Document:

Exhibit
10.02

 

Execution
Version

 

	BANK
                                            OF AMERICA, N.A.

    BOFA
    SECURITIES, INC.

    One
    Bryant Park

    New
    York, NY 10036
	 	WELLS
                                            FARGO SECURITIES, LLC

                                            WELLS FARGO BANK, N.A.

    550
    South Tryon Street

    Charlotte,
    NC 28202

 

CONFIDENTIAL

 

August 10,
2021

 

NortonLifeLock
Inc. (the “Borrower”, the “Company” or “you”) 

60 E. Rio Salado
Parkway, Suite 1000 

Tempe, Arizona
85281 

Attention:
Sameer Sood

 

Project
Amber 

Commitment
Letter

 

Ladies and
Gentlemen:

 

You
have advised Bank of America, N.A. (“Bank of America”), BofA Securities, Inc. (“BofA Securities”),
Wells Fargo Securities, LLC (“Wells Fargo Securities”) and Wells Fargo Bank, N.A. (“Wells Fargo
Bank” and, together with Bank of America, BofA Securities, Wells Fargo Securities and any other initial lender or bookrunner
that becomes a party hereto after the date hereof, “we”, “us” or the “Commitment
Parties”) that you intend to acquire, directly or indirectly (including through a newly created entity (“Bidco”)),
up to 100% of the issued share capital (the “Target Shares”) in an entity previously identified to us by you
as “Amber” ( “Amber) pursuant to a Scheme or Offer and, if applicable, a Squeeze-Out (in each case, as
defined in the Term Sheet) or any other acquisition of shares in Amber (collectively, the “Acquisition”). You
have further advised us that, in connection with the foregoing, you intend to consummate the other Transactions described in the Transaction
Description attached hereto as Exhibit A (the “Transaction Description”). Capitalized terms used but not
defined herein shall have the meanings assigned to them in the Transaction Description or the Summary of Principal Terms and Conditions
attached hereto as Exhibit B (the “Term Sheet”; this commitment letter, the Transaction Description and
the Term Sheet, the form of interim facilities agreement attached hereto as Exhibit C (the “Agreed Form IFA”),
collectively, the “Commitment Letter” and together with the Fee Letter (as defined below), the “Commitment
Documents”).

 

1.            Commitments.

 

In
connection with the Transactions, (a) each of Bank of America and Wells Fargo Bank (in such capacity and together with other Additional
Agents appointed in accordance with the terms herein, each an “Initial TLB Lender” and, collectively, the “Initial
TLB Lenders”) is pleased to advise you of its, several but not joint, commitment to provide 50% and 50%, respectively of
the entire aggregate principal amount of the TLB Facility (and hereby commits to provide the corresponding proportion of any increase
or differing amounts required as a result of the exercise of the interest rate flex provisions of the fee letter dated the date hereof
by and among us and you, (the “Fee Letter”)), (b) each of Bank of America and Wells Fargo Bank (in such
capacity and together with other Additional Agents appointed in accordance with the terms herein, each an “Initial TLA Lender”
and, collectively, the “Initial TLA Lenders”) is pleased to advise you of its, several but not joint, commitment
to provide 50% and 50%, respectively, of the entire aggregate principal amount of the Term Loan A Facility (and hereby commits to provide
the corresponding proportion of any increase or differing amounts required as a result of the exercise of the interest rate flex provisions
of the Fee Letter) and (c) each of Bank of America and Wells Fargo Bank (in such capacity and together with other Additional Agents
appointed in accordance with the terms herein, each an “Initial Revolving Lender” and, collectively, the “Initial
Revolving Lenders” and, together with the Initial TLB Lenders and the Initial TLA Lenders, the “Initial Lenders)
is pleased to advise you of its, several but not joint, commitment to provide 50% and 50%, respectively, of the entire aggregate principal
amount of the Revolving Facility, in each case on the terms set forth herein and subject only to the satisfaction or waiver of the Limited
Conditionality Provisions (as defined below). If the Borrower elects to affect an Existing Credit Agreement Amendment (as defined in
Exhibit A), the commitments in respect of the Term Loan A Facility and Revolving Facility shall be reduced and the terms applicable
to the Outstanding TLA Loans (as defined in Exhibit A) shall be modified, in each case, as further set forth in clause (d) of
Exhibit A.

 

    

     

    

 

In
connection with the Transactions, each of Bank of America and Wells Fargo Bank is also pleased to confirm that, prior to the date of
this Commitment Letter, it has executed and delivered to the Borrower an interim facilities agreement (the “Interim Facilities
Agreement”) in respect of (a) its, several but not joint, commitment to provide 50% and 50%, respectively, of the
entire aggregate principal amount of the $3,600 million interim term loan B facility (the “Interim TLB Facility”;
any commitments thereunder, the "Interim TLB Commitments"), (b) its, several but not joint, commitment to
provide 50% and 50%, respectively, of the entire aggregate principal amount of the $4,250 million interim term loan A facilities (the
 "Interim TLA Facilities"; any commitments under the Interim TLA Facilities, the "Interim TLA Commitments")
and (c) its, several but not joint, commitment to provide 50% and 50%, respectively, of the entire aggregate principal amount of
the $1,500 million interim revolving facility (the "Interim Revolving Facility" and, together with the Interim
TLB Facility and the Interim TLA Facilities, the “Interim Facilities”; any commitments under the Interim Revolving
Facility, the "Interim Revolving Commitments"), in substantially the form of the Agreed Form IFA. The obligations
under the Interim Facilities Agreement shall be separately enforceable in accordance with its terms. The provisions of this Commitment
Letter will also remain in full force and effect notwithstanding the entry into the Interim Facilities Agreement and the advance of funds
thereunder, unless this Commitment Letter has been terminated in accordance with its terms.

 

It
is however acknowledged and agreed by the parties to this Commitment Letter that it is their intention that (a) the commitments
to provide the Interim Facilities are not duplicative of the commitments to provide the Facilities (as defined in Exhibit A) and
(b) if the Interim Facilities are made available to you pursuant to the Interim Facilities Agreement, the Interim Facilities will,
on or before the Final Repayment Date (as defined in the Interim Facilities Agreement), be repaid/replaced in full by the Loans (as defined
in Exhibit B) made under the Facilities Documentation (as defined in Exhibit B).

 

    	 	2	 

     

    

 

2.            Titles
and Roles.

 

It
is agreed that (a) each of BofA Securities and Wells Fargo Securities will act as a global coordinator, lead arranger and bookrunner
for the TLB Facility (in such capacity and together with other Additional Agents appointed in accordance with the terms herein, each
a “TLB Arranger” and, collectively, the “TLB Arrangers”), (b) each of BofA Securities
and Wells Fargo Securities will act as a global coordinator, lead arranger and bookrunner for the TLA Facilities (in such capacity and
together with other Additional Agents appointed in accordance with the terms herein, each a “TLA Arranger”
and, collectively, the “TLA Arrangers” and, together with the TLB Arrangers and the other lead arranger(s) appointed
below, if any, collectively, the “Arrangers”), and (c) Bank of America will act as sole administrative
agent and sole collateral agent for the Facilities (in such capacity, the “Administrative Agent”). It is further
agreed that (x)(a) BofA Securities shall appear on the “left” of all marketing and other materials in connection with
the TLB Facility and will have the rights and responsibilities customarily associated with such name placement and (b) Wells Fargo
Securities shall appear to the immediate “right” of BofA Securities for all marketing and other materials in connection with
the TLB Facility and will have the rights and responsibilities customarily associated with such name placement, (y)(a) BofA Securities
shall appear on the “left” of all marketing and other materials in connection with the TLA Facilities and will have the rights
and responsibilities customarily associated with such name placement and (b) Wells Fargo Securities shall appear to the immediate
 “right” of BofA Securities for all marketing and other materials in connection with the TLA Facilities and will have the
rights and responsibilities customarily associated with such name placement and (z) the other Arrangers will be listed in the order
determined by you in any marketing and other materials. It is understood that you shall have the right to appoint additional financial
institutions as lead arrangers or bookrunners, manager, arranger, agent or co-agent (any such lead arranger, bookrunner, manager, arranger,
agent or co-agent, an “Additional Agent”) within fifteen (15) business days after the later of the date on
which the first Announcement is made (the “Announcement Date”) or the date on which this Commitment Letter
is executed by you; provided that (a) such Additional Agents (or their affiliates) shall assume a proportion of the commitments
with respect to the Facilities and the Interim Facilities that is equal to the proportion of the economics allocated to such Additional
Agents (or their affiliates) and such commitments shall be pro rata across the Facilities and the Interim Facilities, (b) the Arrangers
party hereto on the date hereof shall have not less than 70% of the total economics for the Facilities on the Closing Date (c) in
no event shall any Additional Agent receive a greater percentage of the total economics for the Facilities than any of the Arrangers
party hereto on the date hereof and (d) to the extent you appoint Additional Agents and/or confer additional titles in respect of
a Facility or an Interim Facility on the Additional Agents, the commitment and economics of each existing Initial Lender under such Facility
or Interim Facility will be reduced ratably by the amount of the economics allocated to, and the commitment amount of, such Additional
Agents (or their affiliate), in each case upon the execution and delivery by such Additional Agents and you of any customary joinder
documentation and amendments, replacements to the Commitment Documents and/or joinder documentation as may be required in relation to
the Interim Facility Agreement (including a conditions precedent letter in the same form as the Interim CP Satisfaction Letter (as defined
below) and confirmations substantially the same as those set out in the penultimate and the final paragraph of Section 6 below)
and, thereafter, each such Additional Agent shall constitute a “Commitment Party,” “Initial Lender” and/or “Arranger,”
as applicable, under this Commitment Letter and under the Fee Letter, it being agreed and understood that Excluded Affiliates (as defined
below) of such Additional Agents shall be treated in the same manner as Excluded Affiliates of any Commitment Party hereunder. We agree
to enter into any amendment documentation in respect of the Commitment Documents or Interim Facilities Agreement, new or replacement
Commitment Documents or a new or replacement Interim Facilities Agreement or any transfer documentation required in connection with transferring
the relevant commitments under the Interim Facilities Agreement, in each case, requested by the Borrower in order to implement the appointment
of any Additional Agents as contemplated above.

 

Bank
of America also confirms that it or one of its affiliates has agreed to act as Interim Facility Agent, Interim Security Agent and
Issuing Bank (each as defined in the Interim Facilities Agreement) and, prior to the date of this Commitment Letter, has executed and
delivered to the Borrower, the Interim Facilities Agreement (and all applicable Interm Finance Documents (as defined in the Interim Facilities
Agreement)) in such capacities. For the avoidance of doubt, Bank of America confirms that its commitments under this letter are not conditional
upon being so appointed as Interim Facility Agent, Interim Security Agent and/or Issuing Bank. We agree, in our capacities as Interim
Lenders, Interim Facility Agent, Interim Security Agent and/or Issuing Bank (each as defined in the Interim Facilities Agreement),
to enter into any amendment documentation in respect of the Commitment Documents or Interim Facilities Agreement, new or replacement
Commitment Documents or a new or replacement Interim Facilities Agreement or any transfer documentation required in connection with transferring
the relevant commitments under the Interim Facilities Agreement, in each case, requested by the Borrower in order to implement the appointment
of any Additional Agents as contemplated above.

 

    	 	3	 

     

    

 

3.            Syndication.

 

We
reserve the right, following the date hereof (the “Syndication Start Date”), to syndicate all or a portion
of the Initial Lenders’ respective commitments hereunder to a group of banks, financial institutions and other institutional lenders
and investors (together with the Initial Lenders, the “Lenders”) identified by us in consultation with you
and reasonably acceptable to us and you (such acceptance not to be unreasonably withheld or delayed) (it being understood and agreed
that nothing in this Section 3 shall prevent or limit assignments or participations of the Facilities after the Closing Date in
accordance with, and as permitted by, the provisions contained in Exhibit B); provided that (a) we agree not to syndicate,
participate or otherwise assign our commitments to (i) certain banks, financial institutions and other persons that have been specified
to us by you in writing at any time on or prior to the date hereof (and known or reasonably identifiable (on the basis of name) affiliates
of such identified entities), (ii) competitors of the Borrower and its subsidiaries (including Amber and its subsidiaries) (which,
for the avoidance of doubt, shall not include any bona fide debt investment fund) identified in writing from time to time (and known
or reasonably identifiable (on the basis of name) affiliates thereof) (provided, however, that for the avoidance of doubt, any such designation
shall not apply retroactively to any prior assignment or participation to any Lender permitted hereunder at the time of such assignment
or such participation, as the case may be) or (iii) Excluded Affiliates (all such banks, financial institutions, other persons,
competitors and Excluded Affiliates, collectively, the “Disqualified Lenders”) and no Disqualified Lenders
may become Lenders or otherwise participate in the Facilities and (b) notwithstanding our right to syndicate the Facilities and
receive commitments with respect thereto, other than in connection with any assignment to an Additional Agent, and upon the joinder of
such Additional Agent as an Initial Lender pursuant to the immediately preceding paragraph, in respect of the amount allocated to such
Additional Agent, (i) we shall not be relieved, released or novated from our obligations hereunder (including our obligation to
fund the Facilities or the Interim Facilities on the date of the consummation of the Acquisition (the date of such consummation, the
 “Completion Date”) or on any subsequent utilization (a “Certain Funds Utilization”)
during the Certain Funds Period) in connection with any syndication, assignment or participation of the Facilities (or, to the extent
applicable, the Interim Facilities), including our commitments in respect thereof, until after the expiry of the Certain Funds Period
or the date of refinancing any utilization under the Interim Facilities (and only to such extent), (ii) except as expressly provided
in Section 2 above, no assignment or novation shall become effective with respect to all or any portion of our commitments in respect
of the Facilities and/or the Interim Facilities until the expiry of the Certain Funds Period and (iii) unless you otherwise agree
in writing, each Initial Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect
of the Facilities, the Interim Facilities and this Commitment Letter, including all rights with respect to consents, modifications, supplements,
waivers and amendments, until the expiry of the Certain Funds Period.

 

    	 	4	 

     

    

 

It
is understood that our commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of, the
Facilities and in no event shall the commencement or successful completion of syndication of the Facilities constitute a condition to
the availability of the Facilities or the Interim Facilities. During the period (the “Syndication Period”)
from the Syndication Start Date until the earlier of (i) the date upon which a successful syndication (as defined in the Fee Letter)
of the Facilities is achieved and (ii) the 60th calendar day following the Closing Date (such earlier date, the “Syndication
Date”), you agree to assist us in seeking to complete a timely syndication that is reasonably satisfactory to us and you.
Such assistance shall include, without limitation, your using commercially reasonable efforts to (a) ensure that any syndication
efforts benefit from your existing lending and investment banking relationships, (b) cause direct contact between appropriate members
of senior management, certain representatives and certain of your non-legal advisors, on the one hand, and the proposed Lenders, on the
other hand, in all such cases at times and locations mutually agreed upon, (c) assist in the preparation of Information Materials
(as defined below) and other customary offering and marketing materials to be used in connection with the syndication, (d) procure,
at your expense, prior to the launch of the syndication of the Facilities, ratings (but not any specific rating or ratings) for the TLB
Facility from each of Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global, Inc. (“S&P”)
and Moody’s Investors Service, Inc. (“Moody’s”), and a public corporate credit rating (but
not any specific rating) and a public corporate family rating (but not any specific rating or ratings) in respect of the Borrower after
giving effect to the Transactions from each of S&P and Moody’s, respectively, (e) at our request, host at least two meetings
and/or conference calls with us with prospective Lenders at a time and location to be mutually agreed upon, (f) provide customary
projections of the Borrower and its subsidiaries in a manner and with detail substantially consistent with the projections provided to
the Arrangers prior to the date hereof (presented on an annual basis) (the “Projections”), and (g) ensure
that, prior to the later of the Completion Date and the Syndication Date, there will not be any competing issues, offerings, placements
or arrangements of debt securities or commercial bank or other credit facilities by or on behalf of you being offered, placed or arranged
(other than the Facilities or the Interim Facilities or any indebtedness issued in lieu thereof, any issuance of convertible notes, any
indebtedness incurred in connection with the refinancing of the Borrower’s 3.95% Senior Notes due 2022 in an aggregate principal
amount of $400,000,000, issued under that certain Indenture, dated as of September 16, 2010 (the “September 2010
Indenture”), between the Borrower and Wells Fargo Bank, National Association, as trustee (the “Trustee”),
5.00% Senior Notes due 2025 in an aggregate principal amount of $1,100,000,000, issued under that certain Indenture, dated as of February 9,
2017 (the “February 2017 Indenture”), between the Borrower and the Trustee, as supplemented by the First
Supplemental Indenture, dated as of February 9, 2017, and 2.00% Convertible Senior Notes due 2022 in an aggregate principal amount
of $625,000,000, issued under that certain Indenture, dated as of February 4, 2020 (the “February 2020 Indenture”,
together with the September 2010 Indenture and February 2017 Indenture, the “Existing Indentures”),
between the Borrower and the Trustee, ordinary course working capital facilities, local facilities, capital leases, purchase money indebtedness
and equipment financings, or deferred purchase price obligations) without our consent, if such issuance, offering, placement or arrangement
would reasonably be expected to impair the primary syndication of the Facilities in any material respect prior to the Syndication Date.
Notwithstanding anything to the contrary contained in this Commitment Letter (including in relation to the provision of the Information
Materials) or the Fee Letter or any other letter agreement or undertaking concerning the financing of the Transactions to the contrary,
(i) neither the commencement nor the completion of any syndication of the Facilities (including the successful syndication thereof),
nor your compliance with any of the provisions of this Commitment Letter (other than the Limited Conditionality Provisions (as defined
below)) (including the obligation to use commercially reasonable efforts to obtain the ratings referenced above) shall constitute a condition
to our commitments hereunder or the funding of the Facilities or the Interim Facilities and (ii) in relation to the period prior
to the Completion Date, we acknowledge that (x) neither Amber nor any of its affiliates is obligated to assist with any syndication
of the Facilities or take any action procured by you; (y) any obligation to procure that Amber takes any action (including making
members of management available or to provide information or any other assistance contemplated by the Commitment Documents) shall be
subject to the requirements of the City Code and the Panel and shall be limited to a commercially reasonable efforts obligation; and
(z) at any time, the scope, form and content of information that can be provided pursuant to this letter will be subject to the
requirements of the City Code or the Panel as well as any other applicable legal or regulatory restrictions (including any applicable
laws or regulations on market abuse) and it is acknowledged that no breach of any term of this paragraph 3 (Syndication) will
give rise to a Default or an Event of Default (under and as defined in the Facilities Documentation).

 

The
Arrangers will manage, in consultation with you, all aspects of any syndication of the Facilities, including decisions as to the selection
of institutions (excluding Disqualified Lenders) reasonably acceptable to you (your consent not to be unreasonably withheld or delayed)
to be approached and when (during the Syndication Period) they will be approached, when their commitments will be accepted, which institutions
will participate (subject to your consent rights set forth in the second preceding paragraph and excluding Disqualified Lenders), the
allocation of the commitments among the Lenders (subject to your prior consent (not to be unreasonably withheld or delayed)) and the
amount and distribution of fees among the Lenders. For the avoidance of doubt, you will not be required to provide any information to
the extent that the provision thereof would violate any attorney-client privilege, law, rule or regulation (including the Takeover
Code and any other applicable legal or regulatory restrictions (including any applicable laws or regulations on market abuse) and taking
into account any requirements of the City Code or the Panel), or any obligation of confidentiality binding upon, or waive any privilege
that may be asserted by, you, Amber or any of your or their respective affiliates (provided that in the event that you do not
provide information in reliance on the exclusions in this sentence, you shall use commercially reasonable efforts to provide notice to
the Arrangers promptly upon obtaining knowledge that such information is being withheld and you shall use your commercially reasonable
efforts to communicate, to the extent permitted, the applicable information in a way that would not violate the applicable obligation
or privilege).

 

    	 	5	 

     

    

 

You
hereby acknowledge that we will make available Information (as defined below), Projections and other customary offering and marketing
material and presentations, including customary confidential information memoranda, to be used in connection with the syndication of
the Facilities in a form customarily delivered in connection with your senior secured bank financings (provided that, prior to
the Completion Date, each of the foregoing shall be required to be publicly available and may be in a form customarily delivered in connection
with senior secured bank financings for a London Stock Exchange listed public company target) (the “Information Memorandum”),
provided that such Information Memorandum (i) prior to the Completion Date, will not be required to contain historical and
pro forma financial information other than the financial information that is publicly available as of the date such Information Memorandum
is prepared and (ii) on or following the Completion Date, will not be required to contain historical and pro forma financial information
other than the financial information that is publicly available as of the date such Information Memorandum is prepared or as otherwise
reasonably requested by us to be provided by you (such Information, Projections, other offering and marketing material and such Information
Memorandum, collectively, with the Term Sheet, the “Information Materials”), on a confidential basis to the
proposed syndicate of Lenders by posting the Information Materials on Intralinks, Debt X, SyndTrak Online or by similar electronic means.

 

You
hereby acknowledge that, following the Completion Date, certain of the Lenders are or may be “public side” Lenders (i.e.,
Lenders that wish to receive exclusively information and documentation that is either (i) with respect to you, Amber, or your or
their subsidiaries, publicly available (or could be derived from publicly available information), (ii) with respect to you, Amber,
or your or their subsidiaries, of a type that would be publicly available (or could be derived from publicly available information) if
you were a public reporting company or (iii) is not material with respect to you, Amber, or your or their subsidiaries or your or
their respective securities for purposes of United States federal and state securities laws (such information and documents, “Public
Lender Information”) (each, a “Public Sider” and each Lender that is not a Public Sider, a “Private
Sider”).

 

Following
the Completion Date, to the extent the Syndication Date has not occurred, you agree to assist (and cause Amber to assist) us in preparing
an additional version of the Information Materials to be used in connection with the syndication of the Facilities to be used by Public
Siders that consists exclusively of Public Lender Information. Any information and documentation that is not Public Lender Information
is referred to herein as “Private Lender Information.” The information to be included in the additional version
of the Information Materials will not, for the avoidance of doubt, be required to be any more expansive than the information included
in the version of the Information Materials provided to the Private Siders.

 

It
is understood that, in connection with your assistance described above, you shall provide us with customary authorization letters for
inclusion in any Information Materials that authorize the distribution thereof to prospective Lenders and, if applicable, confirm that
(i) prior to the Completion Date, the Information Materials and (ii) on or following the Completion Date, the public-side version
of the Information Materials only contains Public Lender Information, and each version of the Information Memorandum shall contain customary
disclaimers and exculpate you, Amber and us regarding the use of the contents of the Information Materials or related offering and marketing
materials by the recipients thereof. Following the Completion Date, before distribution of any Information Materials, you agree to use
commercially reasonable efforts to identify that portion of the Information Materials that may be distributed to the Public Siders as
 “Public Sider Information”, which, at a minimum, shall mean that the words “PUBLIC SIDER” shall appear prominently
on the first page thereof. By marking Information Materials as “PUBLIC SIDER”, you shall be deemed to have authorized
the Commitment Parties and the proposed Lenders to treat such Information Materials as not containing any Private Lender Information
(it being understood that you shall not be under any obligation to mark the Information Materials “PUBLIC SIDER”).

 

    	 	6	 

     

    

 

You
acknowledge and agree that, following the Completion Date, the following documents may be distributed to both Private Siders and Public
Siders, unless you advise us in writing (including by email) within a reasonable time prior to their intended distribution that such
materials should only be distributed to Private Siders: (a) administrative materials prepared by us for prospective Lenders (such
as a lender meeting invitation, bank allocation, if any, and funding and closing memoranda), (b) term sheets and notification of
changes in the Facilities’ terms and conditions and (c) drafts and final versions of the Facilities Documentation (as defined
in Exhibit B). If you advise us in writing (including by email), within a reasonable period of time prior to dissemination, that
any of the foregoing should be distributed only to Private Siders, then we will only distribute such materials to Private Siders.

 

4.            Information.

 

You
hereby represent and warrant that (with respect to information provided by or relating to Amber, its subsidiaries or their respective
operations or assets, to your knowledge) (a) all written factual information and written factual data, other than (i) the Projections,
estimates, budgets and other forward-looking information and (ii) information of a general economic or industry specific nature
(such written information and data other than as described in the immediately preceding clauses (i) and (ii), the “Information”),
that has been or will be made available to any Commitment Party, directly or indirectly, by you or by any of your representatives on
your behalf at your direction in connection with the transactions contemplated hereby, when taken as a whole after giving effect to all
supplements and updates provided thereto, is or will be, when furnished, supplemented or updated, correct in all material respects and
does not or will not, when furnished, supplemented or updated, contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which
such statements are made (after giving effect to all supplements and updates provided thereto through the later of the Closing Date and
the Syndication Date) and (b) the Projections that have been or will be made available to any Commitment Party by you or by any
of your representatives on your behalf in connection with the transactions contemplated hereby, when taken as a whole, have been, or
will be, prepared in good faith based upon assumptions that are believed by you to be reasonable at the time prepared and at the time
the related Projections are so furnished; it being understood that (i) the Projections are merely a prediction as to future events
and are not to be viewed as facts, (ii) the Projections are subject to significant uncertainties and contingencies, many of which
are beyond the control of you and/or Amber, and (iii) no assurance can be given that any particular Projections will be realized
and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results
and such differences may be material. You agree that, if at any time prior to the later of the Closing Date and the Syndication Date,
you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect
if the Information and the Projections were being furnished, and such representations and warranties were being made at such time, then
you will (or, with respect to the Information and Projections relating to Amber, its subsidiaries or their respective operations or assets,
will use your commercially reasonable efforts to cause Amber to) promptly supplement the Information and the Projections, as applicable,
such that (with respect to the Information relating to Amber and its subsidiaries or their respective operations or assets, to your knowledge)
such representations and warranties are correct in all material respects under those circumstances; provided that any such supplementation
shall cure any breach of such representations and warranties. In arranging and syndicating the Facilities, each Commitment Party (i) will
be entitled to use and rely on the Information and the Projections without responsibility for independent verification thereof and (ii) does
not assume responsibility for the accuracy or completeness of the Information or the Projections.

 

    	 	7	 

     

    

 

5.            Fees.

 

As
consideration for the commitments of the Initial Lenders hereunder and for the agreement of the Arrangers to perform the services described
herein, you agree to pay (or cause to be paid) the fees set forth in the Term Sheet and in the Fee Letter, if and to the extent payable
in accordance with the terms hereof or thereof. Once paid, except as provided herein, in the Fee Letter or agreed in writing by the parties
hereto, such fees shall not be refundable under any circumstances.

 

6.            Conditions.

 

The
commitments of the Initial Lenders hereunder to fund the Facilities on the Closing Date and the agreements of the Arrangers to perform
the services described herein (but not the commitment to provide the Interim Facilities or the rights and obligations of the parties
under the Interim Facilities Agreement or the agreements of the Lead Arrangers and Initial Lenders to perform the services described
in the Interim Facilities Agreement) are subject solely to (a) with respect to the Facilities, the conditions set forth in the section
entitled “Conditions to Certain Funds Borrowings” in Exhibit B hereto, and (b) with respect to the Interim Facilities
Agreement, Clause 3.1 (Conditions Precedent) of the Interim Facilities Agreement (collectively, the “Limited Conditionality
Provisions”); and, upon satisfaction (or waiver by the Commitment Parties) of such conditions, the initial funding of the
Facilities and/or the Interim Facilities shall occur; it being understood and agreed that there are no other conditions (implied or otherwise)
to the commitments hereunder, including compliance with the terms of this Commitment Letter, the Interim Facilities Agreement, the Fee
Letter and the Facilities Documentation and the Interim Finance Documents (as defined in the Interim Facilities Agreement).

 

We
further refer to the letter, dated on or around the date of this Commitment Letter, relating to the documentary conditions precedent
set out in Schedule 3 (Conditions Precedent) of the Interim Facilities Agreement (as such letter may be amended, amended
and restated, supplemented, modified or replaced from time to time, the “Interim CP Satisfaction Letter”).
The terms and conditions of the Interim CP Satisfaction Letter shall continue and apply for the purposes of paragraph (a) of Clause
3.1 (Conditions Precedent) of the Interim Facilities Agreement and the Facilities Documentation once executed and accordingly, we confirm
(in our various capacities under the Interim Facilities Agreement and Facilities Documentation) that (a) all the documents and evidence
referred to in paragraph 2.2(a) of the Interim CP Satisfaction Letter (i) are in form and substance satisfactory to us and
(ii) for the purposes of the Facilities Documentation, will be accepted by us in satisfaction of the equivalent conditions precedent
in the Facilities Documentation to those set out in the Interim Facilities Agreement on the date of execution of the Facilities Documentation
and (b) all the documents and evidence referred to in paragraph 2.2(b) of the Interim CP Satisfaction Letter (i) are in
an agreed form and (ii) once executed and/or delivered in such agreed form, as the case may be, by you (or such other relevant party)
(A) such documents and other evidence shall be in form and substance satisfactory to us, (B) all conditions precedent to first
utilisation of the Interim Facilities specified in paragraph (a)(i) of Clause 3.1 (Conditions Precedent) of the Interim Facilities
Agreement will, subject to the other provisions of Clause 3.1 (Conditions Precedent) of the Interim Facilities Agreement, be satisfied
and the Interim Facilities will be unconditionally available for utilisations, and (C) for the purposes of the Facilities Documentation,
such documents and other evidence will be accepted by us in satisfaction of the equivalent conditions precedent in the Facilities Documentation
to those set out in the Interim Facilities Agreement on the date of execution of the Facilities Documentation once any necessary changes
have been made, solely to reflect that funding will occur under the Facilities Documentation (and not the Interim Facilities Agreement).

 

    	 	8	 

     

    

 

Each
Commitment Party also confirms that (a) it has completed all client identification procedures in respect of the Borrower that it
is required to carry out in connection with making the Facilities or, as the case may be, the Interim Facilities available in connection
with the Transactions and assuming its other liabilities and performing its obligations under the Commitment Documents, in compliance
with all applicable laws, regulations and internal requirements (including, without limitation, all applicable money laundering rules and
 “know your customer” requirements), (b) it has obtained all necessary approvals (including credit committee approvals
and all other relevant internal approvals) to allow it to arrange, manage, underwrite and/or make available the Facilities and the Interim
Facilities in the amounts specified in this Commitment Letter and/or the Interim Facilities Agreement (as applicable) and does not require
any further internal credit sanctions or other approvals in order to arrange, manage and underwrite the Facilities or the Interim Facilities
(as applicable) in such amounts and (c) it has received, reviewed and is satisfied with (A) the draft Announcement (as defined
in the Interim Facilities Agreement) and (B) the draft Co-operation Agreement (as defined in the Interim Facilities Agreement),
in each case, in such form provided to us on or prior to the date of this Commitment Letter and that we will accept in satisfaction of
any condition precedent to availability of the Interim Facilities or, as the case may be, the Facilities requiring delivery of that document
a final version of the document that is not different in respects that are materially adverse to the interests (taken as a whole) under
the Facilities Documentation or Interim Finance Documents (as applicable) of the Initial Lenders or Original Interim Lenders (as applicable),
in their respective capacities as such under the Facilities or the Interim Facilities (as applicable), compared to the version of the
document accepted by us pursuant to this paragraph or with such amendments or modifications thereto that have been made with the consent
or approval of the Arrangers (such consent or approval not to be unreasonably withheld or delayed).

 

The
provisions in this Section 6 shall be referred to as the “Certain Funds Provisions”.

 

7.            Indemnity;
Expenses.

 

To
induce the Commitment Parties to enter into this Commitment Letter, the Interim Facilities Agreement and the Fee Letter and to proceed
with the documentation of the Facilities, you agree (a) to indemnify and hold harmless each Commitment Party, its affiliates (other
than Excluded Affiliates to the extent acting in their capacities as such) and their respective officers, directors, employees, agents,
controlling persons, advisors and other representatives and the successors and permitted assigns of each of the foregoing (each, an “Indemnified
Person”) from and against any and all losses, claims, damages and liabilities of any kind or nature and reasonable, documented
and invoiced out-of-pocket fees and expenses (limited, in the case of (i) legal fees and expenses, to one counsel for all Indemnified
Persons and, if necessary, one firm of local counsel in each relevant jurisdiction (which may include a single special counsel acting
in multiple jurisdictions) for all Indemnified Persons (and, in the case of an actual or perceived conflict of interest, one additional
conflicts counsel for the affected Indemnified Persons), and (ii) fees and expenses of any other advisor or consultant, to the reasonable,
documented and invoiced fees, disbursements and other charges of such advisor or consultant, but solely to the extent you have consented
to the retention of such person (such consent not to be unreasonably withheld or delayed)), to which any such Indemnified Person may
become subject to the extent arising out of, resulting from or in connection with this Commitment Letter (including the Term Sheet),
the Interim Facilities Agreement, the Fee Letter, the Transactions or any related transaction contemplated hereby, the Facilities or
any use of the proceeds thereof or any claim, litigation, investigation or proceeding (including any inquiry or investigation) relating
to any of the foregoing (any of the foregoing, a “Proceeding”), regardless of whether any such Indemnified
Person is a party thereto, whether or not such Proceedings are brought by you, Amber, your or any of Amber’s respective equity
holders, affiliates, creditors or any other third person; provided that the foregoing indemnity will not, as to any Indemnified
Person, apply to losses, claims, damages, liabilities, costs or expenses to the extent that they have resulted from (i) the willful
misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s controlling persons acting
on behalf of, or at the express instructions of, such Indemnified Person (as determined by a court of competent jurisdiction in a final
and non-appealable decision), (ii) a material breach of the obligations of such Indemnified Person or any of such Indemnified Person’s
affiliates under this Commitment Letter (including, the Term Sheet), the Interim Facilities Agreement, or the Fee Letter (as determined
by a court of competent jurisdiction in a final and non-appealable decision) or (iii) any Proceeding that does not involve an act
or omission by you or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person (other
than an Arranger or an agent under a Facility acting in its capacity as such) and (b) to reimburse each Commitment Party from time
to time, upon presentation of a summary statement, for all reasonable, documented and invoiced out-of-pocket fees and expenses incurred
prior to the date hereof (limited, in the case of (i) legal fees and expenses, to one counsel for all Commitment Parties and, if
necessary, one firm of local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)
for all Commitment Parties (and, in the case of an actual or perceived conflict of interest, one additional conflicts counsel for the
affected Commitment Parties), and (ii) fees and expenses of any other advisor or consultant (including the reasonable, documented
and invoiced fees, disbursements and other charges of such advisor or consultant, but solely to the extent you have consented to the
retention of such person (such consent not to be unreasonably withheld or delayed)), in each case incurred in connection with the Facilities
and the preparation, negotiation and enforcement of this Commitment Letter, the Interim Facilities Agreement, the Fee Letter, the Facilities
Documentation and any security arrangements in connection therewith (collectively, the “Expenses”); provided
that, unless the Completion Date occurs, you shall only be obligated to reimburse the Commitment Parties for legal fees and expenses
described in this clause (b) that have been incurred through and including the date the completion of the primary syndication of
the TLA Facilities. You acknowledge that we may receive a benefit, including without limitation a discount, credit or other accommodation,
from any of such counsel based on the fees such counsel may receive on account of their relationship with us including, without limitation,
fees paid pursuant hereto. The foregoing provisions in this paragraph shall be superseded in each case, to the extent covered thereby,
by the applicable provisions contained in the Facilities Documentation upon execution thereof and thereafter shall have no further force
and effect.

 

    	 	9	 

     

    

 

Notwithstanding
any other provision of this Commitment Letter, (i) no party hereto shall be liable for any damages arising from the use by others
of information or other materials obtained through internet, electronic, telecommunications or other information transmission systems,
except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such person or any
of such person’s affiliates or any of its or their respective officers, directors, employees, agents, advisors or other representatives
(as determined by a court of competent jurisdiction in a final and non-appealable decision) and (ii) none of we, you, Amber or any
affiliate of any of the foregoing, any officer, director, employee, agent, controlling person, advisor or other representative of the
foregoing or any successor or permitted assign of any of the foregoing shall be liable for any indirect, special, punitive or consequential
damages (including, without limitation, any loss of profits, business or anticipated savings) in connection with this Commitment Letter,
the Interim Facilities Agreement, the Fee Letter, the Transactions (including the Facilities and the use of proceeds thereunder), or
with respect to any activities related to the Facilities, including the preparation of this Commitment Letter, the Interim Facilities
Agreement, the Fee Letter and the Facilities Documentation; provided that nothing contained in clause (ii) above shall limit
your indemnity and reimbursement obligations to the extent set forth in the immediately preceding paragraph in respect of any third party
claims alleging such indirect, special, punitive or consequential damages. Notwithstanding the foregoing, each Indemnified Person will
be obligated to refund and return promptly any and all amounts paid by you under the immediately preceding paragraph to the extent it
has been determined by a court of competent jurisdiction in a final and non-appealable decision that such Indemnified Person is not entitled
to payment of such amounts in accordance with the terms hereof.

 

    	 	10	 

     

    

 

You
shall not be liable for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably
withheld, conditioned or delayed), but if settled with your written consent or if there is a final and non-appealable judgment by a court
of competent jurisdiction in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any
and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions
of this Section 7.

 

You
shall not, without the prior written consent of any Indemnified Person (which consent shall not be unreasonably withheld, conditioned
or delayed), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder
by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance
reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such proceedings and (ii) does
not include any statement as to or any admission of fault, culpability, wrong doing or a failure to act by or on behalf of any Indemnified
Person.

 

In
case any claim, litigation, investigation or proceeding is instituted involving any Indemnified Person for which indemnification is to
be sought hereunder by such Indemnified Person, then such Indemnified Person will promptly notify you of the commencement of any such
claim, litigation, investigation or proceeding; provided, however, that the failure to so notify you will not relieve you
from any liability that you may have to such Indemnified Person pursuant to this Section 7.  In connection with any one claim,
litigation, investigation or proceeding, you will not be responsible for the fees and expenses of more than one separate law firm for
all Indemnified Persons plus local counsel as provided herein.

 

8.            Sharing
of Information, Absence of Fiduciary Relationships, Affiliate Activities.

 

You
acknowledge that the Commitment Parties and their respective affiliates may be providing equity capital or other services (including,
without limitation, investment banking and financial advisory services, securities trading, hedging and brokerage activities, but not
debt financing) to other persons in respect of which you, Amber and your and its respective affiliates may have conflicting interests
regarding the transactions described herein. None of the Commitment Parties nor any of their respective affiliates will use confidential
information obtained from you by virtue of the transactions contemplated by this Commitment Letter or their other relationships with
you in connection with the performance by them or their affiliates of services for other persons, and none of the Commitment Parties
nor their respective affiliates will furnish any such information to other persons in contravention of Section 9 hereof. You also
acknowledge that none of the Commitment Parties nor their respective affiliates has any obligation to use in connection with the transactions
contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons.

 

You
acknowledge that the Commitment Parties may be full service securities firms engaged, either directly or through their respective affiliates,
in various activities, including securities trading, commodities trading, investment management, financing and brokerage activities and
financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, each Commitment
Party and its affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities)
and financial instruments (including bank loans and other obligations) of you, Amber and other companies that may be the subject of the
arrangements contemplated by this letter for their own account and for the accounts of their customers and may at any time hold long
and short positions in such securities. The Commitment Parties and their respective affiliates may also co-invest with, make direct investments
in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other
investment vehicles may trade or make investments in securities issued by you, Amber or other companies that may be the subject of the
arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

 

    	 	11	 

     

    

 

The
Commitment Parties and their respective affiliates may have economic interests that conflict with those of Amber and you. You agree that
each Commitment Party will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter,
the Interim Facilities Agreement, or the Fee Letter will be deemed to create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between any Commitment Party or any of its affiliates, on the one hand, and you, Amber, or your and their respective
affiliates, on the other hand. You acknowledge and agree that (i) the transactions contemplated by this Commitment Letter, the Interim
Facilities Agreement and the Fee Letter are arm’s-length commercial transactions between the Commitment Parties and their respective
affiliates, on the one hand, and you and Amber on the other, (ii) in connection therewith and with the process leading to such transaction
the Commitment Parties and their respective applicable affiliates (as the case may be) are acting solely as principals and not as agents
or fiduciaries of you, Amber, your and their management, equityholders, creditors, affiliates or any other person, (iii) each Commitment
Party and its applicable affiliates (as the case may be) have not assumed an advisory or fiduciary responsibility or any other obligation
in favor of you or your affiliates with respect to the transactions contemplated hereby or the process leading thereto (irrespective
of whether the Commitment Parties or any of their respective affiliates has advised or is currently advising you or Amber on other matters)
except the obligations expressly set forth in this Commitment Letter, the Interim Facilities Agreement and the Fee Letter and (iv) you
have consulted your own legal and financial advisors to the extent you deemed appropriate. You further acknowledge and agree that you
are responsible for making your own independent judgment with respect to such transactions and the process leading thereto. You agree
that you will not claim that the Commitment Parties or their respective applicable affiliates, as the case may be, have rendered advisory
services of any nature or respect, or owe a fiduciary or similar duty to you or your affiliates, in connection with such transaction
or the process leading thereto.

 

It
is acknowledged that BofA Securities and/or one of its affiliates has been retained by you as your financial advisor in connection with
the Acquisition. You agree not to assert any claim you might allege based on any actual or potential conflicts of interest that might
be asserted to arise or result from, on the one hand, the engagement of BofA Securities as financial advisor and, on the other hand,
BofA Securities and its affiliates’ relationships with you as described and referred to in this Commitment Letter.

 

    	 	12	 

     

    

 

9.            Confidentiality.

 

You
agree that you will not disclose, directly or indirectly, the Fee Letter or any of the contents thereof, the Interim Facilities Agreement
or any of the contents thereof or, prior to your acceptance hereof, this Commitment Letter or any of the contents hereof, or the activities
of the Commitment Parties pursuant hereto or thereto, to any person or entity without our prior written approval (such approval not to
be unreasonably withheld, conditioned or delayed), except (a) to potential Additional Agents and to your affiliates and your and
their respective officers, directors, members, partners, agents, employees, attorneys, accountants, advisors, controlling persons or
equity holders, and to any other actual or potential co-investors, who are directly involved in the consideration of this matter and
have a need to know the information contained herein or therein, as applicable, are informed of the confidential nature of this Commitment
Letter, the Interim Facilities Agreement, the Fee Letter and the contents hereof and thereof and who are or have been advised of their
obligation to keep the same confidential, (b) if the Commitment Parties consent in writing (including via e-mail) to such proposed
disclosure or (c) pursuant to the order of any court or administrative agency in any pending legal, judicial or administrative proceeding,
or otherwise as required by applicable law or compulsory legal process or to the extent requested or required by governmental and/or
regulatory authorities (in which case you agree, to the extent practicable and not prohibited by applicable law, to inform us promptly
thereof prior to disclosure); provided that (i) you may disclose this Commitment Letter and its contents (but not the Fee
Letter, except as provided in clause (v) below) to Amber, its affiliates and subsidiaries and their respective officers, directors,
agents, employees, attorneys, accountants, advisors, members, controlling persons or equity holders, in each case who are informed of
the confidential nature of this Commitment Letter, the Fee Letter and the contents hereof and thereof and who are or have been advised
of their obligation to keep the same confidential, (ii) you may disclose the Commitment Letter, the Interim Facilities Agreement
and their respective contents (but not the Fee Letter) in any offering memoranda related to any convertible notes offering or capital
markets activities in any syndication or other marketing materials in connection with the Facilities or in connection with any public
filing relating to the Transactions, (iii) you may disclose the Term Sheet, the Interim Facilities Agreement and the other Exhibits
and annexes to this Commitment Letter and the contents thereof, to potential Lenders and to rating agencies in connection with obtaining
ratings for the Borrower and the Facilities or other rating activities, (iv) you may disclose the aggregate fee amounts contained
in the Fee Letter as part of Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee
amounts related to the Transactions to the extent customary or required in offering and marketing materials for the Facilities or in
any public filing relating to the Transactions or any convertible notes offering or capital markets activities, (v) to the extent
portions thereof have been redacted in a manner to be reasonably satisfactory to us (it being agreed that a Fee Letter redacted in the
manner contemplated by the Acquisition Documents is satisfactory), you may disclose the Fee Letter and the contents thereof to Amber,
its affiliates, and, in each case, their respective subsidiaries and their respective officers, directors, members, partners, agents,
employees, attorneys, accountants, advisors, controlling persons or equity holders, on a confidential and need-to-know basis, (vi) you
may disclose this Commitment Letter, the Fee Letter and the contents hereof and thereof to the extent this Commitment Letter, the Fee
Letter or the contents hereof or thereof, as applicable, become publicly available other than by reason of disclosure by you in breach
of this Commitment Letter, (vii) you may disclose this Commitment Letter, the Fee Letter, the Interim Facilities Agreement and the
contents hereof and thereof to the extent required by applicable law, rule or regulation (including any applicable laws or regulations
on market abuse and taking into account any requirements of the City Code or the Panel), governmental or regulatory authority, subpoena
or other compulsory legal process (in which case, you agree, to the extent practicable and not prohibited by law, to inform us promptly
thereof prior to disclosure), and (viii) you may disclose this Commitment Letter, the Fee Letter and the contents hereof and thereof
to the extent necessary to enforce your rights and remedies hereunder or thereunder. The foregoing restrictions shall cease to apply
(other than with respect to the Fee Letter) on the earlier of (x) two years from the date hereof, and (y) to the extent such
restrictions are covered by the Facilities Documentation, the date the Facilities Documentation shall have been executed and delivered
by the parties hereto.

 

    	 	13	 

     

    

 

The
Commitment Parties and their respective affiliates will use all information provided to it or such affiliates by or on behalf of you
hereunder or in connection with the Acquisition and the Transactions solely for the purpose of providing the services that are the subject
of this Commitment Letter and shall treat confidentially all such information and shall not publish, disclose or otherwise divulge, such
information; provided that nothing herein shall prevent the Commitment Parties and their respective affiliates from disclosing
any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative
proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case each
Commitment Party agrees (except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory
authority exercising routine examination or regulatory authority), to the extent practicable and not prohibited by applicable law, to
inform you promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority having jurisdiction
over a Commitment Party or any of its affiliates (in which case such Commitment Party agrees (except with respect to any audit or examination
conducted by bank accountants or any governmental bank regulatory authority exercising routine examination or regulatory authority),
to the extent practicable and not prohibited by applicable law, to inform you promptly thereof prior to disclosure), (c) to the
extent that such information becomes publicly available other than by reason of disclosure by a Commitment Party or any of its affiliates
or any related parties thereto in violation of any confidentiality obligations owing to you, Amber or any of your or their respective
affiliates (including those set forth in this paragraph), (d) to the extent that such information is received by a Commitment Party
from a third party that is not, to such Commitment Party’s knowledge, subject to contractual or fiduciary confidentiality obligations
owing to you, Amber or any of your or its respective affiliates or related parties, (e) to the extent that such information is independently
developed by a Commitment Party, (f) to a Commitment Party’s affiliates (other than Excluded Affiliates) and to its and their
respective employees, directors, officers, legal counsel, independent auditors, professionals and other experts or agents who need to
know such information in connection with the Transactions and who are informed of the confidential nature of such information and are
or have been advised of their obligation to keep such information confidential (with such Commitment Party responsible for such person’s
compliance with this paragraph); provided, that no disclosure will be made by any Commitment Party, any of its affiliates or any
of its or their respective employees, legal counsel, independent auditors, professionals or other experts or agents pursuant to this
clause (f) to any affiliates that are engaged as principals primarily in private equity, mezzanine financing or venture capital
(each a “Private Equity Affiliate”) or to any employees engaged directly or indirectly in the sale of Amber
as representatives of Amber (other than, in each case, such persons engaged by you or your affiliates as part of the Acquisition) (each
a “Sell Side Affiliate” and together with the Private Equity Affiliates, the “Excluded Affiliates”)
other than a limited number of senior employees who are required, in accordance with industry regulations or such Commitment Party’s
internal policies and procedures to act in a supervisory capacity and such Commitment Party’s internal legal, compliance, risk
management, credit or investment committee members, (g) as may be included in marketing term sheets based substantially on the Term
Sheet to potential or prospective Lenders, participants or assignees and to any direct or indirect contractual counterparty to any swap
or derivative transaction relating to the Borrower or any of its subsidiaries, in each case who agree to be bound by the terms of this
paragraph (or language substantially similar to this paragraph) in accordance with the standard syndication processes of the Commitment
Parties or customary market standards for dissemination of such type of information, (h) for purposes of establishing a “due
diligence” defense or to the extent necessary to enforce your rights and remedies hereunder or under the Fee Letter, or (i) with
your prior written consent. The obligation of each Commitment Party and its affiliates, if any, under this paragraph shall terminate
automatically and be superseded by the confidentiality provisions in the definitive documentation relating to the Facilities upon the
initial funding thereunder; provided that if the Completion Date does not occur, this paragraph shall automatically terminate
on the second anniversary hereof.

 

10.            Miscellaneous.

 

This
Commitment Letter and the commitments hereunder shall not be assignable by any party hereto without the prior written consent of each
other party hereto (such consent not to be unreasonably withheld, conditioned or delayed), and any attempted assignment without such
consent shall be null and void. This Commitment Letter and the commitments hereunder are intended to be solely for the benefit of the
parties hereto (and Indemnified Persons to the extent expressly set forth herein) and are not intended to and do not confer any benefits
upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons to the extent expressly set
forth herein) or, in respect of the Interim Facilities Agreement, the parties thereto. Subject to the limitations set forth in Section 3
above, each Commitment Party reserves the right to employ the services of its affiliates and branches (other than Excluded Affiliates)
in providing services contemplated hereby and to allocate, in whole or in part, to its affiliates and branches certain fees payable to
such Commitment Party in such manner as such Commitment Party and its affiliates and branches may agree in their sole discretion and,
to the extent so employed, such affiliates and branches shall be entitled to the benefits and protections afforded to, and subject to
the provisions governing the conduct of such Commitment Party hereunder; provided that such Commitment Party will be liable for
the actions or inactions of any such person whose services are so employed. This Commitment Letter may not be amended or any provision
hereof waived or modified except by an instrument in writing signed by each Commitment Party and you. This Commitment Letter may be executed
in any number of counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one
agreement. The words “execution,” “signed,” “signature,” and words of like import in this Commitment
Letter shall be deemed to include electronic signatures or the keeping of electronic 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. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission
or other electronic transmission (e.g., a “.pdf” or “.tif” file) shall be effective as delivery of a manually
executed counterpart hereof. This Commitment Letter (including the Exhibits and annexes hereto), together with the Fee Letter, (i) are
the only agreements that have been entered into among the parties hereto with respect to the Facilities and (ii) supersede all prior
understandings, whether written or oral, among us with respect to the Facilities and sets forth the entire understanding of the parties
hereto with respect thereto. THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK; provided, however, that, notwithstanding the sentence to which this proviso applies and the governing law provisions
of this Commitment Letter and the Fee Letter, it is understood and agreed that the determination of whether the Acquisition has been
consummated in accordance with the terms of the Acquisition Documents and, in any case, claims or disputes arising out of any such interpretation
or determination or any aspect thereof, shall be governed by, and construed in accordance with, the laws of England regardless of the
laws that might otherwise govern under applicable principles of conflicts of law thereof.

 

    	 	14	 

     

    

 

Each
of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained
herein, including an obligation to negotiate the Facilities Documentation in good faith, it being acknowledged and agreed that the commitment
provided hereunder is subject only to satisfaction or waiver of the Limited Conditionality Provisions; it being understood that nothing
contained in this Commitment Letter obligates you or any of your affiliates to consummate any portion of the Transactions.

 

EACH
OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY, OR ON
BEHALF OF ANY PARTY RELATED TO, OR ARISING OUT OF, THIS COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR
THEREUNDER.

 

Each
of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction
of any New York State court or Federal court of the United States of America, in each case, sitting in New York County, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions
contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such
action or proceeding shall be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court,
(b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions
contemplated hereby in any New York State or in any such Federal court, (c) waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment
in any such suit, 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. Each of the parties hereto agrees that service of process, summons, notice or document by registered mail
addressed to you or us at the addresses set forth above shall be effective service of process for any suit, action or proceeding brought
in any such court.

 

    	 	15	 

     

    

 

In
respect of any judgment or order given or made for any amount due under the Commitment Documents or the transactions contemplated hereby
or thereby that is expressed and paid in a currency (the “Judgment Currency”) other than United States Dollars,
you will indemnify each Commitment Party against any loss incurred by such Commitment Party as a result of any variation as between (i) the
rate of exchange at which the United States Dollar amount is converted into the Judgment Currency for the purpose of such judgment or
order and (ii) the rate at which such Commitment Party is able to purchase United States Dollars with the amount of the Judgment
Currency actually received by such Commitment Party. The foregoing indemnity shall constitute a separate and independent obligation of
you and shall survive any termination of the Commitment Documents or the transactions contemplated hereby or thereby, and shall continue
in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include
any premiums and costs of exchange payable in connection with the purchase of or conversion into United States Dollars.

 

We
hereby notify you that pursuant to the requirements of the USA PATRIOT Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001) (the
 “PATRIOT Act”) and the requirements of 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”),
each of us and each of the Lenders may be required to obtain, verify and record information that identifies the Borrower and the Guarantors,
which information may include their names, addresses, tax identification numbers and other information that will allow each of us and
the Lenders to identify the Borrower and the Guarantors in accordance with the PATRIOT Act or the Beneficial Ownership Regulation, as
applicable. This notice is given in accordance with the requirements of the PATRIOT Act and is effective for each of us and the Lenders.
You hereby acknowledge and agree that the Commitment Parties shall be permitted to share any or all such information with the Lenders.

 

This
paragraph and the indemnification, information, compensation (if applicable), reimbursement (if applicable), jurisdiction, governing
law, venue, waiver of jury trial, syndication and confidentiality provisions contained herein and in the Fee Letter and the provisions
of Section 8 of this Commitment Letter shall remain in full force and effect regardless of whether the Facilities Documentation
is executed and delivered; provided that your obligations under this Commitment Letter (other than your obligations with respect
to (a) assistance to be provided in connection with the syndication contemplated herein (including supplementing and/or correcting
Information and Projections) prior to the later of the Syndication Date and the Closing Date and (b) confidentiality of the Fee
Letter and the contents thereof) shall automatically terminate and be superseded by the applicable provisions of the Facilities Documentation
upon the initial funding thereunder, and you shall automatically be released from all liability in connection therewith at such time.
You may terminate this Commitment Letter and/or, on a pro rata basis with respect to each of the Facilities, all or a portion of the
Initial Lenders’ respective commitments with respect to the Facilities (or any portion thereof) hereunder at any time subject to
the provisions of the preceding sentence (it being understood that, if the commitments of the Commitment Parties in respect of the Facilities
are reduced in accordance with this Commitment Letter, you shall promptly procure that (as applicable) Interim TLB Commitments, Interim
TLA Commitments or Interim Revolving Facility Commitments (in each case, as defined in the Interim Facilities Agreement) are cancelled
in a corresponding amount). Notwithstanding the foregoing, you may terminate all or a portion of the Initial Lenders’ respective
commitments with respect to the TLA Cash Bridge on a non-pro rata basis.

 

Section headings
used herein are for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting,
this Commitment Letter.

 

    	 	16	 

     

    

 

If
the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee
Letter by returning to us executed counterparts of this Commitment Letter and of the Fee Letter not later than 11:59 p.m., New York City
time, on the date that is five (5) business days from the date hereof. The Initial Lenders’ respective commitments and the
obligations of the Arrangers hereunder are irrevocable provided that they will expire at such time in the event that we have not received
such executed counterparts in accordance with the immediately preceding sentence (but not the commitment to provide the Interim Facilities
or the rights and obligations of the parties under the Interim Facilities Agreement, which shall terminate only in accordance with its
terms). If you do so execute and deliver to us this Commitment Letter and the Fee Letter, we agree to hold our commitments to provide
the Facilities and our other undertakings in connection therewith available for you until the date that is the earlier of: (i) if
the first Announcement has not been released by such time, 11:59 p.m., New York City time, on the date that is twenty (20) business days
after the date on which this Commitment Letter is executed by you (or such later date that the Commitment Parties agree to); (ii) 
if the Acquisition is intended to be completed pursuant to a Scheme, the date upon which the Scheme lapses (including, subject to exhausting
any rights of appeal, if the relevant court refuses to sanction the Scheme) or is withdrawn in writing in accordance with its terms in
the Announcement or Scheme Document (other than where (a) such lapse or withdrawal is as a result of the exercise of the Borrower’s
(or, as applicable, Bidco’s) right to effect a switch from the Scheme to the Offer or (b) it is otherwise to be followed within
twenty (20) business days by an Announcement made by the Borrower (or, as applicable, Bidco) to implement the Acquisition by a different
offer or scheme (as applicable) in accordance with the terms of the Interim Facilities Agreement); (iii) if the Acquisition is intended
to be completed pursuant to an Offer, the date upon which the Offer lapses or is withdrawn in writing in accordance with its terms in
the Announcement or Offer Document (other than where (a) such lapse or withdrawal is as a result of the exercise of the Borrower’s
(or, as applicable, Bidco’s) right to effect a switch from the Offer to a Scheme or (b) it is otherwise to be followed within
twenty (20) business days by an Announcement made by the Borrower (or, as applicable, Bidco) to implement the Acquisition by a different
offer or scheme (as applicable) in accordance with the terms of the Interim Facilities Agreement); and (iii) February 28, 2023
(the “Commitment Long Stop Date”) provided that, if the Interim Closing Date (as defined in the Interim Facilities
Agreement) has occurred by then, such date shall automatically be extended to the later of (A) the Commitment Long Stop Date and
(B) the date falling 90 days after the Interim Closing Date (as defined in the Interim Facilities Agreement). Upon the occurrence
of any of the events referred to in the preceding sentence, this Commitment Letter and the commitments of the Commitment Parties hereunder
and the agreement of the Arrangers to provide the services described herein shall automatically terminate unless the Commitment Parties
shall, in their discretion, agree to an extension in writing (including by email).

 

[Remainder
of this page intentionally left blank]

 

    	 	17	 

     

    

 

We
are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

 

	 	Very
    truly yours,
	 	 
	 	BANK
    OF AMERICA, N.A.
	 	 
	 	 
	 	By:	/s/
    Jeannette Lu
	 	 	Name:
    Jeannette Lu
	 	 	Title:
    Managing Director
	 	 
	 	 
	 	BOFA
    SECURITIES, INC.
	 	 
	 	 
	 	By:	/s/
    Dan Alster
	 	 	Name:
    Dan Alster
	 	 	Title:
    Managing Director
	 	 
	 	 
	 	Wells
    Fargo Securities, LLC
	 	 
	 	 
	 	By:	/s/
    Kevin J. Sanders
	 	 	Name:
    Kevin J. Sanders
	 	 	Title:
    Managing Director
	 	 
	 	 
	 	Wells
    Fargo Bank, N.A.
	 	 
	 	 
	 	By:	/s/
    Lacy Houstoun
	 	 	Name:
    Lacy Houstoun
	 	 	Title:
    Managing Director

 

[Signature
Page to Commitment Letter]

 

     

     

    

 

Accepted and
agreed to as of

the date first above written:

 

NORTONLIFELOCK
INC.

 

 

	By:
    /s/ Natalie Derse	 
	Name: Natalie Derse	 
	Title: Chief Financial
    Officer	 

 

[Signature
Page to Commitment Letter]

 

     

     

    

 

EXHIBIT A

 

Project
Amber

Transaction Description

 

Capitalized
terms used but not defined in this Exhibit A shall have the meanings set forth in the other Exhibits to the Commitment Letter (the
 “Commitment Letter”) to which this Exhibit A is attached or in the Commitment Letter. In the case of any
such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit A shall
be determined by reference to the context in which it is used.

 

The
Borrower, intends to acquire, directly or indirectly (including through Bidco (as defined below)), up to 100% of the issued share capital
(the “Target Shares”) in an entity previously identified to us by you as “Amber” (“Amber”)
by way of a Scheme or Offer and, if applicable, a Squeeze-Out or any other acquisition of shares in Amber. In connection with the foregoing,
it is intended that:

 

		a)	The
                                            Borrower has formed Nitro Bidco Limited, a company incorporated in England (“Bidco”).

 

		b)	The
                                            Borrower will obtain senior secured credit facilities comprised of (i) a $3,600 million
                                            term loan B facility plus, at the Borrower’s election, an amount sufficient to fund
                                            any upfront fees or OID required to be funded with respect to the TLB Facilities pursuant
                                            to the flex provisions of the Fee Letter (the “TLB Facility”) and
                                            (ii) credit facilities comprised of (A)(I) a $750 million term loan A facility
                                            in the form of a 60 day cash bridge (the “TLA Cash Bridge”) and
                                            (II) a $3,500 million term loan A facility (the “5-Year TLA”,
                                            and together with the TLA Cash Bridge, the “Term Loan A Facility”)
                                            and (B) a $1,500 million revolving facility (the “Revolving Facility”
                                            and, together with the Term Loan A Facility, the “TLA Facilities”
                                            and the TLA Facilities, together with the TLB Facilities, the “Facilities”).

 

		c)	The
                                            Borrower (or any member of the Group or Target Group) shall:

 

		1)	repay,
                                            redeem, defease, discharge, refinance or terminate (or in the case of letters of credit,
                                            replace, backstop or incorporate or “grandfather” into the Revolving Facility)
                                            all Target Refinancing Indebtedness on or prior to the Target Debt Refinancing Outside Date
                                            (the “Amber Refinancing”); and

 

		2)	As
                                            used herein:

 

“Target
Debt Refinancing Outside Date” means the date falling two (2) weeks following the Closing Date.

 

“Target
Refinancing Indebtedness” means the indebtedness outstanding under that certain Credit Agreement, dated as of March 22,
2021, by and among, inter alios, Avast Software B.V., Credit Suisse (Deutschland) AKTIENGESELLSCHAFT, as administrative agent,
and Credit Suisse International, as collateral agent, and subject to clause (b) above.

 

    	 	A-1	 

     

    

 

		d)	The
                                            Borrower shall use a portion of the TLA Facilities to refinance that certain Credit Agreement,
                                            dated as of November 4, 2019, as amended by that First Amendment, dated as of May 7,
                                            2021 and as may be further amended, restated, supplemented or otherwise modified as of the
                                            date hereof, among, inter alios, Borrower, JPMorgan Chase Bank, N.A, as term loan
                                            administrative agent and Wells Fargo Bank, National Association as the revolver administrative
                                            agent (the “Existing Credit Agreement”) on the Closing Date; provided
                                            that the Borrower shall be permitted to amend the Existing Credit Agreement (an “Existing
                                            Credit Agreement Amendment”) prior to the Closing Date to permit the Transactions
                                            to give effect to the terms set forth in Exhibit B, in which case, (i) commitments
                                            under the TLA Facilities shall be reduced by the amount of term loans and revolving commitments
                                            outstanding under the Existing Credit Agreement immediately prior to the Closing Date (the
                                            “Outstanding TLA Loans” and such reduced commitments, the “Remaining
                                            TLA Commitments”) (provided that such reduction pursuant to this clause (i) shall
                                            apply immediately upon the Borrower obtaining an Existing Credit Agreement Amendment to permit
                                            the Transactions and the amendment to Section 6.9 of the Existing Credit Agreement and
                                            not on any other amendments to be sought in connection therewith, (ii) the Remaining
                                            TLA Commitments shall automatically convert into a commitment to provide additional term
                                            loans and revolving commitments, as applicable, under the Existing Credit Agreement on the
                                            terms set forth in Exhibit B, (iii) to the extent permitted by the amendment to
                                            the Existing Credit Agreement and the terms of the Existing Credit Agreement, Bank of America
                                            shall be appointed as replacement term loan agent and replacement revolver agent and (iv) each
                                            of the Commitment Parties agrees to consent (and to cause any of its affiliates and controlled
                                            accounts to consent, in each case other than on behalf of any loans or commitments held by
                                            such Commitment Party’s, or its affiliates’, trading desk in the ordinary course
                                            of business) to the Existing Credit Agreement Amendment. For the avoidance of doubt, it is
                                            intended that the the terms of the Existing Credit Agreement shall be modified pursuant to
                                            an Existing Credit Agreement Amendment in accordance with the terms in Exhibit B (it
                                            being understood that the maturity date may be extended as part of the Existing Credit Agreement
                                            Amendment, subject to obtaining requisite consent); provided that, with respect to
                                            any amendment that would require the consent of each lender or each affected lender under
                                            the Existing Credit Agreement, the Borrower shall have the option to (w) utilize the
                                            “yank-a-bank” mechanic to replace any lender not willing to consent to such amendments
                                            (it being understood that the Commitment Parties shall have no obligation to provide loans
                                            or commitments to replace such lenders), (x) elect not to amend any terms that require
                                            the consent of each lender or each affected lender, (y) subject to the proviso in clause
                                            (i) of the preceding sentence, elect not to pursue any amendment to any of the terms
                                            of the Existing Credit Agreement and (z) elect to document the TLA Facilities under
                                            a separate credit agreement (an “Alternate TLA Facility”).

