropriate and practical. A
certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall
be forwarded to Borrower through Agent and shall be conclusively presumed to be correct save for manifest error.

 

All of Borrower’s obligations under this Section 2.19
shall survive termination of the Commitments and repayment of all other Obligations hereunder.

 

2.20          Incremental
Increases.

 

(a)            At
any time after the Closing Date, Borrower may by written notice to Agent (x) request the establishment of one or more incremental
term loan commitments (each, an “Incremental Term Loan Commitment”) to make one or more additional term loans (any
such additional term loan, an “Incremental Term Loan”) and/or (y) request one or more increases in the Revolving
Credit Commitment (each, a “Revolving Credit Commitment Increase” and, together with any Incremental Term Loan Commitment
and Incremental Term Loan, the “Incremental Increases”); provided that (i) the total aggregate principal
amount for all Incremental Increases incurred pursuant to this Section 2.20 shall not exceed an amount equal to $150,000,000
(based on the original principal amount thereof) and (ii) the total aggregate amount for each Incremental Increase shall not be
less than a minimum principal amount of $10,000,000 or, if less, the remaining amount permitted pursuant to the foregoing clause (i).
Each such notice shall specify the date (each, an “Incremental Effective Date”) on which Borrower proposes that any
Incremental Increase shall be effective, which shall be a date not less than ten (10) Business Days (or such shorter period as agreed
to by Agent in its sole discretion) after the date on which such notice is delivered to Agent. Borrower may invite any Lender, any Affiliate
of any Lender, any Approved Fund and/or any other Eligible Assignee, to provide an Incremental Increase (any such Person, an “Incremental
Lender”). Any proposed Incremental Lender offered or approached to provide all or a portion of any Incremental Increase may
elect or decline, in its sole discretion, to provide such Incremental Increase.

 

(b)            Any
Incremental Increase shall become effective as of such Incremental Effective Date; provided that:

 

(i)             no
Default or Event of Default shall exist on such Incremental Effective Date before or after giving effect to any Incremental Increase;
provided that, with respect to any Incremental Term Loan Commitment the primary purpose of which is to finance a substantially
concurrent Limited Conditionality Acquisition, this clause (i) may be determined at the time of the signing (as opposed to closing)
of the acquisition agreement with respect thereto as agreed to by Borrower and the applicable Incremental Lenders; provided further
that no Event of Default under Sections 8.1, 8.4 or 8.5 shall exist at the time of funding;

 

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(ii)            each
of the representations and warranties contained in Section 4 shall be true and correct
in all material respects, except to the extent any such representation and warranty is qualified by materiality or reference to Material
Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects, on such Incremental Effective
Date with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made
only as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date); provided
that, with respect to any Incremental Term Loan Commitment primary purpose of which is to finance a substantially concurrent Limited
Conditionality Acquisition, this clause (ii) may be subject to customary “Sungard” limitations agreed to by Borrower
and the applicable Incremental Lenders;

 

(iii)            the
proceeds of any Incremental Increase shall be used for general corporate purposes of Borrower and its Subsidiaries (including, without
limitation, Permitted Acquisitions and Restricted Payments);

 

(iv)           each
Incremental Increase shall constitute Obligations, shall have the same Guarantors as the other Loans and shall be secured by the Collateral
on a pari passu basis with the other Loans;

 

(v)            Incremental
Term Loans will not have a maturity date earlier than the Maturity Date;

 

(vi)           the
Agent and the Lenders shall have received from Borrower a Compliance Certificate demonstrating, in form and substance reasonably satisfactory
to the Agent, that Borrower is in compliance with the financial covenants set forth in Section 7 based on the financial statements
most recently delivered pursuant to Section 5.1(a)(i) or 5.1(a)(ii), as applicable, both before and after giving
effect (on a pro forma basis) to (x) any Incremental Increase, (y) the making of any Loans pursuant thereto (with any Incremental
Term Loan Commitment, Revolving Credit Commitment Increase and the Revolving Credit Commitment being deemed to be fully funded) and (z) any
Permitted Acquisition consummated in connection therewith, refinancing of Indebtedness or other event giving rise to a pro forma adjustment;
provided that, with respect to any Incremental Term Loan Commitment the primary purpose of which is to finance a substantially
concurrent Limited Conditionality Acquisition, this clause (vi) may be determined at the time of the signing (as opposed to closing)
of the acquisition agreement with respect thereto as agreed to by Borrower and the applicable Incremental Lenders;

 

(vii)          the
interest rate margins, amortization schedule and mandatory prepayments applicable to any Incremental Term Loan shall be determined by
Borrower and the applicable Incremental Lenders in their mutual sole discretion;

 

(viii)         Borrower
shall deliver or cause to be delivered any customary legal opinions or other documents (including, without limitation, a resolution duly
adopted by the board of directors (or equivalent governing body) of each Loan Party authorizing such Incremental Increase substantially
consistent with those delivered on the Closing Date) reasonably requested by Agent or the Incremental Lenders in connection with any
such transaction;

 

(ix)            except
as provided above, all other terms and conditions applicable to any Incremental Term Loan, to the extent not consistent with the
terms and conditions applicable to the Revolving Credit Facility, shall be reasonably satisfactory to Agent, Borrower and the
applicable Incremental Lenders; and

 

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(x)            each
Revolving Credit Commitment Increase shall have the same terms, including interest rate, unused fees and upfront fees, as the Revolving
Credit Facility.

 

(c)            On
any Incremental Effective Date on which any Incremental Term Loan Commitment becomes effective, subject to the foregoing terms and conditions,
each Incremental Lender with an Incremental Term Loan Commitment shall make, or be obligated to make, an Incremental Term Loan to Borrower
in an amount equal to its Incremental Term Loan Commitment and shall become a Lender hereunder with respect to such Incremental Term
Loan Commitment and the Incremental Term Loan made pursuant thereto. The Incremental Lenders shall be included in any determination of
the Required Lenders and, unless otherwise agreed, the Incremental Lenders will not constitute a separate voting class for any purposes
under this Agreement. Any Incremental Lender shall be entitled to the same voting rights as the existing Lenders under the applicable
Credit Facility.

 

(d)            On
any Incremental Effective Date on which any Revolving Credit Commitment Increase becomes effective, the outstanding Revolving Credit
Loans and Revolving Credit Commitment Percentages of Swingline Loans and L/C Obligations will be reallocated by Agent on the applicable
Increased Amount Date among the Revolving Credit Lenders (including the Incremental Lenders providing such Incremental Revolving Credit
Increase) in accordance with their revised Revolving Credit Commitment Percentages (and the Revolving Credit Lenders (including the Incremental
Lenders providing such Incremental Revolving Credit Increase) agree to make all payments and adjustments necessary to effect such reallocation
and the Borrower shall pay any and all costs required pursuant to Section 2.19(e) in connection with such reallocation
as if such reallocation were a repayment).

 

(e)            Such
Incremental Increases shall be effected pursuant to one or more Incremental Amendments executed and delivered by Borrower, Agent and
the applicable Incremental Lenders (which Incremental Amendment may, without the consent of any other Lenders, effect such amendments
to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of Agent and Borrower, to
effect the provisions of this Section 2.20, and the Lenders hereby expressly authorize Agent to enter into such amendment
on their behalf).

 

3.            CONDITIONS;
TERM OF AGREEMENT.

 

3.1            Conditions
Precedent to Closing and Initial Extensions of Credit. The obligation of each Lender to fund the initial Loans or issue or participate
in the initial Letters of Credit, if any, provided for in this Agreement is subject to the fulfillment, to the satisfaction of Agent
and each Lender (the making of such Loan or the issuance of or participation in such Letter of Credit by any Lender being conclusively
deemed to be its satisfaction or waiver of the conditions precedent), of each of the following conditions precedent:

 

(a)            Agent
shall have received each of the following documents, in form and substance satisfactory to Agent, duly executed and delivered, and each
such document shall be in full force and effect:

 

(i)            this
Agreement,

 

(ii)            the
Fee Letters,

 

(iii)           the
Funds Flow Agreement,

 

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(iv)           a
completed Perfection Certificate for each of the Loan Parties,

 

(v)            the
Security Documents, as applicable,

 

(vi)           the
Reaffirmation Agreement, and

 

(vii)          a
Note in favor of each Lender requesting a Note;

 

(b)            Agent
shall have received results of searches or other evidence reasonably satisfactory to Agent (in each case dated as of a date reasonably
satisfactory to Agent) indicating the absence of Liens on the assets of the Loan Parties, except for Permitted Liens and Liens for which
termination statements and releases, satisfactions and discharges of any mortgages, or subordination agreements satisfactory to Agent
are being tendered concurrently with such extension of credit or other arrangements satisfactory to Agent for the delivery of such termination
statements and releases, satisfactions and discharges have been made;

 

(c)            Agent
shall have received such financing statements necessary or, in the opinion of Agent, desirable to perfect the Agent’s Liens in
and to the Collateral;

 

(d)            Agent
shall have received duly executed copies of all documents and instruments necessary to establish that Agent will have a first priority
security interest in the Collateral (subject to Permitted Liens), which shall be, if applicable, in proper form for filing;

 

(e)            All
existing Indebtedness of Borrower and its Subsidiaries under the Existing Credit Agreement shall be refinanced prior to or substantially
concurrently with the initial funding of the Loans. Agent shall have received evidence satisfactory to it that, on the Closing Date,
after giving effect to the Transactions, neither Borrower nor any of its Subsidiaries shall have any outstanding Indebtedness (other
than (i) the Obligations, and (ii) the Indebtedness set forth on Schedule 4.14 which the Joint Lead Arrangers and the
Loan Parties have agreed may remain outstanding);

 

(f)            Agent
shall have received (i) original stock certificates or other certificates evidencing the certificated Equity Interests pledged pursuant
to the Security Documents, together with an undated stock power for each such certificate duly executed in blank by the registered owner
thereof, other than such certificates as are pledged to and in the possession of secured parties holding indebtedness that is being fully
repaid (and who are releasing and cancelling such pledges) on the Closing Date and (ii) each original promissory note pledged pursuant
to the Security Documents together with an undated allonge for each such promissory note duly executed in blank by the holder thereof,
other than such promissory notes as are pledged to and in the possession of secured parties holding indebtedness that is being fully
repaid (and who are releasing and cancelling such pledges) on the Closing Date;

 

(g)            a
certificate signed by a Responsible Officer of Borrower certifying (i) that as of the Closing Date, each of the representations
and warranties in Section 4 shall be true and correct in all material respects (except (A) to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date and (B) in
the case of any representation and warranty qualified by materiality, they shall be true and correct in all respects), (ii) that
there has been no event or circumstance since October 31, 2017 that has had or would be reasonably expected to have, either individually
or in the aggregate, a Material Adverse Effect, and (iii) that all governmental and third party approvals necessary or, in the reasonable
opinion of Agent, advisable in connection with this Agreement or the transactions contemplated by the Loan Documents, shall have been
obtained and are in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse
conditions on this Agreement or the transactions contemplated by the Loan Documents;

 

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(h)            Agent
shall have received a certificate signed by a secretary of each Loan Party certifying as to the incumbency and genuineness of the signature
of each officer of such Loan Party executing Loan Documents to which it is a party and certifying that attached thereto is a true, correct
and complete copy of (i) such Loan Party’s Governing Documents, as amended, modified, or supplemented to the Closing Date,
which Governing Documents that are charter documents, shall be certified as of a recent date (not more than 30 days prior to the Closing
Date) by the appropriate governmental official, (ii) resolutions duly adopted by the Board of Directors (or other governing body)
of such Loan Party authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this
Agreement and the other Loan Documents to which it is a party and (iii) a certificate of status with respect to each Loan Party,
dated within 30 days of the Closing Date, such certificate to be issued by the appropriate governmental official of the jurisdiction of
organization of such Loan Party, which certificate shall indicate that such Loan Party is in good standing in such jurisdiction;

 

(i)             Agent
shall have received certificates of property and liability insurance as are required by Section 5.6, the form and substance
of which shall be satisfactory to Agent;

 

(j)             Agent
shall have received opinions of the Loan Parties’ counsel in form and substance satisfactory to Agent (which such opinions shall
expressly permit reliance by permitted successors and assigns of Agent and the Lenders);

 

(k)            (i) Agent
shall have received, at least 5 Business Days prior to the Closing Date, all documentation and other information required by regulatory
authorities under applicable “know your customer” and Anti-Money Laundering Laws, including the Patriot Act, that has been
requested at least 10 Business Days prior to the Closing Date and (ii) to the extent Borrower qualifies as a “legal entity
customer” under the Beneficial Ownership Regulation, it shall have delivered to Agent, and any Lender requesting the same, a Beneficial
Ownership Certification in relation to Borrower at least five (5) Business Days prior to the Closing Date;

 

(l)             Agent
shall have received a Solvency Certificate prepared by the chief financial officer of Borrower certifying as to the solvency of Borrower
and its Subsidiaries (on a Consolidated basis) after giving effect to consummation of the Transactions;

 

(m)           Borrower
shall have paid all Lender Group Expenses incurred in connection with the transactions evidenced by this Agreement and the other Loan
Documents for which statements or invoices therefor have been furnished to Borrower at least one Business Day prior to the Closing Date
or set forth in the Funds Flow Agreement; and

 

(n)            Agent
shall have received a duly executed Notice of Borrowing and a notice of account designation specifying the account or accounts to which
the proceeds of any Loans made on or after the Closing Date are to be disbursed.

 

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3.2           Conditions
to All Extensions of Credit. Subject to Section 2.20 with respect to any Incremental Term Loan, the primary purpose
of which is to finance a substantially concurrent Limited Conditionality Acquisition, the obligations of the Lenders to make or participate
in any Extensions of Credit (including the initial Extension of Credit) and/or the Issuing Lender to issue, extend or increase the face
amount of any Letter of Credit are subject to the satisfaction of the following conditions precedent on the relevant borrowing, issuance
or extension date:

 

(a)            Continuation
of Representations and Warranties. The representations and warranties contained in this Agreement and the other Loan Documents shall
be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference
to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such borrowing,
issuance or extension date with the same effect as if made on and as of such date (except for any such representation and warranty that
by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects
as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse
Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date).

 

(b)            No
Existing Default. No Default or Event of Default shall have occurred and be continuing (i) on the borrowing date with respect
to such Loan or after giving effect to the Loans to be made on such date or (ii) on the date of issuance, extension or increase with
respect to such Letter of Credit or after giving effect to the issuance, extension or increase of such Letter of Credit on such date.

 

(c)            Notices.
Agent shall have received a Notice of Borrowing or Letter of Credit Application, as applicable, from the Borrower.

 

(d)            New
Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required
to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and
(ii) the Issuing Lender shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that
it will have no Fronting Exposure after giving effect thereto.

 

(e)            Alternative
Currency. In the case of a Loan to be denominated in an Alternative Currency, there shall not have occurred any change in national
or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion
of Agent or the Required Lenders would make it impracticable for such Loan to be denominated in the relevant Alternative Currency.

 

3.3            Effect
of Maturity. On the Maturity Date, all commitments of the Lender Group to provide additional credit hereunder shall
automatically be terminated and all of the Obligations immediately shall become due and payable without notice or demand and
Borrower shall be required to repay all of the Obligations in full. No termination of the obligations of the Lender Group (other
than payment in full of the Obligations and termination of the Commitments) shall relieve or discharge any Loan Party of its duties,
obligations, or covenants hereunder or under any other Loan Document and Agent’s Liens in the Collateral shall continue to
secure the Obligations and shall remain in effect until all Obligations have been paid in full and the Commitments have been
terminated. When all of the Obligations (other than (a) contingent indemnification obligations and (b) obligations and
liabilities under Bank Products as to which arrangements satisfactory to the applicable Bank Product Provider shall have been made)
have been paid in full and the Lender Group’s obligations to provide additional credit under the Loan Documents have been
terminated irrevocably, Agent will, at Borrower’s sole expense, execute and deliver any termination statements, lien releases,
discharges of security interests, and other similar discharge or release documents (and, if applicable, in recordable form) as are
reasonably necessary to release, as of record, Agent’s Liens and all notices of security interests and liens previously filed
by Agent.

 

3.4            Conditions
Subsequent. The obligation of the Lender Group (or any member thereof) to continue to make any Loans (or otherwise extend credit
hereunder) is subject to the fulfillment, on or before the date applicable thereto, of the conditions subsequent set forth on Schedule
3.4 (the failure by Borrower to so perform or cause to be performed such conditions subsequent as and when required by the terms thereof
(unless such date is extended, in writing, by Agent, which Agent may do without obtaining the consent of the other members of the Lender
Group), shall constitute an Event of Default).

 

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4.            REPRESENTATIONS
AND WARRANTIES.

 

In order to induce the
Lender Group to enter into this Agreement and make Extensions of Credit hereunder, each Loan Party represents and warrants to Agent and
the other Lenders that:

 

4.1            Due
Organization and Qualification; Subsidiaries.

 

(a)            Each
Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is
qualified to do business in any state where the failure to be so qualified could reasonably be expected to result in a Material Adverse
Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted
and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated
thereby. No Loan Party nor any Subsidiary thereof is an Affected Financial Institution.

 

(b)            Set
forth on Schedule 4.1(b) (as such Schedule may be updated from time to time to reflect changes resulting from transactions
permitted under this Agreement) is a complete and accurate description of the authorized Equity Interests of Borrower, by class, and,
as of the Closing Date, a description of the number of shares of each such class that are issued and outstanding. Borrower is not subject
to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its Equity Interests or any security
convertible into or exchangeable for any of its Equity Interests.

 

(c)            Set
forth on Schedule 4.1(c) (as such Schedule may be updated from time to time to reflect changes resulting from transactions
permitted under this Agreement), is a complete and accurate list of the Loan Parties’ direct and indirect Subsidiaries, showing:
(i) the number of shares of each class of common and preferred Equity Interests authorized for each of such Subsidiaries, and (ii) the
number and the percentage of the outstanding shares of each such class owned directly or indirectly by Borrower. All of the outstanding
Equity Interests of each such Subsidiary has been validly issued and is fully paid and non-assessable.

 

(d)            Except
as set forth on Schedule 4.1(d), there are no subscriptions, options, warrants, or calls relating to any shares of Borrower’s
or its Subsidiaries’ Equity Interests, including any right of conversion or exchange under any outstanding security or other instrument.

 

4.2            Due
Authorization; No Conflict.

 

(a)            As
to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party have been
duly authorized by all necessary action on the part of such Loan Party.

 

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(b)            As
to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party do not and
will not (i) violate any material provision of federal, state, or local law or regulation applicable to any Loan Party or its Subsidiaries,
the Governing Documents of any Loan Party or its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority
binding on any Loan Party or its Subsidiaries, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse
of time or both) a default under any Material Contract of any Loan Party or its Subsidiaries where any such conflict, breach or default
could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (iii) result in or require the creation
or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Liens, or (iv) require
any approval of any holder of Equity Interests of a Loan Party or any approval or consent of any Person under any Material Contract of
any Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case
of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected
to cause a Material Adverse Effect.

 

4.3            Governmental
Consents. The execution, delivery, and performance by each Loan Party of the Loan Documents to which such Loan Party is a party
and the consummation of the transactions contemplated by the Loan Documents do not and will not require any registration with, consent,
or approval of, or notice to, or other action with or by, any Governmental Authority, other than registrations, consents, approvals, notices,
or other actions that have been obtained and that are still in force and effect and except for filings and recordings with respect to
the Collateral to be made, or otherwise delivered to Agent for filing or recordation, as of the Closing Date.

 

4.4            Binding
Obligations; Perfected Liens.

 

(a)            Each
Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation
of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited
by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’
rights generally.

 

(b)            Agent’s
Liens are validly created, enforceable, and, (i) to the extent that the same may be perfected by the filing of a financing statement
under the Uniform Commercial Code, subject only to the filing of such financing statements in the appropriate filing offices, (ii) with
respect to certificates evidencing any of the Equity Interests of each Domestic Subsidiary and First-Tier Foreign Subsidiary of a Loan
Party required to be pledged pursuant to the Guaranty and Security Agreement, to the extent those certificates have been delivered to
Agent, (iii) to the extent that the same may be perfected by the filing of short-form security agreements with the United States
Patent and Trademark Office or the United States Copyright Office, subject only to the filing of such short-form security agreements in
the appropriate of those filing offices, and (iv) with respect to Deposit Accounts and Securities Accounts of a Loan Party required
to be pledged pursuant to the Guaranty and Security Agreement, to the extent a Control Agreement has been entered into with respect thereto,
perfected Liens and are prior to all other Liens on the Collateral, other than Permitted Liens which are non-consensual Permitted Liens,
permitted purchase money Liens, or the interests of lessors under Capital Leases.

 

4.5            Title
to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has (a) good, sufficient and legal title to
(in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests in real
or personal property), and (c) good and marketable title to (in the case of all other personal property), all of their
respective assets material to its business, in each case except for irregularities or deficiencies in title that, individually or in
the aggregate, do not materially interfere with its ability to conduct its business as currently conducted or to utilize such assets
for their intended purpose. All of such assets are free and clear of Liens except for Permitted Liens.

 

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4.6            Litigation.
There are no actions, suits, or proceedings pending or, to the knowledge of Borrower, threatened in writing against a Loan Party or any
of its Subsidiaries that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect.

 

4.7            Compliance
with Laws. No Loan Party nor any of its Subsidiaries (a) is in violation of any applicable laws, rules, regulations, executive
orders, or codes (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect, or (b) is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or
regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

4.8            No
Material Adverse Effect. All historical financial statements relating to the Loan Parties and their Subsidiaries that have been
delivered by Borrower to Agent have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for
the lack of footnotes and being subject to year-end audit adjustments) and present fairly in all material respects, the Loan Parties’
and their Subsidiaries’ consolidated financial condition as of the date thereof and results of operations for the period then ended.
Since October 31, 2017, no event, circumstance, or change has occurred that has or could reasonably be expected to result in a Material
Adverse Effect.

 

4.9            Solvency;
Fraudulent Transfer.

 

(a)            Borrower
and its Subsidiaries, on a Consolidated basis, are Solvent.

 

(b)            No
transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan Party in connection with the transactions
contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors
of such Loan Party.

 

4.10          Employee
Benefits.

 

(a)            Except
for the Employee Benefit Plans set forth on Schedule 4.10 and other Non-U.S. Plans, none of the Loan Parties, their Subsidiaries,
or their ERISA Affiliates maintains or contributes to any Employee Benefit Plan.

 

(b)            Each
Loan Party and each of the ERISA Affiliates has complied in all material respects with (i) ERISA and the IRC, to the extent applicable,
and (ii) all applicable laws regarding each Employee Benefit Plan.

 

(c)            Each
Employee Benefit Plan is, and has been, maintained in substantial compliance with (i) ERISA and the IRC, to the extent applicable,
(ii) all applicable laws and (iii) the terms of each such Employee Benefit Plan.

 

(d)            Each
Employee Benefit Plan that is intended to qualify under Section 401(a) of the IRC has received a favorable determination letter
from the IRS or an application for such letter is currently being processed by the IRS, or may rely on an opinion or advisory letter issued
by the IRS with respect to such Employee Benefit Plan. To the best knowledge of each Loan Party and the ERISA Affiliates, nothing has
occurred which would prevent, or cause the loss of, such qualification.

 

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(e)            No
liability to the PBGC (other than for the payment of current premiums which are not past due) by any Loan Party or ERISA Affiliate has
been incurred or is expected by any Loan Party or ERISA Affiliate to be incurred with respect to any Pension Plan.

 

(f)            No
Notification Event exists or has occurred in the past 6 years.

 

(g)           Except
as required by applicable non-United States law, no Loan Party or ERISA Affiliate sponsors, maintains, or contributes to any Employee
Benefit Plan, including, without limitation, any such plan maintained to provide benefits to former employees of such entities that may
not be terminated by any Loan Party or ERISA Affiliate in its sole discretion at any time without material liability.

 

(h)           No
Loan Party or ERISA Affiliate has provided any security under Section 436 of the IRC.

 

(i)            As
of the Closing Date, Borrower is not nor will be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified
by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments

 

4.11         Environmental
Condition. Except as set forth on Schedule 4.11, (a) to Borrower’s knowledge, no Loan Party’s nor any
of its Subsidiaries’ properties or assets has ever been used by a Loan Party, its Subsidiaries, or by previous owners or operators
in the disposal of, or to produce, store, handle, treat, release, or transport, any Hazardous Materials, where such disposal, production,
storage, handling, treatment, release or transport was in violation, in any material respect, of any applicable Environmental Law, (b) to
Borrower’s knowledge, no Loan Party’s nor any of its Subsidiaries’ properties or assets has ever been designated or
identified in any manner pursuant to any environmental protection statute as a Hazardous Materials disposal site, (c) no Loan Party
nor any of its Subsidiaries has received notice that a Lien arising under any Environmental Law has attached to any revenues or to any
Real Property owned or operated by a Loan Party or its Subsidiaries, and (d) no Loan Party nor any of its Subsidiaries nor any of
their respective facilities or operations is subject to any outstanding written order, consent decree, or settlement agreement with any
Person relating to any Environmental Law or Environmental Liability that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect.

 

4.12         Complete
Disclosure. Borrower has disclosed to Agent and Lenders all agreements, instruments and corporate or other restrictions to which
it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could, if violated
or breached by, enforced against, or adversely determined in against, Borrower or any of its Subsidiaries, reasonably be expected to result
in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of
Borrower to Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented
by other information so furnished) contains any misstatement of material fact or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with
respect to projected financial information, Borrower represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. As of the Closing Date, to the extent applicable, all of the information included in the Beneficial
Ownership Certification is true and correct.

 

4.13         Patriot
Act. To the extent applicable, each Loan Party is in compliance, in all material respects, with the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (the “Patriot Act”).

 

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4.14         Indebtedness.
Set forth on Schedule 4.14 is a true and complete list of all Indebtedness of each Loan Party and each of its Subsidiaries outstanding
immediately prior to the Closing Date that is to remain outstanding immediately after giving effect to the closing hereunder on the Closing
Date and such Schedule accurately sets forth the aggregate principal amount of such Indebtedness as of the Closing Date.

 

4.15         Payment
of Taxes. Except as otherwise permitted under Section 5.5, all tax returns and reports of each Loan Party and its
Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable
and all material assessments, fees and other governmental charges upon each Loan Party and its Subsidiaries and upon their respective
assets, income, businesses and franchises that are due and payable have been paid when due and payable. To their knowledge, each Loan
Party and each of its Subsidiaries has made adequate provision in accordance with GAAP for all taxes not yet due and payable. No Borrower
knows of any proposed tax assessment against a Loan Party or any of its Subsidiaries that is not being actively contested by such Loan
Party or such Subsidiary diligently, in good faith, and by appropriate proceedings; provided, that such reserves or other appropriate
provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.

 

4.16         Margin
Stock. No Loan Party nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business
of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Loans made to Borrower
will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin
Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors.

 

4.17         Governmental
Regulation. No Loan Party nor any of its Subsidiaries is subject to regulation under the Federal Power Act or the Investment Company
Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise
render all or any portion of the Obligations unenforceable. No Loan Party nor any of its Subsidiaries is a “registered investment
company” or a company “controlled” by a “registered investment company” or a “principal underwriter”
of a “registered investment company” as such terms are defined in the Investment Company Act of 1940.

 

4.18         Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.