 

		e)	The
                                            proceeds of the Facilities and cash on hand of Amber or the Borrower, if applicable, will
                                            be applied to finance or refinance (directly or indirectly) (i) any amounts payable
                                            under or in connection with the Transaction including but not limited to, the consideration
                                            paid or payable for the Acquisition and any other payments required under the Acquisition
                                            Documents (such amounts, the “Acquisition Consideration”), (ii) the
                                            fees, costs, premiums, expenses and other transaction costs incurred in connection with the
                                            Transactions (such fees and expenses, the “Transaction Costs”),
                                            (iii) the balance sheet cash of the Borrower on the Closing Date (the “Balance
                                            Sheet Funds”), (iv) refinancing the Interim Facilities (if utilized),
                                            (v) general corporate purposes (including buybacks of equity interests or restricted
                                            payments in an amount not to exceed the Balance Sheet Funds (other than any such funds that
                                            are proceeds of the TLA Cash Bridge) and (vi) the Amber Refinancing (the amounts set
                                            forth in clauses (i) through (vi) above, collectively, the “Acquisition
                                            Costs”); provided that, if any Interim Facilities (as defined in the
                                            Interim Facilities Agreement) have been utilized under and pursuant to the Interim Facilities
                                            Agreement, amounts borrowed under the Facilities shall first be applied in refinancing any
                                            Interim Loans (as defined in the Interim Facilities Agreement) on a cashless basis.

 

The
transactions described above (including the payment of Acquisition Costs) are collectively referred to herein as the “Transactions”.
The “Closing Date” shall be the earliest date on which both the initial funding of the Facilities shall have
occurred and the date the Acquisition shall have been consummated.

 

    	 	A-2	 

     

    

 

EXHIBIT B

 

Project
Amber 

 

$1,500
million Revolving Credit Facility 

$4,250
million Term Loan A Facilities 

$3,600
million Term Loan B Facility

Summary of Principal Terms and Conditions1

 

	Borrower:	NortonLifeLock
    Inc. (the “Borrower”). On or after the Closing Date, at the option of the Borrower, any wholly-owned restricted
    subsidiary of the Borrower organized under the laws of the United States, Luxembourg or any other jurisdiction reasonably acceptable
    to each Lender that is to provide commitments or loans thereto may be designated as a co-borrower with the Borrower.  Any
    new Borrower included hereby shall provide all documentation and other information required by regulatory authorities under applicable
    “know your customer” and anti-money laundering rules and regulations, including a beneficial ownership certification
    under the Beneficial Ownership Regulation and such documentation shall be reasonably satisfactory to the Administrative Agent and
    Lenders.  Each Borrower will be jointly and severally liable for obligations of the Borrowers.
	Transactions:	As set forth
    in Exhibit A to the Commitment Letter.
	Administrative
    Agent and Collateral Agent:	Bank of America
    will act as sole administrative agent and sole collateral agent (in such capacities, the “Administrative Agent”)
    for a syndicate of banks, financial institutions and other entities reasonably acceptable to the Borrower and excluding any Disqualified
    Lenders and will perform the duties customarily associated with such roles.
	Arrangers
    and Bookrunners:	BofA Securities
    and Wells Fargo Securities will each act as a global coordinator, lead arranger and bookrunner for the Facilities and will perform
    the duties customarily associated with such role.
	Scheme:	The scheme of
    arrangement effected pursuant to Part 26 of the Companies Act 2006 to be proposed by Amber to its shareholders to implement
    the Acquisition pursuant to which the Borrower (or, as applicable, Bidco) will, subject to the occurrence of the Scheme Effective
    Date (as defined in the Interim Facilities Agreement) become the holder of the Target Shares that are the subject of that scheme
    of arrangement (the “Scheme”).
	Offer:	The
                                         takeover offer (as defined in section 974 of the Companies Act 2006) by the Borrower (or, as
                                         applicable, Bidco) in accordance with the City Code to acquire all of the Target Shares that
                                         are the subject of that takeover offer (within the meaning of Section 975 of the Companies
                                         Act 2006) pursuant to the Offer Documents (the “Offer”).

 

 

1
All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term
sheet is attached, including Exhibit A and Exhibit B thereto.

 

    	 	B-1	 

     

    

 

	 	“Offer Documents”
    means the applicable Announcement and the offer documents dispatched to shareholders of Amber setting out the terms and conditions
    of an Offer.
	Announcement:	Any press release
    made by or on behalf of the Borrower (or, as applicable, Bidco) announcing a firm intention to implement a Scheme or, as the case
    may be, make an Offer, in each case in accordance with Rule 2.7 of the City Code (the “Announcement”).
	Squeeze-Out:	An acquisition
    of the outstanding Target Shares that the Borrower (or, as applicable, Bidco) has not acquired pursuant to the procedures contained
    in sections 979 to 982 of the Companies Act 2006 (the “Squeeze-Out”).
	City
    Code:	The City Code
    on Takeovers and Mergers (the “City Code”).
	Panel:	The Panel on
    Takeovers and Mergers (the “Panel”).
	TLB
    Facility:	A senior secured
    term loan B facility (the “TLB Facility”) in US Dollars in an aggregate principal amount of $3,600 million
    plus, at the Borrower’s election, an amount sufficient to fund any upfront fees or OID required to be funded with respect
    to the TLB Facility pursuant to the flex provisions of the Fee Letter; provided that, at the election of the Borrower and
    with the consent of the Arrangers, the TLB Facility (or a portion thereof) may also be denominated in Euros or Sterling. Lenders
    under the TLB Facility are collectively referred to as “TLB Lenders” and the loans thereunder are collectively
    referred to as “TLB Loans”.
	TLA
    Facilities:	(A)       A
                                            senior secured first-lien term loan A facility (the “Term Loan A Facility”)
                                            in US Dollars in an aggregate principal amount of $4,250.0 million consisting of the following
                                            tranches:

     

    (i)       $750.0
    million 60 day term loan tranche (the “TLA Cash Bridge”); and

     

    (ii)       $3,500.0
    million 5-year term loan tranche (the “5-Year TLA”).

     

    Lenders
    under the Term Loan A Facility are collectively referred to as “Term A Lenders” and the loans thereunder
    are collectively referred to as “Term A Loans”.

	 	(B)       A
    senior secured first-lien revolving credit facility (the “Revolving Facility” and, together with the Term
    Loan A Facility, the “TLA Facilities”) in an aggregate principal amount of $1,500.0 million.  Lenders
    with commitments under the Revolving Facility are collectively referred to as “Revolving Lenders”, and
    collectively with the Term A Lenders, the “TLA Lenders”, and the loans thereunder, together with (unless
    the context requires otherwise) the swingline borrowings referred to below, are collectively referred to as “Revolving
    Loans”; and together with the Term A Loans, the “TLA Loans” and, together with the TLB Loans,
    collectively, the “Loans”. The Revolving Facility will be made available to the Borrower in U.S. Dollars,
    Sterling, and other currencies to be mutually agreed. In connection with the Revolving Facility, the Administrative Agent (in such
    capacity, the “Swingline Lender”) will make available to the Borrower a swingline facility under which
    the Borrower may make short-term borrowings denominated in US Dollars upon same-day notice of up to an amount to be agreed (but no
    less than $40 million) on the same terms and conditions as those set forth in the Precedent Credit Agreement (as defined below).

 

    	 	B-2	 

     

    

 

	Limited
    Conditionality Transactions:	The
    provisions applicable to limited conditionality transactions (which shall include (i) the consummation of an acquisition or
    an investment that the Borrower or one or more of its subsidiaries is contractually committed to consummate and whose consummation
    is not conditioned on the availability of, or on obtaining, third party financing, (ii) any prepayment, repurchase or redemption
    of indebtedness requiring irrevocable notice in advance of such prepayment, repurchase or redemption or (iii) any dividends
    or distributions on, or redemptions of equity and requiring declaration in advance thereof (any such transaction, a “Limited
    Conditionality Transaction”) in the Facilities Documentation shall be the same as those set forth in the Precedent
    Credit Agreement, including, without limitation, Section 1.09 of the Precedent Credit Agreement; provided that such provisions
    shall not apply to the Revolving Facility.
	Incremental
    Facilities:	The
                                            Facilities will permit the Borrower, on one or more occasions, to (a) add one or more
                                            incremental term loan facilities and/or increase all or any portion of the Term Loan A Facility
                                            or the TLB Facility (each, an “Incremental Term Facility”), and/or
                                            (b) add one or more incremental revolving facilities and/or increase commitments under
                                            the Revolving Facility (each, an “Incremental Revolving Facility”
                                            and together with any Incremental Term Facility, the “Incremental Facilities”
                                            and each an “Incremental Facility”) on terms and conditions the
                                            same as those set forth in the Precedent Credit Agreement; provided, that:

                                                                                 

                                                                                (i) at
                                            the time of and after giving effect to the effectiveness of any proposed Incremental Facility
                                            the amount thereof shall not exceed the sum of (A) an aggregate principal amount equal
                                            to the maximum amount (if any) of Incremental Facilities that could be established or incurred
                                            such that as of the last day of the most recently ended period of four consecutive fiscal
                                            quarters for which financial statements are available, on a pro forma basis giving
                                            effect to such Incremental Facility (and netting any cash proceeds from such incurrence not
                                            applied promptly for the specified transaction in connection with such incurrence upon receipt
                                            thereof in calculating the ratio) and any related acquisitions or investments consummated
                                            in connection therewith and all other appropriate pro forma adjustments, (I) if such
                                            debt is secured by the Collateral (as defined below) on a pari passu basis, the First
                                            Lien Leverage Ratio (as defined in the Precedent Credit Agreement, but adjusted to reflect
                                            a gross leverage test) of Borrower would be no greater than (x) the First Lien Leverage
                                            Ratio as of the Closing Date (such ratio, the “Closing Date First Lien Leverage
                                            Ratio”) or (y) in the case of debt incurred to consummate a Permitted
                                            Acquisition (as defined in the Precedent Credit Agreement) or other investment not prohibited
                                            by the Facilities Documentation, either (i) the Closing Date First Lien Leverage Ratio
                                            or (ii) the First Lien Leverage Ratio immediately prior to such transactions, (II) if
                                            such debt is secured by the Collateral on a junior basis the Secured Leverage Ratio (as defined
                                            in the Precedent Credit Agreement, but adjusted to reflect a gross leverage test) of Borrower
                                            would be no greater than (x) 0.50 to 1.00 above the Secured Leverage Ratio on the Closing
                                            Date or (y) in the case of debt incurred to consummate a Permitted Acquisition or other
                                            investment not prohibited by the Facilities Documentation, either (i) 0.50 to 1.00 above
                                            the Secured Leverage Ratio on the Closing Date or (ii) the Secured Leverage Ratio immediately
                                            prior to such transactions; and (III) if such debt is incurred on an unsecured basis
                                            or is secured by assets that are not Collateral, either the Total Leverage Ratio (as defined
                                            in the Precedent Credit Agreement, but adjusted to reflect a gross leverage test) to exceed
                                            (x) 0.50 to 1.00 above the Total Leverage Ratio on the Closing Date or (y) in the
                                            case of debt incurred to consummate a Permitted Acquisition or other investment not prohibited
                                            by the Facilities Documentation, either (i) 0.50 to 1.00 above the Total Leverage Ratio
                                            on the Closing Date or (ii) the Total Leverage Ratio immediately prior to such transactions;
                                            provided that to the extent the proceeds of any such Incremental Facility are to be
                                            used to repay indebtedness, it shall not limit the Borrower’s ability to give pro forma
                                            effect to such repayment of indebtedness (this clause (A), the “Ratio Based
                                            Incremental Amount”), and (B) the Incremental Base Amount (the applicable
                                            amount under clause (A) or (B), the “Available Incremental Amount”).

 

    	 	B-3	 

     

    

 

		

    The
    “Incremental Base Amount” means, as of any date of determination, the sum of (1) the greater of (x) 100%
    of pro forma Consolidated EBITDA (as defined below) as of the Closing Date (“Closing Date EBITDA”) and
    (y) 100% of Consolidated EBITDA on a pro forma basis after giving effect to the incurrence of such additional amount,
    any transactions consummated in connection therewith and all other appropriate pro forma adjustments (including use of proceeds)
    for the most recently ended period of four consecutive fiscal quarters for which financial statements are available prior to such
    date of determination (this clause (1), the “Free and Clear Incremental Amount”), plus
    (2) all voluntary prepayments, debt buybacks (permitted pursuant to the Facilities Documentation and to the extent of the actual
    cash price paid in connection with such buyback), and payments utilizing the yank-a-bank provisions (to the extent such debt is retired
    rather than assigned), as applicable, of the TLB Loans, TLA Loans, the Revolving Loans, any Incremental Facility, Incremental
    Equivalent Debt (as defined in the Precedent Credit Agreement), and any other indebtedness secured on a pari passu basis with the
    Initial Loans (as defined below) (in the case of any revolving facility, to the extent accompanied by a permanent reduction of the
    relevant commitment), in each case made prior to the date of any such incurrence (other than prepayments, repurchases and voluntary
    commitment reductions with the proceeds of (i) Refinancing Facilities or Refinancing Debt, (ii) indebtedness the proceeds
    of which are used to refinance the Facilities and (iii) other long-term indebtedness (other than revolving indebtedness)) minus
    (3) the aggregate principal amount of all Incremental Facilities or Incremental Equivalent Debt then outstanding incurred
    in reliance of clauses (1) and (2) of this definition;

     

    (ii) the
    interest rate margins, upfront fees, original issue discount (“OID”) and (subject to clause (iii))
    amortization schedule applicable to any Incremental Term Facility shall be determined by the Borrower and the lenders thereunder;
    provided that, except with respect to amounts up to the greater of (x) 100% of Closing Date EBITDA and (y) 100%
    of Consolidated EBITDA on a pro forma basis for the most recently ended period of four consecutive fiscal quarters for which financial
    statements are available prior to such date of determination (the “MFN Trigger Amount”), only with respect
    to any Incremental Term Facility that (1) consists of term loans that are pari passu in right of payment and security with the
    TLB Loans incurred on the Closing Date (the “Initial TLB Loans”), (2) is incurred under the Ratio
    Based Incremental Amount (and not by virtue of reclassification), (3) is a broadly syndicated term loan “b” facility,
    (4) is incurred prior to the date that is six months after the Closing Date, (5) is scheduled to mature prior to the date
    that is one year after the maturity date of the Initial TLB Loans, (6) is not incurred in connection with a Permitted Acquisition
    or other investment and (7) is denominated in US dollars, if the “yield” (to be defined in a manner consistent with
    the Precedent Credit Agreement) of any such Incremental Term Facility exceeds the “yield” on the Initial TLB Loans (which
    shall include the TLB Upfront Fee (as defined in the Fee Letter) with the TLB Upfront Fee equated to interest margins based on an
    assumed four-year life to maturity) by more than 100 basis points (the “MFN Margin”), the applicable margins
    for the Initial TLB Loans shall be increased to the extent necessary so that the “yield” on the Initial TLB Loans is
    100 basis points less than the “yield” on such Incremental Term Facility (it being agreed that any increase in “yield”
    to the Initial TLB Loans required due to the application of a LIBOR floor on any Incremental Term Facility will be effected solely
    through an increase in such floor (or an implementation thereof), as applicable) (this proviso, “MFN Protection”);

    

    

 

    	 	B-4	 

     

    

 

	 	(iii) (x) the maturity date of any Incremental Term Facility that is in the form of a “TLA Facility” (each an “Incremental Term A Facility”) shall be no earlier than the maturity date of the 5-Year TLA and the weighted average life to maturity applicable to each Incremental Term A Facility shall be no shorter than the weighted average life to maturity of the 5-Year TLA, and (y) the maturity date of any other Incremental Term Facility (each an “Incremental Term B Facility”) shall be no earlier than the maturity date of the Initial TLB Loans and the weighted average life to maturity of any such Incremental Term Facility shall be no shorter than the weighted average life to maturity of the Initial TLB Loans; provided that this clause (iii) shall not apply to any Incremental Term B Facility an amount of up to the greater of (x) 100% of Closing Date EBITDA and (y) an amount equal to Consolidated EBITDA on a pro forma basis for the most recently ended period of four consecutive fiscal quarters for which financial statements are available prior to such date of determination (the “Inside Maturity Basket” and any indebtedness permitted thereby, “Inside Maturity Debt”) in the aggregate of Incremental Term Facilities, Refinancing Facilities, Refinancing Debt, Incremental Equivalent Debt or any other indebtedness designated by the Borrower; and

                                                                                 

                                                                                
(iv) no
    Incremental Facility shall be secured by any assets or property other than the Collateral and no Incremental Facility shall be guaranteed
    by entities other than the Guarantors.
	 	In addition, the Borrower
    may, in lieu of adding Incremental Facilities, utilize any part of the Available Incremental Amount at any time by issuing or incurring
    Incremental Equivalent Debt, which shall not be subject to MFN Protection (other than, subject to the MFN Trigger Amount, Incremental
    Equivalent Debt that (1) consists of term loans that are pari passu in right of payment and security with the Initial TLB Loans,
    (2) is incurred in reliance on the Ratio Based Incremental Amount (and not by virtue of reclassification), (3) is a broadly
    syndicated term loan “b” facility, (4) is incurred prior to the date that is six months after the Closing Date,
    (5) is scheduled to mature prior to the date that is one year after the maturity date of the Initial TLB Loans, (6) is
    not incurred in connection with a Permitted Acquisition or other investment and (7) is denominated in US dollars, subject to
    terms and conditions the same as those set forth in the Precedent Credit Agreement).

 

    	 	B-5	 

     

    

 

	 	Prior
                                            to the expiry of the Certain Funds Period, any unused commitments under the TLB Facility
                                            or the TLA Facilities (without duplication of any indebtedness to be refinanced with the
                                            proceeds of such unused commitments) will be included in the numerators of the First Lien
                                            Leverage Ratio, the Secured Leverage Ratio and the Total Leverage Ratio.

     

    “Consolidated
    EBITDA” will be defined, including with regard to defined terms used in such definition, in a manner the same as the
    Existing Credit Agreement, and modified, if necessary, to provide for the add-back of (a) cost savings, operating improvements,
    operating expense reductions, revenue enhancements and synergies that result or that are expected in good faith to result from the
    Transactions and other actions taken, committed to be taken or planned to be taken within 24 months after the end of the relevant
    period (in the case of expected cost savings, operating improvements, operating expense reductions, revenue enhancements and synergies,
    in each case, reasonably identifiable and factually supportable, and calculated on a “run rate” basis such that the full
    recurring benefit associated therewith is taken into account without double counting the amount of actual benefits realized in connection
    therewith) shall not exceed 30% of Consolidated EBITDA (after giving effect to such add-back and all other add-backs) (which cap,
    for the avoidance of doubt, will not apply to cost savings, operating improvements, operating expense reductions, revenue enhancements
    and synergies in respect of the Transactions); provided that amounts added back pursuant to clause (b) of the Existing
    Credit Agreement shall be uncapped, and (b) adjustments consistent with Regulation S-X or contained in a quality of earnings
    report in connection with an acquisition or investment made available to the Administrative Agents conducted by financial advisors
    (which are either nationally recognized or reasonably acceptable to the Administrative Agents (it being understood and agreed that
    any of the “Big Four” accounting firms are acceptable)) (this clause (b), the “QofE Addback”).

	Refinancing
    Facilities:	The Facilities
    Documentation will permit the Borrower to refinance and/or replace loans under the Facilities on a dollar-for-dollar basis (including
    the payment of interest, premiums, fees and expenses in connection therewith) from time to time, in whole or in part, with (a) one
    or more new term facilities or one or more new revolving credit facilities (any such new term facilities or new revolving credit
    facilities, “Refinancing Facilities”) and/or (b) one or more additional series of senior secured or
    unsecured notes or loans (any such notes or loans, “Refinancing Debt”), in each case, on terms and conditions
    the same as those set forth in the Precedent Credit Agreement.

 

    	 	B-6	 

     

    

 

	Purpose:	The
                                            proceeds of (a) borrowings under the TLB Facility and Term Loan A Facility on the Closing
                                            Date or (b) any Certain Funds Utilization in connection with the Amber Refinancing,
                                            will be used, directly or indirectly, together with any proceeds from borrowings under the
                                            Revolving Facility as set forth below and cash on hand, if any, at the Borrower and the Company,
                                            to finance or refinance (i) Acquisition Costs (including the Amber Refinancing), general
                                            corporate purposes (including buybacks of equity interests and/or restricted payments in
                                            an amount not to exceed Balance Sheet Funds (other than such funds that are proceeds of the
                                            TLA Cash Bridge)) and/or replace cash on the balance sheet and (ii) the Amber Refinancing
                                            and/or replace cash on the balance sheet; provided that, if any Interim Facility B
                                            (as defined in the Interim Facilities Agreement) or Interim Facility A (as defined in the
                                            Interim Facility Agreement) has been utilized under and pursuant to the Interim Facilities
                                            Agreement, amounts borrowed under the TLB Facility or relevant TLA Facilities shall first
                                            be applied in refinancing any Interim Loans under the applicable Interim Facility B or Interim
                                            Facility A (each as defined in the Interim Facilities Agreement) on a cashless basis.

     

    Letters
    of credit and proceeds of Revolving Loans may be used by Borrower and its subsidiaries for the purposes set forth in the Precedent
    Credit Agreement.

	Availability:	Each
                                            of the TLB Facility and the Term Loan A Facility will be available on and from the date on
                                            which the Facilities Documentation is signed until the end of the Certain Funds Period (as
                                            defined below) or, in the case of amounts in respect of the Amber Refinancing, until the
                                            Target Debt Refinancing Outside Date (each date on which a drawing of the TLB Facility occurs,
                                            an “Initial TLB Funding Date” and each date on which a drawing
                                            of the Term Loan A Facility occurs, an “Initial TLA Funding Date”);
                                            provided that the aggregate amount of drawings in connection with the Acquisition
                                            and the Amber Refinancing shall not exceed four (4) drawings.  Amounts borrowed
                                            under the TLB Facility and the Term Loan A Facility that are repaid or prepaid may not be
                                            reborrowed.

    The
    Revolving Facility will be made available on the Closing Date (i) to fund a portion of the Acquisition Costs, (ii) to fund
    upfront fees and original issue discount imposed pursuant to the flex provisions of the Fee Letter, and (iii) to fund working
    capital and replace borrowings under the Existing Credit Agreement; provided that the amount available on the Closing Date
    for clause (i) shall not exceed $75 million in the aggregate. Additionally, letters of credit may be issued on the Closing Date
    in order to, among other things, backstop or replace letters of credit outstanding on the Closing Date under facilities no longer
    available to Amber or its respective subsidiaries as of the Closing Date. Otherwise, letters of credit and Revolving Loans will be
    available after the Closing Date on the same terms set forth in the Precedent Credit Agreement.

	Letters
    of Credit:	A portion
    of the Revolving Facility in an amount to be agreed (but no less than $100 million) will be available to the Borrower for the purpose
    of issuing letters of credit in U.S. Dollars, AUD, Israeli Shekel, Arab Emirate Dirhan, Indian Rupee, EUR, Sterling, CAD,
    CHF, JPY and other currencies to be mutually agreed and on terms and conditions the same as those set forth in the Precedent Credit
    Agreement with such amount being allocated amongst each Initial TLA Lender on a pro rata basis based on such Initial TLA Lender’s
    commitments for the Revolving Facility (other than such larger amount requested by the Borrower and agreed by such issuing bank;
    provided that the aggregate letter of credit exposure shall not be exceeded).

 

    	 	B-7	 

     

    

 

	Certain
    Funds Period:	Certain
                                            Funds Period” means the period from (and including) the date of the Facilities
                                            Documentation to (and including) 11:59 p.m., New York City time, on the earliest of:

     

    (a)        if
    the Acquisition is intended to be completed pursuant to a Scheme, the date on which the Scheme lapses (including, subject to exhausting
    any rights of appeal, if a relevant court refuses to sanction the Scheme) or is withdrawn in writing in accordance with its terms
    in the Announcement or Scheme Document (other than (a) where such lapse or withdrawal is as a result of the exercise of Borrower’s
    (or, as applicable, Bidco’s) right to effect a switch from the Scheme to the Offer or (b) it is otherwise to be followed
    within twenty (20) business days by an Announcement made by Borrower (or, as applicable, Bidco) to implement the Acquisition by a
    different offer or scheme (as applicable) in accordance with the terms of the Interim Facilities Agreement or, as applicable, the
    relevant Facilities Documentation;

     

    (b)        if
    the Acquisition is intended to be completed pursuant to an Offer, the date on which the Offer lapses, terminates or is withdrawn
    in writing in accordance with its terms in the Announcement or Offer Document (other than (a) where such lapse or withdrawal
    is as a result of the exercise of the Borrower’s (or, as applicable, Bidco’s) right to effect a switch from the Offer
    to a Scheme or (b) it is otherwise to be followed within twenty (20) business days by an Announcement made by Borrower (or,
    as applicable, Bidco) to implement the Acquisition by a different offer or scheme (as applicable) in accordance with the terms of
    the Interim Facilities Agreement or, as applicable, the relevant Facilities Documentation; and

     

    (c)        the
    first business date falling after the Commitment Long Stop Date provided that, if the Interim Closing Date (as defined in the Interim
    Facilities Agreement) has occurred by then, such date shall automatically be extended to the later of (A) the Commitment Long
    Stop Date and (B) the date falling 90 days after the Interim Closing Date, and

     

    (d)        if
    the first Announcement has not been released by such time, twenty (20) business days following the date you countersign the Commitment
    Letter.

	Interest
    Rates and Fees:	As set
    forth on Annex I to this Exhibit B. Interest in respect of the entire principal amount of the TLB Facility shall begin to accrue
    on the Initial TLB Funding Date and interest in respect of the entire principal amount of the Term Loan A Facility shall begin to
    accrue on the Initial TLA Funding Date, in each case, beginning on the Closing Date.
	Closing
    Fees: 	As set
    forth in the Fee Letter.
	Default
    Rate:	On the
    same terms as set forth in the Precedent Credit Agreement.
	Defaulting
    Lenders	Subject
    to the Documentation Principles, on the same terms as set forth in the Precedent Credit Agreement.

 

    	 	B-8	 

     

    

 

	Final
    Maturity and Amortization:	(A) 
                                            TLB Facility

     

    Commencing
    on the last day of the second full fiscal quarter ended after the Closing Date, the TLB Loans shall be repaid in equal quarterly
    installments of 1.00% per annum of the original principal amount of the TLB Loans, with the balance payable on the maturity date.
    The TLB Facility will mature on the date that is seven (7) years after the Closing Date; provided that the Facilities
    Documentation shall provide the right for individual TLB Lenders to agree to extend the maturity date of the outstanding TLB Loans
    held by such TLB Lenders upon the request of the Borrower and without the consent of any other Lender (subject to terms and conditions
    the same as those set forth in the Precedent Credit Agreement, but in any event not to be subject to any “most favored nation”
    pricing or minimum extension condition).

     

    (B)       Term
    Loan A Facility

     

    The
    TLA Cash Bridge will mature on the date that is 60 days after the Closing Date and shall not amortize.

     

    The
    5-Year TLA will mature on the date that is five (5) years after the Closing Date and will amortize in equal quarterly installments
    in aggregate annual amounts equal to 5.00% of the original principal amount of the 5-Year TLA, commencing with the second full fiscal
    quarter after the Closing Date, with the balance payable on the fifth (5th) anniversary of the Closing Date; provided that the Facilities
    Documentation shall provide the right for individual Term A Lenders to agree to extend the maturity date of the outstanding Term
    A Loans held by such Term A Lenders upon the request of the Borrower and without the consent of any other Lender (subject to terms
    and conditions the same as those set forth in the Precedent Credit Agreement).

     

    (C)       Revolving
    Facility

     

    The
    Revolving Facility will mature, and lending commitments thereunder will terminate, on the date that is five (5) years after
    the Closing Date; provided that the Facilities Documentation shall provide the right of individual Revolving Lenders to agree to
    extend the maturity of their Revolving Commitments upon the request of the Borrower and without the consent of any other Lender on
    terms and conditions the same as those set forth in the Precedent Credit Agreement.

	Guarantees:	Subject
    to the Certain Funds Provisions, all obligations of the Borrower under the Facilities (the “Borrower Obligations”)
    and, at the option of the Borrower, under any interest rate protection or other swap or hedging arrangements or cash management arrangements
    entered into with a Lender, the Arrangers, the Administrative Agent or any affiliate of a Lender, Arranger or the Administrative
    Agent (“Hedging/Cash Management Arrangements”) will be unconditionally guaranteed jointly and severally
    on a senior secured first-lien basis (the “Guarantees”) by each existing and subsequently acquired or organized
    (including by division) direct or indirect wholly-owned restricted subsidiary of Borrower organized in the United States other than
    any Excluded Subsidiaries (as defined in the Precedent Credit Agreement on terms and conditions (and subject to exceptions, limitations
    and materiality thresholds) that are the same as those set forth in the Precedent Credit Agreement(the “Guarantors”).

 

    	 	B-9	 

     

    

 

	Security:	Subject
    to the Certain Funds Provisions, the Borrower Obligations, the Guarantees and the Hedging/Cash Management Arrangements will be secured
    by: (a) with respect to Borrower and each Guarantor, perfected first-priority security interests in substantially all tangible
    and intangible personal property of Borrower and each Guarantor (but excluding (v) any intercompany indebtedness owed to any
    Guarantor to the extent not permitted to be pledged under that certain Indenture, dated as of February 9, 2017, between the
    Borrower and the Trustee, as supplemented by the First Supplemental Indenture, dated as of February 9, 2017 or any other market
    restriction in any future indenture, (w) any equity interests of any subsidiary of the Borrower to the extent not permitted
    to be pledged under that certain Indenture, dated as of February 9, 2017, between the Borrower and the Trustee, as supplemented
    by the First Supplemental Indenture, dated as of February 9, 2017 or any other market restriction in any future indenture, (x) the
    Excluded Property (as defined in the Precedent Credit Agreement), (y) any cash and cash equivalents, deposit accounts, commodities
    accounts and securities accounts (including securities entitlements and related assets) (but, in each case, not including proceeds
    of assets otherwise constituting Collateral) and (z) all fee owned, leased or other interests in real property (the “Collateral”)
    on terms and conditions (including exceptions, grace periods, limitations and materiality thresholds) the same as those set forth
    in the Precedent Credit Agreement and the Security Agreement (as defined in the Precedent Credit Agreement).
	Mandatory
    Prepayments:	Subject
                                            to the Documentation Principles, Loans under the TLB Facility and Term Loan A Facility shall
                                            be subject to mandatory prepayments on terms and conditions (including with respect to application
                                            of such prepayments and any exceptions, limitations and materiality thresholds applicable
                                            thereto) the same as those set forth in Section 2.05 of the Precedent Credit Agreement;
                                            provided that (a) the excess cash flow sweep will begin with the first full fiscal
                                            year after the Closing Date (and will be payable within ten Business Days of delivery of
                                            the audit for such fiscal year) and shall be based on the Precedent Credit Agreement with
                                            a step-down to 0% at 0.25 to 1.00 inside the Closing Date First Lien Leverage Ratio, and
                                            will only be applied to the TLB Facility, and (b) prepayments made pursuant to Section 2.05(b)(ii)(A) of
                                            the Precedent Credit Agreement (the “Asset Sale Sweep”) (I) shall
                                            be in an amount equal to 50% of the Net Cash Proceeds (as defined in the Existing Credit
                                            Agreement) realized or received, and (II) shall be subject to (i) a step-down to
                                            0% if the First Lien Leverage Ratio is equal to or less than 0.50 to 1.00 below the Closing
                                            Date First Lien Leverage Ratio, (ii) a step-up to 100% if the First Lien Leverage Ratio
                                            is equal to or greater than 0.50 to 1.00 above the Closing Date First Lien Leverage Ratio
                                            and (iii) an initial reinvestment period of 180 days prior and 540 days after receipt
                                            of the net proceeds (or if committed to be reinvested within such 540-day period, to the
                                            extent so reinvested within 180 days after the end of such period), (III) shall give
                                            pro forma effect to a prospective payment as if made and may be tested at any time during
                                            the reinvestment period, (IV) shall be applied to the Term Loan A Facility or TLB Facility
                                            at the direction of the Borrower, and (V) prepayments pursuant to Section 2.05(b)(ii)(A) shall
                                            only be required to the extent the net cash proceeds in any fiscal year exceed the greater
                                            of (x) 35% of Closing Date EBITDA and (y) 35% of Consolidated EBITDA for the most
                                            recently ended period of four fiscal quarters for which financial statements are available
                                            prior to such date of determination (which amounts shall be carried forward to subsequent
                                            fiscal years).

    Mandatory
    prepayments in respect of the Asset Sale Sweep can be directed to the Term Loan A Facility or the TLB Facility, as directed by the
    Borrower.

 

    	 	B-10	 

     

    

 

	Voluntary
    Prepayments and Reductions in Commitments:	Voluntary
    prepayments of borrowings under the TLB Facility and Term Loan A Facility and voluntary reductions of the unutilized portion of the
    Revolving Facility commitments will be permitted at any time, without premium (other than as provided below) or penalty on terms
    and conditions (including with respect to application of such prepayments) the same as those set forth in the Precedent Credit Agreement.
	 	All (i) voluntary
    prepayments of TLB Loans and (ii) mandatory prepayments of TLB Loans with the proceeds of Refinancing Facilities or Refinancing
    Debt, in the case of each of clauses (i) and (ii), in connection with any Repricing Transaction (as defined in the precedent
    Credit Agreement) will be accompanied by a premium (expressed as a percentage of the principal amount of such TLB Loans to be prepaid)
    equal to (a) prior to the six-month anniversary of the Closing Date, 1.00% (the “TLB Call Protection”)
    and (b) on the six-month anniversary of the Closing Date and thereafter, 0.00%.
	Documentation
    Principles:	The definitive
    documentation for the Facilities (the “Facilities Documentation”) will contain only (a) solely to
    the extent the Facilities Documentation is executed prior to the Closing Date, those representations, warranties and covenants relating
    to the conduct of the Offer or Scheme expressly set forth in the Interim Facilities Agreement which shall be applicable only to the
    parties set forth in the Interim Facilities Agreement and apply solely prior to the Closing Date (other than paragraphs 8(i) and
    (j) (Acquisition Undertakings) of Part II of Schedule 5 (Major Representations, Undertakings and Events of Default)
    of the Interim Facilities Agreement, which shall be included in the Facilities Documentation and apply from the Closing Date, whether
    or not the Facilities Documentation is executed prior to the Closing Date) and (b) those representations, warranties, covenants
    and events of default expressly set forth in this Term Sheet (including by reference to the Precedent Credit Agreement), which will
    be the same as and no less favorable to the Borrower than the documentation entered into in connection with that certain First Lien
    Credit Agreement dated as of November 9, 2020 among ECI Macola/Max Holding, LLC, ECi Software Solutions, Inc., Eclipse
    Acquisition LLC and Bank of America, N.A. (the “Precedent Credit Agreement”) (and in any event shall be
    no less favorable, to the Borrower than the Existing Credit Agreement and related security, collateral and guarantee agreements executed
    and/or delivered in connection therewith, in each case, as in effect on the date hereof) with changes and modifications that (i) remove
    provisions providing for a “Permitted Change of Control”, (ii) give due regard to the consummation of the Transactions,
    (iii) adjust basket sizes commensurate with Consolidated EBITDA on the Closing Date, (iv) take into account (a) any
    current top-tier market terms for corporate borrowers that are reasonably acceptable to the Borrower and the Commitment Parties and
    (b) any additional flexibility to reflect any recent transactions (including debt issuances) of Borrower that shall have occurred
    prior to the Closing Date that are reasonably acceptable to the Borrower and the Commitment Parties, (v) reflect customary operational
    and agency provisions of the Administrative Agent to be mutually agreed between the Borrower and the Administrative Agent (including,
    without limitation, customary agent clawback provisions), and in any event will contain customary EU bail-in provisions, lender-side
    ERISA representations, provisions to be agreed to address the Beneficial Ownership Regulation and inadvertent payment provisions,
    (vi) reflect changes in law or accounting standards or cure mistakes or defects, (vii) provide that the release of any
    Guarantor from its guarantee obligations solely as a result of such Guarantor ceasing to be a restricted subsidiary that is a wholly-owned
    restricted subsidiary shall only be permitted if (x) at the time such Guarantor ceases to be a wholly-owned restricted subsidiary
    such Guarantor ceased to be a wholly-owned subsidiary as a result of a joint venture or other strategic transaction permitted under
    the Facilities Documentation that was not entered into for the primary purpose of such transaction was not to evade the guarantee
    required pursuant to the Facilities Documentation, (y) the transaction by which such Guarantor ceases to be a wholly-owned restricted
    subsidiary was consummated on an arms’ length basis with an unaffiliated third-party or (z) after giving effect to the
    transaction, the Guarantor being released from its guarantee obligations is no longer a direct or indirect restricted subsidiary
    of the Borrower and (viii)  reflect the terms of this Term Sheet (as may be modified pursuant to the flex provisions of the
    Fee Letter) (collectively, the “Documentation Principles”). The Facilities Documentation will be subject
    in all respects to the Certain Funds Provisions.

 

    	 	B-11	 

     

    

 

	Representations
    and Warranties:	Subject
    in all respects to the Certain Funds Provisions and the Documentation Principles, to be applicable to Borrower and its restricted
    subsidiaries, the same as (including, for the avoidance of doubt, with respect to materiality qualifiers, exceptions and limitations)
    the representations and warranties set forth in Article V of the Precedent Credit Agreement.
	Conditions
    to Certain Funds Borrowings:	Subject
    to the Certain Funds Provisions, the availability of the initial borrowing under the Facilities on the Closing Date and the availability
    of any Certain Funds Utilization of the Initial TLB Facility and the Term Loan A Facility in connection with the Amber Refinancing
    will be subject solely to (a) delivery of a customary borrowing notice, (b) the conditions set forth or referred to in
    clause 3.1 (Conditions Precedent) of the Interim Facilities Agreement (with such conforming changes to the definitions of “Agreement”
    and “Interim Finance Documents” as necessary to reflect that funding will take place pursuant to the Facilities Documentation
    and not the Interim Facilities Agreement), and (c) the execution of the Facilities Documentation.
	Post-Closing
    Conditions:	The making
    of each extension of credit under the Facilities (other than under any Incremental Facility) after the Closing Date (other than any
    Certain Funds Utilization of the Initial TLB Facility and/or Term Loan A Facility in connection with the Amber Refinancing) shall
    be conditioned solely upon (a) delivery of a customary borrowing notice, (b) the accuracy of representations and warranties
    in all material respects and (c) the absence of defaults or events of default at the time of, or after giving effect to the
    making of, such extension of credit.
	Affirmative
    Covenants:	Subject
    in all respects to the Documentation Principles, to be applicable to Borrower and its restricted subsidiaries, the same as (including,
    for the avoidance of doubt, with respect to materiality qualifiers, exceptions and limitations) the affirmative covenants set forth
    in Article VI of the Precedent Credit Agreement; provided that the Facilities Documentation shall be modified to reflect
    reporting covenants no less favorable to the Borrower than the covenants set forth in the Existing Credit Agreement; provided,
    further, that the Facilities Documentation shall be modified to include an affirmative covenant providing for Borrower and its
    restricted subsidiaries to consummate the Amber Refinancing no later than the Target Debt Refinancing Outside Date.

 

    	 	B-12	 

     

    

 

	Negative
    Covenants:	Limited
                                            to the following (to be applicable to the Borrower and its restricted subsidiaries) limitations
                                            on:

                                                    

                                                   a)   the
                                            incurrence of debt, with exceptions including the ability to (i) incur indebtedness
                                            on the terms set forth in the section entitled “Incremental Facilities”, “Refinancing
                                            Facilities” and others to be set forth in the Facilities Documentation, (ii) incur
                                            additional indebtedness pursuant to a general basket in amount not to exceed the greater
                                            of (x) 75% of Closing Date EBITDA and (y) 75% of Consolidated EBITDA for the most
                                            recently ended period of four consecutive fiscal quarters for which financial statements
                                            are available prior to such date of determination, (iii) assume indebtedness in connection
                                            with a Permitted Acquisition or other similar investment not prohibited by the Facilities
                                            Documentation so long as (1) such indebtedness was not incurred in contemplation of
                                            the relevant acquisition or investment, and (2) if such debt is secured, such liens
                                            shall only secure the obligations it secures on the date of such Permitted Acquisition or
                                            similar investment and such liens do not extend to any other property of the Borrower and
                                            its restricted subsidiaries, (iv) incur Attributable Indebtedness (as defined in the
                                            Precedent Credit Agreement) pursuant to a basket in an amount to be mutually agreed, (v) obtain
                                            letters of credit in an amount not to exceed $100 million and (vi) incur indebtedness
                                            in an unlimited amount, so long as, (A) to the extent such indebtedness is secured by
                                            liens on Collateral that are pari passu with the liens securing the Facilities, either
                                            (x) the Borrower is in compliance with a First Lien Leverage Ratio on a pro forma basis
                                            (but without netting the proceeds of such indebtedness), no greater than the Closing Date
                                            First Lien Leverage Ratio or (y) in the case of debt incurred to consummate a Permitted
                                            Acquisition or other similar investment not prohibited by the Facilities Documentation, the
                                            First Lien Leverage Ratio, on a pro forma basis (but without netting the proceeds of such
                                            indebtedness), is no greater than the First Lien Leverage Ratio immediately prior to such
                                            Permitted Acquisition or similar investment, (B) to the extent such indebtedness is
                                            secured by liens on Collateral that are junior to the liens securing the Facilities, either
                                            (x) the Borrower is in compliance with a Secured Leverage Ratio, on a pro forma basis
                                            (but without netting the proceeds of such indebtedness), no greater than 0.50 to 1.00 above
                                            the Secured Leverage Ratio on the Closing Date or (y) in the case of debt incurred to
                                            consummate a Permitted Acquisition or other similar investment not prohibited by the Facilities
                                            Documentation, the Secured Leverage Ratio, on a pro forma basis (but without netting the
                                            proceeds of such indebtedness), is no greater than the Secured Leverage Ratio immediately
                                            prior to such Permitted Acquisition or similar investment or (C) to the extent such
                                            indebtedness is unsecured or secured by assets that do not constitute Collateral, either
                                            (I) the Borrower is in compliance with a Total Leverage Ratio, on a pro forma basis
                                            (but without netting the proceeds of such indebtedness), no greater than 0.50 to 1.00 above
                                            the Total Leverage Ratio on the Closing Date or (II) in the case of debt incurred to
                                            consummate a Permitted Acquisition or other similar investment not prohibited by the Facilities
                                            Documentation, the Total Leverage Ratio, on a pro forma basis (but without netting the proceeds
                                            of such indebtedness), is no greater than the Total Leverage Ratio immediately prior to such
                                            Permitted Acquisition or similar investment (any such indebtedness incurred pursuant to the
                                            foregoing clauses (A), (B) and (C), “Permitted Ratio Debt”);
                                            provided that (i) excluding any term loans under customary bridge facilities
                                            and any Inside Maturity Debt, any such Permitted Ratio Debt does not mature prior to the
                                            date that is 91 days after the maturity date of the Initial TLB Loans, or have a weighted
                                            average life less than the weighted average life of the Initial TLB Loans, plus 91 days,
                                            (ii) any such Permitted Ratio Debt does not have mandatory prepayment, redemption or
                                            offer to purchase events more onerous than those set forth in the applicable Facilities,
                                            (iii) the other terms and conditions of such Permitted Ratio Debt (excluding pricing
                                            and optional prepayment or redemption terms) reflect market terms and conditions at the time
                                            of incurrence or issuance, (iv) if such Permitted Ratio Debt is incurred by a non-Guarantor
                                            subsidiary, the aggregate amount of such Permitted Ratio Debt at any time outstanding shall
                                            not exceed a cap to be set forth in the Facilities Documentation and (v) any Permitted
                                            Ratio Debt that is secured by a lien on the Collateral shall be subject to a customary intercreditor
                                            agreement with the Administrative Agent; provided further that if any such indebtedness
                                            is a term loan that is secured by liens on Collateral that are pari passu with the
                                            liens securing the Facilities (excluding any term loans under customary bridge facilities),
                                            the MFN Protection (if any) shall apply;

 

    	 	B-13	 

     

    

 

	 	b)    liens,
                                            with exceptions including the ability to incur additional liens (i) to secure Permitted
                                            Ratio Debt that is permitted to be secured and subject to entry into a customary intercreditor
                                            agreement to the extent such liens are on Collateral, (ii) pursuant to a general basket
                                            in an amount not to exceed the greater of (x) 50% of Closing Date EBITDA and (y) 50%
                                            of Consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters
                                            for which financial statements are available prior to such date of determination and (iii) on
                                            the terms set forth under “Incremental Facilities” or “Refinancing Facilities”
                                            above; 

                                                                                 

                                                                                c)    fundamental
                                            changes;

                                                                                 

                                                                                d)    asset
                                            sales (including sales of capital stock of restricted subsidiaries) and sale leasebacks (which,
                                            in each case, shall be permitted on the terms set forth in the section entitled “Asset
                                            Sales” hereof);

                                                                                 

                                                                                e)    investments
                                            (which shall be permitted (i) on the terms set forth in the section entitled “General
                                            Restricted Payment Incurrence Test” hereof, (ii) pursuant to an exception permitting
                                            unlimited intercompany investments in restricted subsidiaries subject to a cap to be agreed
                                            on investments in non-Loan Parties (which cap shall not apply to (x) intercompany investments
                                            made and liabilities incurred in the ordinary course of business in connection with cash
                                            management operations of the Borrower or any of its restricted subsidiaries, (y) intercompany
                                            loans, advances or indebtedness having a term not exceeding 364 days or (z) investments
                                            made in connection with the Transactions), (iii) pursuant to “Permitted Tax Restructurings”
                                            consistent with the Precedent Credit Agreement, and (iv) pursuant to a general basket
                                            of an amount not to exceed the greater of (x) 75% of Closing Date EBITDA and (y) 75%
                                            of Consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters
                                            for which financial statements are available prior to such date of determination, and acquisitions
                                            (which shall be permitted on the terms set forth in the section entitled “Permitted
                                            Acquisitions” hereof);

                                                                                 

 

    	 	B-14	 

     

    

 

		f)      dividends
                                            or distributions on, or redemptions of, the Borrower’s equity interests, with exceptions
                                            including (i) loans or advances to officers and directors in an amount not to exceed
                                            the greater of $50 million and a corresponding percentage of Consolidated EBITDA, (ii) customary
                                            permitted tax distributions, (iii) a general basket of an amount not to exceed the greater
                                            of (x) 35% of Closing Date EBITDA and (y) 35% of Consolidated EBITDA for the most
                                            recently ended period of four consecutive fiscal quarters for which financial statements
                                            are available prior to such date of determination, (iii) the dividend or distribution
                                            of equity interests of, or indebtedness owed to the Borrower or a restricted subsidiary by,
                                            an unrestricted subsidiary (or a restricted subsidiary that owns an unrestricted subsidiary
                                            so long as such restricted subsidiary owns no assets other than equity interests of an unrestricted
                                            subsidiary), in each case, so long as the primary assets of such unrestricted subsidiary
                                            are not cash or cash equivalents, (iv) quarterly capital returns in the amount set forth
                                            in the Existing Credit Agreement, (v) a basket of an amount not to exceed the amount
                                            of Balance Sheet Funds (other than the proceeds of the TLA Cash Bridge), and (vi) on
                                            the terms set forth in the section entitled “General Restricted Payment Incurrence
                                            Test” hereof;

     

    g)    prepayments,
purchases or redemptions of subordinated indebtedness (the “Specified Indebtedness”), with exceptions including
(i) a general basket in an amount not to exceed the greater of (x) 35% of Closing Date EBITDA and (y) 35% of Consolidated
EBITDA for the most recently ended period of four consecutive fiscal quarters for which financial statements are available prior to such
date of determination and (ii) on the terms set forth in the section entitled “General Restricted Payment Incurrence Test”
hereof, or amendments of any documentation governing such indebtedness in a manner material and adverse to the Lenders;

     

    h)    clauses restricting distributions from restricted subsidiaries; and

     

    i)      transactions
    with affiliates.

     

    The
    negative covenants will be subject, in the case of each of the foregoing covenants, to exceptions, qualifications and “baskets”
    including (i) fixed dollar baskets and corresponding growth components based on Consolidated EBITDA of the Borrower and its
    restricted subsidiaries) to be set forth in the Facilities Documentation, (ii) an available basket amount (the “Available
    Amount”) (to be defined in the Facilities Documentation but to (x) be based off of 50% of Consolidated Net Income
    (as defined in the Precedent Credit Agreement), which cannot be less than zero in any period (this clause (x), the “Builder
    Basket”) and (y) include an initial amount equal to the greater of (1) 40% of Closing Date EBITDA and (2) 40%
    of Consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters for which financial statements are
    available prior to such date of determination) that may be used for, among other things, indebtedness, investments, restricted payments
    and the prepayment or redemption of Specified Indebtedness, subject, in the case of restricted payments and/or the prepayment or
    redemption of Specified Indebtedness in reliance on the Builder Basket, to the absence of any event of default and ability to incur
    $1.00 of indebtedness under clause (c) of the definition of Permitted Ratio Debt, and (iii) the ability to classify or
    reclassify any transaction (or portion thereof) in the Borrower’s sole discretion among categories at any time and from time
    to time in the event that any lien, investment, indebtedness, restricted payment or disposition meets the criteria of one or more
    of the like categories of transactions then permitted pursuant to the applicable negative covenant under the Facilities Documentation.

 

    	 	B-15	 

     

    

 

	Asset
    Sales:	The
    Borrower or any restricted subsidiary will be permitted to make non-ordinary course asset sales, subject solely to the following
    terms and conditions: (i) such asset sales are for fair market value as reasonably determined by the Borrower or the applicable
    restricted subsidiary in good faith, (ii) the consideration for any such sales in excess of an amount to be set forth in the
    Facilities Documentation is at least 75% cash consideration (including designated non-cash consideration up to an amount to be set
    forth in the Facilities Documentation, with a grower component based on percentage of Consolidated EBITDA) and (iii) the proceeds
    of such asset sales are subject to the terms set forth in the section entitled “Mandatory Prepayments” hereof; provided
    that the Facilities Documentation will include a general basket with respect to dispositions in an amount equal to $900,000,000,
    plus an amount per annum equal to the greater of (x) 10% of Closing Date EBITDA and (y) 10% of Consolidated EBITDA
    for the most recently ended period of four consecutive fiscal quarters for which financial statements are available prior to such
    date of determination (and such general basket will not be subject to any mandatory prepayment requirement).
	General
    Restricted Payment Incurrence Test:	The Facilities
    Documentation shall permit the Borrower and its restricted subsidiaries to make unlimited restricted payments, investments and prepayments
    of Specified Indebtedness so long as at the time of making such restricted payment, investment or prepayment of Specified Indebtedness
    (a) no event of default shall have occurred and be continuing and (b)(i) in the case of investments, the Borrower is in
    compliance on a pro forma basis with the Financial Covenant with respect to the TLA Facilities (as in effect on the Closing Date)
    and (ii) in the case of restricted payments and prepayments of Specified Indebtedness, the Total Leverage Ratio of the Borrower
    on a pro forma basis shall be no greater than 0.50 to 1.00 below the Total Leverage Ratio on the Closing Date.
	Permitted
    Acquisitions:	The Borrower
    or any restricted subsidiary will be permitted to make acquisitions of entities that become restricted subsidiaries or assets that
    are acquired by the Borrower or a restricted subsidiary (each, a “Permitted Acquisition”), subject solely
    to the following terms and conditions: (i) except with respect to any Limited Condition Transaction to the extent provided below,
    there is no default or event of default immediately before and immediately after giving pro forma effect to such acquisition, (ii) after
    giving effect thereto, the Borrower is in compliance with the permitted lines of business covenant and (iii) solely to the extent
    required by, and subject to the limitations set forth in, “Guarantees” and “Security” above, the acquired
    company and its subsidiaries will become Guarantors and pledge their Collateral to the Administrative Agent.

 

    	 	B-16	 

     

    

 

	Financial
    Covenant:	Solely
                                            with respect to the TLA Facilities:

     

    A
    maximum Total Leverage Ratio set at 6.00:1.00 for the period beginning on the Closing Date until the date that is 12 months following
    the Closing Date. From the date that is 12 months following the Closing Date, a maximum Total Leverage Ratio set at 5.75:1.00 stepping
    down to 5.25:1.00 on the date that is 24 months following the Closing Date; provided that, after 24 months following the Closing
    Date, the Total Leverage Ratio will increase to 5.75:1.00 for the four fiscal quarters following a Material Acquisition (as defined
    in the Existing Credit Agreement) (the “Financial Covenant”).

	Events
    of Default:	Subject
    to the Documentation Principles, the same as the Events of Default (as defined in the Precedent Credit Agreement) set forth in Section 8.01
    of the Precedent Credit Agreement (to be applicable to Borrower and its restricted subsidiaries).  The “Threshold
    Amount” (as defined in the Precedent Credit Agreement) shall be equal to $400 million.
	Voting:	Subject
    to the Documentation Principles, the same as, at the option of the Borrower, the Existing Credit Agreement or Precedent Credit Agreement
    (including, without limitation, as set forth in Section 10.01 of the Precedent Credit Agreement); provided that only the majority
    TLA Lenders can exercise remedies and/or vote in respect of the Financial Covenant.
	Cost
    and Yield Protection:	Subject
    to the Documentation Principles, the same as the Precedent Credit Agreement.
	Assignments
    and Participations:	Subject
    to the Documentation Principles, the same as the Precedent Credit Agreement, provided that prior to the expiry of the Certain Funds
    Period, such provisions shall be consistent with the Interim Facilities Agreement.
	Expenses
    and Indemnification:	Subject
    to the Documentation Principles, the same as the expense reimbursement and indemnification provisions set forth in the Precedent
    Credit Agreement (including, without limitation, as set forth in Sections 10.04 and 10.05 of the Precedent Credit Agreement).
	Governing
    Law and Forum:	New York.
	Counsel
    to the Administrative Agent and the Arrangers:	Cahill
    Gordon & Reindel LLP.

 

    	 	B-17	 

     

    

 

	Interest Rates:	The interest
    rates under the TLB Facility will be as follows:
	 	 
	 	At the option of the
    Borrower, the Benchmark Rate plus 2.00% or ABR plus 1.00%.
	 	 
	 	The
                                     interest rates under the TLA Facilities shall accrue in a manner consistent with the Existing Credit
                                     Agreement, except as set forth below (including, without limitation, that the benchmark rate applicable
                                     thereto shall be the Benchmark Rate (as defined below)).

     

    The
    Borrower may elect interest periods of 1, 3 or 6 months (or, if agreed by all relevant Lenders, 12 months) for LIBOR borrowings.

	 	 
	 	Calculation of interest
    shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR
    loans).
	 	 
	 	Interest shall be
    payable in arrears (a) for loans accruing interest at a rate based on LIBOR, at the end of each interest period and, for interest
    periods of greater than 3 months, every three months, and on the applicable maturity date and (b) for loans accruing interest
    based on the ABR, quarterly in arrears and on the applicable maturity date.
	 	 
	 	“ABR”
    is the Alternate Base Rate, which is the highest of (i) the Bank of America prime rate, (ii) the Federal Funds Effective
    Rate plus 1/2 of 1.00% and (iii) the Benchmark Rate plus 1.00% plus the applicable interest margin.
	 	 
	 	“Benchmark
                                     Rate” means (i) if the Closing Date occurs on or prior to December 31, 2021,
                                     LIBOR, (ii) if the Closing Date occurs thereafter, SOFR, BSBY or another benchmark replacement
                                     to be mutually agreed or (iii) solely with respect to Loans in Sterling, SONIA, on terms consistent
                                     with the Interim Facilities Agreement.

     

    The
    Benchmark Rate will be subject to a floor of 0.00% per annum.

     

    The
    interest rates under the TLA Facilities will be the same as in the Existing Credit Agreement.

	 	 
	Letter
    of Credit Fee:	Same
    as the Existing Credit Agreement.

 

    Annex I to Exhibit B-1

     

    

 

Exhibit C

 

EXECUTION
VERSION

 

Date:
10 August 2021

 

	INTERIM
    FACILITIES AGREEMENT

     

	Nortonlifelock
    Inc.

    (as
    the Borrower)

     

    arranged
    by

     

	BofA
    Securities, Inc. and

    Wells Fargo Securities, LLC

    (as Arrangers)

     

    with

     

    BANK
    OF AMERICA, N.A.,

    (as
    Issuing Bank)

     

    BANK
    OF AMERICA, N.A.,

    (as
    Interim Facility Agent)

     

    and

     

    BANK
    OF AMERICA, N.A.,

    (as
Interim Security Agent)

 

KIRKLAND
 & ELLIS INTERNATIONAL LLP

30
St. Mary Axe

London EC3A 8AF

Tel: +44 (0)20 7469 2000

Fax: +44 (0)20 7469 2001

www.kirkland.com

 

    

    

    

 

Table
of Contents

 

Page

 

	1.	Interpretation	1
	2.	The Interim Facilities - Availability	1
	3.	The Making of the Interim Utilisations	3
	4.	Obligors' Agent	5
	5.	Nature of an Interim Finance Party's Rights and Obligations	6
	6.	Utilisation	7
	7.	Repayment and Prepayment	9
	8.	Interest	11
	9.	Taxes	15
	10.	Increased Costs	24
	11.	Payments	27
	12.	Fees and Expenses	30
	13.	Indemnities	32
	14.	Security and Guarantee	35
	15.	Agents and Arrangers	39
	16.	Pro Rata Payments	47
	17.	Set-Off	48
	18.	Notices	49
	19.	Confidentiality	51
	20.	Know Your Customer Requirements	52
	21.	Representations, Undertakings and Events of Default	52
	22.	Changes to Parties	54
	23.	Impairment and Replacement of Interim Finance Parties	61
	24.	Conduct of Business by the Interim Finance Parties	61
	25.	Amendments and Waivers	61
	26.	Miscellaneous	63
	27.	Governing Law	64
	28.	Jurisdiction	64

	SCHEDULE 1 Definitions and Interpretation	68
	SCHEDULE 2 Form of Drawdown Request	96
	SCHEDULE 3 Conditions Precedent	98
	SCHEDULE 4 Guarantee and Indemnity	100
	SCHEDULE 5 Major Representations, Undertakings and Events of Default	104
	SCHEDULE 6 Impairment and Replacement of Interim Finance Parties	114
	SCHEDULE 7 Form of Transfer Certificate	127
	SCHEDULE 8 Form of Assignment Agreement	130
	SCHEDULE 9 Bank Guarantees	133
	SCHEDULE 10 Form of Bank Guarantee	141
	SCHEDULE 11 The Original Interim Lenders	144

 

	 	i	 

    	 

    	 

    

 

THIS
AGREEMENT is made on 10 August 2021 between:

 

		(1)	NORTONLIFELOCK
                                            INC., a Delaware corporation with registered number 2158113 (the Borrower
                                            and the Guarantor);

 

		(2)	BofA
                                            Securities, Inc. and
                                            Wells Fargo Securities, LLC as arrangers
                                            (the Arrangers);

 

		(3)	THE
                                            FINANCIAL INSTITUTIONS listed in Schedule 11 (The Original Interim Lenders) as
                                            lenders (the Original Interim Lenders);

 

		(4)	BANK
                                            OF AMERICA, N.A., as issuing bank (the Issuing Bank);

 

		(5)	BANK
                                            OF AMERICA, N.A., as agent of the other Interim Finance Parties (the Interim Facility
                                            Agent); and

 

		(6)	BANK
                                            OF AMERICA, N.A., as security agent for the Interim Finance Parties (the Interim
                                            Security Agent).

 

		1.	Interpretation

 

Terms
defined in Schedule 1 (Definitions and Interpretation) to this Agreement have the same meanings when used in this Agreement. Each
Schedule to this Agreement forms part of the terms of this Agreement.

 

		2.	The
                                            Interim Facilities - Availability

 

		2.1	The
                                            Interim Facilities

 

		(a)	Subject
                                            to the terms of this Agreement, the Interim Lenders make available to the Borrower:

 

		(i)	an
                                            interim term loan facility in an aggregate amount equal to the Total Interim Facility A1
                                            Commitments (Interim Facility A1) available to be utilised in US Dollars;

 

		(ii)	an
                                            interim term loan facility in an aggregate amount equal to the Total Interim Facility A2
                                            Commitments (Interim Facility A2) available to be utilised in US Dollars;

 

		(iii)	an
                                            interim term loan facility in an aggregate amount equal to the Total Interim Facility B Commitments
                                            (Interim Facility B and together with Interim Facility A1 and Interim Facility
                                            A2, the Interim Term Facilities) available to be utilised in US Dollars; and

 

		(iv)	an
                                            interim multi-currency revolving facility in an aggregate amount equal to the Total Interim
                                            Revolving Facility Commitments (the Interim Revolving Facility and together
                                            with the Interim Term Facilities, the Interim Facilities) available to be utilised
                                            in US Dollars, Sterling and any other currency agreed between the Obligors' Agent and the
                                            Interim Facility Agent (acting on the instructions of the Interim Lenders under the Interim
                                            Revolving Facility).

 

    	 	1	 

     

    

 

		2.2	Availability
                                            Periods

 

		(a)	The
                                            undrawn Interim Commitments of each Interim Lender under Interim Facility A1 will be automatically
                                            cancelled at 11:59 p.m. in New York on the last day of the Certain Funds Period.

 

		(b)	The
                                            undrawn Interim Commitments of each Interim Lender under Interim Facility A2 will be automatically
                                            cancelled at 11:59 p.m. in New York on the last day of the Certain Funds Period.

 

		(c)	The
                                            undrawn Interim Commitments of each Interim Lender under Interim Facility B will be automatically
                                            cancelled at 11:59 p.m. in New York on the last day of the Certain Funds Period.

 

		(d)	The
                                            undrawn Interim Commitments of each Interim Lender under the Interim Revolving Facility will
                                            be automatically cancelled at 11:59 p.m. in New York on the earlier to occur of:

 

		(i)	the
                                            last day of the Interim Revolving Facility Availability Period; and

 

		(ii)	if
                                            the Interim Closing Date has not occurred on or prior to the last day of the Certain Funds
                                            Period, the last day of the Certain Funds Period.

 

		2.3	Voluntary
                                            Cancellation

 

The
Borrower (or the Obligors' Agent on its behalf) may, by two (2) Business Days' prior written notice to the Interim Facility Agent,
at any time cancel any undrawn amount of any Interim Facility. Any cancellation shall reduce the Commitments of the Interim Lenders rateably
under the relevant Interim Facility.

 

		2.4	Cancellation
                                            on Availability of Long-term Financing Arrangements

 

		(a)	The
                                            undrawn Interim Term Facility Commitments of each Interim Lender will be automatically cancelled
                                            on the date on which the TLA Facilities (for this purpose, other than the Revolving Facility
                                            comprising part of such TLA Facilities) and the TLB Facility have funded in an aggregate
                                            principal amount of no less than the Total Interim Term Facility Commitments.

 

		(b)	The
                                            undrawn Interim Revolving Facility Commitments of each Interim Lender will be automatically
                                            cancelled on the date on which the TLB Facility has funded in an aggregate principal amount
                                            of no less than the Total Interim Facility B Commitments and the Revolving Facility has become
                                            available to the Borrower in an aggregate principal amount of no less than the Total Interim
                                            Revolving Facility Commitments.

 

		(c)	For
                                            the purpose of this Clause 2.4, TLA Facilities, TLB Facility
                                            and Revolving Facility shall have the meaning given to such terms in the Commitment
                                            Letter.

 

    	 	2	 

     

    

 

		3.	The
                                            Making of the Interim Utilisations

 

		3.1	Conditions
                                            Precedent

 

		(a)	The
                                            obligations of each Interim Lender to participate in each Interim Utilisation are subject
                                            only to the conditions precedent that on the date on which that Interim Utilisation is to
                                            be made:

 

		(i)	the
                                            Interim Facility Agent has received (or acting at the direction of the Majority Interim Lenders
                                            waived the requirement to receive) all of the documents and evidence referred to in Schedule
                                            3 (Conditions Precedent), where required, in form and substance satisfactory to it
                                            (acting reasonably or, as applicable, on the instructions of the Majority Interim Lenders
                                            (each acting reasonably));

 

		(ii)	no
                                            Major Event of Default is continuing; and

 

		(iii)	it
                                            has not, since the date on which such Interim Lender first became a Party, become illegal
                                            for such Interim Lender to make, or to allow to remain outstanding, that Interim Utilisation,
                                            provided that such Interim Lender has notified the Obligors’ Agent immediately upon
                                            becoming aware of the relevant issue in accordance with Clause 10.3 (Illegality),
                                            and provided further that such illegality alone will not excuse any other Interim Lender
                                            from participating in the relevant Interim Utilisation and will not in any way affect the
                                            obligations of any other Interim Lender.

 

		(b)	The
                                            Interim Facility Agent shall notify the Obligors' Agent and the Interim Lenders promptly
                                            upon being satisfied that the conditions described in paragraph (a)(i) above have been
                                            received by it or waived. The Interim Lenders authorise (but do not require) the Interim
                                            Facility Agent to give that notification.

 

		3.2	Certain
                                            Funds Period

 

Notwithstanding
any other provision of any Interim Finance Document, during the Certain Funds Period none of the Interim Finance Parties shall:

 

		(a)	refuse
                                            to participate in or make available any Interim Utilisation, provided that the condition
                                            in paragraph (a)(i) of Clause 3.1 (Conditions Precedent) above has been satisfied
                                            or waived in accordance with Clause 3.1 (Conditions Precedent);

 

		(b)	be
                                            entitled to take any action or exercise any right to rescind, terminate or cancel this Agreement
                                            (or any provision hereof or obligation hereunder) or any Interim Utilisation or Interim Commitment;

 

		(c)	exercise
                                            any right of set-off or counterclaim in respect of any Interim Utilisation or Interim Commitment;

 

		(d)	accelerate
                                            any Interim Utilisation or otherwise demand or require repayment or prepayment of any sum
                                            from (or take any other action against) any Obligor;

 

    	 	3	 

     

    

 

		(e)	enforce
                                            (or instruct the Interim Security Agent to enforce) any Security Interest granted by or over
                                            any member of the Group; or

 

		(f)	take
                                            any other action, exercise any right or make or enforce any claim which would directly or
                                            indirectly prevent any Interim Utilisation from being made,

 

unless
at any time any of the conditions in paragraphs (a)(ii) and (a)(iii) (inclusive) of Clause 3.1 (Conditions Precedent)
above are not satisfied (which, in respect of paragraph (a)(iii) of Clause 3.1 (Conditions Precedent) above, shall allow
the relevant Interim Lender to take such action in respect of itself only and shall not permit any other Interim Finance Parties to take
such action), provided that, immediately upon the expiry of the Certain Funds Period, all such rights, remedies and entitlements
shall be available to the Interim Finance Parties, notwithstanding that they may not have been used or been available for use during
the Certain Funds Period.

 

		3.3	Purpose

 

		(a)	The
                                            proceeds of each Interim Term Facility Loan, are to be applied, in or towards, directly or
                                            indirectly, to finance or refinance (i) Acquisition Costs, general corporate purposes
                                            (including buybacks of equity interests and/or restricted payments in an amount not to exceed
                                            Balance Sheet Funds (as defined in the Commitment Letter) (other than such funds that are
                                            proceeds of Interim Facility A1)) and/or replace cash on the balance sheet and (ii) the
                                            Amber Refinancing and/or replace cash on the balance sheet.

 

		(b)	The
                                            proceeds of each Interim Revolving Facility Loan, are to be applied, in or towards, directly
                                            or indirectly, to finance or refinance (i) Acquisition Costs, general corporate purposes
                                            (including buybacks of equity interests and/or restricted payments in an amount not to exceed
                                            Balance Sheet Funds (as defined in the Commitment Letter) (other than such funds that are
                                            proceeds of Interim Facility A1)) and/or replace cash on the balance sheet and (ii) the
                                            Amber Refinancing and/or replace cash on the balance sheet.

 

		(c)	The
                                            Interim Revolving Facility will be made available on the Interim Closing Date (i) to
                                            fund a portion of the Acquisition Costs, (ii) to fund upfront fees and original issue
                                            discount imposed pursuant to the flex provisions of the Fee Letter, and (iii) to fund
                                            working capital and replace borrowings under the Existing Credit Agreement (as defined in
                                            the Commitment Letter), provided that the amount available on the Interim Closing Date for
                                            sub-paragraph (c)(i) shall not exceed $75 million in aggregate. Additionally, letters
                                            of credit may be issued on the Interim Closing Date in order to, among other things, backstop
                                            or replace letters of credit outstanding on the Interim Closing Date under facilities no
                                            longer available to the Target or its respective subsidiaries as of the Interim Closing Date.

 

		3.4	Bank
                                            Guarantees

 

The
Interim Revolving Facility shall also be available for utilisation by way of Bank Guarantees. The provisions of Schedule 9 (Bank Guarantees)
shall form part of this Agreement and bind each Party.

 

    	 	4	 

     

    

 

		3.5	Override

 

Notwithstanding
any other term of this Agreement or any other Interim Finance Document, none of:

 

		(a)	the
                                            steps or events set out in, or reorganisations specified in or expressly contemplated by,
                                            the Transaction Documents (or, in each case, the actions or intermediate steps necessary
                                            to implement any of those steps, actions or events); and

 

		(b)	any
                                            Permitted Transaction,

 

in
any case, shall constitute, or result in, a breach of any representation, warranty, undertaking or other term of the Interim Finance
Documents or a Default or a Major Event of Default, actual or potential, and each such event shall be expressly permitted under the terms
of the Interim Finance Documents, including the use of the proceeds of any Interim Utilisation for any purpose set out in the Funds Flow
Statement.

 

		4.	Obligors'
                                            Agent

 

		(a)	Each
                                            Obligor, by its execution of this Agreement, irrevocably (to the extent permitted by law)
                                            appoints the Obligors' Agent to act severally on its behalf as its agent in relation to the
                                            Interim Finance Documents and irrevocably (to the extent permitted by law) authorises:

 

		(i)	the
                                            Obligors' Agent on its behalf to supply all information concerning itself contemplated by
                                            the Interim Finance Documents to the Interim Finance Parties and to give and receive all
                                            notices, instructions and other communications under the Interim Finance Documents (including,
                                            where relevant, Drawdown Requests) and to make such agreements and to effect the relevant
                                            amendments, supplements and variations capable of being given, made or effected by any Obligor
                                            notwithstanding that they may affect the Obligor, without further reference to or the consent
                                            of that Obligor (including, by increasing the obligations of such Obligor howsoever fundamentally,
                                            whether by increasing the liabilities, guaranteed or otherwise); and

 

		(ii)	each
                                            Interim Finance Party to give any notice, demand or other communication to that Obligor pursuant
                                            to the Interim Finance Documents to the Obligors' Agent,

 

and
in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including any Drawdown Requests)
or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or
other communication and each Interim Finance Party may rely on any action taken by the Obligors' Agent on behalf of that Obligor.

 

		(b)	Every
                                            act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation,
                                            notice or other communication given or made by the Obligors' Agent or given to the Obligors'
                                            Agent under any Interim Finance Document on behalf of another Obligor or in connection with
                                            any Interim Finance Document (whether or not known to any other Obligor and whether occurring
                                            before or after such other Obligor became an Obligor under any Interim Finance Document)
                                            shall be binding for all purposes on that Obligor as if that Obligor had expressly made,
                                            given or concurred with it (to the extent permitted by law). In the event of any conflict
                                            between any notices or other communications of the Obligors' Agent and any other Obligor,
                                            those of the Obligors' Agent shall prevail.

 

    	 	5	 

     

    

 

		(c)	If
                                            (notwithstanding the fact that the guarantees granted under Schedule 4 (Guarantee and
                                            Indemnity) are and the Interim Security is, intended to guarantee and secure, respectively,
                                            all obligations arising under the Interim Finance Documents), any guarantee or Interim Security
                                            does not automatically extend from time to time to any (however fundamental and of whatsoever
                                            nature and whether or not more onerous) variation, increase, extension or addition of or
                                            to any of the Interim Finance Documents and/or any facility or amount made available under
                                            any of the Interim Finance Documents, each Obligor expressly confirms that the Obligors'
                                            Agent is authorised to confirm such guarantee and/or Interim Security on behalf of such Obligor.

 

		(d)	For
                                            the purpose of this Clause 4, each Obligor other than the Obligors' Agent (to the extent
                                            necessary under applicable law) shall grant a specific power of attorney (notarised and apostilled)
                                            to the Obligors' Agent and comply with any necessary formalities in connection therewith.

 

		5.	Nature
                                            of an Interim Finance Party's Rights and Obligations

 

		(a)	No
                                            Interim Finance Party is bound to monitor or verify any Interim Utilisation of an Interim
                                            Facility nor be responsible for the consequences of such Interim Utilisation.

 

		(b)	The
                                            obligations of each Interim Finance Party under the Interim Finance Documents are several.

 

		(c)	Failure
                                            by an Interim Finance Party to perform its obligations does not affect the obligations of
                                            any other Party under the Interim Finance Documents.

 

		(d)	No
                                            Interim Finance Party is responsible for the obligations of any other Interim Finance Party
                                            under the Interim Finance Documents.

 

		(e)	The
                                            rights of each Interim Finance Party under the Interim Finance Documents are separate and
                                            independent rights.

 

		(f)	An
                                            Interim Finance Party may, except as otherwise stated in the Interim Finance Documents, separately
                                            enforce its rights under the Interim Finance Documents.

 

		(g)	A
                                            debt arising under the Interim Finance Documents to an Interim Finance Party is a separate
                                            and independent debt.

 

    	 	6	 

     

    

 

		(h)	Each
                                            Interim Lender will promptly notify the Obligors' Agent if it becomes aware of any matter
                                            or circumstance which would entitle it not to advance or participate in any Interim Utilisation.

 

		6.	Utilisation

 

		6.1	Giving
                                            of Drawdown Requests

 

		(a)	The
                                            Borrower may borrow an Interim Loan by giving to the Interim Facility Agent a duly completed
                                            Drawdown Request. A Drawdown Request is, once given, irrevocable.

 

		(b)	The
                                            latest time for receipt by the Interim Facility Agent of a duly completed Drawdown Request
                                            is 11.00 a.m. (New York time) on the date falling:

 

		(i)	in
                                            respect of euros, Sterling and US Dollars, one (1) Business Day before the proposed
                                            Drawdown Date; and

 

		(ii)	in
                                            respect of any other currency agreed between the Obligors' Agent and the Interim Facility
                                            Agent (acting on the instructions of the Interim Lenders), two (2) Business Days before
                                            the proposed Drawdown Date,

 

or,
in each case, such later time and/or date as agreed by the Interim Facility Agent.

 

		(c)	Interim
                                            Facility A1 may be drawn during the Certain Funds Period.

 

		(d)	The
                                            Borrower may only draw fifteen (15) Interim Facility A Loans under Interim Facility A1.

 

		(e)	Interim
                                            Facility A2 may be drawn during the Certain Funds Period.

 

		(f)	The
                                            Borrower may only draw fifteen (15) Interim Facility A Loans under Interim Facility A2.

 

		(g)	Interim
                                            Facility B may be drawn during the Certain Funds Period.

 

		(h)	The
                                            Borrower may only draw fifteen (15) Interim Facility B Loans under Interim Facility B.

 

		(i)	The
                                            Interim Revolving Facility may be drawn during the Interim Revolving Facility Availability
                                            Period.

 

		(j)	No
                                            more than twenty (20) Interim Revolving Facility Loans may be outstanding at any time.

 

    	 	7	 

     

    

 

		6.2	Completion
                                            of Drawdown Requests

 

A
Drawdown Request for an Interim Loan will not be regarded as having been duly completed unless:

 

		(a)	in
                                            the case of an Interim Term Facility Loan:

 

		(i)	the
                                            Drawdown Date is a Business Day within the Certain Funds Period; and

 

		(ii)	the
                                            amount of the Interim Term Facility Loan does not exceed the Total Interim Commitments in
                                            respect of that Interim Term Facility;

 

		(b)	in
                                            the case of an Interim Revolving Facility Loan:

 

		(i)	the
                                            Drawdown Date is a Business Day within the Interim Revolving Facility Availability Period;
                                            and

 

		(ii)	the
                                            Base Currency Amount of the Interim Revolving Facility Loan requested (when aggregated with
                                            the Base Currency Amount of any other Interim Revolving Facility Utilisations made or due
                                            to be made on or before the proposed Drawdown Date but excluding any part of any Interim
                                            Revolving Facility Utilisation prepaid or due to be prepaid on or before the proposed Drawdown
                                            Date) does not exceed the Total Interim Revolving Facility Commitments; and

 

		(c)	the
                                            currency of the Interim Loan complies with paragraph (e) of Clause 6.3 (Advance of
                                            Interim Loans) and the proposed Interest Period complies with paragraph (b) of Clause
                                            8.2 (Payment of interest).

 

		6.3	Advance
                                            of Interim Loans

 

		(a)	The
                                            Interim Facility Agent must promptly notify each Interim Lender of the details of the requested
                                            Interim Loan and the amount of its share in that Interim Loan.

 

		(b)	Each
                                            Interim Lender will participate in each Interim Utilisation in the proportion which its Interim
                                            Commitment under the applicable Interim Facility bears to the Total Interim Commitments under
                                            that Interim Facility, immediately before the making of that Interim Utilisation.

 

		(c)	No
                                            Interim Lender is obliged to participate in any Interim Term Facility Loan if as a result
                                            the Base Currency Amount of its share in that Interim Term Facility would exceed its Interim
                                            Commitments under that Interim Term Facility.

 

		(d)	No
                                            Interim Lender is obliged to participate in any Interim Revolving Facility Utilisation if
                                            as a result the Base Currency Amount of its share in the outstanding Interim Revolving Facility
                                            Utilisations (other than to the extent due to be repaid or prepaid on or before the proposed
                                            Drawdown Date) would exceed its applicable Interim Revolving Facility Commitments.

 

		(e)	Each
                                            Interim Loan may only be denominated in the currency or currencies in which the applicable
                                            Interim Facility is stated to be available under Clause 2.1 (The Interim Facilities)
                                            above, unless otherwise agreed in writing by all the Interim Lenders under the applicable
                                            Interim Facility.

 

		(f)	If
                                            the applicable conditions set out in this Agreement have been met, each Interim Lender shall
                                            make its participation in each Interim Loan available to the Interim Facility Agent for the
                                            account of the Borrower by the Drawdown Date through its Facility Office.

 

    	 	8	 

     

    

 

		7.	Repayment
                                            and Prepayment

 

		7.1	Repayment

 

		(a)	The
                                            Borrower must repay all outstanding Interim Utilisations (together with all interest and
                                            all other unpaid amounts accrued or outstanding under or in connection with the Interim Finance
                                            Documents) on the earliest to occur of:

 

		(i)	the
                                            date which falls ninety (90) days after the Interim Closing Date (the Final Repayment
                                            Date) or, in respect of Interim Facility A1, the date which falls sixty (60) days
                                            after the Interim Closing Date;

 

		(ii)	the
                                            date of receipt by the Borrower of a written demand (an Acceleration Notice)
                                            from the Interim Facility Agent (acting on the instructions of the Majority Interim Lenders)
                                            following the occurrence of a Major Event of Default which is continuing requiring immediate
                                            prepayment and cancellation in full of the Interim Facilities; or

 

		(iii)	the
                                            date of receipt by the Borrower or any Group Company of the proceeds from the first utilisation
                                            made under the equivalent Long-term Financing Agreement (free of any escrow or similar arrangements),
                                            to the extent of such proceeds.

 

		(b)	In
                                            addition and subject to paragraph (h) below, the Borrower must repay each outstanding
                                            Interim Revolving Facility Loan made to it on the last day of its Interest Period.

 

		(c)	If
                                            an Interim Utilisation is, or is declared to be, due and payable, all interest and all other
                                            amounts accrued or outstanding in respect of that Interim Utilisation shall be immediately
                                            due and payable.

 

		(d)	If
                                            an Interim Utilisation is, or is declared to be, due and payable on demand, all interest
                                            and all other amounts accrued or outstanding in respect of that Interim Utilisation shall
                                            be immediately due and payable on demand by the Interim Facility Agent on the instructions
                                            of the Majority Interim Lenders.

 

		(e)	If
                                            an Interim Utilisation is, or is declared to be, due and payable, the Interim Facility Agent
                                            may, and shall if so directed by the Majority Interim Lenders, by notice to the Obligors'
                                            Agent, exercise or direct the Interim Security Agent to exercise any or all of its rights,
                                            remedies, powers or discretions under the Interim Finance Documents.

 

		(f)	Any
                                            part of the Interim Revolving Facility which is repaid may be redrawn in accordance with
                                            the terms of this Agreement.

 

		(g)	Amounts
                                            repaid under the Interim Term Facilities may not be redrawn.

 

    	 	9	 

     

    

 

 

		(h)	Without
                                            prejudice to the Borrower's obligation under paragraph (b) above, if one or more Interim
                                            Revolving Facility Loans are to be made available to the Borrower:

 

		(i)	on
                                            the same day that a maturing Interim Revolving Facility Loan is due to be repaid by the Borrower;

 

		(ii)	in
                                            the same currency as the maturing Interim Revolving Facility Loan; and

 

		(iii)	in
                                            whole or in part for the purpose of refinancing the maturing Interim Revolving Facility Loan,

 

the
aggregate amount of new Interim Revolving Facility Loans shall be treated as if applied in or towards repayment of the maturing Interim
Revolving Facility Loan so that:

 

		(A)	if
                                            the amount of the maturing Interim Revolving Facility Loan exceeds the aggregate amount of
                                            the new Interim Revolving Facility Loans:

 

		(1)	the
                                            Borrower will only be required to pay an amount in cash in the relevant currency equal to
                                            that excess; and

 

		(2)	each
                                            Interim Lender's participation (if any) in the new Interim Revolving Facility Loans shall
                                            be treated as having been made available and applied by the Borrower in or towards repayment
                                            of that Interim Lender's participation (if any) in the maturing Interim Revolving Facility
                                            Loan and that Interim Lender will not be required to make its participation in the new Interim
                                            Revolving Facility Loans available in cash; and

 

		(B)	if
                                            the amount of the maturing Interim Revolving Facility Loan is equal to or less than the aggregate
                                            amount of the new Interim Revolving Facility Loans:

 

		(1)	the
                                            Borrower will not be required to make any payment in cash; and

 

		(2)	each
                                            Interim Lender will be required to make its participation in the new Interim Revolving Facility
                                            Loans available in cash only to the extent that its participation (if any) in the new Interim
                                            Revolving Facility Loans exceeds that Interim Lender's participation (if any) in the maturing
                                            Interim Revolving Facility Loan and the remainder of that Interim Lender's participation
                                            in the new Interim Revolving Facility Loans shall be treated as having been made available
                                            and applied by the Borrower in or towards repayment of that Interim Lender's participation
                                            in the maturing Interim Revolving Facility Loan.

 

    	 	10	 

     

    

 

		7.2	Prepayment

 

		(a)	The
                                            Borrower may prepay the whole or any part of any outstanding Interim Utilisation (including,
                                            for the avoidance of doubt, the whole or any part of any outstanding Interim Utilisation
                                            owed to a particular Interim Lender to the extent provided for by the terms of this Agreement),
                                            together with accrued but unpaid interest, at any time, on giving one (1) Business Day’s
                                            prior notice in writing to the Interim Facility Agent.

 

		(b)	Any
                                            part of the Interim Revolving Facility which is prepaid pursuant to paragraph (a) above
                                            may be redrawn in accordance with the terms of this Agreement.

 

		(c)	Amounts
                                            prepaid under the Interim Term Facilities may not be redrawn.

 

		8.	Interest

 

		8.1	Calculation
                                            of interest

 

The
rate of interest on each Interim Loan for its Interest Period is the percentage rate per annum equal to the aggregate of:

 

		(a)	the
                                            applicable Margin; and

 

		(b)	the
                                            Funding Cost for that Interest Period.

 

		8.2	Payment
                                            of interest

 

		(a)	The
                                            period for which each Interim Loan is outstanding shall be divided into successive interest
                                            periods (each, an Interest Period) (save that for each Interim Revolving Facility
                                            Loan there shall only be one Interest Period), each of which will start on the expiry of
                                            the previous Interest Period or, in the case of the first Interest Period for an Interim
                                            Term Facility Loan (or the Interest Period for each Interim Revolving Facility Loan), on
                                            the relevant Drawdown Date.

 

		(b)	The
                                            Borrower of each Interim Loan shall select an Interest Period of one (1), two (2), three
                                            (3) or four (4) weeks, two (2) months or ninety (90) days (or any other period
                                            agreed with the Interim Facility Agent or, for any RFR Loan, any other period ending on an
                                            RFR Business Day) in each Drawdown Request and (in relation to subsequent Interest Periods
                                            for the Interim Term Facility Loans) thereafter no later than 11.00 a.m. (New York time)
                                            one Business Day prior to the end of the existing Interest Period for the outstanding Interim
                                            Term Facility Loans, provided that in respect of any Adjusted LIBOR Loans, the Borrower may
                                            not select an Interest Period of one (1) week or two (2) months to the extent any
                                            portion of such Interest Period would fall after 31 December 2021.

 

		(c)	If
                                            the Borrower does not select an Interest Period for an Interim Loan, the default Interest
                                            Period shall (subject to paragraph (e) below) be four (4) weeks (or, if earlier,
                                            a period ending on the Final Repayment Date).

 

    	 	11	 

     

    

 

		(d)	The
                                            Borrower must pay accrued interest on each Interim Loan made to it on the last day of each
                                            Interest Period in respect of that Interim Loan and on any date on which that Interim Loan
                                            is repaid or prepaid (or, in respect of any RFR Loan, the later of (i) the last day
                                            of each Interest Period applicable to such Interim Loan and any date on which that Interim
                                            Loan is repaid or prepaid and (ii) the 3rd Business Day after the receipt by the Borrower
                                            of written notice from the Interim Facility Agent delivered pursuant to paragraph (f) below
                                            in respect of the RFR Interest Payment for that RFR Loan).

 

		(e)	Notwithstanding
                                            paragraphs (a), (b) and (c) above, no Interest Period will extend beyond the Final
                                            Repayment Date.

 

		(f)	The
                                            Interim Facility Agent shall promptly upon the amount of any RFR Interest Payment becoming
                                            determinable notify (i) (such notification to be made no later than three applicable
                                            RFR Business Days prior to the due date for such RFR Interest Payment) the Borrower of the
                                            amount of that RFR Interest Payment; (ii) each relevant Interim Lender of the proportion
                                            of that RFR Interest Payment which relates to that Interim Lender’s pro rata share
                                            of the relevant RFR Loan; and (iii) the relevant Interim Lenders and the Borrower of
                                            each applicable rate of interest and the amount of interest for each day relating to the
                                            determination of that RFR Interest Payment (including a breakdown of such rate and amount
                                            of interest as between the Applicable Rate and the Daily Simple RFR for such date and any
                                            other information that the relevant Borrower may reasonably request in relation to the calculation
                                            of such rate and amount or the determination of that RFR Interest Payment). The determination
                                            of the Daily Simple RFR by the Interim Facility Agent shall be conclusive in the absence
                                            of manifest error.

 

		(g)	If
                                            an Interest Period would otherwise end on a day which is not a Business Day, that Interest
                                            Period will instead end on the next Business Day in that calendar month (if there is one)
                                            or the preceding Business Day (if there is not), provided that no Interest Period
                                            will extend beyond the Final Repayment Date.

 

		(h)	If
                                            there is a repayment, prepayment or recovery of all or any part of an Interim Loan other
                                            than on the last day of its Interest Period, the Borrower will pay the Interim Finance Parties
                                            promptly following demand their break costs (if any). The break costs (the Break Costs)
                                            will be the amount by which:

 

		(i)	the
                                            applicable Funding Cost (disregarding for this purpose any interest rate floor) which would
                                            have been payable at the end of the relevant Interest Period on the amount of the Interim
                                            Loan repaid, prepaid or recovered; exceeds

 

		(ii)	if
                                            positive, the amount of interest the Interim Lenders would have received by placing a deposit
                                            equal to the relevant amount with leading banks in the relevant interbank market for a period
                                            starting on the Business Day following receipt and ending on the last day of the relevant
                                            Interest Period.

 

    	 	12	 

     

    

 

		8.3	Interest
                                            on overdue amounts

 

		(a)	If
                                            the Borrower fails to pay when due any amount payable by it under the Interim Finance Documents,
                                            it must immediately on demand by the Interim Facility Agent pay interest on the overdue amount
                                            from its due date up to the date of actual payment, both before, on and after judgment.

 

		(b)	Interest
                                            on an overdue amount is payable at a rate determined by the Interim Facility Agent to be
                                            two (2) per cent. per annum above the rate which would have been payable if the overdue
                                            amount had, during the period of non-payment, constituted part of that Interim Loan.

 

		(c)	Interest
                                            (if unpaid) on an overdue amount will be compounded with that overdue amount on the last
                                            day of each Interest Period (or such duration as selected by the Interim Facility Agent acting
                                            reasonably) to the extent permitted under any applicable law and regulation.

 

		8.4	Interest
                                            calculation

 

		(a)	Interest
                                            shall be paid in the currency of the relevant Interim Loan and shall accrue from day to day
                                            and be calculated on the basis of the actual number of days elapsed and a 360 day year
                                            provided that where the relevant Funding Cost in relation to such Interim Loan
                                            is ABR or Daily Simple RFR, Interest shall be calculated on the basis of the actual
                                            number of days elapsed and a 365/366 day year (or, where practice in the relevant interbank
                                            market differs, in accordance with that market practice).

 

		(b)	The
                                            Interim Facility Agent shall promptly notify each relevant Party of the determination of
                                            a rate of interest under this Agreement.

 

		8.5	Replacement
                                            of Screen Rate

 

		(a)	Subject
                                            to paragraphs (b) and (c) below, any amendment or waiver which relates to providing
                                            for an additional or alternative benchmark rate, base rate or reference rate to apply in
                                            relation to that currency in place of that Screen Rate for an applicable Interim Facility
                                            (including any amendment, replacement or waiver to the definition of "EURIBOR",
                                            "LIBOR" or "Screen Rate", including an alternative or additional
                                            page, service or method for the determination thereof) (or which relates to aligning any
                                            provision of an Interim Finance Document to the use of that other benchmark rate, base rate
                                            or reference rate, including making appropriate adjustments to this Agreement for basis,
                                            duration, time and periodicity for determination of that other benchmark rate, base rate
                                            or reference rate for any Interest Period and making other consequential and/or incidental
                                            changes) (a Benchmark Rate Change) may be made with the consent of the Majority
                                            Interim Lenders participating in the applicable Interim Facility to which that Benchmark
                                            Rate Change shall apply and the Obligors' Agent.

 

		(b)	If
                                            the Obligors’ Agent requests the making of a Benchmark Rate Change, it shall notify
                                            the Interim Facility Agent thereof and if such Benchmark Rate Change cannot be agreed upon
                                            by the date which is five (5) Business Days before the end of the current Interest Period
                                            (or in the case of a new Interim Utilisation, the date which is five (5) Business Days
                                            before the date upon which the Drawdown Request will be served, as notified by the Obligors'
                                            Agent to the Interim Facility Agent), the Screen Rate applicable to any Interim Lender's
                                            share of an Interim Loan shall be replaced by the rate certified to the Interim Facility
                                            Agent by that Interim Lender as soon as practicable (and in any event by the date falling
                                            two (2) Business Days before the date on which interest is due to be paid in respect
                                            of the relevant Interest Period) to be that which expresses as a percentage rate per annum
                                            of the cost to the relevant Interim Lender of funding its participation in that Interim Loan
                                            in the relevant interbank market.

 

    	 	13	 

     

    

 

		(c)	Notwithstanding
                                            the definitions of "EURIBOR", "LIBOR"or "Screen
                                            Rate" in Schedule 1 (Definitions and Interpretation) or any other term of
                                            any Interim Finance Document, the Interim Facility Agent may from time to time (with the
                                            prior written consent of the Obligors' Agent) specify a Benchmark Rate Change for any currency
                                            for the purposes of the Interim Finance Documents, and each Interim Lender authorises the
                                            Interim Facility Agent to make such specification.

 

		8.6	Absence
                                            of quotations

 

If
the Funding Cost is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 12.00 noon
(London time) (or 12.00 noon (Brussels time) in the case of any Interim Loan denominated in euro) on the Rate Fixing Day the applicable
Funding Cost shall be determined on the basis of the quotations of the remaining Reference Banks, subject to Clause 8.7 (Market Disruption
Notice).

 

		8.7	Market
                                            Disruption Notice

 

If,
in relation to any actual or proposed Interim Loan (a Disrupted Loan):

 

		(a)	the
                                            Funding Cost is to be determined by reference to rates supplied by Reference Banks and none
                                            or only one of the Reference Banks supplies a rate by 12.00 noon (London time) (or 12.00
                                            noon Brussels time in the case of any Interim Loan denominated in euro) on the Rate Fixing
                                            Day; or

 

		(b)	before
                                            close of business in London on the Rate Fixing Day for the relevant Interest Period, one
                                            or more Interim Lenders whose participations in that Disrupted Loan equal or exceed in aggregate
                                            fifty (50) per cent. of the amount of that Disrupted Loan notify the Interim Facility Agent
                                            that by reason of circumstances affecting the relevant interbank market generally the cost
                                            to those Interim Lenders of obtaining matching deposits in the relevant interbank market
                                            would be in excess of the Funding Cost,

 

the
Interim Facility Agent will promptly give notice of that event to the Obligors' Agent and the Interim Lenders (a Market Disruption
Notice).

 

		8.8	Proposed
                                            Disrupted Loans

 

If
a Market Disruption Notice is given in respect of a proposed Disrupted Loan, the interest rate applicable on each Interim Lender's participation
in that Disrupted Loan will be the rate certified by that Interim Lender to the Interim Facility Agent no later than five (5) Business
Days after the Rate Fixing Day to be its cost of funds (from any source which it may reasonably select) plus the Margin.

 

    	 	14	 

     

    

 

		9.	Taxes

 

		9.1	Gross-up

 

		(a)	Each
                                            Obligor must make all payments under the Interim Finance Documents without any Tax Deduction,
                                            unless a Tax Deduction is required by law.

 

		(b)	If
                                            the Obligor's Agent or an Interim Lender becomes aware that an Obligor must make a Tax Deduction
                                            (or that there is any change in the rate or the basis of a Tax Deduction), it shall promptly
                                            notify the Interim Facility Agent. Failure to give such notice shall not affect the obligations
                                            of the Obligor under the Interim Finance Documents. If the Interim Facility Agent receives
                                            such notification from an Interim Lender it shall notify the Obligors' Agent and (if different)
                                            the relevant Obligor.

 

		(c)	If
                                            any Tax Deduction is required by law to be made by an Obligor (or by the Interim Facility
                                            Agent on behalf of an Obligor):

 

		(i)	except
                                            as provided in Clause 9.2 (Exceptions from gross-up), the amount of the payment due
                                            from that Obligor will be increased to an amount which (after taking into account any Tax
                                            Deduction) leaves an amount equal to the amount which would have been due if no Tax Deduction
                                            had been required; and

 

		(ii)	the
                                            relevant Obligor will:

 

		(A)	ensure
                                            that the Tax Deduction and any payment required in connection with it does not exceed the
                                            minimum amount required by law;

 

		(B)	make
                                            the Tax Deduction and any payment required in connection with such tax deduction within the
                                            time allowed by law; and

 

		(C)	within
                                            thirty (30) days of making any Tax Deduction or any payment to the relevant Tax authorities
                                            required in connection with it, deliver to the Interim Facility Agent (for the Interim Finance
                                            Party entitled to the payment) evidence satisfactory to that Interim Finance Party (acting
                                            reasonably) that such Tax Deduction has been made or (as applicable) such payment paid to
                                            the appropriate authority.

 

		(d)	Each
                                            Treaty Interim Lender, or Interim Lender that would have been a Treaty Interim Lender but
                                            for such Interim Lender's failure to complete any necessary procedural formalities, upon
                                            reasonable request shall co-operate with each Obligor that makes a payment to that Treaty
                                            Interim Lender in completing any procedural formalities necessary for that Obligor to obtain
                                            authorisation to make a payment either without a Tax Deduction or, where a payment cannot
                                            be made without a Tax Deduction, with a reduced Tax Deduction, and maintain that authorisation
                                            where an authorisation expires or otherwise ceases to have effect.

 

    	 	15	 

     

    

 

		(e)	On
                                            or prior to the date on which an Interim Lender or the Interim Facility Agent becomes a party
                                            to this Agreement (and from time to time thereafter upon the request of the Obligors' Agent
                                            or the Interim Facility Agent, as applicable, or on or before the expiration, obsolescence
                                            or invalidity of any previously delivered US Tax Form), such Interim Lender or Interim Facility
                                            Agent shall provide to the Obligors' Agent, each US Obligor and the Interim Facility Agent,
                                            original, properly completed copies of US Tax Forms. However, no Interim Lender or Interim
                                            Facility Agent shall be required to submit any US Tax Form if that Interim Lender or
                                            Interim Facility Agent (as applicable) is not legally entitled to do so.

 

		(f)	If
                                            any withholding certificate, withholding statement, document, authorisation or waiver provided
                                            to the Interim Facility Agent or an Obligor by an Interim Lender pursuant to paragraph (e) above
                                            is or becomes materially inaccurate or incomplete, that Interim Lender shall promptly update
                                            it and provide such updated withholding certificate, withholding statement, document, authorisation
                                            or waiver to the Interim Facility Agent and the Obligor to the extent such Interim Lender
                                            is legally entitled to do so.

 

		(g)	The
                                            Interim Facility Agent and each US Obligor may rely on any withholding certificate, withholding
                                            statement, document, authorisation or waiver it receives from an Interim Lender pursuant
                                            to paragraph (e) or (f) above without further verification. The Interim Facility
                                            Agent shall not be liable for any action taken by it under or in connection with paragraphs
                                            (e) or (f) above.

 

		9.2	Exceptions
                                            from gross-up

 

No
Obligor is required to make any increased payment to an Interim Lender under Clause 9.1 (Gross-up) by reason of a Tax Deduction
if:

 

		(a)	the
                                            Tax Deduction is the result of Taxes described in paragraph (b)(i) of Clause 9.3 (Tax
                                            indemnity); or

 

		(b)	the
                                            payment is by or in respect of a Non-US Obligor, the Tax Deduction is on account of Tax imposed
                                            by the Tax Jurisdiction of the relevant Non- US Obligor and:

 

		(i)	on
                                            the date the payment falls due the payment could have been made to the relevant Interim Lender
                                            without the Tax Deduction if the Interim Lender had been a Qualifying Non-US Interim Lender,
                                            but on that date that Interim Lender is not or has ceased to be a Qualifying Non-US Interim
                                            Lender (unless that Interim Lender has ceased to be a Qualifying Non-US Interim Lender as
                                            a result of a Change of Law);

 

		(ii)	in
                                            the case of any Interim Lender that is not a Qualifying Non-US Interim Lender (other than
                                            an Interim Lender that ceased to be a Qualifying Non-US Interim Lender as a result of a Change
                                            of Law), such Tax Deduction is attributable to a withholding tax imposed pursuant to a law
                                            that was in effect on the date such Interim Lender became an Interim Lender hereunder or
                                            changed its Facility Office (unless the relevant transfer, assignment or change is (i) pursuant
                                            to Clause 10.2 (Mitigation) or (ii) at the request of the Obligors' Agent under
                                            Part III (Replacement of an Interim Lender / Increase) of Schedule 6 (Impairment
                                            and Replacement of Interim Finance Parties)), except in each case, to the extent that,
                                            pursuant to Clause 9.1, amounts with respect to such Tax Deduction were payable either to
                                            such Interim Lender’s assignor immediately before such Interim Lender became a party
                                            hereto or to such Interim Lender immediately before it changed its Facility Office; or

 

    	 	16	 

     

    

 

		(iii)	the
                                            Obligor making the payment is able to demonstrate such Tax Deduction is the result of, or
                                            has been increased by, that Interim Lender's failure to comply with its obligations under
                                            paragraph (d) of Clause 9.1 (Gross-up).

 

		(c)	the
                                            payment is by or in respect of a US Obligor, the Tax Deduction is on account of US federal
                                            income tax and:

 

		(i)	on
                                            the date the payment falls due the payment could have been made to the relevant Interim Lender
                                            without the Tax Deduction if the Interim Lender had been a Qualifying US Interim Lender,
                                            but on that date that Interim Lender is not or has ceased to be a Qualifying US Interim Lender
                                            (unless that Interim Lender has ceased to be a Qualifying US Interim Lender as a result of
                                            a Change of Law);

 

		(ii)	in
                                            the case of any Interim Lender that is not a Qualifying US Interim Lender (other than an
                                            Interim Lender that ceased to be a Qualifying US Interim Lender as a result of a Change of
                                            Law), such Tax Deduction is attributable to a withholding tax imposed pursuant to a law that
                                            was in effect on the date such Interim Lender became an Interim Lender hereunder or changed
                                            its Facility Office (unless the relevant transfer, assignment or change is (i) pursuant
                                            to Clause 10.2 (Mitigation) or (ii) at the request of the Obligors' Agent under
                                            Part III (Replacement of an Interim Lender / Increase) of Schedule 6 (Impairment
                                            and Replacement of Interim Finance Parties), except in each case, to the extent that,
                                            pursuant to Clause 9.1, amounts with respect to such Tax Deduction were payable either to
                                            such Interim Lender’s assignor immediately before such Interim Lender became a party
                                            hereto or to such Interim Lender immediately before it changed its Facility Office; or

 

		(iii)	the
                                            Obligor making the payment is able to demonstrate such Tax Deduction is the result of, or
                                            has been increased by, that Interim Lender's failure to comply with its obligations under
                                            paragraph (e) and/or (f) of Clause 9.1 (Gross-up).

 

    	 	17	 

     

    

 

		(d)	If,
                                            in relation to Tax imposed by the relevant Obligor's Tax Jurisdiction:

 

		(i)	a
                                            Tax Deduction is required by law in respect of a payment made by or on account of an Obligor
                                            to an Interim Lender under an Interim Finance Document;

 

		(ii)	the
                                            relevant Obligor was unaware, and could not reasonably be expected to have been aware, that
                                            the Tax Deduction was required and as a result does not make the Tax Deduction; and

 

		(iii)	the
                                            applicable Obligor is not required to make an increased payment under 9.1(c) above in
                                            respect of that Tax Deduction,

 

then
the Interim Lender that received the payment in respect of which the Tax Deduction should have been made undertakes as soon as reasonably
practicable to reimburse that Obligor for the amount of the Tax Deduction that should have been made (but, for the avoidance of doubt,
not any penalty or interest payable in connection with any failure to pay or any delay in paying the Tax Deduction to a relevant Tax
Authority) less reasonably incurred costs of reimbursement.

 

		9.3	Tax
                                            indemnity

 

		(a)	The
                                            Obligors' Agent shall (or shall procure that another Group Company will) (within five (5) Business
                                            Days of demand by the Interim Facility Agent) pay to an Interim Finance Party an amount equal
                                            to the loss, liability or cost which that Interim Finance Party determines (acting reasonably
                                            and in good faith) will be or has been (directly or indirectly) suffered for or on account
                                            of Tax by that Interim Finance Party in relation to a payment received or receivable from
                                            an Obligor under an Interim Finance Document.

 

		(b)	Paragraph
                                            (a) above shall not apply:

 

		(i)	to
                                            any Tax assessed on an Interim Finance Party under the law of the jurisdiction (or any political
                                            subdivision thereof) in which:

 

		(A)	that
                                            Interim Finance Party is incorporated or, if different, in which that Interim Finance Party
                                            is treated as resident for tax purposes; or

 

		(B)	that
                                            Interim Finance Party's Facility Office or other permanent establishment is located or otherwise
                                            as a result of a present or former connection of such Interim Finance Party with such jurisdiction
                                            (other than any connection arising solely under this Interim Facility or any transactions
                                            contemplated thereby) in respect of amounts received or receivable under the Interim Finance
                                            Documents in that jurisdiction (or in respect of amounts attributed to the permanent establishment
                                            on the basis that personnel of the Interim Finance Party are undertaking relevant functions
                                            in the jurisdiction where that permanent establishment is located),

 

    	 	18	 

     

    

 

if
that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Interim Finance Party or if that Tax is a franchise Tax, branch profits Tax or similar Tax; or

 

		(ii)	to
                                            the extent a loss or liability:

 

		(A)	is
                                            compensated for by payment of an amount under Clause 9.1 (Gross-up);

 

		(B)	would
                                            have been compensated for by payment of an increased amount under Clause 9.1 (Gross-up)
                                            but was not so compensated solely because one of the exclusions in Clause 9.2 (Exceptions
                                            from gross-up) applied;

 

		(C)	is
                                            compensated for by payment of an amount under Clause 9.6 (Stamp Taxes) or Clause 9.7
                                            (Value added taxes) or would have been compensated for by payment of an increased
                                            amount under such Clauses but was not so compensated solely because one of the exclusions
                                            in such Clauses applied;

 

		(D)	(for
                                            the avoidance of doubt) is suffered or incurred in respect of any Bank Levy (or any payment
                                            attributable to, or liability arising as a consequence of, a Bank Levy); or

 

		(E)	relates
                                            to a FATCA Deduction required to be made by a party.

 

		(c)	An
                                            Interim Finance Party making, or intending to make a claim under paragraph (a) above
                                            shall promptly notify the Obligors' Agent and the Interim Facility Agent of the event which
                                            has given, or will give, rise to the claim.

 

		9.4	Tax
                                            Credit

 

If
an Obligor pays an additional amount under Clause 9.1 (Gross-up) or Clause 9.3 (Tax indemnity) and an Interim Finance Party
determines (acting reasonably and in good faith) that it (or one of its Affiliates) has obtained and utilised a Tax Credit attributable
to that additional amount, then, subject to the penultimate sentence of this Clause 9.4, that Interim Finance Party shall pay to that
Obligor or Group Company (as the case may be) an amount equal to such Tax Credit (but only to the extent of the additional amounts paid
under under Clause 9.1 (Gross-up) or Clause 9.3 (Tax indemnity) with respect to the Taxes giving rise to such Tax Credit
and subject to that penultimate sentence), net of all out-of-pocket expenses (including Taxes) of such Interim Finance Party and its
Affiliates (as applicable) and without interest (other than any interest paid by the relevant governmental authority with respect to
such Tax Credit; provided that, the Obligor, upon the request of such Interim Finance Party, shall repay to such Interim Finance Party
the amount paid over pursuant to this Clause 9.4 (plus any penalties, interest or other charges imposed by the relevant governmental
authority) in the event that such Interim Finance Party (or any of its Affiliates) is required to repay such Tax Credit to such governmental
authority or it otherwise transpires that the interim Finance Party is unable to obtain and utilize the Tax Credit. Notwithstanding anything
to the contrary in this Clause 9.4, in no event will the Interim Finance Party be required to pay any amount to the Obligor pursuant
to this Clause 9.4 the payment of which would place the Interim Finance Party and its Affiliates in a less favorable net after-Tax position
than the Interim Finance Party and its Affiliates would have been in if the Tax subject to indemnification and giving rise to such Tax
Credit 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 Clause 9.4 shall not be construed to require any Interim Finance Party to make available its Tax returns
(or the Tax returns of any Affiliate) (or any other information relating to its or any of its Affiliate's Taxes that it deems confidential)
to the Obligor or any other Person.

 

    	 	19	 

     

    

 

		9.5	Interim
                                            Lender Status Confirmation

 

		(a)	Each
                                            Interim Lender which becomes a Party to this Agreement after the date of this Agreement shall
                                            indicate, in the Transfer Certificate or Assignment Agreement which it executes on becoming
                                            a Party, and for the benefit of the Interim Facility Agent and without liability to any Obligor,
                                            which of the following categories it falls in:

 

		(i)	separately,
                                            in respect of each Non-US Obligor Tax Jurisdiction:

 

		(A)	not
                                            a Qualifying Non-US Interim Lender;

 

		(B)	a
                                            Qualifying Non-US Interim Lender (other than a Treaty Interim Lender); or

 

		(C)	a
                                            Treaty Interim Lender.

 

		(ii)	in
                                            respect of a US Obligor:

 

		(A)	not
                                            a Qualifying US Interim Lender; or

 

		(B)	a
                                            Qualifying US Interim Lender.

 

		(b)	To
                                            the extent that a New Interim Lender fails to indicate its status in accordance with this
                                            Clause 9.5 then such New Interim Lender shall be treated for the purposes of this Agreement
                                            (including by each Obligor) as if it is not:

 

		(i)	a
                                            Qualifying Non-US Interim Lender (in the case of a failure to indicate its status under paragraph
                                            (a)(i), above); or

 

		(ii)	a
                                            Qualifying US Interim Lender (in the case of a failure to indicate its status under paragraph
                                            (a)(ii), above),

 

until
such time as it notifies the Interim Facility Agent which category applies (and the Interim Facility Agent, upon receipt of such notification,
shall inform the Obligors' Agent).

 

		(c)	For
                                            the avoidance of doubt, a Transfer Certificate or Assignment Agreement shall not be invalidated
                                            by any failure of an Interim Lender to comply with this Clause 9.5.

 

    	 	20	 

     

    

 

		9.6	Stamp
                                            Taxes

 

The
Obligors' Agent shall pay (or shall procure that another Group Company pays) within five (5) Business Days of demand and indemnify
each Interim Finance Party against all losses, costs and liabilities which that Interim Finance Party (directly or indirectly) suffers
or incurs in relation to any stamp duty, stamp duty reserve tax, transfer tax, registration or other similar Tax payable in respect of
any Interim Finance Document except for:

 

		(a)	any
                                            such Tax payable in respect of any transfer, assignment, sub-participation or other disposal
                                            of an Interim Finance Party's rights or obligations under an Interim Finance Document,unless
                                            such transfer, assignment, sub-participation or other disposal is (i) pursuant to Clause
                                            10.2 (Mitigation) or (ii) at the request of the Obligors' Agent under Part III
                                            (Replacement of an Interim Lender / Increase) of Schedule 6 (Impairment and Replacement
                                            of Interim Finance Parties) other than such a request in respect of a Defaulting Lender;
                                            or

 

		(b)	any
                                            such Tax to the extent it becomes payable upon a voluntary registration made by any Interim
                                            Finance Party if such registration is not necessary to evidence, prove, maintain, enforce,
                                            compel or otherwise assert the rights of such Interim Finance Party under an Interim Finance
                                            Document.

 

		9.7	Value
                                            added taxes

 

		(a)	All
                                            amounts expressed to be payable under an Interim Finance Document by any party to an Interim
                                            Finance Party which (in whole or in part) constitute the consideration for a supply or supplies
                                            for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply
                                            or supplies and accordingly, subject to paragraph (b) below if VAT is or becomes chargeable
                                            on any supply or supplies made by any Interim Finance Party to any party in connection with
                                            an Interim Finance Document, and such Interim Finance Party is required to account to the
                                            relevant tax authority for the VAT, that party shall pay to the Interim Finance Party (in
                                            addition to and at the same time as paying the consideration for that supply or supplies)
                                            an amount equal to the amount of the VAT (upon such Interim Finance Party providing an appropriate
                                            VAT invoice to such party).

 

		(b)	If
                                            VAT is or becomes chargeable on any supply made by any Interim Finance Party (the Supplier)
                                            to any other Interim Finance Party (the Recipient) under an Interim Finance
                                            Document, and any party other than the Recipient (the Relevant Party) is required
                                            by the terms of any Interim Finance Document to pay an amount equal to the consideration
                                            for that supply to the Supplier (rather than being required to reimburse or indemnify the
                                            Recipient in respect of that consideration):

 

		(i)	(where
                                            the Supplier is the person required to account to the relevant tax authority for the VAT)
                                            the Relevant Party must also pay to the Supplier (at the same time as paying that amount)
                                            an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph
                                            (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment
                                            the Recipient receives from the relevant tax authority which the Recipient reasonably determines
                                            relates to the VAT chargeable on that supply; and

 

    	 	21	 

     

    

 

		(ii)	(where
                                            the Recipient is the person required to account to the relevant tax authority for the VAT)
                                            the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient
                                            an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient
                                            reasonably determines that it is not entitled to credit or repayment from the relevant tax
                                            authority in respect of that VAT.

 

		(c)	Where
                                            an Interim Finance Document requires any party to reimburse or indemnify an Interim Finance
                                            Party for any costs or expenses, that party shall reimburse or indemnify (as the case may
                                            be) the Interim Finance Party against any VAT incurred by the Interim Finance Party in respect
                                            of the costs or expenses, to the extent that the Interim Finance Party reasonably determines
                                            that neither it nor any group of which it is a member for VAT purposes is entitled to credit
                                            or receive repayment in respect of the VAT from the relevant tax authority.

 

		(d)	Any
                                            reference in Clause 9.7 to any party shall, at any time when such party is treated as a member
                                            of a group for VAT purposes, include (where appropriate and unless the context otherwise
                                            requires) a reference to the person who is treated as making the supply or (as appropriate)
                                            receiving the supply under the grouping rules (as provided for in Article 11 of
                                            the Council Directive 2006/112/EC (or as implemented by the relevant member state of the
                                            European Union or any other similar provision in any jurisdiction which is not a member state
                                            of the European Union)) so that a reference to a party shall be construed as a reference
                                            to that party or the relevant group or unity (or fiscal unity) of which that party is a member
                                            for VAT purposes at the relevant time or the relevant member (or head) of that group or unity
                                            (or fiscal unity) at the relevant time (as the case may be).

 

		(e)	In
                                            relation to any supply made by an Interim Finance Party to any party under an Interim Finance
                                            Document, if reasonably requested by such Interim Finance Party, that party must promptly
                                            provide such Interim Finance Party with details of that party's VAT registration and such
                                            other information as is reasonably requested in connection with such Interim Finance Party's
                                            VAT reporting requirements in relation to such supply.

 

		9.8	FATCA
                                            information

 

		(a)	Subject
                                            to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable
                                            request by another Party:

 

		(i)	confirm
                                            to that other Party whether it is:

 

		(A)	a
                                            FATCA Exempt Party; or

 

		(B)	not
                                            a FATCA Exempt Party;

 

    	 	22	 

     

    

 

		(ii)	supply
                                            to that other Party such forms, documentation and other information relating to its status
                                            under FATCA as that other Party reasonably requests for the purposes of that other Party's
                                            compliance with FATCA; and

 

		(iii)	supply
                                            to that other Party such forms, documentation and other information relating to its status
                                            as that other Party reasonably requests for the purposes of that other Party's compliance
                                            with any other law, regulation or exchange of information regime.

 

		(b)	If
                                            a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA
                                            Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA
                                            Exempt Party, that Party shall notify that other Party reasonably promptly.

 

		(c)	Paragraph
                                            (a) above shall not oblige any Interim Finance Party to do anything, and paragraph (a)(iii) above
                                            shall not oblige any other Party to do anything, which would or might in its reasonable opinion
                                            constitute a breach of:

 

		(i)	any
                                            law or regulation;

 

		(ii)	any
                                            fiduciary duty; or

 

		(iii)	any
                                            duty of confidentiality.

 

		(d)	If
                                            a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
                                            or other information requested in accordance with paragraphs (a)(i) or (a)(ii) above
                                            (including, for the avoidance of doubt, where paragraph (c) above applies), then such
                                            Party shall be treated for the purposes of the Interim Finance Documents (and payments under
                                            them) as if it is not a FATCA Exempt Party until such time as the Party in question provides
                                            the requested confirmation, forms, documentation or other information.

 

		9.9	FATCA
                                            Deduction

 

		(a)	Each
                                            Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
                                            in connection with that FATCA Deduction, and no Party shall be required to increase any payment
                                            in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient
                                            of the payment for that FATCA Deduction.

 

		(b)	Each
                                            Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
                                            is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom
                                            it is making the payment and, in addition, shall notify the Obligors' Agent and the Interim
                                            Facility Agent, and the Interim Facility Agent shall notify the other Interim Finance Parties.

 

    	 	23	 

     

    

 

		10.	Increased
                                            Costs

 

		10.1	Increased
                                            Costs

 

		(a)	If
                                            the introduction of, or a change in, or a change in the interpretation, administration or
                                            application of, any law, regulation or treaty occurring after the date on which it becomes
                                            party to this Agreement, or compliance with any law, regulation or treaty made after the
                                            date on which it becomes party to this Agreement, results in any Interim Finance Party (a
                                            Claiming Party) or any Affiliate of it incurring any Increased Cost (as defined
                                            in paragraph (c) below):

 

		(i)	the
                                            Claiming Party will notify the Obligors' Agent and the Interim Facility Agent of the circumstances
                                            giving rise to that Increased Cost as soon as reasonably practicable after becoming aware
                                            of it and will as soon as reasonably practicable provide a certificate confirming the amount
                                            of that Increased Cost with (to the extent available) appropriate supporting evidence; and

 

		(ii)	within
                                            five (5) Business Days of demand by the Claiming Party, the Obligors' Agent will (or
                                            shall procure that another Group Company will) pay to the Claiming Party the amount of any
                                            Increased Cost incurred by it (or any Affiliate of it).

 

		(b)	No
                                            Group Company will be obliged to compensate any Claiming Party under paragraph (a) above
                                            in relation to any Increased Cost:

 

		(i)	to
                                            the extent already compensated for by a payment under Clause 9 (Taxes) (or would have
                                            been so compensated but for an exclusion in Clauses 9.2 (Exceptions from gross-up),
                                            9.3 (Tax indemnity), 9.6 (Stamp Taxes) or 9.7 (Value added taxes));

 

		(ii)	attributable
                                            to the breach by the Claiming Party of any law, regulation or treaty or any Interim Finance
                                            Document;

 

		(iii)	attributable
                                            to a Tax Deduction required by law to be made by an Obligor;

 

		(iv)	attributable
                                            to any penalty having been imposed by the relevant central bank or monetary or fiscal authority
                                            upon the Claiming Party (or any Affiliate of it) by virtue of its having exceeded any country
                                            or sector borrowing limits or breached any directives imposed upon it;

 

    	 	24	 

     

    

 

		(v)	attributable
                                            to the implementation or application of or compliance with the "International Convergence
                                            of Capital Measurement and Capital Standards, a Revised Framework" published by the
                                            Basel Committee on Banking Supervision in June 2004 in the form existing on the date
                                            of this Agreement (but excluding any amendment to Basel II arising out of Basel III (as defined
                                            in paragraph (c)(ii) below)) (Basel II) or any other law or regulation
                                            which implements Basel II (whether such implementation, application or compliance is by a
                                            government, regulator, Interim Finance Party or any of its Affiliates) but excluding
                                            any Increased Cost attributable to Basel III or any other law or regulation which implements
                                            Basel III (in each case, unless an Interim Finance Party was or reasonably should have been
                                            aware of that Increased Cost on the date on which it became an Interim Finance Party under
                                            this Agreement);

 

		(vi)	attributable
                                            to any Bank Levy (or any payment attributable to, or liability arising as a consequence of,
                                            a Bank Levy);

 

		(vii)	attributable
                                            to a FATCA Deduction required to be made by a Party; or

 

		(viii)	not
                                            notified to the Obligors' Agent in accordance with paragraph (a)(i) above.

 

		(c)	In
                                            this Agreement:

 

		(i)	Increased
                                            Cost means:

 

		(A)	an
                                            additional or increased cost;

 

		(B)	a
                                            reduction in any amount due, paid or payable to the Claiming Party under any Interim Finance
                                            Document; or

 

		(C)	a
                                            reduction in the rate of return from an Interim Facility or on the Claiming Party's (or its
                                            Affiliates') overall capital,

 

suffered
or incurred by a Claiming Party (or any Affiliate of it) as a result of it having entered into or performing its obligations under any
Interim Finance Document or making or maintaining its participation in any Interim Loan or Bank Guarantee; and

 

		(ii)	Basel
                                            III means:

 

		(A)	the
                                            agreements on capital requirements, a leverage ratio and liquidity standards contained in
                                            "Basel III: A global regulatory framework for more resilient banks and banking systems",
                                            "Basel III: International framework for liquidity risk measurement, standards and monitoring"
                                            and "Guidance for national authorities operating the countercyclical capital buffer"
                                            published by the Basel Committee on Banking Supervision in December 2010, each as amended,
                                            supplemented or restated;

 

		(B)	the
                                            rules for global systemically important banks contained in "Global systemically
                                            important banks: assessment methodology and the additional loss absorbency requirement Rules text"
                                            published by the Basel Committee on Banking Supervision in November 2011, as amended,
                                            supplemented or restated; and

 

		(C)	any
                                            further guidance or standards published by the Basel Committee on Banking Supervision relating
                                            to Basel III.

 

    	 	25	 

     

    

 

 

		10.2	Mitigation

 

		(a)	If
                                            circumstances arise which entitle an Interim Finance Party:

 

		(i)	to
                                            receive payment of an additional amount under Clause 9 (Taxes);

 

		(ii)	to
                                            demand payment of any amount under Clause 10.1 (Increased Costs); or

 

		(iii)	to
                                            require cancellation or prepayment to it of any amount under Clause 10.3 (Illegality),

 

then
that Interim Finance Party will, in consultation with the Obligors' Agent, take all reasonable steps to mitigate the effect of those
circumstances (including by transferring its rights and obligations under the Interim Finance Documents to an Affiliate or changing its
Facility Office or transferring its Interim Commitments and participation in each Interim Utilisation for cash at par plus all accrued
but unpaid interest thereon to another bank, financial institution or other person nominated for such purpose by the Obligors' Agent).

 

		(b)	No
                                            Interim Finance Party will be obliged to take any such steps or action if to do so is likely
                                            in its opinion (acting in good faith) to be unlawful or to have an adverse effect on its
                                            business, operations or financial condition or breach its banking policies or require it
                                            to disclose any confidential information.

 

		(c)	The
                                            Obligors' Agent shall (or shall procure that another Group Company will), within five (5) Business
                                            Days of demand by the relevant Interim Finance Party, indemnify such Interim Finance Party
                                            for any costs or expenses reasonably incurred by it as a result of taking any steps or action
                                            under this Clause 10.2.

 

		(d)	This
                                            Clause 10.2 does not in any way limit, reduce or qualify the obligations of the Obligors'
                                            Agent under the Interim Finance Documents.

 

		10.3	Illegality

 

If,
after the date of this Agreement, it is unlawful in any applicable jurisdiction for an Interim Finance Party to participate in an Interim
Facility, maintain its Interim Commitment or participation in any Interim Utilisation or perform any of its obligations under any Interim
Finance Documents, then:

 

		(a)	that
                                            Interim Finance Party shall promptly so notify the Interim Facility Agent and the Obligors'
                                            Agent upon becoming aware of that event; and

 

		(b)	following
                                            such notification, the Obligors' Agent shall (or shall procure that a Group Company will)
                                            prepay that Interim Finance Party's participation in all outstandings under the relevant
                                            Interim Facility (together with any related accrued interest) and pay (or procure payment
                                            of) all other amounts due to that Interim Finance Party under the Interim Finance Documents
                                            and that Interim Finance Party's Interim Commitment will be cancelled, in each case, to the
                                            extent necessary to cure the relevant illegality and, on the date specified by that Interim
                                            Finance Party in such notice (being the last Business Day immediately prior to the illegality
                                            taking effect or the latest date otherwise allowed by the relevant law (taking into account
                                            any applicable grace period)) unless otherwise agreed or required by the Obligors’
                                            Agent, provided that on or prior to such date the Obligors' Agent shall have the right
                                            to require that Interim Lender to transfer its Interim Commitments and participation in each
                                            Interim Utilisation to another bank, financial institution or other person nominated for
                                            such purpose by the Obligors' Agent which has agreed to purchase such rights and obligations
                                            at par plus accrued but unpaid interest.

 

    	 	26	 

     

    

 

		11.	Payments

 

		11.1	Place

 

		(a)	Unless
                                            otherwise specified in an Interim Finance Document, on each date on which payment is to be
                                            made by any Party (other than the Interim Facility Agent) under an Interim Finance Document,
                                            such Party shall pay, in the required currency, the amount required to the Interim Facility
                                            Agent, for value on the due date at such time and in such funds as the Interim Facility Agent
                                            may specify to the Party concerned as being customary at that time for settlement of transactions
                                            in the relevant currency in the place of payment. All such payments shall be made to the
                                            account specified by the Interim Facility Agent for that purpose in the principal financial
                                            centre of the country of the relevant currency (or in relation to euro, US Dollars and Sterling,
                                            London).

 

		(b)	Unless
                                            otherwise specified in an Interim Finance Document (including any Drawdown Request), each
                                            payment received by the Interim Facility Agent under the Interim Finance Documents for another
                                            Party shall, subject to paragraphs (c) and (d) below and to Clause 11.3 (Assumed
                                            receipt), be made available by the Interim Facility Agent as soon as practicable after
                                            receipt to the Party entitled to receive payment in accordance with this Agreement (in the
                                            case of an Interim Lender, for the account of its Facility Office), to such account as that
                                            Party may notify to the Interim Facility Agent by not less than five (5) Business Days'
                                            notice with a bank in the principal financial centre of the country of that currency (or
                                            in relation to euro, US Dollars and Sterling, London).

 

		(c)	The
                                            Interim Facility Agent may with the consent of the Obligors' Agent (or in accordance with
                                            Clause 17 (Set-Off)) apply any amount received by it for the Borrower in or towards
                                            payment (as soon as practicable after receipt) of any amount then due and payable by that
                                            Borrower under the Interim Finance Documents or in or towards purchase of any amount of any
                                            currency to be so applied.

 

		(d)	Each
                                            Agent may deduct from any amount received by it for another Party any amount due to such
                                            Agent from that other Party but unpaid and apply the amount deducted in payment of the unpaid
                                            debt owed to it.

 

		11.2	Currency
                                            of payment

 

		(a)	Subject
                                            to paragraphs (b) to (e) (inclusive) below, US Dollars is the currency of account
                                            and payment of any sum due from an Obligor under any Interim Finance Documents shall be made
                                            in US Dollars.