 

(a)            None
of (i) Borrower, any Subsidiary or, to the knowledge of Borrower or such Subsidiary, any of their respective directors, officers,
employees or affiliates, or (ii) to the knowledge of Borrower, any agent or representative of Borrower or any Subsidiary that will
act in any capacity in connection with or benefit from the credit facility established hereby, (A) is a Sanctioned Person or currently
the subject or target of any Sanctions, (B) has its assets located in a Sanctioned Country, (C) directly or indirectly derives
revenues from investments in, or transactions with, Sanctioned Persons or (D) has taken any action, directly or indirectly, that
would result in a violation by such Persons of any Anti-Corruption Laws or Anti-Money Laundering Laws. Each of Borrower and its Subsidiaries
has implemented and maintains in effect policies and procedures designed to ensure compliance by Borrower and its Subsidiaries and their
respective directors, officers, employees, agents and Affiliates with the Anti-Corruption Laws, Anti-Money Laundering Laws and applicable
Sanctions. Each of Borrower and its Subsidiaries, and to the knowledge of Borrower, each director, officer, employee, agent and Affiliate
of Borrower and each such Subsidiary, is in compliance with the Anti-Corruption Laws and Anti-Money Laundering Laws in all material respects
and all applicable Sanctions.

 

(b)            No
proceeds of any Extension of Credit have been used, directly or indirectly, by Borrower, any of its Subsidiaries or any of its or
their respective directors, officers, employees and agents (i) in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws
or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or
transaction of or with any Sanctioned Person, or in any Sanctioned Country, including any payments (directly or indirectly) to a
Sanctioned Person or a Sanctioned Country or (iii) in any manner that would result in the violation of any Sanctions applicable
to any party hereto.

 

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4.19         Employee
and Labor Matters. There is (i) no unfair labor practice complaint pending or, to the knowledge of Borrower, threatened against
Borrower or its Subsidiaries before any Governmental Authority and no grievance or arbitration proceeding pending or, to the knowledge
of any Loan Party, threatened against Borrower or its Subsidiaries which arises out of or under any collective bargaining agreement and
that could reasonably be expected to result in a Material Adverse Effect, (ii) no strike, labor dispute, slowdown, stoppage or
similar action or grievance pending or, to the knowledge of any Loan Party, threatened in writing against Borrower or its Subsidiaries
that could reasonably be expected to result in a Material Adverse Effect, or (iii) to the knowledge of Borrower, no union representation
question existing with respect to the employees of Borrower or its Subsidiaries and no union organizing activity taking place with respect
to any of the employees of Borrower or its Subsidiaries. None of Borrower or its Subsidiaries has incurred any liability or obligation
under the Worker Adjustment and Retraining Notification Act or similar state law, which remains unpaid or unsatisfied. The hours worked
and payments made to employees of Borrower or its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other
applicable legal requirements, except to the extent such violations could not, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect. All material payments due from Borrower or its 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 Borrower, except where the failure to
do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

4.20         Intellectual
Property; Licenses, Etc. The Loan Parties own, or possess the right to use, all of the intellectual property, licenses, permits
and other authorizations that are material to their respective businesses, except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect. To the knowledge of the Loan Parties, (a) the use by the Loan Parties of such intellectual property,
licenses and permits does not conflict with the rights of any other Person and (b) no slogan or other advertising device, product,
process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party infringes upon
any rights held by any other Person. Except as specifically disclosed in Schedule 4.20, no claim or litigation regarding any of
the foregoing is pending or, to the knowledge of Borrower, threatened, which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

4.21         Leases.
Each Loan Party and its Subsidiaries enjoy peaceful and undisturbed possession under all leases material to their business and to which
they are parties or under which they are operating, and, subject to Permitted Protests, all of such material leases are valid and subsisting
and no material default by the applicable Loan Party or its Subsidiaries exists under any of them.

 

4.22         Deposit
Accounts and Securities Accounts. Annexed hereto as Schedule 4.22 is a list of all Deposit Accounts and Securities Accounts
maintained by the Loan Parties as of the Closing Date, which Schedule includes, with respect to each Deposit Account and Securities Account
(a) the name and address of the depository or securities intermediary, as applicable; (b) the account number(s) maintained
with such depository; and (c) a contact person at such depository or securities intermediary, as applicable.

 

4.23         Absence
of Defaults. No event has occurred or is continuing (a) which constitutes a Default or an Event of Default, or
(b) which constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of
default by any Loan Party or any Subsidiary thereof under (i) any Material Contract or (ii) any judgment, decree or order
to which any Loan Party or any Subsidiary thereof is a party or by which any Loan Party or any Subsidiary thereof or any of their
respective properties may be bound or which would require any Loan Party or any Subsidiary thereof to make any payment thereunder
prior to the scheduled maturity date therefor that, in any case under this clause (ii), could, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

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4.24         Senior
Indebtedness Status. The Obligations of each Loan Party and each Subsidiary thereof under this Agreement and each of the other
Loan Documents ranks and shall continue to rank at least senior in priority of payment to all Subordinated Indebtedness of each such Person
and is designated as “Senior Indebtedness” under all instruments and documents, now or in the future, relating to all Subordinated
Indebtedness of such Person.

 

4.25         Insurance.
The properties of the Loan Parties and their Subsidiaries are insured with financially sound and reputable insurance companies which are
not Affiliates of the Loan Parties, in such amounts, with such deductibles and covering such risks (including, without limitation, workmen’s
compensation, public liability, business interruption and property damage insurance) as are customarily carried by companies engaged in
similar businesses and owning similar properties in localities where the Loan Parties or the applicable Subsidiary operates. Schedule
4.25 sets forth a description of all material insurance maintained by or on behalf of the Loan Parties as of the Closing Date. As
of the Closing Date, each insurance policy listed on Schedule 4.25 is in full force and effect and all premiums in respect thereof
that are due and payable have been paid.

 

4.26         Material
Contracts. Schedule 4.26 sets forth a complete and accurate list of all Material Contracts of each Loan Party and each
Subsidiary thereof in effect as of the Closing Date. Other than as set forth in Schedule 4.26, as of the Closing Date, each such
Material Contract is, and after giving effect to the consummation of the transactions contemplated by the Loan Documents will be, in full
force and effect in accordance with the terms thereof. To the extent requested by Agent, each Loan Party and each Subsidiary thereof has
delivered to Agent a true and complete copy of each Material Contract required to be listed on Schedule 4.26 or any other Schedule
hereto. As of the Closing Date, no Loan Party nor any Subsidiary thereof (nor, to its knowledge, any other party thereto) is in breach
of or in default under any Material Contract in any material respect.

 

5.            AFFIRMATIVE
COVENANTS.

 

Borrower covenants and agrees
that, until termination of all of the Commitments, termination or expiration (or Cash Collateralization) of all Letters of Credit and
payment in full of the Obligations:

 

5.1            Financial
Statements, Reports, Certificates, Notices.

 

(a)            Borrower
will deliver to Agent each of the following:

 

(i)              as
soon as available, but in any event within 120 days after the end of each Fiscal Year of Borrower, Consolidated financial statements
of Borrower and its Subsidiaries for each such Fiscal Year, audited by independent certified public accountants reasonably
acceptable to Agent and certified, without any qualifications (including any “going concern” or like qualification or
exception, or any qualification or exception as to the scope of such audit), by such accountants to have been prepared in accordance
with GAAP (such audited financial statements to include a balance sheet, income statement, statement of cash flow, and statement of
shareholder’s equity, and, if prepared, such accountants’ letter to management);

 

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(ii)             as
soon as available, but in any event within 60 days after the end of each of the first three Fiscal Quarters of each Fiscal Year of Borrower,
an unaudited Consolidated balance sheet, income statement, statement of cash flow, and statement of shareholder’s equity covering
Borrower’s and its Subsidiaries’ operations during such period and compared to the prior period and plan, together with a
corresponding discussion and analysis of results from management;

 

(iii)           as
soon as available, but in any event within 60 days after the end of each Fiscal Year, a business plan and operating and capital budget
of Borrower and its Subsidiaries for the ensuing 4 Fiscal Quarters, such plan to be prepared in accordance with GAAP and to include, on
a quarterly basis, the following: a quarterly operating and capital budget; a projected income statement; statements of cash flows and
balance sheet; and a report containing management’s discussion and analysis of such budget with a reasonable disclosure of the key
assumptions and drivers with respect to such budget, accompanied by a certificate from a Responsible Officer of Borrower to the effect
that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget)
of the financial condition and operations of Borrower and its Subsidiaries for such period;

 

(iv)           (A) concurrently
with the delivery of the financial statements referred to in Section 5.1(a)(i) and (ii), a duly completed Compliance
Certificate to the effect that no Default or Event of Default exists or, if any Default or Event of Default does exist, specifying the
nature and extent thereof, which certificate shall set forth (x) certification of compliance with the definition of “Immaterial
Domestic Subsidiary”, and (y) reasonably detailed calculations demonstrating compliance with the financial covenants set forth
in Section 7, and (B) concurrently with the delivery of the financial statements referred to in Section 5.1(a)(i),
a supplement to the Perfection Certificate;

 

(v)            if
and when filed by Borrower, (A) Form 10-Q quarterly reports, Form 10-K annual reports, and Form 8-K current reports,
(B) any other filings made by Borrower with the SEC, and (C) any other information that is provided by Borrower to its shareholders
generally;

 

(vi)           promptly,
but in any event within 5 days after Borrower has knowledge of any event or condition that constitutes a Default or Event of Default,
notice of such event or condition and a statement of the curative action that Borrower proposes to take with respect thereto;

 

(vii)          promptly
after the commencement thereof, but in any event within 5 days after the service of process with respect thereto on Borrower or any of
its Subsidiaries, notice of all actions, suits, or proceedings brought by or against Borrower or any of its Subsidiaries before any Governmental
Authority which reasonably could be expected to result in a Material Adverse Effect;

 

(viii)         promptly,
but in any event within 5 days after Borrower has knowledge thereof, notice of any default by Borrower under any Material Contract, together
with a description of the nature of such default;

 

(ix)            promptly,
but in any event within 5 days after receipt thereof (or the date Borrower has knowledge thereof, as applicable), (A) any
unfavorable determination letter from the IRS regarding the qualification of an Employee Benefit Plan under
Section 401(a) of the IRC (along with a copy thereof), (B) all notices received by any Loan Party or any ERISA
Affiliate of the PBGC’s intent to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan,
(C) all notices received by any Loan Party or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition
or amount of withdrawal liability pursuant to Section 4202 of ERISA and (D) Borrower obtaining knowledge or reason to know
that any Loan Party or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a
distress termination within the meaning of Section 4041(c) of ERISA; and

 

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(x)             upon
the request of Agent (or any Lender through Agent), any other information reasonably requested relating to the financial condition of
Borrower or its Subsidiaries.

 

(b)            Borrower
further (i) agrees that no Subsidiary of a Loan Party will have a Fiscal Year different from that of Borrower, (ii) agrees to
maintain a system of accounting that enables Borrower to produce financial statements in accordance with GAAP, and (iii) agrees that
it will, and will cause each other Loan Party to, (A) keep a reporting system that shows all additions, sales, claims, returns, and
allowances with respect to its and its Subsidiaries’ sales, and (B) maintain its billing systems and practices substantially
as in effect as of the Closing Date and shall only make material modifications thereto with notice to, and with the consent of, Agent.

 

Documents
required to be delivered pursuant to Section 5.1(a)(i), (ii) or (v) (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have
been delivered on the date (i) on which Borrower posts such documents, or provides a link thereto on Borrower’s website on
the Internet (which, as of the Closing Date, is http://www.quanex.com); or (ii) on
which such documents are posted on Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and Agent
have access (whether a commercial, third-party website or whether sponsored by Agent); provided that: (i) Borrower shall
deliver paper copies of such documents to Agent or any Lender that requests Borrower to deliver such paper copies until a written request
to cease delivering paper copies is given by Agent or such Lender and (ii) Borrower shall notify Agent and each Lender (by facsimile
or electronic mail) of the posting of any such documents or the creation of any such link and provide to Agent by electronic mail electronic
versions of such documents. Notwithstanding anything contained herein, in every instance Borrower shall be required to provide paper
copies of the Compliance Certificates required by Section 5.1(a)(iv) to Agent. Except for such Compliance Certificates,
Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall
have no responsibility to monitor compliance by Borrower with any such request for delivery, and each Lender shall be solely responsible
for requesting delivery to it or maintaining its copies of such documents.

 

5.2            Accounting
Methods and Financial Records. Borrower will, and will cause each of its Subsidiaries to, maintain a system of accounting, and
keep proper books, records and accounts (which shall be true and complete in all material respects) as may be required or as may be necessary
to permit the preparation of financial statements in accordance with GAAP and in compliance with the regulations of any Governmental Authority
having jurisdiction over it or any of its properties.

 

5.3            Existence.
Except as otherwise permitted under Section 6.3 or Section 6.4, Borrower will, and will cause each of its Subsidiaries
to, at all times preserve and keep in full force and effect such Person’s valid existence and good standing (or in the case of any
Foreign Subsidiary, the equivalent status, if any, in the applicable foreign jurisdiction) in its jurisdiction of organization and, except
as could not reasonably be expected to result in a Material Adverse Effect, good standing (or in the case of any Foreign Subsidiary, the
equivalent status, if any, in the applicable foreign jurisdiction) with respect to all other jurisdictions in which it is qualified to
do business and any rights, franchises, permits, licenses, accreditations, authorizations, or other approvals material to their businesses
except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

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5.4            Maintenance
of Properties. Borrower will, and will cause each of its Subsidiaries to, maintain and preserve all of its assets that are material
to the conduct of its business in good working order and condition, ordinary wear, tear, casualty, and condemnation and Permitted Dispositions
excepted.

 

5.5            Taxes.
Borrower will, and will cause each of its Subsidiaries to, pay in full before delinquency or before the expiration of any extension period
all material governmental assessments and taxes imposed, levied, or assessed against it, or any of its assets or in respect of any of
its income, businesses, or franchises, except to the extent that the validity or amount of such governmental assessment or tax is the
subject of a Permitted Protest and, as a result of such Permitted Protest, such governmental assessments and taxes do not become due.

 

5.6            Insurance.
Borrower will, and will cause each of its Subsidiaries to, at Borrower’s expense, (a) maintain insurance respecting each of
Borrower’s and its Subsidiaries’ assets wherever located, covering liabilities, losses or damages as are customarily are insured
against by other Persons engaged in same or similar businesses and similarly situated and located. All such policies of insurance shall
be with financially sound and reputable insurance companies acceptable to Agent and in such amounts as is carried generally in accordance
with sound business practice by companies in similar businesses similarly situated and located and, in any event, in amount, adequacy,
and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy, and scope of the policies of insurance of Borrower
in effect as of the Closing Date are acceptable to Agent). All property insurance policies covering the Collateral are to be made payable
to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable
endorsement with a standard non-contributory “lender” or “secured party” clause and are to contain such other
provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made
under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the loss payable
(but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than 30 days
(10 days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If Borrower or its Subsidiaries
fail to maintain such insurance, Agent may arrange for such insurance, but at Borrower’s expense and without any responsibility
on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection
of claims. Upon the occurrence and during the continuance of an Event of Default, Agent shall have the sole right to file claims under
any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments
that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents
that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.

 

5.7            Inspection.
Borrower will, and will cause each of its Subsidiaries to, permit Agent and each of its duly authorized representatives or agents to visit
any of its properties and inspect any of its assets or books and records, to examine and make copies of its books and records, and to
discuss its affairs, finances, and accounts with, and to be advised as to the same by, its officers and employees (provided, that
an authorized representative of Borrower shall be allowed to be present) at such reasonable times and intervals as Agent may designate
and, so long as no Default or Event of Default has occurred and is continuing, with reasonable prior notice to Borrower and during regular
business hours.

 

5.8            Compliance
with Laws. Borrower will, and will cause each of its Subsidiaries to, comply with the requirements of all applicable laws, rules,
regulations, and orders of any Governmental Authority, other than laws, rules, regulations, and orders the non-compliance with which,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

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5.9            Environmental.
Borrower will, and will cause each of its Subsidiaries to,

 

(a)            Keep
any property either owned or operated by Borrower or its Subsidiaries free of any Environmental Liens or post bonds or other financial
assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens, except where failure to do so could
not reasonably be expected to result in a Material Adverse Effect,

 

(b)            Comply,
in all material respects, with Environmental Laws and provide to Agent documentation of such compliance which Agent reasonably requests,

 

(c)            Promptly
notify Agent of any release of which Borrower has knowledge of a Hazardous Material in any reportable quantity from or onto property owned
or operated by Borrower or its Subsidiaries which could reasonably be expected to result in a Material Adverse Effect, and take any Remedial
Actions required to abate said release or otherwise to come into compliance, in all material respects, with applicable Environmental Law,
and

 

(d)            Promptly,
but in any event within 5 Business Days of its receipt thereof, provide Agent with written notice of any of the following which could
reasonably be expected to result in a Material Adverse Effect: (i) notice that an Environmental Lien has been filed against any of
the real or personal property of Borrower or its Subsidiaries, (ii) commencement of any Environmental Action or written notice that
an Environmental Action will be filed against Borrower or its Subsidiaries, and (iii) written notice of a violation, citation, or
other administrative order from a Governmental Authority.

 

5.10          Disclosure
Updates. Borrower will, promptly and in no event later than 5 Business Days after obtaining knowledge thereof, notify Agent if
any written information, exhibit, or report furnished to Agent or the Lenders contained, at the time it was furnished, any untrue statement
of a material fact or omitted to state any material fact necessary to make the statements contained therein not misleading in light of
the circumstances in which made. The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision will
not cure or remedy the effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification
have the effect of amending or modifying this Agreement or any of the Schedules hereto.

 

5.11         Formation
of Subsidiaries.

 

(a)            Each
Loan Party will, promptly after (x) the formation or acquisition (including by statutory division) of any Domestic Subsidiary (other
than any Immaterial Domestic Subsidiary) or (y) becoming aware that any Immaterial Domestic Subsidiary fails to meet the requirements
set forth in the definition thereof (and, in any event, within 30 days after such formation or acquisition or becoming aware of such failure,
or such later date as permitted by Agent in its sole discretion), cause such Person to (i) become a Guarantor by delivering to Agent
a duly executed joinder to the Guaranty and Security Agreement, a joinder to the Intercompany Subordination Agreement and such other documents
as Agent shall reasonably deem appropriate for such purpose, all in form and substance reasonably satisfactory to Agent (including being
sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary
(other than assets constituting Excluded Assets)), (ii) provide, or cause the applicable Loan Party to provide, to Agent a pledge
agreement (which may include an addendum to the Guaranty and Security Agreement), appropriate certificates and powers or financing statements,
pledging all of the direct or beneficial Equity Interests in such new Subsidiary in form and substance reasonably satisfactory to Agent,
and (iii) provide to Agent all other documentation, including one or more opinions of counsel reasonably satisfactory to Agent, which,
in its opinion, is appropriate with respect to the execution and delivery of the applicable documentation referred to above.

 

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(b)            Each
Loan Party will, promptly after the formation or acquisition of any First Tier Foreign Subsidiary (and, in any event, within 30 days after
such formation or acquisition, or such later date as permitted by Agent in its sole discretion), (i) provide, or cause the applicable
Loan Party to provide, to Agent an agreement pledging 65% of the total outstanding voting Equity Interests (and 100% of the nonvoting
Equity Interests) of any such new First Tier Foreign Subsidiary and a consent thereto executed by such new First Tier Foreign Subsidiary
(including, if applicable, original certificated Equity Interests (or the equivalent thereof pursuant to the applicable laws and practices
of any relevant foreign jurisdiction) evidencing the Equity Interests of such new First Tier Foreign Subsidiary, together with an appropriate
undated stock or other transfer power for each certificate duly executed in blank by the registered owner thereof), and (ii) provide
to Agent all other documentation, including one or more opinions of counsel reasonably satisfactory to Agent, which, in its opinion, is
appropriate with respect to the execution and delivery of the applicable documentation referred to above. For the avoidance of doubt,
no guaranty by (or pledge of any of the assets or Equity Interests (other than up to 65% of the voting Equity Interests and 100% of the
nonvoting Equity Interests of a First Tier Foreign Subsidiary) of) any First Tier Foreign Subsidiary shall be required.

 

(c)            Any
document, agreement, or instrument executed or issued pursuant to this Section 5.11 shall constitute a Loan Document.

 

5.12          Further
Assurances. Borrower will, and will cause each of the other Loan Parties to, at any time upon the reasonable request of Agent,
execute or deliver to Agent any and all financing statements, fixture filings, security agreements, pledges, assignments, opinions of
counsel, and all other documents (the “Additional Documents”) that Agent may reasonably request in form and substance
reasonably satisfactory to Agent, to create, perfect, and continue perfected or to better perfect Agent’s Liens in substantially
all of the assets of each Loan Party (whether now owned or hereafter arising or acquired (including assets acquired by statutory division),
tangible or intangible) (other than assets constituting Excluded Assets), and in order to fully consummate all of the transactions contemplated
hereby and under the other Loan Documents. To the maximum extent permitted by applicable law, if Borrower or any other Loan Party refuses
or fails to execute or deliver any reasonably requested Additional Documents within a reasonable period of time following the request
to do so, Borrower and each other Loan Party hereby authorizes Agent to execute any such Additional Documents in the applicable Loan Party’s
name and authorizes Agent to file such executed Additional Documents in any appropriate filing office. In furtherance of, and not in limitation
of, the foregoing, each Loan Party shall take such actions as Agent may reasonably request from time to time to ensure that the Obligations
are guaranteed by the Guarantors and are secured by substantially all of the assets of each Loan Party (other than assets constituting
Excluded Assets).

 

5.13         Compliance
with Material Contracts. Borrower will, and will cause each of its Subsidiaries to, comply in all respects with each Material
Contract, except as could not reasonably be expected to have a Material Adverse Effect; provided that Borrower or any of its Subsidiaries
may contest any compliance matter respecting such Material Contract in good faith through applicable proceedings so long as adequate reserves
are maintained in accordance with GAAP.

 

5.14         Compliance
with Anti-Corruption Laws, Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions. Borrower will, and
will cause each of its Subsidiaries to, maintain in effect and enforce policies and procedures designed to ensure compliance by
Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money
Laundering Laws and applicable Sanctions. Borrower will (a) notify Agent and each Lender that previously received a Beneficial
Ownership Certification of any change in the information provided in the Beneficial Ownership Certification that would result in a
change to the list of beneficial owners identified therein and (b) promptly upon the reasonable request of Agent or any Lender,
provide Agent or such Lender, as the case may be, any information or documentation requested by it for purposes of complying with
the Beneficial Ownership Regulation.

 

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5.15         Compliance
with ERISA and the IRC. In addition to and without limiting the generality of Section 5.8, Borrower will, and will
cause each of its Subsidiaries to (a) comply in all material respects with applicable provisions of ERISA and the IRC with respect
to all Employee Benefit Plans, (b) without the prior written consent of Agent and the Required Lenders, not take any action or fail
to take action the result of which could result in a Loan Party or ERISA Affiliate incurring a material liability to the PBGC or to a
Multiemployer Plan (other than to pay contributions or premiums payable in the ordinary course), (c) allow any facts or circumstances
to exist with respect to one or more Employee Benefit Plans that, in the aggregate, reasonably could be expected to result in a Material
Adverse Effect, (d) not participate in any prohibited transaction that could result in other than a de minimis civil penalty
excise tax, fiduciary liability or correction obligation under ERISA or the IRC, (e) operate each Employee Benefit Plan in such a
manner that will not incur any material tax liability under the IRC (including Section 4980B of the IRC), and (e) furnish to
Agent upon Agent’s written request such additional information about any Employee Benefit Plan for which any Loan Party or ERISA
Affiliate could reasonably expect to incur any material liability. With respect to each Pension Plan (other than a Multiemployer Plan)
except as could not reasonably be expected to result in liability to the Loan Parties, the Loan Parties and the ERISA Affiliates shall
(i) satisfy in full and in a timely manner, without incurring any late payment or underpayment charge or penalty and without giving
rise to any Lien, all of the contribution and funding requirements of the IRC and of ERISA, and (ii) pay, or cause to be paid, to
the PBGC in a timely manner, without incurring any late payment or underpayment charge or penalty, all premiums required pursuant to ERISA.

 

6.            NEGATIVE
COVENANTS.

 

Borrower covenants and agrees
that, until termination of all of the Commitments, termination or expiration (or Cash Collateralization) of all Letters of Credit and
payment in full of the Obligations:

 

6.1            Indebtedness.
Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume, suffer to exist, guarantee, or otherwise become
or remain, directly or indirectly, liable with respect to any Indebtedness, except for Permitted Indebtedness.

 

6.2            Liens.
Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume, or suffer to exist, directly or indirectly,
any Lien on or with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom,
except for Permitted Liens.

 

6.3            Fundamental
Changes. Borrower will not, and will not permit any of its Subsidiaries to:

 

(a)            other
than in order to consummate a Permitted Acquisition, enter into any merger, consolidation, reorganization, or recapitalization, or reclassify
its Equity Interests (including, in each case, pursuant to statutory division), except for (i) any merger between Loan Parties, provided,
that Borrower must be the surviving entity of any such merger to which it is a party, (ii) any merger between a Loan Party and a
Subsidiary of such Loan Party that is not a Loan Party so long as such Loan Party is the surviving entity of any such merger, (iii) any
merger between Subsidiaries of Borrower that are not Loan Parties and (iv) any such merger, consolidation, reorganization, recapitalization
or reclassification of a Loan Party pursuant to a statutory division so long as each newly created division becomes a Loan Party,

 

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(b)            liquidate,
wind up, or dissolve itself (or suffer any liquidation or dissolution) Interests (including, in each case, pursuant to statutory division),
except for (i) the liquidation or dissolution of Subsidiaries of Borrower if Borrower determines in good faith that such liquidation
or dissolution is in the best interests of Borrower and is not materially disadvantageous to the Lender Group and provided that all of
the assets (including any interest in any Equity Interests) of any such liquidating or dissolving Subsidiary that is a Loan Party are
transferred to a Loan Party, (ii) the liquidation or dissolution of a Loan Party (other than Borrower) or any of its wholly-owned
Subsidiaries so long as all of the assets (including any interest in any Equity Interests) of such liquidating or dissolving Loan Party
or Subsidiary are transferred to a Loan Party that is not liquidating or dissolving, (iii) the liquidation or dissolution of a Subsidiary
of Borrower that is not a Loan Party (other than any such Subsidiary the Equity Interests of which (or any portion thereof) is subject
to a Lien in favor of Agent) so long as all of the assets of such liquidating or dissolving Subsidiary are transferred to a Subsidiary
of Borrower that is not liquidating or dissolving, (iv) the liquidation or dissolution of TME WII, S.A. de C.V., TME WII Services,
S.A. de C.V., and Vintage Windows Limited, provided that all of the assets (including any interest in any Equity Interests) of any such
liquidating or dissolving Subsidiary that is a Loan Party are transferred to a Loan Party, or (v) the liquidation or dissolution
of a Loan Party pursuant to a statutory division so long as each newly created division becomes a Loan Party, or

 

(c)            suspend
or cease operating a substantial portion of its or their business (including, in each case, pursuant to statutory division), except as
permitted pursuant to clauses (a) or (b) above or in connection with a transaction permitted under Section 6.4.

 

6.4            Disposal
of Assets. Borrower will not, and will not permit any of its Subsidiaries to, convey, sell, lease, license, assign, transfer,
or otherwise dispose of (or enter into an agreement to convey, sell, lease, license, assign, transfer, or otherwise dispose of) any of
its or their assets (including, in each case, pursuant to statutory division), except for Permitted Dispositions (which may be accomplished
pursuant to statutory division) and transactions expressly permitted by Sections 6.3 or 6.9.

 

6.5            Nature
of Business. Borrower will not, and will not permit any of its Subsidiaries to, engage in any business that is substantially different
from the business conducted by Borrower and its Subsidiaries on the Closing Date, other than a business reasonably related or complimentary
thereto.

 

6.6            Prepayments
and Amendments. Borrower will not, and will not permit any of its Subsidiaries to:

 

(a)            Prepay,
repay, redeem, purchase, defease, or otherwise or acquire for value (including (x) by way of depositing with any trustee with respect
thereto money or securities before due for the purpose of paying when due and (y) at the maturity thereof) any Junior Indebtedness,
or make any payment in violation of any subordination terms of any Junior Indebtedness, except:

 

(i)            so
long as no Default or Event of Default then exists or would be caused thereby, regularly scheduled or mandatory repayments, repurchases,
redemptions or defeasances of Junior Indebtedness, provided that such payments of Subordinated Indebtedness shall be in accordance
with the subordination terms thereof or the subordination agreement applicable thereto,

 

(ii)            in
connection with Refinancing Indebtedness permitted by Section 6.1 and in compliance with any subordination provisions applicable
thereto,

 

(iii)           payments
and prepayments of Junior Indebtedness made solely with proceeds of any issuance of Qualified Equity Interests of Borrower, or any
capital contribution in respect of Qualified Equity Interests of Borrower, so long as immediately before and after giving effect to
any such payment or prepayment, no Default or Event of Default then exists,

 

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(iv)           (A) payments
and prepayments of Junior Indebtedness as a result of the conversion of all or any portion of such Junior Indebtedness into Qualified
Equity Interests of Borrower, and (B) payments of interest in respect of Junior Indebtedness in the form of payment in kind interest
constituting Permitted Indebtedness,

 

(v)            so
long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, payments and prepayments in respect
of Permitted Intercompany Advances, to the extent permitted by the Intercompany Subordination Agreement, if applicable, and

 

(vi)            without
limiting and in addition to the exceptions permitted in clauses (i) through (v) above, prepayments, redemptions,
purchases, defeasances and payments in respect of Junior Indebtedness prior to their scheduled maturity; provided that
(i) at the time of such prepayment, redemption, purchase, defeasance or other payment, no Event of Default has occurred and is
continuing or would result therefrom and (ii) Borrower demonstrates (x) that the Consolidated Leverage Ratio is not
greater than 2.75 to 1.00 and (y) that the aggregate amount of all cash and Cash Equivalents of Borrower and its Subsidiaries
that are unrestricted and not subject to any Lien (other than any Permitted Lien) plus availability under the Revolving
Credit Facility is greater than $25,000,000, in each of clauses (x) and (y) calculated on a pro forma
basis after giving effect to such prepayment, redemption, purchase, defeasance or other payment and any Indebtedness incurred in
connection therewith.

 

(b)            Directly
or indirectly, amend, modify, or change any of the terms or provisions of

 

(i)            any
agreement, instrument, document, indenture, or other writing evidencing or concerning any Junior Indebtedness in any respect which, individually
or in the aggregate, could reasonably be expected to be materially adverse to the interest of the Lenders or in violation or contravention
of the subordination terms thereof or the subordination agreement applicable thereto, or

 

(ii)            the
Quanex Incentive Plans or the Governing Documents of any Loan Party or any of its Subsidiaries, in each case, if the effect thereof, either
individually or in the aggregate, could reasonably be expected to be materially adverse to the interests of the Lenders.

 

6.7            Restricted
Payments. Borrower will not, and will not permit any of its Subsidiaries to, make any Restricted Payment; provided, that,
so long as it is permitted by law, and so long as no Default or Event of Default shall have occurred and be continuing or would result
therefrom:

 

(a)            Borrower
and any of its Subsidiaries may make Restricted Payments permitted pursuant to Section 6.6(a);

 

(b)            (i) each
Subsidiary of a Loan Party may make Restricted Payments (other than in respect of Subordinated Indebtedness) to any Loan Party (and, if
applicable, to other holders of its outstanding Equity Interests on a ratable basis), and (ii) each Subsidiary that is not a Loan
Party may make Restricted Payments to any Subsidiary,

 

(c)            Borrower
and any of its Subsidiaries may declare and make dividend payments or other distributions payable solely in the common stock or other
common Qualified Equity Interests of such Person,

 

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(d)            Borrower
may make distributions to former employees, officers, or directors of Borrower (or any spouses, ex-spouses, or estates of any of the foregoing)
on account of redemptions of Equity Interests of Borrower held by such Persons, provided, that the aggregate amount of such distributions
made by Borrower during the term of this Agreement plus the amount of Indebtedness outstanding under clause (n) of the definition
of Permitted Indebtedness, does not exceed $5,000,000 in the aggregate,

 

(e)            Borrower
may make distributions to former employees, officers, or directors of Borrower (or any spouses, ex-spouses, or estates of any of the foregoing),
solely in the form of forgiveness of Indebtedness of such Persons owing to Borrower on account of repurchases of the Equity Interests
of Borrower held by such Persons; provided that such Indebtedness was incurred by such Persons solely to acquire Equity Interests
of Borrower,

 

(f)             Borrower
may declare and pay dividends in accordance with Borrower’s historical dividend policy in an aggregate amount not to exceed $20,000,000
in any Fiscal Year,

 

(g)            Without
limiting and in addition to the exceptions permitted in clauses (a) through (f) above and clause (h) below, Borrower may
make Restricted Payments so long as (i) at the time of such Restricted Payment, no Event of Default has occurred and is continuing
or would result therefrom and (ii) Borrower demonstrates (x) that the Consolidated Leverage Ratio is not greater than 2.75
to 1.00 and (y) that the aggregate amount of all cash and Cash Equivalents of Borrower and its Subsidiaries that are unrestricted
and not subject to any Lien (other than a Lien in favor of Agent or any Permitted Lien) plus availability under the Revolving
Credit Facility is greater than $25,000,000, in each of clauses (x) and (y) calculated on a pro forma basis
after giving effect to such Restricted Payment and any Indebtedness incurred in connection therewith, and

 

(h)            To
the extent not otherwise permitted pursuant to this Section 6.7, Borrower and its Subsidiaries may make additional Restricted
Payments in an aggregate amount not exceeding $25,000,000 during the term of this Agreement, so long as Borrower demonstrates that they
are in compliance with the financial covenants set forth in Section 7, calculated on a pro  forma basis after giving
effect to such Restricted Payment and any Indebtedness incurred in connection therewith.

 

6.8            Fiscal
Year; Accounting Methods. Borrower will not, and will not permit any of its Subsidiaries to, modify or change its Fiscal Year
or its method of accounting (other than as may be required to conform to GAAP).

 

6.9            Investments.
Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, make or acquire any Investment or incur any
liabilities (including contingent obligations) for or in connection with any Investment except for Permitted Investments.

 

6.10          Transactions
with Affiliates. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into or permit
to exist any transaction with any Affiliate of Borrower or any of its Subsidiaries except for:

 

(a)            transactions
(other than the payment of management, consulting, monitoring, or advisory fees) between Borrower or its Subsidiaries, on the one hand,
and any Affiliate of Borrower or its Subsidiaries, on the other hand, so long as such transactions are no less favorable, taken as a whole,
to Borrower or its Subsidiaries, as applicable, than would be obtained in an arm’s length transaction with a non-Affiliate,

 

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(b)            so
long as it has been approved by Borrower’s or its applicable Subsidiary’s board of directors (or comparable governing body)
in accordance with applicable law, any indemnity provided for the benefit of directors (or comparable managers) of Borrower or its applicable
Subsidiary,

 

(c)            so
long as it has been approved by Borrower’s or its applicable Subsidiary’s board of directors (or comparable governing body)
in accordance with applicable law, the payment of reasonable compensation, severance, or employee benefit arrangements to employees, officers,
and outside directors of Borrower and its Subsidiaries in the ordinary course of business and consistent with industry practice, and

 

(d)            transactions
permitted by Section 6.3, Section 6.6, Section 6.7, or Section 6.9.

 

6.11         Use
of Proceeds.

 

(a)            Borrower
will not, and will not permit any of its Subsidiaries to use the proceeds of any Extensions of Credit made hereunder for any purpose other
than (a) on the Closing Date, (i) to refinance certain existing Indebtedness owing under or in connection with the Existing
Credit Agreement and (ii) to pay the fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents,
and the other transactions contemplated hereby and thereby, in each case, as set forth in the Funds Flow Agreement, and (b) thereafter,
consistent with the terms and conditions of this Agreement and the other Loan Documents, to finance working capital from time to time
for Borrower and the other Loan Parties and for other lawful and permitted general corporate purposes (including that no part of the proceeds
of any Extensions of Credit will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing
or carrying any such Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors).

 

(b)            No
proceeds of any Extension of Credit shall be used, directly or indirectly, by Borrower, any of its Subsidiaries or any of its or their
respective directors, officers, employees and agents (i) in furtherance of an offer, payment, promise to pay, or authorization of
the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering
Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country, including any payments (directly or indirectly) to a Sanctioned Person or a Sanctioned Country or
(iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

6.12         No
Further Negative Pledges; Restrictive Agreements. Borrower will not, and will not permit any of its Subsidiaries to:

 

(a)            Enter
into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon its properties
or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for
some other obligation, except (i) pursuant to this Agreement and the other Loan Documents, (ii) pursuant to any document or
instrument governing Indebtedness incurred pursuant to clause (c) of the definition of Permitted Indebtedness (provided
that any such restriction contained therein relates only to the asset or assets financed thereby), (iii) customary restrictions contained
in the organizational documents of any Subsidiary that is not a Guarantor as of the Closing Date and (iv) customary restrictions
in connection with any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction
contained therein relates only to the asset or assets subject to such Permitted Lien).

 

(b)            Create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Loan Party
or any Subsidiary thereof to (i) pay dividends or make any other distributions to any Loan Party or any Subsidiary on its
Equity Interests or with respect to any other interest or participation in, or measured by, its profits, (ii) pay any
Indebtedness or other obligation owed to any Loan Party or (iii) make loans or advances to any Loan Party, except in each case
for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents and
(B) applicable law.

 

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(c)            Create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Loan Party or
any Subsidiary thereof to (i) sell, lease or transfer any of its properties or assets to any Loan Party or (ii) act as a Loan
Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except in each case for
such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents, (B) applicable
law, (C) any document or instrument governing Indebtedness incurred pursuant to clause (c) of the definition of Permitted
Indebtedness (provided that any such restriction contained therein relates only to the asset or assets acquired in connection therewith),
(D) any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained
therein relates only to the asset or assets subject to such Permitted Lien), (E) obligations that are binding on a Subsidiary at
the time such Subsidiary first becomes a Subsidiary of Borrower, so long as such obligations are not entered into in contemplation of
such Person becoming a Subsidiary, (F) customary restrictions contained in an agreement related to the sale of property (to the extent
such sale is permitted pursuant to Section 6.4) that limit the transfer of such property pending the consummation of such
sale, (G) customary restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this
Agreement so long as such restrictions relate only to the assets subject thereto and (H) customary provisions restricting assignment
of any agreement entered into in the ordinary course of business.

 

7.            FINANCIAL
COVENANTS.

 

Borrower covenants and
agrees that, until termination of all of the Commitments, termination or expiration (or Cash Collateralization) of all Letters of Credit
and payment in full of the Obligations:

 

7.1            Consolidated
Leverage Ratio. As of the last day of any Fiscal Quarter, it shall not permit the Consolidated Leverage Ratio to be greater than
3.25 to 1.00.

 

Notwithstanding the foregoing,
in connection with any Permitted Acquisition (or any other Acquisition consented to by Agent and the Required Lenders) having aggregate
consideration (including cash, Cash Equivalents, Equity Interests and other deferred payment obligations) in excess of $100,000,000, the
Borrower may, at its election, in connection with such Acquisition and by written notice to Agent (i) in connection with the determination
of compliance with clause (h) of the definition of Permitted Acquisition and Section 2.20(b)(vi), or (ii) not less
than five (5) Business Days prior to delivery of financial statements pursuant to Sections 5.1(a)(i) or (a)(ii),
as applicable, for the fiscal quarter ended immediately after the consummation of such Acquisition, increase the required Consolidated
Leverage Ratio pursuant to this Section to be not greater than 3.50 to 1.00 solely for each Fiscal Quarter ending during the four
Fiscal Quarter period immediately following such Acquisition (including for determining pro forma compliance with clause (h) of the
definition of Permitted Acquisition and Section 2.20(b)(vi)); provided that there shall be at least two consecutive
Fiscal Quarters following each such increase during which no such increase shall then be in effect.

 

7.2            Consolidated
Interest Coverage Ratio. As of the last day of any Fiscal Quarter, it shall not permit the Consolidated Interest Coverage Ratio
to be less than 2.25 to 1.00.

 

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8.            EVENTS
OF DEFAULT.

 

Any one or more of the
following events shall constitute an event of default (each, an “Event of Default”) under this Agreement:

 

8.1            Payments.
If Borrower fails to pay when due and payable, or when declared due and payable, and in the currency required hereunder, (a) all
or any portion of the Obligations consisting of interest, fees, or charges due the Lender Group, reimbursement of Lender Group Expenses,
or other amounts (other than any portion thereof constituting principal) constituting Obligations (including any portion thereof that
accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim
in any such Insolvency Proceeding), and such failure continues for a period of 5 Business Days, (b) all or any portion of the principal
of the Loans or (c) any Reimbursement Obligation;

 

8.2            Covenants.
If any Loan Party or any of its Subsidiaries:

 

(a)            fails
to perform or observe any covenant or other agreement contained in any of (i) Sections 3.4, 5.1, 5.3 (solely
if Borrower is not in good standing in its jurisdiction of organization), 5.6, 5.7 (solely if Borrower refuses to allow
Agent or its representatives or agents to visit Borrower’s properties, inspect its assets or books or records, examine and make
copies of its books and records, or discuss Borrower’s affairs, finances, and accounts with officers and employees of Borrower),
5.10, 5.11, or 5.15, (ii) Section 6, (iii) Section 7, or (iv) Section 7
of the Guaranty and Security Agreement;

 

(b)            fails
to perform or observe any covenant or other agreement contained in any of Sections 5.3 (other than if Borrower is not in good
standing in its jurisdiction of organization), 5.4, 5.5, 5.8, and 5.12 and such failure continues for a period
of 10 days after the earlier of (i) the date on which such failure shall first become known to any officer of Borrower or (ii) the
date on which written notice thereof is given to Borrower by Agent; or

 

(c)            fails
to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan Documents, in each case,
other than any such covenant or agreement that is the subject of another provision of this Section 8 (in which event such
other provision of this Section 8 shall govern), and such failure continues for a period of 30 days after the earlier of
(i) the date on which such failure shall first become known to any officer of Borrower or (ii) the date on which written notice
thereof is given to Borrower by Agent;

 

8.3            Judgments.
If one or more judgments, orders, or awards for the payment of money involving an aggregate amount of $15,000,000, or more (except to
the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied
coverage) is entered or filed against a Loan Party or any of its Subsidiaries, or with respect to any of their respective assets, and
either (a) there is a period of 30 consecutive days at any time after the entry of any such judgment, order, or award during which
(1) the same is not discharged, satisfied, vacated, or bonded pending appeal, or (2) a stay of enforcement thereof is not in
effect, or (b) enforcement proceedings are commenced upon such judgment, order, or award;

 

8.4            Voluntary
Bankruptcy, etc. If an Insolvency Proceeding is commenced by a Loan Party or any of its Subsidiaries;

 

8.5            Involuntary
Bankruptcy, etc. If an Insolvency Proceeding is commenced against a Loan Party or any of its Subsidiaries and any of
the following events occur: (a) such Loan Party or such Subsidiary consents to the institution of such Insolvency Proceeding
against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted, (c) the petition commencing
the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is
appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial
portion of the business of, such Loan Party or its Subsidiary, or (e) an order for relief shall have been issued or entered
therein;

 

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8.6            Default
Under Other Agreements. If there is a default in one or more agreements to which a Loan Party or any of its Subsidiaries is a
party with one or more third Persons relative to a Loan Party’s or any of its Subsidiaries’ Indebtedness involving an aggregate
amount of $25,000,000 or more, and such default (a) occurs at the final maturity of the obligations thereunder, or (b) results
in a right by such third Person, irrespective of whether exercised, to accelerate the maturity of such Loan Party’s or its Subsidiary’s
obligations thereunder;

 

8.7            Representations, etc.
If any warranty, representation, certificate, statement, or Record made herein or in any other Loan Document or delivered in writing
to Agent or any Lender in connection with this Agreement or any other Loan Document proves to be untrue in any material respect (except
that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) as of the date of issuance or making or deemed making thereof;

 

8.8            Guaranty.
If the obligation of any Guarantor under the guaranty contained in the Guaranty and Security Agreement is limited or terminated by operation
of law or by such Guarantor (other than in accordance with the terms of this Agreement);

 

8.9            Security
Documents. If the Guaranty and Security Agreement or any other Loan Document that purports to create a Lien, shall, for any reason,
fail or cease to create a valid and perfected and, except to the extent of Permitted Liens which are (a) non-consensual Permitted
Liens, (b) permitted purchase money Liens or (c) the interests of lessors under Capital Leases, except (i) as a result
of a disposition of the applicable Collateral in a transaction permitted under this Agreement, (ii) with respect to Collateral the
aggregate value of which, for all such Collateral, does not exceed at any time, $2,500,000, or (iii) as the result of an action
or failure to act on the part of Agent;

 

8.10          Loan
Documents. The validity or enforceability of any Loan Document shall at any time for any reason (other than solely as the result
of an action or failure to act on the part of Agent) be declared to be null and void, or a proceeding shall be commenced by a Loan Party
or its Subsidiaries, or by any Governmental Authority having jurisdiction over a Loan Party or its Subsidiaries, seeking to establish
the invalidity or unenforceability thereof, or a Loan Party or its Subsidiaries shall deny that such Loan Party or its Subsidiaries has
any liability or obligation purported to be created under any Loan Document;

 

8.11          Change
of Control. A Change of Control shall occur, whether directly or indirectly;

 

8.12          ERISA.
The occurrence of any of the following events: (a) any Loan Party or ERISA Affiliate fails to make full payment when due of all
amounts which any Loan Party or ERISA Affiliate is required to pay as contributions, installments, or otherwise to or with respect
to all Pension Plans and Multiemployer Plans, and such failure could reasonably be expected to result in liability in excess of
$25,000,000 in the aggregate, (b) an accumulated funding deficiency or funding shortfall in excess of $25,000,000 occurs or
exists with respect to all Pension Plans in the aggregate (excluding any overfunding), whether or not waived, (c) one or more
Notification Events, which could reasonably be expected to result in liability in excess of $25,000,000, either individually or in
the aggregate, or (d) any Loan Party or ERISA Affiliate completely or partially withdraws from one or more Multiemployer Plans
and incurs Withdrawal Liability in excess of $25,000,000 in the aggregate, or fails to make any Withdrawal Liability payment when
due;

 

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8.13          Interference
with Business. Borrower or any Subsidiary is enjoined, restrained, or in any way prevented by the order of any court or other
Governmental Authority, the effect of which order restricts such Person from conducting all or any material part of its business, unless
such order is subject to a good faith dispute being diligently pursued according to appropriate legal proceedings and such order could
not reasonably be expected to have a Material Adverse Effect; or

 

8.14          Senior
Debt Status. The Obligations shall fail to rank senior in priority of payment to all Subordinated Indebtedness.

 

9.            RIGHTS
AND REMEDIES.

 

9.1            Rights
and Remedies. Upon the occurrence and during the continuation of an Event of Default, Agent may, and, at the instruction of the
Required Lenders, shall (in the case of clause (a) or (b) by written notice to Borrower), in addition to any other rights or
remedies provided for hereunder or under any other Loan Document or by applicable law, do any one or more of the following:

 

(a)            (i) declare
the principal of, and any and all accrued and unpaid interest and fees in respect of, the Loans, Reimbursement Obligations and all other
Obligations (other than the Bank Product Obligations), whether evidenced by this Agreement or by any of the other Loan Documents to be
immediately due and payable, whereupon the same shall become and be immediately due and payable and Borrower shall be obligated to repay
all of such Obligations in full, without presentment, demand, protest, or further notice or other requirements of any kind, all of which
are hereby expressly waived by Borrower, and (ii) direct Borrower to provide (and Borrower agrees that upon receipt of such notice
Borrower will provide) Cash Collateral to Agent to be held as security for Borrower’s Reimbursement Obligations;

 

(b)            declare
the Commitments terminated, whereupon the Commitments shall immediately be terminated together with (i) any obligation of any Lender
to make Revolving Credit Loans, (ii) the obligation of the Swingline Lender to make Swingline Loans and (iii) the obligation
of the Issuing Lender to issue Letters of Credit; and

 

(c)            exercise
all other rights and remedies available to Agent or the Lenders under the Loan Documents, under applicable law, or in equity.

 

The foregoing to the contrary notwithstanding,
upon the occurrence of any Event of Default described in Section 8.4 or Section 8.5, in addition to the remedies
set forth above, without any notice to Borrower or any other Person or any act by the Lender Group, the Commitments shall automatically
terminate and the Obligations (other than the Bank Product Obligations) shall automatically become and be immediately due and payable
and Borrower shall automatically be obligated to repay all of such Obligations in full (including Borrower being obligated to provide
(and Borrower agrees that it will provide) Cash Collateral to Agent to be held as security for Borrower’s reimbursement obligations
in respect of drawings that may subsequently occur under issued and outstanding Letters of Credit), without presentment, demand, protest,
or notice or other requirements of any kind, all of which are expressly waived by Borrower.

 

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9.2            Application
of Funds. After the exercise of remedies provided for in Section 9.1 (or after the Obligations have
automatically become immediately due and payable as set forth in the last sentence of Section 9.1), except as set forth
in Section 15.20, any amounts received on account of the Obligations shall be applied by Agent in the following
order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, Lender Group Expenses and other amounts (including fees,
charges and disbursements of counsel to Agent) payable to Agent;

 

Second,
to payment of that portion of the Obligations constituting indemnities, Lender Group Expenses (other than Commitment Fees and Letter
of Credit fees payable to the Revolving Credit Lenders), and other amounts (other than principal, interest and fees) payable to the Lenders,
the Issuing Lender and the Swingline Lender (including fees, charges and disbursements of counsel to the respective Lenders), ratably
among them in proportion to the amounts described in this clause Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid Commitment Fees, Letter of Credit fees payable to the Revolving
Credit Lenders and interest on the Loans and Reimbursement Obligations, ratably among the Lenders, the Issuing Lender and the Swingline
Lender in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans, Reimbursement Obligations and Bank Product
Obligations and to Cash Collateralize any L/C Obligations then outstanding, ratably among the Lenders, the Issuing Lender and the Bank
Product Providers in proportion to the respective amounts described in this clause Fourth held by them; and

 

Last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Loan Parties or as otherwise required by
law.

 

9.3            Rights
and Remedies Cumulative; Non-Waiver; Etc.

 

(a)            The
rights and remedies of the Lender Group under this Agreement, the other Loan Documents, and all other agreements shall be cumulative.
The Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity.
No exercise by the Lender Group of one right or remedy shall be deemed an election, and no waiver by the Lender Group of any Event of
Default shall be deemed a continuing waiver. No delay by the Lender Group shall constitute a waiver, election, or acquiescence by it.

 

(b)            Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and
under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, Agent in accordance with Section 9.1
for the benefit of all the Lenders; provided that the foregoing shall not prohibit (i) Agent from exercising on its own
behalf the rights and remedies that inure to its benefit (solely in its capacity as Agent) hereunder and under the other Loan
Documents, (ii) the Issuing Lender or the Swingline Lender from exercising the rights and remedies that inure to its benefit
(solely in its capacity as the Issuing Lender or Swingline Lender, as the case may be) hereunder and under the other Loan Documents,
(iii) any Lender from exercising setoff rights in accordance with Section 15.12(a) (subject to the terms of Section 15.12(b)),
or (iv) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to any Loan Party under any Insolvency Proceeding; and provided, further, that if at any time
there is no Person acting as Agent hereunder and under the other Loan Documents, then (A) the Required Lenders shall have the
rights otherwise ascribed to Agent pursuant to Section 9.1 and (B) in addition to the matters set forth in clauses
(ii) and (iii) of the preceding proviso and subject to Section 15.12(b), any Lender may, with the consent of
the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

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10.            WAIVERS;
INDEMNIFICATION.

 

10.1          Demand;
Protest; etc. Except to the extent set forth in or required by this Agreement or any other Loan Document, Borrower waives demand,
protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise,
settlement, extension, or renewal of documents, instruments, chattel paper, and guarantees at any time held by the Lender Group on which
Borrower may in any way be liable.

 

10.2         The
Lender Group’s Liability for Collateral. Borrower hereby agrees that: (a) so long as Agent complies with its obligations,
if any, under the Code, the Lender Group shall not in any way or manner be liable or responsible for: (i) the safekeeping of the
Collateral, (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause, (iii) any diminution
in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all
risk of loss, damage, or destruction of the Collateral shall be borne by Borrower.

 

10.3          Indemnification.
Borrower shall pay, indemnify, defend, and hold the Agent-Related Persons, the Lender-Related Persons, the Joint Lead Arrangers, and
each Participant (each, an “Indemnified Person”) harmless (to the fullest extent permitted by law) from and
against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages,
and all reasonable fees and disbursements of attorneys, experts, or consultants and all other reasonable costs and expenses actually
incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and
irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (including, without
limitation, in connection with any action, claim or proceeding brought by a Loan Party or any Affiliate thereof) (a) in
connection with or as a result of or related to the execution and delivery (provided, that Borrower shall not be liable for
costs and expenses (including reasonable attorneys’ fees) of any Lender (other than Wells Fargo) incurred in advising,
structuring, drafting, reviewing, administering or syndicating the Loan Documents), enforcement, performance, or administration
(including any restructuring or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions
contemplated hereby or thereby or the monitoring of Borrower’s and its Subsidiaries’ compliance with the terms of the
Loan Documents (provided, that the indemnification in this clause (a) shall not extend to (i) disputes solely
between or among the Lenders that do not involve any acts or omissions of any Loan Party, or (ii) disputes solely between or
among the Lenders and their respective Affiliates that do not involve any acts or omissions of any Loan Party; it being understood
and agreed that the indemnification in this clause (a) shall extend to Agent (but not the Lenders to the extent provided above)
relative to disputes between or among Agent on the one hand, and one or more Lenders, or one or more of their Affiliates, on the
other hand, or (iii) any Taxes or any costs attributable to Taxes, which shall be governed by Section 16),
(b) with respect to any actual or prospective investigation, litigation, or proceeding related to this Agreement, any other
Loan Document, or the making of any Loans or issuance of any Letters of Credit hereunder, or the use of the proceeds of the Loans or
the Letters of Credit provided hereunder (irrespective of whether any Indemnified Person is a party thereto), or any act, omission,
event, or circumstance in any manner related thereto, (c) in connection with or arising out of any presence or release of
Hazardous Materials at, on, under, to or from any assets or properties owned, leased or operated by Borrower or any of its
Subsidiaries or any Environmental Actions, Environmental Liabilities or Remedial Actions related in any way to any such assets or
properties of Borrower or any of its Subsidiaries, and (d) with respect to any actual or prospective investigation, litigation,
or proceeding brought by or relating to any Loan Party or any of its Subsidiaries (each and all of the foregoing, the
 “Indemnified Liabilities”). The foregoing to the contrary notwithstanding, Borrower shall have no obligation to
any Indemnified Person under this Section 10.3 with respect to any Indemnified Liability that a court of competent
jurisdiction determines in a final non-appealable judgment to have resulted from (x) the gross negligence or willful misconduct
of such Indemnified Person or its officers, directors, employees, attorneys, or agents or (y) a material breach in bad faith of
the funding obligations of such Indemnified Person under this Agreement. This provision shall survive the termination of this
Agreement and the repayment in full of the Obligations. If any Indemnified Person makes any payment to any other Indemnified Person
with respect to an Indemnified Liability as to which Borrower was required to indemnify the Indemnified Person receiving such
payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by Borrower with respect
thereto.