 

    	 	27	 

     

    

 

		(b)	Each
                                            payment in respect of costs, expenses or Taxes shall be made in the currency in which the
                                            costs, expenses or Taxes were incurred.

 

		(c)	Each
                                            repayment of an Interim Utilisation or overdue amount or payment of interest thereon shall
                                            be made in the currency of the Interim Utilisation or overdue amount.

 

		(d)	Each
                                            payment under Clauses 9.1 (Gross-up), 9.3 (Tax indemnity) or 10.1 (Increased
                                            Costs) shall be made in the currency specified by the Interim Finance Party making the
                                            claim (being the currency in which the Tax or losses were incurred).

 

		(e)	Any
                                            amount expressed in the Interim Finance Documents to be payable in a particular currency
                                            shall be paid in that currency.

 

		11.3	Assumed
                                            receipt

 

		(a)	Where
                                            an amount is or is required to be paid to the Interim Facility Agent under any Interim Finance
                                            Document for the account of another person (the Payee), the Interim Facility
                                            Agent is not obliged to pay that amount to the Payee until the Interim Facility Agent is
                                            satisfied that it has actually received that amount.

 

		(b)	If
                                            the Interim Facility Agent nonetheless pays that amount to the Payee (which it may do at
                                            its discretion) and the Interim Facility Agent had not in fact received that amount, then
                                            the Payee will on demand refund that amount to the Interim Facility Agent (together with
                                            interest on that amount at the rate determined by the Interim Facility Agent to be equal
                                            to the cost to the Interim Facility Agent of funding that amount for the period from payment
                                            by the Interim Facility Agent until refund to the Interim Facility Agent of that amount),
                                            provided that no Obligor will have any obligation to refund any such amount received
                                            from the Interim Facility Agent and paid by it (or on its behalf) to any third party for
                                            a purpose set out in Clause 3.3 (Purpose).

 

		11.4	No
                                            set-off or counterclaim

 

All
payments made or to be made by an Obligor under the Interim Finance Documents must be paid in full without (and free and clear of any
deduction for) set-off or counterclaim.

 

		11.5	Business
                                            Days

 

		(a)	If
                                            any payment would otherwise be due under any Interim Finance Document on a day which is not
                                            a Business Day, that payment shall be due on the next Business Day in the same calendar month
                                            (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During
                                            any such extension of the due date for payment of any principal or overdue amount, or any
                                            extension of an Interest Period, interest shall accrue and be payable at the rate payable
                                            on the original due date.

 

    	 	28	 

     

    

 

		11.6	Change
                                            in currency

 

		(a)	Unless
                                            otherwise prohibited by law, if more than one currency or currency unit are at the same time
                                            recognised by the central bank of any country as the lawful currency of that country:

 

		(i)	any
                                            reference in any Interim Finance Document to, and any obligations arising under any Interim
                                            Finance Document in, the currency of that country shall be translated into, and paid in,
                                            the currency or currency unit designated by the Interim Facility Agent (after consultation
                                            with the Obligors' Agent); and

 

		(ii)	any
                                            translation from one currency or currency unit to another shall be at the official rate of
                                            exchange recognised by the central bank of that country for the conversion of that currency
                                            or currency unit into the other, rounded up or down by the Interim Facility Agent (acting
                                            reasonably).

 

		(b)	If
                                            a change in any currency of a country occurs, the Interim Finance Documents will, to the
                                            extent the Interim Facility Agent specifies is necessary (acting reasonably and after consultation
                                            with the Obligors' Agent), be amended to comply with any generally accepted conventions and
                                            market practice in any relevant interbank market and otherwise to reflect the change in currency.
                                            The Interim Facility Agent will notify the other Parties to the relevant Interim Finance
                                            Documents of any such amendment, which shall be binding on all the Parties.

 

		11.7	Application
                                            of proceeds

 

		(a)	If
                                            the Interim Facility Agent receives a payment that is insufficient to discharge all amounts
                                            then due and payable by an Obligor under any Interim Finance Document, the Interim Facility
                                            Agent shall apply that payment towards the obligations of such Obligor under the Interim
                                            Finance Documents in the following order:

 

		(i)	first,
                                            in payment pro rata of any fees, costs and expenses of the Agents and the Arrangers due but
                                            unpaid;

 

		(ii)	second,
                                            in payment pro rata of any fees, costs and expenses of the Interim Lenders, due but unpaid;

 

		(iii)	third,
                                            in payment pro rata of any accrued interest in respect of the Interim Facilities due but
                                            unpaid;

 

		(iv)	fourth,
                                            in payment pro rata of any principal due but unpaid under the Interim Facilities and any
                                            amount due but unpaid under paragraph 7 (Indemnities) of Schedule 9 (Bank Guarantees);

 

		(v)	fifth,
                                            in payment pro rata of any other amounts due but unpaid under the Interim Finance Documents;
                                            and

 

		(vi)	the
                                            balance, if any, in payment to the relevant Obligor.

 

    	 	29	 

     

    

 

		(b)	The
                                            Interim Facility Agent shall, if directed by all the Interim Lenders, vary the order set
                                            out in sub-paragraphs (a)(ii) to (a)(v) inclusive above;

 

		(c)	Any
                                            such application by the Interim Facility Agent will override any appropriation made by an
                                            Obligor.

 

		(d)	Any
                                            amount recovered under the Interim Security Documents will be paid to the Interim Facility
                                            Agent to be applied as set out in paragraph (a) above.

 

		12.	Fees
                                            and Expenses

 

		12.1	Costs
                                            and expenses

 

The
Obligors' Agent shall (or shall procure that another Group Company will) pay to the Interim Facility Agent, within ten (10) Business
Days of demand, for the account of the Interim Finance Parties the amount of all reasonable costs and expenses (including legal fees
subject to any agreed limits) properly incurred by them or any of their Affiliates in connection with:

 

		(a)	the
                                            negotiation, preparation, printing, execution and perfection of any Interim Finance Document
                                            and other documents contemplated by the Interim Finance Documents executed after the date
                                            of this Agreement; and

 

		(b)	any
                                            amendment, waiver or consent made or granted in connection with the Interim Finance Documents,

 

provided
that if the Interim Facility is not drawn no such costs and expenses will be payable (other than legal costs up to a cap separately
agreed in writing).

 

		12.2	Enforcement
                                            costs

 

The
Obligors' Agent shall (or shall procure that another Group Company will) pay to each Interim Finance Party, within five (5) Business
Days of demand, the amount of all costs and expenses (including legal fees reasonably incurred) properly incurred by it in connection
with the enforcement of, or the preservation of any rights under, any Interim Finance Document and any proceedings instituted by or against
the Interim Security Agent as a consequence of taking or holding the Interim Security or enforcing these rights.

 

		12.3	Amendment
                                            costs

 

The
Obligors' Agent shall (or shall procure that another Group Company will) pay to the Interim Facility Agent, within ten (10) Business
Days of demand, all reasonable costs and expenses (including reasonable legal fees) properly incurred by the Interim Facility Agent or
Interim Security Agent in connection with responding to, evaluating, negotiating or complying with any amendment, waiver or consent requested
or required by the Obligors' Agent, subject always to any limits as agreed between the Obligors' Agent and the Arrangers from time to
time.

 

    	 	30	 

     

    

 

		12.4	Commitment
                                            fee

 

		(a)	The
                                            Borrower shall pay (or procure there is paid) to the Interim Facility Agent (for the account
                                            of each Interim Revolving Facility Lender) a fee in US Dollars computed at the rate of 0.75
                                            per cent. per annum of the average daily unused portion of the Interim Revolving Facility
                                            Commitments of the Interim Revolving Facility Lenders (other than any Interim Revolving Facility
                                            Lender which is a Defaulting Lender) for the period commencing on (and including) the Interim
                                            Closing Date and ending on the last day of the Interim Revolving Facility Availability Period.

 

		(b)	The
                                            accrued commitment fee is payable on the last day of the Interim Revolving Facility Availability
                                            Period and, if cancelled in full, on the cancelled amount of the relevant Interim Revolving
                                            Facility Lender's Interim Revolving Facility Commitment at the time the cancellation is effective.

 

		(c)	No
                                            accrued commitment fee shall be payable if the Interim Closing Date does not occur.

 

		(d)	No
                                            commitment fee is payable to the Interim Facility Agent (for the account of an Interim Revolving
                                            Facility Lender) on any Available Interim Revolving Facility Commitment of that Interim Revolving
                                            Facility Lender for any day on which that Interim Lender is a Defaulting Lender.

 

		12.5	Other
                                            fees

 

The
Borrower shall (or shall procure that another Group Company will) pay the Interim Finance Parties' fees in accordance with the Fee Letter.

 

		12.6	Limitations

 

Notwithstanding
anything to the contrary in any Interim Finance Document (including Clauses 12.1 (Costs and expenses) to 12.5 (Other fees)
above):

 

		(a)	no
                                            fees, costs, expenses or other amount shall be payable by any Group Company to any Interim
                                            Finance Party under any Interim Finance Document if the Interim Closing Date does not occur
                                            (save, in the case of legal fees, as otherwise agreed prior to the date of this Agreement);

 

		(b)	any
                                            demand for reimbursement of costs and expenses incurred by an Interim Finance Party must
                                            be accompanied by reasonable details of the amount demanded (including, at the request of
                                            the Obligors' Agent, hours worked, rates charged and individuals involved); and

 

		(c)	if
                                            an Interim Lender assigns or transfers any of its rights, benefits or obligations under the
                                            Interim Finance Documents, no Group Company shall be required to pay any fees, costs, expenses
                                            or other amounts relating to or arising in connection with that assignment or transfer (including
                                            any stamp duty, transfer or registration Taxes and any amounts relating to the perfection
                                            or amendment of the Interim Security Documents), except where such assignment or transfer
                                            is (i) pursuant to Clause 10.2 (Mitigation) or (ii) at the request of the
                                            Obligors' Agent under Part III (Replacement of an Interim Lender / Increase)
                                            of Schedule 6 (Impairment and Replacement of Interim Finance Parties).

 

    	 	31	 

     

    

 

		13.	Indemnities

 

		13.1	General
                                            indemnity

 

The
Obligors' Agent will (or shall procure that another Group Company will) indemnify each Interim Finance Party within ten (10) Business
Days of demand (which demand must be accompanied by reasonable details and calculations of the amount demanded) against any loss or liability
(not including loss of future Margin and/or profit) which that Interim Finance Party incurs as a result of:

 

		(a)	the
                                            occurrence of any Major Event of Default;

 

		(b)	the
                                            operation of Clause 16 (Pro Rata Payments);

 

		(c)	any
                                            failure by any Obligor to pay any amount due under an Interim Finance Document on its due
                                            date;

 

		(d)	any
                                            Interim Loan not being made for any reason (other than as a result of the fraud, default
                                            or negligence of that Interim Finance Party) on the Drawdown Date specified in the Drawdown
                                            Request requesting that Interim Loan;

 

		(e)	any
                                            Interim Loan or overdue amount under an Interim Finance Document being repaid or prepaid
                                            otherwise than in accordance with a notice of prepayment given by an Obligor or otherwise
                                            than on the last day of the then current Interest Period relating to that Interim Loan or
                                            overdue amount, other than as a result of that Interim Lender failing to advance its participation
                                            pursuant to any Long-term Financing Agreement for the purposes of refinancing the Interim
                                            Facilities; or

 

		(f)	making
                                            arrangements to issue a Bank Guarantee requested by an Obligor in a Bank Guarantee Request
                                            but not issued by reason of the operation of any one or more provisions of this Agreement
                                            (other than by reason of the fraud, default or negligence of that Interim Finance Party),

 

including
any loss on account of funds borrowed, contracted for or utilised to fund any Interim Loan or amount payable under any Interim Finance
Document.

 

		13.2	Currency
                                            indemnity

 

		(a)	If:

 

		(i)	any
                                            amount payable by an Obligor under or in connection with any Interim Finance Document is
                                            received by any Interim Finance Party (or by an Agent on behalf of any Interim Finance Party)
                                            in a currency (the Payment Currency) other than that agreed in the relevant
                                            Interim Finance Document (the Agreed Currency), and the amount produced by
                                            such Interim Finance Party converting the Payment Currency so received into the Agreed Currency
                                            is less than the required amount of the Agreed Currency; or

 

    	 	32	 

     

    

 

		(ii)	any
                                            amount payable by an Obligor under or in connection with any Interim Finance Document has
                                            to be converted from the Agreed Currency into another currency for the purpose of making,
                                            filing, obtaining or enforcing any claim, proof, order or judgment,

 

that
Obligor shall, as an independent obligation, within ten (10) Business Days of demand indemnify the relevant Interim Finance Party
for any loss or liability incurred by it as a result of the conversion, provided that, if the amount produced or payable as a
result of the conversion is greater than the relevant amount due, that Interim Finance Party will promptly refund such excess amount
to the relevant Obligor.

 

		(b)	Any
                                            conversion required will be made at the prevailing rate of exchange on the date and in the
                                            market determined by the relevant Interim Finance Party, acting reasonably, as being most
                                            appropriate for the conversion. The relevant Obligor will also, within ten (10) Business
                                            Days of demand, pay the reasonable costs of the conversion.

 

		(c)	Each
                                            Obligor waives any right it may have in any jurisdiction to pay any amount under any Interim
                                            Finance Document in a currency other than that in which it is expressed to be payable in
                                            that Interim Finance Document.

 

		13.3	Indemnity
                                            to the Interim Facility Agent

 

The
Obligors' Agent shall (or shall procure that another Group Company will) within ten (10) Business Days of demand (which demand must
be accompanied by reasonable details and calculations of the amount demanded), indemnify the Interim Facility Agent against any cost,
loss or liability incurred by the Interim Facility Agent (acting reasonably) as a result of:

 

		(a)	investigating
                                            any event which it reasonably believes is a Major Event of Default (provided that,
                                            if after doing so it is established that such event is not a Major Event of Default, the
                                            cost, loss or liability of investigation shall be for the account of the Interim Lenders);
                                            and

 

		(b)	acting
                                            or relying on any notice, request or instruction which it reasonably believes to be genuine,
                                            correct and appropriately authorised,

 

except
where the cost, loss or liability incurred by the Interim Facility Agent is a result of fraud, wilful misconduct, gross negligence or
default of the Interim Facility Agent.

 

		13.4	Indemnity
                                            to the Interim Security Agent

 

		(a)	The
                                            Obligors' Agent shall (or shall procure that another Group Company will) within ten (10) Business
                                            Days of demand (which demand must be accompanied by reasonable details and calculations of
                                            the amount demanded), indemnify the Interim Security Agent and every Receiver and Delegate
                                            against any cost, loss or liability incurred by the Interim Security Agent, Receiver or Delegate
                                            (acting reasonably) incurred as a result of:

 

		(i)	the
                                            taking, holding, protection or enforcement of the Interim Security;

 

    	 	33	 

     

    

 

		(ii)	the
                                            exercise of any of the rights, powers, discretions and remedies vested in the Interim Security
                                            Agent and each Receiver and Delegate by the Interim Finance Documents or by law; and

 

		(iii)	any
                                            default by any Obligor in the performance of any of the obligations expressed to be assumed
                                            by it in the Interim Finance Documents,

 

except
where, as the case may be, the cost, loss or liability incurred by the Interim Security Agent, Receiver and/or Delegate is a result of
fraud, wilful misconduct, gross negligence or default of the Interim Security Agent, Receiver and/or Delegate.

 

		(b)	The
                                            Interim Security Agent and, to the extent relevant, each other Interim Finance Party may,
                                            in priority to any payment to the Interim Finance Parties, indemnify itself out of the Charged
                                            Property over which it holds Interim Security in respect of, and pay and retain, all sums
                                            necessary to give effect to the indemnity in this Clause 13.4 and shall have a lien on the
                                            Interim Security held by it and the proceeds of the enforcement of the Interim Security held
                                            by it for all moneys payable to it.

 

		13.5	Acquisition
                                            Indemnity for the Interim Security Agent

 

		(a)	The
                                            Obligors' Agent shall (or shall procure that another Group Company will) within ten (10) Business
                                            Days of demand indemnify and hold harmless the Interim Security Agent and any of their respective
                                            Affiliates and any of their directors, officers, agents, advisers and employees (as applicable)
                                            (each an Indemnified Person) against any cost, expense, loss, liability (including,
                                            except as specified below, reasonably incurred legal fees and limited, in the case of legal
                                            fees and expenses, to one counsel to such Indemnified Persons taken as a whole and in the
                                            case of a conflict of interest, one additional counsel to the affected Indemnified Persons
                                            similarly situated, taken as a whole and, if reasonably necessary one local counsel in any
                                            relevant jurisdiction) incurred by or awarded against such Indemnified Person in each case
                                            arising out of or in connection with any action, claim, investigation or proceeding (including
                                            any action, claim, investigation or proceeding to preserve or enforce rights) (collectively,
                                            each a Proceeding), commenced or threatened, relating to this Agreement, the
                                            Interim Facilities or the Acquisition or the use or proposed use of proceeds of the Interim
                                            Facilities (except to the extent such cost, expense, loss or liability resulted from (i) (x) the
                                            willful misconduct, bad faith or gross negligence of such Indemnified Person or any of its
                                            affiliates or related parties (as determined in a final non-appealable judgment in a court
                                            of competent jurisdiction), (y) any material breach of the obligations of such Indemnified
                                            Person or any of its affiliates or related parties under this Agreement (as determined in
                                            a final non-appealable judgment in a court of competent jurisdiction) or (z) any dispute
                                            among Indemnified Persons (or their respective affiliates or related parties) that does not
                                            involve an act or omission by the Borrower or any of its subsidiaries or (ii) they have
                                            resulted from any agreement governing any settlement referred to below by such Indemnified
                                            Person that is effected without your prior written consent (which consent shall not be unreasonably
                                            withheld or delayed).

 

    	 	34	 

     

    

 

		(b)	If
                                            any event occurs in respect of which indemnification may be sought from the Borrower, the
                                            Borrower shall not be liable for any settlement of any Proceedings (or any expenses related
                                            thereto) effected without the Borrower’s consent (which consent shall not be unreasonably
                                            withheld or delayed), but if settled with its written consent or if there is a final non-appealable
                                            judgment against an Indemnified Person in any such Proceedings, the Borrower agrees to indemnify
                                            and hold harmless each Indemnified Person from and against any and all losses, claims, damages,
                                            liabilities and expenses by reason of such settlement or judgment in accordance with the
                                            preceding paragraph).

 

		(c)	The
                                            Indemnified Person shall also be entitled to appoint one primary counsel for all Indemnified
                                            Persons (taken as a whole) in each applicable jurisdiction (and, solely in the case of a
                                            conflict of interest, one additional counsel as necessary to the affected Indemnified Persons
                                            taken as a whole) in respect of any such claim, action or proceeding.

 

		(d)	Neither
                                            (x) any Indemnified Person, nor (y) any member of the Group or any member of the
                                            Target Group (or any of their respective Affiliates or shareholders), shall be liable for
                                            any indirect, special, punitive or consequential losses or damages in connection with its
                                            activities related to the Interim Facilities or the Interim Finance Documents.

 

		14.	Security
                                            and Guarantee

 

		14.1	Responsibility

 

The
Interim Security Agent is not liable or responsible to any other Interim Finance Party for:

 

		(a)	any
                                            failure in perfecting or protecting the Security Interest created by any Interim Security
                                            Document; or

 

		(b)	any
                                            other action taken or not taken by it in connection with an Interim Security Document.

 

		14.2	Possession
                                            of documents

 

The
Interim Security Agent is not obliged to hold in its own possession any Interim Security Document, title deed or other document in connection
with any asset over which a Security Interest is intended to be created by an Interim Security Document. Without prejudice to the above,
the Interim Security Agent may allow any bank providing safe custody services or any professional adviser to the Interim Security Agent
to retain any of those documents in its possession.

 

		14.3	Investments

 

Except
as otherwise provided in any Interim Security Document, all moneys received by the Interim Security Agent under the Interim Finance Documents
may be:

 

		(a)	invested
                                            in the name of, or under the control of, the Interim Security Agent in any investment for
                                            the time being authorised by applicable law for the investment by trustees of trust money
                                            or in any other investments which may be selected by the Interim Security Agent with the
                                            consent of the Majority Interim Lenders; or

 

    	 	35	 

     

    

 

		(b)	placed
                                            on deposit in the name of, or under the control of, the Interim Security Agent at such bank
                                            or institution (including any other Interim Finance Party) and upon such terms as the Interim
                                            Security Agent may think fit.

 

		14.4	Conflict
                                            with Interim Security Documents

 

If
there is any conflict between the provisions of this Agreement and any Interim Security Document with regard to instructions to or other
matters affecting the Interim Security Agent, this Agreement will prevail.

 

		14.5	Enforcement
                                            of Interim Security Documents

 

		(a)	The
                                            Security Interests granted pursuant to the Interim Security Documents may only be enforced
                                            if an Acceleration Notice has been given to an Obligor and remains outstanding.

 

		(b)	If
                                            the Interim Security is being enforced pursuant to paragraph (a) above, the Interim
                                            Security Agent shall enforce the Interim Security in such manner as the Majority Interim
                                            Lenders shall instruct, or, in the absence of any such instructions, as the Interim Security
                                            Agent sees fit.

 

		(c)	Subject
                                            to Clause 15 (Agents and Arrangers), each Interim Finance Party (other than the Interim
                                            Security Agent) agrees not to enforce independently or exercise any rights or powers arising
                                            under an Interim Security Document except through the Interim Security Agent and in accordance
                                            with the Interim Finance Documents.

 

		14.6	Release
                                            of security

 

		(a)	If:

 

		(i)	a
                                            disposal to a person or persons outside the Group of any asset over which a Security Interest
                                            has been created by any Interim Security Document is:

 

		(A)	being
                                            effected at the request of the Majority Interim Lenders in circumstances where any of the
                                            security created by the Interim Security Documents has become enforceable; or

 

		(B)	being
                                            effected by enforcement of the Interim Security Documents; or

 

		(ii)	the
                                            Interim Liabilities are repaid in full,

 

the
Interim Security Agent is irrevocably authorised to execute on behalf of each Interim Finance Party, each Obligor (and at the cost of
the Obligors' Agent) the releases and disposals referred to in paragraph (b) below.

 

    	 	36	 

     

    

 

		(b)	The
                                            releases and other actions referred to in paragraph (a) above are:

 

		(i)	any
                                            release of any Security Interest created by the Interim Security Documents over that asset;
                                            and

 

		(ii)	if
                                            that asset comprises all of the shares in the capital of any Group Company (or any direct
                                            or indirect holding company of any Group Company):

 

		(A)	a
                                            release of that Group Company and its respective Subsidiaries from all present and future
                                            liabilities under the Interim Finance Documents (both actual and contingent and including
                                            any liability to any other Group Company under the Interim Finance Documents by way of contribution
                                            or indemnity) and a release of all Security Interests granted by that Group Company and its
                                            Subsidiaries under the Interim Security Documents; or

 

		(B)	in
                                            respect of a disposal under paragraph (a)(i) above only, a disposal of all or any part
                                            of the present and future liabilities of that Group Company and its respective Subsidiaries
                                            under the Interim Finance Documents (both actual and contingent and including any liability
                                            to any other Group Company under the Interim Finance Documents by way of contribution or
                                            indemnity) owed by that Group Company and its respective Subsidiaries.

 

		(c)	In
                                            the case of paragraph (a) above, the net cash proceeds of the disposal must be applied
                                            in accordance with Clause 11.7 (Application of proceeds).

 

		(d)	If
                                            the Majority Interim Lenders instruct the Interim Security Agent to effect any of the releases
                                            or disposals in circumstances permitted under paragraph (b) above, each Interim Finance
                                            Party, the relevant Obligor must promptly execute (at the cost of the Obligors' Agent) any
                                            document which is reasonably required to achieve that release or disposal. Each Obligor irrevocably
                                            authorises the Interim Security Agent to promptly execute any such document. Any release
                                            will not affect the obligations of any other Group Company under the Interim Finance Documents.

 

		14.7	Application
                                            of Proceeds - Enforcement of Interim Security

 

All
amounts from time to time received or recovered by the Interim Security Agent in connection with the realisation or enforcement of any
Interim Security shall be applied by the Interim Security Agent in the order of priority set out in Clause 11.7 (Application of proceeds).

 

		14.8	Perpetuity
                                            period

 

If
applicable to any trust created in this Agreement, the perpetuity period for that trust is 125 years.

 

		14.9	Parallel
                                            Debt

 

		(a)	Subject
                                            to the limitations set out in each guarantee and notwithstanding any other provision of this
                                            Agreement, each Obligor hereby irrevocably and unconditionally undertakes to pay to the Interim
                                            Security Agent, as creditor in its own right and not as representative or trustee of the
                                            other Interim Finance Parties, sums equal to and in the currency of each amount payable by
                                            that Obligor to each of the other Interim Finance Parties under each of the Interim Finance
                                            Documents as and when that amount falls due for payment under the relevant Interim Finance
                                            Document.

 

    	 	37	 

     

    

 

		(b)	The
                                            Interim Security Agent shall hold the claims against the Obligors under the parallel debt
                                            structure in this Clause 14.9 in accordance with Clause 15.10 (Role of the Interim Security
                                            Agent). The Interim Security Agent shall distribute any amount received under the parallel
                                            debt claims in this Clause 14.9 among the Interim Finance Parties in accordance with the
                                            provisions of this Agreement.

 

		(c)	The
                                            Interim Security Agent shall have its own independent right to demand payment of the amounts
                                            payable by an Obligor under this Clause 14.9, irrespective of any discharge of that Obligor's
                                            obligation to pay those amounts to the other Interim Finance Parties resulting from failure
                                            by them to take appropriate steps, in insolvency proceedings affecting that Obligor, to preserve
                                            their entitlement to be paid those amounts, provided that:

 

		(i)	the
                                            amounts for which each Obligor is liable under its parallel debt:

 

		(A)	shall
                                            be decreased to the extent that its corresponding debt towards an Interim Finance Party has
                                            been irrevocably paid (or, in the case of guarantee obligations, discharged); or

 

		(B)	shall
                                            be increased to the extent that the corresponding debt towards an Interim Finance Party has
                                            been increased;

 

		(ii)	the
                                            corresponding debt of each Obligor shall be decreased to the extent that its parallel debt
                                            has been irrevocably paid (or, in the case of guarantee obligations, discharged); and

 

		(iii)	the
                                            parallel debt of an Obligor shall not exceed its corresponding debt towards the Interim Finance
                                            Parties.

 

		(d)	Any
                                            amount due and payable by an Obligor to the Interim Security Agent under this Clause 14.9
                                            shall be decreased to the extent that the other Interim Finance Parties have received payment
                                            of the corresponding amount under the other provisions of the Interim Finance Documents and
                                            any amount due and payable by an Obligor to the other Interim Finance Parties under those
                                            provisions shall be decreased to the extent that the Interim Security Agent has received
                                            payment of the corresponding amount under this Clause 14.9.

 

The
rights of the Interim Finance Parties (other than the Interim Security Agent) to receive payment of amounts payable by each Obligor under
the Interim Finance Documents are several and are separate and independent from, and without prejudice to, the rights of the Interim
Security Agent to receive payment under this Clause 14.9.

 

    	 	38	 

     

    

 

		14.10	Guarantee
                                            and indemnity

 

The
provisions of Schedule 4 (Guarantee and Indemnity) are incorporated into this Clause 14 by reference.

 

		15.	Agents
                                            and Arrangers

 

		15.1	Appointment
                                            of Agents

 

		(a)	Each
                                            Interim Finance Party (other than the relevant Agent) irrevocably authorises and appoints
                                            each Agent:

 

		(i)	to
                                            act as its agent under and in connection with the Interim Finance Documents (and in the case
                                            of the Interim Security Agent to act as its trustee for the purposes of the Interim Security
                                            Documents) subject to 15.10 (Role of the Interim Security Agent) with respect to the
                                            Interim Security Documents;

 

		(ii)	to
                                            execute and deliver such of the Interim Finance Documents and any other document related
                                            to the Interim Finance Documents as are expressed to be executed by such Agent;

 

		(iii)	to
                                            execute for and on its behalf any and all Interim Security Documents and any other agreements
                                            related to the Interim Security Documents, including the release of the Interim Security
                                            Documents; and

 

		(iv)	to
                                            perform the duties and to exercise the rights, powers and discretions which are specifically
                                            delegated to such Agent by the terms of the Interim Finance Documents, together with all
                                            other incidental rights, powers and discretions.

 

		(b)	Each
                                            Interim Finance Party:

 

		(i)	(other
                                            than the Interim Facility Agent, the Interim Security Agent and the Arrangers) irrevocably
                                            authorises and appoints, severally, each of the Agents and the Arrangers to accept on its
                                            behalf the terms of any reliance, non-reliance, hold harmless or engagement letter relating
                                            to any report, certificate or letter provided by accountants, auditors or other professional
                                            advisers in connection with any of the Interim Finance Documents or any related transactions
                                            and to bind such Interim Finance Party in respect of the addressing or reliance or non-reliance
                                            or limitation of liability of any person under any such report, certificate or letter; and

 

		(ii)	accepts
                                            the terms and any limitation of liability or qualification in the reports or any reliance,
                                            non-reliance, hold harmless or engagement letter entered into by any of the Agents and/or
                                            the Arrangers (whether before or after such Interim Finance Party became party to this Agreement)
                                            in connection with the Interim Finance Documents.

 

    	 	39	 

     

    

 

		(c)	The
                                            relationship between each Agent and the other Interim Finance Parties is that of principal
                                            and agent only. Except as specifically provided in the Interim Finance Documents, no Agent
                                            shall:

 

		(i)	have,
                                            or be deemed to have, any obligations to, or trust or fiduciary relationship with, any other
                                            Party or other person, other than those for which specific provision is made by the Interim
                                            Finance Documents; or

 

		(ii)	be
                                            bound to account to any other Interim Finance Party for any sum or the profit element of
                                            any sum received by it for its own account.

 

		(d)	Neither
                                            Agent is authorised to act on behalf of an Interim Finance Party in any legal or arbitration
                                            proceedings relating to any Interim Finance Document without first obtaining that Interim
                                            Finance Party's consent except in any proceedings for the protection, preservation or enforcement
                                            of any Interim Security Documents otherwise permitted by this Agreement.

 

		15.2	Agents'
                                            duties

 

		(a)	Each
                                            Agent will only have those duties which are expressly specified in the Interim Finance Documents.
                                            The duties of the Agents are solely of a mechanical and administrative nature.

 

		(b)	Each
                                            Agent shall promptly send to each other Interim Finance Party a copy of each notice or document
                                            delivered to that Agent by an Obligor for that Interim Finance Party under any Interim Finance
                                            Document.

 

		(c)	Each
                                            Agent shall, subject to any terms of this Agreement which require the consent of all the
                                            Interim Lenders or of any particular Interim Finance Party:

 

		(i)	act
                                            or refrain from acting in accordance with any instructions from the Majority Interim Lenders
                                            and any such instructions shall be binding on all the Interim Finance Parties; and

 

		(ii)	not
                                            be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
                                            the instructions of the Majority Interim Lenders.

 

		(d)	In
                                            the absence of any such instructions from the Majority Interim Lenders (or if required all
                                            Interim Lenders), each Agent may act or refrain from acting as it considers to be in the
                                            best interests of the Interim Lenders and any such action (or omission) shall be binding
                                            on all Interim Finance Parties.

 

		(e)	The
                                            Interim Facility Agent shall provide to the Borrower (i) within two Business Days of
                                            a request by the Borrower (at any reasonable time, but no more frequently than once per calendar
                                            month), a list (which may be in electronic form) and which shall be conclusive absent manifest
                                            error setting out the names and addresses of the Interim Lenders as at the date of that request,
                                            their respective Commitments (including principal and stated interest) and (ii) as soon
                                            as reasonably practicable following a request by the Borrower (at any reasonable time, but
                                            no more frequently than once per calendar month), any such other information required by
                                            the Borrower so that the Interim Loans shall be considered to be “in registered form”
                                            under Section 5f.103-1(c) of the U.S. Treasury regulations (the “Register”).
                                            For the avoidance of doubt, the Register shall be maintained by the Interim Facility Agent,
                                            acting solely for this purpose as an agent of the Borrower, in a manner such that the Interim
                                            Loans hereunder shall be considered to be “in registered form” under Section 5f.103-1(c) of
                                            the U.S. Treasury regulations.

 

    	 	40	 

     

    

 

		15.3	Agents'
                                            rights

 

Each
Agent may:

 

		(a)	act
                                            under the Interim Finance Documents by or through its personnel, delegates or agents (and
                                            any indemnity given to, or received by, an Agent under this Agreement extends also to its
                                            personnel, delegates or agents who may rely on this provision);

 

		(b)	except
                                            as expressly provided to the contrary in any Interim Finance Document, refrain from exercising
                                            any right, power or discretion vested in it under the Interim Finance Documents until it
                                            has received instructions from the Majority Interim Lenders or, where relevant, all the Interim
                                            Lenders;

 

		(c)	unless
                                            it has received notice to the contrary in accordance with this Agreement, treat the Interim
                                            Lender which makes available any portion of an Interim Loan as the person entitled to repayment
                                            of that portion (and any interest, fees or other amounts in relation thereto);

 

		(d)	notwithstanding
                                            any other term of an Interim Finance Document, refrain from doing anything (including disclosing
                                            any information to any Interim Finance Party or other person) which would or might in its
                                            opinion breach any law, regulation, court judgment or order or any confidentiality obligation,
                                            or otherwise render it liable to any person, and it may do anything which is in its opinion
                                            necessary to comply with any such law, regulation, judgment, order or obligation;

 

		(e)	assume
                                            that no Major Event of Default has occurred, unless it has received notice from another Party
                                            stating that a Major Event of Default has occurred and giving details of such Major Event
                                            of Default;

 

		(f)	refrain
                                            from acting in accordance with the instructions of the Majority Interim Lenders or all the
                                            Interim Lenders until it has been indemnified and/or secured to its satisfaction against
                                            all costs, losses or liabilities (including legal fees and any associated VAT) which it may
                                            sustain or incur as a result of so acting;

 

		(g)	rely
                                            on any notice or document believed by it to be genuine and correct and assume that (i) any
                                            notice or document has been correctly and appropriately authorised and given and (ii) any
                                            notice or request made by the Obligors' Agent is made on behalf of and with the consent and
                                            knowledge of all the Obligors;

 

		(h)	rely
                                            on any statement made by any person regarding any matter which might reasonably be expected
                                            to be within such person's knowledge or power to verify;

 

		(i)	engage,
                                            obtain, rely on and pay for any legal, accounting or other expert advice or services which
                                            may seem necessary to it;

 

    	 	41	 

     

    

 

 

		(j)	at
                                            any time, and it shall if instructed by the Majority Interim Lenders, convene a meeting of
                                            the Interim Lenders;

 

		(k)	accept
                                            without enquiry (and has no obligation to check) any title which any Obligor may have to
                                            any asset intended to be the subject of any Security Interest to be created by the Interim
                                            Security Documents; and

 

		(l)	deposit
                                            any title deeds, transfer documents, share certificates, Interim Security Document or
                                            any other documents in connection with any of the assets charged by the Interim Security
                                            Documents with any bank or financial institution or any company whose business includes undertaking
                                            the safe custody of deeds or documents or with any lawyer or firm of lawyers or other professional
                                            advisers (each, a custodian) and it shall not be responsible or liable for
                                            or be required to insure against any loss incurred in connection with any such deposit or
                                            the misconduct or default of any such custodian and it may pay all amounts required to be
                                            paid on account or in relation to any such deposit.

 

		15.4	Exoneration
                                            of the Arrangers and the Agents

 

Neither
the Arrangers nor the Agents are:

 

		(a)	responsible
                                            for, or responsible for checking, the adequacy, accuracy or completeness of:

 

		(i)	any
                                            representation, warranty, statement or information (written or oral) made in or given in
                                            connection with any report, any Interim Finance Document or any notice or document delivered
                                            in connection with any Interim Finance Document or the transactions contemplated thereby;
                                            or

 

		(ii)	any
                                            notice, accounts or other document delivered under any Interim Finance Document (irrespective
                                            of whether the relevant Agent forwards that notice, those accounts or other documents to
                                            another Party);

 

		(b)	responsible
                                            for the validity, legality, adequacy, accuracy, completeness, enforceability, admissibility
                                            in evidence or performance of any Interim Finance Document or any agreement or document entered
                                            into or delivered in connection therewith;

 

		(c)	under
                                            any obligation or duty either initially or on a continuing basis to provide any Interim Finance
                                            Party with any credit, financial or other information relating to an Obligor or any other
                                            Group Company or any member of the Target Group or any risks arising in connection with any
                                            Interim Finance Document, except as expressly specified in this Agreement;

 

		(d)	obliged
                                            to monitor or enquire as to the occurrence or continuation of a Major Event of Default;

 

		(e)	deemed
                                            to have knowledge of the occurrence of a Major Event of Default unless it has received notice
                                            from another Party stating that a Major Event of Default has occurred and giving details
                                            of such Major Event of Default;

 

    	 	42	 

     

    

 

		(f)	responsible
                                            for any failure of any Party duly and punctually to observe and perform their respective
                                            obligations under any Interim Finance Document;

 

		(g)	responsible
                                            for the consequences of relying on the advice of any professional advisers selected by it
                                            in connection with any Interim Finance Document;

 

		(h)	responsible
                                            for any shortfall which arises on the enforcement or realisation of the Interim Security;

 

		(i)	liable
                                            for acting (or refraining from acting) in what it believes to be in the best interests of
                                            the Interim Finance Parties in circumstances where it has not been given instructions by
                                            the Interim Lenders or the Majority Interim Lenders (as the case may be);

 

		(j)	liable
                                            to any Interim Finance Party for anything done or not done by it under or in connection with
                                            any Interim Finance Document and any other agreement, arrangement or documents entered into,
                                            made or executed in anticipation of, under or in connection with any Interim Finance Document,
                                            save to the extent directly caused by its own fraud, negligence or wilful misconduct; or

 

		(k)	under
                                            any obligation to enquire into or check the title of any Obligor to, or to insure, any assets
                                            or property or any interest therein which is or is purported to be subject to any Security
                                            Interest constituted, created or evidenced by any Interim Security Document.

 

		15.5	The
                                            Arrangers and the Agents individually

 

		(a)	If
                                            it is an Interim Lender, each of the Arrangers and Agents has the same rights and powers
                                            under the Interim Finance Documents as any other Interim Lender and may exercise those rights
                                            and powers as if it were not also acting as an Arranger or an Agent.

 

		(b)	Each
                                            of the Agents and the Arrangers may:

 

		(i)	retain
                                            for its own benefit and without liability to account to any other person any fee, profit
                                            or other amount received by it for its own account under or in connection with the Interim
                                            Finance Documents or any of the activities referred to in paragraph (ii) below; and

 

		(ii)	accept
                                            deposits from, lend money to, provide any advisory, trust or other services to or engage
                                            in any kind of banking or other business with the Obligors' Agent or any other Group Company
                                            (or Affiliate of the Obligors' Agent or any other Group Company) or other Party (and, in
                                            each case, may do so without liability to account to any other person).

 

		(c)	Except
                                            as otherwise expressly provided in this Agreement, no Arranger in its capacity as such has
                                            any obligation or duty of any kind to any other Party under or in connection with any Interim
                                            Finance Document.

 

    	 	43	 

     

    

 

		15.6	Communications
                                            and information

 

		(a)	All
                                            communications to the Obligors' Agent (or any Affiliate of the Obligors' Agent) under or
                                            in connection with the Interim Finance Documents are, unless otherwise specified in the relevant
                                            Interim Finance Document, to be made by or through the Interim Facility Agent. Each Interim
                                            Finance Party will notify the Interim Facility Agent of, and provide the Interim Facility
                                            Agent with a copy of, any communication between that Interim Finance Party and the Obligors'
                                            Agent (or Affiliate of the Obligors' Agent) on any matter concerning the Interim Facility
                                            or the Interim Finance Documents.

 

		(b)	No
                                            Agent will be obliged to transmit to or notify any other Interim Finance Party of any information
                                            relating to any Party which that Agent has or may acquire otherwise than in connection with
                                            the Interim Facility or the Interim Finance Documents.

 

		(c)	In
                                            acting as agent for the Interim Lenders, each Agent's agency division will be treated as
                                            a separate entity from any of its other divisions or department (the Other Divisions).
                                            Any information relating to any Group Company acquired by any of the Other Divisions of an
                                            Agent or which in the opinion of that Agent is acquired by it otherwise than in its capacity
                                            as Agent under the Interim Finance Documents may be treated by it as confidential and will
                                            not be treated as information available to the other Interim Finance Parties.

 

		15.7	Non-reliance

 

		(a)	Each
                                            other Interim Finance Party confirms that it has made (and will continue to make) its own
                                            independent investigation and appraisal of the assets, business, financial condition and
                                            creditworthiness of the Group and the Target Group and of any risks arising under or in connection
                                            with any Interim Finance Document, and has not relied, and will not at any time rely, on
                                            any Arranger or any Agent:

 

		(i)	to
                                            assess the adequacy, accuracy or completeness of any information (whether oral or written)
                                            provided by or on behalf of the Obligors' Agent or any Group Company or any member of the
                                            Target Group under or in connection with any Interim Finance Document (whether or not that
                                            information has been or is at any time circulated to it by an Arranger or an Agent), or any
                                            document delivered pursuant thereto;

 

		(ii)	to
                                            assess whether that Interim Finance Party has recourse, and the nature and extent of that
                                            recourse, against any Party or any of its respective assets under or in connection with any
                                            Interim Finance Document;

 

		(iii)	to
                                            assess the assets, business, financial condition or creditworthiness of an Obligor, any Group
                                            Company, the Target Group or any other person; or

 

		(iv)	to
                                            assess the validity, legality, adequacy, accuracy, completeness, enforceability or admissibility
                                            in evidence of any Transaction Document or any document delivered pursuant thereto.

 

    	 	44	 

     

    

 

		(b)	This
                                            Clause 15.7 is without prejudice to the responsibility of each Obligor for the information
                                            supplied by it or on its behalf under or in connection with the Interim Finance Documents
                                            and each Obligor remains responsible for all such information.

 

		(c)	No
                                            Party (other than the relevant Agent) may take any proceedings against any officer, delegate,
                                            employee or agent of an Agent in respect of any claim it may have against that Agent or in
                                            respect of any act or omission by that officer, delegate, employee or agent in connection
                                            with any Interim Finance Document.

 

		(d)	No
                                            Agent will be liable for any delay (or any related consequences) in crediting an account
                                            with an amount required under the Interim Finance Documents to be paid by that Agent if that
                                            Agent has taken all necessary steps as soon as reasonably practicable to comply with the
                                            regulations or operating procedures of any recognised clearing or settlement system used
                                            by that Agent for that purpose.

 

		15.8	Know
                                            your customer

 

Nothing
in this Agreement shall oblige any Agent or any Arranger to carry out know your customer or other checks in relation to any person on
behalf of any Interim Lender and each Interim Lender confirms to the Agents and the Arrangers that it is solely responsible for any such
checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agents or the Arrangers.

 

		15.9	Agents'
                                            indemnity

 

		(a)	Each
                                            Interim Lender shall on demand indemnify each Agent for its share of any cost, loss or liability
                                            incurred by the relevant Agent in acting, or in connection with its role, as Agent under
                                            the Interim Finance Documents, except to the extent that the cost, loss or liability is incurred
                                            as a result of the relevant Agent's fraud, negligence or wilful misconduct.

 

		(b)	An
                                            Interim Lender's share of any such loss or liability shall be the proportion which:

 

		(i)	that
                                            Interim Lender's participation in the outstanding Interim Loan bears to the outstanding Interim
                                            Loan at the time of demand; or

 

		(ii)	if
                                            there is no outstanding Interim Loan at that time, that Interim Lender's Interim Commitment
                                            bears to the Total Interim Commitments at that time; or

 

		(iii)	if
                                            the Total Interim Commitments have been cancelled, that Interim Lender's Interim Commitment
                                            bore to the Total Interim Commitments immediately before being cancelled.

 

		(c)	The
                                            provisions of this Clause 15.9 are without prejudice to any obligations of an Obligor to
                                            indemnify the Agents under the Interim Finance Documents.

 

    	 	45	 

     

    

 

		15.10	Amounts
                                            paid in error

 

		(a)	If
                                            the Interim Facility Agent pays an amount to another Interim Finance Party and within three
                                            (3) Business Days of the date of payment the Interim Facility Agent notifies that Interim
                                            Finance Party that such payment was an Erroneous Payment then the Interim Finance Party to
                                            whom that amount was paid by the Interim Facility Agent shall on demand refund the same to
                                            the Interim Facility Agent together with interest on that amount from the date of payment
                                            to the date of receipt by the Interim Facility Agent, calculated by the Interim Facility
                                            Agent to reflect its cost of funds.

 

		(b)	Neither:

 

		(i)	the
                                            obligations of any Interim Finance Party to the Interim Facility Agent; nor

 

		(ii)	the
                                            remedies of the Interim Facility Agent,

 

(whether
arising under this Clause 15.10 or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing
which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Interim
Facility Agent or any other Interim Finance Party).

 

		(c)	All
                                            payments to be made by a Interim Finance Party to the Interim Facility Agent (whether made
                                            pursuant to this Clause 15.10 or otherwise) which relate to an Erroneous Payment shall be
                                            calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

 

		(d)	In
                                            this Agreement, Erroneous Payment means a payment of an amount by the Interim
                                            Facility Agent to another Interim Finance Party which the Interim Facility Agent determines
                                            (in its sole discretion) was made in error.

 

		15.11	Role
                                            of the Interim Security Agent

 

		(a)	The
                                            Interim Security Agent declares that it shall hold the Interim Security on trust for itself
                                            and the other Interim Finance Parties on the terms contained in this Agreement and shall
                                            administer the Interim Security Documents for itself and the other Interim Finance Parties
                                            and will apply all payments and other benefits received by it under the Interim Security
                                            Documents in accordance with the Interim Finance Documents.

 

		(b)	Each
                                            of the Parties agrees that the Interim Security Agent shall have only those duties, obligations
                                            and responsibilities expressly specified in this Agreement or in the Interim Security Documents
                                            to which the Interim Security Agent is expressed to be a party (and no others shall be implied).

 

		(c)	Each
                                            Interim Finance Party hereby authorises the Interim Security Agent (whether or not by or
                                            through employees or agents):

 

		(i)	to
                                            exercise such rights, remedies, powers and discretions as are specifically delegated to or
                                            conferred upon the Interim Security Agent under the Interim Security Documents together with
                                            such powers and discretions as are reasonably incidental thereto; and

 

    	 	46	 

     

    

 

		(ii)	to
                                            take such action on its behalf as may from time to time be authorised under or in accordance
                                            with the Interim Security Documents.

 

		(d)	The
                                            Interim Security Agent shall not be liable for any failure, omission or defect in registering,
                                            protecting or perfecting any Security Interest constituted, created or evidenced by any Interim
                                            Security Document.

 

		(e)	The
                                            Interim Security Agent has no duty or obligation to require the deposit with it of, or to
                                            hold, any title deeds, share certificates, transfer documents or other documents in connection
                                            with any asset charged or encumbered or purported to be charged or encumbered under any Interim
                                            Security Document.

 

		(f)	Each
                                            Interim Finance Party confirms its approval of each Interim Security Document and authorises
                                            and directs the Interim Security Agent (by itself or by such person(s) as it may nominate)
                                            to execute and enforce the same as trustee (or agent) or as otherwise provided.

 

		(g)	It
                                            is agreed that, in relation to any jurisdiction the courts of which would not recognise or
                                            give effect to the trust expressed to be created by this Agreement, the relationship of the
                                            Interim Finance Parties to the Interim Security Agent shall be construed as one of principal
                                            and agent but, to the extent permissible under the laws of such jurisdiction, that all the
                                            other provisions of this Agreement shall have full force and effect between the parties hereto.

 

		16.	Pro
                                            Rata Payments

 

		16.1	Recoveries

 

Subject
to Clause 16.3 (Exceptions to sharing), if any amount owing by any Obligor under any Interim Finance Document to an Interim Lender
(the Recovering Interim Lender) is discharged by payment, set-off or any other manner other than through the Interim Facility
Agent in accordance with Clause 11 (Payments) (the amount so discharged being a Recovery), then:

 

		(a)	within
                                            three (3) Business Days of receipt of the Recovery, the Recovering Interim Lender shall
                                            notify details of such Recovery to the Interim Facility Agent;

 

		(b)	the
                                            Interim Facility Agent shall determine whether the amount of the Recovery is in excess of
                                            the amount which such Recovering Interim Lender should have received had such amount been
                                            paid to the Interim Facility Agent under Clause 11 (Payments) without taking account
                                            of any Tax which would have been imposed on the Interim Facility Agent in relation to the
                                            Recovery (any such excess amount being the Excess Recovery);

 

		(c)	within
                                            three (3) Business Days of demand, the Recovering Interim Lender shall pay to the Interim
                                            Facility Agent an amount equal to the Excess Recovery;

 

    	 	47	 

     

    

 

		(d)	the
                                            Interim Facility Agent shall treat that payment as if it was a payment made by the relevant
                                            Obligor to the Interim Lenders under Clause 11 (Payments) and distribute it to the
                                            Interim Lenders (other than the Recovering Interim Lender) accordingly; and

 

		(e)	on
                                            a distribution by the Interim Facility Agent under paragraph (d) above of any payment
                                            received by a Recovering Interim Lender from an Obligor as between the relevant Obligor and
                                            the Recovering Interim Lender, the amount of the Excess Recovery shall be treated as not
                                            having been paid and (without double counting) that Obligor will owe the Recovering Interim
                                            Lender a debt (immediately due and payable) in an amount equal to the Excess Recovery.

 

		16.2	Notification
                                            of Recovery

 

If
any Recovery has to be wholly or partly refunded by the Recovering Interim Lender after it has paid any amount to the Interim Facility
Agent under paragraph (c) of Clause 16.1 (Recoveries), each Interim Lender to which any part of the Excess Recovery (or amount
in respect of it) was distributed will, on request from the Recovering Interim Lender, pay to the Recovering Interim Lender that Interim
Lender's pro rata share of the amount (including any related interest) which has to be refunded by the Recovering Interim Lender.

 

		16.3	Exceptions
                                            to sharing

 

Notwithstanding
Clause 16.1 (Recoveries), no Recovering Interim Lender will be obliged to pay any amount to the Interim Facility Agent or any
other Interim Lender in respect of any Recovery:

 

		(a)	if
                                            it would not (after that payment) have a valid claim against an Obligor under paragraph (e) of
                                            Clause 16.1 (Recoveries) in an amount equal to the Excess Recovery; or

 

		(b)	which
                                            it receives as a result of legal proceedings taken by it to recover any amounts owing to
                                            it under the Interim Finance Documents, which proceedings have been notified to the other
                                            Interim Finance Parties and where the Interim Lender concerned had a right and opportunity
                                            to, but does not, either join in those proceedings or promptly after receiving notice commence
                                            and diligently pursue separate proceedings to enforce its rights in the same or another court.

 

		16.4	No
                                            security

 

The
provisions of this Clause 16 shall not constitute a charge by any Interim Lender over all or any part of any amount received or recovered
by it under any of the circumstances mentioned in this Clause 16.

 

		17.	Set-Off

 

If
a Major Event of Default has occurred and is continuing, an Interim Finance Party may set off any matured obligation (to the extent beneficially
owned by the Interim Finance Party) due and payable by an Obligor to it under an Interim Finance Document against any matured obligation
due and payable by it to that Obligor, regardless of currency, place of payment or booking branch of either obligation. The relevant
Interim Finance Party may convert either obligation at a market rate of exchange in its ordinary course of business in order to effect
such set-off.

 

    	 	48	 

     

    

 

		18.	Notices

 

		18.1	Mode
                                            of service

 

		(a)	Any
                                            notice, demand, consent or other communication (a Notice) made under or in
                                            connection with any Interim Finance Document must be in writing and made by letter, email
                                            or any other electronic communication approved by the Interim Facility Agent or otherwise
                                            permitted pursuant to the terms of this Agreement.

 

		(b)	An
                                            electronic communication will be treated as being in writing for the purposes of this Agreement.

 

		(c)	The
                                            address and email address of each Party (and person for whose attention the Notice is to
                                            be sent) for the purposes of Notices given under or in connection with the Interim Finance
                                            Documents are:

 

		(i)	in
                                            the case of any person which is a Party on the date of this Agreement, the address and email
                                            address set out beneath its name in the signature pages to this Agreement;

 

		(ii)	in
                                            the case of any other Interim Finance Party, the address and email address notified in writing
                                            by that Interim Finance Party for this purpose to the Interim Facility Agent on or before
                                            the date it becomes a Party; or

 

		(iii)	any
                                            other address and/or email address notified in writing by that Party for this purpose to
                                            the Interim Facility Agent (or in the case of the Interim Facility Agent, notified by the
                                            Interim Facility Agent to the other Parties) by not less than five (5) Business Days'
                                            notice.

 

		(d)	Any
                                            Notice given to an Agent will be effective only:

 

		(i)	if
                                            it is marked for the attention of the department or officer specified by that Agent for receipt
                                            of Notices; and

 

		(ii)	subject
                                            to paragraph (b) of Clause 18.2 (Deemed service) below, when actually received
                                            by that Agent.

 

		18.2	Deemed
                                            service

 

		(a)	Subject
                                            to paragraph (b) below, a Notice will be deemed to be given as follows:

 

		(i)	if
                                            by letter or delivered personally, when delivered;

 

		(ii)	if
                                            by email or any other electronic communication, when received in legible form; and

 

		(iii)	if
                                            by posting to an electronic website, at the time of notification to the relevant recipient
                                            of such posting or (if later) the time when the recipient was given access to such website.

 

    	 	49	 

     

    

 

		(b)	A
                                            Notice given in accordance with paragraph (a) above but received on a day that is not
                                            a Business Day or after business hours in the place of receipt will only be deemed to be
                                            given on the next working day in that place.

 

		18.3	Electronic
                                            communication

 

		(a)	Any
                                            communication to be made between the Interim Facility Agent and an Interim Lender under or
                                            in connection with the Interim Finance Documents may be made by unencrypted electronic mail
                                            or other electronic means, if the Interim Facility Agent and the relevant Interim Lender:

 

		(i)	agree
                                            that, unless and until notified to the contrary, this is to be an accepted form of communication;

 

		(ii)	notify
                                            each other in writing of their electronic mail address and/or any other information required
                                            to enable the sending and receipt of information by that means; and

 

		(iii)	notify
                                            each other of any change to their address or any other such information supplied by them.

 

		(b)	Any
                                            electronic communication made between the Interim Facility Agent and an Interim Lender will
                                            be effective only when actually received in readable form and in the case of any electronic
                                            communication made by an Interim Lender to the Interim Facility Agent only if it is addressed
                                            in such a manner as the Interim Facility Agent shall specify for this purpose.

 

		18.4	Language

 

		(a)	Any
                                            Notice must be in English.

 

		(b)	All
                                            other documents provided under or in connection with any Interim Finance Document must be:

 

		(i)	in
                                            English; or

 

		(ii)	if
                                            not in English, accompanied by a certified English translation, in which case, the English
                                            translation will prevail unless the document is a constitutional, statutory or other official
                                            document.

 

		18.5	Personal
                                            liability

 

No
personal liability shall attach to any director, manager, officer, employee or other individual signing a certificate or other document
on behalf of a Group Company which proves to be incorrect in any way, unless that individual acted fraudulently in giving that certificate
or other document, in which case, any liability will be determined in accordance with applicable law.

 

    	 	50	 

     

    

 

		19.	Confidentiality

 

		(a)	Each
                                            Interim Finance Party will keep the Interim Finance Documents and any information supplied
                                            to it by or on behalf of any Group Company under the Interim Finance Documents confidential,
                                            provided that it may disclose any such document or information to any person:

 

		(i)	to
                                            (or through) whom it assigns or transfers (or may potentially assign or transfer) all or
                                            any of its rights and/or obligations under one or more Interim Finance Documents and to any
                                            of that person's Affiliates, related funds, representatives and professional advisers on
                                            a confidential basis (provided that such person has first entered into a Confidentiality
                                            Undertaking agreeing to keep such Interim Finance Document or other document or information
                                            confidential);

 

		(ii)	with
                                            (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
                                            any sub-participation in relation to, or any other transaction under which payments are to
                                            be made or may be made by reference to, one or more Interim Finance Documents and/or one
                                            or more Obligors and to any of that person's Affiliates, related funds, representatives and
                                            professional advisers on a confidential basis (provided that such person has first
                                            entered into a Confidentiality Undertaking agreeing to keep such Interim Finance Document
                                            or other document or information confidential);

 

		(iii)	which
                                            is publicly available (other than by virtue of a breach of this Clause 19);

 

		(iv)	if
                                            and to the extent required by law or regulation or at the request of an administrative authority
                                            (including any tax or bank supervisory authority);

 

		(v)	to
                                            its directors, officers, employees, auditors and professional advisers on a confidential
                                            basis;

 

		(vi)	to
                                            any direct or indirect Holding Company of any Obligor, any Party or any Group Company;

 

		(vii)	to
                                            the extent reasonably necessary in connection with any legal or arbitration proceedings to
                                            which it is a party;

 

		(viii)	for
                                            the purpose of obtaining any consent, making any filing, registration or notarisation or
                                            paying any stamp or registration tax or fee in connection with any of the Interim Finance
                                            Documents;

 

		(ix)	with
                                            the agreement of the Obligors' Agent; or

 

		(x)	to
                                            any Affiliate (and any of their officers, directors, employees, professional advisers, auditors,
                                            partners and representatives) in connection with the transactions contemplated hereby, on
                                            an as needed and confidential basis.

 

		(b)	This
                                            Clause 19 replaces any previous confidentiality undertaking given by any Interim Finance
                                            Party in connection with this Agreement prior to it becoming a Party.

 

    	 	51	 

     

    

 

		(c)	For
                                            reasons of technical practicality, electronic communication may be sent in unencrypted form,
                                            even if the content may be subject to confidentiality and banking secrecy.

 

		20.	Know
                                            Your Customer Requirements

 

If:

 

		(a)	the
                                            introduction of or any change in (or in the interpretation, administration or application
                                            of) any law or regulation made after the date of this Agreement;

 

		(b)	any
                                            change in the status of the Obligors or the composition of the shareholders of the Obligors
                                            after the date of this Agreement; or

 

		(c)	a
                                            proposed assignment or transfer by an Interim Lender of any of its rights and/or obligations
                                            under this Agreement to a party that is not an Interim Lender prior to such assignment or
                                            transfer,

 

obliges
the Interim Facility Agent or any Interim Lender (or, in the case of paragraph (a)(i) of Clause 19 (Confidentiality) above,
any prospective new Interim Lender) to comply with "know your customer" or similar identification procedures in circumstances
where the necessary information is not already available to it, the Obligors must promptly on the request of any Interim Finance Party
supply to that Interim Finance Party any documentation or other evidence which is reasonably requested by that Interim Finance Party
(whether for itself, on behalf of any Interim Finance Party or any prospective new Interim Lender) to enable an Interim Finance Party
or prospective new Interim Lender to complete all applicable know your customer requirements. For the avoidance of doubt, any notification
given by the Interim Facility Agent pursuant to paragraph (b) of Clause 3.1 (Conditions Precedent) shall remain valid and in full
force and effect notwithstanding the occurrence of any of the circumstances in paragraphs (a) to (c) (inclusive).

 

		21.	Representations,
                                            Undertakings and Events of Default

 

		21.1	Representations

 

		(a)	Each
                                            Obligor makes the representations and warranties stated in Part I (Major Representations)
                                            of Schedule 5 (Major Representations, Undertakings and Events of Default) in respect
                                            of itself only to each Interim Finance Party on the date of this Agreement, the date of each
                                            Drawdown Request and the first day of each Interest Period, in each case by reference to
                                            the facts and circumstances existing at the relevant time.

 

		(b)	Each
                                            Obligor acknowledges that each Interim Finance Party is relying on the representations and
                                            warranties made by it.

 

    	 	52	 

     

    

 

		21.2	Undertakings

 

Major
Undertakings:

 

		(a)	Each
                                            Obligor agrees to be bound by the Major Undertakings relating to it set out in Part II
                                            (Major Undertakings) of Schedule 5 (Major Representations, Undertakings and Events
                                            of Default). For the avoidance of doubt, no undertakings other than those which are set
                                            out in Part II (Major Undertakings) of Schedule 5 (Major Representations,
                                            Undertakings and Events of Default) shall constitute a Major Undertaking.

 

Anti-Money
Laundering and Sanctions Undertaking:

 

		(b)	Each
                                            Obligor shall conduct its businesses in compliance with applicable Anti-Corruption Laws,
                                            applicable Anti-Money Laundering Laws and applicable Sanctions.

 

		(c)	Each
                                            Obligor undertakes that it will procure that, so far as it is able, any director, officer,
                                            agent, employee or person acting on behalf of the foregoing, is not a Restricted Person and
                                            does not act directly or indirectly on behalf of a Restricted Person.

 

		(d)	Each
                                            Obligor shall:

 

		(i)	not
                                            directly or, to the best of its knowledge (having made due and careful enquiry), indirectly
                                            use any revenue or benefit derived from any activity or dealing with a Restricted Person
                                            or in a Sanctioned Country in breach of Sanctions to be used in discharging any obligation
                                            due or owing to the Interim Lenders; and

 

		(ii)	to
                                            the extent permitted by law as soon as reasonably practicable after becoming aware of them
                                            supply to the Interim Facility Agent reasonable details of any claim, action, suit, proceedings
                                            or investigation that is formally commenced against it with respect to Sanctions by any Sanctions
                                            Authority.

 

		(e)	Each
                                            Obligor shall not knowingly (acting with due care and enquiry) use, permit or authorise any
                                            other person to, directly or indirectly, use, lend, make payments of, contribute or otherwise
                                            make available, all or any part of the proceeds of the Interim Facility or other transactions
                                            contemplated by this Agreement to fund any trade, business or other activities:

 

		(i)	involving
                                            or for the benefit of any Restricted Person or in any Sanctioned Country in breach of Sanctions;
                                            or

 

		(ii)	in
                                            any other manner, that could reasonably be expected to result in it or any Lender being in
                                            breach of any Sanctions or becoming a Restricted Person;

 

		(iii)	engage
                                            in any transaction, activity or conduct that would violate Sanctions; or

 

		(iv)	directly
                                            or indirectly, use the proceeds of any Interim Loan (or lend, contribute or otherwise make
                                            available such proceeds to any person) in furtherance of an offer, payment, promise to pay,
                                            or authorisation of the payment or giving of, or agreeing to give, money, anything else of
                                            value, or any financial or other advantage or inducement to any person in violation of any
                                            Anti-Corruption Laws.

 

    	 	53	 

     

    

 

Acquisition
Undertakings:

 

		(a)	The
                                            Borrower shall (or shall procure the relevant Acquiring Entity shall) use commercially reasonable
                                            efforts to keep the Interim Facility Agent reasonably informed as to any material developments
                                            in relation to the Scheme or, as applicable, the Offer (in each case, subject to the applicable
                                            legal and regulatory restrictions on disclosure thereof) as the Interim Facility Agent may
                                            reasonably request.

 

		(b)	In
                                            the case of an Offer, where becoming entitled to do so, the
                                            Borrower shall (or shall procure the relevant Acquiring Entity
                                            shall) promptly give notices under Section 979 of the Companies Act 2006 in respect
                                            of the Target Shares and shall promptly (and in any event within the maximum time period
                                            prescribed by such actions) complete a Squeeze-out.