 

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10.4          Costs
and Expenses. Borrower and any other Loan Party, jointly and severally, shall pay all Lender Group Expenses when due.

 

11.            NOTICES.

 

(a)            Unless
otherwise provided in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing
and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall
be personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic
mail (at such email addresses as a party may designate in accordance herewith), or facsimile. In the case of notices or demands to Borrower
or Agent, as the case may be, they shall be sent to the respective address set forth below:

 

	 	If to Borrower:	QUANEX BUILDING PRODUCTS CORPORATION
	 	 	1800 West Loop South, Suite 1500
	 	 	Houston, TX 77027
	 	 	Attn: Chief Financial Officer
	 	 	Fax No.: (713) 993-0591
	 	 	Email: Brent.Korb@quanex.com
	 	 	 
	 	with copies to:	FOLEY & LARDNER LLP
	 	 	1000 Louisiana Street, Suite 2000
	 	 	Houston, TX 77002
	 	 	Attn: Hoang Quan Vu, Esq.
	 	 	Fax No.: (713) 276-5174
	 	 	Email: hvu@foley.com
	 	 	 
	 	If to Agent:	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	MAC D1109-019
	 	 	1525 West W.T. Harris Blvd.
	 	 	Charlotte, NC 28262
	 	 	Attention of: Syndication Agency Services
	 	 	Telephone No.: (704) 590-2703
	 	 	Fax No.: (704) 715-0092
	 	 	 
	 	with copies to:	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	1000 Louisiana Street, 10th Floor
	 	 	Houston, TX 77002
	 	 	Attn: Benita V. Reyes
	 	 	Fax No.: (713) 739-1082
	 	 	Email: Benita.V.Reyes@wellsfargo.com

 

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(b)            Any
party hereto may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given
to the other party. All notices or demands sent in accordance with this Section 11, shall be deemed received on the earlier
of the date of actual receipt or 3 Business Days after the deposit thereof in the mail; provided, that (a) notices sent by
overnight courier service shall be deemed to have been given when received, (b) notices by facsimile shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next Business Day for the recipient) and (c) notices by electronic mail shall be deemed received upon
the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function,
as available, return email or other written acknowledgment).

 

(c)            Notices
and other communications to the Lenders and the Issuing Lender hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by Agent, provided that the foregoing shall not apply
to notices to any Lender or the Issuing Lender pursuant to Section 2 if such Lender or the Issuing Lender has notified Agent
that is incapable of receiving notices under such Section by electronic communication. Agent or 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. Unless 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), 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; provided that, for both clauses (i) and
(ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice,
email or other communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 

(d)            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 applicable laws, to make reference to Borrower Materials 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 Borrower or its securities
for purposes of United States Federal or state securities applicable laws.

 

12.            CHOICE
OF LAW AND VENUE; JURY TRIAL WAIVER.

 

(a)            THE
VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN
RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, THE RIGHTS OF THE
PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO, AND ANY CLAIMS,
CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

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(b)            THE
PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND
LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF
NEW YORK; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S
OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE
FOUND. BORROWER AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE
TO ASSERT THE DOCTRINE OF FORUM NON  CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH
THIS SECTION 12(B).

 

(c)            TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF
ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY OF
THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”). BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT
EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(d)            BORROWER
HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF
NEW YORK, STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.NOTHING IN THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(e)            NO
CLAIM MAY BE MADE BY ANY LOAN PARTY AGAINST THE AGENT, THE ISSUING LENDER, THE SWINGLINE LENDER, ANY OTHER LENDER OR ANY
AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY
SPECIAL, INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OR LOSSES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY
OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT,
OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH LOAN PARTY HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE
UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

 

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13.            ASSIGNMENTS
AND PARTICIPATIONS; SUCCESSORS.

 

13.1          Assignments
and Participations.

 

(a)            Successors
and Assigns Generally. 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, except that no Loan Party may assign or otherwise transfer any of its rights
or obligations hereunder or under any other Loan Document without the prior written consent of Agent and each Lender (except in connection
with the consummation of a transaction expressly permitted under the Loan Documents) and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 13.1(b),
(ii) by way of participation in accordance with the provisions of Section 13.1(d), or (iii) by way of pledge or
assignment of a security interest subject to the restrictions of Section 13.1(e) (and any other 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, Participants to the extent
provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Affiliates of each of the
Lender Group) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Loans at the time owing to it); provided that any such assignment shall be subject
to the following conditions:

 

(i)            Minimum
Amounts.

 

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing
to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in subsection (b)(i)(B) of
this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum
amount need be assigned; and

 

(B)            in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes
Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to Agent or, if a “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date)
shall not be less than $5,000,000, unless each of Agent and, so long as no Event of Default has occurred and is continuing, Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed and shall be deemed given if Borrower has not responded
to a request for such consent within 5 Business Days after having received notice thereof);

 

(ii)            Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause
(ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate classes on a
non-pro  rata basis;

 

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(iii)           Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and,
in addition:

 

(A)            the
consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has
occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund; provided, that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to Agent within 5 Business Days after having received notice thereof;

 

(B)            the
consent of Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of the Incremental
Term Loans if such assignment is to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)            the
consent of Agent, Issuing Lender and Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of the Revolving Credit Facility if such assignment is to a Person that is not a Lender with a Revolving Credit
Commitment or an affiliate of such Lender.

 

(iv)           Assignment
and Assumption. The parties to each assignment shall execute and deliver to Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500 for each assignment; provided that (A) only one such fee will be payable in connection with
simultaneous assignments to two or more related Approved Funds by a Lender and (B) Agent may, in its sole discretion, elect to waive
such processing and recordation fee in the case of any assignment. The assignee, if it shall not be a Lender, shall deliver to Agent
an Administrative Questionnaire.

 

(v)            No
Assignment to Certain Persons. No such assignment shall be made to (A) Borrower, any of its Subsidiaries (including Borrower)
or any of their Affiliates or (B) any Defaulting Lender or any of its Affiliates, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B).

 

(vi)           No
Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company, investment vehicle or
trust for, or owned and operated for the primary benefit of, a natural Person).

 

(vii)          Certain
Additional Payments. 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 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 Borrower and 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
(A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Agent, the Issuing Lender and the
Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its
full pro  rata share of all Loans and participations in Letters of Credit and Swingline Loans. 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.

 

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Subject to acceptance and recording thereof
by Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto) but shall continue to be entitled to the benefits and subject to the requirements of Section 16 and Sections
2.18, 2.19, 10.3, 10.4 and 15.7 with respect to facts and circumstances occurring prior to the effective
date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with Section 13.1(d) (other than a purported assignment to a natural Person (including a holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person) or Borrower or any of Borrower’s
Subsidiaries or Affiliates, which shall be null and void).

 

(c)            Register.
Agent, acting solely for this purpose as a non-fiduciary agent of Borrower, shall maintain at Agent’s Office, a copy of each Assignment
and Assumption and each Incremental Amendment delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts of (and stated interest on) the Loans 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 Borrower,
Agent 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 Borrower and any Lender (but only to the extent
of entries in the Register that are applicable to such Lender), at any reasonable time and from time to time upon reasonable prior notice.

 

(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower or Agent, sell participations to any Person (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)
or Borrower or any of Borrower’s Subsidiaries or Affiliates) (each, a “Participant”) in all or a portion of
such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing
to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) Borrower, Agent, the
Issuing Lender, the Swingline Lender 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 15.7 with respect to any payments made by such Lender to its Participant(s).

 

Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver or modification described in Section 14.1(a)(i) through (iii) or (a)(ix) that
directly and adversely affects such Participant. Borrower agrees that each Participant shall be entitled to the benefits of Section 16
and Section 2.19 (subject to the requirements and limitations therein, including the requirements under Section 16.7
(it being understood that the documentation required under Section 16.7 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 14.2 as if it
were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 16
or Section 2.19, 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 Borrower’s request and expense, to
use reasonable efforts to cooperate with Borrower to effectuate the provisions of Section 14.2(b) with respect to
any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefit of any right of setoff
provided herein as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18
as though it were a Lender.

 

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Each Lender that sells
a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the
name and address of each Participant and the principal amounts of (and stated interest on) 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. 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, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to
a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)            Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based
on the Uniform Electronic Transactions Act.

 

14.            AMENDMENTS;
WAIVERS.

 

14.1          Amendments
and Waivers.

 

(a)            No
amendment, waiver or other modification of any provision of this Agreement or any other Loan Document (other than the Fee Letters),
and no consent with respect to any departure by Borrower therefrom, shall be effective unless the same shall be in writing and
signed by the Required Lenders (or by Agent at the written request of the Required Lenders) and Borrower and then any such waiver or
consent shall be effective, but only in the specific instance and for the specific purpose for which given; provided, that no
such waiver, amendment, or consent shall:

 

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(i)            increase
or extend the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.2) without the written
consent of such Lender,

 

(ii)            waive,
postpone or delay any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees, or other
amounts due hereunder or under any other Loan Document without the written consent of each Lender directly and adversely affected thereby,

 

(iii)           reduce
the principal of, or the rate of interest on, any loan or other extension of credit hereunder, or reduce any fees or other amounts
payable hereunder or under any other Loan Document without the written consent of each Lender directly and adversely affected
thereby; provided that only the consent of the Required Lenders shall be required to (i) waive any obligation of
Borrower to pay increased interests pursuant to Section 2.14(b) or (ii) amend any financial covenant hereunder
(or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest or to reduce any fee
payable hereunder,

 

(iv)           amend,
modify, or eliminate Section 3.1 without the written consent of each Lender,

 

(v)            other
than as permitted by Section 15.11, release Agent’s Lien in and to all or substantially all of the Collateral without
the written consent of each Lender,

 

(vi)           reduce
the percentages set forth in the definition of “Required Lenders”, or amend, modify, or eliminate this Section or any
provision of this Agreement providing for consent or other action by all Lenders without the written consent of each Lender,

 

(vii)          other
than in connection with a merger, liquidation, dissolution or sale of such Person expressly permitted by the terms hereof or the other
Loan Documents, release Borrower or all Guarantors or Guarantors comprising substantially all of the credit support for the Obligations
from their respective obligations under the Loan Documents or consent to the assignment or transfer by Borrower or any Guarantor of any
of its rights or duties under this Agreement or the other Loan Documents without the written consent of each Lender,

 

(viii)         [reserved],

 

(ix)            amend,
modify or eliminate Section 9.2 or Section 15.12(b) in a manner that would alter the pro rata sharing of
payments or order of application required thereby without the written consent of each Lender directly and adversely affected thereby,

 

(x)            amend,
modify or waive any provision of the Loan Documents in a manner disproportionately affecting the Lenders under a specific Class under
this Agreement, as applicable, without the consent of the Lenders holding at least a majority of the outstanding principal amount of
the Loans and outstanding Commitments of such disproportionately affected Class, or

 

(xi)            amend
the definition of “Alternative Currency” without the written consent of each Revolving Credit Lender and each Issuing Lender.

 

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(b)            No
amendment, waiver, modification, or consent shall amend, modify, waive, or eliminate,

 

(i)            the
definition of, or any of the terms or provisions of, the Fee Letters, without the written consent of the parties thereto (and shall not
require the written consent of any of the Lenders),

 

(ii)            any
provision of Section 15 pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan
Documents, without the written consent of Agent, Borrower, and the Required Lenders,

 

(iii)            any
provision of this Agreement or the other Loan Documents pertaining to the Issuing Lender, or any other rights or duties of the Issuing
Lender under this Agreement or the other Loan Documents, without the written consent of the Issuing Lender, Agent, Borrower, and the
Required Lenders, or

 

(iv)            any
provision of this Agreement or the other Loan Documents pertaining to the Swingline Lender, or any other rights or duties of the Swingline
Lender under this Agreement or the other Loan Documents, without the written consent of the Swingline Lender, Agent, Borrower, and the
Required Lenders.

 

(c)            Anything
in this Section 14.1 to the contrary notwithstanding, (i) any amendment, modification, elimination, waiver, consent,
termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship
of the Lender Group among themselves, and that does not affect the rights or obligations of Borrower, shall not require consent by or
the agreement of any Loan Party, (ii) any amendment, waiver, modification, elimination, or consent of or with respect to any provision
of this Agreement or any other Loan Document may be entered into without the consent of, or over the objection of, any Defaulting Lender
other than any of the matters governed by Section 14.1(a)(i) through (iii) that affect such Lender, (iii) Agent
and Borrower shall be permitted to amend any provision of the Loan Documents (and such amendment shall become effective without any further
action or consent of any other party to any Loan Document) if Agent and Borrower shall have jointly identified an obvious error or any
error or omission of a technical or immaterial nature in any such provision and (iv) Agent and Borrower may, without the consent
of any Lender, enter into amendments or modifications to this Agreement or any of the other Loan Documents or to enter into additional
Loan Documents as Agent and Borrower reasonably deem appropriate in order to implement any Replacement RateBenchmark
Replacement or any Benchmark Replacement Conforming Changes or otherwise effectuate the terms of Section 2.18(c) in
accordance with the terms of Section 2.18(c).

 

Notwithstanding anything in this Agreement
to the contrary, each Lender hereby irrevocably authorizes Agent on its behalf, and without further consent, to enter into amendments
or modifications to this Agreement (including amendments to this Section 14.1) or any of the other Loan Documents or to enter
into additional Loan Documents as Agent reasonably deems appropriate in order to effectuate the terms of Section 2.20 (including,
without limitation, as applicable, (1) to permit the Incremental Increase to share ratably in the benefits of this Agreement and
the other Loan Documents and (2) to include the Incremental Term Loan Commitments, outstanding Incremental Term Loans or Revolving
Credit Commitment Increases in any determination of (i) Required Lenders or (ii) similar required lender terms applicable thereto);
provided that no amendment or modification shall result in any increase in the amount of any Lender’s Loans without the
written consent of such affected Lender.

 

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14.2          Mitigation
Obligations; Replacement of Certain Lenders.

 

(a)             Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.19,
or Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 16, or if any Lender gives a notice pursuant to Section 2.18(a), then such Lender shall use reasonable
efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 16 or Section 2.19, as the case may be, in the future,
or eliminate the need for the notice pursuant to Section 2.18(a), as applicable, and (ii) in each case, would not subject
such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Borrower hereby agrees to
pay all reasonable documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)            Replacement
of Certain Lenders. If any Lender requests compensation under Section 2.19, or if Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 16,
or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then Borrower may, at its sole expense and effort, upon notice to
such Lender and Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in, and consents required by, Section 13.1), all of its interests, rights (other than its existing rights to payments
pursuant to Section 16 and Section 2.19) and obligations under this Agreement and the related Loan Documents
to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided that:

 

(i)            Borrower
shall have paid to Agent the assignment fee specified in Section 13.1(b);

 

(ii)            such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in Letters of Credit
and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 2.19(e)) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or Borrower (in the case of all other amounts);

 

(iii)            in
the case of any such assignment resulting from a claim for compensation under Section 2.19 or payments required to be made
pursuant to Section 16, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)           such
assignment does not conflict with applicable law (as defined in Section 16.1); and

 

(v)            in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to
the applicable amendment, waiver or consent.

 

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 Borrower
to require such assignment and delegation cease to apply.

 

14.3            No
Waivers; Cumulative Remedies. No failure by Agent or any Lender to exercise any right, remedy, or option under this
Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No
waiver by Agent or any Lender will be effective unless it is in writing, and then only to the extent specifically stated. No waiver
by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to require
strict performance by Borrower of any provision of this Agreement. Agent’s and each Lender’s rights under this Agreement
and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may
have.

 

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15.            AGENT;
THE LENDER GROUP.

 

15.1          Appointment
and Authorization of Agent. Each Lender and the Issuing Lender hereby designates and appoints Wells Fargo as its agent under
this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes (and by entering into a Bank Product Agreement,
each Bank Product Provider shall be deemed to designate, appoint, and authorize) Agent to execute and deliver each of the other Loan
Documents on its behalf and to take such other action on its behalf under the provisions of this Agreement and each other Loan Document
and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of this Agreement or any other Loan
Document, together with such powers as are reasonably incidental thereto. Agent agrees to act as agent for and on behalf of the Lenders
and the Issuing Lender (and the Bank Product Providers) on the conditions contained in this Section 15. Any provision to
the contrary contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any duties or
responsibilities, except those expressly set forth herein or in the other Loan Documents, nor shall Agent have or be deemed to have any
fiduciary relationship with any Lender or the Issuing Lender (or Bank Product Provider), and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent. Without
limiting the generality of the foregoing, the use of the term “agent” in this Agreement or the other Loan Documents with
reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only a representative
relationship between independent contracting parties. Each Lender and the Issuing Lender hereby further authorizes (and by entering into
a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize) Agent to act as the secured party under each of the
Loan Documents that create a Lien on any item of Collateral. Except as expressly otherwise provided in this Agreement, Agent shall have
and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining
from taking any actions that Agent expressly is entitled to take or assert under or pursuant to this Agreement and the other Loan Documents.
Without limiting the generality of the foregoing, or of any other provision of the Loan Documents that provides rights or powers to Agent,
Lenders and the Issuing Lender agree that Agent shall have the right to exercise the following powers as long as this Agreement remains
in effect: (a) maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations,
the Collateral, payments and proceeds of Collateral, and related matters, (b) execute or file any and all financing or similar statements
or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect
to the Loan Documents or to take any other action with respect to any Collateral or Loan Documents which may be necessary to perfect,
and maintain the perfection of, the Agent’s Liens, (c) make Revolving Credit Loans, for itself or on behalf of the Lenders,
as provided in the Loan Documents, (d) exclusively receive, apply, and distribute payments and proceeds of the Collateral as provided
in the Loan Documents, (e) open and maintain such bank accounts and cash management arrangements as Agent deems necessary and appropriate
in accordance with the Loan Documents for the foregoing purposes, (f) perform, exercise, and enforce any and all other rights and
remedies of the Lender Group with respect to Borrower or its Subsidiaries, the Obligations, the Collateral, or otherwise related to any
of same as provided in the Loan Documents, and (g) incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate
for the performance and fulfillment of its functions and powers pursuant to the Loan Documents.

 

15.2          Delegation
of Duties. Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees
or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be
responsible for the negligence or misconduct of any agent or attorney in fact that it selects as long as such selection was made without
gross negligence or willful misconduct.

 

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15.3          Liability
of Agent. None of the Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any of them
under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct as determined by a court of competent jurisdiction in a final nonappealable judgment), or (b) be
responsible in any manner to any of the Lenders (or Bank Product Providers) for any recital, statement, representation or warranty made
by Borrower or any of its Subsidiaries or Affiliates, or any officer or director thereof, contained in this Agreement or in any other
Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under
or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or any other Loan Document, or for any failure of Borrower or its Subsidiaries or any other party to any Loan Document
to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lenders (or Bank Product
Providers) to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the books and records or properties of Borrower or its Subsidiaries. Agent shall
not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary
to any Loan Document or applicable law or regulation.

 

15.4         Reliance
by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent,
certificate, affidavit, letter, telegram, facsimile or other electronic method of transmission, telex or telephone message, statement
or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person
or Persons, and upon advice and statements of legal counsel (including counsel to Borrower or counsel to any Lender), independent accountants
and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or
any other Loan Document unless Agent shall first receive such advice or concurrence of the Lenders as it deems appropriate and until
such instructions are received, Agent shall act, or refrain from acting, as it deems advisable. If Agent so requests, it shall first
be indemnified to its reasonable satisfaction by the Lenders and the Issuing Lender (and, if it so elects, the Bank Product Providers)
against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance
with a request or consent of the Required Lenders and such request and any action taken or failure to act pursuant thereto shall be binding
upon all of the Lenders and the Issuing Lender (and Bank Product Providers).

 

15.5         Notice
of Default or Event of Default. Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until
notice describing such Default or Event of Default is given to Agent by Borrower or a Lender.

 

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15.6          Credit
Decision. Each Lender (and Bank Product Provider) acknowledges that none of the Agent-Related Persons has made any
representation or warranty to it, and that no act by Agent hereinafter taken, including any review of the affairs of Borrower and
its Subsidiaries or Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any
Lender (or Bank Product Provider). Each Lender represents (and by entering into a Bank Product Agreement, each Bank Product Provider
shall be deemed to represent) to Agent that it has, independently and without reliance upon any Agent-Related Person and based on
such due diligence, documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, prospects, operations, property, financial and other condition and creditworthiness of Borrower or any other Person party
to a Loan Document, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own
decision to enter into this Agreement and to extend credit to Borrower. Each Lender also represents (and by entering into a Bank
Product Agreement, each Bank Product Provider shall be deemed to represent) that it will, independently and without reliance upon
any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and
to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of Borrower or any other Person party to a Loan Document. Except for notices, reports, and
other documents expressly herein required to be furnished to the Lenders by Agent, Agent shall not have any duty or responsibility
to provide any Lender (or Bank Product Provider) with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of Borrower or any other Person party to a Loan Document
that may come into the possession of any of Agent-Related Persons. Each Lender acknowledges (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to acknowledge) that Agent does not have any duty or responsibility, either
initially or on a continuing basis (except to the extent, if any, that is expressly specified herein) to provide such Lender (or
Bank Product Provider) with any credit or other information with respect to Borrower, its Affiliates or any of their respective
business, legal, financial or other affairs, and irrespective of whether such information came into Agent’s or its
Affiliates’ or representatives’ possession before or after the date on which such Lender became a party to this
Agreement (or such Bank Product Provider entered into a Bank Product Agreement).

 

15.7         Costs
and Expenses; Indemnification. Agent may incur and pay Lender Group Expenses to the extent Agent reasonably deems necessary
or appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents,
including court costs, reasonable attorneys’ fees and expenses, reasonable fees and expenses of financial accountants,
advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs
of security guards or insurance premiums paid to maintain the Collateral, whether or not Borrower is obligated to reimburse Agent,
the Issuing Lender, the Swingline Lender or Lenders for such expenses pursuant to this Agreement or otherwise. Agent is authorized
and directed to deduct and retain sufficient amounts from payments or proceeds of the Collateral received by Agent to reimburse
Agent for such out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders (or Bank Product Providers). In
the event Agent, the Issuing Lender or the Swingline Lender is not reimbursed for such costs and expenses by Borrower or its
Subsidiaries, each Lender hereby agrees that it is and shall be obligated to pay to Agent, the Issuing Lender or the Swingline
Lender such Lender’s ratable share thereof; provided that with respect to such unpaid amounts owed to the Issuing
Lender or the Swingline Lender solely in its capacity as such, only the Revolving Credit Lenders shall be required to pay such
unpaid amounts, such payment to be made severally among them based on such Revolving Credit Lenders’ Revolving Credit
Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought or, if the
Revolving Credit Commitment has been reduced to zero as of such time, determined immediately prior to such reduction). Whether or
not the transactions contemplated hereby are consummated, each of the Lenders, on a ratable basis, shall indemnify and defend the
Agent-Related Persons (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to
do so) from and against any and all Indemnified Liabilities; provided, that no Lender shall be liable for the payment to any
Agent-Related Person of any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or
willful misconduct as determined by a court of competent jurisdiction in a final nonappealable judgment nor shall any Lender be
liable for the obligations of any Defaulting Lender in failing to make a Revolving Credit Loan or other Extension of Credit
hereunder. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s ratable share
of any costs or out of pocket expenses (including reasonable attorneys, accountants, advisors, and consultants fees and expenses)
incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment, or enforcement
(whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement or any other Loan Document to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower.
The undertaking in this Section shall survive the payment of all Obligations hereunder and the resignation or replacement of
Agent.

 

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15.8         Agent
in Individual Capacity. Wells Fargo and its Affiliates may make loans to, issue letters of credit for the account of, accept
deposits from, provide Bank Products to, acquire Equity Interests in, and generally engage in any kind of banking, trust, financial advisory,
underwriting, or other business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Document as
though Wells Fargo were not Agent hereunder, and, in each case, without notice to or consent of the other members of the Lender Group.
The other members of the Lender Group acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be
deemed to acknowledge) that, pursuant to such activities, Wells Fargo or its Affiliates may receive information regarding Borrower or
its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or
such other Person and that prohibit the disclosure of such information to the Lenders (or Bank Product Providers), and the Lenders acknowledge
(and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances
(and in the absence of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts to obtain),
Agent shall not be under any obligation to provide such information to them. The terms “Lender” and “Lenders”
include Wells Fargo in its individual capacity.

 

15.9         Successor
Agent. Agent may resign as Agent upon 30 days (10 days if an Event of Default has occurred and is continuing) prior written notice
to the Lenders (unless such notice is waived by the Required Lenders) and Borrower (unless such notice is waived by Borrower or an Event
of Default has occurred and is continuing) and without any notice to the Bank Product Providers. If Agent resigns under this Agreement,
the Required Lenders shall be entitled, with (so long as no Event of Default has occurred and is continuing) the consent of Borrower
(such consent not to be unreasonably withheld, delayed, or conditioned), to appoint a successor Agent for the Lenders (and the Bank Product
Providers). If, at the time that Agent’s resignation is effective, it is acting as Issuing Lender or Swingline Lender, such resignation
shall also operate to effectuate its resignation as Issuing Lender or Swingline Lender, as applicable, and it shall automatically be
relieved of any further obligation to issue Letters of Credit or to make Swingline Loans; provided that the retiring Issuing Lender
shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement and the
other Loan Documents with respect to Letters of Credit then outstanding and issued by it prior to such resignation, but shall not be
required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of Credit. If no successor Agent is
appointed prior to the effective date of the resignation of Agent, Agent may appoint, after consulting with the Lenders and Borrower,
a successor Agent. If Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may agree
in writing to remove and replace Agent with a successor Agent from among the Lenders with (so long as no Event of Default has occurred
and is continuing) the consent of Borrower (such consent not to be unreasonably withheld, delayed, or conditioned). In any such event,
upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers, and
duties of the retiring Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s appointment,
powers, and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions of this
Section 15.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this
Agreement. If no successor Agent has accepted appointment as Agent by the date which is 30 days following a retiring Agent’s notice
of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all
of the duties of Agent hereunder until such time, if any, as the Lenders appoint a successor Agent as provided for above.

 

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15.10       Lender
in Individual Capacity. Any Lender and its respective Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, provide Bank Products to, acquire Equity Interests in and generally engage in any kind of banking, trust, financial
advisory, underwriting, or other business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Documents
as though such Lender were not a Lender hereunder without notice to or consent of the other members of the Lender Group (or the Bank
Product Providers). The other members of the Lender Group acknowledge (and by entering into a Bank Product Agreement, each Bank Product
Provider shall be deemed to acknowledge) that, pursuant to such activities, such Lender and its respective Affiliates may receive information
regarding Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in
favor of Borrower or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge
(and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances,
such Lender shall not be under any obligation to provide such information to them.

 

15.11       Collateral
and Guaranty Matters.

 

(a)            The
Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to authorize)
Agent to release any Lien on any Collateral (i) upon the termination of the Commitments and payment and satisfaction in full by
Borrower of all of the Obligations (other than (A) contingent indemnification obligations and (B) obligations and liabilities
under Bank Products as to which arrangements satisfactory to the applicable Bank Product Provider shall have been made) and the expiration
or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Agent and the
Issuing Lender shall have been made), (ii) constituting property being sold or disposed of if a release is required or desirable
in connection therewith and if Borrower certifies to Agent that the Disposition is permitted under Section 6.4 (and Agent
may rely conclusively on any such certificate, without further inquiry), (iii) constituting property in which Borrower or its Subsidiaries
owned no interest at the time Agent’s Lien was granted nor at any time thereafter, (iv) constituting property leased or licensed
to Borrower or its Subsidiaries under a lease or license that has expired or is terminated in a transaction permitted under this Agreement,
(v) in connection with a credit bid or purchase authorized under this Section 15.11 or (vi) constituting property
of a Guarantor that is released from its obligations under the Loan Documents by reason of such Person ceasing to be a Subsidiary as
a result of a transaction permitted under the Loan Documents. The Lenders hereby irrevocably authorize (and by entering into a Bank Product
Agreement, each Bank Product Provider shall be deemed to authorize) Agent to release any Guarantor from its obligations under any Loan
Documents if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents. The Loan Parties
and the Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed
to authorize) Agent, based upon the instruction of the Required Lenders, to (a) consent to the sale of, credit bid, or purchase
(either directly or indirectly through one or more entities) all or any portion of the Collateral at any sale thereof conducted under
the provisions of the Bankruptcy Code, including Section 363 of the Bankruptcy Code, (b) credit bid or purchase (either directly
or indirectly through one or more entities) all or any portion of the Collateral at any sale or other Disposition thereof conducted under
the provisions of the Code, including pursuant to Sections 9-610 or 9-620 of the Code, or (c) credit bid or purchase (either directly
or indirectly through one or more entities) all or any portion of the Collateral at any other sale or foreclosure conducted or consented
to by Agent in accordance with applicable law in any judicial action or proceeding or by the exercise of any legal or equitable remedy.
In connection with any such credit bid or purchase, (i) the Obligations owed to the Lenders and the Bank Product Providers shall
be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims being
estimated for such purpose if the fixing or liquidation thereof would not impair or unduly delay the ability of Agent to credit bid or
purchase at such sale or other Disposition of the Collateral and, if such contingent or unliquidated claims cannot be estimated without
impairing or unduly delaying the ability of Agent to credit bid at such sale
or other Disposition, then such claims shall be disregarded, not credit bid, and not entitled to any interest in the Collateral that
is the subject of such credit bid or purchase) and the Lenders and the Bank Product Providers whose Obligations are credit bid shall
be entitled to receive interests (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount
of Obligations so credit bid) in the Collateral that is the subject of such credit bid or purchase (or in the Equity Interests of any
entities that are used to consummate such credit bid or purchase), and (ii) Agent, based upon the instruction of the Required Lenders,
may accept non-cash consideration, including debt and equity securities issued by any entities used to consummate such credit bid or
purchase and in connection therewith Agent may reduce the Obligations owed to the Lenders and the Bank Product Providers (ratably based
upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) based upon the
value of such non-cash consideration. Except as provided above, Agent will not execute and deliver a release of any Lien on any Collateral
without the prior written authorization of (y) if the release is of all or substantially all of the Collateral, all of the Lenders
(without requiring the authorization of the Bank Product Providers), or (z) otherwise, the Required Lenders (without requiring the
authorization of the Bank Product Providers). Upon request by Agent or Borrower at any time, the Lenders will (and if so requested, the
Bank Product Providers will) confirm in writing Agent’s authority to release any such Liens on particular types or items of Collateral
pursuant to this Section 15.11; provided, that (1) anything to the contrary contained in any of the Loan Documents
notwithstanding, Agent shall not be required to execute any document or take any action necessary to evidence such release on terms that,
in Agent’s opinion, could expose Agent to liability or create any obligation or entail any consequence other than the release of
such Lien without recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect, or impair
the Obligations or any Liens (other than those expressly released) upon (or obligations of Borrower in respect of) any and all interests
retained by Borrower, including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Each Lender
further hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to irrevocably
authorize) Agent, at its option and in its sole discretion, to subordinate any Lien granted to or held by Agent under any Loan Document
to the holder of any Permitted Lien on such property if such Permitted Lien secures Permitted Purchase Money Indebtedness.

 

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(b)            Agent
shall have no obligation whatsoever to any of the Lenders (or the Bank Product Providers) (i) to verify or assure that the Collateral
exists or is owned by Borrower or its Subsidiaries or is cared for, protected, or insured or has been encumbered, (ii) to verify
or assure that Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled
to any particular priority, or (iii) to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity,
or to continue exercising, any of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents,
it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms
and conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given Agent’s own
interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any
Lender (or Bank Product Provider) as to any of the foregoing, except as otherwise expressly provided herein.

 

15.12       Right
of Setoff; Sharing of Payments.

 

(a)            If
an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, the Swingline Lender and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and
apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender or any such Affiliate to
or for the credit or the account of Borrower or any other Loan Party against any and all of the obligations
of Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, the Issuing
Lender, the Swingline Lender or any of their respective Affiliates, irrespective of whether or not such Lender, the Issuing Lender, the
Swingline Lender or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations
of Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender, the Issuing Lender, the
Swingline Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness;
provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off
shall be paid over immediately to Agent for further application in accordance with the provisions of Section 9.2 and, pending
such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Agent, the
Issuing Lender, the Swingline Lender and the Lenders, and (y) the Defaulting Lender shall provide promptly to 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, the Issuing Lender, the Swingline Lender and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of setoff) that such Lender, the Issuing Lender, the Swingline Lender or their respective
Affiliates may have. Each Lender, the Issuing Lender and the Swingline Lender agrees to notify Borrower and Agent promptly after any
such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

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(b)            If,
at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds of Collateral or any
payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the
terms of this Agreement, or (ii) payments from Agent in excess of such Lender’s pro rata share of all such distributions by
Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate
the same to Agent, or in immediately available funds, as applicable, for the account of all of the Lenders and for application to the
Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided
interest and participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably
as among the Lenders in accordance with their pro rata shares; provided, that to the extent that such excess payment received
by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as
applicable, and the applicable portion of the purchase price paid therefor shall be returned to such purchasing party, but without interest
except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment.

 

15.13       Agency
for Perfection. Agent hereby appoints each other Lender (and each Bank Product Provider) as its agent (and each Lender hereby
accepts (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to accept) such appointment) for the
purpose of perfecting Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable,
of the Code can be perfected by possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender
shall notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver possession or control of such Collateral
to Agent or in accordance with Agent’s instructions.

 

15.14       Payments
by Agent to the Lenders. All payments to be made by Agent to the Lenders (or Bank Product Providers) shall be made by bank wire
transfer of immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by written
notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment (or any portion thereof) represents principal,
premium, fees, or interest of the Obligations.

 

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15.15       Concerning
the Collateral and Related Loan Documents. Each member of the Lender Group authorizes and directs Agent to enter into this Agreement
and the other Loan Documents. Each member of the Lender Group agrees (and by entering into a Bank Product Agreement, each Bank Product
Provider shall be deemed to agree) that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents
relating to the Collateral and the exercise by Agent of its powers set forth therein or herein, together with such other powers that
are reasonably incidental thereto, shall be binding upon all of the Lenders (and such Bank Product Provider).

 

15.16       Agent
May File Proofs of Claim. In case of the pendency of any proceeding under any Insolvency Proceeding or any other judicial
proceeding relative to any Loan Party, Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and
payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall have made any demand on Borrower)
shall be entitled and empowered (but not obligated) 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, L/C Obligations and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the Issuing Lender and Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lenders, the Issuing Lender and Agent and their respective agents and counsel and all other amounts due the Lenders,
the Issuing Lender and Agent under Sections 2.16, 10.3 and 15.7) 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
Lender to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly to the Lenders
and the Issuing Lender, to pay to Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Agent
and its agents and counsel, and any other amounts due Agent under Sections 2.16, 2.15(c), 10.3 and 15.7.

 

Nothing contained herein shall be deemed
to authorize Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Lender any plan of reorganization,
arrangement, adjustment or compensation affecting the Obligations or the rights of any Lender or the Issuing Lender or to authorize Agent
to vote in respect of the claim of any Lender or the Issuing Lender in any such proceeding.

 

15.17       Several
Obligations; No Liability. Notwithstanding that certain of the Loan Documents now or hereafter may have been or will be executed
only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent
(if any) to make any credit available hereunder shall constitute the several (and not joint) obligations of the respective Lenders on
a ratable basis, according to their respective Commitments, to make an amount of such credit not to exceed, in principal amount, at any
one time outstanding, the amount of their respective Commitments. Nothing contained herein shall confer upon any Lender any interest
in, or subject any Lender to any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other
Lender. Each Lender shall be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent
any such notice may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any other Lender.
Except as provided in Section 15.7, no member of the Lender Group shall have any liability for the acts of any other member
of the Lender Group. No Lender shall be responsible to Borrower or any other Person for any failure by any other Lender (or Bank Product
Provider) to fulfill its obligations to make credit available hereunder, nor to advance for such Lender (or Bank Product Provider) or
on its behalf, nor to take any other action on behalf of such Lender (or Bank Product Provider) hereunder or in connection with the financing
contemplated herein.

 

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15.18       Joint
Lead Arrangers, Joint Bookrunners, Syndication Agents and Documentation Agents. Each of the Joint Lead Arrangers, joint book
runners, syndication agents and documentation agents, in such capacities, shall not have any right, power, obligation, liability, responsibility,
or duty under this Agreement other than those applicable to it in its capacity as a Lender, Issuing Lender, Swingline Lender or
as Agent. Without limiting the foregoing, each of the Joint Lead Arrangers, joint bookrunners, syndication agents and documentation agents,
in such capacities, shall not have or be deemed to have any fiduciary relationship with any Lender or any Loan Party. Each Lender, Agent, Issuing
Lender, Swingline Lender and each Loan Party acknowledges that it has not relied, and will not rely, on the Joint Lead Arrangers, joint
bookrunners, syndication agents and documentation agents in deciding to enter into this Agreement or in taking or not taking action hereunder.
Each of the Joint Lead Arrangers, joint bookrunners, syndication agents and documentation agents, in such capacities, shall be entitled
to resign at any time by giving notice to Agent and Borrower.

 

15.19       Defaulting
Lenders.

 

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

 

(i)            Waivers
and Amendments. Such 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 the definition of Required Lenders and Section 14.1.

 

(ii)            Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) or received by Agent from a Defaulting
Lender pursuant to Section 15.12(a) shall be applied at such time or times as may be determined by Agent as follows:
first, to the payment of any amounts owing by such Defaulting Lender to Agent hereunder; second, to the payment on a pro
rata basis of any amounts owing by such Defaulting Lender to the Issuing Lender or the Swingline Lender hereunder; third,
to Cash Collateralize the Fronting Exposure of the Issuing Lender and the Swingline Lender with respect to such Defaulting Lender in
accordance with Section 15.20; fourth, as Borrower may request (so long as no Default or Event of Default exists),
to the funding of any Loan or funded participation in respect of which such Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by Agent; fifth, if so determined by Agent and Borrower, to be held in a deposit
account and released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans and funded participations under this Agreement and (B) Cash Collateralize the Issuing Lender’s future
Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit and Swingline Loans issued under this
Agreement, in accordance with Section 15.20; sixth, to the payment of any amounts owing to the Lenders, the Issuing
Lender or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Lender
or the Swingline Lender against such Defaulting Lender as a result of such 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 Borrower as
a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of
any Loans or funded participations in Letters of Credit or Swingline Loans in respect of which such Defaulting Lender has not fully funded
its appropriate share, and (2) such Loans were made or the related Letters of Credit or Swingline Loans were issued at a time when
the conditions set forth in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of,
and funded participations in Letters of Credit or Swingline Loans owed to, all Non-Defaulting Lenders on a pro rata
basis prior to being applied to the payment of any Loans of, or funded participations in Letters of Credit or Swingline Loans owed to,
such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are
held by the Lenders pro rata in accordance with the Revolving Credit Commitments under the applicable Revolving Credit Facility
without giving effect to Section 15.19(a)(iv). 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 15.19(a)(ii) shall
be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)           Certain
Fees.

 

(A)            No
Defaulting Lender shall be entitled to receive any Commitment Fee 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)

 

(B)            Each
Defaulting Lender shall be entitled to receive letter of credit commissions pursuant to Section 2.15(c) for any period
during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Credit Commitment Percentage of the stated
amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 15.20.

 

(C)            With
respect to any Commitment Fee or letter of credit commission not required to be paid to any Defaulting Lender pursuant to clause (A) or
(B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swingline Loans that has been reallocated
to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to each Issuing Lender and Swingline Lender, as applicable,
the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Lender’s or Swingline
Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such fee.

 

(iv)            Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment
Percentages (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that such
reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s
Revolving Credit Commitment. Subject to Section 17.16, no reallocation hereunder shall constitute a waiver or release of
any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any
claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)            Cash
Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially,
be effected, Borrower shall, without prejudice to any right or remedy available
to it hereunder or under law, (x) first, repay Swingline Loans in an amount equal to the Swingline Lender’s Fronting
Exposure and (y) second, Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures
set forth in Section 15.20.

 

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(b)            Defaulting
Lender Cure. If Borrower, Agent, the Issuing Lender and the Swingline Lender agree in writing that a Lender is no longer a Defaulting
Lender, 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), such Lender will, to the extent applicable, purchase
at par that portion of outstanding Loans of the other Lenders or take such other actions as Agent may determine to be necessary to cause
the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the
Lenders in accordance with the Commitments under the applicable Credit Facility (without giving effect to Section 15.19(a)(iv)),
whereupon such 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 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.

 

15.20       Cash
Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of
Agent, the Issuing Lender (with a copy to Agent) or the Swingline Lender (with a copy to Agent), the Borrower shall Cash Collateralize
the Fronting Exposure of the Issuing Lender and/or the Swingline Lender, as applicable, with respect to such Defaulting Lender (determined
after giving effect to Section 15.19(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount
not less than the Minimum Collateral Amount.

 

(a)            Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to
Agent, for the benefit of the Issuing Lender and the Swingline Lender, and agrees to maintain, a first priority security interest in
all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations
and Swingline Loans, to be applied pursuant to subsection (b) below. If at any time Agent determines that Cash Collateral is subject
to any right or claim of any Person other than Agent, the Issuing Lender and the Swingline Lender as herein provided (other than Permitted
Liens), or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon
demand by Agent, pay or provide to Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving
effect to any Cash Collateral provided by the Defaulting Lender).

 

(b)            Application.
Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Cash Collateral provided under this
Section 15.20 or Section 15.19 in respect of Letters of Credit and Swingline Loans shall be applied to the satisfaction
of the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations and Swingline Loans (including, as to
Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided,
prior to any other application of such property as may otherwise be provided for herein.

 

(c)            Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure of the Issuing Lender
and/or the Swingline Lender, as applicable, shall no longer be required to be held as Cash Collateral pursuant to this Section 15.20
following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status
of the applicable Lender), or (ii) the determination by Agent, the Issuing Lender and the Swingline Lender that there exists
excess Cash Collateral; provided that, subject to Section 15.19, the Person providing Cash Collateral, the Issuing
Lender and the Swingline Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other
obligations; and provided further that to the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral
shall remain subject to the security interest granted pursuant to the Loan Documents.

 

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16.            TAXES.

 

16.1          Defined
Terms. For purposes of this Section 16, the term “applicable law” includes FATCA and the term “Lender”
includes the Issuing Lender.

 

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

 

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

 

16.4          Indemnification
by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment by the applicable Loan Party 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 Borrower by a Recipient (with a copy to Agent), or by Agent on its own behalf or on behalf of a Recipient, shall be conclusive absent
manifest error.

 

16.5          Indemnification
by the Lenders. Each Lender shall severally indemnify Agent, within ten (10) days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified Agent for such Indemnified
Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure
to comply with the provisions of Section 10.6(d) 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 Agent in connection with any Loan Document, and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Agent
shall be conclusive absent manifest error. Each Lender hereby authorizes Agent to set off and apply any and all amounts at any time owing
to such Lender under any Loan Document or otherwise payable by Agent to the Lender from any other source against any amount due to Agent
under this Section 16.5.

 

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16.6          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 16,
such Loan Party shall deliver to 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 Agent.

 

16.7          Status
of Lenders.

 

(a)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax under the law of the jurisdiction in which the applicable
Loan Party is resident for Tax purposes, or any treaty to which such jurisdiction is a party shall deliver to Borrower and Agent, at
the time or times reasonably requested by Borrower or Agent, such properly completed and executed documentation reasonably requested
by Borrower or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any
Lender, if requested by Borrower or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
of such documentation (other than such documentation set forth in Section 16.7(b)(i), (b)(ii) and (b)(iv) below)
shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(b)            Without
limiting the generality of the foregoing:

 

(i)            Any
Lender that is a U.S. Person shall deliver to Borrower and Agent on or prior to the date on which such Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed originals of a duly completed
IRS Form W-9 (or any equivalent or successor form) certifying that such Lender is exempt from United States federal backup withholding
Tax;

 

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

 

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

 

(2)            executed
originals of a duly completed IRS Form W-8ECI (or any equivalent or successor form);

 

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

 

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

 

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

 

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

 

Each Lender agrees that
if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update and execute
such form or certification and provide executed originals to Borrower and Agent or promptly notify Borrower and Agent in writing of its
legal inability to do so.

 

16.8            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 16 (including by the payment of additional amounts pursuant
to this Section 16), 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 16 with respect to the Taxes giving rise to such refund), net of all reasonable documented
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 Section 16.8 (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this Section 16.8, in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this Section 16.8 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.

 

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16.9          Survival.
Each party’s obligations under this Section 16 shall survive the resignation or replacement of Agent or any assignment
of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
obligations under any Loan Document.

 

17.           GENERAL
PROVISIONS.

 

17.1          Effectiveness.
This Agreement shall be binding and deemed effective when executed by Borrower, Agent, and each Lender whose signature is provided for
on the signature pages hereof.

 

17.2          Section Headings.
Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained
in each Section applies equally to this entire Agreement.

 

17.3          Interpretation.
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender Group or Borrower, whether under
any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and
interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties
hereto.

 

17.4          Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose
of determining the legal enforceability of any specific provision.

 

17.5          Bank
Product Providers. Each Bank Product Provider in its capacity as such shall be deemed a third party beneficiary hereof and of
the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting.
Agent hereby agrees to act as agent for such Bank Product Providers and, by virtue of entering into a Bank Product Agreement, the applicable
Bank Product Provider shall be automatically deemed to have appointed Agent as its agent and to have accepted the benefits of the Loan
Documents. It is understood and agreed that the rights and benefits of each Bank Product Provider under the Loan Documents consist exclusively
of such Bank Product Provider’s being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted
to Agent and the right to share in payments and collections out of the Collateral as more fully set forth herein. In connection with
any such distribution of payments or proceeds of Collateral, Agent shall be entitled to assume no amounts are due or owing to any Bank
Product Provider unless such Bank Product Provider has provided a written certification (setting forth a reasonably detailed calculation)
to Agent as to the amounts that are due and owing to it and such written certification is received by Agent a reasonable period of time
prior to the making of such distribution. Agent shall have no obligation to calculate the amount due and payable with respect to any
Bank Products, but may rely upon the written certification of the amount due and payable from the applicable Bank Product Provider. In
the absence of an updated certification, Agent shall be entitled to assume that the amount due and payable to the applicable Bank Product
Provider is the amount last certified to Agent by such Bank Product Provider as being due and payable (less any distributions made to
such Bank Product Provider on account thereof). Borrower may obtain Bank Products from any Bank Product Provider, although Borrower is
not required to do so. Borrower acknowledges and agrees that no Bank Product Provider has committed to provide any Bank Products and
that the providing of Bank Products by any Bank Product Provider is in the sole and absolute discretion of such Bank Product Provider.
Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of any Bank Product shall
have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider or holder of such
agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder be required (other than
in their capacities as Lenders, to the extent applicable) for any matter hereunder or under any of the other Loan Documents, including
as to any matter relating to the Collateral or the release of Collateral or Guarantors.

 

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17.6          Debtor-Creditor
Relationship. The relationship between the Lenders and Agent, on the one hand, and the Loan Parties, on the other hand, is solely
that of creditor and debtor. No member of the Lender Group has (or shall be deemed to have) any fiduciary relationship or duty to any
Loan Party arising out of or in connection with the Loan Documents or the transactions contemplated thereby, and there is no agency or
joint venture relationship between the members of the Lender Group, on the one hand, and the Loan Parties, on the other hand, by virtue
of any Loan Document or any transaction contemplated therein.

 

17.7         Counterparts;
Electronic Execution. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of
transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an
executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed
counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability,
and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis.

 

17.8          No
Advisory or Fiduciary Responsibility.

 

(a)            In
connection with all aspects of each transaction contemplated hereby, each Loan Party acknowledges and agrees, and acknowledges its Affiliates’
understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length
commercial transaction between Borrower and its Affiliates, on the one hand, and Agent, Joint Lead Arrangers and the Lenders, on the
other hand, and Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the
transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof),
(ii) in connection with the process leading to such transaction, each of Agent, Joint Lead Arrangers and the Lenders is and has
been acting solely as a principal and is not the financial advisor, agent or fiduciary, for Borrower or any of its Affiliates, stockholders,
creditors or employees or any other Person, (iii) none of Agent, Joint Lead Arrangers or the Lenders has assumed or will assume an advisory, agency or fiduciary
responsibility in favor of Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including
with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Joint Lead
Arranger or Lender has advised or is currently advising Borrower or any of its Affiliates on other matters) and none of Agent, Joint
Lead Arrangers or the Lenders has any obligation to Borrower or any of its Affiliates with respect to the financing transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Joint Lead Arrangers and the
Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and
may conflict with, those of Borrower and its Affiliates, and none of Agent, Joint Lead Arrangers or the Lenders has any obligation to
disclose any of such interests by virtue of any advisory, agency or fiduciary relationship and (v) Agent, Joint Lead Arrangers and
the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions
contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Loan Parties
have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate.

 

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(b)            Each
Loan Party acknowledges and agrees that each Lender, the Joint Lead Arrangers and any Affiliate thereof may lend money to, invest in,
and generally engage in any kind of business with, any of Borrower, any Affiliate thereof or any other person or entity that may do business
with or own securities of any of the foregoing, all as if such Lender, Joint Lead Arranger or Affiliate thereof were not a Lender or
Joint Lead Arranger or an Affiliate thereof (or an agent or any other person with any similar role under the Credit Facility) and without
any duty to account therefor to any other Lender, the Joint Lead Arrangers, Borrower or any Affiliate of the foregoing. Each Lender,
the Joint Lead Arrangers and any Affiliate thereof may accept fees and other consideration from Borrower or any Affiliate thereof for
services in connection with this Agreement, the Credit Facility contemplated hereunder or otherwise without having to account for the
same to any other Lender, the Joint Lead Arrangers, Borrower or any Affiliate of the foregoing.

 

17.9          Revival
and Reinstatement of Obligations; Certain Waivers. If any member of the Lender Group or any Bank Product Provider repays,
refunds, restores, or returns in whole or in part, any payment or property (including any proceeds of Collateral) previously paid or
transferred to such member of the Lender Group or such Bank Product Provider in full or partial satisfaction of any Obligation or on
account of any other obligation of any Loan Party under any Loan Document or any Bank Product Agreement, because the payment,
transfer, or the incurrence of the obligation so satisfied is asserted or declared to be void, voidable, or otherwise recoverable
under any law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent transfers,
preferences, or other voidable or recoverable obligations or transfers (each, a “Voidable Transfer”), or because
such member of the Lender Group or Bank Product Provider elects to do so on the reasonable advice of its counsel in connection with
a claim that the payment, transfer, or incurrence is or may be a Voidable Transfer, then, as to any such Voidable Transfer, or the
amount thereof that such member of the Lender Group or Bank Product Provider elects to repay, restore, or return (including pursuant
to a settlement of any claim in respect thereof), and as to all reasonable costs, expenses, and reasonable attorneys’ fees of
such member of the Lender Group or Bank Product Provider related thereto, (i) the liability of the Loan Parties with respect to
the amount or property paid, refunded, restored, or returned will automatically and immediately be revived, reinstated, and restored
and will exist and (ii) Agent’s Liens securing such liability shall be effective, revived, and remain in full force and
effect, in each case, as fully as if such Voidable Transfer had never been made. If, prior to any of the foregoing,
(A) Agent’s Liens shall have been released or terminated or (B) any provision of this Agreement shall have been
terminated or cancelled, Agent’s Liens, or such provision of this Agreement, shall be reinstated in full force and effect and
such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligation of any Loan Party in respect of
such liability or any Collateral securing such liability. This provision shall survive the termination of this Agreement and repayment
in full of the Obligations.

 

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17.10       Confidentiality.

 

(a)            Agent,
the Issuing Lender, the Swingline Lender and Lenders each individually (and not jointly or jointly and severally) agree that
material, non-public information regarding Borrower and its Subsidiaries, their operations, assets, and existing and contemplated
business plans (provided that, in the case of information received from a Loan Party or a Subsidiary thereof after the date
hereof, such information is clearly identified at the time of delivery as confidential) (“Confidential
Information”) shall be treated by Agent, the Issuing Lender, the Swingline Lender and the Lenders in a confidential
manner, and shall not be disclosed by Agent, the Issuing Lender, the Swingline Lender and the Lenders to Persons who are not parties
to this Agreement, except: (i) to attorneys for and other advisors, accountants, auditors, and consultants to any member of the
Lender Group and to employees, directors and officers of any member of the Lender Group (it being understood that the Persons to
whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (ii) to Subsidiaries and Affiliates of any member of the Lender Group (including the Bank Product Providers),
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (iii) as may be required by regulatory authorities so long
as such authorities are informed of the confidential nature of such information (in which case Agent, the Issuing Lender, the
Swingline Lender and the Lenders shall use commercially reasonable efforts to, except with respect to any audit or examination
conducted by bank accounts or any governmental regulatory authority exercising examination or regulatory authority, promptly notify
Borrower, in advance, to the extent practicable and permitted by law, and shall provide reasonable cooperation, to the extent
commercially reasonable and permitted by law, with any efforts Borrower undertakes to obtain a protect order), (iv) as may be
required by statute, decision, or judicial or administrative order, rule, or regulation (in which case Agent, the Issuing Lender,
the Swingline Lender and the Lenders shall use commercially reasonable efforts to promptly notify Borrower, in advance, to the
extent practicable and permitted by law, and shall provide reasonable cooperation, to the extent commercially reasonable and
permitted by law, with any efforts Borrower undertakes to obtain a protect order), (v) as may be agreed to in advance in
writing by Borrower, (vi) as requested or required by any Governmental Authority pursuant to any subpoena or other legal
process, (vii) as to any such information that (A) becomes publicly available other than as a result of a breach of this
Section or (B) becomes available to Agent, the Issuing Lender, the Swingline Lender, any Lender or any of their respective
Affiliates from a third party that is not, to such Person’s knowledge, subject to confidentiality obligations to Borrower,
(viii) in connection with any assignment, participation or pledge of any Lender’s interest under this Agreement, provided
that prior to receipt of Confidential Information any such assignee, participant, or pledgee shall have agreed in writing to receive
such Confidential Information either subject to the terms of this Section 17.10 or pursuant to confidentiality
requirements substantially similar to those contained in this Section 17.10 (and such Person may disclose such
Confidential Information to Persons employed or engaged by them as described in clause (i) above), (ix) in connection with
any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves claims
related to the rights or duties of such parties under this Agreement or the other Loan Documents; provided, that, prior to
any disclosure to any Person (other than any Loan Party, Agent, the Issuing Lender, the Swingline Lender, any Lender, any of their
respective Affiliates, or their respective counsel) under this clause (ix) with respect to litigation involving any Person
(other than Borrower, Agent, the Issuing Lender, the Swingline Lender, any Lender, any of their respective Affiliates, or their
respective counsel), the disclosing party agrees to provide Borrower with prior written notice thereof, (x) in connection with,
and to the extent reasonably necessary for, the exercise of any secured creditor remedy under this Agreement, any other Loan
Document or any Bank Product Agreement, or the enforcement of rights hereunder or thereunder, (xi) to any other party hereto,
(xii) on a confidential basis to (i) any rating agency in connection with rating Borrower or its Subsidiaries or
(ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the Loans, (xiii) to the extent that such information is independently developed by such Person, and (xiv) for
purposes of establishing a “due diligence” defense.