 

		(c)	Subject
                                            always to the Companies Act 2006 and any applicable listing rules, in the case of a Scheme,
                                            within 60 days after the Scheme Effective Date, and in relation to an Offer, within 60 days
                                            after the date upon which the
                                            Borrower (directly or indirectly) owns shares in Target (excluding
                                            any shares held in treasury), which, when aggregated with all other shares in Target owned
                                            directly or indirectly by the Borrower, represent not
                                            less than the Minimum Acceptance Threshold, procure that such action as is necessary is taken
                                            to procure that trading in the shares in Target on the Main Market of the London Stock Exchange
                                            is cancelled and as soon as reasonably practicable thereafter, procure that the Target is
                                            re-registered as a private limited company.

 

		21.3	Events
                                            of Default

 

		(a)	The
                                            Obligors' Agent shall promptly notify the Interim Facility Agent of (i) any Major Event
                                            of Default and (ii) any breach of the undertakings set out under the section titled
                                            “Acquisition Undertakings” in Clause 21.2 (Undertakings) (and, in each
                                            case, the steps, if any, being taken to remedy it) upon becoming aware of its occurrence.

 

		(b)	Promptly
                                            upon a request by the Interim Facility Agent, if the Interim Facility Agent has reasonable
                                            grounds for believing there is an outstanding Major Event of Default, the Obligors’
                                            Agent shall supply to the Interim Facility Agent a certificate signed by an authorised signatory
                                            of the Obligors’ Agent certifying that no Major Event of Default is continuing (or,
                                            if a Major Event of Default is continuing, specifying the Major Event of Default and the
                                            steps, if any, being taken to remedy it).

 

		22.	Changes
                                            to Parties

 

		22.1	No
                                            transfers by the Obligors

 

The
Obligors may not assign, novate or transfer all or any part of their rights and obligations under any Interim Finance Documents.

 

		22.2	Transfers
                                            by Interim Lenders

 

		(a)	Subject
                                            to paragraph (b) and (c) below, an Interim Lender (an Existing Interim Lender)
                                            may assign any of its rights or benefits, or transfer by novation or sub-participate any
                                            of its rights or benefits and obligations under or by reference to any Interim Finance Document
                                            to another bank or financial institution or to a trust, fund or other entity which is regularly
                                            engaged in or established for the purpose of making, purchasing or investing in loans, securities
                                            or other financial assets (a New Interim Lender).

 

    	 	54	 

     

    

 

		(b)	Any
                                            assignment, transfer, sub-participation or other syndication of any rights, benefits and/or
                                            obligations under or by reference to the Interim Finance Documents by an Interim Lender shall:

 

		(i)	on
                                            or prior to the expiry of the Certain Funds Period, require the prior written consent of
                                            the Obligors' Agent (in its sole discretion); and

 

		(ii)	after
                                            the expiry of the Certain Funds Period, require the prior written consent of the Obligors'
                                            Agent (in its sole discretion) unless:

 

		(A)	such
                                            assignment, transfer or sub-participation is to another Interim Lender or an Affiliate of
                                            an Interim Lender, provided that:

 

		(1)	the
                                            Obligors' Agent is informed at least ten (10) Business Days in advance of the proposed
                                            date of such assignment, transfer or sub-participation; and

 

		(2)	solely
                                            in relation to the Interim Revolving Facility, such person is a deposit taking financial
                                            institution which is authorised by a financial services regulator and holds a minimum long
                                            term credit rating equal to or better than BBB or Baa2 (as applicable) according to at least
                                            two of Standard & Poor's Rating Services, Moody's Investor Services Limited and
                                            Fitch Ratings Ltd; or

 

		(B)	a
                                            Major Event of Default has occurred and is continuing provided that, in all
                                            cases (and regardless of whether a Major Event of Default has occurred and is continuing)
                                            no assignment, transfer or sub-participation shall be made to any of the following persons
                                            unless the prior written consent of the Obligors' Agent (in its sole discretion) is obtained:

 

		(1)	an
                                            Industry Competitor or private equity sponsor (but excluding any independent debt fund whose
                                            principal business is investing in debt and which is an affiliate of a private equity sponsor);
                                            or

 

		(2)	any
                                            person that is (or would, upon becoming an Interim Lender, be) a Defaulting Lender,

 

and
further provided that, in all cases (other than where a Major Event of Default under paragraphs 1, 5 and 6 of Part III (Major
Events of Default) of Schedule 5 (Major Representations, Undertakings and Events of Default) has occurred and is continuing)
no assignment, transfer or sub-participation shall be made to a Loan to Own/Distressed Investor unless the prior written consent of the
Obligors' Agent (in its sole discretion) is obtained.

 

    	 	55	 

     

    

 

		(c)	The
                                            Obligors' Agent may require the Interim Finance Parties to provide information in reasonable
                                            detail regarding the identities and participations of each of the Interim Lenders and any
                                            sub-participants as soon as reasonably practicable after receipt of such request.

 

		(d)	Each
                                            New Interim Lender, by executing the relevant Transfer Certificate or Assignment Agreement,
                                            confirms, for the avoidance of doubt, that the Interim Facility Agent has authority to execute
                                            on its behalf any consent, release, waiver or amendment that has been approved by the applicable
                                            Existing Interim Lender in accordance with this Agreement on or prior to the date on which
                                            the transfer or assignment becomes effective in accordance with this Agreement and that it
                                            is bound by that agreement or consent to the same extent as the Existing Interim Lender would
                                            have been had it remained an Interim Lender.

 

		(e)	Notwithstanding
                                            any other provision of this Agreement, no Obligor or other Group Company shall be liable
                                            to any other Party (by way of reimbursement, indemnity or otherwise) for any stamp, transfer
                                            or registration taxes, notarial and security registration or perfection fees, costs or other
                                            amounts payable by any Party in connection with any re-taking, re-notarisation, perfection,
                                            presentation, novation, re-registration of any Interim Security or otherwise in connection
                                            with any assignment, transfer, sub-participation or other back-to-back arrangement (except
                                            where such assignment, transfer, sub-participation or other back-to-back arrangement is at
                                            the request of an Obligor or, in respect of costs and liabilities which an Interim Finance
                                            Party (directly or indirectly) suffers (provided that all such costs and liabilities are
                                            reasonable) in relation to any stamp duty, stamp duty reserve tax, transfer tax, registration
                                            or other similar Tax payable in respect of any Interim Finance Document, as a result of any
                                            action taken pursuant to Clause 10.2 (Mitigation)).

 

		(f)	Notwithstanding
                                            any other provision in this Clause 22, if prior to the end of the Certain Funds Period, an
                                            Existing Interim Lender transfers or assigns any of its rights and obligations under any
                                            Interim Finance Document in accordance with this Clause 22, it shall remain on risk and liable
                                            to fund any amount which any New Interim Lender (or subsequent New Interim Lender), following
                                            such transfer of rights and obligations in accordance with this Clause 22, is obliged to
                                            fund on the Interim Closing Date, but has failed to fund on that date, as if such transfer
                                            never occurred.

 

		(g)	Any
                                            reference in this Agreement to an Interim Lender includes a New Interim Lender but excludes
                                            an Interim Lender if no amount is or may become owed to it under this Agreement.

 

		(h)	Unless
                                            the Interim Facility Agent agrees otherwise and excluding an assignment or transfer:

 

		(i)	to
                                            an Affiliate of an Interim Lender; or

 

    	 	56	 

     

    

 

		(ii)	to
                                            a Related Fund,

 

the
New Interim Lender shall, on or before the date upon which an assignment or transfer to it takes effect pursuant to this Clause 22, pay
to the Interim Facility Agent (for its own account) a fee of $2,000.

 

		22.3	Limitation
                                            of responsibility of Existing Interim Lenders

 

		(a)	Unless
                                            expressly agreed to the contrary, an Existing Interim Lender makes no representation or warranty
                                            and assumes no responsibility to a New Interim Lender for:

 

		(i)	the
                                            legality, validity, effectiveness, adequacy or enforceability of the Interim Security, the
                                            Transaction Documents or any other documents;

 

		(ii)	the
                                            financial condition of any Obligor;

 

		(iii)	the
                                            performance and observance by any Obligor or other Group Company of its obligations under
                                            the Transaction Documents or any other documents; or

 

		(iv)	the
                                            accuracy of any statements (whether written or oral) made in or in connection with any Transaction
                                            Document or any other document,

 

and
any representations or warranties implied by law are excluded.

 

		(b)	Each
                                            New Interim Lender confirms to the Existing Interim Lender and the other Interim Finance
                                            Parties that it:

 

		(i)	has
                                            made (and shall continue to make) its own independent investigation and assessment of the
                                            financial condition and affairs of each Obligor and its related entities in connection with
                                            its participation in this Agreement and has not relied exclusively on any information provided
                                            to it by the Existing Interim Lender or any other Interim Finance Party in connection with
                                            any Transaction Document or the Interim Security; and

 

		(ii)	will
                                            continue to make its own independent appraisal of the creditworthiness of each Obligor and
                                            its related entities whilst any amount is or may be outstanding under the Interim Finance
                                            Documents or any Interim Commitment is in force.

 

		(c)	Nothing
                                            in any Interim Finance Document obliges an Existing Interim Lender to:

 

		(i)	accept
                                            a re-transfer or re-assignment from a New Interim Lender of any of the rights and obligations
                                            assigned or transferred under this Clause 22; or

 

		(ii)	support
                                            any losses directly or indirectly incurred by the New Interim Lender by reason of the non-performance
                                            by any Obligor of its obligations under the Transaction Documents or otherwise.

 

    	 	57	 

     

    

 

 

		22.4	Procedure
                                            for transfer

 

		(a)	Subject
                                            to the conditions set out in paragraph (b) of Clause 22.2 (Transfers by Interim Lenders),
                                            a transfer is effected in accordance with paragraph (c) below when the Interim Facility
                                            Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing
                                            Interim Lender and the New Interim Lender. The Interim Facility Agent shall, subject to paragraph
                                            (b) below, as soon as reasonably practicable after receipt by it of a duly completed
                                            Transfer Certificate appearing on its face to comply with the terms of this Agreement and
                                            delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The
                                            Interim Facility Agent shall only be obliged to execute a Transfer Certificate delivered
                                            to it by the Existing Interim Lender and the New Interim Lender once it is satisfied it has
                                            complied with all necessary "know your customer" or similar checks under all applicable
                                            laws and regulations in relation to the transfer to such New Interim Lender.

 

		(c)	On
                                            the Transfer Date:

 

		(i)	to
                                            the extent that in the Transfer Certificate the Existing Interim Lender seeks to transfer
                                            by novation its rights and obligations under the Interim Finance Documents and in respect
                                            of the Interim Security each of the Obligors and the Existing Interim Lender shall be released
                                            from further obligations towards one another under the Interim Finance Documents and in respect
                                            of the Interim Security and their respective rights against one another under the Interim
                                            Finance Documents and in respect of the Interim Security shall be cancelled (being the Discharged
                                            Rights and Obligations);

 

		(ii)	each
                                            of the Obligors and the New Interim Lender shall assume obligations towards one another and/or
                                            acquire rights against one another which differ from the Discharged Rights and Obligations
                                            only insofar as that Obligor or other Group Company and the New Interim Lender have assumed
                                            and/or acquired the same in place of that Obligor and the Existing Interim Lender;

 

		(iii)	the
                                            Interim Facility Agent, the Arrangers, the Interim Security Agent, the New Interim Lender
                                            and the other Interim Lenders shall acquire the same rights and assume the same obligations
                                            between themselves and in respect of the Interim Security as they would have acquired and
                                            assumed had the New Interim Lender been an Original Interim Lender with the rights and/or
                                            obligations acquired or assumed by it as a result of the transfer and to that extent the
                                            Interim Facility Agent, the Arrangers, the Interim Security Agent and the Existing Interim
                                            Lender shall each be released from further obligations to each other under the Interim Finance
                                            Documents; and

 

		(iv)	the
                                            New Interim Lender shall become a Party as an "Interim Lender".

 

    	 	58	 

     

    

 

		(d)	If
                                            any assignment, transfer, sub-participation or other syndication of any rights, benefits
                                            and/or obligations under or by reference to the Interim Finance Documents in accordance with
                                            Clause 22.2 (Transfers by Interim Lenders) is executed in breach of the provisions
                                            contemplated in this Clause 22, such assignment, transfer or sub-participation, shall be
                                            void and deemed not to have occurred.

 

		22.5	Procedure
                                            for assignment

 

		(a)	Subject
                                            to the condition set out in paragraph (b) of Clause 22.2 (Transfers by Interim Lenders),
                                            an assignment may be effected in accordance with paragraph (c) below when the Interim
                                            Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it
                                            by the Existing Interim Lender and the New Interim Lender. The Interim Facility Agent shall,
                                            subject to paragraph (b) below, as soon as reasonably practicable after receipt by it
                                            of a duly completed Assignment Agreement appearing on its face to comply with the terms of
                                            this Agreement and delivered in accordance with the terms of this Agreement, execute that
                                            Assignment Agreement.

 

		(b)	The
                                            Interim Facility Agent shall only be obliged to execute an Assignment Agreement delivered
                                            to it by the Existing Interim Lender and the New Interim Lender once it is satisfied it has
                                            complied with all necessary "know your customer" or similar checks under all applicable
                                            laws and regulations in relation to the assignment to such New Interim Lender.

 

		(c)	On
                                            the Transfer Date:

 

		(i)	the
                                            Existing Interim Lender will assign absolutely to the New Interim Lender its rights under
                                            the Interim Finance Documents and in respect of the Interim Security expressed to be the
                                            subject of the assignment in the Assignment Agreement;

 

		(ii)	the
                                            Existing Interim Lender will be released from the obligations (the Relevant Obligations)
                                            expressed to be the subject of the release in the Assignment Agreement (and any corresponding
                                            obligations by which it is bound in respect of the Interim Security);

 

		(iii)	the
                                            New Interim Lender shall become a Party as an "Interim Lender" and will be bound
                                            by obligations equivalent to the Relevant Obligations; and

 

		(iv)	if
                                            the assignment relates only to part of the Existing Interim Lender's share in the outstanding
                                            Interim Loans, the assigned part will be separated from the Existing Interim Lender's share
                                            in the outstanding Interim Loans, made an independent debt and assigned to the New Interim
                                            Lender as a whole debt.

 

    	 	59	 

     

    

 

		22.6	Copy
                                            of Transfer Certificate or Assignment Agreement to Obligors' Agent

 

The
Interim Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement,
send a copy of that Transfer Certificate or Assignment Agreement to the Obligors' Agent.

 

		22.7	Increased
                                            costs

 

If:

 

		(a)	an
                                            Interim Lender assigns, transfers, sub-participates or otherwise disposes of any of its rights
                                            or obligations under the Interim Finance Documents or changes its Facility Office or lending
                                            office or branch; and

 

		(b)	as
                                            a result of circumstances existing at the date the assignment, transfer, sub-participation
                                            or other change occurs, an Obligor would be obliged to make a payment or increased payment
                                            to the New Interim Lender or Interim Lender acting through its new office, branch or Facility
                                            Office under Clauses 9.1 (Gross-up), 9.3 (Tax indemnity) or 10.1 (Increased Costs),

 

then
the New Interim Lender or Interim Lender acting through its new office, branch or Facility Office is not entitled to receive a payment
under Clause 9.1 (Gross-up), 9.3 (Tax indemnity) or 10.1 (Increased Costs) to the extent such payment would be greater
than the payment that would have been made to the Existing Interim Lender or Interim Lender acting through its previous office, branch
or Facility Office had the assignment, transfer sub-participation or other change not occurred unless such assignment, transfer, sub-participation
or other change is (i) pursuant to Clause 10.2 (Mitigation) or (ii) at the request of the Obligors' Agent under Part III
(Replacement of an Interim Lender / Increase) of Schedule 6 (Impairment and Replacement of Interim Finance Parties).

 

		22.8	Pro
                                            rata interest settlement

 

		(a)	If
                                            the Interim Facility Agent has notified the Interim Lenders that it is able to distribute
                                            interest payments on a “pro rata basis” to Existing Interim Lenders and New Interim
                                            Lenders then (in respect of any transfer pursuant to Clause 23.4 (Procedure for transfer)
                                            or any assignment pursuant to Clause 23.5 (Procedure for assignment) the Transfer
                                            Date of which, in each case, is after the date of such notification and is not on the last
                                            day of an Interest Period):

 

		(i)	any
                                            interest or fees in respect of the relevant participation which are expressed to accrue by
                                            reference to the lapse of time shall continue to accrue in favour of the Existing Interim
                                            Lender up to but excluding the Transfer Date (Accrued Amounts) and shall become
                                            due and payable to the Existing Interim Lender (without further interest accruing on them)
                                            on the last day of the current Interest Period; and

 

    	 	60	 

     

    

 

		(ii)	the
                                            rights assigned or transferred by the Existing Interim Lender will not include the right
                                            to the Accrued Amounts so that, for the avoidance of doubt:

 

		(A)	when
                                            the Accrued Amounts become payable, those Accrued Amounts will be payable for the account
                                            of the Existing Interim Lender; and

 

		(B)	the
                                            amount payable to the New Interim Lender on that date will be the amount which would, but
                                            for the application of this Clause 23.9, have been payable to it on that date, but after
                                            deduction of the Accrued Amounts.

 

		(b)	In
                                            this Clause 23.9, references to “Interest Period” shall be construed to include
                                            a reference to any other period for accrual of fees.

 

		(c)	An
                                            Existing Interim Lender which retains the right to the Accrued Amounts pursuant to this Clause
                                            23.9 but which does not have an Interim Commitment shall be deemed not to be an Interim Lender
                                            for the purposes of ascertaining whether the agreement of any specified group of Interim
                                            Lenders has been obtained to approve any request for a consent, waiver, amendment or other
                                            vote of Interim Lenders under the Interim Finance Documents.

 

		23.	Impairment
                                            and Replacement of Interim Finance Parties

 

The
provisions of Schedule 6 (Impairment and Replacement of Interim Finance Parties) are incorporated into this Clause 23 by reference.

 

		24.	Conduct
                                            of Business by the Interim Finance Parties

 

No
provision of this Agreement will:

 

		(a)	interfere
                                            with the right of any Interim Finance Party to arrange its affairs (tax or otherwise) in
                                            whatever manner it thinks fit;

 

		(b)	oblige
                                            any Interim Finance Party to investigate or claim any credit, relief, remission or repayment
                                            available to it or to the extent, order and manner of any claim; or

 

		(c)	oblige
                                            any Interim Finance Party to disclose any information relating to its affairs (tax or otherwise)
                                            or any computations in respect of Tax.

 

		25.	Amendments
                                            and Waivers

 

		25.1	Required
                                            consents

 

		(a)	Subject
                                            to Clause 25.2 (Exceptions), any term of the Interim Finance Documents may be amended
                                            or waived only with the consent of the Majority Interim Lenders and the Obligors’ Agent
                                            and any such amendment or waiver will be binding on all Parties.

 

		(b)	The
                                            Interim Facility Agent may effect, on behalf of any Interim Finance Party, any amendment
                                            or waiver permitted by this Clause 25.

 

    	 	61	 

     

    

 

		25.2	Exceptions

 

		(a)	An
                                            amendment or waiver that has the effect of changing or which relates to:

 

		(i)	the
                                            definition of Majority Interim Lenders;

 

		(ii)	Clause
                                            5 (Nature of an Interim Finance Party's Rights and Obligations), Clause 16 (Pro
                                            Rata Payments) or Clause 22 (Changes to Parties);

 

		(iii)	any
                                            change to the Obligors;

 

		(iv)	the
                                            nature or scope of:

 

		(A)	the
                                            Interim Security; or

 

		(B)	the
                                            manner in which the proceeds of enforcement of the Interim Security are distributed;

 

		(v)	the
                                            release of any guarantee and indemnity granted under any Interim Finance Document or release
                                            of any Interim Security, in each case, unless permitted under this Agreement or any other
                                            Interim Finance Document;

 

		(vi)	any
                                            provision which expressly requires the consent of all of the Interim Lenders; or

 

		(vii)	this
                                            Clause 25,

 

shall
not be made without the prior consent of all the Interim Lenders.

 

		(b)	An
                                            amendment or waiver that has the effect of changing or relates to:

 

		(i)	an
                                            extension to the availability periods referred to herein or the date of payment of any amount
                                            under any Interim Finance Document;

 

		(ii)	a
                                            reduction in the Margin or the amount of any payment to be made under any Interim Finance
                                            Document;

 

		(iii)	an
                                            increase in or an extension of any Interim Commitment; or

 

		(iv)	a
                                            change in currency of payment of any amount under the Interim Finance Documents,

 

in
each case, other than as expressly contemplated or provided for in this Agreement shall only require the consent of each Interim Lender
that is participating in that extension, reduction, increase or change.

 

		(c)	An
                                            amendment or waiver which relates to the rights or obligations of the Interim Facility Agent,
                                            the Arrangers or the Interim Security Agent may not be effected without the consent of the
                                            Interim Facility Agent, the Arrangers or the Interim Security Agent, as applicable.

 

    	 	62	 

     

    

 

		(d)	Without
                                            prejudice to the Interim Facility Agent's right to seek instruction from the Interim Lenders
                                            from time to time, this Agreement and any other Interim Finance Document may be amended solely
                                            with the consent of the Interim Facility Agent and the Obligors' Agent without the need to
                                            obtain the consent of any other Interim Lender if such amendment is effected in order:

 

		(i)	to
                                            correct or cure ambiguities, errors, omissions, defects;

 

		(ii)	to
                                            effect administrative changes of a technical or immaterial nature; or

 

		(iii)	to
                                            fix incorrect cross references or similar inaccuracies in this Agreement or the applicable
                                            Interim Finance Document.

 

		25.3	Excluded
                                            Commitment

 

If
an Interim Lender does not either accept or reject a request from a Group Company (or the Interim Facility Agent on behalf of that Group
Company) for any consent or agreement in relation to a release, waiver or amendment of any provisions of the Interim Finance Documents
or other vote of Interim Lenders under the terms of the Interim Finance Documents within ten (10) Business Days (or any other period
of time specified by that Group Company but, if shorter than ten (10) Business Days, as agreed by the Interim Facility Agent) of
the date of such request being made (the last day of such period being the Exclusion Date), then that Interim Lender shall
be automatically excluded from participating in that vote and its participations, Interim Commitments and vote (as the case may
be) shall not be included (or, as applicable, required) with the Total Interim Commitments or otherwise when ascertaining whether the
approval of Majority Interim Lenders, Super Majority Interim Lenders, all Interim Lenders, or any other class of Interim Lenders (as
applicable) has been obtained with respect to that request for a consent or agreement and its status as an Interim Lender shall be disregarded
for the purpose of ascertaining whether the agreement of any specified group of Interim Lenders has been obtained to approve the request.

 

		26.	Miscellaneous

 

		26.1	Partial
                                            invalidity

 

If
any provision of the Interim Finance Documents is or becomes illegal, invalid or unenforceable in any jurisdiction that shall not affect
the legality, validity or enforceability in that jurisdiction of any other term of the Interim Finance Documents or the legality, validity
or enforceability in other jurisdictions of that or any other term of the Interim Finance Documents.

 

		26.2	Counterparts

 

This
Agreement may be executed in any number of counterparts and all of those counterparts taken together shall be deemed to constitute one
and the same instrument. Delivery of a signed counterpart of this Agreement by email attachment or telecopy shall be an effective mode
of delivery.

 

    	 	63	 

     

    

 

		26.3	Remedies
                                            and waivers

 

No
failure to exercise, nor any delay in exercising, on the part of any Interim Finance Party, any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or
the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or
remedies provided by law.

 

		26.4	Complete
                                            agreement

 

The
Interim Finance Documents contain the complete agreement between the Parties on the matters to which they relate and may not be amended
except in accordance with their terms.

 

		26.5	No
                                            representations by Interim Finance Parties

 

No
Interim Finance Party is liable to any Obligor for any representation or warranty that is not set out in the Interim Finance Documents,
except for one made fraudulently by such Interim Finance Party.

 

		26.6	Third
                                            party rights

 

		(a)	Unless
                                            expressly provided to the contrary in an Interim Finance Document, a person who is not a
                                            party to an Interim Finance Document may not rely on or enforce any of its terms under the
                                            Contracts (Rights of Third Parties) Act 1999.

 

		(b)	Notwithstanding
                                            any term of any Interim Finance Document, the consent of any person who is not a Party is
                                            not required to rescind or vary this Agreement at any time.

 

		27.	Governing
                                            Law

 

This
Agreement (and any non-contractual obligations arising out of or in relation to this Agreement), and any dispute or proceeding (whether
contractual or non-contractual) arising out of or relating to this Agreement, shall be governed by English law, provided that
Section 1 of Part II (Major Undertakings) of Schedule 5 (Major Representations, Undertakings and Events of Default)
to this Agreement and any non-contractual obligations arising out of or in connection with such Part of such Schedule shall be interpreted
in accordance with the laws of the State of New York (without prejudice to the fact that this Agreement is governed by English law).

 

		28.	Jurisdiction

 

		28.1	Submission
                                            to jurisdiction

 

Each
Party agrees that the courts of England have exclusive jurisdiction to hear, decide and settle any dispute or proceedings arising out
of or relating to this Agreement (including as to existence, validity or termination) and for the purpose of enforcement or any judgment
against its assets, each Obligor irrevocably submits to the jurisdiction of the English courts.

 

    	 	64	 

     

    

 

		28.2	Forum

 

The
Obligors each:

 

		(a)	agree
                                            that the courts of England are the most appropriate and convenient courts to settle any Dispute
                                            and waive any objection to the courts of England on grounds of inconvenient forum or otherwise;
                                            and

 

		(b)	agree
                                            that a judgment or order of an English court in connection with a Dispute is conclusive and
                                            binding on it and may be enforced against it in the courts of any other jurisdiction.

 

		28.3	Specific
                                            performance

 

Each
Interim Finance Party acknowledges and agrees that:

 

		(a)	each
                                            Obligor may be irreparably harmed by a breach of any term of the Interim Finance Documents
                                            and damages may not be an adequate remedy; and

 

		(b)	each
                                            Obligor may be granted an injunction or specific performance for any threatened or actual
                                            breach of any term of the Interim Finance Documents.

 

		28.4	Service
                                            of process

 

		(a)	Without
                                            prejudice to any other mode of service allowed under any relevant law, each Obligor (other
                                            than an Obligor incorporated in England and Wales):

 

		(i)	irrevocably
                                            appoints Kirkland & Ellis International LLP of 30 St. Mary Axe, London EC3A 8AF,
                                            United Kingdom (Attention: Kirsteen Nicol / Ambarish Dash) as its agent for service of process
                                            in relation to any proceedings before the English courts in connection with any Interim Finance
                                            Document; and

 

		(ii)	agrees
                                            that failure by an agent for service of process to notify the relevant Obligor of the process
                                            will not invalidate the proceedings concerned.

 

		(b)	If
                                            any person appointed as agent for service of process is unable for any reason to act as agent
                                            for service of process, the Obligors' Agent (on behalf of all the Obligors) must promptly
                                            (and in any event within ten (10) Business Days of such event taking place) appoint
                                            another agent on terms acceptable to the Interim Facility Agent (acting reasonably and in
                                            good faith). Failing this, the Interim Facility Agent may appoint another agent for this
                                            purpose.

 

    	 	65	 

     

    

 

		28.5	Contractual
                                            Recognition of Bail-In

 

		(a)	Notwithstanding
                                            any other term of any Interim Finance Document or any other agreement, arrangement or understanding
                                            between the Parties, each Party acknowledges and accepts that any liability of any Party
                                            to any other Party under or in connection with the Interim Finance Documents may be subject
                                            to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be
                                            bound by the effect of:

 

		(i)	any
                                            Bail-In Action in relation to any such liability, including (without limitation):

 

		(A)	a
                                            reduction, in full or in part, in the principal amount, or outstanding amount due (including
                                            any accrued but unpaid interest) in respect of any such liability;

 

		(B)	a
                                            conversion of all, or part of, any such liability into shares or other instruments of ownership
                                            that may be issued to, or conferred on, it; and

 

		(C)	a
                                            cancellation of any such liability; and

 

		(D)	a
                                            variation of any term of any Interim Finance Document to the extent necessary to give effect
                                            to any Bail-In Action in relation to any such liability.

 

		(b)	For
                                            the purposes of this Clause:

 

"Article 55
BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions
and investment firms.

 

"Bail-In
Action" means the exercise of any Write-down and Conversion Powers.

 

"Bail-In
Legislation" means:

 

		(i)	in
                                            relation to an EEA Member Country which has implemented, or which at any time implements,
                                            Article 55 BRRD, the relevant implementing law or regulation as described in the EU
                                            Bail-In Legislation Schedule from time to time;

 

		(ii)	in
                                            relation to any state other than such an EEA Member Country and the United Kingdom, any analogous
                                            law or regulation from time to time which requires contractual recognition of any Write-down
                                            and Conversion Powers contained in that law or regulation; and

 

		(iii)	in
                                            relation to the United Kingdom, the UK Bail-in Legislation.

 

"EEA
Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

"EU
Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor
person) from time to time.

 

"Resolution
Authority" means any body which has authority to exercise any Write-down and Conversion Powers.

 

"UK
Bail-In Legislation" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their
affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

    	 	66	 

     

    

 

"Write-down
and Conversion Powers" means:

 

		(i)	in
                                            relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from
                                            time to time, the powers described as such in relation to that Bail-In Legislation in the
                                            EU Bail-In Legislation Schedule;

 

		(ii)	in
                                            relation to any other applicable Bail-In Legislation, any powers under that Bail-In Legislation
                                            to cancel, transfer or dilute shares issued by a person that is a bank or investment firm
                                            or other financial institution or affiliate of a bank, investment firm or other financial
                                            institution, to cancel, reduce, modify or change the form of a liability of such a person
                                            or any contract or instrument under which that liability arises, to convert all or part of
                                            that liability into shares, securities or obligations of that person or any other person,
                                            to provide that any such contract or instrument is to have effect as if a right had been
                                            exercised under it or to suspend any obligation in respect of that liability or any of the
                                            powers under that Bail-In Legislation that are related to or ancillary to any of those powers;

 

		(iii)	any
                                            similar or analogous powers under that Bail-In Legislation; and

 

		(c)	in
                                            relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel,
                                            transfer or dilute shares issued by a person that is a bank or investment firm or other financial
                                            institution or affiliate of a bank, investment firm or other financial institution, to cancel,
                                            reduce, modify or change the form of a liability of such a person or any contract or instrument
                                            under which that liability arises, to convert all or part of that liability into shares,
                                            securities or obligations of that person or any other person, to provide that any such contract
                                            or instrument is to have effect as if a right had been exercised under it or to suspend any
                                            obligation in respect of that liability or any of the powers under that UK Bail-In Legislation
                                            that are related to or ancillary to any of those powers.

 

This
Agreement has been entered into on the date stated at the beginning of this Agreement.

 

    	 	67	 

     

    

 

Schedule
1

Definitions and Interpretation

 

Part I

Definitions

 

ABR
means the Alternate Base Rate, which is the highest of (i) the Bank of America, N.A. prime rate, (ii) the Federal Funds
Effective Rate plus 1/2 of 1.00% and (iii) the one-month Adjusted LIBOR rate plus 1.00% per annum.

 

ABR
Loan means an Interim Loan to which ABR is applicable.

 

Adjusted
LIBOR means the London interbank offered rate for dollars, adjusted for statutory reserve requirements.

 

Adjusted
LIBOR Loan means an Interim Loan to which Adjusted LIBOR is applicable.

 

Acceleration
Notice has the meaning given to such term in paragraph (a)(i) of Clause 7.1 (Repayment).

 

Acceptance
Condition means, in relation to an Offer, a condition such that the Offer may not be declared unconditional as to acceptances
until the Borrower has received acceptances in respect of a certain percentage or number of shares in Target.

 

Acquiring
Entity has the meaning given to such term in the definition of Acquisition.

 

Acquisition
Costs has the meaning given to such term in the Commitment Letter, and includes, amongst other items specified in the Commitment
Letter:

 

		(a)	any
                                            amounts payable under or in connection with the Transaction including but not limited to,
                                            the consideration paid or payable for the Acquisition and any other payments required under
                                            the Acquisition Documents (such amounts, the Acquisition Consideration);

 

		(b)	the
                                            fees, costs, premiums, expenses and other transaction costs incurred in connection with the
                                            Transactions (as defined in the Commitment Letter) (such fees and expenses, the Transaction
                                            Costs); and

 

		(c)	amounts
                                            required to repay, redeem, defease, discharge, refinance or terminate (or in the case of
                                            letters of credit, replace, backstop or incorporate or “grandfather” into the
                                            Interim Revolving Facility) all Target Refinancing Indebtedness (as defined in the Commitment
                                            Letter) on or prior to the Target Debt Refinancing Outside Date (as defined in the Commitment
                                            Letter) (Amber Refinancing).

 

Acquisition
means the direct or indirect acquisition of up to 100% of the issued share capital of the Target (the Target Shares)
by the Borrower (including, through Bidco) (such acquiring entity, the Acquiring Entity) pursuant to a Scheme and/or Offer
and, if applicable, a Squeeze-Out or any other acquisition of shares in the Target by the Acquiring Entity.

 

Acquisition
Documents means the Scheme Circular and/or the Offer Document and any other document designated as an Acquisition Document by
the Borrower and the Interim Facility Agent.

 

    	 	68	 

     

    

 

Affiliate
means:

 

		(a)	in
                                            relation to any person other than an Interim Finance Party, a Subsidiary or a Holding Company
                                            of that person or any other Subsidiary of that Holding Company;

 

		(b)	in
                                            relation to any Interim Finance Party other than a fund, any other person directly or indirectly
                                            controlling, controlled by, or under direct or indirect common control with, that Interim
                                            Finance Party; or

 

		(c)	in
                                            relation to any Interim Finance Party which is a fund, any other fund which is advised or
                                            managed by the same investment adviser or an Affiliate of that investment adviser.

 

Agent
means the Interim Facility Agent or the Interim Security Agent, as the context requires and Agents means both of them taken together.

 

Announcement
means any press release made by or on behalf of the Acquiring Entity announcing a firm intention to implement a Scheme or, as
the case may be, make an Offer, in each case in accordance with Rule 2.7 of the City Code.

 

Anti-Corruption
Laws means all laws and regulations of any jurisdiction applicable to an Obligor from time to time concerning or relating to
anti-bribery or anti-corruption, including the US Foreign Corrupt Practices Act 1977, the UK Bribery Act 2010 or other similar legislation
in other jurisdictions.

 

Anti-Money
Laundering Laws means all laws or regulations of any jurisdiction applicable to an Obligor that relates to money laundering,
counter-terrorist financing or record keeping and reporting requirements relating to money laundering or counter-terrorist financing
including any laws, rules, regulations or guidelines issued, administered or enforced by any governmental or regulatory agency.

 

Assignment
Agreement means an agreement substantially in the form set out in Schedule 8 (Form of Assignment Agreement) or any
other form agreed between the relevant assignor and assignee.

 

Authorisation
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration, in each case
required by any applicable law or regulation.

 

Available
Interim Revolving Facility Commitment means, in relation to the Interim Revolving Facility, an Interim Revolving Facility Lender's
Interim Revolving Facility Commitment minus (subject to the provisions below):

 

		(a)	the
                                            Base Currency Amount of its participation in any outstanding Interim Utilisations under that
                                            Interim Revolving Facility; and

 

		(b)	in
                                            relation to any proposed Interim Utilisation under that Interim Revolving Facility, the Base
                                            Currency Amount of its participation in any other Interim Utilisations that are due to be
                                            made under that Interim Revolving Facility on or before the proposed Drawdown Date.

 

For
the purposes of calculating a Lender's Available Interim Revolving Facility Commitment in relation to any proposed Interim Utilisation
under the Interim Revolving Facility only, an Interim Revolving Facility Lender's participation in any Interim Utilisations that are
due to be repaid or prepaid on or before the proposed Drawdown Date shall not be deducted from that Interim Revolving Facility Lender's
Interim Revolving Facility Commitment.

 

    	 	69	 

     

    

 

Bank
Guarantee means:

 

		(a)	a
                                            letter of credit, substantially in the form set out in Schedule 10 (Form of Bank
                                            Guarantee) or in any other form requested by an Obligor and consented to by the Issuing
                                            Bank in respect of that Bank Guarantee (such consent not to be unreasonably withheld or delayed);
                                            or

 

		(b)	any
                                            other guarantee, bond, indemnity, letter of credit, documentary or like credit or any other
                                            instrument of suretyship or payment, issued, undertaken or made by the relevant Issuing Bank
                                            in a form requested by an Obligor and consented to by the Issuing Bank in respect of such
                                            Bank Guarantee (such consent not to be unreasonably withheld or delayed).

 

Bank
Guarantee Request means a signed notice requesting a Bank Guarantee substantially in the form set out in Part II (Bank
Guarantee Request) of Schedule 2 (Form of Drawdown Request).

 

Bank
Levy means any amount payable by any Interim Lender or any of its Affiliates on the basis of or in relation to its balance sheet
or capital base or any part of it or its liabilities or minimum regulatory capital or any combination thereof, including the UK bank
levy as set out in the Finance Act 2011 (as amended), the French taxe bancaire de risque systémique as set out in Article 235
ter ZE of the French Code Général des impôts, the French taxe pour le financement du fonds de soutien aux
collectivités territoriales as set out by Article 235 ter ZE bis of the French Code Général des impôts,
the German bank levy as set out in the German Restructuring Fund Act 2010 (Restrukturierungsfondsgesetz) (as amended), the Dutch
bankenbelasting as set out in the bank levy act (Wet bankenbelasting), the Swedish bank levy as set out in the Swedish
Act on State Support to Credit Institutions (Sw. lag (2008:814) (lag om statligt stöd till kreditinstitut), the Spanish bank
levy (Impuesto sobre los Depósitos en las Entidades de Crédito) as set out in the Law 16/2012 of 27 December 2012
and/or any other levy or tax in any jurisdiction levied on a similar basis or for a similar purpose or any financial activities taxes
(or other taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011
which has been enacted and/or which has been formally announced as proposed as at the date of this Agreement.

 

Base
Currency means US Dollars.

 

Base
Currency Amount means, in relation to any Interim Utilisation for any amount in the Base Currency, the amount specified in the
Drawdown Request or, as applicable, Bank Guarantee Request for that Interim Utilisation, as adjusted to reflect any repayment or prepayment
under this Agreement.

 

Bidco
means Nitro Bidco Limited, a limited liability company incorporated under the laws of England & Wales with registration
number 13514724.

 

Break
Costs has the meaning given to that term in paragraph (h) of Clause 8.2 (Payment of interest).

 

    	 	70	 

     

    

 

Business
Day means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York and Charlotte,
North Carolina and:

 

		(a)	(in
                                            relation to any date for payment or purchase of a currency other than euro) the principal
                                            financial centre of the country of that currency;

 

		(b)	(in
                                            relation to any date for payment or purchase of euro) any TARGET Day; or

 

		(c)	if
                                            such day relates to any interest rate settings as to an RFR Loan, any fundings, disbursements,
                                            settlements and payments in respect of any such RFR Loan, or any other dealings to be carried
                                            out pursuant to this Agreement in respect of any such RFR Loan, means a day that is an RFR
                                            Business Day.

 

Central
Bank Rate means the Bank of England’s Bank Rate as published by the Bank of England from time to time.

 

Central
Bank Rate Adjustment means, in relation to the Central Bank Rate prevailing at close of business on any RFR Business Day, the
20% trimmed arithmetic mean of the Central Bank Rate Spreads for the 5 most immediately preceding RFR Business Days for which the RFR
is available.

 

Central
Bank Rate Spread means, in relation to any RFR Business Day, the difference (expressed as a percentage rate per annum) between
(x) the RFR for such RFR Business Day and (y) the Central Bank Rate prevailing at close of business on such RFR Business Day.

 

Certain
Funds Period means the period from (and including) the date of this Agreement to (and including) 11:59 p.m. in New York
on the earliest of:

 

		(a)	if
                                            the first Announcement has not been released by then, the date that is twenty (20) Business
                                            Days after the date of this Agreement;

 

		(b)	if
                                            the Acquisition is intended to be completed pursuant to a Scheme, the date on which the Scheme
                                            lapses (including, subject to exhausting any rights of appeal, if a relevant court refuses
                                            to sanction the Scheme) or is withdrawn in writing, in each case, in accordance with its
                                            terms in the Announcement or Scheme Document (other than (i) where such lapse or withdrawal
                                            is as a result of the exercise of the Acquiring Entity’s right to effect a switch from
                                            the Scheme to an Offer or (ii) it is otherwise to be followed within twenty (20) Business
                                            Days by an Announcement by the Acquiring Entity to implement the Acquisition by a different
                                            offer or scheme (as applicable) in accordance with the terms of this Agreement);

 

		(c)	if
                                            the Acquisition is intended to be completed pursuant to an Offer, the date on which the Offer
                                            lapses, terminates or is withdrawn, in each case, in accordance with its terms in the Announcement
                                            or Offer Document (other than (i) where such lapse or withdrawal is as a result of the
                                            exercise of the Acquiring Entity’s right to effect a switch from the Offer to a Scheme
                                            or (ii) it is otherwise to be followed within twenty (20) Business Days by an Announcement
                                            by the Acquiring Entity to implement the Acquisition by a different offer or scheme (as applicable)
                                            in accordance with this Agreement);

 

		(d)	the
                                            date on which the Interim Term Facilities have been utilised in full; and

 

    	 	71	 

     

    

 

		(e)	28
                                            February 2023 (the Commitment Long Stop Date) provided that, if the Interim
                                            Closing Date has occurred by then, such date shall automatically be extended to the later
                                            of (i) the Commitment Long Stop Date and (ii) the date falling 90 days after the
                                            Interim Closing Date,

 

or,
in each case, such later time and date as agreed by the Arrangers (acting reasonably and in good faith).

 

Change
of Law means any change which occurs after the date of this Agreement or, if later, after the date on which the relevant Interim
Lender became an Interim Lender pursuant to this Agreement (as applicable) in any law, regulation or treaty (or in the interpretation,
administration or application of any law, regulation or treaty) or any published practice or published concession of any relevant tax
authority other than:

 

		(a)	any
                                            change that occurs pursuant to, or in connection with the adoption, ratification, approval
                                            or acceptance of, the MLI in or by any jurisdiction; or

 

		(b)	any
                                            change arising in consequence of, or in connection with, the United Kingdom ceasing to be
                                            a member state of the European Union.

 

Charged
Property means all the assets of the Group which, from time to time, are expressed to be the subject of the Interim Security.

 

City
Code means the UK City Code on Takeovers and Mergers, as administered by the Panel.

 

Commitment
Letter means a letter dated on or about the date of this Agreement between the Arrangers and the Borrower setting out the terms
and conditions pursuant to which the Arrangers agree to arrange and the Initial Lenders agree to underwrite certain facilities in connection
with the Acquisition and the Transactions and appending the schedules thereto (including the agreed form Term Sheets).

 

Confidentiality
Undertaking means a confidentiality undertaking agreeing to keep the Interim Finance Documents or other documents or information
confidential, on which the Obligors' Agent is able to rely and which is either (i) in the form most recently published by the Loan
Market Association or (ii) otherwise in form and substance satisfactory to the Obligors' Agent).

 

Co-operation
Agreement means any co-operation agreement (or any agreement of a similar nature, if any) entered into between the Acquiring
Entity and the Target in respect of the Acquisition.

 

Court
Order means the order of the High Court of Justice of England and Wales sanctioning the Scheme.

 

CRD
IV means EU CRD IV and UK CRD IV.

 

Daily
Simple RFR means, for any day (an RFR Interest Day), an interest rate per annum equal to the greater of (a) (x) SONIA
for the day that is 5 RFR Business Days (or such other period as determined by the Borrower and the Interim Facility Agent based on then
prevailing market conventions) prior to (i) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (ii) if
such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day (such RFR Business
Day determined pursuant to each of subclauses (i) and (ii), the RFR Lookback Day), (y) if SONIA is not available
for the RFR Lookback Day determined pursuant to clause (x) above, the Daily Simple RFR for such RFR Lookback Day shall be the percentage
rate per annum which is the aggregate of (I) the Central Bank Rate for such RFR Lookback Day and (II) the applicable Central
Bank Rate Adjustment or (z) if clause (y) applies but the Central Bank Rate for the applicable RFR Lookback Day is not available,
the Daily Simple RFR for such RFR Lookback Day shall be the percentage rate per annum which is the aggregate of (I) the most recent
Central Bank Rate for an RFR Business Day which is no more than five RFR Business Days before that RFR Lookback Day and (II) the
applicable Central Bank Adjustment and (b) 0.00%.

 

    	 	72	 

     

    

 

Defaulting
Lender has the meaning given to that term in Part V (Definitions) of Schedule 6 (Impairment and Replacement of
Interim Finance Parties).

 

Delegate
means any delegate, agent, attorney or co-trustee appointed by the Interim Security Agent.

 

Drawdown
Date means the date of or proposed date for the making of an Interim Utilisation.

 

Drawdown
Request means a signed notice requesting an Interim Utilisation in the form set out in Part I (Loan Request) of Schedule
2 (Form of Drawdown Request).

 

EU
CRD IV means:

 

		(a)	Regulation
                                            (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
                                            requirements for credit institutions and investment firms and amending Regulation (EU) No
                                            648/2012; and

 

		(b)	Directive
                                            2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to
                                            the activity of credit institutions and the prudential supervision of credit institutions
                                            and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and
                                            2006/49/EC.

 

EURIBOR
means, for an Interest Period of an Interim Loan or an overdue amount denominated in euro:

 

		(a)	the
                                            applicable Screen Rate; or

 

		(b)	(if
                                            no Screen Rate is available for euro or the relevant Interest Period of that Interim Loan
                                            or overdue amount) the Interpolated Screen Rate for that Interim Loan or overdue amount;
                                            or

 

		(c)	if:

 

		(i)	no
                                            Screen Rate is available for the Interest Period of that Interim Loan or overdue amount;
                                            and

 

		(ii)	it
                                            is not possible to calculate an Interpolated Screen Rate for that Interim Loan or overdue
                                            amount,

 

the
arithmetic mean (rounded upward to four decimal places) of the rates, as supplied to the Interim Facility Agent at its request quoted
by the Reference Banks to leading banks in the European interbank market,

 

as
of 11.00 a.m. (Brussels time) on the Rate Fixing Day for the offering of deposits in euro for a period comparable to that Interest
Period for that Interim Loan or overdue amount.

 

    	 	73	 

     

    

 

 

Existing
Nitro Credit Agreement means the credit agreement dated as of November 4, 2019 (as the same may be amended, amended and
restated, supplemented or otherwise modified) between, amongst others NortonLifeLock Inc., as borrower, and JPMorgan Chase Bank, N.A.,
as term loan administrative agent and Wells Fargo Bank, National Association, as revolver administrative agent.

 

Existing
Target Facilities has the meaning given in paragraph (a)(ii) of Clause 3.3 (Purpose).

 

Existing
Interim Lender has the meaning given to that term in paragraph (a) of Clause 22.2 (Transfers by Interim Lenders).

 

Expiry
Date means, for a Bank Guarantee, the last day of its Term.

 

Facilities
has the meaning given to such term in the Commitment Letter.

 

Facility
Office means the office or offices through which an Interim Lender or the Issuing Bank will perform its obligations under the
Interim Facility as notified to the Interim Facility Agent in writing on or before the date it becomes an Interim Lender or the Issuing
Bank (or, following that date, by not less than five (5) Business Days' notice).

 

FATCA
means:

 

		(a)	Sections
                                            1471 through 1474 of the US Code (as in effect on the date of this Agreement or any amended
                                            or successor version that is substantively comparable and not materially more onerous to
                                            comply with) or any associated regulations or other official guidance;

 

		(b)	any
                                            treaty, law, regulation or other official guidance enacted in any other jurisdiction, or
                                            relating to an intergovernmental agreement between the US and any other jurisdiction, which
                                            (in either case) facilitates the implementation of anything mentioned in paragraph (a) above;
                                            or

 

		(c)	any
                                            agreement pursuant to the implementation of anything mentioned in paragraphs (a) or
                                            (b) above with the US Internal Revenue Service, the US government or any governmental
                                            or taxation authority in any other jurisdiction.

 

FATCA
Application Date means:

 

		(a)	in
                                            relation to a "withholdable payment'' described in section 1473(1)(A)(i) of the
                                            US Code (which relates to payments of interest and certain other payments from sources within
                                            the US), 1 July 2014;

 

		(b)	in
                                            relation to a ''withholdable payment" described in section 1473(a)(A)(ii) of the
                                            US Code (which relates to "gross proceeds" from the disposition of property of
                                            a type that can produce interest from sources within the US), the first date on which such
                                            payment may become subject to a deduction or withholding required by FATCA; or

 

    	 	74	 

     

    

 

		(c)	in
                                            relation to a ''passthru payment'' described in section 1471(d)(7) of the US Code not
                                            falling within paragraphs (a) or (b) above, the first date from which such payment
                                            may become subject to a deduction or withholding required by FATCA.

 

FATCA
Deduction means a deduction or withholding from a payment under an Interim Finance Document required by FATCA.

 

FATCA
Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction.

 

Fee
Letter has the meaning given in the Commitment Letter.

 

Final
Repayment Date has the meaning given to such term in paragraph (a) of Clause 7.1 (Repayment).

 

Funding
Cost means:

 

		(a)	for
                                            Interim Loans under Interim Facility A1 and/or Interim Facility A2 denominated in US Dollars,
                                            at the option of the Borrower, ABR or Adjusted LIBOR;

 

		(b)	for
                                            Interim Loans under Interim Facility B denominated in US Dollars, at the option of the Borrower,
                                            ABR or Adjusted LIBOR;

 

		(c)	for
                                            Interim Loans denominated in euro, EURIBOR;

 

		(d)	for
                                            Interim Loans denominated in Sterling, Daily Simple RFR for each day within the relevant
                                            Interest Period;

 

		(e)	for
                                            other Interim Loans, LIBOR,

 

in
each case provided that if ABR, Adjusted LIBOR, EURIBOR or LIBOR (as applicable) is less than zero (0) at any time when ABR, Adjusted
LIBOR, EURIBOR or LIBOR (as applicable) is fixed, ABR or Adjusted LIBOR, EURIBOR or LIBOR (as applicable) shall be deemed to be zero
(0).

 

Funds
Flow Statement means any funds flow statement which is prepared in accordance with the Transactions.

 

Group
means the Borrower and each of its Subsidiaries from time to time.

 

Group
Company means a member of the Group.

 

Holding
Company means in relation to any person, any other body corporate or other entity of which it is a Subsidiary.

 

Industry
Competitor means:

 

		(a)	any
                                            person or entity (or any of its Affiliates or Related Funds or any person acting on its behalf)
                                            which is a competitor of a member of the Group or whose business is similar or related to
                                            a member of the Group or is a supplier or sub-contractor of a member of the Group and, in
                                            each case, any controlling shareholder of such persons, provided that this shall not
                                            include (i) any person or entity (or any of its Affiliates or Related Funds) which is
                                            a bank, financial institution or trust, fund or other entity which is independently controlled
                                            and managed and whose principal business or a material activity of whom is arranging, underwriting
                                            or investing in debt or (ii) any Original Interim Lender; and

 

    	 	75	 

     

    

 

		(b)	a
                                            private equity sponsor (including any fund which is managed or advised by it or any of its
                                            Affiliates, and any of their respective Affiliates or Related Funds), provided that
                                            this shall not include any person whose principal business is investing in debt and which
                                            is:

 

		(i)	acting
                                            on the other side of appropriate information barriers implemented or maintained as required
                                            by law or regulation from the person that would otherwise constitute a private equity sponsor;
                                            and

 

		(ii)	managed
                                            and controlled separately from the person that would otherwise constitute a private equity
                                            sponsor and has separate personnel responsible for its interests under the Interim Finance
                                            Documents, such personnel being independent from the interests of the entity, division or
                                            desk constituting the private equity sponsor, and no information provided under the Interim
                                            Finance Documents is disclosed or otherwise made available to any personnel responsible for
                                            the interests of the entity, division or desk constituting the private equity sponsor.

 

Interest
Period has the meaning given to such term in paragraph (a) of Clause 8.2 (Payment of interest).

 

Interim
Closing Date means the first date upon which an Interim Term Facility is drawn.

 

Interim
Commitment means an Interim Term Facility Commitment and/or an Interim Revolving Facility Commitment.

 

Interim
Facility means each Interim Term Facility and/or the Interim Revolving Facility.

 

Interim
Facility A1 has the meaning given in paragraph 2.1(a)(i) of Clause 2.1 (The Interim Facilities).

 

Interim
Facility A1 Commitment means:

 

		(a)	in
                                            relation to each Original Interim Lender, the amount of Interim Facility A1 set opposite
                                            its name under the heading "Interim Facility A1 Commitment" in Schedule
                                            11 (The Original Interim Lenders) and the amount of any other Interim Facility A1
                                            Commitment transferred to it pursuant to Clause 22 (Changes to Parties) or assumed
                                            by it in accordance with Clause 23 (Impairment and Replacement of Interim Finance Parties)
                                            and paragraph 2 (Increase) of Part III (Replacement of an Interim Lender /
                                            Increase) of Schedule 6 (Impairment and Replacement of Interim Finance Parties);
                                            and

 

		(b)	in
                                            respect of any other Interim Lender, the amount transferred to it in respect of Interim Facility
                                            A1 pursuant to Clause 22 (Changes to Parties) or assumed by it in accordance with
                                            Clause 23 (Impairment and Replacement of Interim Finance Parties) and paragraph 2
                                            (Increase) of Part III (Replacement of an Interim Lender / Increase) of
                                            Schedule 6 (Impairment and Replacement of Interim Finance Parties), 

 

    	 	76	 

     

    

 

to
the extent not cancelled, reduced or transferred by it under this Agreement.

 

Interim
Facility A1 Loan means the principal amount of the borrowing under Interim Facility A1 or the principal amount outstanding of
that borrowing at any time.

 

Interim
Facility A2 has the meaning given in paragraph 2.1(a)(ii) of Clause 2.1 (The Interim Facilities).

 

Interim
Facility A Commitment means:

 

		(a)	in
                                            relation to each Original Interim Lender, the amount of Interim Facility A2 set opposite
                                            its name under the heading "Interim Facility A2 Commitment" in Schedule
                                            11 (The Original Interim Lenders) and the amount of any other Interim Facility A2
                                            Commitment transferred to it pursuant to Clause 22 (Changes to Parties) or assumed
                                            by it in accordance with Clause 23 (Impairment and Replacement of Interim Finance Parties)
                                            and paragraph 2 (Increase) of Part III (Replacement of an Interim Lender /
                                            Increase) of Schedule 6 (Impairment and Replacement of Interim Finance Parties);
                                            and

 

		(b)	in
                                            respect of any other Interim Lender, the amount transferred to it in respect of Interim Facility
                                            A2 pursuant to Clause 22 (Changes to Parties) or assumed by it in accordance with
                                            Clause 23 (Impairment and Replacement of Interim Finance Parties) and paragraph 2
                                            (Increase) of Part III (Replacement of an Interim Lender / Increase) of
                                            Schedule 6 (Impairment and Replacement of Interim Finance Parties),

 

to
the extent not cancelled, reduced or transferred by it under this Agreement.

 

Interim
Facility A2 Loan means the principal amount of the borrowing under Interim Facility A2 or the principal amount outstanding of
that borrowing at any time.

 

Interim
Facility B has the meaning given in paragraph 2.1(a)(iii) of Clause 2.1 (The Interim Facilities).

 

Interim
Facility B Commitment means:

 

		(a)	in
                                            relation to each Original Interim Lender, the amount of Interim Facility B set opposite its
                                            name under the heading "Interim Facility B Commitment" in Schedule 11 (The
                                            Original Interim Lenders) and the amount of any other Interim Facility B Commitment transferred
                                            to it pursuant to Clause 22 (Changes to Parties) or assumed by it in accordance with
                                            Clause 23 (Impairment and Replacement of Interim Finance Parties) and paragraph 2
                                            (Increase) of Part III (Replacement of an Interim Lender / Increase) of
                                            Schedule 6 (Impairment and Replacement of Interim Finance Parties); and

 

		(b)	in
                                            respect of any other Interim Lender, the amount transferred to it in respect of Interim Facility
                                            B pursuant to Clause 22 (Changes to Parties) or assumed by it in accordance with Clause
                                            23 (Impairment and Replacement of Interim Finance Parties) and paragraph 2 (Increase)
                                            of Part III (Replacement of an Interim Lender / Increase) of Schedule 6 (Impairment
                                            and Replacement of Interim Finance Parties),

 

to
the extent not cancelled, reduced or transferred by it under this Agreement.

 

Interim
Facility B Loan means the principal amount of the borrowing under Interim Facility B or the principal amount outstanding of that
borrowing at any time.

 

    	 	77	 

     

    

 

Interim
Finance Documents means each of this Agreement, the Fee Letter, the Interim Security Documents, each Bank Guarantee, each Drawdown
Request and any other document designated as such in writing by the Interim Facility Agent and the Obligors' Agent.

 

Interim
Finance Parties means the Interim Lenders, the Arrangers, any Issuing Bank, the Interim Facility Agent and the Interim Security
Agent.

 

Interim
Lender means:

 

		(a)	an
                                            Original Interim Lender; and

 

		(b)	any
                                            other bank or financial institution, trust, fund or other entity which is regularly engaged
                                            in or established for the purpose of making, purchasing or investing in loans, securities
                                            or other financial assets or other person which has become a Party as an Interim Lender pursuant
                                            to Clause 22 (Changes to Parties) or paragraph 2 (Increase) of Part III
                                            (Replacement of an Interim Lender / Increase) of Schedule 6 (Impairment and Replacement
                                            of Interim Finance Parties),

 

which,
in each case, has not ceased to be an Interim Lender in accordance with the terms of this Agreement.

 

Interim
Liabilities means all liabilities owed by the Obligors to the Interim Finance Parties under the Interim Finance Documents.

 

Interim
Loan means an Interim Term Facility Loan or an Interim Revolving Facility Loan.

 

Interim
Revolving Facility has the meaning given in paragraph 2.1(a)(iv) of Clause 2.1 (The Interim Facilities).

 

Interim
Revolving Facility Availability Period means the period from and including the Interim Closing Date to and including the date
which is one week prior to the Final Repayment Date.

 

Interim
Revolving Facility Commitment means:

 

		(a)	in
                                            relation to each Original Interim Lender, the amount of the Interim Revolving Facility set
                                            opposite its name under the heading ''Interim Revolving Facility Commitment'' in Schedule
                                            11 (The Original Interim Lenders) and the amount of any other Interim Revolving Facility
                                            Commitment transferred to it pursuant to Clause 22 (Changes to Parties) or assumed
                                            by it in accordance with Clause 23 (Impairment and Replacement of Interim Finance Parties)
                                            and paragraph 2 (Increase) of Part III (Replacement of an Interim Lender /
                                            Increase) of Schedule 6 (Impairment and Replacement of Interim Finance Parties);
                                            and

 

		(b)	in
                                            respect of any other Interim Lender, the amount transferred to it in respect of the Interim
                                            Revolving Facility pursuant to Clause 22 (Changes to Parties) or assumed by it in
                                            accordance with Clause 23 (Impairment and Replacement of Interim Finance Parties)
                                            and paragraph 2 (Increase) of Part III (Replacement of an Interim Lender /
                                            Increase) of Schedule 6 (Impairment and Replacement of Interim Finance Parties),

 

to
the extent not cancelled, reduced or transferred by it under this Agreement.

 

    	 	78	 

     

    

 

Interim
Revolving Facility Lender means any Interim Lender who makes available an Interim Revolving Facility Commitment or an Interim
Revolving Facility Loan.

 

Interim
Revolving Facility Loan means the principal amount of each borrowing under the Interim Revolving Facility or the principal amount
outstanding of that borrowing at any time.

 

Interim
Revolving Facility Utilisation means an Interim Revolving Facility Loan and/or a Bank Guarantee, in each case, as the context
requires.

 

Interim
Security means the Security Interests created or expressed to be created in favour of the Interim Security Agent pursuant to
the Interim Security Documents.

 

Interim
Security Document means any document required to be delivered to the Interim Facility Agent under sub-paragraph (c) of paragraph
2 (Interim Finance Documents) of Schedule 3 (Conditions Precedent).

 

Interim
Term Facility means Interim Facility A1, Interim Facility A2 and/or Interim Facility B.

 

Interim
Term Facility Commitment means Interim Facility A1 Commitment, Interim Facility A2 Commitment and/or Interim Facility B
Commitment.

 

Interim
Term Facility Loan means Interim Facility A1 Loan, Interim Facility A2 Loan and/or Interim Facility B Loan.

 

Interim
Utilisation means an Interim Loan and/or a Bank Guarantee, in each case, as the context requires.

 

Interpolated
Screen Rate means, in relation to LIBOR or EURIBOR for any Interim Loan or an overdue amount, the rate which results
from interpolating on a linear basis between:

 

		(a)	the
                                            applicable Screen Rate for the longest period (for which that Screen Rate is available) which
                                            is less than the Interest Period of that Interim Loan or overdue amount; and

 

		(b)	the
                                            applicable Screen Rate for the shortest period (for which that Screen Rate is available)
                                            which exceeds the Interest Period of that Interim Loan or overdue amount,

 

each
as of 11.00 a.m. (London time) (or in the case of Interim Loans or any overdue amounts in euro, 11.00 a.m. (Brussels time)
on the Rate Fixing Day for the offering of deposits in the currency of that Interim Loan or an applicable amount.

 

LIBOR
means, in relation to any Interim Loan or any overdue amount denominated in any currency other than euro:

 

		(a)	the
                                            applicable Screen Rate; or

 

		(b)	(if
                                            no Screen Rate is available for the currency or Interest Period of that Interim Loan or overdue
                                            amount) the Interpolated Screen Rate for that Interim Loan or overdue amount; or

 

    	 	79	 

     

    

 

		(c)	if:

 

		(i)	no
                                            Screen Rate is available for the currency of that Interim Loan or an overdue amount; and

 

		(ii)	it
                                            is not possible to calculate an Interpolated Screen Rate for that Interim Loan or overdue
                                            amount,

 

the
arithmetic mean (rounded upward to four decimal places) of the rates, as supplied to the Interim Facility Agent at its request, quoted
by the Reference Banks to leading banks in the London interbank market,

 

as
of 11.00 a.m. (London time) on the Rate Fixing Day for the offering of deposits in the currency of that Interim Loan or overdue
amount and a period comparable to that Interest Period for that Interim Loan or overdue amount.

 

Loan
to Own/Distressed Investor means any person (including an Affiliate or a Related Fund of an Interim Lender or any transferee
which satisfies the requirements set out under paragraph (b)(ii) of Clause 23.2 (Transfers by Interim Lenders)) whose principal
business or material activity is investing in distressed debt or the purchase of loans or other debt securities with the intention of
(or view to) owning the equity or gaining control of a business (directly or indirectly), provided that:

 

		(a)	any
                                            Affiliate of such persons which are a deposit taking financial institution authorised by
                                            a financial services regulator to carry out the business of banking which holds a minimum
                                            rating equal to or better than BBB+ or Baa1 (as applicable) according to at least two of
                                            Moody’s, S&P or Fitch which are managed and controlled independently where any
                                            information made available under the Interim Finance Documents is not disclosed or made available
                                            to other Affiliates; and

 

		(b)	any
                                            Original Interim Lender,

 

shall
not, in each case, be a Loan to Own/Distressed Investor.

 

Long-term
Financing Agreements means, collectively, the facilities agreements, indentures, trust deeds or other agreements and/or instruments
to be entered into for the purpose of refinancing the Interim Facilities including as the case may be the Facilities.

 

Major
Event of Default means an event or circumstance set out in Part III (Major Events of Default) of Schedule 5 (Major
Representations, Undertakings and Events of Default).

 

Major
Representation means a representation set out in Part I (Major Representations) of Schedule 5 (Major Representations,
Undertakings and Events of Default).

 

Major
Undertaking means an undertaking set out in Part II (Major Undertakings) of Schedule 5 (Major Representations,
Undertakings and Events of Default).

 

Majority
Interim Lenders means, at any time, Interim Lenders:

 

		(a)	whose
                                            Interim Commitments then aggregate greater than 50 per cent. of the Total Interim Commitments;
                                            or

 

		(b)	if
                                            the Total Interim Commitments have then been reduced to zero, whose Interim Commitments aggregated
                                            greater than 50 per cent. of the Total Interim Commitments immediately before that reduction.

 

    	 	80	 

     

    

 

Margin
means:

 

		(a)	in
                                            relation to Interim Facility A1, (i) if in aggregate with the ABR, 0.75 per cent. per
                                            annum or (ii) if in aggregate with Adjusted LIBOR, 1.75 per cent. per annum;

 

		(b)	in
                                            relation to Interim Facility A2, (i) if in aggregate with the ABR, 0.75 per cent. per
                                            annum or (ii) if in aggregate with Adjusted LIBOR, 1.75 per cent. per annum;

 

		(c)	in
                                            relation to Interim Facility B, (i) if in aggregate with the ABR, 1.00 per cent. per
                                            annum or (ii) if in aggregate with Adjusted LIBOR, 2.00 per cent. per annum; and

 

		(d)	in
                                            relation to the Interim Revolving Facility, (i) if in aggregate with the ABR, 0.75 per
                                            cent. per annum and (ii) if in aggregate with Adjusted LIBOR or Daily Simple RFR, 1.75
                                            per cent. per annum.

 

Material
Adverse Effect means any event or circumstance which in each case after taking into account all mitigating factors or circumstances
including, any warranty, indemnity, insurance or other resources available to the Group or right or recourse against any third party
with respect to the relevant event or circumstance and any obligation of any person in force to provide any additional equity investment:

 

		(a)	has
                                            a material adverse effect on:

 

		(i)	the
                                            consolidated business, assets or financial condition of the Group (taken as a whole); or

 

		(ii)	the
                                            ability of the Group (taken as a whole) to perform its payment obligations under the Interim
                                            Finance Documents (taking into account the financial resources available from other Group
                                            companies); or

 

		(b)	subject
                                            to the Reservations and any Perfection Requirements, affects the validity or the enforceability
                                            of any of the Interim Finance Documents to an extent which is materially adverse to the interests
                                            of the Interim Lenders under the Interim Finance Documents taken as a whole and, if capable
                                            of remedy, is not remedied within twenty (20) Business Days of the earlier of:

 

		(i)	the
                                            Obligors' Agent becoming aware of the issue; and

 

		(ii)	the
                                            giving of written notice of the issue by the Interim Facility Agent.

 

Minimum
Acceptance Threshold means, in relation to an Offer, an Acceptance Condition of not less than 75 per cent. of the issued ordinary
share capital of the Target plus one share on a fully diluted basis (assuming exercise in full of all options, warrants and other rights
to require allotment or issue of any shares in Target, whether or not such rights are then exercisable).

 

MLI
means the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting of 24
November 2016.

 

    	 	81	 

     

    

 

New
Interim Lender has the meaning given to that term in paragraph (a) of Clause 22.2 (Transfers by Interim Lenders).

 

Non-US
Obligors means an Obligor that is not a US Obligor.

 

Obligors
means the Borrower and the Guarantor.

 

Obligors'
Agent means the Borrower or such other person appointed to act on behalf of each Obligor in relation to the Interim Finance
Documents pursuant to Clause 4 (Obligors' Agent).

 

OFAC
means the Office of Foreign Assets Control of the United States Department of the Treasury (or any successor thereto).

 

Offer
means the takeover offer (as defined in section 974 of the Companies Act 2006) by the Borrower (or any other Acquiring Entity)
in accordance with the City Code to acquire all of the shares in Target that are the subject of that takeover offer (within the meaning
of section 975 of the Companies Act 2006) pursuant to the Offer Documents.

 

Offer
Documents means the applicable Announcement and the offer documents dispatched to shareholders of the Target setting out the
terms and conditions of an Offer.

 

Panel
means The Panel on Takeovers and Mergers.

 

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.

 

Party
means a party to this Agreement.

 

Perfection
Requirements means the making or the procuring of any appropriate registration, filing, recordings, enrolments, registrations,
notations in stock registries, notarisations, notifications, endorsements and/or stampings of the Interim Security Documents and/or the
Security Interests created thereunder.

 

Permitted
Transaction means:

 

		(a)	any
                                            step, circumstance, merger or transaction contemplated by, permitted or relating to the Transaction
                                            Documents, the Funds Flow Statement or the Long-term Financing Agreements (or other refinancing
                                            of the Interim Facilities) (and related documentation);

 

		(b)	any
                                            step, circumstance or transaction which is mandatorily required by law (including arising
                                            under an order of attachment or injunction or similar legal process);

 

		(c)	any
                                            step, circumstance or transaction which is not prohibited under the Existing Nitro Credit
                                            Agreement;

 

		(d)	any
                                            transfer of the shares in, or issue of shares by, any Obligor or any step, action or transaction
                                            including share issue or acquisition or consumption of debt, for the purpose of creating
                                            the group structure for the Acquisition or effecting the Refinancing, including inserting
                                            another legal entity directly above or below any Obligor, and including in connection therewith,
                                            provided that, after completion of such steps, no Change of Control shall have occurred;

 

    	 	82	 

     

    

 

		(e)	any
                                            step, circumstance or transaction not prohibited by any Major Undertaking) (which for the
                                            avoidance of doubt, will be a Permitted Transaction for all Major Undertakings);

 

		(f)	any
                                            transaction to which the Interim Facility Agent (acting on the instructions of the Majority
                                            Interim Lenders) shall have given prior written consent; and

 

		(g)	any
                                            action to be taken by a member of the Group that, in the reasonable opinion of the Obligors'
                                            Agent, is necessary to implement or complete the Acquisition or has arisen as a part of the
                                            discussions with the Target and/or its shareholders or senior management or any anti-trust
                                            authority, regulatory authority, pensions trustee, pensions insurer, works council or trade
                                            union (or any similar or equivalent person to any of the foregoing in any jurisdiction).

 

Qualifying
Interim Lender means a Qualifying Non-US Interim Lender or a Qualifying US Interim Lender.

 

Qualifying
Non-US Interim Lender means, for the purposes of an Interim Loan and in respect of a payment by or in respect of a Non-US Obligor,
an Interim Lender which is beneficially entitled to interest payable by the relevant Obligor to that Interim Lender and is:

 

		(a)	a
                                            Treaty Interim Lender; or

 

		(b)	an
                                            Interim Lender other than a Treaty Interim Lender which, as of the date it became a party
                                            to this Agreement, is entitled to receive all payments of interest payable to it under this
                                            Agreement without a Tax Deduction on account of Tax imposed by the Tax Jurisdiction of the
                                            relevant Non-US Obligor.

 

Qualifying
US Interim Lender for the purposes of an Interim Loan and in respect of a payment by or in respect of a US Obligor, an Interim
Lender which, as of the date it became a party to this Agreement (or if it subsequently changes its Facility Office, the date on which
it changes its Facility Office):

 

		(a)	is
                                            beneficially entitled to interest payable by or in respect of a US Borrower to that Interim
                                            Lender in respect of an advance under an Interim Finance Document; and

 

		(b)	is
                                            entitled to receive all payments of interest payable to it under this Agreement without deduction
                                            or withholding of any US federal income Taxes or US federal backup withholding Taxes.

 

Rate
Fixing Day means, in relation to any period for which an interest rate is to be determined:

 

		(a)	if
                                            the currency is Sterling, the first day of that period;

 

		(b)	if
                                            the currency is euro, two TARGET Days before the first day of that period; or

 

		(c)	for
                                            any other currency, two (2) Business Days before the first day of that period, unless
                                            market practice differs in the relevant interbank market, in which case, the Rate Fixing
                                            Day will be determined by the Interim Facility Agent in accordance with market practice in
                                            that interbank market (and, if quotations would normally be given by leading banks in that
                                            interbank market on more than one day, the Rate Fixing Day will be the last of those days).

 

    	 	83	 

     

    

 

Receiver
means a receiver, receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

Reference
Banks means, in relation to EURIBOR and/or LIBOR, the principal London offices of such banks or financial institutions as may
be appointed by the Interim Facility Agent after consultation with the Obligors' Agent, provided that no Interim Finance Party
shall be appointed as a Reference Bank without its consent.

 

Refinancing
has the meaning given in paragraph (a)(ii) of Clause 3.3 (Purpose).

 

Related
Fund in relation to a fund (the first fund), means a fund which is managed or advised by the same investment manager
or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment
manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

 

Reservations
means the principle that equitable remedies may be granted or refused at the discretion of the court, the limitation on enforcement
by laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes, moratoria, administration and other laws generally
affecting the rights of creditors and secured creditors, the time barring of claims under any applicable limitation statutes, the possibility
that a court may strike out a provision of a contract for recession or oppression, undue influence or similar reason, the possibility
that an undertaking to assume liability for or to indemnify a person against non-payment of stamp duty may be void, defences of acquiescence,
set-off or counterclaim and similar principles, the principles that in certain circumstances a Security Interest granted by way of fixed
charge may be recharacterised as a floating charge or that a Security Interest purported to be constituted as an assignment may be recharacterised
as a charge, the principle that additional or default interest imposed pursuant to any relevant agreement may be held to be unenforceable
on the grounds that it is a penalty and thus void, the principle that a court may not give effect to an indemnity for legal costs incurred
by an unsuccessful litigant, the principle that the creation or purported creation of a Security Interest over any asset not beneficially
owned by the relevant charging company at the date of the relevant security document or over any contract or agreement which is subject
to a prohibition on transfer, assignment or charging may be void, ineffective or invalid and may give rise to a breach of the contract
or agreement over which a Security Interest has purportedly been created, the principle that a court may not give effect to any parallel
debt provisions, covenant to pay the Interim Security Agent or other similar provisions, similar principles, rights and defences under
the laws of any jurisdiction in which the relevant obligation may have to be performed and any other matters which are set out in the
reservations or qualifications (however described) as to matters of law which are referred to in any legal opinion referred to in paragraph
3 (Legal Opinions) of Schedule 3 (Conditions Precedent) or under any other provision of or otherwise in connection with
any Interim Finance Document.

 

Restricted
Finance Party means an Interim Finance Party that notifies the Interim Facility Agent that a Sanctions Provision would result
in a violation of, a conflict with or liability under:

 

		(a)	EU
                                            Regulation (EC) 2271/96; or

 

		(b)	any
                                            similar applicable anti-boycott statute.

 

    	 	84	 

     

    

 

Restricted
Member of the Group means a member of the Group in respect of which the Obligors' Agent notifies the Interim Facility Agent that
a Sanctions Provision would result in a violation of, a conflict with or liability under:

 

		(a)	EU
                                            Regulation (EC) 2271/96; or

 

		(b)	any
                                            similar applicable anti-boycott statute.

 

Restricted
Person means a person that is:

 

		(a)	listed
                                            on or owned or controlled by a person listed on any Sanctions List; or

 

		(b)	located
                                            in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a
                                            person located in or organised under the laws of a Sanctioned Country in breach of applicable
                                            Sanctions.

 

RFR
means, for any obligations under the Interim Finance Documents consisting of any interest, fees or other amounts denominated
in Sterling, SONIA.

 

RFR
Business Day means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which banks are closed for
general business in London.

 

RFR
Interest Day has the meaning assigned to such term in the definition of “Daily Simple RFR”.

 

RFR
Interest Payment means, in respect of any Interest Period in relation to an RFR Loan, the aggregate amount of interest that is,
or is scheduled to become, payable under paragraph (d) of Clause 8.2 (Payment of interest).

 

RFR
Loan means an Interim Loan that bears interest at a rate based on Daily Simple RFR.

 

RFR
Lookback Day has the meaning assigned to such term in the definition of “Daily Simple RFR”.

 

Sanctioned
Country means, at any time, a country or territory which is, or whose government is, the subject or target of comprehensive Sanctions.

 

Sanctions
means any economic, trade or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or
enforced from time to time by any Sanctions Authority.

 

Sanctions
Authority means (a) the United States government, (b) the United Nations Security Council, (c) the European Union
and any EU member state, (d) the United Kingdom, and (e) the respective governmental institutions of any of the foregoing which
administer Sanctions, including, OFAC, the United States Department of State, the United States Department of Commerce, the United States
Department of Treasury and Her Majesty’s Treasury.

 

Sanctions
List means the "Specially Designated Nationals and Blocked Persons" list issued by OFAC, the Consolidated List
of Financial Sanctions Targets issued by Her Majesty's Treasury, or any similar list issued or maintained and made public by any of the
Sanctions Authorities as amended, supplemented or substituted from time to time.

 

    	 	85	 

     

    

 

Sanctions
Provision means paragraphs (b) to (e) of Clause 21.2 (Undertakings).

 

Scheme
means the scheme of arrangement effected pursuant to part 26 of the Companies Act 2006 to be proposed by the Target to its shareholders
to implement the Acquisition pursuant to which the relevant Acquiring Entity will, subject to the occurrence of the Scheme Effective
Date, become the holder of the shares in Target that are the subject of that scheme of arrangement.

 

Scheme
Circular means the circular (including any supplemental circular) dispatched by the Target to shareholders of the Target setting
out the resolutions and proposals for and the terms and conditions of the Scheme.

 

Scheme
Documents means each of (i) the applicable Announcement, (ii) the Scheme Circular, (iii) the Court Order and (iv) any
other documents distributed by or on behalf of the Acquiring Entity to holders of the Target Shares in connection with the Scheme.

 

Scheme
Effective Date means the date on which the Court Order sanctioning the Scheme is duly delivered on behalf of the Target to the
Registrar of Companies in accordance with section 899 of the Companies Act 2006.

 

Screen
Rate means:

 

		(a)	in
                                            relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration
                                            Limited (or any other person which takes over the administration of that rate) for the relevant
                                            currency and period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen
                                            (or any replacement Thomson Reuters page which displays that rate); and

 

		(b)	in
                                            relation to EURIBOR, the euro interbank offered rate administered by the European Union Money
                                            Market Institute (or any other person which takes over the administration of that rate) for
                                            the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any
                                            replacement Thomson Reuters page which displays that rate),

 

or,
in each case, on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters. If such page is replaced or service ceases to be available, the Interim Facility Agent may specify another page or
service displaying the appropriate rate in accordance with Clause 8.5 (Replacement of Screen Rate).

 

Security
Interest means any mortgage, charge (fixed or floating), pledge, lien, hypothecation, right of set-off, security trust, assignment,
reservation of title or other security interest and any other agreement (including a sale and repurchase arrangement) having the commercial
effect of conferring security.

 

SONIA
means, with respect to any RFR Business Day, a rate per annum equal to the Sterling Overnight Index Average for such RFR Business
Day published by the SONIA Administrator on the SONIA Administrator’s Website.

 

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

 

    	 	86	 

     

    

 

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.

 

Squeeze-Out
means an acquisition of the outstanding shares in the Target that the Acquiring Entity has not acquired pursuant to the procedures
contained in sections 979 to 982 of the Companies Act 2006.

 

Subsidiary
means, in relation to any person:

 

		(a)	an
                                            entity (including a partnership) of which that person has direct or indirect control; and

 

		(b)	an
                                            entity of which a person has direct or indirect control or owns directly or indirectly more
                                            than 50 per cent. of the voting capital or similar right of ownership,

 

and,
for this purpose, control means the direct or indirect ownership of a majority of the voting share capital or similar ownership
rights of that entity, or the right or ability to determine the composition of a majority of the board of directors (or equivalent body)
of such entity or otherwise to direct the management of such entity whether by virtue of ownership of share capital, contract or otherwise.

 

Target
means Avast plc.

 

TARGET
Day means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system is open for
the settlement of payments in euro.

 

Target
Group means the Target and its Subsidiaries.

 

Tax
means any present or future tax, levy, assessment, impost, deduction, duty or withholding or any charge of a similar nature (including
any related interest, penalty or fine).

 

Tax
Credit means a credit against, relief from, or rebate, repayment, remission or refund of, any Tax.

 

Tax
Deduction means a deduction or withholding for or on account of Tax from any payment under an Interim Finance Document, other
than a FATCA Deduction.

 

Tax
Jurisdiction means, in relation to any Obligor, the jurisdiction under the laws of which the Obligor is organised, incorporated
or formed on the date it becomes an Obligor.

 

Term
means each period determined under this Agreement for which the Issuing Bank is under a liability under a Bank Guarantee.

 

Term
Sheets has the meaning given in the Commitment Letter.

 

Total
Interim Commitments means at any time the aggregate of the Total Interim Facility A1 Commitments, the Total Interim Facility
A2 Commitments, the Total Interim Facility B Commitments and the Total Interim Revolving Facility Commitments.

 

Total
Interim Facility A1 Commitments means at any time the aggregate of the Interim Facility A1 Commitments, being $750,000,000 at
the date of this Agreement.

 

    	 	87	 

     

    

 

Total
Interim Facility A2 Commitments means at any time the aggregate of the Interim Facility A Commitments, being $3,500,000,000 at
the date of this Agreement.

 

Total
Interim Facility B Commitments means at any time the aggregate of the Interim Facility B Commitments, being $3,600,000,000 at
the date of this Agreement.

 

Total
Interim Revolving Facility Commitments means at any time the aggregate of the Interim Revolving Facility Commitments, being $1,500,000,000
at the date of this Agreement.

 

Transaction
has the meaning given to that term in the Commitment Letter.

 

Transaction
Documents means the Interim Finance Documents, the Acquisition Documents and (in each case) all documents and agreements relating
to them.

 

Transfer
Certificate means a certificate substantially in the form set out in Schedule 7 (Form of Transfer Certificate) or
in any other form agreed between the Interim Facility Agent and the Obligors' Agent.

 

Transfer
Date means, in relation to an assignment or a transfer, the later of:

 

		(a)	the
                                            proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
                                            and

 

		(b)	the
                                            date on which the Interim Facility Agent executes the relevant Assignment Agreement or Transfer
                                            Certificate.

 

Treaty
Interim Lender means, in respect of a Non-US Obligor, an Interim Lender which:

 

		(a)	is
                                            treated as a resident of a Treaty State for the purposes of the Treaty;

 

		(b)	does
                                            not carry on a business in the relevant Obligor's Tax Jurisdiction through a permanent establishment
                                            (as such term is defined for the purposes of the relevant Treaty) with which that Interim
                                            Lender's participation in the Interim Loan is effectively connected; and

 

		(c)	meets
                                            and has satisfied all other conditions (including the completion of any necessary procedural
                                            formalities and clearances) which need to be met to enable it to benefit from a full exemption
                                            from Tax imposed by the relevant Obligor's Tax Jurisdiction on interest such that any payment
                                            of interest may be made by the relevant Obligor to that Interim Lender without a Tax Deduction
                                            imposed by the relevant Obligor's Tax Jurisdiction on interest.

 

Treaty
State means a jurisdiction having a double taxation agreement (a Treaty) with the relevant Obligor's Tax Jurisdiction
on interest.

 

UK
CRD IV means:

 

		(a)	Regulation
                                            (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
                                            requirements for credit institutions and investment firms and amending Regulation (EU) No
                                            648/2012 as it forms part of domestic law of the United Kingdom by virtue of the European
                                            Union (Withdrawal) Act 2018 (the "Withdrawal Act");

 

    	 	88	 

     

    

 

 

	(b)	the
                                            law of the United Kingdom or any part of it, which immediately before IP completion day (as
                                            defined in the European Union (Withdrawal Agreement) Act 2020) implemented Directive 2013/36/EU
                                            of the European Parliament and of the Council of 26 June 2013 on access to the activity
                                            of credit institutions and the prudential supervision of credit institutions and investment
                                            firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC and
                                            its implementing measures; and

 

	(c)	direct
                                            EU legislation (as defined in the Withdrawal Act), which immediately before IP completion
                                            day (as defined in the European Union (Withdrawal Agreement) Act 2020) implemented EU CRD
                                            IV as it forms part of domestic law of the United Kingdom by virtue of the Withdrawal Act.

 

US
Borrower means a Borrower that is organized, incorporated or formed under the laws of the United States or any state thereof
(including the District of Columbia).

 

US
Code means the US Internal Revenue Code of 1986 (and any successor legislation thereto), as amended from time to time.

 

US
Obligor means an Obligor that is organized, incorporated or formed under the laws of the United States or any state thereof (including
the District of Columbia).

 

US
Person means any person that is a "United States person" as defined in Section 7701(a)(30) of the US Code
and includes an entity disregarded as being an entity separate from its owner for US federal income tax purposes if such owner is a "United
States person".

 

US
Tax Form means, as applicable:

 

	(a)	an
                                            IRS Form W-8BEN or W-8BEN-E, as applicable, that either:

 

		(i)	includes
                                            a claim for an exemption from or reduction of US withholding tax under an applicable income
                                            tax treaty, with Part II of such W-8BEN (or Part III of such W-8BEN-E, as applicable)
                                            completed; or

 

		(ii)	if
                                            such claim for exemption is based on the "portfolio interest exemption"
                                            is accompanied by a certificate representing that such Lender is not (1) a "bank"
                                            within the meaning of Section 881(c)(3)(A) of the US Code, (2) a "10
                                            percent shareholder" of the relevant Obligor within the meaning of Section 881(c)(3)(B) of
                                            the US Code, (3) a "controlled foreign corporation" described in Section 881(c)(3)(C) of
                                            the US Code, or (4) conducting a trade or business in the United States with which the
                                            relevant interest payments are effectively connected;

 

	(b)	IRS
                                            Form W-8ECI;

 

	(c)	IRS
                                            Form W-8EXP;

 

	(d)	IRS
                                            Form W-9; or

 

	(e)	any
                                            other IRS form establishing an exemption from or reduction of withholding of US federal income
                                            tax on payments to that person under this Agreement,

 

    	 	89	 

     

    

 

which,
in each case, may be provided under cover of, if required to establish such an exemption, an IRS Form W-8IMY and the certificate
described in paragraph (a)(ii) above in respect of its beneficial owners, if applicable.

 

VAT
means:

 

	(a)	any
                                            value added tax imposed by the Value Added Tax Act 1994;

 

	(b)	any
                                            tax imposed in compliance with the Council Directive of 28 November 2006 on the common
                                            system of value added tax (EC Directive 2006/112) as amended from time to time; and

 

	(c)	any
                                            other tax of a similar nature, whether imposed in a member state of the European Union in
                                            substitution for, or levied in addition to, such tax referred to in paragraph (a) or
                                            (b) above, or imposed elsewhere.

 

    	 	90	 

     

    

 

Part II

Other References

 

	1.	In
                                            this Agreement, unless a contrary intention appears, a reference to:

 

		(a)	an
                                            agreement includes any legally binding arrangement, contract, deed or instrument
                                            (in each case, whether oral or written);

 

		(b)	an
                                            amendment includes any amendment, supplement, variation, novation, modification,
                                            replacement or restatement (however fundamental), and amend and amended
                                            shall be construed accordingly;

 

		(c)	assets
                                            includes properties, assets, businesses, undertakings, revenues and rights of every
                                            kind (including uncalled share capital), present or future, actual or contingent, and any
                                            interest in any of the above;

 

		(d)	a
                                            consent includes an authorisation, permit, approval, consent, exemption, licence,
                                            order, filing, registration, recording, notarisation, permission or waiver;

 

		(e)	a
                                            disposal includes any sale, transfer, grant, lease, licence or other disposal,
                                            whether voluntary or involuntary, and dispose will be construed accordingly;

 

		(f)	a
                                            guarantee includes (other than in Schedule 4 (Guarantee and Indemnity)):

 

		(i)	an
                                            indemnity, counter-indemnity, guarantee or similar assurance against loss in respect of any
                                            indebtedness of any other person; and

 

		(ii)	any
                                            other obligation of any other person, whether actual or contingent, to pay, purchase, provide
                                            funds (whether by the advance of money to, the purchase of or subscription for shares or
                                            other investments in, any other person, the purchase of assets or services, the making of
                                            payments under an agreement or otherwise) for the payment of, to indemnify against the consequences
                                            of default in the payment of, or otherwise be responsible for, any indebtedness of any other
                                            person;

 

and
guaranteed and guarantor shall be construed accordingly;

 

		(g)	including
                                            means including without limitation, and includes and included
                                            shall be construed accordingly;

 

		(h)	losses
                                            includes losses, actions, damages, claims, proceedings, costs, demands, expenses
                                            (including legal and other fees) and liabilities of any kind, and loss shall be construed
                                            accordingly;

 

		(i)	a
                                            month means a period starting on one day in a calendar month and ending on the numerically
                                            corresponding day in the next calendar month, except that:

 

		(i)	(subject
                                            to paragraph (iii) below) if any such period would otherwise end on a day which is not
                                            a Business Day, it shall end on the next Business Day in the same calendar month or, if there
                                            is none, on the preceding Business Day;

  

    	 	91	 

     

    

 

		(ii)	if
                                            there is no numerically corresponding day in the month in which that period is to end, that
                                            period shall end on the last Business Day in that later month; and

  

		(iii)	if
                                            an Interest Period begins on the last Business Day of a calendar month, that Interest Period
                                            shall end on the last Business Day in the calendar month in which that Interest Period is
                                            to end,

 

and
references to months shall be construed accordingly;

 

		(j)	a
                                            Major Event of Default being outstanding or continuing means
                                            that such Major Event of Default has occurred or arisen and has not been remedied or waived;

 

		(k)	an
                                            Acceleration Notice being outstanding means that such Acceleration Notice provided
                                            by the Interim Facility Agent under paragraph (a)(i) of Clause 7.1 (Repayment)
                                            has not been revoked, withdrawn or cancelled by the Interim Facility Agent or otherwise ceases
                                            to have effect;

 

		(l)	a
                                            person includes any individual, trust, firm, fund, company, corporation, partnership,
                                            joint venture, government, state or agency of a state or any undertaking or other association
                                            (whether or not having separate legal personality);

 

		(m)	a
                                            regulation includes any regulation, rule, official directive, request or guideline
                                            (whether or not having the force of law but if not having the force of law compliance with
                                            which is customary) of any governmental or supranational body, agency, department or regulatory,
                                            self-regulatory or other authority or organisation;

 

		(n)	a
                                            sub-participation means any sub-participation or sub-contract (whether written
                                            or oral) or any other agreement or arrangement having an economically substantially similar
                                            effect, including any credit default or total return swap or derivative (whether disclosed,
                                            undisclosed, risk or funded) by an Interim Lender of or in relation to any of its rights
                                            or obligations under, or its legal, beneficial or economic interest in relation to, the Interim
                                            Facilities and/or Interim Finance Documents to a counterparty and sub-participate
                                            shall be construed accordingly; and

 

		(o)	"$",
                                            "USD" and "US Dollars" denote the lawful currency of the
                                            United States of America, "£", "GBP" and "Sterling"
                                            denote the lawful currency of the United Kingdom, and "€", "EUR"
                                            and "euro" means the single currency unit of the Participating Member States.

 

	2.	In
                                            this Agreement, unless a contrary intention appears:

 

		(a)	a
                                            reference to a Party includes a reference to that Party's successors and permitted assignees
                                            or permitted transferees but does not include that Party if it has ceased to be a Party under
                                            this Agreement;

  

    	 	92	 

     

    

 

		(b)	references
                                            to paragraphs, Clauses, Schedules and Parts are references to, respectively, paragraphs,
                                            clauses of, schedules to and parts of schedules to this Agreement and references to this
                                            Agreement include its schedules;

  

		(c)	a
                                            reference to (or to any specified provision of) any agreement (including any of the Interim
                                            Finance Documents) is to that agreement (or that provision) as amended or novated (however
                                            fundamentally) and includes any increase in, extension of or change to any facility made
                                            available under any such agreement (unless such amendment or novation is contrary to the
                                            terms of any Interim Finance Document);

 

		(d)	a
                                            reference to a statute, statutory instrument or provision of law is to that statute, statutory
                                            instrument or provision of law, as it may be applied, amended or re-enacted from time to
                                            time;

 

		(e)	a
                                            reference to a time of day is, unless otherwise specified, to New York time; and

 

		(f)	the
                                            index to and the headings in this Agreement are for convenience only and are to be ignored
                                            in construing this Agreement.

 

	3.	A
                                            Bank Guarantee is repaid or prepaid (or any derivative form thereof) to the
                                            extent that:

 

		(a)	an
                                            Obligor provides cash cover for that Bank Guarantee or complies with its obligations under
                                            paragraph 1 (Immediately payable) and/or paragraph (b) of paragraph 6 (Claims
                                            under a Bank Guarantee) of Schedule 9 (Bank Guarantees);

 

		(b)	the
                                            maximum amount payable under the Bank Guarantee is reduced or cancelled in accordance with
                                            its terms or otherwise reduced or cancelled in a manner satisfactory to the Issuing Bank
                                            in respect of such Bank Guarantee (acting reasonably);

 

		(c)	the
                                            Bank Guarantee is returned by the beneficiary with its written confirmation that it is released
                                            and cancelled;

 

		(d)	a
                                            bank or financial institution with a long-term corporate credit rating from Moody's Investor
                                            Services Limited, Standard & Poor's Rating Services or Fitch Ratings Ltd at least
                                            equal to A-/A3 has issued a guarantee, indemnity, counter-indemnity or similar assurance
                                            against financial loss in respect of amounts due under that Bank Guarantee; or

 

		(e)	the
                                            Issuing Bank in respect of such Bank Guarantee (acting reasonably) has confirmed to the Interim
                                            Facility Agent that it has no further liability under or in respect of that Bank Guarantee,

 

and
the amount by which a Bank Guarantee is repaid or prepaid under paragraphs (a) to (d) above is the amount of the relevant cash
cover, payment, release, cancellation, guarantee, indemnity, counter-indemnity, assurance or reduction.

  

    	 	93	 

     

    

 

	4.	The
                                            outstanding amount of a Bank Guarantee at any time is the maximum amount that is or may be
                                            payable by the relevant Issuing Bank in respect of that Bank Guarantee at that time less
                                            any amount of cash cover provided in respect of that Bank Guarantee or otherwise repaid or
                                            prepaid.

 

	5.	An
                                            Obligor provides cash cover for a Bank Guarantee if it pays an amount in the currency
                                            of the Bank Guarantee to an interest-bearing account with the relevant Issuing Bank in the
                                            name of the Obligor on the basis that the only withdrawals which may be made from such account
                                            (other than in respect of accrued interest) are withdrawals to pay the Issuing Bank amounts
                                            due and payable to it under this Agreement following any payment made by it under such Bank
                                            Guarantee (unless the relevant Bank Guarantee is repaid or prepaid as contemplated by Schedule
                                            9 (Bank Guarantees) or any such withdrawal is made by the Issuing Bank at the direction,
                                            and on behalf of, the Obligor for the purpose of satisfying any and all of the liabilities
                                            which are the subject of such Bank Guarantees) and, for the purposes of this Agreement, a
                                            Bank Guarantee shall be deemed to be cash covered to the extent of any such provision of
                                            cash cover. If required by the relevant Issuing Bank, the relevant Obligor shall (subject
                                            to any applicable legal or regulatory restrictions) execute and deliver an additional Interim
                                            Security Document creating first ranking security over any such account held with it.

 

	6.	Notwithstanding
                                            any other term of the Interim Finance Documents, in this Agreement:

 

		(a)	a
                                            reference to the assets of an Obligor shall exclude the assets of any member of the Target
                                            Group and other Group Company; and

 

		(b)	no
                                            matter or circumstance in respect of, or breach by, any member of the Target Group or any
                                            member of the Group which is not an Obligor shall relate to an Obligor or otherwise be deemed
                                            to constitute, or result in, a breach of any representation, warranty, undertaking or other
                                            term in the Interim Finance Documents, to have a Material Adverse Effect, to constitute or
                                            give rise to a breach of a Major Undertaking or Major Representation or to have a Major Event
                                            of Default.

 

	7.	Sanctions
                                            and Restricted Finance Parties:

 

		(a)	A
                                            Sanctions Provision shall only:

 

		(i)	be
                                            given by a Restricted Member of the Group; or

 

		(ii)	apply
                                            for the benefit of a Restricted Finance Party,

 

to
the extent that that Sanctions Provision would not result in any violation by or expose of such entity or any directors, officer or employee
thereof to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European
Union (and/or any of its member states) that are applicable to such entity, including EU Regulation (EC) 2271/96.

 

		(b)	In
                                            connection with any amendment, waiver, determination or direction relating to any part of
                                            a Sanctions Provision in relation to which:

 

		(i)	an
                                            Interim Finance Party is a Restricted Finance Party; and

 

		(ii)	in
                                            accordance with paragraph (a) above, that Restricted Finance Party does not have the
                                            benefit of it:

 

    	 	94	 

     

    

 

		(A)	the
                                            Interim Commitments of an Interim Lender that is a Restricted Finance Party; and

 

		(B)	the
                                            vote of any other Restricted Finance Party which would be required to vote in accordance
                                            with the provisions of this Agreement,

 

shall
be excluded for the purpose of calculating the Total Interim Commitments under the Interim Facility when ascertaining whether any relevant
percentage of Total Interim Commitments has been obtained to approve such amendment, waiver, determination or direction request and its
status as an Interim Finance Party shall be disregarded for the purpose of ascertaining whether the agreement of any specified group
of Interim Finance Parties has been obtained to approve such amendment, waiver, determination or direction.

  

    	 	95	 

     

    

 

Schedule
2

Form of Drawdown Request

 

Part I

Loan Request

 

To:         [●]
as Interim Facility Agent

 

From:     [●]

 

Date:      [●]

 

[Company]
 – Interim Facilities Agreement dated [●] (as amended from time to time) (the Interim Facilities Agreement)

 

	1.	We
                                            refer to the Interim Facilities Agreement. This is a Drawdown Request. Terms defined in the
                                            Interim Facilities Agreement shall have the same meanings when used in this Drawdown Request.

 

	2.	We
                                            wish to borrow an Interim Loan on the following terms:

 

Interim
Facility: [●]

 

Drawdown
Date: [●]

 

Amount:
[●]

 

Currency:
[●]

 

Interest
Period: [●]

 

	3.	Our
                                            [payment/delivery] instructions are: [●].

 

	4.	We
                                            confirm that each condition specified in paragraphs (a)(i) to (a)(iii) (inclusive)
                                            of Clause 3.1 (Conditions Precedent) is satisfied at the date of this Drawdown Request
                                            or will be satisfied on or before the proposed Drawdown Date.

 

	5.	The
                                            proceeds of this Interim Loan should be credited to [●].

 

	6.	This
                                            Drawdown Request is irrevocable.

 

 

 

For
and on behalf of

 

[●]

 

(as
Borrower)

  

    	 	96	 

     

    

  

Part II

Bank Guarantee Request

 

To:         [●]
as Interim Facility Agent

 

From:     [●]

 

Date:      [●]

 

[Company]
 – Interim Facilities Agreement dated [●] (as amended from time to time) (the Interim Facilities Agreement)

 

	1.	We
                                            refer to the Interim Facilities Agreement. This is a Bank Guarantee Request. Terms defined
                                            in the Interim Facilities Agreement shall have the same meanings when used in this Bank Guarantee
                                            Request.

 

	2.	We
                                            wish to borrow a Bank Guarantee on the following terms:

 

Interim
Facility: Interim Revolving Facility

 

Drawdown
Date: [●]

 

Amount:
[●]

 

Currency:
[●]

 

Expiry
Date: [●]

 

	3.	Our
                                            instructions are: [●].

 

	4.	A
                                            copy of the Bank Guarantee is attached.

 

	5.	We
                                            confirm that each condition specified in paragraphs (a)(i) to (a)(iii) (inclusive)
                                            of Clause 3.1 (Conditions Precedent) is satisfied at the date of this Bank Guarantee
                                            Request or will be satisfied on or before the proposed Drawdown Date.

 

	6.	This
                                            Bank Guarantee Request is irrevocable.

 

 

For
and on behalf of

 

[●]

 

(as
Borrower)

  

    	 	97	 

     

    

 

Schedule
3

Conditions Precedent

 

	1.	Obligors

 

		(a)	Constitutional
                                            documents: a copy of the constitutional documents of each Obligor.

 

		(b)	Corporate
                                            approvals: with respect to each Obligor, to the extent legally required, a copy of a
                                            resolution of the board of directors, the shareholders or equivalent body of each Obligor
                                            approving the Interim Finance Documents to which it is a party and the transactions contemplated
                                            thereby.

 

		(c)	Specimen
                                            signatures: specimen signatures for the person(s) authorised in the resolutions
                                            referred to above (to the extent such person will execute an Interim Finance Document).

 

		(d)	Officer’s
                                            certificates: a certificate from each Obligor (signed by an officer or authorised signatory):

 

		(i)	certifying
                                            that each copy document relating to it specified in paragraphs (a) to (c) above
                                            is correct, complete and (to the extent executed) in full force and effect and has not been
                                            amended or superseded prior to the date of this Agreement; and

 

		(ii)	confirming
                                            that, subject to the guarantee limitations set out in this Agreement, borrowing or guaranteeing
                                            or securing (as appropriate) the Total Interim Commitments would not cause any borrowing,
                                            guarantee or security limit binding on it to be exceeded.

 

	2.	Interim
                                            Finance Documents

 

A
copy of the counterparts of each of the following documents duly executed by the the Borrower:

 

		(a)	this
                                            Agreement;

 

		(b)	the
                                            Fee Letter;

 

		(c)	the
                                            Interim Security Documents listed in the table below:

 

	Name
    of party to Interim Security Document	Interim
    Security Document	Governing
    law of Interim Security Document
	The
    Borrower	Security
    Agreement 	New
    York law

 

	3.	Legal
                                            Opinions

 

		(a)	A
                                            legal opinion from Kirkland & Ellis LLP in respect of the capacity of the Obligors
                                            incorporated in Delaware to enter into the Interim Finance Documents to which they are a
                                            party and in respect of the enforceability of the Interim Security Document governed by New
                                            York law.

  

    	 	98	 

     

    

 

		(b)	A
                                            legal opinion from Cahill Gordon & Reindel (UK) LLP as English law counsel to the
                                            Arrangers and the Original Interim Lenders in respect of the capacity of the Obligors incorporated
                                            in England and Wales to enter into the Interim Finance Documents and the enforceability of
                                            this Agreement.

 

	4.	Announcement

 

		(a)	A
                                            copy of the applicable Announcement (provided that it is confirmed that such Announcement
                                            will be in form and substance satisfactory to the Interim Facility Agent if it is in the
                                            form of the draft most recently delivered to the Original Interim Lenders prior to the date
                                            of this Agreement or, in respect of any subsequent Announcement, in the form of the previous
                                            Announcement, in each case, with any changes which (i) are not materially prejudicial
                                            to the interests of the Original Interim Lenders taken as a whole under the Interim Finance
                                            Documents or (ii) are approved by the Majority Interim Lenders (such approval not to
                                            be unreasonably withheld or delayed)).

 

		(b)	If
                                            available, a copy of the Co-operation Agreement (provided that it shall not be required to
                                            be in a form and substance satisfactory to the Interim Facility Agent).

 

	5.	Acquisition
                                            Documents

 

A
copy of (i) the Scheme Circular or (ii) as the case may be, the Offer Documents dispatched to shareholders of the Target by
or on behalf of the Borrower (if any), provided that such documents shall not be required to be in form and substance satisfactory to
the Interim Facility Agent.

 

	6.	Other
                                            Conditions Precedent

 

		(a)	Fees:
                                            reasonable evidence that payment of the Interim Facility Fee (as defined in the Fee Letter)
                                            earned, due and payable to the Interim Finance Parties and required to be paid under the
                                            Fee Letter on the Interim Closing Date from the proceeds of the initial funding under
                                            the Interim Facilities for which invoices have been received at least three (3) business
                                            days in advance (which amounts may be offset against the proceeds of the applicable Interim
                                            Facility) shall have been made (or shall be made substantially contemporaneously with funding)
                                            provided that a reference to payment of such fees in a Drawdown Request (or Funds Flow Statement)
                                            shall be deemed to be reasonable evidence that this condition precedent is satisfactory to
                                            the Interim Facility Agent.

 

		(b)	Closing
                                            Certificate: a certificate from the Borrower (or any of its relevant Affiliates) (signed
                                            by an officer or authorised signatory) confirming that in the case of a Scheme, the Scheme
                                            Effective Date shall have occurred or, in the case of an Offer, the Offer shall have become
                                            or shall have been declared unconditional in all respects (or, in each case, will have occurred,
                                            become or so declared as at the Interim Closing Date).

 

		(c)	Process
                                            Agent: evidence that the process agent appointed in respect of an Interim Finance
                                            Document for each Obligor (which may be another Obligor) has accepted its appointment as
                                            agent for service of process.

  

    	 	99	 

     

    

  

Schedule
4

Guarantee and Indemnity

 

	1.	Guarantee
                                            and indemnity

 

Subject
to the limitations set out in paragraph 11 (Guarantee Limitation) below, the Guarantor irrevocably and unconditionally, jointly
and severally:

 

		(a)	guarantees
                                            to each Interim Finance Party punctual performance by each other Obligor of all its obligations
                                            under the Interim Finance Documents;

 

		(b)	undertakes
                                            with each Interim Finance Party that whenever an Obligor does not pay any amount when due
                                            (allowing for any applicable grace period) under or in connection with any Interim Finance
                                            Document, the Guarantor shall immediately on demand pay that amount as if it was the principal
                                            obligor; and

 

		(c)	agrees
                                            with each Interim Finance Party that if any obligation guaranteed by it is or becomes unenforceable,
                                            invalid or illegal, it will, as an independent and primary obligation, indemnify that Interim
                                            Finance Party immediately on demand against any cost, loss or liability it incurs as a result
                                            of an Obligor not paying any amount which would, but for such unenforceability, invalidity
                                            or illegality, have been payable by it under any Interim Finance Document on the date when
                                            it would have been due. The amount payable by the Guarantor under this indemnity will not
                                            exceed the amount it would have had to pay under this paragraph 1 if the amount claimed had
                                            been recoverable on the basis of a guarantee,

 

(the
Guarantee).

 

	2.	Continuing
                                            Guarantee

 

This
guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by an Obligor under the Interim Finance Documents,
regardless of any intermediate payment or discharge in whole or in part.

 

	3.	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or
otherwise) is made by an Interim Finance Party in whole or in part on the basis of any payment, security or other disposition which is
avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor
under this Schedule 4 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

	4.	Waiver
                                            of defences

 

The
obligations of the Guarantor under this Schedule 4 will not be affected by an act, omission, matter or thing which, but for this Schedule
4, would reduce, release or prejudice any of its obligations under this Schedule 4 (whether or not known to it or any Interim Finance
Party) including:

  

    	 	100	 

     

    

 

		(a)	any
                                            time, waiver or consent granted to, or composition with, any Obligor or other person;

  

		(b)	the
                                            release of any Obligor or any other person under the terms of any composition or arrangement
                                            with any creditor of any Group Company;

 

		(c)	the
                                            taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
                                            perfect, take up or enforce, any rights against, or security over assets of, any Obligor
                                            or other person or any non-presentation or non-observance of any formality or other requirement
                                            in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any
                                            incapacity or lack of power, authority or legal personality of or dissolution or change in
                                            the members or status of an Obligor or any other person;

 

		(e)	any
                                            amendment, novation, supplement, extension restatement (however fundamental and whether or
                                            not more onerous) or replacement of an Interim Finance Document or any other document or
                                            security including any change in the purpose of, any extension of or increase in any facility
                                            or the addition of any new facility under any Interim Finance Document or other document
                                            or security;

 

		(f)	any
                                            unenforceability, illegality or invalidity of any obligation of any person under any Interim
                                            Finance Document or any other document or security; or

 

		(g)	any
                                            insolvency or similar proceedings.

 

	5.	Guarantor
                                            Intent

 

Without
prejudice to the generality of paragraph 4 (Waiver of defences) above and paragraph 11 (Guarantee Limitation) below, the
Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental and of whatsoever
nature and whether or not more onerous) variation, increase, extension or addition of or to any of the Interim Finance Documents and/or
any facility or amount made available under any of the Interim Finance Documents for the purposes of or in connection with any of the
following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out
restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any
other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any
fees, costs and/or expenses associated with any of the foregoing.

 

	6.	Immediate
                                            recourse

 

		(a)	The
                                            Guarantor waives any right it may have of first requiring any Interim Finance Party (or any
                                            trustee or agent on its behalf) to proceed against or enforce any other rights or security
                                            or claim payment from any person before claiming from the Guarantor under this Schedule 4.

 

		(b)	This
                                            waiver applies irrespective of any law or any provision of an Interim Finance Document to
                                            the contrary.

 

    	 	101	 

     

    

 

	7.	Appropriations

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Interim Finance Documents have been irrevocably
paid in full, each Interim Finance Party (or any trustee or agent on its behalf) may:

 

		(a)	refrain
                                            from applying or enforcing any other moneys, security or rights held or received by that
                                            Interim Finance Party (or any trustee or agent on its behalf) in respect of those amounts,
                                            or apply and enforce the same in such manner and order as it sees fit (whether against those
                                            amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same;
                                            and

 

		(b)	in
                                            respect of any amounts received or recovered by any Interim Finance Party after a claim pursuant
                                            to this guarantee in respect of any sum due and payable by any Obligor under this Agreement
                                            place such amounts in a suspense account (bearing interest at a market rate usual for accounts
                                            of that type) unless and until such moneys are sufficient in aggregate to discharge in full
                                            all amounts then due and payable under the Interim Finance Documents.

 

	8.	Deferral
                                            of Guarantors' rights

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Interim Finance Documents have been irrevocably
paid in full and unless the Interim Facility Agent otherwise directs, the Guarantor will not exercise any rights which it may have by
reason of performance by it of its obligations under the Interim Finance Documents:

 

		(a)	to
                                            be indemnified by an Obligor;

 

		(b)	to
                                            claim any contribution from any other guarantor of any Obligor's obligations under the Interim
                                            Finance Documents;

 

		(c)	to
                                            take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
                                            any rights of the Interim Finance Parties under the Interim Finance Documents or of any other
                                            guarantee or security taken pursuant to, or in connection with, the Interim Finance Documents
                                            by any Interim Finance Party;

 

		(d)	to
                                            bring legal or other proceedings for an order requiring any Obligor to make any payment,
                                            or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking
                                            or indemnity under paragraph 1 (Guarantee and indemnity) above;

 

		(e)	to
                                            exercise any right of set-off against any Obligor; and/or

 

		(f)	to
                                            claim or prove as a creditor of any Obligor in competition with any Interim Finance Party.

  

    	 	102	 

     

    

 

 

		9.	Release
                                            of Guarantors' right of contribution

 

If
the Guarantor (a Retiring Guarantor) ceases to be a Guarantor in accordance with the terms of the Interim Finance Documents
for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

 

		(a)	that
                                            Retiring Guarantor is released by each other Obligor from any liability (whether past, present
                                            or future and whether actual or contingent) to make a contribution to any other Obligor arising
                                            by reason of the performance by any other Obligor of its obligations under the Interim Finance
                                            Documents; and

 

		(b)	each
                                            other Obligor waives any rights it may have by reason of the performance of its obligations
                                            under the Interim Finance Documents to take the benefit (in whole or in part and whether
                                            by way of subrogation or otherwise) of any rights of the Interim Finance Parties under any
                                            Interim Finance Document or of any other security taken pursuant to, or in connection with,
                                            any Interim Finance Document where such rights or security are granted by or in relation
                                            to the assets of the Retiring Guarantor.

 

		10.	Additional
                                            Security

 

This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Interim
Finance Party.

 

		11.	Guarantee
                                            Limitation

 

The
Guarantor's obligations and liabilities under this Schedule 4 and under any other guarantee or indemnity provision in any Interim Finance
Document (the Guarantee Obligations) will not extend to include any obligation or liability and no Interim Security granted
by the Guarantor will secure any Guarantee Obligation, if to the extent doing so would be unlawful financial assistance (notwithstanding
any applicable exemptions and/or undertaking of any applicable prescribed whitewash or similar financial assistance procedures) in respect
of the acquisition of shares in itself or its Holding Company or a member of the Group under the laws of its jurisdiction of incorporation.

 

    	 	103	 

     

    

 

Schedule
5

Major Representations, Undertakings and Events of Default

 

Part I

Major Representations

 

		1.	Status

 

It
is a limited liability company or a corporate partnership limited by shares duly incorporated and validly existing under the laws of
its place of incorporation.

 

		2.	Power
                                            and authority

 

		(a)	Subject
                                            to the Reservations, it has (or will have on the relevant date(s)) the power to enter into
                                            and deliver, and to exercise its rights and perform its obligations under, each Interim Finance
                                            Document to which it is or will be a party.

 

		(b)	It
                                            has taken all necessary corporate action to authorise the entry into and delivery of and
                                            the performance by it of its obligations under each Interim Finance Document to which it
                                            is or will be party.

 

		3.	No
                                            conflict

 

The
entry into and delivery of, and the exercise of its rights and the performance of its obligations under, each Interim Finance Document
to which it is a party does not and will not, subject to the Reservations:

 

		(a)	contravene
                                            any law, regulation or order to which it is subject; or

 

		(b)	conflict
                                            with its constitutional documents in any material respect,

 

in
each case, in a manner which would have or be reasonably likely to have a Material Adverse Effect.

 

		4.	Obligations
                                            binding

 

Subject
to the Reservations and the Perfection Requirements, the obligations expressed to be assumed by it under each Interim Finance Document
to which it is a party constitute its legal, valid, binding and enforceable obligations.

 

    	 	104	 

     

    

 

Part II

Major Undertakings

 

		1.	New
                                            York Law Undertakings

 

For
so long as any Interim Lender shall have any Interim Commitment hereunder, any Interim Loan hereunder which is accrued and payable shall
remain unpaid or unsatisfied (other than contingent indemnification obligations not yet due and payable), the Borrower shall not:

 

Section 1.01.     Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
other than the following:

 

		(a)	Liens
                                            pursuant to any Interim Finance Document or otherwise comprising or in connection with a
                                            Permitted Transaction;

 

		(b)	Liens
                                            existing on the date hereof and, to the extent securing Indebtedness in excess of $100,000,000,
                                            as disclosed to the Arrangers on or prior to the date hereof;

 

		(c)	Liens
                                            for taxes, assessments or governmental charges (other than a Lien imposed under Section 430(k) of
                                            the Internal Revenue Code or Section 303(k) of ERISA) (i) which are not overdue
                                            for a period of more than thirty (30) days or (ii) which are being contested in good
                                            faith;

 

		(d)	statutory
                                            or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen,
                                            construction contractors or other like Liens arising in the ordinary course of business (i) which
                                            secure amounts not overdue for a period of more than thirty (30) days or if more than thirty
                                            (30) days overdue, are unfiled (or, if, filed have been discharged or stayed) and no other
                                            action has been taken to enforce such Lien or (ii) which are being contested in good
                                            faith;

 

		(e)	(i) pledges,
                                            deposits or Liens arising as a matter of law in the ordinary course of business in connection
                                            with workers’ compensation, payroll taxes, unemployment insurance and other social
                                            security legislation and (ii) pledges and deposits in the ordinary course of business
                                            securing liability for reimbursement or indemnification obligations of (including obligations
                                            in respect of letters of credit or bank guarantees for the benefit of) insurance carriers
                                            providing property, casualty or liability insurance to the Borrower or any other member of
                                            the Group;

 

		(f)	Liens
                                            incurred in the ordinary course of business to secure the performance of bids, trade contracts,
                                            governmental contracts and leases (other than Indebtedness for borrowed money), statutory
                                            obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations
                                            of a like nature (including those to secure health, safety and environmental obligations);

 

		(g)	easements,
                                            rights-of-way, restrictions, covenants, conditions, encroachments, protrusions and other
                                            similar encumbrances and minor title defects affecting real property which, in the aggregate,
                                            do not in any case materially interfere with the ordinary conduct of the business of the
                                            Borrower or any of its Subsidiaries;

 

		(h)	Liens
                                            securing judgments for the payment of money;

 

		(i)	Liens
                                            securing Indebtedness not prohibited under the Existing Nitro Credit Agreement;

 

    	 	105	 

     

    

 

		(j)	leases,
                                            licenses, subleases or sublicenses and Liens on the property covered thereby, in each case,
                                            granted to others in the ordinary course of business which do not interfere in any material
                                            respect with the business of the Group, taken as a whole;

 

		(k)	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 in the ordinary course of business;

 

		(l)	Liens
                                            (i) of a collection bank (including those arising under Section 4-210 of the Uniform
                                            Commercial Code) on the items in the course of collection and (ii) in favor of a banking
                                            or other financial institution arising as a matter of law encumbering deposits or other funds
                                            maintained with a financial institution (including the right of set off) and which are within
                                            the general parameters customary in the banking industry;

 

		(m)	Liens
                                            (i) on cash advances in favor of the seller of any property to be acquired in an acquisition,
                                            joint venture or other investment comprising or in connection with a Permitted Transaction
                                            and (ii) consisting of an agreement to Dispose of any property in a Disposition comprising
                                            or in connection with a Permitted Transaction;

 

		(n)	Liens
                                            existing on property at the time of its acquisition or existing on the property of any Person
                                            at the time such Person becomes a member of the Group, in each case after the date hereof;

 

		(o)	any
                                            interest or title of a lessor or sublessor under leases or subleases entered into by the
                                            Borrower or any member of the Group in the ordinary course of business;

 

		(p)	Liens,
                                            if any, arising out of conditional sale, title retention, consignment or similar arrangements
                                            for sale of goods entered into by the Borrower or any member of the Group in the ordinary
                                            course of business;

 

		(q)	Liens
                                            that are contractual rights of set-off (i) relating to the establishment of depository
                                            relations with banks or other financial institutions not given in connection with the incurrence
                                            of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or
                                            any other member of the Group to permit satisfaction of overdraft or similar obligations
                                            incurred in the ordinary course of business of the Borrower or any other member of the Group
                                            or (iii) relating to purchase orders and other agreements entered into with customers
                                            of the Borrower or any other member of the Group in the ordinary course of business;

 

		(r)	Liens,
                                            if any, arising from precautionary Uniform Commercial Code financing statement filings;

 

		(s)	Liens
                                            on insurance policies and the proceeds thereof securing the financing of the premiums with
                                            respect thereto;

 

		(t)	any
                                            zoning or similar law or right reserved to or vested in any Governmental Authority to control
                                            or regulate the use of any real property that does not materially interfere with the ordinary
                                            conduct of the business of the Borrower;

 

		(u)	Liens
                                            on specific items of inventory or other goods and the proceeds thereof securing such Person’s
                                            obligations in respect of documentary letters of credit issued for the account of such Person
                                            to facilitate the purchase, shipment or storage of such inventory or goods;

 

    	 	106	 

     

    

 

		(v)	the
                                            modification, replacement, renewal or extension of any Lien permitted under this Section 1.01;

 

		(w)	ground
                                            leases in respect of real property on which facilities owned or leased by the Borrower or
                                            any other member of the Group is located;

 

		(x)	Liens
                                            on property of a member of the Group which is not an Obligor;

 

		(y)	Liens
                                            solely on any cash earnest money deposits made by the Borrower in connection with any letter
                                            of intent or purchase agreement permitted hereunder;

 

		(z)	Liens
                                            and privileges arising mandatorily by Law; and

 

		(aa)	Liens
                                            on receivables and related assets arising in connection with a receivables financing.

 

With
respect to any secured Indebtedness that was not prohibited to be secured under the Existing Nitro Credit Agreement at the time of the
incurrence of such Indebtedness, the accrual of interest, the accretion of accreted value, the amortization of original issue discount
and the payment of interest in the form of additional secured Indebtedness shall not be deemed to be a Lien for the purposes of this
Section 1.01.

 

Section 1.02.     Fundamental
Changes. Save for any Permitted Transaction, Merge, amalgamate, dissolve, liquidate, consolidate with or into another Person, or
Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person, except that:

 

		(a)	any
                                            member of the Group may merge or amalgamate with (i) the Borrower (provided that
                                            the resulting entity shall succeed as a matter of law to all of the Obligations of the Borrower),
                                            or (ii) one or more members of the Group;

 

		(b)	the
                                            Borrower may change its legal form if it determines in good faith that such action is in
                                            the best interests of the Group;

 

		(c)	the
                                            Borrower may merge or amalgamate with any other Person (1) in a transaction in which
                                            such Borrower is the continuing or surviving entity of such transaction or (2) in a
                                            transaction in which such other Person is the surviving or continuing entity of such transaction
                                            (such person, the “Successor Borrower”); provided that, in the
                                            case of this clause (2), (i) such Successor Borrower is organized under the laws of
                                            the United States and (ii) such Successor Borrower shall assume the Obligations of such
                                            Borrower under the Interim Finance Documents; and (iii) such Successor Borrower shall
                                            have delivered information reasonably requested in writing by the Interim Facility Agent
                                            reasonably required by regulatory authorities under “know your customer” and
                                            anti-money laundering rules and regulations of the type delivered on or prior to the
                                            Interim Closing Date;

 

		(d)	any
                                            member of the Group may merge or amalgamate with any other Person in order to effect an acquisition,
                                            joint venture or other investment not prohibited under the Existing Nitro Credit Agreement;

 

    	 	107	 

     

    

 

		(e)	the
                                            Acquisition (and any related transactions) may be consummated; and

 

		(f)	a
                                            merger, amalgamation, dissolution, winding up, liquidation, consolidation or Disposition,
                                            the purpose of which is to effect a Disposition not prohibited under the Existing Nitro Credit
                                            Agreement, may be effected.

 

Section 1.03.     For
the purposes of this Section 1 of Part II of Schedule 5:

 

Disposition
or Dispose means the sale, transfer, license, lease or other disposition of any property by any Person, 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.

 

ERISA
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

Governmental
Authority means any nation or government, any state, provincial, country, territorial or other political subdivision thereof,
any agency, authority, instrumentality, regulatory body, court, administrative tribunal, 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).

 

Indebtedness
of any Person at any date means, without duplication, (a) the principal of indebtedness of such person for borrowed money,
(b) the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (other than
(1) current trade payables incurred in the ordinary course of such Person’s business, and (2) deferred or equity compensation
arrangements payable to directors, officers or employees), where the deferred payment is arranged primarily as a means of raising finance,
which purchase price is due more than one year after the date of placing such property in service or taking final delivery and title
thereto, (c) the principal of indebtedness of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such
Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession
or sale of such property), (e) Capitalized Lease Obligations (as defined in the Existing Nitro Credit Agreement) of such Person,
(f) all reimbursement obligations of such Person in respect of acceptances, letters of credit, surety bonds or similar arrangements
(the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credits
or other instruments plus the aggregate amount of drawings thereunder that have been reimbursed) (except to the extent such reimbursement
obligations relate to trade payables or other obligations not constituting Indebtedness and such obligations are satisfied within 30
days of incurrence), in each case only to the extent that the underlying obligation in respect of which the instrument was issued would
be treated as Indebtedness;), (g) the principal component of all obligations, or liquidation preference, of such Person with respect
to any Disqualified Securities (as defined in the Existing Nitro Credit Agreement) (but excluding any accrued dividends), (h) all
guarantees of such Person in respect of the principal of the obligations of the kind referred to in clauses (a) through (g) above,
and (i) all obligations of the kind referred to in clauses (a) through (h) above secured by any Lien on property owned
by such Person, provided however that the amount of such Indebtedness will be the lesser of (i) the fair market value of such asset
at such date of determination (as determined in good faith by the board of directors or an officer of the Borrower) and (ii) the
amount of such Indebtedness of such other Persons.

 

    	 	108	 

     

    

 

The
term "Indebtedness" shall not include (A) shareholder loans, (B) any lease, concession or license of property (or
guarantee thereof) which would be considered an operating lease under the relevant accounting principles, (C) prepayments of deposits
received from clients or customers in the ordinary course of business, (D) obligations under any license, permit or other approval
(or guarantees given in respect of such obligations) incurred on or prior to the date of this Agreement, or, with respect to the Target
Group only, the Closing Date or in the ordinary course of business, (E) any asset retirement obligations or (F) any accrued
expenses and trade payables.

 

The
amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility shall be the total amounts of
funds borrowed and then outstanding. The amount of Indebtedness of any Person at any date shall be determined as set forth above or otherwise
provided in this Agreement, and (other than with respect to letters of credit or guarantees or Indebtedness specified in paragraph (h) or
(i) above) shall equal the amount thereof that would appear on a balance sheet of such Person (excluding any notes thereto).

 

Notwithstanding
the above provisions, in no event shall the following constitute Indebtedness: (a) contingent obligations incurred in the ordinary
course of business, (b) in connection with the purchase by the Borrower (or any of its Subsidiaries) of any business, any post-closing
payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet
or such payment depends on the performance of such business after the closing; provided, however, that, at the time of closing, the amount
of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within
30 days thereafter, (c) for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement
or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security
or wage taxes, (d) obligations and liabilities under or in respect of any factoring, receivables transaction or securitization financings
that do not constitute recourse factoring, or (e) Indebtedness in respect of letters of credit, bank guarantees, performance bonds
or surety bonds provided by the Borrower in the ordinary course of business to the extent that such instruments are not drawn upon or,
if and to the extent drawn upon, are honored in accordance with their terms and, if to be reimbursed, are reimbursed by no later than
30 Business Days following receipt by such person of a demand for reimbursement following payment on the relevant instrument.

 

Internal
Revenue Code means the U.S. Internal Revenue Code of 1986, as amended.

 

Laws
means, collectively, all international, foreign, federal, state, provincial and local laws (including common laws), statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation
or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority.

 

Lien
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, assignment
(by way of security or otherwise), deemed trust, or preference, priority or other security interest or preferential arrangement of any
kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any capitalized lease having substantially the same economic effect as any of the foregoing).

 

    	 	109	 

     

    

 

Person
means any natural person, corporation, limited liability company, trust, joint venture or association.

 

		2.	English
                                            Law Undertakings

 

		(a)	The
                                            Borrower shall (or shall procure the relevant Acquiring Entity
                                            shall) comply at all times in all material respects with the City Code (subject to any waiver
                                            or dispensation of any kind granted by the Panel) and all applicable laws or regulations
                                            relating to the Acquisition, save where non-compliance would not be materially prejudicial
                                            to the interests of the Interim Lenders (taken as a whole) under the Interim Finance Documents.

 

		(b)	The
                                            Borrower shall not (or shall procure the relevant Acquiring
                                            Entity shall not) amend or waive any material term or condition of the Announcement, any
                                            Scheme Circular or, as the case may be, Offer Document, in a manner or to the extent that
                                            would be materially prejudicial to the interests of the Interim Lenders (taken as a whole)
                                            under the Interim Finance Documents, other than any amendment or waiver:

 

		(i)	made
                                            with the consent of the Majority Interim Lenders (such consent
                                            not to be unreasonably withheld or delayed);

 

		(ii)	required
                                            or requested by the Panel or the High Court of Justice of England and Wales, or reasonably
                                            determined by the Borrower
                                            as being necessary or desirable to comply with the requirements
                                            or requests (as applicable) of the City Code, the Panel or the High Court of Justice of England
                                            and Wales or any other relevant regulatory body or applicable law or regulation;

 

		(iii)	changing
                                            purchase price (or a written agreement related thereto) in connection with the Acquisition;

 

		(iv)	extending
                                            the period in which holders of the shares in Target may accept the terms of the Scheme or,
                                            as the case may be, the Offer (including by reason of the adjournment of any meeting or court
                                            hearing); or

 

		(v)	required
                                            to allow the Acquisition to switch from being effected by way of an Offer to a Scheme or
                                            from a Scheme to an Offer.