 

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(b)            Anything
in this Agreement to the contrary notwithstanding, Agent and the Lenders may disclose information concerning the terms and conditions
of this Agreement and the other Loan Documents to loan syndication and pricing reporting services or in its marketing or promotional
materials, with such information to consist of deal terms and other information customarily found in such publications or marketing or
promotional materials and may otherwise use the name, logos, and other insignia of Borrower or the other Loan Parties and the Commitments
provided hereunder in any “tombstone” or other advertisements, on its website or in other marketing materials of Agent and
the Lenders.

 

(c)            The
Loan Parties hereby acknowledge that Agent or its Affiliates may make available to the Lenders, the Swingline Lender and the Issuing
Lender materials or information provided by or on behalf of Borrower hereunder (collectively, “Borrower Materials”)
by posting Borrower Materials on IntraLinks, SyndTrak or another similar electronic system (the “Platform”) and certain
of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with
respect to the Loan Parties or their securities) (each, a “Public Lender”). The Loan Parties shall be deemed to have
authorized Agent and its Affiliates, the Issuing Lender, the Swingline Lender and the Lenders to treat Borrower Materials marked “PUBLIC”
or otherwise at any time filed with the SEC as not containing any material non-public information with respect to the Loan Parties or
their securities for purposes of United States federal and state securities laws. All Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated as “Public Investor” (or another similar
term). Agent and its Affiliates, the Issuing Lender, the Swingline Lender and the Lenders shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” or that are not at any time filed with the SEC as being suitable only for posting on a portion
of the Platform not marked as “Public Investor” (or such other similar term).

 

17.11       Survival.
All representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered
in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters
of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent or any Lender
may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the principal of, or any accrued interest on, any Loan or
any fee or any other amount payable under this Agreement is outstanding or unpaid or any Letter of Credit is outstanding and so long
as the Commitments have not expired or been terminated.

 

17.12       Patriot
Act; Anti-Money Laundering Laws. Each Lender that is subject to the requirements of the Patriot Act or any other Anti-Money Laundering
Laws hereby notifies Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that
identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender to
identify Borrower in accordance with the Patriot Act or such Anti-Money Laundering Laws. In addition, if Agent is required by law or
regulation or internal policies to do so, it shall have the right to periodically conduct (a) Patriot Act searches, OFAC/PEP searches,
and customary individual background checks for the Loan Parties and (b) OFAC/PEP searches and customary individual background checks
for the Loan Parties’ senior management and key principals, and Borrower agrees to cooperate in respect of the conduct of such
searches and further agrees that the reasonable costs and charges for such searches shall constitute Lender Group Expenses hereunder
and be for the account of Borrower.

 

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17.13       Integration.
This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions
contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. The foregoing
to the contrary notwithstanding, all Bank Product Agreements, if any, are independent agreements governed by the written provisions of
such Bank Product Agreements, which will remain in full force and effect, unaffected by any repayment, prepayments, acceleration, reduction,
increase, or change in the terms of any credit extended hereunder, except as otherwise expressly provided in such Bank Product Agreement.

 

17.14       Independent
Effect of Covenants; Inconsistencies.

 

(a)            The
Loan Parties expressly acknowledge and agree that each covenant contained in Section 5 or Section 6 hereof shall
be given independent effect. Accordingly, the Loan Parties shall not engage in any transaction or other act otherwise permitted under
any covenant contained in Section 5 or Section 6, if before or after giving effect to such transaction or act,
the Loan Parties shall or would be in breach of any other covenant contained in Section 5 or Section 6.

 

(b)            In
the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall
control; provided that any provision of the other Loan Documents which imposes additional burdens on the Loan Parties or further
restricts the rights of the Loan Parties or gives Agent or the Lenders additional rights shall not be deemed to be in conflict or inconsistent
with this Agreement and shall be given full force and effect.

 

17.15      Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other
Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking
procedures Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment
is given. The obligation of Borrower in respect of any such sum due from it to Agent or any Lender hereunder or under the other Loan
Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such
sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged
only to the extent that on the Business Day following receipt by Agent or such Lender, as the case may be, of any sum adjudged to be
so due in the Judgment Currency, Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase
the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally
due to Agent or any Lender from Borrower in the Agreement Currency, Borrower agrees, as a separate obligation and notwithstanding any
such judgment, to indemnify Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased
is greater than the sum originally due to Agent or any Lender in such currency, Agent or such Lender, as the case may be, agrees to return
the amount of any excess to Borrower (or to any other Person who may be entitled thereto under applicable law).

 

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

 

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

 

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

 

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

 

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

 

(iii)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

17.17       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, Agent,
each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of 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 with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit or the Commitments;

 

(ii)            the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

 

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

 

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

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto,
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, Agent, each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to
or for the benefit of Borrower or any other Loan Party, that none of Agent, any Joint Lead Arranger and their respective Affiliates is
a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

 

17.18       Amendment
and Restatement; No Novation. The parties to this Agreement agree that, upon (a) the execution and delivery by each of the
parties hereto of this Agreement and (b) satisfaction or waiver of the conditions set forth in Section 3.1, the terms
and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms
and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation or termination of the Obligations
under the Existing Credit Agreement. On the Closing Date, the credit facilities described in the Existing Credit Agreement, shall be
amended, supplemented, modified and restated in their entirety by the facilities described herein, and all “Revolving Credit Loans”
and other “Obligations” outstanding as of such date under the Existing Credit Agreement (to the extent not repaid on the
Closing Date), shall be deemed to be Revolving Credit Loans and Obligations outstanding hereunder, without any further action by any
Person, except that Agent shall make such reallocations of Revolving Credit Commitments and transfers of funds as are necessary in order
that the outstanding balance of such Revolving Credit Loans, together with any Revolving Credit Loans funded on the Closing Date, reflect
the respective Revolving Credit Commitments of the Lenders hereunder and each Lender party hereto hereby waives any requirement to compensate
such Lender for any and all losses, costs and expenses incurred by such Lender in connection with such reallocations and transfers required
pursuant to Section 2.19(e) of the Existing Credit Agreement. Certain lenders under the Existing Credit Agreement will not
be Lenders under this Agreement and, on the Closing Date, the loans and commitments of each such departing lender will be paid in full
and terminated on a non-pro rata basis and each of the parties hereto hereby consents to such prepayment and termination.

 

17.19       Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge
Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC,
a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and
QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be
stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

 

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(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and
such QFC Credit Support, and any rights in property securing such Supported QFC
or such QFC Credit Support) from such Covered Party will be effective to the same
extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC
Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a
state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC
or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by
the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that
rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with
respect to a Supported QFC or any QFC Credit
Support.

 

(b)            As
used in this Section 17.19, the following terms have the following meanings:

 

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

 

“Covered
Entity” means any of the following:

 

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

 

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

 

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

 

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

 

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

 

[Signature
pages to followPages Intentionally Omitted.]

 

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ANNEX B

 

[REDACTED]Document

						
		Exhibit 4.1
		
	Strictly Confidential	Execution Version

Credo Technology Group Holding Ltd
FIFTH AMENDED AND RESTATED MEMBERS AGREEMENT
May 6, 2021

TABLE OF CONTENTS
															
					PAGE

					
	Section 1	Definitions	2
					
		1.1	Certain Definitions	2
					
	Section 2	Covenants of the Company and the Investors	6
					
		2.1	Financial Information	6
		2.2	Articles of Association	7
		2.3	Proprietary Information	7
		2.4	Option Pool	7
		2.5	Vesting of Employee Shares	7
		2.6	Board Meetings	8
		2.7	Market Standoff	8
		2.8	Incorporation of Certain Provisions from the Articles	8
		2.9	U.S. Tax Matters	9
		2.10	[Reserved]	10
		2.11	Reimbursement of Travel Expenses for the Directors	10
		2.12	Subsidiary Governance	11
		2.13	Filings and Registrations	11
		2.14	Termination of Covenants	11
					
	Section 3	Registration Rights	11
					
		3.1	Restrictions on Transferability	11
		3.2	Restrictive Legend	11
		3.3	Notice of Proposed Transfers	12
		3.4	Requested Registration	13
		3.5	Company Registration	14
		3.6	Registration on Form S-3/F-3	16
		3.7	Expenses of Registration	16
		3.8	Registration Procedures	16
		3.9	Indemnification	17
		3.10	Information by Holder	19
		3.11	Rule 144 Reporting	19
		3.12	Transfer of Registration Rights	19
		3.13	Standoff Agreement	20
		3.14	Delay	20
		3.15	No Injunction	20
		3.16	Limitation on Subsequent Registration Rights	20
		3.17	Termination	20
					
	Section 4	Right of First Offer	21
					
		4.1	Right of First Offer	21
		4.2	Termination of Right	22
					
	Section 5	Miscellaneous	22
					
		5.1	Term and Termination	22
		5.2	Waivers and Amendments	22

i

															
		5.3	Governing Law	22
		5.4	Other Remedies; Specific Performance	23
		5.5	Successors and Assigns	23
		5.6	Entire Agreement	23
		5.7	Notices	23
		5.8	Severability of this Agreement	24
		5.9	Information Confidential	24
		5.10	Titles and Subtitles	24
		5.11	Counterparts; Facsimiles	24
		5.12	Delays or Omissions	24
		5.13	Share Splits	25
		5.14	Aggregation of Stock	25
		5.15	Entire Agreement	25

ii

						
	Strictly Confidential	Execution Version

Credo Technology Group Holding Ltd
FIFTH AMENDED AND RESTATED MEMBERS AGREEMENT
This Fifth Amended and Restated Members Agreement (this “Agreement”) is made as of the 6th day of May, 2021, by and among Credo Technology Group Holding Ltd, a Cayman Islands exempted company incorporated with limited liability (the “Company”), the purchasers of Series D+ Shares of the Company (together with the existing holders of the Series D+ Shares of the Company, the “Series D+ Investors”), the holders of Series D shares of the Company (the “Series D Investors”), the holders of Series C Shares of the Company (the “Series C Investors”), the holders of Series B Shares of the Company (the “Series B Investors”) and the holders of Series A Shares of the Company (the “Series A Investors” and together with the Series B Investors, the Series C Investors, the Series D Investors and the Series D+ Investors, the “Investors” and each individually, an “Investor”) as set forth on Exhibit A hereto and, with respect to Section 3 hereof, the individuals listed on Exhibit B hereto (the “Founders,” and each individually, a “Founder”). The Investors and the Founders are collectively referred to herein as the Members, and each individually a “Member.”
RECITALS
A.    The Company, the Series A Investors, the Series B Investors, the Series C Investors, the Series D Investors and certain of the Series D+ Investors are parties to that certain Members Agreement dated December 22, 2020 (the “Prior Agreement”), which sets forth certain registration rights, covenants by the Company and rights of first offer and, pursuant to Section 5.2 of the Prior Agreement, the undersigned Investors, who are holders of a majority of the Registrable Securities (as defined in the Prior Agreement), and the undersigned Founders, who are holders of a majority of the outstanding Founders’ Shares (as defined in the Prior Agreement), desire to terminate the Prior Agreement and amend and restate such Prior Agreement in its entirety as set forth herein.
B.    The Company and certain of the Series D+ Investors entered into that certain Series D+ Preferred Share Purchase Agreement dated September 29, 2020 (the “Original Series D+ Agreement”) pursuant to which such Investors purchased shares of the Company’s Series D+ Preferred Shares, US$0.00005 par value per share (the “Original Series D+ Shares”).
C.    The Company and certain investors have entered into a Series D+ Preferred Share Purchase Agreement dated May 6, 2021 (the “Second Series D+ Agreement”) pursuant to which such Investors have agreed to purchase additional shares of the Company’s Series D+ Preferred Shares, US$0.00005 par value per share (together with the Original Series D+ Shares, the “Series D+ Shares”).
D.    Pursuant to the Second Series D+ Agreement, it is a condition to the closing of the transactions contemplated by the Second Series D+ Agreement that the parties hereto enter into this Agreement.
E.    The Company, the Founders and the Investors desire that the transactions contemplated by the Second Series D+ Agreement be consummated.
NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and other consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:
1

Section 1    Definitions
1.1    Certain Definitions.  As used in this Agreement, the following terms shall have the following respective meanings:
(a)    “Agreement” shall mean this Fourth Amended and Restated Members Agreement.
(b)    “Articles” means the Company’s Memorandum and Articles of Association, as amended from time to time.
(c)    “Board” shall mean the board of directors of the Company.
(d)    “Change of Control” shall mean (i) the acquisition of the Company by another entity or person by means of any transaction or series of related transactions to which the Company is party (including, without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) that results in the voting securities of the Company outstanding immediately prior thereto failing to represent immediately after such transaction or series of transactions (either by remaining outstanding or by being converted into voting securities of the surviving entity or the entity that controls such surviving entity) a majority of the total voting power represented by the outstanding voting securities of the Company, such surviving entity or the entity that controls such surviving entity; or (ii) a sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company or the exclusive license of all or substantially all of the Company’s intellectual property used in generating all or substantially all of the Company’s revenues.
(e)    “Commission” shall mean the United States Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.
(f)    “Company” shall mean Credo Technology Group Holding Ltd, a Cayman Islands exempted company with limited liability.
(g)    “Competitor” shall mean a person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the business of semiconductor design and manufacture, but shall not include any financial investment firm or collective investment vehicle that, together with its affiliates, holds less than twenty percent (20%) of the outstanding equity of any Competitor and does not, nor do any of its affiliates, have a right to designate any members of the board of directors of any Competitor, provided that none of (i) SHANGHAI JUYUANJUXIN SEMICONDUCTOR INDUSTRIAL EQUITY INVESTMENT FUND CENTER (LIMITED PARTNERSHIP) (“Juxin”), (ii) BlackRock Science and Technology Trust II and BlackRock Science and Technology Trust (together, “BlackRock”), (iii) SMALLCAP World Fund, Inc. or any other fund or account managed or advised by Capital Research and Management Company or any of its investment adviser affiliates, (iv) Cisco Investments LLC and its affiliates, (v) Samsung Oak Holdings, Inc. and any affiliate of Samsung Oak Holdings, Inc. that is primarily a financial investment firm or collective investment vehicle (collectively, “Samsung”) and (vi) Future Industry Investment Fund (先进制造产业投资基金(有限合伙)) (the “FIIF”) or any of its affiliates shall be deemed a Competitor for purpose of this Agreement.
(h)    “Conversion Shares” means the Ordinary Shares issued or issuable pursuant to conversion of Preferred Shares.
2

(i)    “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Ordinary Shares, including options, restricted stock units and warrants.
(j)    “Eligible Investors” shall mean Investors who or which, along with the Investors’ affiliates, related individuals or entities, at the time in question, hold at least 2,000,000 shares of Conversion Shares (subject to appropriate adjustment for stock splits, stock dividends, recapitalizations and the like).
(k)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(l)    “Form S-3/F-3” shall mean Form S-3 or Form F-3 under the Securities Act as in effect on the date hereof or any successor form under the Securities Act.
(m)    “Founders” shall mean the individuals and entities listed on Exhibit B hereto.
(n)    “Founder Registrable Securities” shall have the meaning as set forth in Section 1.1(kk).
(o)    “Founders’ Shares” shall mean the Ordinary Shares held of record and/or beneficially by the Founders as of the date of this Agreement or subsequently acquired by the Founders other than Ordinary Shares issued or issuable upon conversion of the Preferred Shares.
(p)    “Holder” shall mean (i) any Member holding Registrable Securities, and (ii) any person holding Registrable Securities to whom the rights under Section 3 of this Agreement have been transferred in accordance with Section 3.12 hereof; provided, however, that for purposes of this Agreement, a holder of Preferred Shares shall be deemed to be a Holder of the Registrable Securities issuable upon conversion of such Preferred Shares, and Holders of Registrable Securities shall not be required by this Agreement to convert their Preferred Shares into Ordinary Shares in order to exercise registration rights hereunder, until immediately prior to the closing of the relevant offering to which the registration relates.
(q)    “Indemnified Party” shall have the meaning as set forth in Section 3.9(c).
(r)    “Indemnified Person” shall have the meaning as set forth in Section 3.9(a).
(s)    “Indemnifying Party” shall have the meaning as set forth in Section 3.9(c).
(t)    “Initial Refusal Period” shall have the meaning as set forth in Section 4.1(b).
(u)    “Initiating Holders” shall mean Holders who in the aggregate hold at least fifty percent (50%) of the outstanding Registrable Securities.
(v)    “Investor” shall mean the holders of Series A Shares, Series B Shares, Series C, Series D Shares and/or Series D+ Shares of the Company (including the purchasers of Series D+ Shares pursuant to the Second Series D+ Agreement), in each case as set forth on Exhibit A attached hereto.
(w)    “IPO” shall mean the Company’s first firm commitment underwritten public offering of any of its securities to the general public pursuant to (i) a registration statement filed under the Securities Act, or (ii) the securities laws applicable to an offering of securities in another jurisdiction pursuant to which such securities will be listed on an internationally recognized securities exchange.
(x)    “Market Standoff” shall have the meaning as set forth in  Section 3.13.
3