 

		(c)	For
                                            the avoidance
                                            of doubt, in the event that:

 

		(i)	the
                                            Acquiring Entity has issued a Scheme Circular, nothing in this
                                            Agreement shall prevent the Acquiring Entity from subsequently
                                            proceeding with an Offer, provided that the terms and conditions contained in the relevant
                                            Offer Document include an Acceptance Condition of no lower than the Minimum Acceptance Threshold;
                                            and

 

		(ii)	the
                                            Acquiring Entity has issued an Offer Document, nothing in this
                                            Agreement shall prevent the Acquiring Entity from subsequently
                                            proceeding with a Scheme.

 

    	 	110	 

     

    

 

		(d)	If
                                            the Acquisition is effected by way of an Offer, the
                                            Borrower shall not (or shall procure the relevant Acquiring
                                            Entity shall not) reduce the Acceptance Condition to lower than the Minimum Acceptance Threshold,
                                            other than with the consent of all of the Interim Lenders.

 

		(e)	The
                                            Borrower shall not (or shall procure the relevant Acquiring
                                            Entity shall not) take any steps as a result of which any member of the Group is obliged
                                            to make a mandatory offer under Rule 9 of the City Code.

 

    	 	111	 

     

    

 

Part III

Major Events of Default

 

		1.	Payment
                                            default

 

Following
the Interim Closing Date, the Obligors do not pay on the due date any principal, interest or the Interim Facility Fees (as defined in
the Fee Letter), in each case payable by them under the Interim Finance Documents in the manner required under the Interim Finance Documents
unless payment is made within five (5) Business Days of the due date.

 

		2.	Breach
                                            of other obligations

 

The
Obligors do not comply with any Major Undertaking (other than those referred to in paragraph 1 (Payment default) above) and, if
capable of remedy, the same is not remedied within twenty one (21) Business Days of the earlier of the Obligors' Agent:

 

		(a)	becoming
                                            aware of a failure to comply; and

 

		(b)	receiving
                                            written notice from the Interim Facility Agent notifying it of non-compliance.

 

		3.	Misrepresentation

 

A
Major Representation is incorrect or misleading in any material respect when made and, if capable of remedy, the same is not remedied
within twenty one (21) Business Days of the earlier of the Obligors' Agent:

 

		(a)	becoming
                                            aware of such failure; and

 

		(b)	receiving
                                            written notice from the Interim Facility Agent notifying it of that failure.

 

		4.	Invalidity/repudiation

 

Any
of the following occurs:

 

		(a)	subject
                                            to the Reservations and the Perfection Requirements, any material obligation of the Obligors
                                            under any Interim Finance Document is or becomes invalid or unenforceable, in each case,
                                            in a manner which is materially adverse to the interests of the Interim Lenders (taken as
                                            a whole) under the Interim Finance Documents;

 

		(b)	subject
                                            to the Reservations and the Perfection Requirements, it is or becomes unlawful in any applicable
                                            jurisdiction for the Obligors to perform any of their material obligations under any Interim
                                            Finance Document, in each case, in a manner which is materially adverse to the interests
                                            of the Interim Lenders (taken as a whole) under the Interim Finance Documents; or

 

		(c)	any
                                            of the Obligors repudiates or rescinds an Interim Finance Document and such repudiation or
                                            rescission is materially prejudicial to the interests of the Interim Lenders (taken as a
                                            whole) under the Interim Finance Documents,

 

and,
if capable of remedy, the same is not remedied within twenty one (21) Business Days of the earlier of the Obligors' Agent (i) becoming
aware of such failure and (ii) receiving written notice from the Interim Facility Agent notifying it of that failure.

 

    	 	112	 

     

    

 

		5.	Insolvency

 

Any
Obligor is unable to pay its debts as they fall due (other than solely as a result of liabilities exceeding assets) or suspends making
payments on all or a material part of its debts.

 

		6.	Insolvency
                                            proceedings

 

		(a)	Any
                                            of the following occurs in respect of any of the Obligors:

 

		(i)	any
                                            liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, examiner, receiver,
                                            administrative receiver, administrator or similar officer is appointed in respect of it or
                                            any of its material assets; or

 

		(ii)	an
                                            application for the judicial winding-up or liquidation of the Obligors,

 

or
any analogous proceedings in any jurisdiction.

 

		(b)	Paragraph
                                            (a) above shall not apply to:

 

		(i)	any
                                            proceedings or actions which are contested in good faith and discharged, stayed or dismissed
                                            within twenty-eight (28) days of commencement; or

 

		(ii)	any
                                            petition or similar presented by a creditor which is:

 

		(A)	being
                                            contested in good faith and due diligence and the relevant entity has demonstrated to the
                                            Interim Facility Agent (acting reasonably and in good faith) that it has sufficient financial
                                            means to meet the amount of the claim requested by the creditor;

 

		(B)	in
                                            the opinion of the Obligors' Agent (acting reasonably and in good faith), frivolous and vexatious;
                                            or

 

		(C)	discharged
                                            within twenty-one (21) Business Days.

 

		7.	Similar
                                            events elsewhere

 

There
occurs in relation to any Obligor or any of its assets (other than to the extent they relate to the Target, its share capital or any
member of the Target Group) in any country or territory in which it is incorporated or carries on business or to the jurisdiction of
whose courts it or any of its assets are subject, any event or circumstance which corresponds to any of those mentioned in paragraphs
5 (Insolvency) or 6 (Insolvency proceedings) above.

 

    	 	113	 

     

    

 

Schedule
6

Impairment and Replacement of Interim Finance Parties

 

Part I

Impaired Agent

 

		1.	Impaired
                                            Agent

 

		(a)	If,
                                            at any time, an Agent becomes an Impaired Agent, the Obligors' Agent, an Obligor or an Interim
                                            Lender which is required to make a payment under the Interim Finance Documents to the Agent
                                            in accordance with Clause 11 (Payments) or otherwise under an Interim Finance Document
                                            may instead either pay that amount direct to the required recipient or pay that amount to
                                            an interest bearing account held with an Acceptable Bank in relation to which no Insolvency
                                            Event has occurred and is continuing, in the name of the Obligors' Agent or the Obligor or
                                            the Interim Lender making the payment and designated as a trust account for the benefit of
                                            the Party or Parties beneficially entitled to that payment under the Interim Finance Documents.
                                            In each case such payments must be made on the due date for payment under the Interim Finance
                                            Documents.

 

		(b)	All
                                            interest accrued on the amount standing to the credit of the trust account shall be for the
                                            benefit of the beneficiaries of that trust account pro rata to their respective entitlements.

 

		(c)	A
                                            Party which has made a payment in accordance with this paragraph 1 shall be discharged of
                                            the relevant payment obligation under the Interim Finance Documents and shall not take any
                                            credit risk with respect to the amounts standing to the credit of the trust account.

 

		(d)	Promptly
                                            upon the appointment of a successor Agent in accordance with paragraph 3 (Replacement
                                            of an Interim Facility Agent) below, each Party which has made a payment to a trust account
                                            in accordance with this paragraph 1 shall give all requisite instructions to the bank with
                                            whom the trust account is held to transfer the amount (together with any accrued interest)
                                            to the successor Agent for distribution in accordance with Clause 16.1 (Recoveries).

 

		(e)	A
                                            Party which has made a payment in accordance with paragraph 1 shall, promptly upon request
                                            by a recipient and to the extent:

 

		(i)	that
                                            it has not given an instruction pursuant to paragraph (d) above; and

 

		(ii)	that
                                            it has been provided with the necessary information by that recipient,

 

give
all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued
interest) to that recipient.

 

    	 	114	 

     

    

 

		2.	Communication
                                            when Interim Facility Agent is Impaired Interim Facility Agent

 

If
an Agent is an Impaired Agent, the Parties may, instead of communicating with each other through the Agent, communicate with each other
directly and (while the Interim Facility Agent is an Impaired Agent) all the provisions of the Interim Finance Documents which require
communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given
to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.

 

		3.	Replacement
                                            of an Interim Facility Agent

 

		(a)	The
                                            Majority Interim Lenders or the Obligors' Agent may by giving ten (10) days' notice
                                            to an Agent which is an Impaired Agent replace that Agent by appointing a successor Agent
                                            (which shall be acting through an office in England).

 

		(b)	The
                                            retiring Agent shall (at its own cost, and otherwise at the expense of the Interim Lenders):

 

		(i)	make
                                            available to the successor Agent such documents and records and provide such assistance as
                                            the successor Agent may reasonably request for the purposes of performing its functions as
                                            Agent under the Interim Finance Documents; and

 

		(ii)	enter
                                            into and deliver to the successor Agent those documents and effect any registrations and
                                            notifications as may be required for the transfer or assignment of all its rights and benefits
                                            under the Interim Finance Documents to the successor Agent.

 

		(c)	An
                                            Obligor must take any action and enter into and deliver any document which is necessary to
                                            ensure that any Interim Security Document provides for effective and perfected Interim Security
                                            in favour of any successor Agent.

 

		(d)	The
                                            appointment of the successor Agent shall take effect on the date specified in the notice
                                            from the Majority Interim Lenders or the Obligors' Agent to the retiring Agent. As from this
                                            date, the retiring Agent shall be discharged from any further obligation in respect of the
                                            Interim Finance Documents (and any agency fees for the account of the retiring Agent shall
                                            cease to accrue from (and shall be payable on) that date).

 

		(e)	Any
                                            successor Agent and each of the other Parties shall have the same rights and obligations
                                            amongst themselves as they would have had if such successor had been an original Party.

 

		(f)	The
                                            Interim Facility Agent shall resign and the Majority Interim Lenders shall replace the Interim
                                            Facility Agent in accordance with paragraph (a) above if on or after the date which
                                            is three months before the earliest FATCA Application Date relating to any payment to the
                                            Interim Facility Agent under the Interim Finance Documents, either:

 

    	 	115	 

     

    

 

		(i)	the
                                            Interim Facility Agent fails to respond to a request under Clause 9.8 (FATCA information)
                                            and the Obligors' Agent or an Interim Lender reasonably believes that the Interim Facility
                                            Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
                                            Application Date;

 

		(ii)	the
                                            information supplied by the Interim Facility Agent pursuant to Clause 9.8 (FATCA information)
                                            indicates that the Interim Facility Agent will not be (or will have ceased to be) a FATCA
                                            Exempt Party on or after that FATCA Application Date; or

 

		(iii)	the
                                            Interim Facility Agent notifies the Obligors' Agent and the Interim Lenders that the Interim
                                            Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
                                            FATCA Application Date;

 

and
(in each case) the Obligors' Agent or an Interim Lender reasonably believes that a Party will be required to make a FATCA Deduction that
would not be required if the Interim Facility Agent were a FATCA Exempt Party, and the Obligors' Agent or that Interim Lender, by notice
to the Interim Facility Agent, requires it to resign.

 

    	 	116	 

     

    

 

Part II

Defaulting Lender

 

		1.	For
                                            so long as a Defaulting Lender has any undrawn Interim Commitment, in ascertaining (i) the
                                            Majority Interim Lenders; or (ii) whether any given percentage (including, for the avoidance
                                            of doubt, unanimity) of the Total Interim Commitments under the relevant Interim Facility/ies
                                            or the agreement of any specified group of Interim Lenders has been obtained to approve any
                                            request for a consent, waiver, amendment or other vote of Interim Lenders under the Interim
                                            Finance Documents, that Defaulting Lender's Interim Commitments under the relevant Interim
                                            Facility/ies will be reduced by the amount of its undrawn Interim Commitments under the relevant
                                            Interim Facility/ies and, to the extent that that reduction results in that Defaulting Lender's
                                            Total Interim Commitments being zero, that Defaulting Lender shall be deemed not to be an
                                            Interim Lender for the purposes of (i) and (ii) above.

 

		2.	For
                                            the purposes of paragraph 1 above, the Interim Facility Agent may assume that the following
                                            Interim Lenders are Defaulting Lenders:

 

		(a)	any
                                            Interim Lender which has notified the Interim Facility Agent that it has become a Defaulting
                                            Lender;

 

		(b)	any
                                            Interim Lender in relation to which it is aware that any of the events or circumstances referred
                                            to in paragraphs (a), (b) or (c) of the definition of Defaulting Lender has occurred,

 

unless
it has received notice to the contrary from the Interim Lender concerned (together with any supporting evidence reasonably requested
by the Interim Facility Agent) or the Interim Facility Agent is otherwise aware that the Interim Lender has ceased to be a Defaulting
Lender.

 

		3.	Without
                                            prejudice to any other provision of this Agreement, the Agents may disclose and, on the written
                                            request of the Obligors' Agent or the Majority Interim Lenders, shall, as soon as reasonably
                                            practicable, disclose the identity of a Defaulting Lender to the Obligors' Agent and to the
                                            other Interim Finance Parties.

 

		4.	If
                                            any Interim Lender becomes a Defaulting Lender, the Obligors' Agent may, at any time whilst
                                            the Interim Lender continues to be Defaulting Lender, give the Interim Facility Agent three
                                            (3) Business Days' notice of cancellation of all or any part of each undrawn Interim
                                            Commitment of that Interim Lender.

 

    	 	117	 

     

    

 

Part III

Replacement of an Interim Lender / Increase

 

		1.	Replacement
                                            of an Interim Lender

 

		(a)	If
                                            at any time:

 

		(i)	any
                                            Interim Finance Party becomes or is a Non-Consenting Lender (as defined in paragraph (d) below);
                                            or

 

		(ii)	an
                                            Obligor becomes obliged to repay any amount in accordance with Clause 10.3 (Illegality)
                                            or to pay additional amounts pursuant to Clause 9.1 (Gross-up), Clause 9.3 (Tax
                                            indemnity) or Clause 10.1 (Increased Costs) to any Interim Finance Party;

 

		(iii)	any
                                            Interim Finance Party invokes the benefit of Clauses 8.6 (Absence of quotations) to
                                            8.8 (Proposed Disrupted Loans) (inclusive); or

 

		(iv)	any
                                            Interim Finance Party becomes or is a Defaulting Lender,

 

then
the Obligors' Agent may, on no less than five (5) Business Days' prior written notice (a Replacement Notice) to the
Interim Facility Agent and such Interim Finance Party (a Replaced Lender):

 

		(A)	replace
                                            a participation of such Replaced Lender by requiring such Replaced Lender to (and such Replaced
                                            Lender shall) transfer pursuant to Clause 22 (Changes to Parties) on such dates as
                                            specified in the Replacement Notice all or part of its rights and obligations under this
                                            Agreement to an Interim Lender constituting a New Interim Lender under Clause 22.2 (Transfers
                                            by Interim Lenders) (a Replacement Lender) selected by the Obligors' Agent,
                                            which confirms its (or their) willingness to assume and does assume all or part of the obligations
                                            of the Replaced Lender (including the assumption of the Replaced Lender's participations
                                            or unfunded or undrawn participations (as the case may be) on the same basis as the Replaced
                                            Lender) for a purchase price in cash payable at the time of transfer in an amount equal to
                                            the applicable outstanding principal amount of such Replaced Lender's participation in the
                                            outstanding Interim Utilisations and all related accrued interest, Break Costs and other
                                            amounts payable in relation thereto under the Interim Finance Documents in respect of such
                                            transferred participation; and/or

 

		(B)	prepay
                                            on such dates as specified in the Replacement Notice all or any part of such Interim Lender's
                                            participation in the outstanding Interim Utilisations and all related accrued interest, Break
                                            Costs and other amounts payable in relation thereto under the Interim Finance Documents in
                                            respect of such participation; and/or cancel
all or part of the undrawn Interim Commitments of that Replaced Lender on such dates as specified in the Replacement Notice.

 

    	 	118	 

     

    

 

		(b)	Any
                                            notice delivered under paragraph (a) above (or any subsequent notice for this purpose,
                                            as applicable) may be accompanied by a Transfer Certificate complying with Clause 22.4 (Procedure
                                            for transfer) and/or an Assignment Agreement complying with Clause 22.5 (Procedure
                                            for assignment) and any other related documentation to effect the transfer or assignment,
                                            which Transfer Certificate, Assignment Agreement and any other related documentation to effect
                                            the transfer or assignment (if attached) shall be promptly (and by no later than three (3) Business
                                            Days from receiving such Transfer Certificate, Assignment Agreement and any other related
                                            documentation) executed by the relevant Replaced Lender and returned to the Obligors' Agent.

 

		(c)	Notwithstanding
                                            the requirements of Clause 22 (Changes to Parties) or any other provisions of the
                                            Interim Finance Documents, if a Replaced Lender does not execute and/or return a Transfer
                                            Certificate, an Assignment Agreement and any other related documentation to effect the transfer
                                            or assignment as required by paragraph (b) above within three (3) Business Days
                                            of delivery by the Obligors' Agent, the relevant transfer or transfers or assignment and
                                            assignments shall automatically and immediately be effected for all purposes under the Interim
                                            Finance Documents on payment of the replacement amount to the Interim Facility Agent (for
                                            the account of the relevant Replaced Lender), and the Interim Facility Agent may (and is
                                            authorised by each Interim Finance Party to) execute, without requiring any further consent
                                            or action from any other party, a Transfer Certificate, Assignment Agreement and any other
                                            related documentation to effect the transfer or assignment on behalf of the relevant Replaced
                                            Lender which is required to transfer its rights and obligations or assign its rights under
                                            this Agreement pursuant to paragraph (a) above which shall be effective for the purposes
                                            of Clause 22.4 (Procedure for transfer) and Clause 22.5 (Procedure for assignment).
                                            The Interim Facility Agent shall not be liable in any way for any action taken by it pursuant
                                            to this paragraph 1 and, for the avoidance of doubt, the provisions of Clause 15.4 (Exoneration
                                            of the Arrangers and the Agents) shall apply in relation thereto.

 

		(d)	If
                                            the Obligors' Agent or the Interim Facility Agent (at the request of the Obligors' Agent)
                                            has requested the Interim Lenders to give a consent in relation to, or to agree to a release,
                                            waiver or amendment of, any provisions of the Interim Finance Documents or other vote of
                                            the Interim Lenders under the terms of this Agreement, where the requested consent, release,
                                            waiver or amendment is one which requires greater than Majority Interim Lender consent pursuant
                                            to this Agreement and has been agreed to by the Majority Interim Lenders, then any Interim
                                            Lender who has not consented or agreed (or fails to reject) to such request by the end of
                                            the period of ten (10) Business Days (or any other period of time notified by the Obligors'
                                            Agent, with the prior agreement of the Interim Facility Agent if the period for this provision
                                            to operate is less than ten (10) Business Days) of a request being made such Interim
                                            Lender shall be deemed a Non-Consenting Lender.

 

    	 	119	 

     

    

 

		(e)	If
                                            any Non-Consenting Lender fails to assist with any step required to implement the Obligors'
                                            Agent's right to prepay that Non-Consenting Lender or to replace that Non-Consenting Lender
                                            pursuant to this paragraph 1 within three (3) Business Days of a request to do so by
                                            the Obligors' Agent, then that Non-Consenting Lender shall be automatically excluded from
                                            participating in that vote, and its participations, Interim Commitments and vote (as
                                            the case may be) shall not be included (or, as applicable, required) with the Total Interim
                                            Commitments or otherwise when ascertaining whether the approval of Majority Interim Lenders,
                                            all Interim Lenders, or any other class of Interim Lenders (as applicable) has been obtained
                                            with respect to that request for a consent or agreement; and its status as an Interim Lender
                                            shall be disregarded for the purpose of ascertaining whether the agreement or any specified
                                            group of Interim Lenders has been obtained to approve the request.

 

		2.	Increase

 

		(a)	The
                                            Obligors' Agent may by giving prior notice to the Interim Facility Agent after the effective
                                            date of a cancellation of:

 

		(i)	the
                                            undrawn Interim Commitments of a Defaulting Lender in accordance with paragraph 3 of Part II
                                            (Defaulting Lender) of this Schedule 6; or

 

		(ii)	the
                                            Interim Commitments of an Interim Lender in accordance with Clause 10.3 (Illegality)
                                            or paragraph 1 (Replacement of an Interim Lender) above,

 

request
that the Interim Commitments relating to any Interim Facility be increased (and the Interim Commitments relating to that Interim Facility
shall be so increased) up to the amount of the undrawn Interim Commitments or Interim Commitments relating to that Interim Facility so
cancelled as described in the following paragraphs.

 

		(b)	Following
                                            a request as described in paragraph (a) above:

 

		(i)	the
                                            increased Interim Commitments will be assumed by one or more Interim Lenders or other banks,
                                            financial institutions, trusts, funds or other entities (each an Increase Lender)
                                            selected by the Obligors' Agent and each of which confirms in writing (whether in the relevant
                                            Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations
                                            of an Interim Lender corresponding to that part of the increased Interim Commitments which
                                            it is to assume, as if it had been an Original Interim Lender;

 

		(ii)	each
                                            of the Obligors and any Increase Lender shall assume obligations towards one another and/or
                                            acquire rights against one another as the Obligors and the Increase Lender would have assumed
                                            and/or acquired had the Increase Lender been an Original Interim Lender;

 

		(iii)	each
                                            Increase Lender shall become a Party as an Interim Lender and any Increase Lender and each
                                            of the other Interim Finance Parties shall assume obligations towards one another and acquire
                                            rights against one another as that Increase Lender and those Interim Finance Parties would
                                            have assumed and/or acquired had the Increase Lender been an Original Interim Lender;

 

    	 	120	 

     

    

 

 

 

  

		(iv)	the
                                            Interim Commitments of the other Interim Lenders shall continue in full force and effect;
                                            and

 

		(v)	any
                                            increase in the Interim Commitments relating to an Interim Facility shall take effect on
                                            the date specified by the Obligors' Agent in the notice referred to above or any later date
                                            on which the conditions set out in paragraph (c) below are satisfied.

 

		(c)	An
                                            increase in the Interim Commitments relating to an Interim Facility will only be effective
                                            on:

 

		(i)	the
                                            execution by the Interim Facility Agent of an Increase Confirmation from the relevant Increase
                                            Lender;

 

		(ii)	in
                                            relation to an Increase Lender which is not an Interim Lender immediately prior to the relevant
                                            increase the Interim Facility Agent being satisfied that it has complied with all necessary
                                            "know your customer" or other similar checks under all applicable laws and regulations
                                            in relation to the assumption of the increased Interim Commitments by that Increase Lender.
                                            The Interim Facility Agent shall promptly notify the Obligors' Agent and the Increase Lender
                                            upon being so satisfied.

 

		(d)	Each
                                            Increase Lender, by executing the Increase Confirmation, confirms that the Interim Facility
                                            Agent has authority to execute on its behalf any amendment or waiver that has been approved
                                            by or on behalf of the requisite Interim Lender or Interim Lenders in accordance with this
                                            Agreement on or prior to the date on which the increase becomes effective.

 

		(e)	The
                                            Interim Facility Agent shall, as soon as reasonably practicable after it has executed an
                                            Increase Confirmation, send to the Obligors' Agent a copy of that Increase Confirmation.

 

		(f)	Clause
                                            22.3 (Limitation of responsibility of Existing Interim Lenders) shall apply mutatis
                                            mutandis in this paragraph 2 in relation to an Increase Lender as if references in that Clause
                                            to:

 

		(i)	an
                                            Existing Interim Lender were references to all the Interim Lenders immediately
                                            prior to the relevant increase;

 

		(ii)	the
                                            New Interim Lender were references to that Increase Lender; and

 

		(iii)	a
                                            re-transfer and re-assignment were references to respectively
                                            a transfer and assignment.

 

    	 	121	 

     

    

  

Part IV

Form of Increase Confirmation

   

To:       [●]
as Interim Facility Agent, [●] as Interim Security Agent and [●] as Borrower

 

From:   [●]
(the Increase Lender)

 

Dated:  [●]

 

[Company]
 – Interim Facilities Agreement dated [●] (as amended from time to time) (the Interim Facilities Agreement)

 

		1.	We
                                            refer to the Interim Facilities Agreement. This agreement (the Agreement) shall take
                                            effect as an Increase Confirmation for the purpose of the Interim Facilities Agreement. Terms
                                            defined in the Interim Facilities Agreement have the same meaning in this Agreement unless
                                            given a different meaning in this Agreement.

 

		2.	We
                                            refer to paragraph 2 (Increase) of Part III (Replacement of an Interim Lender
                                            / Increase) of Schedule 6 (Impaired Agent, Replacement of an Interim Facility Agent,
                                            Defaulting Lender, Replacement of an Interim Lender / Increase,) of the Interim Facilities
                                            Agreement.

 

		3.	The
                                            Increase Lender agrees to assume and will assume all of the obligations corresponding to
                                            the Interim Commitment specified in the Schedule (the Relevant Commitment)
                                            as if it was an Original Interim Lender under the Interim Facilities Agreement.

 

		4.	The
                                            proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment
                                            is to take effect (the Increase Date) is [●].

 

		5.	On
                                            the Increase Date, the Increase Lender becomes party to the relevant Interim Finance Documents
                                            as an Interim Lender.

 

		6.	The
                                            Facility Office, address, email address and attention details for notices to the Increase
                                            Lender for the purposes of Clause 18.1 (Mode of service) of the Interim Facilities
                                            Agreement are set out in the Schedule.

 

		7.	The
                                            Increase Lender expressly acknowledges the limitations on the Interim Lenders' obligations
                                            referred to in paragraph (f) of paragraph 2 (Increase) of Part III (Replacement
                                            of an Interim Lender / Increase) of Schedule 6 (Impairment and Replacement of Interim
                                            Finance Parties) of the Interim Facilities Agreement.

 

		8.	The
                                            Increase Lender confirms, for the benefit of the Interim Facility Agent, that it is:

 

		(a)	in
                                            respect of a Non-US Obligor whose Tax Jurisdiction is [●] it is:

 

		(i)	[not
                                            a Qualifying Non-US Interim Lender,]

 

		(ii)	[a
                                            Qualifying Non-US Interim Lender (other than a Treaty Interim Lender),]

 

		(iii)	[a
                                            Treaty Interim Lender]; and

 

    	 	122	 

     

    

 

		(b)	in
                                            respect of a US Obligor:

   

		(i)	[not
                                            a Qualifying US Interim Lender,]

 

		(ii)	[a
                                            Qualifying US Interim Lender.]

 

		9.	This
                                            Agreement may be executed in any number of counterparts and this has the same effect as if
                                            the signatures on the counterparts were on a single copy of this Agreement.

 

		10.	This
                                            Agreement and any non-contractual obligations arising out of or in connection with it are
                                            governed by [English] law.

 

		11.	This
                                            Agreement has been entered into on the date stated at the beginning of this Agreement.

 

		Note:	The
                                            execution of this Increase Confirmation may not be sufficient for the Increase Lender to
                                            obtain the benefit of the Interim Security in all jurisdictions. It is the responsibility
                                            of the Increase Lender to ascertain whether any other documents or other formalities are
                                            required to obtain the benefit of the Interim Security in any jurisdiction and, if so, to
                                            arrange for execution of those documents and completion of those formalities.

 

    	 	123	 

     

    

 

 

The
Schedule to the Increase Confirmation

    

Relevant
Commitment/rights and obligations to be assumed by the Increase Lender

 

[INSERT
RELEVANT DETAILS]

 

[Facility
office address, email address and attention details for notices and account details for payments]

 

	 	 
	[Increase Lender]	 
	 	 
	By:	 

 

This
Agreement is accepted as an Increase Confirmation for the purposes of the Interim Facilities Agreement by the Interim Facility Agent.

 

	 	 
	[Interim Facility Agent]	 
	 	 
	By:	 

 

    	 	124	 

     

    

  

Part V

Definitions

   

Capitalised
terms in this Schedule 6 shall have the meanings ascribed to such terms in Schedule 1 (Definitions and Interpretation) and this
Part V, as applicable.

 

Acceptable
Bank means a bank or financial institution which has a long-term credit rating of at least BBB by Standard & Poor's
Rating Services or Fitch Ratings Ltd or at least Baa3 by Moody's Investor Services Limited or a comparable rating from an internationally
recognised credit rating agency; or any Interim Finance Party or any Affiliate of an Interim Finance Party.

 

Defaulting
Lender means any Interim Lender:

 

		(a)	which
                                            has failed to make its participation in an Interim Loan available (or has notified the Interim
                                            Facility Agent or the Obligors' Agent (which has notified the Interim Facility Agent) that
                                            it will not make its participation in an Interim Loan available) by the Drawdown Date of
                                            that Interim Loan in accordance with Clause 6.3 (Advance of Interim Loans) or which
                                            has failed to provide cash collateral;

 

		(b)	which
                                            has otherwise rescinded or repudiated an Interim Finance Document; or

 

		(c)	with
                                            respect to which an Insolvency Event has occurred and is continuing.

 

Impaired
Agent means an Agent at any time when:

 

		(a)	it
                                            has failed to make (or has notified a Party that it will not make) a payment required to
                                            be made by it under the Interim Finance Documents by the due date for payment;

 

		(b)	the
                                            Agent otherwise rescinds or repudiates an Interim Finance Document;

 

		(c)	(if
                                            the Agent is also an Interim Lender) it is a Defaulting Lender under paragraphs (a) or
                                            (b) of the definition of Defaulting Lender; or

 

		(d)	an
                                            Insolvency Event has occurred and is continuing with respect to the Agent,

 

unless,
in the case of paragraph (a) above:

 

		(i)	its
                                            failure to pay is caused by administrative or technical error or a Disruption Event and payment
                                            is made within three (3) Business Days of its due date; or

 

		(ii)	the
                                            Agent is disputing in good faith whether it is contractually obliged to make the payment
                                            in question.

 

Increase
Confirmation means a confirmation substantially in the form set out in Part IV (Form of Increase Confirmation)
of this Schedule 6.

 

Insolvency
Event in relation to an entity means that the entity:

 

		(a)	is
                                            dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(b)	becomes
                                            insolvent or is unable to pay its debts or fails or admits in writing its inability generally
                                            to pay its debts as they become due;

 

    	 	125	 

     

    

 

		(c)	makes
                                            a general assignment, arrangement or composition with or for the benefit of its creditors;

   

		(d)	institutes
                                            or has instituted against it, by a regulator, supervisor or any similar official with primary
                                            insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its
                                            incorporation or organisation or the jurisdiction of its head or home office, a proceeding
                                            seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or
                                            insolvency law or other similar law affecting creditors' rights, or a petition is presented
                                            for its winding-up or liquidation by it or such regulator, supervisor or similar official;

 

		(e)	has
                                            instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any
                                            other relief under any bankruptcy or insolvency law or other similar law affecting creditors'
                                            rights, or a petition is presented for its winding-up or liquidation, and, in the case of
                                            any such proceeding or petition instituted or presented against it, such proceeding or petition
                                            is instituted or presented by a person or entity not described in paragraph (d) above
                                            and:

 

		(i)	results
                                            in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making
                                            of an order for its winding-up or liquidation; or

 

		(ii)	is
                                            not dismissed, discharged, stayed or restrained in each case within thirty (30) days of the
                                            institution or presentation thereof;

 

		(f)	has
                                            exercised in respect of it one or more of the stabilisation powers pursuant to Part 1
                                            of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant
                                            to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3
                                            of the Banking Act 2009;

 

		(g)	has
                                            a resolution passed for its winding-up, official management or liquidation (other than pursuant
                                            to a consolidation, amalgamation or merger);

 

		(h)	seeks
                                            or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
                                            receiver, trustee, custodian or other similar official for it or for all or substantially
                                            all its assets;

 

		(i)	has
                                            a secured party take possession of all or substantially all its assets or has a distress,
                                            execution, attachment, sequestration or other legal process levied, enforced or sued on or
                                            against all or substantially all its assets and such secured party maintains possession,
                                            or any such process is not dismissed, discharged, stayed or restrained, in each case within
                                            thirty (30) days thereafter;

 

		(j)	causes
                                            or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
                                            has an analogous effect to any of the events specified in paragraphs (a) to (i) above;
                                            or

 

		(k)	takes
                                            any action in furtherance of, or indicating its consent to, approval of, or acquiescence
                                            in, any of the foregoing acts.

 

Non-Consenting
Lender has the meaning given to that term in paragraph (d) of paragraph 1 (Replacement of an Interim Lender) of Part III
(Replacement of an Interim Lender / Increase) of this Schedule 6.

 

    	 	126	 

     

    

 

Schedule
7

Form of Transfer Certificate

   

To:      [●]
as Interim Facility Agent

 

From:  [●]
(the Existing Interim Lender) and [●] (the New Interim Lender)

 

Dated: [●]

 

[Company]
 – Interim Facilities Agreement dated [●] (as amended from time to time) (the Interim Facilities Agreement)

 

		1.	We
                                            refer to the Interim Facilities Agreement. This is a Transfer Certificate. Terms defined
                                            in the Interim Facilities Agreement have the same meaning in this Transfer Certificate unless
                                            given a different meaning in this Transfer Certificate.

 

		2.	We
                                            refer to Clause 22.4 (Procedure for transfer) of the Interim Facilities Agreement:

 

		(a)	The
                                            Existing Interim Lender and the New Interim Lender agree to the Existing Interim Lender transferring
                                            to the New Interim Lender by novation all or part of the Existing Interim Lender's Interim
                                            Commitments, rights and obligations referred to in the Schedule in accordance with Clause
                                            22.4 (Procedure for transfer) of the Interim Facilities Agreement.

 

		(b)	The
                                            proposed Transfer Date is [●].

 

		(c)	The
                                            Facility Office and address, email address and attention details for notices of the New Interim
                                            Lender for the purposes of Clause 18.1 (Mode of service) of the Interim Facilities
                                            Agreement are set out in the Schedule.

 

		3.	The
                                            New Interim Lender expressly acknowledges the limitations on the Existing Interim Lender's
                                            obligations set out in paragraph (c) of Clause 22.3 (Limitation of responsibility
                                            of Existing Interim Lenders) of the Interim Facilities Agreement.

 

		4.	The
                                            New Interim Lender confirms, for the benefit of the Interim Facility Agent, that:

 

		(a)	in
                                            respect of a Non-US Obligor whose Tax Jurisdiction is [●] it is:

 

		(i)	[not
                                            a Qualifying Non-US Interim Lender,]

 

		(ii)	[a
                                            Qualifying Non-US Interim Lender (other than a Treaty Interim Lender),]

 

		(iii)	[a
                                            Treaty Interim Lender]; and

 

		(b)	in
                                            respect of a US Obligor:

 

		(i)	[not
                                            a Qualifying US Interim Lender.]

 

		(ii)	[a
                                            Qualifying US Interim Lender.]

 

		5.	This
                                            Transfer Certificate and any non-contractual obligations arising out of or in connection
                                            with it are governed by [English] law.

 

    	 	127	 

     

    

 

		6.	This
                                            Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
                                            Certificate.

   

		Note:	The
                                            execution of this Transfer Certificate may not transfer a proportionate share of the Existing
                                            Interim Lender's interest in the Interim Security in all jurisdictions. It is the responsibility
                                            of the New Interim Lender to ascertain whether any other documents or other formalities are
                                            required to perfect a transfer of such a share in the Existing Interim Lender's Interim Security
                                            in any jurisdiction and, if so, to arrange for execution of those documents and completion
                                            of those formalities.

 

    	 	128	 

     

    

  

The
Schedule to the Transfer Certificate

   

Commitment/rights
and obligations to be transferred

 

[INSERT
RELEVANT DETAILS]

 

[Facility
office address, email address and attention details for notices and account details for payments]

 

	 	 
	[Existing Interim Lender]	 
	 	 
	By:	 
	 	 
	 	 
	[New Interim Lender]	 
	 	 
	By:	 

 

This
Transfer Certificate is accepted by the Interim Facility Agent and the Transfer Date is confirmed as [●].

 

	 	 
	[Interim Facility Agent]	 
	 	 
	By:	 

 

    	 	129	 

     

    

   

Schedule
8

Form of Assignment Agreement

    

		To:	[●]
as Interim Facility Agent

 

		From:	[●]
(the Existing Interim Lender) and [●] (the New Interim Lender)

 

		Dated:	[●]

 

[Company]
 – Interim Facilities Agreement dated [●] (as amended from time to time) (the Interim Facilities Agreement)

 

		1.	We
                                            refer to the Interim Facilities Agreement. This is an Assignment Agreement. Terms defined
                                            in the Interim Facilities Agreement have the same meaning in this Assignment Agreement unless
                                            given a different meaning in this Assignment Agreement.

 

		2.	We
                                            refer to Clause 22.5 (Procedure for assignment) of the Interim Facilities Agreement.

 

		3.	The
                                            Existing Interim Lender assigns absolutely to the New Interim Lender all the rights of the
                                            Existing Interim Lender under the Interim Facilities Agreement, the other Interim Finance
                                            Documents and in respect of the Interim Security which correspond to that portion of the
                                            Existing Interim Lender's Interim Commitments and participations in Interim Utilisations
                                            under the Interim Facilities Agreement as specified in the Schedule;

 

		4.	The
                                            Existing Interim Lender is released from all the obligations of the Existing Interim Lender
                                            which correspond to that portion of the Existing Interim Lender's Interim Commitments and
                                            participations in Interim Utilisations under the Interim Facilities Agreement specified in
                                            the Schedule.

 

		5.	The
                                            New Interim Lender becomes a Party as an Interim Lender and is bound by obligations equivalent
                                            to those from which the Existing Interim Lender is released under paragraph 4 above.

 

		6.	The
                                            proposed Transfer Date is [●].

 

		7.	On
                                            the Transfer Date the New Interim Lender becomes Party to the Interim Finance Documents as
                                            an Interim Lender.

 

		8.	The
                                            New Interim Lender expressly acknowledges the limitations on the Existing Interim Lender's
                                            obligations set out in paragraph (c) of Clause 22.3 (Limitation of responsibility
                                            of Existing Interim Lenders) of the Interim Facilities Agreement.

 

		9.	This
                                            Assignment Agreement acts as notice to the Interim Facility Agent (on behalf of each Interim
                                            Finance Party) and, upon delivery in accordance with Clause (iv) of the Interim Facilities
                                            Agreement, to the Obligors' Agent (on behalf of each Obligor) of the assignment referred
                                            to in this Assignment Agreement.

 

		10.	The
                                            New Interim Lender confirms, for the benefit of the Interim Facility Agent, that it is:

 

		(a)	in
                                            respect of a Non-US Obligor whose Tax Jurisdiction is [●] it is:

 

    	 	130	 

     

    

 

		(i)	[not
                                            a Qualifying Non-US Interim Lender,]

   

		(ii)	[a
                                            Qualifying Non-US Interim Lender (other than a Treaty Interim Lender),]

 

		(iii)	[a
                                            Treaty Interim Lender]; and

 

		(b)	in
                                            respect of a US Obligor:

 

		(i)	[not
                                            a Qualifying US Interim Lender,]

 

		(ii)	[a
                                            Qualifying US Interim Lender.]

 

		11.	The
                                            Facility Office and address, email address and attention details for notices of the New Interim
                                            Lender for the purposes of Clause 18.1 (Mode of service) of the Interim Facilities
                                            Agreement are set out in the Schedule.

 

		12.	This
                                            Assignment Agreement may be executed in any number of counterparts and this has the same
                                            effect as if the signatures on the counterparts were on a single copy of this Assignment
                                            Agreement.

 

		13.	This
                                            Assignment Agreement and any non-contractual obligations arising out of or in connection
                                            with it are governed by [English] law.

 

		14.	This
                                            Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
                                            Agreement.

 

		Note:	The
                                            execution of this Assignment Agreement may not transfer a proportionate share of the Existing
                                            Interim Lender's interest in the Interim Security in all jurisdictions. It is the responsibility
                                            of the New Interim Lender to ascertain whether any other documents or other formalities are
                                            required to perfect a transfer of such a share in the Existing Interim Lender's Interim Security
                                            in any jurisdiction and, if so, to arrange for execution of those documents and completion
                                            of those formalities.

 

    	 	131	 

     

    

  

The
Schedule to the Assignment Agreement

   

Commitment/rights
and obligations to be transferred by assignment, release and accession

 

[INSERT
RELEVANT DETAILS]

 

[Facility
office address, email address and attention details for notices and account details for payments]

 

	 	 
	[Existing Interim Lender]	 
	 	 
	By:	 
	 	 
	 	 
	[New Interim
    Lender]	 
	 	 
	By:	 

 

This
Assignment Agreement is accepted by the Interim Facility Agent and the Transfer Date is confirmed as [●].

 

[Signature
of this Assignment Agreement by the Interim Facility Agent constitutes confirmation by the Interim Facility Agent of receipt of notice
of the assignment referred to herein, which notice the Interim Facility Agent receives on behalf of each Interim Finance Party.]

	 	 
	 	 
	 	 
	[Interim
    Facility Agent]	 

 

By:

 

    	 	132	 

     

    

 

Schedule
9

Bank Guarantees

   

Part I

Utilisation

 

		1.	Purpose

 

The
Interim Revolving Facility shall be available for utilisation by way of Bank Guarantees for the purposes referred to in paragraph (b) of
Clause 3.3 (Purpose) of this Agreement.

 

		2.	Delivery
                                            of a Bank Guarantee Request

 

		(a)	The
                                            Borrower may request a Bank Guarantee by delivery to the Interim Facility Agent of a duly
                                            completed Bank Guarantee Request.

 

		(b)	Each
                                            Bank Guarantee Request is, once given, irrevocable.

 

		(c)	Unless
                                            otherwise agreed by the Interim Facility Agent, the latest time for receipt by the Interim
                                            Facility Agent of a duly completed Bank Guarantee Request is 11.00 a.m. (New York time)
                                            one Business Day before the proposed Drawdown Date.

 

		(d)	The
                                            Borrower may not deliver a Bank Guarantee Request if as a result of the proposed Bank Guarantee
                                            the number of Bank Guarantees outstanding under this Agreement (excluding for this purpose
                                            any Bank Guarantee issued to replace or counter-indemnify any existing guarantee or similar
                                            assurance against financial loss issued by or in respect of the Target Group) would exceed
                                            fifteen (15).

 

		3.	Completion
                                            of a Bank Guarantee Request

 

A
Bank Guarantee Request will not be regarded as having been duly completed unless:

 

		(a)	it
                                            specifies the identity of the Issuing Bank;

 

		(b)	the
                                            proposed Drawdown Date is a Business Day within the relevant Interim Revolving Facility Availability
                                            Period;

 

		(c)	the
                                            currency of the Bank Guarantee requested is euros, Sterling or US Dollars or any other currency
                                            agreed between the Obligors' Agent and the applicable Issuing Bank;

 

		(d)	the
                                            form of Bank Guarantee is attached;

 

		(e)	the
                                            delivery instructions for the Bank Guarantee are specified;

 

		(f)	the
                                            Base Currency Amount of the Bank Guarantee requested, when aggregated with the Base Currency
                                            Amount of each other Interim Revolving Facility Utilisation made or due to be made on or
                                            before the proposed Drawdown Date (but excluding any part of any Interim Revolving Facility
                                            Utilisation prepaid or due to be prepaid on or before the proposed Drawdown Date), does not
                                            exceed the Total Interim Revolving Facility Commitments; and

   

		(g)	the
                                            Issuing Bank is not precluded from issuing a Bank Guarantee by law or regulation or its internal
                                            policies to the beneficiary of the Bank Guarantee.

 

    	 	133	 

     

    

 

		4.	Issue
                                            of Bank Guarantees

 

		(a)	The
                                            Interim Facility Agent must promptly notify the relevant Issuing Bank of the details of a
                                            requested Bank Guarantee.

 

		(b)	If
                                            the conditions set out in this Agreement have been met, the relevant Issuing Bank shall issue
                                            the Bank Guarantee on the Drawdown Date.

 

		(c)	Each
                                            Interim Revolving Facility Lender will participate in each Bank Guarantee in the proportion
                                            which its Interim Revolving Facility Commitment bears to the Total Interim Revolving Facility
                                            Commitments immediately before the issue of that Bank Guarantee.

 

		(d)	The
                                            obligation of any Issuing Bank to issue a Bank Guarantee is subject to the condition that
                                            on the Drawdown Date the conditions precedent referred to in Clause 3.1 (Conditions Precedent)
                                            have been satisfied or, as the case may be, waived. The provisions of Clause 3.1 (Conditions
                                            Precedent) shall apply to each Issuing Bank in respect of any Bank Guarantee issued or
                                            to be issued by that Issuing Bank.

 

    	 	134	 

     

    

  

Part II

Bank Guarantees

   

		1.	Immediately
                                            payable

 

If
a Bank Guarantee or any amount outstanding under a Bank Guarantee is expressed to be immediately payable, the Borrower shall repay or
prepay that amount within two (2) Business Days of demand or, if payment is being funded by an Interim Revolving Facility Loan,
within four (4) Business Days of demand.

 

		2.	Demands

 

Each
Issuing Bank shall forthwith notify the Interim Facility Agent of any demand received by it under and in accordance with any Bank Guarantee
(including details of the Bank Guarantee under which such demand has been received and the amount demanded (if applicable, minus the
amount of any cash cover provided in respect of that Bank Guarantee) (the Demand Amount)) and the Interim Facility Agent
on receipt of any such notice shall forthwith notify the Borrower and each of the Interim Lenders under the Interim Revolving Facility.

 

		3.	Payments

 

		(a)	The
                                            Borrower shall immediately on receipt of any notice from the Interim Facility Agent under
                                            paragraph 2 (Demands) above (unless the Borrower notifies the Interim Facility Agent
                                            otherwise) be deemed to have delivered to the Interim Facility Agent a duly completed Drawdown
                                            Request requesting an Interim Revolving Facility Loan in an amount equal to the Demand Amount
                                            which shall be drawn three (3) Business Days following receipt by the Interim Facility
                                            Agent of the demand and applied in discharge of the Demand Amount.

 

		(b)	If
                                            the Borrower notifies the Interim Facility Agent pursuant to paragraph (a) above that
                                            an Interim Loan is not to be drawn in accordance with the provisions of such paragraph, then
                                            the Borrower shall within two (2) Business Days after receipt of any notice from the
                                            Interim Facility Agent under paragraph 2 (Demands) above pay to the Interim Facility
                                            Agent for the account of the relevant Issuing Bank the amount demanded from that Issuing
                                            Bank as notified to the Interim Facility Agent in accordance with paragraph 2 (Demands)
                                            above less any amount of cash cover provided in respect of the Bank Guarantee under which
                                            the relevant Issuing Bank has received demand.

 

		(c)	The
                                            Interim Facility Agent shall pay to the relevant Issuing Bank any amount received by it from
                                            a Borrower under paragraph (b) above.

 

		4.	Cash
                                            cover

 

Each
Issuing Bank is hereby irrevocably authorised by the Borrower following a demand under and in accordance with any Bank Guarantee issued
by that Issuing Bank to apply all amounts of cash cover provided in respect of that Bank Guarantee in satisfaction of that Borrower's
obligations in respect of that Bank Guarantee.

 

    	 	135	 

     

    

 

		5.	Fees
                                            payable in respect of Bank Guarantees

   

		(a)	The
                                            Borrower shall pay to the Interim Facility Agent (for the account of each Interim Lender
                                            with an Interim Revolving Facility Commitment) a Bank Guarantee fee in US Dollars computed
                                            at the rate equal to the Margin applicable to an Interim Revolving Facility Loan on the outstanding
                                            amount of each Bank Guarantee issued on its behalf (less any amount which has been repaid
                                            or prepaid) for the period from the issue of that Bank Guarantee until its Expiry Date (or,
                                            if earlier, the date of its repayment or cancellation). This fee shall be distributed according
                                            to each Interim Lender's pro rata share of that Bank Guarantee. Any accrued Bank Guarantee
                                            fee on a Bank Guarantee shall be payable on the Final Repayment Date.

 

		(b)	The
                                            Borrower shall pay to the Issuing Bank which issues a Bank Guarantee a fee to be agreed between
                                            that Borrower and the relevant Issuing Bank from time to time) on the face amount of that
                                            Bank Guarantee (excluding the amount of the share of that Issuing Bank in the Bank Guarantee
                                            if that Issuing Bank (or an Affiliate of it) is also a Lender), less any amount which has
                                            been repaid or prepaid. That fee shall be payable on the Final Repayment Date.

 

		6.	Claims
                                            under a Bank Guarantee

 

		(a)	The
                                            Borrower irrevocably and unconditionally authorises each Issuing Bank to pay any claim made
                                            or purported to be made under a Bank Guarantee issued by such Issuing Bank and requested
                                            by it and which appears on its face to be in order (a claim).

 

		(b)	The
                                            Borrower shall, within two (2) Business Days after receipt of demand or, if such payment
                                            is being funded by an Interim Revolving Facility Loan, shall within four (4) Business
                                            Days of demand, pay to the Interim Facility Agent for the relevant Issuing Bank an amount
                                            equal to the amount of any claim (less any cash cover provided in respect of that Bank Guarantee).

 

		(c)	The
                                            Borrower acknowledges that the relevant Issuing Bank:

 

		(i)	is
                                            not obliged to carry out any investigation or seek any confirmation from any other person
                                            before paying a claim;

 

		(ii)	deals
                                            in documents only and will not be concerned with the legality of a claim or any underlying
                                            transaction or any available set-off, counterclaim or other defence of any person; and

 

		(iii)	if
                                            the relevant Issuing Bank, acting reasonably, informs that Borrower not less than two (2) Business
                                            Days prior to the issue of a Bank Guarantee that the issue by it of a Bank Guarantee would
                                            breach any law, regulation or directive applicable to it, then such Issuing Bank will not
                                            be obliged to issue that Bank Guarantee. For the avoidance of doubt, such Issuing Bank will
                                            remain Issuing Bank for all other purposes under this Agreement and the Borrower will be
                                            free to request any other Interim Lender to become the Issuing Bank in respect of that Bank
                                            Guarantee.

 

    	 	136	 

     

    

 

		(d)	The
                                            obligations of the Borrowers under this paragraph 6 will not be affected by:

   

		(i)	the
                                            sufficiency, accuracy or genuineness of any claim or any other document; or

 

		(ii)	any
                                            incapacity of, or limitation on the powers of, any person signing a claim or other document.

 

		7.	Indemnities

 

		(a)	The
                                            Borrower shall immediately (save as referred to in paragraph 1 (Immediately payable)
                                            above and paragraph (b) of paragraph 6 (Claims under a Bank Guarantee) above)
                                            on demand indemnify an Issuing Bank against any cost, loss or liability incurred by that
                                            Issuing Bank (otherwise than by reason of the Issuing Bank's fraud, negligence, wilful misconduct
                                            or breach of the terms of this Agreement) in acting as the Issuing Bank under any Bank Guarantee
                                            requested by (or on behalf of) that Borrower.

 

		(b)	Each
                                            Interim Revolving Facility Lender shall immediately on demand indemnify the relevant Issuing
                                            Bank against such Interim Revolving Facility Lender's pro rata proportion of any cost, loss
                                            or liability incurred by such Issuing Bank (otherwise than by reason of the Issuing Bank's
                                            fraud, negligence, wilful misconduct or breach of the terms of this Agreement) in acting
                                            as the Issuing Bank under any Bank Guarantee (unless the relevant Issuing Bank has been reimbursed
                                            by an Obligor).

 

		(c)	The
                                            Borrower shall immediately on demand reimburse any Interim Revolving Facility Lender for
                                            any payment it makes to the Issuing Bank under this paragraph 7 in respect of that Bank Guarantee
                                            (otherwise than by reason of such Interim Revolving Facility Lender's fraud, negligence,
                                            wilful misconduct or breach of the terms of this Agreement).

 

		(d)	The
                                            obligations of each Interim Revolving Facility Lender under this paragraph 7 are continuing
                                            obligations and will extend to the ultimate balance of sums payable by that Interim Lender
                                            in respect of any Bank Guarantee, regardless of any intermediate payment or discharge in
                                            whole or in part.

 

		(e)	The
                                            obligations of any Interim Revolving Facility Lender or any Borrower under this paragraph
                                            7 will not be affected by any act, omission, matter or thing which, but for this paragraph
                                            7, would reduce, release or prejudice any of its obligations under this paragraph 7 (whether
                                            or not known to it or any other person) including:

 

		(i)	any
                                            time, waiver or consent granted to, or composition with, any Obligor, any beneficiary under
                                            a Bank Guarantee or other person;

 

		(ii)	the
                                            release of any other Obligor or any other person under the terms of any composition or arrangement
                                            with any creditor or any Group Company;

 

		(iii)	the
                                            taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
                                            perfect, take up or enforce any rights against, or security over assets of, any Obligor,
                                            any beneficiary under a Bank Guarantee or other person or any non-presentation or non-observance
                                            of any formality or other requirement in respect of any instrument or any failure to realise
                                            the full value of any security;

 

    	 	137	 

     

    

 

		(iv)	any
                                            incapacity or lack of power, authority or legal personality of or dissolution or change in
                                            the members or status of an Obligor, any beneficiary under a Bank Guarantee or any other
                                            person;

 

		(v)	any
                                            amendment (however fundamental) or replacement of an Interim Finance Document, any Bank Guarantee
                                            or any other document or security unless in the case of amendments to the Bank Guarantee,
                                            the Borrower had not provided its consent to such amendment(s);

 

		(vi)	any
                                            unenforceability, illegality or invalidity of any obligation of any person under any Interim
                                            Finance Document, any Bank Guarantee (unless such obligation arose by reason of the relevant
                                            Issuing Bank's negligence or wilful misconduct) or any other security provided by an Obligor;
                                            or

 

		(vii)	any
                                            insolvency or similar proceedings.

 

		8.	Repayment

 

		(a)	Subject
                                            to paragraph (b) below, if not previously repaid, the Borrower shall repay each Bank
                                            Guarantee issued on its behalf in full on the Final Repayment Date.

 

		(b)	Notwithstanding
                                            paragraph (a) above and Clause 7 (Repayment and Prepayment) of this Agreement,
                                            the relevant Issuing Bank and the Borrower may agree to a Bank Guarantee not being repaid
                                            in full on the Final Repayment Date, provided that any such Bank Guarantee shall remain
                                            outstanding on a bilateral basis between such parties and not under (or subject to the terms
                                            of) the Interim Finance Documents.

 

		9.	Interim
                                            Lender as Issuing Bank

 

An
Interim Lender which is also an Issuing Bank shall be treated as a separate entity in those capacities and capable, as an Interim Lender,
of contracting with itself as an Issuing Bank.

 

		10.	Rights
                                            of contribution

 

No
Obligor will be entitled to any right of contribution or indemnity from any Interim Finance Party for so long as any sum remains payable
or capable of becoming payable under the Interim Finance Documents or in respect of any payment it may make under this paragraph 10.

 

		11.	Settlement
                                            conditional

 

Any
settlement or discharge between an Interim Lender and an Issuing Bank shall be conditional upon no security or payment to the Issuing
Bank by an Interim Lender or any other person on behalf of an Interim Lender being avoided or reduced by virtue of any laws relating
to bankruptcy, insolvency, liquidation or similar laws of general application and, if any such security or payment is so avoided or reduced,
the Issuing Bank shall be entitled to recover the value or amount of such security or payment from such Interim Lender subsequently as
if such settlement or discharge had not occurred.

 

    	 	138	 

     

    

   

		12.	Exercise
                                            of rights

 

No
Issuing Bank shall be obliged before exercising any of the rights, powers or remedies conferred upon it in respect of any Interim Lender
by this Agreement or by law:

 

		(a)	to
                                            take any action or obtain judgment in any court against any Obligor;

 

		(b)	to
                                            make or file any claim or proof in a winding-up or dissolution of any Obligor; or

 

		(c)	to
                                            enforce or seek to enforce any other security taken in respect of any of the obligations
                                            of any Obligor under this Agreement.

 

		13.	Role
                                            of the Issuing Bank

 

		(a)	Nothing
                                            in this Agreement constitutes the Issuing Bank as a trustee or fiduciary of any other person.

 

		(b)	The
                                            Issuing Bank shall not be bound to account to any Interim Lender for any sum or the profit
                                            element of any sum received by it for its own account.

 

		(c)	The
                                            Issuing Bank may accept deposits from, lend money to and generally engage in any kind of
                                            banking or other business with any Group Company.

 

		(d)	The
                                            Issuing Bank may rely on:

 

		(i)	any
                                            representation, notice or document believed by it to be genuine, correct and appropriately
                                            authorised; and

 

		(ii)	any
                                            statement made by a director, authorised signatory or employee of any person regarding any
                                            matters which may reasonably be assumed to be within his knowledge or within his power to
                                            verify.

 

		(e)	The
                                            Issuing Bank may engage, pay for and rely on the advice or services of any lawyers, accountants,
                                            surveyors or other experts.

 

		(f)	The
                                            Issuing Bank may act in relation to the Interim Finance Documents through its personnel and
                                            agents.

 

		(g)	Except
                                            where an Interim Finance Document specifically provides otherwise, the Issuing Bank is not
                                            responsible for:

 

		(i)	the
                                            adequacy, accuracy and/or completeness of any information (whether oral or written) provided
                                            under or in connection with any Interim Finance Document or any notice or document delivered
                                            in connection with any Interim Finance Document; or

    

		(ii)	the
                                            legality, validity, effectiveness, adequacy, completeness or enforceability of any Interim
                                            Finance Document or any other agreement or document entered into in connection with any Interim
                                            Finance Document.

 

    	 	139	 

     

    

 

		14.	Exclusion
                                            of liability

 

		(a)	Without
                                            limiting paragraph (b) below, the Issuing Bank will not be liable for any action taken
                                            by it under or in connection with any Interim Finance Document, unless caused by its fraud,
                                            negligence, wilful misconduct or breach of the terms of this Agreement.

 

		(b)	No
                                            Party (other than the Issuing Bank) may take any proceedings against any officer, employee
                                            or agent of the Issuing Bank in respect of any claim it might have against the Issuing Bank
                                            or in respect of any act or omission of any kind by that officer, employee or agent in relation
                                            to any Interim Finance Document. Any officer, employee or agent of the Issuing Bank may rely
                                            on this paragraph 14 in accordance with the Contracts (Rights of Third Parties) Act 1999.

 

		15.	Appointment
                                            of additional Issuing Banks

 

Any
Interim Lender which has agreed to the Obligors' Agent's request to be an Issuing Bank pursuant to the terms of this Agreement shall
become an Issuing Bank for the purposes of this Agreement upon notifying the Interim Facility Agent and the Obligors' Agent that it has
so agreed to be an Issuing Bank and acceding to this Agreement as an Issuing Bank and on making that notification that Interim Lender
shall become bound by the terms of this Agreement as an Issuing Bank.

 

    	 	140	 

     

    

 

 

 

Schedule
10

Form of Bank Guarantee

 

	To:	[●] (the Beneficiary)

 

	Date:	[●]

 

Irrevocable
Standby Letter of Credit no. [●]

 

At
the request of [●], [Issuing Bank] (the Issuing Bank) issues this irrevocable standby Letter of Credit (Letter
of Credit) in your favour on the following terms and conditions:

 

		1.	Definitions

 

In
this Letter of Credit:

 

Business
Day means a day (other than a Saturday or a Sunday) on which banks are open for general business in [London, New York and [●]].

 

Demand
means a demand for a payment under this Letter of Credit in the form of the schedule to this Letter of Credit.

 

Expiry
Date means [●].

 

Total
Letter of Credit Amount means [●].

 

		2.	Issuing
                                            Bank's agreement

 

		(a)	The
                                            Beneficiary may request a drawing or drawings under this Letter of Credit by giving to the
                                            Issuing Bank a duly completed Demand. A Demand must be received by the Issuing Bank by 11.00
                                            a.m. (New York time) on the Expiry Date.

 

		(b)	Subject
                                            to the terms of this Letter of Credit, the Issuing Bank unconditionally and irrevocably undertakes
                                            to the Beneficiary that, within [ten (10)] Business Days of receipt by it of a Demand, it
                                            must pay to the Beneficiary the amount demanded in that Demand.

 

		(c)	The
                                            Issuing Bank will not be obliged to make a payment under this Letter of Credit if as a result
                                            the aggregate of all payments made by it under this Letter of Credit would exceed the Total
                                            Letter of Credit Amount.

 

		3.	Expiry

 

		(a)	The
                                            Issuing Bank will be released from its obligations under this Letter of Credit on the date
                                            (if any) notified by the Beneficiary to the Issuing Bank as the date upon which the obligations
                                            of the Issuing Bank under this Letter of Credit are released.

 

		(b)	Unless
                                            previously released under paragraph (a) above, on 5.00 p.m.([New York] time) on the
                                            Expiry Date, the obligations of the Issuing Bank under this Letter of Credit will cease with
                                            no further liability on the part of the Issuing Bank except for any Demand validly presented
                                            under the Letter of Credit that remains unpaid.

 

    	 	141	 

     

    

 

		(c)	When
                                            the Issuing Bank is no longer under any further obligations under this Letter of Credit,
                                            the Beneficiary must return the original of this Letter of Credit to the Issuing Bank.

 

		4.	Payments

 

All
payments under this Letter of Credit shall be made in [euro] and for value on the due date to the account of the Beneficiary specified
in the Demand.

 

		5.	Delivery
                                            of Demand

 

Each
Demand shall be in writing, and, unless otherwise stated, may be made by letter, fax or telex and must be received in legible form by
the Issuing Bank at its address and by the particular department or office (if any) as follows:

 

[●]

 

		6.	Assignment

 

The
Beneficiary's rights under this Letter of Credit may not be assigned or transferred.

 

		7.	ISP
                                            98

 

Except
to the extent it is inconsistent with the express terms of this Letter of Credit, this Letter of Credit is subject to the International
Standby Practices (ISP 98), International Chamber of Commerce Publication No. 590.

 

		8.	Governing
                                            law

 

This
Letter of Credit is governed by [English] law.

 

		9.	Jurisdiction

 

The
courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter of Credit.

 

Yours
faithfully

 

	 	 

[Issuing
Bank]

By:

 

    	 	142	 

     

    

 

Schedule
to the Bank Guarantee

Form of
Demand

 

	To:	[Issuing Bank]

 

	Date:	[●]

 

Dear
Sirs

 

Standby
Letter of Credit no. [●] issued in favour of [Beneficiary] (the Letter of Credit)

 

		1.	We
                                            refer to the Letter of Credit. Terms defined in the Letter of Credit have the same meaning
                                            when used in this Demand.

 

		2.	We
                                            certify that the sum of [●] is due [and has remained unpaid for at least [ ] Business
                                            Days] [under [set out underlying contract or agreement]]. We therefore demand payment of
                                            the sum of [●].