(y)    “Memorandum” means the Memorandum of Association of the Company, as amended from time to time.
(z)    “New Securities” shall mean any Ordinary Shares, Options (as defined in the Articles) or Convertible Securities (as defined in the Articles) issued by the Company after the date of this Agreement, other than the Series D+ Shares issued pursuant to the Second Series D+ Agreement or Ordinary Shares, Options or Convertible Securities issued or issuable:
(i)    upon conversion of Preferred Shares;
(ii)    to employees, officers, directors or consultants of the Company pursuant to option plans, restricted stock plans or other arrangements approved by the Board, including at least a majority of the Preferred Share Directors;
(iii)    upon exercise or conversion of Options or Convertible Securities (each as defined in the Articles) outstanding on or prior to the date of this Agreement;
(iv)    pursuant to Recapitalizations;
(v)    pursuant to a registered public offering;
(vi)    pursuant to a joint venture agreement, pursuant to an acquisition of another corporation by the Company by merger, purchase of substantially all of the assets, reorganization or similar transaction, pursuant to debt financing or commercial transactions with banks, equipment lessors or other financial institutions, in connection with any settlement, in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar arrangements, or strategic partnerships, and in connection with the provision of goods or services pursuant to transactions, in each case as approved by the Board, including at least a majority of the Preferred Share Directors;
(vii)    pursuant to a dividend or distribution on the  Preferred Shares; and
(viii)    pursuant to other transactions expressly excluded from the definition of “New Securities” by approval of holders of at least a majority of the then outstanding Preferred Shares, voting as a separate class.
(aa)    “Notice” shall have the meaning as set forth in Section 4.1(a).
(bb)    “Ordinary Shares” means shares in the capital of the Company of US$0.00005 nominal or par value designated as Ordinary Shares and having the rights provided for in the Articles.
(cc)    “Overallotment Notice” shall have the meaning as set forth in Section 4.1(c).
(dd)    “Participating Investors” shall have the meaning as set forth in Section 4.1(c).
(ee)    “Preferred Share Directors” shall mean the directors then serving on the Board who were elected by the holders of Preferred Shares pursuant to the terms of the Articles.
(ff)    “Preferred Shares” means collectively, all Series A Shares, Series B Shares, Series C Shares, Series D Shares and Series D+ Shares of the Company.
(gg)    “Pro Rata Share” shall have the meaning as set forth in Section 4.1.
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(hh)    “Pro Rata Share of Remaining Shares” shall have the meaning as set forth in Section 4.1(c).
(ii)    “Qualifying IPO” shall mean the Company’s firm commitment underwritten public offering of any of its securities to the general public pursuant to (i) a registration statement filed under the Securities Act, or (ii) the securities laws applicable to an offering of securities in another jurisdiction pursuant to which such securities will be listed on an internationally recognized securities exchange, in each case for a total offering of at least $25,000,000 at a per share price not less than $9.98 (as adjusted for share splits, share dividends, capitalisations, Recapitalizations and the like).
(jj)    “Recapitalizations” shall mean any share split, dividend, share combination or consolidation, recapitalization, reclassification or other similar event in relation to the shares of the Company.
(kk)    “Registrable Securities” means (i) the Conversion Shares and any Ordinary Shares of the Company issued or issuable in respect of such Conversion Shares upon Recapitalizations or any Ordinary Shares otherwise issuable with respect to such Conversion Shares and (ii) with respect to any registration pursuant to Section 3.5 or 3.6 hereof, the Founders’ Shares and any Ordinary Shares issued or issuable in respect of such shares upon Recapitalizations or any Ordinary Shares otherwise issued or issuable with respect to such shares (the Registrable Securities described in this clause (ii) (the “Founder Registrable Securities”); provided, however, that Registrable Securities shall not include (1) any Ordinary Shares described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, (2) any Ordinary Shares which have been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement or (3) Founder Registrable Securities not held by an employee or other regular service provider of the Company determined as of either: (A) with respect to any registration pursuant to Section 3.5, the date on which the Company sends notice pursuant to Section 3.5(a)(i); or (B) with respect to any registration pursuant to Section 3.6, the date on which Holders request the registration pursuant to Section 3.6(a).
(ll)    “Registrable Securities then outstanding” (and similar expressions herein) shall mean the number of Ordinary Shares that are Registrable Securities that are then (1) issued and outstanding, or (2) issuable pursuant to the conversion of then outstanding Preferred Shares.
(mm)    The terms “register,” “registered” and “registration” refer to (i) a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement, or (ii) in the context of a public offering in a jurisdiction other than the United States, a registration, qualification or filing under the applicable securities laws of such other jurisdiction.
(nn)    “Registration Expenses” shall mean all expenses, except as otherwise stated below, incurred by the Company in complying with Sections 3.4, 3.5 and 3.6 hereof, including, without limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses, the expense of any special audits incident to or required by any such registration and the reasonable fees and disbursements of one counsel for all Holders, but excluding Selling Expenses.
(oo)    “Remaining Shares” shall have the meaning as set forth in Section 4.1(c).
(pp)    “Restricted Securities” shall mean the securities of the Company required to bear the legend set forth in Section 3.2(a) hereof.
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(qq)    “Rule 144” shall mean Rule 144 promulgated under the Securities Act.
(rr)    “Securities Act” shall mean the Securities Act of 1933, as amended.
(ss)    “Selling Expenses” shall mean all underwriting discounts, selling commissions and share transfer taxes applicable to the securities registered by the Holders and, except as set forth above, all fees and disbursements of counsel for any Holder.
(tt)    “Series A Shares” shall mean shares of the Company’s Series A Preferred Shares, US$0.00005 par value per share.
(uu)    “Series B Shares” shall mean shares of the Company’s Series B Preferred Shares, US$0.00005 par value per share.
(vv)    “Series C Shares” shall mean shares of the Company’s Series C Preferred Shares, US$0.00005 par value per share.
(ww)    “Series D Shares” shall mean shares of the Company’s Series D Preferred Shares, US$0.00005 par value per share.
(xx)    “Original Series D+ Agreement” shall have the meaning as set forth in the Recitals to this Agreement.
(yy)    “Original Series D+ Shares” shall have the meaning as set forth in the Recitals to this Agreement.
(zz)    “Second Series D+ Agreement” shall have the meaning as set forth in the Recitals to this Agreement.
(aaa)    “Series D+ Shares” shall have the meaning as set forth in the Recitals to this Agreement.
(bbb)    “Subsequent Refusal Period” shall have the meaning as set forth in Section 4.1(c).
Section 2    Covenants of the Company and the Investors
2.1    Financial Information.
(a)    Inspection. The Company will deliver the following reports (in accordance with the provisions set forth in Section 5.7 hereof) (collectively, the “Disclosed Financials”) to each Eligible Investor (provided that Cisco Investments LLC, Skylark Partners, BlackRock, FIIF, SMALLCAP World Fund, Inc., Samsung and Emerging Fund, L.P. shall each be considered an Eligible Investor for the purposes of this Section 2.1(a) for so long as it remains an Investor and the rights set forth in this Section 2.1(a) may not be amended or waived with respect to such Investor without its prior written consent), provided that the Board has not reasonably determined such Eligible Investor is a Competitor of the Company:
(i)    As soon as practicable after the end of each fiscal year, and in any event within sixty (60) days thereafter, an income statement for such fiscal year, a balance sheet of the Company and statement of shareholder’s equity as of the end of such fiscal year, and a statement of cash flow for such fiscal year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles and audited and certified by independent public accountants selected by the Board (with approval of at least one of the Preferred Share Directors);
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(ii)    As soon as practicable, and in any event within thirty (30) days, after the end of each quarterly accounting period in each fiscal year of the Company, unaudited quarterly financial statements (including a balance sheet, income statement and cash flow statement) of the Company for or as of the end of such quarter; and
(iii)    As soon as practicable, and in any event within sixty (60) days after the beginning of each fiscal year of the Company, an annual operating plan of the Company for that fiscal year;
(iv)    provided that to the extent that such Disclosed Financials contain any material nonpublic technical information relating to the Company’s business (the “Restricted Information”), the Company shall redact such Restricted Information from the Disclosed Financials to the effect that no Restricted Information is delivered to the Eligible Investor.
(b)    The Company shall permit each Eligible Investor, for so long as such Investor is an Eligible Investor, at the Eligible Investor’s expense, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.1(b) to provide access to any information which it reasonably considers to be a trade secret, (i) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel, (ii) if, in the reasonable judgement of the Company, such examination would contravene applicable laws or regulations, or (iii) to provide access to any Restricted Information.
2.2    Articles of Association.  The Company shall abide by, and take all actions necessary to achieve the economic effect of, all of its obligations under the Memorandum and the Articles, including, but not limited to, the provisions related to the conversion of the Preferred Shares, the adjustment to the conversion prices of the Preferred Shares, the declaration and payment of dividends, the winding up of the Company and payment of liquidation preferences on the Preferred Shares.
2.3    Proprietary Information.  Each of the employees, consultants and officers of the Company (and all others with access to proprietary information), at the time of commencement of such person’s employment or service provider relationship with the Company, shall enter into the Company’s standard form of At Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement or Confidential Information and Invention Assignment Agreement for Consultant, as applicable. To the extent not previously executed, the Company shall use commercially reasonable efforts to enter into the Company’s standard form of Confidential Information and Inventions Assignment Agreement for Consultant with the Company’s former consultants within a reasonable time after the date hereof. The Company shall take all other reasonable measures to protect its proprietary information and intellectual property.
2.4    Option Pool.  The Company has reserved for issuance under its stock plan an aggregate number of Ordinary Shares equal to 26,000,000. Of these, 13,607,467 shares are subject to outstanding options to purchase the shares or restricted stock unit awards, 9,063,919 have been issued either pursuant to the exercise of an option, the settlement of a restricted stock unit or as restricted stock, and 3,328,614 shares are available for grant. All equity incentive grants shall require the approval of the Board (with approval of at least one of the Preferred Share Directors).
2.5    Vesting of Employee Shares.  Except as otherwise approved by the Board, including the approval of at least one (1) Preferred Share Director, all share and share equivalents issued by the Company after the date hereof to employees, directors, consultants and other service providers shall be subject to an agreement which:
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(a)    provides that the shares or share equivalents will be subject to a four (4) year vesting period as follows: twenty-five percent (25%) at the end of the first year following either the date of such issuance or the date such person commenced services for the Company (provided, however, that this one year cliff shall be disregarded with respect to awardees who are then-actively providing services to the Company in the event of a Change of Control), and 1/48 of the relevant shares for each month thereafter;
(b)    does not provide for acceleration of vesting in any event (subject to the proviso above in respect of the one year cliff in the event of a Change of Control);
(c)    provides that the shares will be subject to a repurchase option which provides that, upon termination of the employment (or consulting or service relationship) of the shareholder, with or without cause, the Company or its assignee (to the extent permissible under applicable securities law) retains the option to repurchase at the purchase price paid by such shareholder any unvested shares held by such shareholder for a period of ninety (90) days; and
(d)    provides that the shares will be subject to a right of first refusal in favor of the Company prior to the transfer of any shares for a purchase price per share equal to the lower of (i) the price offered by the proposed third-party purchaser and (ii) the price most recently set by the Board as the fair market value of the Company’s Ordinary Shares, with standard exceptions that do not exceed those specified in any applicable governing documents of the Company.
2.6    Board Meetings.  The Board shall convene at least once every calendar quarter, either in person, via teleconference or via tele-videoconference.
2.7    Market Standoff.  The Company will use its best efforts to ensure that all future purchasers of its securities, other than purchasers in an IPO, agree to be bound by the Market Standoff provision in Section 3.13 (or such substantially similar provision).
2.8    Incorporation of Certain Provisions from the Articles.  The following provisions of the Articles shall be incorporated by reference into this Agreement and shall be enforceable as if such provisions were part of this Agreement.
(i)    Articles 24-26 (Variation of Rights of Shares);
(ii)    Articles 164-169 (Conversion of Preference Shares);
(iii)    Articles 170-175 (Adjustments to Conversion Prices);
(iv)    Articles 50-52 (General Meeting);
(v)    Article 53-54 (Notice of General Meetings);
(vi)    Articles 55-61 (Proceedings at General Meetings);
(vii)    Articles 72-84 (Proxies and Corporate Representatives);
(viii)    Articles 93-100 (Powers and Duties of Directors);
(ix)    Articles 100-110.3 (Proceedings of Directors);
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(x)    Articles 85-89 (Appointment and Removal of Directors);
(xi)    Articles 90-92    (Director Resignation, Removals and Vacancies);
(xii)    (Articles 129-138 (Dividends);
(xiii)    Articles 152-154 (Winding Up); and
(xiv)    Articles 155-160 (Indemnity).
(b)    Notwithstanding anything to the contrary in this Agreement, (i) any amendment or waiver of any of the foregoing provisions of the Articles may be effected in accordance with the terms of the Articles and applicable law without regard to any terms of this Agreement (including without limitation the amendment or waiver provisions of this Agreement), (ii) no amendment or waiver of any provision of the Articles shall result in an amendment or waiver of any provision of this Agreement (except that in the case of an amendment or waiver of any of the foregoing provisions of the Articles, such provisions (as amended or waived) shall automatically be incorporated by reference herein as so amended or waived without the necessity of any further action or approval of the parties to this Agreement) and (iii) no amendment or waiver of any provision of this Agreement (including without limitation this Section 2.8) shall be deemed to effect an amendment or waiver of any provision of the Articles.
2.9    U.S. Tax Matters.
(a)    The Company is not currently treated as an entity subject to taxation by the U.S. tax authorities. To the extent that U.S. tax law may be applicable to the Company, the Company will not take any action inconsistent with the treatment of the Company as a corporation for U.S. federal income tax purposes and will not elect to be treated as an entity other than a corporation for such purposes.
(b)    The Company shall use, and shall cause each of its subsidiaries to use, commercially reasonable efforts to avoid classification of the Company or of any of its subsidiaries as a passive foreign investment company (“PFIC”) within the meaning of Section 1297(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), for the current taxable year or any future taxable year.
(c)    The Company shall comply, and shall cause each of its subsidiaries to comply with, all record-keeping, reporting, and other requirements that the Investors inform the Company are necessary to enable the Investors to comply with any applicable U.S. federal income tax law. The Company shall also provide each Investor with any information reasonably requested by such Investor to enable the Investor to comply with any applicable U.S. federal income tax law.
(d)    Within forty-five (45) days from the end of each taxable year of the Company, the Company shall determine whether the Company or any of its subsidiaries was a PFIC in such taxable year (including whether any exception to PFIC status may apply). If the Company determines that the Company or any of its subsidiaries was a PFIC in such taxable year (or if a governmental or taxing authority or an Investor informs the Company that it has so determined), it shall promptly inform each Investor of such determination and shall provide or cause to be provided all information necessary to enable such Investor to elect to treat the Company or the applicable subsidiary as a “qualified electing fund” within the meaning of Section 1295 of the Code and comply with any reporting or other requirements incident to such election. If a determination is made by the Company, an Investor, or any governmental or taxing authority that the Company or any of its subsidiaries is a PFIC for any taxable year, the Company will provide the Investors with a completed “PFIC Annual Information Statement” as required by U.S. Treasury Regulations § 1.1295-1(g) and otherwise comply with the applicable requirements of the U.S. Treasury Regulations relevant to such election. The Company will promptly notify the Investors of any assertion by the U.S. Internal Revenue Service that the Company or any of its subsidiaries is or is likely to become a PFIC. In the event that an 
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Investor who has made a “Qualified Electing Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s earnings and profits pursuant to Section 1293 of the Code (or any successor thereto), the Company agrees to use commercially reasonable efforts to make a dividend distribution to such Investor, to the extent permitted by law and to the extent approved by the Board of Directors, in an amount equal to 50% of any income of the Company so included by such Investor; provided, however, that the amount of all such dividend distributions shall not exceed an amount equal to two percent (2%) of the available cash balance of the Company at the end of the applicable fiscal year of the Company.
(e)    Upon a request from any Investor, subject to obtaining the consent of its shareholders to release such information to the extent it is confidential, the Company shall, within ten (10) business days, provide in writing such information in its possession concerning its shareholders and, to the Company’s actual knowledge, the direct and indirect interest holders in each shareholder sufficient for such Investor to determine whether the Company is a controlled foreign corporation (“CFC”) within the meaning of Section 957 of the Code. The Company and the Members agree that the Company may disclose the information described in the preceding sentence solely for the purpose of permitting the Investors to determine whether the Company is a CFC. Upon a determination by the Company, any Investor or any governmental or taxing authority that the Company or any of its subsidiaries has been or is likely to become a CFC, the Company will provide each Investor with such cooperation and information in connection with U.S. tax matters as such Investor may reasonably request for the purposes of filing any tax return, determining a liability for taxes or a right to refund of taxes, or any other information necessary for purposes of such Investor’s compliance with the requirements of Code provisions relating to the Company’s or any of its subsidiaries’ status as a CFC. If at any time the Company becomes aware that it or any of its subsidiaries has become a CFC, the Company will promptly inform each Investor that is, to the knowledge of the Company, a “United States shareholder” within the meaning of Section 951(b) of the Code of such determination. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for the Investors to be a CFC, the Company agrees to use commercially reasonable efforts to annually make dividend distributions to the Investors, to the extent permitted by law and to the extent approved by the Board of Directors, in an amount equal to 50% of any income of the Company that is deemed distributed to such Investor pursuant to Section 951(a) of the Code; provided, however, that such dividend distribution amount shall not exceed an amount equal to two percent (2%) of the available cash balance of the Company at the end of the applicable fiscal year of the Company.
(f)    The Company shall, and shall cause each of its subsidiaries, to conduct its operations in a manner to avoid generating for any taxable year in which the Company or any of its subsidiaries is a CFC, income that would be includible in the income of an Investor pursuant to Section 951 of the Code (“Subpart F income”); provided, however, that the Company and each of its subsidiaries shall not be required to take any action that would be inconsistent with the Company’s business plan, as presented to the Purchasers, nor shall the Company or any of its subsidiaries be precluded from temporarily investing the proceeds of any financing pending the application of those proceeds in pursuance of such business plan.
(g)    The Company shall make due inquiry with its tax advisors on at least an annual basis regarding whether any Investor’s interest in the Company is subject to the reporting requirements of either or both of Sections 6038 and 6038B of the Code (and the Company shall duly inform such  Investor of the results of such determination), and in the event that the Company’s tax advisors or the Investor’s tax advisors determine that the Investor’s interest in the Company is subject to any such reporting requirements, the Company agrees, upon a request from such Investor, to provide such information to such Investor as may be necessary to fulfill such Investor’s obligations thereunder.
(h)    All information to be provided to any Investor pursuant to this Section 2.9 to enable an Investor to complete a tax return or informational return shall be provided by February 28th of each year.
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2.10    [Reserved].
2.11    Reimbursement of Travel Expenses for the Directors.  The Company shall reimburse the reasonable expenses of all directors for all actual out-of-pocket costs and expenses, including air travel, incurred in attending meetings of the Board of Directors, meetings of committees of the Board of Directors, or other meetings at which the attendance of such director is required or requested by the Company or incurred in connection with attending to business for and at the request of the Company.
2.12    Subsidiary Governance.  The Company shall use commercially reasonable efforts, and shall cause any subsidiary or entities it controls to use commercially reasonable efforts to, comply with the US Foreign Corrupt Practices Act, as amended. The Company shall take all reasonable actions to maintain such wholly foreign owned enterprises (each, a “WFOE”) and each other subsidiary of or entity controlled by the Company, whether now in existence or formed in the future, as is necessary to conduct the Company’s business as conducted or as proposed to be conducted. The Company shall use commercially reasonable efforts to cause each WFOE and each other subsidiary of or entity controlled by the Company, whether now in existence or formed in the future, to comply in all material respects with all applicable laws, rules, and regulations. All material aspects of such formation, maintenance and compliance of each WFOE and each other subsidiary of or entity controlled by the Company, whether now in existence or formed in the future, shall be subject to the review and approval by the Company’s Board of Directors (including a majority of the directors elected by the Investors) and the Company shall promptly provide the Investors with copies of all material related documents and correspondence.
2.13    Filings and Registrations.  The Company and each subsidiary shall use commercially reasonable efforts to ensure that all filings and registrations with the PRC or other authorities required in respect of the Company and each subsidiary, including the registrations with the Ministry of Commerce, the State Administration of Industry and Commerce, the Ministry of Information Industry, the State Administration for Foreign Exchange, tax bureau, customs authorities, product registration authorities, health regulatory authorities and the local counterpart of each of the aforementioned governmental authorities, as applicable, shall be duly completed in accordance with the relevant rules and regulations. The Company will, and will cause each subsidiary to, use commercially reasonable efforts to cause each of them to, comply in all material respects with all applicable Laws and with its memorandum of association, articles of association and business license, as applicable, or other constitutional or governance documents, each as may be amended from time to time. 
2.14    Termination of Covenants.  The covenants set forth in Section 2 shall terminate and be of no further force or effect immediately prior to the earliest of: (i) the effectiveness of the registration statement for an IPO; or (ii) the effectiveness of a Change of Control.
Section 3    Registration Rights
3.1    Restrictions on Transferability.  The Preferred Shares and the Conversion Shares shall not be sold, assigned, transferred, mortgaged, charged, or pledged except upon the conditions specified in this Section 3, which conditions are intended to ensure compliance with the provisions of the Securities Act. Each holder of Preferred Shares and Conversion Shares will cause any proposed purchaser, assignee, transferee, mortgagee, pledgee, or chargee of any such shares held by such holder to agree in writing to take and hold such securities subject to the provisions and upon the conditions specified in this Section 3.
3.2    Restrictive Legend.  Each certificate representing (i) Preferred Shares, (ii) Conversion Shares, and (iii) any other securities issued in respect of the Preferred Shares or the Conversion Shares upon any Recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of Section 3.3 below) be stamped or otherwise imprinted with legends substantially in the following form (in addition to any legend required under applicable federal, state, local or non-United States law):
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(a)    “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH SHARES MAY NOT BE TRANSFERRED UNLESS (A) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR (B) PURSUANT TO RULE 144, OR (C) IN THE OPINION OF THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT.”
(b)    “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK UP PERIOD OF UP TO 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH LOCK UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.”
Each Investor and Holder consents to the Company making a notation on its records and giving instructions to any transfer agent of the Preferred Shares or the Conversion Shares in order to implement the restrictions on transfer established in this Section 3.
3.3    Notice of Proposed Transfers.  The holder of each certificate representing Restricted Securities by acceptance thereof agrees to comply in all respects with the provisions of this Section 3.3. Prior to any proposed sale, assignment, transfer, pledge, or charge of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transfer, the holder thereof shall give written notice to the Company of such holder’s intention to effect such transfer, sale, assignment, charge or pledge. Each such notice shall describe the manner and circumstances of the proposed transfer, sale, assignment, charge or pledge in sufficient detail, and if reasonably requested by the Company, shall be accompanied, at such holder’s expense, by either (i) a written opinion of legal counsel (which, for the avoidance of doubt, may include an Investor’s in-house legal counsel) who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, charge or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, charge or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the holder of such Restricted Securities shall be entitled to sell, pledge, charge or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such holder distributes Restricted Securities to an affiliate of such holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 3.3. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 3.2(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.
Any transferee shall be bound by the obligations of the transferor in this Agreement and other shareholder agreements, including the Market Standoff provision. Each certificate evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to Rule 144, the 
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appropriate restrictive legends set forth in Section 3.2 above, except that such certificate shall not bear such restrictive legends if in the opinion of counsel for such holder and the Company such legend is not required in order to establish compliance with any provision of the Securities Act.
3.4    Requested Registration.
(a)    Request for Registration. In case the Company shall receive from Initiating Holders a written request that the Company effect a registration, qualification or compliance with respect to a public offering with an aggregate offering price to the public of not less than $25,000,000, at any time following the earlier of the fifth anniversary of the date hereof and 180 days following the Company’s IPO, the Company will:
(i)    promptly give written notice of the proposed registration, qualification or compliance to all other Holders; and
(ii)    as soon as practicable, use its best efforts to effect such registration, qualification or compliance (including, without limitation, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within twenty (20) days after receipt of such written notice from the Company.
(b)    Limitations. Notwithstanding the foregoing, the Company shall not be obligated to take any action to effect any such registration, qualification or compliance pursuant to this Section 3.4:
(i)    In any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;
(ii)    Prior to six (6) months after the effective date of the IPO in the jurisdiction in which the Initiating Holders have requested such registration be effected;
(iii)    During the period starting with the date ninety (90) days prior to the Company’s estimated date of filing of, and ending on the date six (6) months immediately following the effective date of, any registration statement pertaining to securities of the Company (other than a registration of securities in a transaction under Rule 145 promulgated under the Securities Act (“Rule 145”) or with respect to an employee benefit plan), provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective and provides notice, in the case of an estimated date of filing, to the initiating holders of such estimated date within thirty (30) days of any request for registration pursuant to Section 3.4(a);
(iv)    After the Company has effected two (2) such registrations pursuant to subparagraph 3.4(a), and such registrations have been declared or ordered effective;
(v)    If the Initiating Holders may dispose of shares of Registrable Securities pursuant to a registration statement on Form S-3/F-3 pursuant to a request made under Section 3.6 hereof;
(vi)    In the event the Initiating Holders have requested a registration to be effected in a jurisdiction other than the United States, to the extent the Board determines in its sole discretion that such 
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registration would impose materially more burdensome or costly obligations on the part of the Company as compared to those to which the Company would be subject if the request was for a registration to be effected in the United States; or
(vii)    If the Company and the Initiating Holders are unable to obtain the commitment of an underwriter selected by the Company (subject to the reasonable approval of a majority in interest of the Initiating Holders) to underwrite the offering.
(c)    Underwriting.  In the event that a registration pursuant to Section 3.4 is for a registered public offering involving an underwriting, the Company shall so advise the Holders as part of the notice given pursuant to Section 3.4(a)(i). In such event, the right of any Holder to registration pursuant to this Section 3.4 shall be conditioned upon such Holder’s participation in the underwriting arrangements required by this Section 3.4, and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent requested shall be limited to the extent provided herein.
The Company shall (together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company (which underwriter shall be reasonably acceptable to a majority in interest of the Initiating Holders). Notwithstanding any other provision of this Section 3.4, if the managing underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall  so advise all holders of Registrable Securities and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated, among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holders at the time of filing the registration statement; provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all securities that are not Registrable Securities are first entirely excluded from the underwriting and  registration. No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. For any Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such Holder shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such Holder, as defined in this sentence.
If any Holder disapproves of the terms of the underwriting, such Holder shall be excluded therefrom by written notice to the Holder from the Company. The Registrable Securities and/or other securities so excluded shall also be excluded from registration, and such Registrable Securities shall not be transferred in a public distribution prior to ninety (90) days after the effective date of such registration, or such other shorter period of time as the underwriters may require.
(d)    Board Approval. Any decision by the Company to effect a registered public offering of the Company’s securities in a jurisdiction outside of the United States shall be made with the approval of the Board, including the approval of the Preferred Share Directors.
3.5    Company Registration.
(a)    Notice of Registration. If at any time or from time to time the Company shall determine to register any of its securities, either for its own account or the account of a security holder or 
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holders, other than (x) a registration relating solely to employee benefit plans, (y) a registration relating solely to a Rule 145 transaction or (z) a registration pursuant to Section 3.4(a), the Company will:
(i)    promptly give to each Holder written notice thereof; and
(ii)    use its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made within twenty (20) days after receipt of such written notice from the Company, by any Holder.
(b)    Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 3.5(a)(i). In such event the right of any Holder to registration pursuant to this Section 3.5 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company and the other holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company. Notwithstanding any other provision of this Section 3.5, if the managing underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the managing underwriter may limit on a pro rata basis the number of Registrable Securities to be included in such registration and underwriting; provided that there shall first be excluded from such registration all (i) securities sought to be included therein by shareholders exercising any contractual or incidental registration rights subordinate and junior to the rights of the Holders of Registrable Securities, and (ii) all Founder Registrable Securities. No such reduction shall reduce the amount of securities of the selling Holders (other than Founder Registrable Securities) included in the registration below twenty-five percent (25%) of the total amount of securities included in such registration. Notwithstanding the foregoing, if such offering is the IPO, any or all of the Registrable Securities of the Holders may be excluded in accordance with this Section 3.5(b), provided that any and all securities of the Company to be sold by other selling shareholders are also excluded. The Company shall so advise all Holders and other holders distributing their securities through such underwriting and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated among all the Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holder at the time of filing the Registration Statement. To facilitate the allocation of shares in accordance with the above provisions, the Company may round the number of shares allocated to any Holder or holder to the nearest 100 shares. For any Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such Holder shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such Holder, as defined in this sentence.
If any Holder disapproves of the terms of any such underwriting, such Holder shall be excluded therefrom by written notice to the Holder from the Company. Any securities excluded from such underwriting shall be excluded from such registration, and shall not be transferred in a public distribution prior to ninety (90) days after the effective date of the registration statement relating thereto (or one hundred eighty (180) days in the event the registration is an IPO), or such other shorter period of time as the underwriters may require.
(c)    Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 3.5 prior to the effectiveness of such registration 
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whether or not any Holder has elected to include securities in such registration. Registration Expenses of such withdrawn registration shall be borne by the Company.
3.6    Registration on Form S-3/F-3.
(a)    Request for Registration. If any Holder or Holders of at least twenty-five percent (25%) of the Registrable Securities then outstanding (other than the Founders with respect to the Founders’ Shares) request that the Company file a registration statement on Form S-3/F-3 (or any successor form to Form S-3/F-3) for a public offering of shares of the Registrable Securities for which the reasonably anticipated aggregate price to the public would exceed US$2,000,000 and the Company is a registrant entitled to use Form S-3/F-3 to register the Registrable Securities for such an offering, the Company shall use its best efforts to cause such Registrable Securities to be registered for the offering on such form and to cause such Registrable Securities to be qualified in such jurisdictions as such Holder or Holders may reasonably request; provided, however, that the Company shall not be required to effect more than two (2) registrations pursuant to this Section 3.6 in any twelve (12) month period. The Company shall inform other Holders of the proposed registration and offer them the opportunity to participate. The substantive provisions of Section 3.4(c) shall be applicable to each registration initiated under this Section 3.6.
(b)    Limitations. Notwithstanding the foregoing, the Company shall not be obligated to take any action pursuant to this Section 3.6: (i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; or (ii) during the six (6) month period following the effective date of any registration statement pertaining to any underwritten registration of securities of the Company in which Holders have piggyback registration rights under Section 3.5 (other than a registration of securities in a Rule 145 transaction or with respect to an employee benefit plan).
3.7    Expenses of Registration.  All Registration Expenses relating to one (1) registration pursuant to Section 3.4 and three (3) registrations pursuant to Section 3.6 shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of the registration proceeding begun pursuant to Section 3.4 or Section 3.6 hereof if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses on a pro rata basis according to the number of their respective shares requested to be registered on the withdrawn registration statement), unless, in the case of registration pursuant to Section 3.4, the Holders of a majority of the Registrable Securities agree to forfeit their right to the demand registration pursuant thereto. All Selling Expenses, and Registration Expenses not required to be borne by the Company pursuant to this Section 3.7, incurred in connection with all registrations pursuant to Sections 3.4, 3.5 and 3.6 hereof shall be borne by the Holders of the securities so registered, and the Company if it participates, on a pro rata basis according to the number of their respective shares so registered. The Company shall pay the fees of one (1) counsel for all Holders of the Registrable Securities to be registered not to exceed $30,000. 
3.8    Registration Procedures.  In the case of each registration, qualification or compliance effected by the Company pursuant to this Section 3, the Company will keep each Holder advised in writing as to the initiation of each registration, qualification and compliance and as to the completion thereof. At its expense the Company will use its commercially reasonable efforts to:
(a)    prepare and file with the Commission a registration statement with respect to such securities and use its best efforts to cause such registration statement to become and remain effective for one hundred twenty (120) days or until the distribution described in the Registration Statement has been completed, whichever is shorter;
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(b)    prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement;
(c)    furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus, final prospectus and such other documents as such underwriters may reasonably request in order to facilitate the public offering of such securities;
(d)    cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed or, in the case of the Company’s IPO, on a national or internationally recognized securities exchange or trading system;
(e)    use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;
(f)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form reasonably necessary to effect the offer and sale of the securities, with the managing underwriter of such offering, provided that each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; and
(g)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.
3.9    Indemnification.
(a)    The Company will indemnify each Holder, each of its officers, directors, trustees and partners and any underwriter (as defined in the Securities Act) for such Holder, and each person controlling such Holder or underwriter within the meaning of Section 15 of the Securities Act (each, an “Indemnified Person”), with respect to which registration, qualification or compliance has been effected pursuant to this Section 3, against all expenses, claims, losses, damages or liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of the Securities Act, the Exchange Act or any other federal, state or foreign securities law or any rule or regulation promulgated thereunder applicable to the Company in connection with any such registration, qualification or compliance, and the Company will reimburse, as incurred, each such Indemnified Person for any legal or other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action; provided that the Company will not be liable to any specific Indemnified Person in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement 
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or omission or alleged untrue statement or omission, made in reliance upon and in conformity with written information furnished to the Company by such Indemnified Person explicitly for use therein. The foregoing indemnity agreement is subject to the condition that, insofar as it relates to any such untrue statement, alleged untrue statement, omission or alleged omission made in a preliminary prospectus or free writing prospectus on file with the Commission at the time the registration statement becomes effective, such indemnity agreement shall not inure to the benefit of a Holder or underwriter, if any, if an amended prospectus is filed with the Commission and delivered pursuant to the Securities Act at or prior to the time of sale (including, without limitation, a contract of sale, and as further contemplated by Rule 159 of the Securities Act) to such person asserting the loss, liability, claim or damage. It is agreed that the indemnity agreement contained in this Section 3.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld).
(b)    Each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify the Company, each of its directors and officers, each person who controls the Company within the meaning of Section 15 of the Securities Act, and each other such Holder, each of its officers, trustees, directors, partners, legal counsel, accountants and any underwriter (as defined in the Securities Act) for such Holder and each person controlling such Holder or underwriter within the meaning of Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company, such other Holders, such directors, officers, trustees, persons, partners, underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company explicitly for use therein; provided, however, that the indemnity agreement contained in this Section 3.9(b) shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, the liability of each Holder under this subsection (b) shall be limited to an amount equal to the proceeds of the shares sold by such Holder in the applicable registration out of which the claims arises, less any applicable underwriting discounts and commissions, except in the case of willful fraud by such Holder.
(c)    Each party entitled to indemnification under this Section 3.9 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and the Indemnifying Party shall have the option to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such party’s expense, and, provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 3.9 unless the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action and, provided, further, that the Indemnifying Party shall not assume the defense for matters as to which there is a conflict of interest or separate and different defenses. No claim may be settled without the consent of the Indemnifying Party (which consent shall not be unreasonably withheld). No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof 
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the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation.
(d)    If the indemnification provided for in this Section 3.9 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage or expense referred to therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided that in no event shall any contribution by a Holder under this Section 3.9(d) exceed the net proceeds from the public offering received by such Holder. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission.
(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions as they relate to underwriters and their controlling persons, the provisions in the underwriting agreement shall control.
3.10    Information by Holder.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 3 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder or Holders as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Section 3.
3.11    Rule 144 Reporting.  With a view to making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of the Restricted Securities to the public without registration, after such time as a public market exists for the Ordinary Shares of the Company, the Company agrees to use its commercially reasonable efforts to:
(a)    Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date that the Company becomes subject to the reporting requirements of the Securities Act or the Exchange Act.
(b)    File with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements);
(c)    So long as an Investor owns any Restricted Securities, to furnish to the Investor forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public in the United States), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company,  and such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company as the Investor may reasonably request in availing itself of any rule or regulation of the Commission allowing the Investor to sell any such securities without registration.
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3.12    Transfer of Registration Rights.  The rights to cause the Company to register securities granted a Holder under Sections 3.4, 3.5 and 3.6 may be assigned to a transferee or assignee in connection with any transfer or assignment of Registrable Securities by the Holder; provided that: (a) such transfer may otherwise be effected in accordance with applicable securities laws, (b) the Company is given prompt notice of the transfer, (c) such assignee or transferee agrees to be bound by the terms of this Agreement, (d) such assignee or transferee is not a Competitor of the Company, and (e) such assignee or transferee is (i) one or more companies that control, are controlled by, or are under common control with such Holder or a partnership or fund managed by such Holder, (ii) any affiliate or affiliated fund (United States based or non-United States based) of any Holder, (iii) any family member or trust for the benefit of any individual Holder, or (iv) any transferee holding at least 1% of the Company’s outstanding capital stock.
3.13    Standoff Agreement.  In connection with an IPO, each Member shall not offer, pledge, charge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Ordinary Shares (or other securities) of the Company held by such Member (other than those included in the registration) without the prior written consent of the Company or the underwriters for the IPO, as the case may be, for a period of one hundred eighty (180) days from the effective date of such registration (the “Market Standoff”). The Company shall use commercially reasonable efforts to require the underwriters to provide for the foregoing Market Standoff provision in any market standoff agreement between the Members of the Company and the underwriters. Each Member agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters which are consistent with the foregoing or which are necessary to give further effect thereto. The foregoing provisions of this Section 3.13 shall not apply to the sale of any securities to an underwriter pursuant to an underwriting agreement and shall only be applicable to the Members if all officers, directors and greater than one percent (1%) stockholders of the Company are subject to the same restrictions. The Company shall use commercially reasonable efforts to require all holders of the Company’s securities to enter into such a Market Standoff agreement. In the event that any holder of Preferred Shares or any holder of 1% or more of the Company’s outstanding securities is released by the Company and the underwriters from such Market Standoff, then all other holders of Preferred Shares shall be released from the Market Standoff on a pro rata basis. The foregoing restrictions shall not apply to Ordinary Shares purchased on the open market following an IPO.
3.14    Delay.  If the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board it would be seriously detrimental to the Company or its members for a registration statement to be filed in the near future, then the Company’s obligation to use its best efforts to register, qualify or comply under Sections 3.4 or 3.6 shall be deferred for a period not to exceed sixty (60) days from the date of receipt of written request from the Initiating Holders; provided, however, that the Company may not exercise its rights under this Section 3.14 more than twice in a twelve month period.
3.15    No Injunction.  No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 3.
3.16    Limitation on Subsequent Registration Rights.  The Company shall not, without the prior written consent of the Holders holding at least a majority of the Registrable Securities then outstanding (excluding Founder Registrable Securities), enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to have registration rights of such securities that are senior to or pari passu with the registration rights of the Holders as set forth in Section 3.5.
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3.17    Termination.  The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to this Section 3 shall terminate (provided that Sections 3.9 and 3.13 shall survive such termination) upon the earliest to occur of:
(a)    the closing of a Change of Control;
(b)    such time after the consummation of a Qualifying IPO as Rule 144 or another similar provision under the Securities Act is available for the sale of all of such Holder’s Registrable Securities during a three-month period without limitations or registration under the Securities Act; or
(c)    The fifth (5th) anniversary of a Qualifying IPO.
Section 4    Right of First Offer
4.1    Right of First Offer.  Subject to the terms and conditions specified in this Section 4.1, the Company hereby grants to each Eligible Investor a right of first offer to purchase its Pro Rata Share (in whole or in part) with respect to future sales by the Company of New Securities. Juxin shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself and (ii) no more than three of its affiliates; and FIIF shall be entitled to apportion the right of first offer hereby granted to it in such proportion as it deems appropriate among its affiliates. For purposes of this Section 4, an Eligible Investor’s “Pro Rata Share” shall mean that number of New Securities that equals the total number of such New Securities to be sold by the Company, multiplied by the ratio that (i) the number of Conversion Shares and Derivative Securities held by such Eligible Investor on the date of the Notice bears to (ii) the total number of Ordinary Shares of the Company then outstanding (assuming full conversion and exercise of all convertible or exercisable securities, whether vested or unvested, then outstanding). Each time the Company proposes to offer New Securities, the Company shall first make an offering of such New Securities to each Eligible Investor in accordance with the following provisions:
(a)    The Company shall deliver a written notice (“Notice”) pursuant to Section 5.7 hereof to each of the Eligible Investors stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and a summary of the terms, if any, upon which it proposes to offer such New Securities.
(b)    By written notification received by the Company within fifteen (15) business days after delivery of the Notice (the “Initial Refusal Period”), each Eligible Investor may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to its Pro Rata Share of such New Securities.
(c)    Each Eligible Investor electing to exercise its right to purchase at least its full Pro Rata Share of the New Securities under Section 4.1(b) hereof (a “Participating Investor”) shall have a right of reallotment such that if, after the Eligible Investors exercise their right of first refusal, there are New Securities that are not purchased by the Eligible Investors pursuant to Section 4.1(b) within the Initial Refusal Period (the “Remaining Shares”), then each such Participating Investor may elect to purchase all (or any portion of) such Participating Investor’s Pro Rata Share of the Remaining Shares not previously purchased. For purposes of this Section 4.1(c), a Participating Investor’s “Pro Rata Share of Remaining Shares” shall mean that number of Remaining Shares that equals the total number of Remaining Shares, multiplied by the ratio that (i) the number of Conversion Shares and Derivative Securities held by such Participating Investor on the date of the Notice bears to (ii) the total number of Conversion Shares and Derivative Securities held by all Participating Investors on the date of the Notice. In the event there are any Remaining Shares, the Company shall provide written notice of the same to the Participating Investors (the “Overallotment Notice”). Each Participating Investor exercising its right pursuant to this Section 4.1(c) shall do so by giving written notice to the Company within five (5) business days after delivery of the Overallotment Notice (the 
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“Subsequent Refusal Period”).
(d)    If all New Securities that the Eligible Investors are entitled to obtain pursuant to Section 4.1(b) and (c) are not elected to be obtained as provided above, the Company may, during the ninety (90) day period following the expiration of the Subsequent Refusal Period, offer the remaining unsubscribed portion of such New Securities to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Eligible Investors in accordance herewith.
(e)    The right of first offer is not assignable except to an affiliate of such Eligible Investor.
4.2    Termination of Right.  The right of first offer granted hereunder shall expire immediately prior to the first to occur of the following: (i) the closing of an IPO, and (ii) the effectiveness of a Change of Control.
Section 5    Miscellaneous
5.1    Term and Termination.  This Agreement is effective as of the date hereof. Section 2 shall terminate in accordance with Section 2.14; the registration rights granted pursuant to Section 3 shall terminate in accordance with Section 3.17; and Section 4 shall terminate in accordance with Section 4.2.
5.2    Waivers and Amendments.  With the written consent of the Company and the Investors holding at least a majority of the Registrable Securities then outstanding (excluding Founder Registrable Securities), the obligations of the Company and the rights of the Investors under this Agreement may be amended and any of its terms may be waived (either generally or in a particular instance, either retroactively or prospectively and either for a specified period of time or indefinitely) and any amendments or waivers so approved shall be binding as to all parties; provided, however, that if any amendment, waiver, discharge or termination operates in a manner that treats any Investor different from other Investors, the consent of such Investor shall also be required for such amendment, waiver, discharge or termination. Neither this Agreement nor any provisions hereof may be changed, waived, discharged or terminated orally, but only by a signed statement in writing. Notwithstanding anything to the contrary in this Section 5.2, no waiver or amendment which would have the effect of altering the rights and obligations of the Founders in relation to the rights and obligations of the Investors shall be effective against the Founders without the consent of holders of a majority of the then outstanding Founders’ Shares. Upon the effectuation of each such waiver, consent, agreement, amendment or modification, the Company shall promptly give written notice thereof to the record holders of the Preferred Shares, Conversion Shares or Founders’ Shares who have not previously consented thereto in writing. Notwithstanding the foregoing, purchasers of Series D+ Shares after the date hereof pursuant to the terms of the Second Series D+ Agreement may become parties to this Agreement, by executing a counterpart of this Agreement without any amendment of this Agreement pursuant to this paragraph or any consent or approval of any other party. Any amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon the Company and each Member.
5.3    Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of California as such laws are applied to agreements between California residents entered into and to be performed within California. Each of the parties hereto irrevocably (i) agrees that any dispute or controversy arising out of, relating to, or concerning any interpretation, construction, performance or breach of this Agreement, shall be settled by arbitration to be held in Santa Clara County, California, in accordance with the rules then in effect of the American Arbitration Association; (ii) waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have 
22

to the laying of venue of any such arbitration; and (iii) submits to the exclusive jurisdiction of the State of California in any such arbitration. The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The parties to the arbitration shall each pay an equal share of the costs and expenses of such arbitration, and each party shall separately pay for its respective counsel fees and expenses; provided, however, that the prevailing party in any such arbitration shall be entitled to recover from the non-prevailing party its reasonable costs and attorney fees.
5.4    Other Remedies; Specific Performance.  Except as otherwise provided herein, any and all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any federal or state court in the State of California, this being in addition to any other remedy to which they are entitled at law or in equity. Each of the parties hereby irrevocably and unconditionally agrees to be subject to, and hereby consents and submits to, the jurisdiction of the federal and state courts in the State of California.
5.5    Successors and Assigns.  Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.
5.6    Entire Agreement.  This Agreement and the Second Series D+ Agreement constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof.
5.7    Notices.  All notices and other communications required or permitted hereunder shall be in writing and shall be delivered either by electronic mail (and followed by any of the other permitted means), registered or certified mail, facsimile, domestic or international overnight courier or otherwise delivered by hand or by messenger addressed (provided that FIIF shall in any event receive international courier and facsimile notices):
(a)    if to an Investor, at the Investor’s address or facsimile number as shown on Exhibit A attached hereto, as may be updated in accordance with the provisions hereof;
(b)    if to a Founder, at the Founders’ address or facsimile number as show on Exhibit B attached hereto, as may be updated in accordance with the provisions hereof;
(c)    if to any Holder (other than an Investor or a Founder) at the Holder’s address or facsimile number as shown in the Company’s records, or until any such Holder so furnishes an address or facsimile number to the Company, then to and at the address of the last holder of such shares for which the Company has contact information in its records; or
(d)    if to the Company, one copy should be sent to Credo Technology Group Holding Ltd., c/o Maples Corporate Services, Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other address or facsimile number as the Company shall have furnished to the Investors, with a copy to Alan Denenberg, Davis Polk & Wardwell LLP, 1600 El Camino Real, Menlo Park, California 94025 (alan.denenberg@davispolk.com).
In the event of any conflict between the Company’s books and records and this Agreement or any notice delivered hereunder, the Company’s books and records will control absent fraud or error.
23

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) when delivered, if delivered personally; (ii) at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of the U.S. mail, if sent by U.S. first-class registered or certified mail within the U.S.; (iii) upon confirmation of transmission, if sent by facsimile; (iv) on the next business day after deposit with a recognized courier service, if sent by overnight courier service within the U.S. for next day delivery; and (v) at the earlier of its receipt or three (3) business days after deposit with an internationally-recognized courier service, if sent by international overnight courier service. In each instance, all postage and delivery fees and expenses shall be pre-paid by the sender.
5.8    Severability of this Agreement.  If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
5.9    Information Confidential.  Each Member will hold in strict confidence and will not use or disclose, except for purposes of enforcing their rights under and making investment decisions relating to this Agreement, any confidential information about the Company (which shall include, but is not limited to, any information provided to Members pursuant to Section 2 hereof) or its business received from the Company except information (i) which the Company authorizes the Members to use or disclose, (ii) which is known to the Members prior to its disclosure by the Company, (iii) which becomes generally known in the industry through no fault of the Members, (iv) which was independently developed (as evidenced by written records) without any use of the Company’s confidential information, or (v) which Members are compelled to reveal by law, pursuant to a court order, by any securities exchange on which the securities of a party or an affiliate thereof are listed or by any governmental or other regulatory body, or in connection with any judicial process regarding any legal action, suit or proceeding arising out of or relating to this Agreement. Any Member which is a partnership shall be allowed to disclose confidential information received from the Company about the Company or its business to partners, on a confidential basis to the extent necessary to meet its existing obligations to such partner. Notwithstanding the foregoing, with respect to any Member that is an investment company registered under the U.S. Investment Company Act of 1940, such Member may identify the Company, the value (and the valuation methodology) of such Member’s investment in the Company and other applicable information required by, and in accordance with, its investment reporting practices. Nothing contained herein shall prevent any Member from entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with any other company (whether or not competitive with the Company), provided that such Member does not, except as permitted in accordance with this Section 5.9, disclose any proprietary or confidential information of the Company in connection with such activities.
5.10    Titles and Subtitles.  The titles of the paragraphs and subparagraphs of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.
5.11    Counterparts; Facsimiles.  This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof.
5.12    Delays or Omissions.  It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Investor, upon any breach or default of the Company under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or of any similar breach or default thereafter occurring; nor shall any waiver of 
24

any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by the Investor of any breach or default under this Agreement, or any waiver by the Investor of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under this Agreement, or by law or otherwise afforded to the Investor, shall be cumulative and not alternative.
5.13    Share Splits.  All references to the number of shares in this Agreement shall be appropriately adjusted to reflect any Recapitalizations, which may be made by the Company after the date hereof.
5.14    Aggregation of Stock.  All Preferred Shares held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.
5.15    Entire Agreement.  This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
25

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“THE COMPANY”

				
		Credo Technology Group Holding Ltd

				
		By:	/s/ William Brennan
	
		Name:	William Brennan, Director
	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Emerging Fund, L.P.

		By: 
	VentureTech Alliance IV, LLC

		By:	Its General Partner

				
		By:	/s/ Juine-Kai Tsang
	
			Juine-Kai Tsang
	
			Managing Member
	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		SMALLCAP World Fund, Inc.
				
		By:	Capital Research and Management Company, as investment adviser for and on behalf of SMALLCAP World Fund, Inc.
				
		By:	/s/ Walter R. Buckley	
			(signature)	
				
		Name:	Walter R. Buckley	
			(print name of signatory)	
				
		Title:	Authorized Signatory	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Capital Ten II Inc.
				
		By:	/s/ Cheng, Chyun-JYE
	
			(signature)	
				
		Name:	Cheng, Chyun-JYE
	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Superior Intent Co., Ltd.
				
		By:	/s/ Tseng, Pin-Nan	
			(signature)	
				
		Name:	Tseng, Pin-Nan
	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
									
		“MEMBER”	
			
		PIN-NAN TSENG	
			
			
		/s/ Pin-Nan Tseng	
		(signature)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		China Walden Venture Investments II, L.P.
		By:	China Walden Venture Investment II G.P., Ltd.
		Its:	General Partner	
				
				
		By:	/s/ Lip-Bu Tan	
			(signature)	
				
		Name:	Lip-Bu Tan	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		WRVI Capital III, L.P.
		By:	WRVI Capital GP III, LLC
		Its:	General Partner	
				
				
		By:	/s/ Lip-Bu Tan	
			(signature)	
				
		Name:	Lip-Bu Tan	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		A&E Investment LLC
				
				
		By:	/s/ Lip-Bu Tan	
			(signature)	
				
		Name:	Lip-Bu Tan	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		BRANDON SMITH
				
				
		By:	/s/ Brandon Smith
	
			(signature)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Teresa Smith Revocable Trust
				
				
		By:	/s/ Teresa Smith
	
			(signature)	
				
		Name:	Teresa Smith	
			(print name of signatory)	
				
		Title:	Trustee	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Edon, L.P.
				
				
		By:	/s/ Hing Wong
	
			(signature)	
				
		Name:	Hing Wong
	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Future Industry Investment Fund (先进制造产业投资基金(有限合伙))
				
				
		By:	/s/ Christine (Xiao) Fu
	
			(signature)	
				
		Name:	Christine (Xiao) Fu
	
			(print name of signatory)	
				
		Title:	Managing Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		BlackRock Science and Technology Trust II
		By:	BlackRock Advisors, LLC
		Its:	Investment Advisor	
				
				
		By:	/s/ Tony Kim
	
			(signature)	
				
		Name:	Tony Kim	
			(print name of signatory)	
				
		Title:	Managing Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		BlackRock Science and Technology Trust
		By:	BlackRock Advisors, LLC
		Its:	Investment Advisor	
				
				
		By:	/s/ Tony Kim
	
			(signature)	
				
		Name:	Tony Kim	
			(print name of signatory)	
				
		Title:	Managing Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		EVEREST INVESTMENT No.1 LP
				
				
		By:	/s/ Xiao Jianchong
	
			(signature)	
				
		Name:	Xiao Jianchong
	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Samsung Oak Holdings, Inc.
				
				
		By:	/s/ Young Joo Lee
	
			(signature)	
				
		Name:	Young Joo Lee
	
			(print name of signatory)	
				
		Title:	Treasurer and CFO	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		CMBI Private Equity Series SPC on behalf of and for the account of Fastlink Fund SP

				
				
		By:	/s/ Jiang Rongfeng
	
			(signature)	
				
		Name:	Jiang Rongfeng	
			(print name of signatory)	
				
		Title:	Director	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		Shanghai Juyuanjuxin Semiconductor Industrial Equity Investment Fund Center (Limited Partnership)

				
				
		By:	/s/ Sun Yuwang
	
			(signature)	
				
		Name:	Sun Yuwang	
			(print name of signatory)	
				
		Title:	Legal Representative	
			(print title of signatory)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		PANTAS SUTARDJA
				
				
		By:	/s/ Pantas Sutardja
	
			(signature)	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		By:	/s/ William Brennan
	
		Name:	William Brennan	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		By:	/s/ Yat Tung Lam
	
		Name:	Yat Tung Lam
	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		By:	/s/ Lawrence Chi Fung Cheng
	
		Name:	Lawrence Chi Fung Cheng
	

IN WITNESS WHEREOF, the parties have executed this Members Agreement as of the date first written above.
												
		“MEMBER”
				
		By:	/s/ Runshen He
	
		Name:	Runshen He	

EXHIBIT A
INVESTORS
												
	Legal Name	Registered 
Address
	Contact Address	Contact Person
	Emerging Fund, L.P.	c/o Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY 1-9008, Cayman Islands	2851 Junction Avenue, San Jose, CA 95134, USA	Juine-Kai Tsang
ktsang@vtalliance.com

	Future Industry Investment Fund (先进制造产业投资基金(有限合伙))
	Flat #C Room 206, 2/F, No.227, Rushan Road, China (Shanghai) Pilot Free Trade Zone
	Floor 7, No.1 NanBinhe Road, Guanganmen, Xicheng district, Beijing, China 100055	Attn: YAN Lin
Email: yanlin@sdicfund.com

	Walden CEL Global Moore (Cayman) Limited	4th floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands	Suite 2702,Bund Center 222 Yan An Road East,Shanghai 20002 P.R. China
	YANG Yang
yang@waldeneb.com

	BlackRock Science and
Technology Trust II
	c/o BlackRock 400 Howard Street
San Francisco, CA 94105
	c/o  BlackRock 400 Howard Street San Francisco, CA 94105
With a copy (which shall not constitute notice) to:
c/o BlackRock, Inc. Office of the General Counsel
	Tony Kim 
tony.kim@blackrock.com and FEPMAssistantsUS@blackrock.com

	40 East 52nd Street New York, NY 10022	David Maryles and Joe Roy legaltransactions@blackrock.com

												
	Legal Name	Registered 
Address
	Contact Address	Contact Person
	BlackRock Science and Technology Trust
	c/o BlackRock 400 Howard Street
San Francisco, CA 94105
	c/o  BlackRock 400 Howard Street San Francisco, CA 94105
With a copy (which shall not constitute notice) to:
c/o BlackRock, Inc. Office of the General Counsel
	Tony  Kim tony.kim@blackrock.com and FEPMAssistantsUS@blackrock.com

	40 East 52nd Street New York, NY 10022	David Maryles and Joe Roy legaltransactions@blackrock.com
	SMALLCAP World Fund, Inc.
	c/o Capital Research and Management Company
333 South Hope Street, 50th Floor Los Angeles, CA 90071
	c/o Capital Research and Management Company 333 South Hope Street, 55th Floor Los Angeles, CA 90071
with a copy (which shall not constitute notice) to:
c/o Capital Research Global Investors Steuart Tower
	Attn: Casey Solomon and Tim Moon
Email: cazs@capgroup.com and tmxm@capgroup.com

			One Market, Steuart St. Tower
Suite 1800	Attn: Tom Batten
Email: tohb@capgroup.com
	Shanghai Juyuanjuxin Semiconductor Industrial Equity Investment Fund Center (Limited Partnership)
	Part 201, Room
101, Building No.17, No.1388
Zhang Dong Road, China (Shanghai) Pilot Free Trade Zone
	11th Floor, Building 1, No.1158 Zhangdong Road, Pudong New Area, Shanghai, PRC	Zhongle Qiu(邱忠乐) qiuzl@cftcapital.com
	EDOM Technology Co., LTD
	8F, No.50, Lane 10, Kee Hu Rd., Nei Hu, Taipei(114), Taiwan
	8F, No.50, Lane 10,
Kee Hu Rd., Nei Hu, Taipei(114), Taiwan
	Wayne Tseng waynet@edom.com.tw

												
	Legal Name	Registered 
Address
	Contact Address	Contact Person
	Hop Lik (Asia) Investment Company Limited	Unit 2303-04,
23/F, Wing On Centre, 111 Connaught Road Central, Hong Kong
	Unit 2303-04, 23/F,
Wing On Centre, 111 Connaught Road Central, Hong Kong
	Hung Cho Sing (洪祖星) 
hzx 1964@qq.com
(86) 138 0602 1678
May Tsui may.tsui@md-law.com.hk
(852) 2136 6668 / (852) 9191 4901
(for emergencies only)

	CMBI Private Equity Series SPC on behalf of and for the account of Fastlink Fund SP	26/F,TowerA, EastPacific International Center, 7888 Shennan Road,Shenzhen P.R.China, 518040
	26/F,TowerA, EastPacific International Center, 7888 Shennan Road, Shenzhen P.R.China, 518040	Qi Lin qilin@cmbi.com.hk 
Tel:86-755-23677908 
Mobile: +86 13025492688
	Superior Intent Co., Ltd.
	Suite 802, St James Court St Denis Streed, Port Louis, Mauritius	13F-2, No.76 Dunhua
S. Rd. Sec.2, Taipei City 106, R.O.C.
	julia@capital-ten.com

	Pin-Nan Tseng
	Suite 802, St James Court St Denis Streed, Port Louis, Mauritius	13F-2, No.76 Dunhua
S. Rd. Sec.2, Taipei City 106, R.O.C.
	julia@capital-ten.com

	Capital TEN II Inc.
	Offshore Chambers, P.O. Box 217, Apia, Samoa	13F-2, No.76 Dunhua
S. Rd. Sec.2, Taipei City 106, R.O.C.
	julia@capital-ten.com

	WRV II, L.P.
		One California St., Suite 1750, San
Francisco, CA 94111
	Lip-Bu Tan (lbtan@waldenintl.com)
/ Joana Tieu (jtieu@waldenintl.com)

	China Walden Venture Investments II, L.P.
		One California St., Suite 1750, San
Francisco, CA 94111
	Lip-Bu Tan (lbtan@waldenintl.com)
/ Joana Tieu (jtieu@waldenintl.com)

	WRVI Capital III, L.P.		One California St., Suite 1750, San
Francisco, CA 94111
	Lip-Bu Tan (lbtan@waldenintl.com)
/ Joana Tieu (jtieu@waldenintl.com)

	A&E Investment LLC
		One California St., Suite 1750, San
Francisco, CA 94111
	Lip-Bu Tan (lbtan@waldenintl.com)
/ Joana Tieu (jtieu@waldenintl.com)

	Brandon Smith
		324 Nash Avenue Cookeville, TN 
38501
	b.smith17@gmail.com

	Teresa Smith Revocable Trust		324 Nash Avenue Cookeville, TN 
38501
	tsmith@waldenintl.com

												
	Legal Name	Registered 
Address
	Contact Address	Contact Person
	Edon, L.P.
	P.O. Box 309, Ugland House,
Grand Cayman, Cayman Islands, KY1-1104,
Cayman Islands
	Room 2501, the Bund Center
222 East Yan An Road
Shanghai, 200002, China
	Hing Wong
hwong@waldenintl.com

	Pantas Sutardja
		22451 Prospect Road,
Saratoga, CA 95070-6544
	pantas.sutardja@gmail.com

	Jumboview Group Limited
	Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands
	Room 1501, 15/F,
SPA Center, 53-55 Lockhart Road, Wanchai, Hong Kong
	raymond.chik@gmail.com tomer.kabakov@gmail.com

	Cisco Investments LLC
	170 W. Tasman Dr.
San Jose, CA 95134
Attn: General Counsel
	170 W. Tasman Dr. San Jose, CA 95134 Attn: General Counsel
	corpdevnotice@cisco.com

	Skylark Partners, LLC
		c/o James Martin Shartsis Friese
One Maritime Plaza Eighteenth Floor San Francisco, CA 94111
	JMartin@sflaw.com

	Andrew Tan
		One California St., Suite 1750, San
Francisco, CA 94111
	origandrew@gmail.com

	Elliott Tan
		One California St., Suite 1750, San
Francisco, CA 94111
	elliott.k.tan@gmail.com

	BX Fund SPC SP II
	Maples Corporate Services Limited, PO Box 309,
Ugland House, Grand Cayman KY1-1104,
Cayman Islands
	Room 2906, 29/F,
China Resources Building, 26 Harbour Road, Wan Chai, Hong Kong
	Ivy Lee 
ivylee@boxincapital.com
Jian Qiang 
jianqhk@gmail.com

	EVEREST INVESTMENT No.1 LP
	89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009,
Cayman Islands
	18/19th FL, Ideal International Building, 58 North Fourth Ring West Road, Haidian District, Beijing, China, 10080
	Lvzhaojian
lvzhaojian@lmfvc.com 

												
	Legal Name	Registered 
Address
	Contact Address	Contact Person
	CGQ Investment Limited
	P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
	525 University Ave, Suite 230, Palo Alto, CA 94301
	Theresa Yu 
theresa@gbcap.com

	Boardman Bay Ventures, LP –Series G
	1120 Avenue of the Americas, FL 4
New York, NY 10036
	1120 Avenue of the Americas, FL 4 New York, NY 10036
	Will Graves will@boardmanbay.com
Ken Brown 
ken@boardmanbay.com

	Samsung Oak
Holdings, Inc.	2480 Sand Hill
Road, Suite 101
Menlo Park, CA
94025
	2480 Sand Hill Road, Suite 101 Menlo Park, CA 94025
Attn: Angie M. Hankins, Radhika Malik and Jeesung Lee
With copies to
(which copies shall
not constitute notice):
DLA Piper LLP (US) 2000 University
	Angie M. Hankins, Radhika 
Malik and Jeesung Lee a.hankins@samsung.com, radhika.m@samsung.com, OakLegal@samsung.com and jeesung.lee@samsung.com

			Avenue 
East Palo Alto, CA 94303
Attn: Rachel Paris,
Esq.	Rachel Paris, Esq. rachel.paris@us.dlapiper.com

	Glory Semi Investment L. P.	AMS Corporate Services
(Cayman)
Limited, 3-212
Governors Square, 23 Lime Tree Bay Avenue,
P.O. Box 30746, Seven Mile
Beach, Grand
Cayman KY1-
1203, Cayman
Islands
	17F, Building B Tohee International Mansion, No.477
Zhengli Road,
Shanghai/上海市杨
浦区政立路 477 号同和国际大厦 B 座
17 楼
	Cherry Wang
cherrywang@glory-ventures.com
	Montage Technology Holdings Company Limited
	PO Box 309,
Ugland House, Grand Cayman, KY1-1104,
Cayman Islands
	6F, Block A, Technology Building, 900 Yishan Road, Shanghai, China, 200233
	Bo Wang bo.wang@montage-tech.com
			14F.-1, No. 460,
Dong Sec. 2,	

												
	Legal Name	Registered 
Address
	Contact Address	Contact Person
	Ying-Chen Chao		Guangming 6th Rd., Zhubei City, Hsinchu
County 302, Taiwan
(R.O.C.)	yingchen.chao@gmail.com julia@capital-ten.com
				

EXHIBIT B
FOUNDERS
						
	Name of Founder	Address of Founder
	Job Lam	1103 Oregon Ave, Palo Alto, CA 94303

	Runsheng He	874 Pecan Ct.
Sunnyvale, CA 94087

	Lawrence Cheng	5506 Stoney Creek Place, San Jose, CA 95138

	William Brennan	484 W. Portola Ave. Los Altos, CA 94022

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]