 

		3.	Payment
                                            should be made to the following account:

 

	 	Name:	[●]

 

	 	Account Number:	[●]

 

	 	Bank:	[●]

 

		4.	The
                                            date of this Demand is not later than the Expiry Date.

 

Yours faithfully

 

	 	 
	For and on behalf of	 

[●]

Authorised
Signatory for [Beneficiary]

 

    	 	143	 

     

    

 

Schedule
11

The Original Interim Lenders

 

	Name of Original Interim Lender	 	Interim Facility A1 Commitment
 (USD$)	 	 	Interim Facility A2 Commitment
 (USD$)	 	 	Interim Facility B Commitment
 (USD$)	 	 	Interim Revolving Facility Commitment
 (USD$)	 
	BANK OF AMERICA, N.A.	 	 	375,000,000	 	 	 	1,750,000,000	 	 	 	1,800,000,000	 	 	 	750,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wells Fargo Bank, N.A.  	 	 	375,000,000	 	 	 	1,750,000,000	 	 	 	1,800,000,000	 	 	 	750,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	750,000,000	 	 	 	3,500,000,000	 	 	 	3,600,000,000	 	 	 	1,500,000,000	 

 

    	 	144	 

     

    

 

SIGNATURE
PAGES

 

THE
BORROWER AND GUARANTOR

 

	 	 

for
and on behalf of

Nortonlifelock
Inc.

as Borrower and Guarantor  

 

Name: Natalie Derse

 

Title:
   Authorised Signatory    

 

Notice Details  

 

	Address:	60 E Rio Salado Pkwy STE 1000, Tempe, AZ 85281
	Attention:	The Directors  

 

With a copy to (which shall not constitute notice):  

 

	Address:	Kirkland & Ellis International LLP, 30 St Mary Axe, London, EC3A 8AF,
United Kingdom
	Email:	[***]
	Attention:	Kirsteen Nicol / Ambarish Dash

 
[Amber
- Interim Facilities Agreement - Signature Pages]

 

     

     

    

 

THE
ORIGINAL INTERIM LENDERS

 

	By: 	 	 

for and on behalf of
 Wells Fargo Bank, N.A.
 as Original Interim Lender

 

Name:
Lacy Houstoun

 

Title:
   Managing Director    

 

Notice
Details  

 

	Address:	1700 Lincoln St, 4th Floor, Denver, CO 80203
	Email:	[***]

 

[Amber
- Interim Facilities Agreement - Signature Pages]

 

     

     

    

 

	By: 		 

for and on behalf of
 Bank of America, N.A.
 as Original Interim Lender

 

Name: Jeannette Lu

Title:
   Managing Director    

 

Notice
Details  

 

	Address:	TX2-984-03-26, BUILDING C, 2380 PERFORMANCE DR RICHARDSON, TX, 75082
	 	 
	Email:	[***]
	Attention:	Anthony Kell

 

[Amber
- Interim Facilities Agreement - Signature Pages]

 

     

     

    

 

ARRANGER

 

	By:		 

for
and on behalf of
 Wells Fargo Securities, LLC
 as Arranger

 

Name: Kevin J Sanders

 

Title:
   Managing Director    

 

Notice
Details

 

	Address:	550 South Tryon Street, Charlotte, North Carolina 28202
	 	 
	Email:	[***]
	 	 
	Attention:	Leveraged Syndicate

 

[Amber
- Interim Facilities Agreement - Signature Pages]

 

     

     

    

 

	By:		 

for and on behalf of
 BofA Securities, Inc.
 as Arranger

 

Name: Dan Alster

 

Title:
   Managing Director    

 

Notice
Details  

 

	Address:	TX2-984-03-26, BUILDING C, 2380 PERFORMANCE DR RICHARDSON, TX, 75082
	 	 
	Email:	[***]
	Attention:	Anthony Kell

 

[Amber - Interim Facilities Agreement
- Signature Pages]  

 

     

     

    

 

 

 

THE
ORIGINAL ISSUING BANK

 

		 

for
and on behalf of
 Bank of America, N.A.
 as Original Issuing Bank

 

Name: Jeannette Lu

 

Title:
   Managing Director    

 

Notice
Details  

 

	Address:	TX2-984-03-26, BUILDING C, 2380 PERFORMANCE DR RICHARDSON, TX, 75082
	 	 
	Email:	[***]
	Attention:	Anthony Kell

 

[Amber
- Interim Facilities Agreement - Signature Pages]

 

     

     

    

 

THE
INTERIM FACILITY AGENT

 

		                    

for
and on behalf of
 Bank of America, N.A.
 as Interim Facility Agent  

 

Name: Anthony W Kell

 

Title:   Vice President  

 

Notice
Details  

 

	Address:	TX2-984-03-26, BUILDING C, 2380 PERFORMANCE DR RICHARDSON, TX, 75082
	 	 
	Email:	[***]
	Attention:	Anthony  Kell

 

[Amber
- Interim Facilities Agreement - Signature Pages]

 

     

     

    

 

 

THE
INTERIM SECURITY AGENT

 

		           

for
and on behalf of
 Bank of America, N.A.
 as Interim Security Agent  

 

Name: Anthony W Kell

 

Title:   Vice President  

 

Notice Details  

 

	Address:	TX2-984-03-26, BUILDING C, 2380 PERFORMANCE DR RICHARDSON, TX, 75082
	 	 
	Email:	[***]
	Attention:	Anthony  W Kell

 
[Amber
- Interim Facilities Agreement - Signature Pages]​

Exhibit 10.1
Execution Version
THIRD AMENDMENT TO CREDIT AND GUARANTY AGREEMENT
THIS THIRD AMENDMENT TO CREDIT AND GUARANTY AGREEMENT (this “Amendment”) is entered into as of August 6, 2021 by and among THE ONE GROUP, LLC, a Delaware limited liability company (the “Company”); the other Credit Parties signatory hereto; the Lenders signatory hereto and GOLDMAN SACHS BANK USA, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).
RECITALS
A.The Credit Parties, Lenders and Administrative Agent are parties to a certain Credit and Guaranty Agreement, dated as of October 4, 2019 (as amended by that certain First Amendment to Credit and Guaranty Agreement, dated as of May 8, 2020, and by that certain Second Amendment to Credit and Guaranty Agreement, dated as of August 10, 2020, and as further amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement, as amended by this Amendment, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders have made certain financial accommodations available to the Company;
B.The Company has requested that the Lenders amend certain provisions of the Credit Agreement, and subject to the terms and conditions hereof, the Lenders executing this Amendment, which Lenders constitute the Requisite Lenders, are willing to do so;
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and intending to be legally bound, the parties hereto agree as follows:
A.AMENDMENTS
1. Effective as of the Third Amendment Effective Date, the Existing Credit Agreement (excluding all Exhibits and Schedules thereto) is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the underlined text (indicated textually in the same manner as the following example: underlined text) as set forth in the Credit Agreement attached hereto as Exhibit A, except that any Schedule, Exhibit or other attachment to the Credit Agreement not amended pursuant to the terms of this Amendment or otherwise included as part of said Exhibit A shall remain in effect without any amendment or other modification thereto.
B.CONSENTS
1. Effective as of the Third Amendment Effective Date, the Lenders agree that the Company shall no longer be required to deliver the 13-week cash flow projection to the
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Administrative Agent on a weekly basis, as required under that certain Consent Letter dated as of May 4, 2020, executed by the Lenders in favor of the Company.
C.CONDITIONS TO EFFECTIVENESS
Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become effective, and the Credit Parties shall have no rights under this Amendment, until the following conditions are satisfied:
1.Administrative Agent shall have received:
(i)executed counterparts of (A) this Amendment from the Company, each other Credit Party, each of the Guarantors and the Lenders and (B) the Fee Letter from the Company, in each case, in form and substance satisfactory to Administrative Agent;
(ii)for each Credit Party, a certificate from an Authorized Officer of such Credit Party certifying that its Organizational Documents are in full force and effect and have not been amended or otherwise altered since the Closing Date (or, if applicable, the most recent date such Organizational Documents were certified by an Authorized Offer of the Company), and attaching (a) (x) a copy of the resolutions of the Board of Directors of such Credit Party that were delivered to Administrative Agent on the Closing Date, certified as of the Third Amendment Effective Date by an Authorized Officer as being in full force and effect without modification or amendment and/or (y) and (y) resolutions of the Board of Directors of Holdings authorizing this Amendment and the transactions contemplated hereby on behalf of itself and, as a member of the other Credit Parties, on behalf of the other Credit Parties, and (b) a good standing certificate or other equivalent evidence, if applicable, dated a recent date from the applicable Governmental Authority of such Credit Party’s jurisdiction of incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business;
(iii)payment of a principal amount equal to $22,160,000, which constitutes the amount necessary to reduce the outstanding principal amount of the Term Loans to $25,000,000, together with all accrued interest on such principal amount and the Prepayment Fee required under the Fee Letter in connection with such prepayment; and
(iv)reimbursement or payment of its costs and expenses incurred in connection with this Amendment or the Credit Agreement (including reasonable fees, charges and disbursements of counsel to Administrative Agent).
2.Administrative Agent shall have completed, to its satisfaction, all legal, regulatory, financial, accounting and other due diligence with respect to the business, assets, liabilities, operations and condition (financial or otherwise) of the Credit Parties in scope and determination satisfactory to Administrative Agent, and shall have received internal credit committee approval for the transactions contemplated by this Amendment.
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2

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3.The organizational structure and capital structure of Holdings and its Subsidiaries, both before and after giving effect to the transactions contemplated by this Amendment, shall be satisfactory to Administrative Agent.
4.The pro forma income statement or other financial information delivered to the Administrative Agent shall demonstrate in form and substance reasonably satisfactory to Administrative Agent that the Company shall have generated Consolidated Adjusted EBITDA for the twelve-month period ending June 30, 2021 of at least $24,000,000.
5.The pro forma balance sheet or other financial information delivered to the Administrative Agent shall demonstrate in form and substance reasonably satisfactory to Administrative Agent that on the Third Amendment Effective Date and immediately after giving effect to any Credit Extensions to be made on the Third Amendment Effective Date, including the payment of all Transaction Costs required to be paid in Cash, the ratio of (i) total Indebtedness for Company and its Subsidiaries as of the Third Amendment Effective Date, to (ii) pro forma Consolidated Adjusted EBITDA for the twelve-month period ending June 30, 2021 shall not be greater than 1.10:1.00.
D.REPRESENTATIONS
To induce the Lenders and Administrative Agent to enter into this Amendment, each Credit Party hereby represents and warrants to the Lenders and the Administrative Agent that:
1.Each of the Credit Parties and its Subsidiaries (a) is duly organized, validly existing and in good standing (if applicable and provided that an English Credit Party shall not be required at any time to make such good standing representation and warranty) under the laws of its jurisdiction of organization, (b) 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 Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material Adverse Effect;
2.The execution, delivery and performance of this Amendment has been duly authorized by all necessary action on the part of each Credit Party that is a party hereto;
3.After giving effect to this Amendment, the representations and warranties contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects on and as of the Third Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date;
4.The Credit Parties have, at all times following May 4, 2020, complied with the terms of that certain letter agreement, dated May 4, 2020, from Goldman Sachs Bank USA to the Company; all proceeds of the CARES Act Loans (as defined in such letter agreement) were applied in accordance with such letter agreement and all such loans have been forgiven; and
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3

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5.After giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement, nor will any occur immediately after the execution and delivery of this Agreement or by the performance or observance of any provision hereof.
E.OTHER AGREEMENTS
1.Continuing Effectiveness of Credit Documents. As amended hereby, all terms of the Credit Agreement and the other Credit Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Credit Parties party thereto. To the extent any terms and conditions in any of the other Credit Documents shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and amended hereby. Upon the effectiveness of this Amendment such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and amended hereby.
2.Reaffirmation of Guaranty. Each Guarantor consents to the execution and delivery by the Credit Parties of this Amendment and the consummation of the transactions described herein, and ratifies and confirms the terms of the Guaranty to which such Guarantor is a party with respect to the indebtedness now or hereafter outstanding under the Credit Agreement as amended hereby and all promissory notes issued thereunder. Each Guarantor acknowledges that, notwithstanding anything to the contrary contained herein or in any other document evidencing any indebtedness of the Credit Parties to the Lenders or any other obligation of the Credit Parties, or any actions now or hereafter taken by the Lenders with respect to any obligation of the Credit Parties, the Guaranty to which such Guarantor is a party (i) is and shall continue to be a primary obligation of such Guarantor, (ii) is and shall continue to be an absolute, unconditional, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect in accordance with its terms. Nothing contained herein to the contrary shall release, discharge, modify, change or affect the original liability of any Guarantor under the Guaranty to which such Guarantor is a party.
3.Acknowledgment of Perfection of Security Interest. Each Credit Party hereby acknowledges that, as of the date hereof, the security interests and liens granted to Administrative Agent and the Lenders under the Credit Agreement and the other Credit Documents are in full force and effect, are properly perfected and are enforceable in accordance with the terms of the Credit Agreement and the other Credit Documents.
4.Effect of Agreement. Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the other Credit Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Credit Parties to the Lenders and Administrative Agent, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. This Amendment shall constitute a Credit Document for all purposes of the Credit
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4

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Agreement.
5.Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America.
6.No Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement and the other Credit Documents or an accord and satisfaction in regard thereto.
7.Costs and Expenses. The Credit Parties agrees to pay on demand all costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for Administrative Agent with respect thereto.
8.Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission, electronic transmission (including delivery of an executed counterpart in .pdf format) shall be as effective as delivery of a manually executed counterpart hereof. Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Amendment are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature and, when used elsewhere in this Amendment, “electronic transmission,” means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.
9.Binding Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns. No third party beneficiaries are intended in connection with this Amendment.
10.Entire Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.
11.Release. (a) Each Credit Party hereby releases, acquits, and forever discharges Administrative Agent and each of the Lenders, and each and every past and present subsidiary, affiliate, stockholder, officer, director, agent, servant, employee, representative, and attorney of Administrative Agent and the Lenders (each a “Releasee”), from any and all claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys' fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which such Credit Party may have or claim to have now or which may hereafter arise out of or connected with any act of commission or omission of Releasee existing or occurring on or prior to the date of this Amendment or any instrument executed on or prior to the date of this Amendment including, without limitation, any claims, liabilities or obligations arising with respect to the Credit Agreement or the other of the Credit Documents. The provisions of this paragraph shall be binding upon each Credit Party and shall inure to the benefit of Releasees, and their
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respective heirs, executors, administrators, successors and assigns, and the other released parties set forth herein. No Credit Party is aware of any claim or offset against, or defense or counterclaim to, any Credit Party’s obligations or liabilities under the Credit Agreement or any other Credit Document. The provisions of this Section shall survive payment in full of the Obligations, full performance of the terms of this Amendment and the Credit Documents, and/or Administrative Agent’s or each Lender’s actions to exercise any remedy available under the Credit Documents or otherwise. Each Credit Party warrants and represents that such Credit Party is the sole and lawful owner of all right, title and interest in and to all of the claims released hereby and each Credit Party has not heretofore voluntarily, by operation of law or otherwise, assigned or transferred or purported to assign or transfer to any person any such claim or any portion thereof.
[remainder of page intentionally left blank]
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6

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above.
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	THE ONE GROUP, LLC, as the Company

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	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	Title: Authorized Officer

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	THE ONE GROUP HOSPITALITY, INC., as Holdings

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	​
	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	LITTLE WEST 12TH LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	BASEMENT MANAGER, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	MPD SPACE EVENTS, LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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[Signature Page to Third Amendment to Credit and Guaranty Agreement]

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	ONE 29 PARK MANAGEMENT, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK MIDTOWN HOLDINGS, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK MIDTOWN, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	ONE MARKS, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	WSATOG (MIAMI) LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK MIAMI, LLC

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	​

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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[Signature Page to Third Amendment to Credit and Guaranty Agreement]

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	STK MIAMI SERVICE, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK-LA, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK – LAS VEGAS, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK ATLANTA, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK ORLANDO LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK CHICAGO LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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[Signature Page to Third Amendment to Credit and Guaranty Agreement]

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	STK WESTWOOD, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK DENVER, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK DALLAS, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK REBEL AUSTIN, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK TEXAS HOLDINGS, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK TEXAS HOLDINGS II, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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[Signature Page to Third Amendment to Credit and Guaranty Agreement]

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	STK REBEL SAN DIEGO, LLC

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	​

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK ROOFTOP SAN DIEGO, LLC

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	By:
	/s/ Tyler Loy

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	Name: Tyler Loy

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	Title: Authorized Officer

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	STK IBIZA, LLC

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	​

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	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	Title: Authorized Officer

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	THE ONE GROUP – STKPR, LLC

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	​

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	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	Title: Authorized Officer

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	THE ONE GROUP - MENA, LLC

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	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	Title: Authorized Officer

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	THE ONE GROUP - QATAR VENTURES, LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	​
	Title: Authorized Officer

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​

[Signature Page to Third Amendment to Credit and Guaranty Agreement]

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	THE ONE GROUP – MEXICO, LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	​
	Title: Authorized Officer

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	SEAPORT REBEL RESTAURANT LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	​
	Title: Authorized Officer

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	STK NASHVILLE, LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	​
	Title: Authorized Officer

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	TOG MARKETING LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	​
	Title: Authorized Officer

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	STK ASPEN, LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	Title: Authorized Officer

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	TOG ORLANDO F&B MANAGER LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	​
	Title: Authorized Officer

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​

[Signature Page to Third Amendment to Credit and Guaranty Agreement]

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	KONA GRILL ACQUISITION, LLC

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	​

	​
	By:
	/s/ Tyler Loy

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	​
	Name: Tyler Loy

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	​
	Title: Authorized Officer

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	TOG KONA MACADAMIA, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	TOG KONA BALTIMORE, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	TOG KONA TEXAS, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	TOG KONA SUSHI, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	T.O.G. (UK) LIMITED

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​

[Signature Page to Third Amendment to Credit and Guaranty Agreement]

​

​
	​
	HIP HOSPITALITY LIMITED

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	T.O.G. (ALDWYCH) LIMITED

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	CA ALDWYCH LIMITED

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	9401415 CANADA LTD.

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	TOG KONA TEXAS CONCESSION, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	STK SCOTTSDALE, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​

[Signature Page to Third Amendment to Credit and Guaranty Agreement]

​

​
	​
	STK BELLEVUE, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	JEC II LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​
	​
	KGA TEXAS, LLC

	​
	​

	​
	By:
	/s/ Tyler Loy

	​
	​
	Name: Tyler Loy

	​
	​
	Title: Authorized Officer

​
​

[Signature Page to Third Amendment to Credit and Guaranty Agreement]

​

​
	​
	GOLDMAN SACHS BANK USA, as Administrative Agent and as a Lender

	​
	​

	​
	​

	​
	By:
	/s/ Greg Watts

	​
	Name:
	Greg Watts

	​
	Title:
	Authorized Signatory

​
​
​

[Signature Page to Third Amendment to Credit and Guaranty Agreement]

​

Exhibit A to Third Amendment
[see attached]
​

​

​

CONFORMED
through Second
​
Exhibit A to Third Amendment    August 10, 2020
CREDIT AND GUARANTY AGREEMENT
dated as of October 4, 2019
among
THE ONE GROUP HOSPITALITY, INC.,
as Holdings,
THE ONE GROUP, LLC,
as Company,
CERTAIN SUBSIDIARIES OF HOLDINGS,
as Guarantors
VARIOUS LENDERS,
GOLDMAN SACHS BANK USA,
as Administrative Agent, Collateral Agent and Lead Arranger

$60,000,000 Senior Secured Credit Facilities

​
​
​

​

​

TABLE OF CONTENTS
​
	​

	​

	

	​
	​
	Page

	​
	​
	​

	SECTION 1 DEFINITIONS AND INTERPRETATION
	1

	​
	​
	​

	1.1
	Definitions
	1

	1.2
	Accounting Terms, Financials Statements, Calculations, Etc
	60

	1.3
	Interpretation, Etc
	61 

	​
	​
	​

	SECTION 2 LOANS AND LETTERS OF CREDIT
	62

	​
	​
	​

	2.1
	Term Loans
	62

	2.2
	Revolving Loans
	5663

	2.3
	Issuance of Letters of Credit and Purchase of Participations Therein
	64

	2.4
	Pro Rata Shares; Availability of Funds
	6269

	2.5
	Use of Proceeds
	6370

	2.6
	Evidence of Debt; Register; Lenders’ Books and Records; Notes
	6370

	2.7
	Interest on Loans
	6471

	2.8
	and Letter of Credit Disbursements.
	6471

	2.8
	Conversion/Continuation
	73

	2.9
	Default Interest
	6673

	2.10
	Fees
	74

	2.11
	Scheduled Payments
	75

	2.12
	Voluntary Prepayments/Commitment Reductions
	6875

	2.13
	Mandatory Prepayments/Commitment Reductions
	6977

	2.14
	Application of Prepayments/Reductions
	7280

	2.15
	General Provisions Regarding Payments
	7381

	2.16
	Ratable Sharing
	7482

	2.17
	Making or Maintaining LIBO Rate Loans
	7583

	2.18
	Increased Costs; Capital Adequacy
	87

	2.19
	Taxes; Withholding, Etc.
	7988

	2.20
	Obligation to Mitigate
	91

	2.21
	Defaulting Lenders
	92

	2.22
	Removal or Replacement of a Lender
	95

	2.23
	Limitation on Interest.
	97

	2.24
	Interest Act (Canada).
	97

	​
	​
	​

	SECTION 3 CONDITIONS PRECEDENT
	98

	​
	​
	​

	3.1
	Closing Date
	98

	3.2
	Conditions to Each Credit Extension
	104

	​
	​
	​

	SECTION 4 REPRESENTATIONS AND WARRANTIES
	95105

	​
	​
	​

	4.1
	Organization; Requisite Power and Authority; Qualification
	95106

​
​

i

​

​
	

	

	

	4.2
	Capital Stock and Ownership
	106

	4.3
	Due Authorization
	106

	4.4
	No Conflict
	106

	4.5
	Governmental Consents
	96107

	4.6
	Binding Obligation
	107

	4.7
	Historical Financial Statements
	107

	4.8
	Projections
	107

	4.9
	No Material Adverse Change
	97107

	4.10
	[Reserved]
	97108

	4.11
	Adverse Proceedings, etc
	97108

	4.12
	Payment of Taxes
	108

	4.13
	Properties
	108

	4.14
	Environmental Matters
	109

	4.15
	No Defaults
	109

	4.16
	Material Contracts
	99110

	4.17
	Governmental Regulation
	99110

	4.18
	Federal Reserve Regulations; Exchange Act
	110

	4.19
	Employee Matters
	110

	4.20
	Employee Benefit Plans
	100111

	4.21
	Certain Fees
	112

	4.22
	Solvency
	101112

	4.23
	Related Agreements
	101112

	4.24
	Compliance with Statutes, Etc.
	112

	4.25
	Disclosure
	102113

	4.26
	Sanctions; Anti-Corruption and Anti-Bribery Laws; Anti-Terrorism and Anti-Money Laundering Laws; Etc.
	113

	4.27
	Senior Indebtedness
	103114

	4.28
	Government Contracts
	103114

	4.29
	Growers’ Liens
	103114

	4.30
	Food Safety Laws
	104115

	4.31
	Indemnification and other Similar Obligations
	116

	4.32
	Data Privacy and Security
	116

	4.33
	Canadian Defined Benefit Plan
	117

	4.34
	Governmental Contracts
	106117

	4.35
	Centre of main interests and establishments
	106117

	​
	​
	​

	SECTION 5 AFFIRMATIVE COVENANTS
	117

	​
	​
	​

	5.1
	Financial Statements and Other Reports
	118

	5.2
	Existence
	123

	5.3
	Payment of Taxes and Claims
	112124

	5.4
	Maintenance of Properties
	124

	5.5
	Insurance
	124

	5.6
	Books and Records; Inspections
	113125

​
​

ii

​

​
	

	

	

	5.7
	Lenders Meetings
	125

	5.8
	Compliance with Laws
	125

	5.9
	Environmental
	126

	5.10
	Additional Guarantors
	115127

	5.11
	Additional Locations
	128

	5.12
	Growers’ Liens.
	129

	5.13
	Further Assurances
	131

	5.14
	Miscellaneous Covenants
	119131

	5.15
	Post Closing Matters
	132

	5.16
	Data Privacy and Security
	132

	5.17
	UK PSC Register
	120132 

	​
	​
	​

	SECTION 6 NEGATIVE COVENANTS
	120133

	​
	​
	​

	6.1
	Indebtedness
	120133

	6.2
	Liens
	122135

	6.3
	Equitable Lien
	124137

	6.4
	No Further Negative Pledges
	137

	6.5
	Restricted Junior Payments
	138

	6.6
	Restrictions on Subsidiary Distributions
	139

	6.7
	Investments
	139

	6.8
	Financial Covenants
	127140

	6.9
	Fundamental Changes; Disposition of Assets; Acquisitions
	128143

	6.10
	Disposal of Subsidiary Interests
	129144

	6.11
	Sales and Lease-Backs
	130144

	6.12
	Transactions with Shareholders and Affiliates
	130145

	6.13
	Conduct of Business
	130145

	6.14
	Permitted Activities of Holdings
	130145

	6.15
	Amendments or Waivers of Certain Related Agreements
	131146

	6.16
	Amendments or Waivers with Respect to Certain Indebtedness
	131146

	6.17
	Fiscal Year; Accounting Policies
	131146

	6.18
	Deposit Accounts and Securities Accounts
	131146

	6.19
	Amendments to Organizational Agreements and Material Contracts
	131146

	6.20
	Prepayments of Certain Indebtedness
	132146

	6.21
	Use of Proceeds
	132147

	6.22
	New Restaurants
	132[Reserved] 147

	6.23
	Canadian Defined Benefit Plans
	132147

	​
	​
	​

	SECTION 7 GUARANTY
	132147

	​
	​
	​

	7.1
	Guaranty of the Obligations
	132147

	7.2
	Contribution by Guarantors
	132147

	7.3
	Payment by Guarantors
	133148

	7.4
	Liability of Guarantors Absolute
	133148

	7.5
	Waivers by Guarantors
	135150

​
​

iii

​

​
	

	

	

	7.6
	Guarantors’ Rights of Subrogation, Contribution, Etc
	136151

	7.7
	Subordination of Other Obligations
	136152

	7.8
	Continuing Guaranty
	137152

	7.9
	Authority of Guarantors or Company
	137152

	7.10
	Financial Condition of Company
	137152

	7.11
	Bankruptcy, etc
	137153

	7.12
	Discharge of Guaranty Upon Sale of Guarantor
	138153

	7.13
	Keepwell
	138154 

	​
	​
	​

	SECTION 8 EVENTS OF DEFAULT
	139154

	​
	​
	​

	8.1
	Events of Default
	139154

	​
	​
	​

	SECTION 9 AGENTS
	143159

	​
	​
	​

	9.1
	Appointment of Agents
	143159

	9.2
	Powers and Duties
	143159

	9.3
	General Immunity
	144160

	9.4
	Agents Entitled to Act as Lender
	145162

	9.5
	Lenders’ Representations, Warranties and Acknowledgment
	146162

	9.6
	Right to Indemnity
	148165

	9.7
	Successor Administrative Agent and Collateral Agent
	149165

	9.8
	Collateral Documents and Guaranty
	151167

	9.9
	Withholding Taxes
	153169

	9.10
	Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim 
	153170

	9.11
	Bankruptcy Plan Voting
	154171 

	​
	​
	​

	SECTION 10 MISCELLANEOUS
	155171

	​
	​
	​

	10.1
	Notices
	155171

	10.2
	Expenses
	156173

	10.3
	Indemnity and Related Reimbursement
	157174

	10.4
	Set-Off
	159175

	10.5
	Amendments and Waivers
	159176

	10.6
	Successors and Assigns; Participations
	163180

	10.7
	Independence of Covenants
	167184

	10.8
	Survival of Representations, Warranties and Agreements
	167185

	10.9
	No Waiver; Remedies Cumulative
	167185

	10.10
	Marshalling; Payments Set Aside
	168185

	10.11
	Severability
	168185

	10.12
	Obligations Several; Actions in Concert
	168186

	10.13
	Headings
	168186

	10.14
	APPLICABLE LAW
	169186

	10.15
	CONSENT TO JURISDICTION
	169186

	10.16
	WAIVER OF JURY TRIAL
	169187

​
​

iv

​

​
	10.17
	Confidentiality
	170188

	10.18
	Usury Savings Clause
	171189

	10.19
	Effectiveness; Counterparts
	171189

	10.20
	Entire Agreement
	172189

	10.21
	PATRIOT Act
	172189

	10.22
	Electronic Execution of Assignments and Credit Documents
	172190

	10.23
	No Fiduciary Duty
	172190

	10.24
	Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	173190

	10.25
	Limitations Act, 2002.
	173191

	10.26
	Language.
	173191

	10.27
	Joint and Several Obligations.
	173191

	10.28
	Judgment Currency.
	174192

​
​

v

​

​
	APPENDICES:
	A-1    Term Loan Commitments

	​
	A-2    Revolving Commitments

	​
	B       Notice Addresses

	​
	​

	​
	​

	SCHEDULES:
	1.1(a) Historical Consolidated Adjusted EBITDA

	​
	1.1(b) Certain Material Real Estate Assets

	​
	1.1(c) Existing Indebtedness

	​
	3.1     Closing Date Collateral Documents

	​
	4.1     Jurisdictions of Organization and Qualification

	​
	4.2     Capital Stock and Ownership

	​
	4.13   Real Estate Assets

	​
	4.16   Material Contracts

	​
	4.20   Pension Schemes

	​
	4.29   Protected Vendor Claims

	​
	5.15   Certain Post Closing Matters

	​
	6.1     Certain Indebtedness

	​
	6.2     Certain Liens

	​
	6.7     Certain Investments

	​
	6.12   Certain Affiliate Transactions

	​
	​

	EXHIBITS:
	A-1 Funding Notice A-2 Issuance Notice

	​
	B      Conversion/Continuation Notice C Compliance Certificate

	​
	D Assignment Agreement

	​
	E-1 U.S. Tax Compliance Certificate E-2
U.S. Tax Compliance Certificate E-3
U.S. Tax Compliance Certificate E-4
U.S. Tax Compliance Certificate F-1
Closing Date Certificate

	​
	F-2   Solvency Certificate

	​
	G     Counterpart Agreement

	​
	H      Intercompany Note and Subordination

	​
	I       Wind-Down Budget

​
​
​

vi

​

CREDIT AND GUARANTY AGREEMENT
This CREDIT AND GUARANTY AGREEMENT, dated as of October 4, 2019, is entered into by and among THE ONE GROUP HOSPITALITY, INC., a Delaware corporation (“Holdings”), THE ONE GROUP, LLC, a Delaware limited liability company (the “Company”), and certain of their respective Subsidiaries, as Guarantors, the Lenders party hereto from time to time, and GOLDMAN SACHS BANK USA (“GSB”), as administrative agent (in such capacity, “Administrative Agent”) and collateral agent (in such capacity, “Collateral Agent”) for the Lenders.
RECITALS:
WHEREAS, Lenders and Issuing Bank have agreed to extend certain credit facilities to the Company in the amounts and upon the terms and conditions more particularly set forth herein, the proceeds of which will be used in accordance with Section 2.5; and
WHEREAS, the Company and the other Guarantors party hereto have agreed to guarantee the Obligations of the other Credit Parties hereunder and to secure all such Persons’ respective Obligations by granting to Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on substantially all of their respective assets, including a pledge of all of the Capital Stock issued by Company and all of the Capital Stock issued by any Subsidiary of Company or Holdings, subject to the limitations set forth herein and in the Collateral Documents.
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION 1 DEFINITIONS AND INTERPRETATION
1.1Definitions. The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings:
“Accounts” means all “accounts” (as defined in the UCC) of any Credit Party and its Subsidiaries (or, if referring to another Person, of such Person), including accounts, accounts receivable, monies due or to become due and obligations in any form (whether arising in connection with contracts, contract rights, instruments, general intangibles, or chattel paper), in each case whether arising out of goods sold or services rendered or from any other transaction and whether or not earned by performance, now or hereafter in existence, and all documents of title or other documents representing any of the foregoing, and all collateral security and guaranties of any kind, now or hereafter in existence, given by any Person with respect to any of the foregoing.
“Acquisition” means the acquisition of, by purchase or otherwise (other than purchases or other acquisitions of inventory, materials and equipment and capital expenditures, in each case in the ordinary course of business), the business, a substantial portion of the property or assets of, or a substantial portion of the Capital Stock or other evidence of beneficial
​

1

​

ownership of, any Person, any division or line of business, or any other business unit of any Person.
“Acquisition Consideration” means, with respect to any Permitted Acquisition or any other acquisition of any property or assets by any Person (including in connection with an Asset Sale consummated by a Credit Party), the aggregate purchase consideration for such Permitted Acquisition or other Acquisition and all other payments by Holdings or any of its Subsidiaries in exchange for, or as part of, or in connection with, such Permitted Acquisition or other Acquisition, whether paid in cash, by issuance of a note, or by exchange of Capital Stock or of other assets or otherwise, and, in each case, whether payable at or prior to the consummation of such Permitted Acquisition or other Acquisition or deferred for payment at any future time, and whether or not any such future payment is subject to the occurrence of any contingency, and includes any and all payments representing the purchase price and any assumptions of Indebtedness, earn out obligations (or similar deferred purchase price obligations), seller financing indebtedness, and agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon the revenues, income, cash flow, profits or other performance (or the like) of any Person or business. For purposes of this Agreement, any such consideration not consisting of Cash paid or payable upon the closing of any such Permitted Acquisition or other Acquisition shall be valued at the principal amount thereof in the case of notes or other debt Securities, the stated amount thereof in the case of fixed post-closing installments or similar seller financing indebtedness obligations, the maximum payout amount in the case of any capped earn out obligations or similar deferred contingent payment obligations, and reasonably estimable fair market value in the case of any other non-Cash consideration.
“Additional Collateral Documents” means each fixed or floating charge, debenture, deed, mortgage, security agreement, filing, assignment or security instrument or other similar instrument or agreement, in form and substance satisfactory to the Collateral Agent, executed by any Credit Party or any of their Subsidiaries with or in favor of the Collateral Agent in order to grant Liens in the Capital Stock of and all real, personal or mixed property of any Credit Party or any of its Subsidiaries organized or incorporated in any jurisdiction located outside of the United States to secure the Obligations; provided that Additional Collateral Documents shall exclude the Pledge and Security Agreement, the Canadian Collateral Documents, the English Collateral Documents, the Mortgages and the Landlord Collateral Access Agreements.
“Adjusted LIBO Rate” means, for any Interest Rate Determination Date with respect to an Interest Period for a LIBO Rate Loan, the greater of (x) 1.751.00% per annum, and (y) the rate per annum obtained by dividing (i)(a) the rate per annum equal to the rate determined by Administrative Agent to be the London interbank offered rate administered by the ICE Benchmark Administration (or any other Person that takes over the administration of that rate) for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars displayed on the ICE LIBOR USD page of the Reuters Screen (or any replacement Reuters page that displays such rate) or on the appropriate page of any other information service that publishes that rate from time to time in place of Reuters, determined as of approximately
​

2

​

11:00 a.m. (London, England time) on such Interest Rate Determination Date (the rate referenced in this clause (a), the “Eurodollar Screen Rate”), or (b) in the event the Eurodollar Screen Rate is not available, the rate per annum equal to the offered rate, truncated at five decimal digits, that is set forth on or in such other available quotation page or service as is acceptable to Administrative Agent in its sole discretion and that provides an average ICE Benchmark Administration Limited Interest Settlement Rate or another London interbank offered rate administered by any other Person that takes over the administration of such rate for deposits (for delivery on the first day of the relevant period) with a term equivalent to such period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (c) in the event the rates referenced in the preceding clauses (a) and (b) are not available or if such information, in the reasonable judgment of Administrative Agent, shall cease to accurately reflect the rate offered by leading banks in the London interbank market as reported by any publicly available source of similar market data selected by Administrative Agent, the rate per annum equal to the rate determined by Administrative Agent to be the offered rate, truncated at five decimal digits, to first class banks in the London interbank market for deposits (for delivery on the first day of the relevant period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, by (ii) an amount equal to (a) one, minus (b) the Applicable Reserve Requirement.
“Adjustment Event” as defined in the definition of Applicable Margin.
“Administrative Agent” as defined in the preamble hereto.
“Adverse Proceeding” means any action, suit, proceeding, hearing (in each case, whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of Holdings or any of its Subsidiaries) at law or in equity, or before or by any Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of Holdings or any of its Subsidiaries, threatened against or affecting Holdings or any of its Subsidiaries or any property of Holdings or any of its Subsidiaries.
“Affected Lender” as defined in Section 2.17(c).
“Affected Loans” as defined in Section 2.17(c).
“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling (including any member of the senior management group of such Person), controlled by, or under common control with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power (i) to vote 5% or more of the Capital Stock having ordinary voting power for the election of members of the Board of Directors of such Person, or (ii) to direct or cause the direction of the management and policies of that Person, whether through the ability to exercise voting power, by contract or otherwise.
​

3

​

“Agent” means each of Administrative Agent, Collateral Agent, and any other Person appointed as an agent, arranger, bookrunner or similar title or capacity under or otherwise in connection with the Credit Documents.
“Agent Affiliates” as defined in Section 10.1(b)(iii).
“Aggregate Amounts Due” as defined in Section 2.16.
“Aggregate Payments” as defined in Section 7.2.
“Agreement” means this Credit and Guaranty Agreement.
“Anti-Corruption and Anti-Bribery Laws” means any and all requirements of law related to anti-bribery or anti-corruption matters, including the United States Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010 and the Corruption of Foreign Public Officials Act (Canada).
“Anti-Terrorism and Anti-Money Laundering Laws” means any and all requirements of law related to engaging in, financing, or facilitating terrorism or money laundering, including the PATRIOT Act, The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§5311-5330 and 12 U.S.C. §§1818(s), 1820(b) and 1951-1959), Trading With the Enemy Act (50 U.S.C. §1 et seq.), Executive Order 13224 (effective September 24, 2001), the Canadian Anti-Terrorism Laws, the Canadian Anti-Money Laundering Laws, and each of the laws, regulations, and executive orders administered by OFAC (31 C.F.R., Subtitle B, Chapter V).
“Applicable Margin” means (i) with respect to Loans that are LIBO Rate Loans, (a) from the Closing Date until (1) the date of delivery of the Compliance Certificate and the financial statements for the period ending December 31, 2020 or (2) the date of the first Adjustment Event (as defined below), a percentage, per annum, determined by reference to the following table as if the Leverage Ratio then in effect was greater than 1.75:1.00; and (b) thereafter, a percentage, per annum, determined by reference to the Leverage Ratio in effect from time to time as set forth below:5.00% per annum, and (ii) with respect to any Loans that are Base Rate Loans, 4.00% per annum.
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	Leverage
Ratio
	​
Applicable Margin for Loans

	Greater than or
equal to 1.75:1.00
	6.75%

	Less than 1.75:1.00
but greater than or
equal to 1.25:1.00
	6.25%

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​

	Leverage
Ratio
	​
Applicable Margin for Loans

	Less than 1.25:1.00
	5.75%

​
and (ii) with respect to any Loans that are Base Rate Loans, an amount equal to (a) the Applicable Margin for LIBO Rate Loans as set forth in clause (i)(a) or (i)(b) above, as applicable, minus (b) 1.00% per annum. With respect to changes in the Applicable Margin resulting from the delivery of the applicable financial statements, no change in the Applicable Margin shall be effective until three Business Days after the date on which Administrative Agent shall have received the applicable financial statements and a Compliance Certificate calculating the Leverage Ratio pursuant to Section 5.1(a), (b), (c), or (d). With respect to changes in the Applicable Margin arising from changes in the Leverage Ratio due to Company’s payment of the Loans or additional borrowings hereunder (including prior to the initial delivery of financial statements pursuant to Section 5.1(b) after the Closing Date), any such change shall be effective one Business Day following the effective date of any applicable Funding Notice with respect to any borrowing and/or delivery of any Compliance Certificate in connection with any payment of the Loans, and such Funding Notice or Compliance Certificate, as applicable, shall include a calculation of the Leverage Ratio at such time (each, an “Adjustment Event”). At any time when a Default or Event of Default has occurred and is continuing or Company has not submitted to Administrative Agent the applicable information as and when required under Section 5.1(a), (b), (c), or (d) or the Funding Notice or the Compliance Certificate, as applicable, the Applicable Margin shall be determined as if the Leverage Ratio were greater than or equal to the highest percentage set forth in the table above. After its receipt of the applicable information under Section 5.1(d) or the occurrence of an Adjustment Event, Administrative Agent will reasonably promptly give each Lender notice of the Applicable Margin in effect as a result of such event. Without limitation of any other provision of this Agreement or any other remedy available to Administrative Agent or Lenders under any of the Credit Documents, to the extent that any financial statements or any information contained in any Compliance Certificate delivered pursuant to Section 5.1(a), (b), (c), or (d) or the calculation of the Leverage Ratio as set forth in the Funding Notice or Compliance Certificate, as applicable, delivered in connection with an Adjustment Event is incorrect in any manner and such financial statements or other information, if correct, would have led to the application of a higher Applicable Margin for any period (the “Applicable Period”), then (x) Company or any other Credit Party shall immediately deliver to Administrative Agent and/or Lenders corrected financial statements or other corrected information for such Applicable Period, (y) Administrative Agent may recalculate the Applicable Margin based upon such corrected financial statements or such other corrected information, and (z) upon notice thereof to Company, the Loans shall bear interest based upon such recalculated Applicable Margin retroactively from the date of delivery of the erroneous financial statements or other erroneous information in question. Nothing in this paragraph shall limit the right of Administrative Agent or any Lender under Section 2.9 or Section 8.
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“Applicable Reserve Requirement” means, at any time, for any LIBO Rate Loan, the maximum rate, expressed as a decimal, at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations issued from time to time by the Board of Governors or other applicable banking regulator. Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities that includes deposits by reference to which the applicable Adjusted LIBO Rate or any other interest rate of a Loan is to be determined, or (ii) any category of extensions of credit or other assets that include LIBO Rate Loans. A LIBO Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on LIBO Rate Loans shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.
“Approved Electronic Communications” means any notice, demand, communication, information, document or other material that any Credit Party provides to Administrative Agent pursuant to any Credit Document or the transactions contemplated therein that is distributed to Agents, Lenders or Issuing Bank by means of electronic communications pursuant to Section 10.1(b).
“Asset Sale Reinvestment Amounts” as defined in Section 2.13(a).
“Asset Sale Reinvestment Period” as defined in Section 2.13(a).
“Assignment Agreement” means an Assignment and Assumption Agreement substantially in the form of Exhibit D.
“Assignment Effective Date” as defined in Section 10.6(b).
“Authorized Officer” means, as applied to any Person that is an entity, any duly authorized individual natural Person holding the position of chairman of the Board of Directors (if an officer), chief executive officer, president’, vice president, Chief Financial Officer, or, if approved by Administrative Agent, any other officer position with similar authority; provided, that the secretary or assistant secretary of such Person, or another officer of such Person satisfactory to Administrative Agent, shall have delivered an incumbency certificate to Administrative Agent verifying the authority of such Authorized Officer.
“Availability” means, at any time of determination, an amount equal to the lesser of (i) the aggregate amount of undrawn Revolving Loan Commitments, and (ii) the difference of (A) the Maximum Credit Amount less (B) the aggregate outstanding principal (or equivalent) balance of Consolidated Total Debt (including any outstanding Loans and any other Indebtedness that will be incurred simultaneously with or on the same date as such Credit Extension) at such time.
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“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time that is described in the EU Bail-In Legislation Schedule.
“Bank of America Letters of Credit” means the letter of credit issued by Bank of America, N.A. and as set forth on Schedule 6.1.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of any jurisdiction including any law of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it from time to time in effect including the BIA, the CCAA, the CBCA and the WURA.
“Bankruptcy Court” means the United States Bankruptcy Court for the District of Delaware.
“Base Rate” means, for any day, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%, (iii) the sum of (a) the Adjusted LIBO Rate (after giving effect to any Adjusted LIBO Rate “floor”) that would be payable on such day for a LIBO Rate Loan with a one-month Interest Period plus (b) the difference between the Applicable Margin for LIBO Rate Loans and the Applicable Margin for Base Rate Loans, and (iv) 4.754.00%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively.
“Base Rate Loan” means a Loan bearing interest at a rate determined by reference to the Base Rate.
“Benchmark Delayed Discontinuance” means, initially, Adjusted LIBO Rate; provided that if a replacement of the Benchmark has occurred pursuant to Section 2.17(b), then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
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Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.
“Benchmark Replacement” means, for any Available Tenor:
(1)for purposes of Section 2.17(b)(i), the first alternative set forth below that can be determined by the Administrative Agent:
(a)the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration, or
(b)the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of Adjusted LIBO Rate with a SOFR-based rate having approximately the same length as the interest payment period specified in Section 2.17(b)(i); and
(2)for purposes of Section 2.17(b)(ii), the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Company as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar- denominated syndicated credit facilities at such time;
provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).
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“Benchmark Transition Event” means, with respect to any then-current Benchmark other than Adjusted LIBO Rate, the occurrence of one or more of the following events with respect to the Adjusted LIBO Rate: (1) a public statement or publication of information by or on behalf of the administrator of the Adjusted LIBO Ratethen-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that:
(1)such administrator has ceased or will cease aton a futurespecified date to provide the Adjusted LIBO Rateall Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Adjusted LIBO Rate; (2) a public statement or publication of information by the regulatory supervisor for the administrator of the Adjusted LIBO Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Adjusted LIBO Rate, a resolution authority with jurisdiction over the administrator for the Adjusted LIBO Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Adjusted LIBO Rate, which states that the administrator of the Adjusted LIBO Rate will cease to provide the Adjusted LIBO Rate permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator that will continue to provide the Adjusted LIBO Rate; or (3) a public statement or publication of information by the administrator of the Adjusted LIBO Rate that it will invoke, permanently or indefinitely, its insufficient submissions policy.any Available Tenor of such Benchmark; or
“Benchmark Discontinuance Event” means a Benchmark Delayed Discontinuance Event or a Benchmark Immediate Discontinuance Event.
“Benchmark Immediate Discontinuance Event” means (1) a public statement by the regulatory supervisor for the administrator of the Adjusted LIBO Rate or any Governmental Authority having jurisdiction over the Lender announcing that the Adjusted LIBO Rate is no longer representative or may no longer be used; (2) a public statement or publication of information by or on behalf of the administrator of the Adjusted LIBO Rate announcing that such administrator has ceased to provide the Adjusted LIBO Rate, permanently or indefinitely, and there is no successor administrator that will continue to provide the Adjusted LIBO Rate; (3) a public statement or publication of information by the regulatory supervisor for the administrator of the Adjusted LIBO Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Adjusted LIBO Rate, a resolution authority with jurisdiction over the administrator for the Adjusted LIBO Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Adjusted LIBO Rate, which states that the administrator of the Adjusted LIBO Rate has ceased to provide the Adjusted LIBO Rate permanently or indefinitely, and there is no successor administrator that will continue to provide the Adjusted LIBO Rate; (4) the Adjusted LIBO Rate is not published by the administrator of the Adjusted LIBO Rate for five consecutive Business Days and such
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failure is not the result of a temporary moratorium, embargo or disruption declared by the administrator of the Adjusted LIBO Rate or by the regulatory supervisor for the administrator of the Adjusted LIBO Rate; (5) a public statement or publication of information by the administrator of the Adjusted LIBO Rate that it has invoked, permanently or indefinitely, its insufficient submissions policy; or (6) a Benchmark Delayed Discontinuance Event has occurred and the Adjusted LIBO Rate event about which a public statement or publication of information is made giving rise to such Benchmark Delayed Discontinuance Event has actually occurred or transpired.
​
(2)all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.
​
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation in form and substance reasonably acceptable to the Administrative Agent.
​
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
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“Beneficiary” means each Agent, Issuing Bank, Lender and Lender Counterparty.
​
“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 Section 4975 of the Internal Revenue 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 Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”.
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“BIA” means the Bankruptcy and Insolvency Act (Canada).
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“Board of Directors” means, (a) with respect to any corporation or company, the board of directors of the corporation or company or any committee thereof duly authorized to act on behalf of such board, (b) with respect to a partnership, the board of directors or equivalent governing body of the general partner of the partnership, (c) with respect to a limited liability company, the manager, the managing member or members or any controlling committee or board of managers (or equivalent governing body) of such company or the sole member or the managing member thereof, and (d) with respect to any other Person, the entity, individual, board or committee of such Person serving a similar function.
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“Board of Governors” means the Board of Governors of the United States Federal Reserve System, or any successor Governmental Authority.
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“Business Day” means (i) any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of New York, or the State of Texas or is a day on
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which banking institutions located in any such state are authorized or required by law or other governmental action to close, (ii) with respect to all notices, determinations, fundings and payments in connection with the Adjusted LIBO Rate or any LIBO Rate Loans, the term “Business Day” means any day that is a Business Day described in clause (i) and that is also a day for trading by and between banks in Dollar deposits in the London interbank market and (iii) with respect to any action taken under, or in relation to, the Canadian Collateral Documents, the English Collateral Documents and the Additional Collateral Documents, a day (other than a Saturday or Sunday) on which banks are open for general business in the applicable collateral jurisdiction, respectively.
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“Canadian Anti-Money Laundering Laws” means (a) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), and (b) Part XII.2 of the Criminal Code (Canada).
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“Canadian Anti-Terrorism Laws” means (a) Part II.1 of the Criminal Code (Canada), (b) the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism (Canada), (c) United Nations Al-Qaida and Taliban Regulations (Canada) and (d) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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“Canadian Collateral Documents” means, collectively, (i) each agreement, debenture, share charge, guarantee, equity pledge and supplemental deed described in Part B of Schedule 3.1 and (ii) each charge, debenture, instrument, document and agreement delivered by the Canadian Credit Parties and by any other Credit Party that owns Capital Stock of a Canadian Credit Party, in each case pursuant to this Agreement or any other Credit Document in order to grant to Collateral Agent (or its subagent, trustee or assignee) a Lien on any real, personal or mixed property of such Canadian Credit Party or its Capital Stock as security for the Secured Obligations, in each case in form and substance reasonably satisfactory to the Collateral Agent and as amended, restated, joined, supplemented or otherwise modified from time to time in accordance with their terms (including any amendments contemplated to be executed in accordance with Section 5.15 and described on Schedule 5.15).
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“Canadian Credit Party” means each Credit Party incorporated or organized under the laws of Canada or any province thereof.
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“Canadian Defined Benefit Plans” means any Canadian Pension Plan which contains a “defined benefit provision” as defined in subsection 147.1(1) of the Income Tax Act (Canada).
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“Canadian Foreign Subsidiary” means any Foreign Subsidiary organized under the laws of Canada or any province or territory thereof.
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“Canadian Pension Plan” means a pension plan or plan that is subject to applicable pension benefits legislation in any jurisdiction of Canada and that is organized and administered to provide pensions, pension benefits or retirement benefits for employees and former employees of any Credit Party or any Subsidiary thereof.
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“Canadian Sanction Laws” means (a) the United Nations Act (Canada) and (b) the Special Economic Measures Act (Canada).
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“Canadian Security Agreement” means the Canadian Security Agreement, dated as of the Closing Date, among the Canadian Foreign Subsidiaries party thereto and the Collateral Agent, as it may be amended, supplemented or otherwise modified from time to time.
“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.
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“Capital Lease Obligation” means, as applied to any Person that is a lessee under any Capital Lease, that portion of obligations under such Capital Lease that is properly classified as a liability on a balance sheet in conformity with GAAP.
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“Capital Stock” means any and all shares, stock, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership or profits interests in a Person that is another type of entity, including partnership interests, membership interests, voting trust certificates, certificates of interest, and profits interests, participations, or similar arrangements, and any and all warrants, rights or options to purchase, or other arrangements or rights to acquire, subscribe, convert to or otherwise receive or participate in the economic or other rights associated with any of the foregoing.
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“Cash” means money, currency or a credit balance in any demand or Deposit Account.
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“Cash Collateralize” means, in respect of an Obligation, to provide and pledge (as a first priority perfected security interest) cash collateral in Dollars (or, if Administrative Agent and Issuing Bank agree in their sole discretion, other credit support), at a location and pursuant to documentation in form and substance satisfactory to Administrative Agent and Issuing Bank (and “Cash Collateralization” has a corresponding meaning). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.
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“Cash Equivalents” means, as at any date of determination, (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the U.S. Federal Government, or (b) issued by any agency of the U.S., in each case of sub-clauses (a) and (b), the obligations of which are backed by the full faith and credit of the U.S., mature within one year after such date, and have, at the time of the acquisition thereof, a rating of at least A-1 from S&P and at least P-1 from Moody’s; (ii) marketable direct obligations issued by any state of the U.S. or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iii) certificates of deposit or bankers’ acceptances maturing within three months after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the U.S. or any state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in
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the regulations of its primary federal banking regulator), and (b) has Tier 1 capital (as defined in such regulations) of not less than $500,000,000; and (iv) shares of any money market mutual fund that (a) has at least 95% of its assets invested continuously in the types of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has the highest rating obtainable from both S&P and Moody’s.
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“CBCA” means the Canada Business Corporations Act.
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“CCAA” means the Companies Creditors Arrangement Act (Canada).
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“Change in Law” means the occurrence, after the date hereof, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
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“Change of Control” means, at any time: (i) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) (a) shall have acquired beneficial ownership or control of (x) 30% or more on a fully diluted basis of (1) the voting interests in the Capital Stock of Holdings and/or (2) the economic interests in the Capital Stock of Holdings, or (b) shall have obtained the power (whether or not exercised) to elect a majority of the members of the Board of Directors of Holdings; (ii) Holdings shall cease to beneficially own and control, directly or indirectly, 100% on a fully diluted basis of the economic and voting interests in the Capital Stock of Company; (iii) during any twelve (12) consecutive months, the majority of the seats (other than vacant seats) on the Board of Directors of Company cease to be occupied by Persons who either (a) were members of the Board of Directors of Company on the Closing Date, or (b) were nominated for election by the Board of Directors of Company, a majority of whom were directors on the Closing Date or whose election or nomination for election was previously approved by a majority of such directors; or (iv) any “change of control”, “change of management” or similar event under any Subordinated Indebtedness or any material lease, license or management agreement associated with any Restaurant shall occur.
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“Chief Financial Officer” means, as applied to any Person that is an entity, any duly authorized individual natural Person holding the position of chief financial officer or, if approved by Administrative Agent, any other officer position with similar financial responsibility; provided, that the secretary or assistant secretary of such Person, or another officer of such Person satisfactory to Administrative Agent, shall have delivered an incumbency certificate to Administrative Agent verifying the authority of such Authorized Officer.
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“Class” means (i) with respect to Lenders, each of the following classes of Lenders: (a) Lenders having Term Loan Exposure and (b) Lenders having Revolving Exposure, (ii) with respect to Loans, each of the following classes of Loans: (a) Term Loans and (b) Revolving Loans and (iii) with respect to Commitments, each of the following classes of Commitments: (a) Term Loan Commitments and (b) Revolving Commitments.
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“Closing Date” means October 4, 2019, the date on which the Term Loans are made.
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“Closing Date Acquired Business” means Kona Grill, Inc., its Subsidiaries and the debtors and debtors in possession in the Kona Bankruptcy Proceeding.
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“Closing Date Acquisition” means the Acquisition by Kona Acquisition of certain properties, rights and assets of the Closing Date Acquired Business and the assumption by Kona Acquisition of certain liabilities of the Closing Date Acquired Business on the Closing Date in accordance with the terms and conditions of the Closing Date Acquisition Agreement.
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“Closing Date Acquisition Agreement” means that certain Asset Purchase Agreement, dated as of August 30, 2019, by and among the Closing Date Acquired Business and Kona Acquisition.
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“Closing Date Certificate” means a certificate dated as of the Closing Date and substantially in the form of Exhibit F-1.
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“Collateral” means, collectively, all of the real, personal and mixed property (including Capital Stock) in which Liens are granted and/or purported to be granted pursuant to the Collateral Documents as security for the Obligations.
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“Collateral Agent” as defined in the preamble hereto.
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“Collateral Documents” means the Pledge and Security Agreement, any Intellectual Property Security Agreements, any Mortgages, any Deposit Account Control Agreements, any Securities Account Control Agreements, any Landlord Collateral Access Agreements, the English Collateral Documents, the Canadian Collateral Documents, the Additional Collateral Documents and all other instruments, documents and agreements that are expressly designated pursuant to their terms to be “Collateral Documents” or are otherwise executed and delivered by or on behalf of any Credit Party or any other Person pursuant to this Agreement or any of the other Credit Documents in order to grant to, or perfect in favor of, Collateral Agent, for the benefit of Secured Parties, a Lien on any real, personal or mixed property of that Credit Party as security for the Obligations.
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“Collateral Questionnaire” means a collateral questionnaire and/or perfection certificate in form satisfactory to Collateral Agent that provides information with respect to the personal or mixed property of each Credit Party and their respective Subsidiaries and Controlled Entities.
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“Commitment” means any Revolving Commitment or Term Loan Commitment.
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“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. 1 et seq.).
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“Company” as defined in the preamble hereto.
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“Compliance Certificate” means a certificate of the Chief Financial Officer of Holdings substantially in the form of Exhibit C.
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“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.
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“Consolidated Adjusted EBITDA” means, for any period, an amount determined for Holdings and its Subsidiaries on a consolidated basis equal to (i) Consolidated Net Income plus (ii) in each case to the extent reducing Consolidated Net Income, the sum, without duplication, of the amounts for such period of (a) Consolidated Interest Expense, plus (b) provisions for taxes based on income, plus (c) total depreciation expense, plus (d) total amortization expense, plus (e) other non-Cash charges reducing Consolidated Net Income (including the non-Cash impairment of assets and write-down of assets and deferred (straight-line) rent expense, but excluding any such non-Cash charge to the extent that it represents an accrual or reserve for potential Cash charges in any future period, amortization of a prepaid Cash charge that was paid in a prior period and write-downs, write offs or reserves with respect to accounts receivable or inventory), plus (f) Transaction Costs in an aggregate amount not to exceed $1,500,000 that are not capitalized or that are written-off, plus (g) integration expenses paid to Persons that are not Affiliates of the Credit Parties in connection with the Closing Date Acquisition in an aggregate amount not to exceed $2,000,000, to the extent that (x) Company provides reasonable detail of such expenses to the Administrative Agent, (y) such expenses are certified by the Chief Financial Officer of the Company and (z) such expenses are either (1) incurred on or prior to the Closing Date or within 365 days of the Closing Date or (2) incurred in connection with satisfying the post-closing requirements set forth on Schedule 5.15under this Agreement, plus (h) pro forma “run rate” cost savings and synergies related to the Closing Date Acquisition that are reasonably identifiable, factually supportable, certified by the chief financial officer of the Company, projected by the Company in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or initiated within 6 months after the Closing Date, reasonably anticipated (in the good faith determination of the Company) to be realized during such period, and net of any benefits actually achieved in that period and benefits that are no longer expected by the Company to be achievable (provided that such netting shall apply to current periods only and not to any prior periods), in an aggregate amount not to exceed $3,000,000; provided, that to the extent that such cost savings and synergies are no longer reasonably expected by the Company to be realizable within 6 months following the Closing Date Acquisition, such amounts shall no longer be added back to Consolidated Adjusted EBITDA, plus (i) “Start-up costs” (such term used herein as defined in ASC 720-15 (formerly SOP 98-5) published by the American Institute of Certified Public
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Accountants) relating to the opening of Restaurants incurred by Holdings and/or its Subsidiaries on a consolidated basis during the 120-day period prior to and the 60-day period following the opening of such Restaurants in an amount not to exceed (x) $500,000 for any such Restaurant and (y) $1,500,000 in the aggregate for all such Restaurants, 15% of Consolidated Adjusted EBITDA for such period (calculated prior to giving effect to the addback under this clause (i)), plus (j) non-cash stock-based compensation expense for such period (including, for the avoidance of doubt, stock options), plus (k) other non-recurring cash expenses and charges incurred during such period mutually agreed to by Company and the Administrative Agent, minus (iii) in each case to the extent increasing Consolidated Net Income, the sum, without duplication, of the amounts for such period of (a) other non-Cash gains increasing Consolidated Net Income for such period (excluding any such non-Cash gain to the extent it represents the reversal of an accrual or reserve for potential Cash gain in any prior period), plus (b) interest income, plus (c) other non-ordinary course income.
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Notwithstanding the foregoing or anything to the contrary in this Agreement, (i) Consolidated Adjusted EBITDA shall be reduced to the extent Consolidated Adjusted EBITDA attributable to Subsidiaries that are not Guarantors (measured in a manner that eliminates all intercompany transactions with the Credit Parties) exceed 5% of Consolidated Adjusted EBITDA during any period, (ii) with respect to any fiscal month set forth on Schedule 1.1(a), the Consolidated Adjusted EBITDA for such fiscal month shall be the amount set forth opposite thereto on Schedule 1.1(a), (iii) for purposes of “annualizing” any calculation of Consolidated Adjusted EBITDA under this Agreement, no add-backs, adjustments or other income or gain items that are in the nature of “one-time” or “non-recurring” items or are otherwise made in respect of transactions, events, or circumstances that are not expected to recur in future periods may be “annualized” unless approved by Administrative Agent in its sole discretion, and (iv) with respect to any period during which an Asset Sale has occurred (each, a “Subject Transaction”), for purposes of determining compliance with the financial covenants set forth in Section 6.8 or any other calculation herein using Consolidated Adjusted EBITDA (but not for purposes of determining the Applicable Margin), Consolidated Adjusted EBITDA shall be calculated with respect to such period on a pro forma basis (which pro forma adjustments shall be certified by a Chief Financial Officer of Company and may only be included in determining such compliance to the extent approved by Administrative Agent in its sole discretion) using the historical financial statements of any business so acquired or to be acquired or sold or to be sold and the consolidated financial statements of Holdings and its Subsidiaries, which shall be reformulated as if such Subject Transaction, and any Indebtedness incurred or repaid in connection therewith, had been consummated or incurred or repaid at the beginning of such period (and assuming that such Indebtedness bears interest during any portion of the applicable measurement period prior to the relevant acquisition at the weighted average of the interest rates applicable to outstanding Loans incurred during such period); provided, that, notwithstanding anything to the contrary in this Agreement, any adjustments specified in this clause (iii) shall be subject to the approval of Administrative Agent in its sole discretion for all purposes of this Agreement.
“Consolidated Adjusted EBITDAR” means, for any period, an amount equal to the sum of (a) Consolidated Adjusted EBITDA for such period, plus (b) Consolidated Rental Expense for such period.
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“Consolidated Capital Expenditures” means, for any period, the aggregate of all expenditures of Holdings and its Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment or similar items”, or that should otherwise be capitalized, as reflected in the consolidated statement of cash flows of Holdings and its Subsidiaries.
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“Consolidated Cash Interest Expense” means, for any period, Consolidated Interest Expense for such period, excluding any paid-in-kind interest, any amortization of deferred financing costs, and any realized or unrealized gains or losses attributable to Interest Rate Agreements.
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“Consolidated Current Assets” means, as at any date of determination, the total assets of Holdings and its Subsidiaries on a consolidated basis that are properly classified as current assets in conformity with GAAP, excluding Cash and Cash Equivalents.
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“Consolidated Current Liabilities” means, as at any date of determination, the total liabilities of Holdings and its Subsidiaries on a consolidated basis that are properly classified as current liabilities in conformity with GAAP, excluding the current portion of long-term debt.
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“Consolidated Excess Cash Flow” means, for any period, an amount (if positive) determined for Holdings and its Subsidiaries on a consolidated basis equal to:
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(i)        the sum, without duplication, of the amounts for such period of (a) Consolidated Adjusted EBITDA, plus (b) to the extent deducted in the calculation Consolidated Adjusted EBITDA, (1) interest income, plus (2) other non-ordinary course income (excluding any gains or losses attributable to Asset Sales), plus (c) the Consolidated Working Capital Adjustment; minus
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(ii)        the sum, without duplication, of the amounts for such period paid from Internally Generated Cash of (a) to the extent permitted hereunder, voluntary and scheduled repayments (but not, for the avoidance of doubt, mandatory prepayments) of Indebtedness for borrowed money (excluding repayments of Revolving Loans except to the extent the Revolving Commitments are permanently reduced in connection with such repayments) and scheduled payments of Capital Lease Obligations (excluding any interest expense portion thereof), plus (b) Consolidated Capital Expenditures, plus (c) Consolidated Cash Interest Expense, plus (d) provisions for current taxes based on income of Holdings and its Subsidiaries and payable by such Persons in cash with respect to such period, plus (e) Investments made under Section 6.7(g), plus (f) items added back to Consolidated Adjusted EBITDA pursuant to clauses (f), (g) and (i) of the definition of Consolidated Adjusted EBITDA.
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“Consolidated Fixed Charges” means, for any period, the sum, without duplication, of the amounts determined for Holdings and its Subsidiaries on a consolidated basis equal to (i) Consolidated Cash Interest Expense, (ii) scheduled payments of principal (or equivalent amounts) on Consolidated Total Debt and (iii) Consolidated Rental Expense paid in cash. Notwithstanding the foregoing, with respect to any period during which a Subject
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Transaction has occurred, for purposes of determining compliance with the financial covenant set forth in Section 6.8(a), the components of Consolidated Fixed Charges shall be calculated with respect to such period on a pro forma basis (which pro forma adjustments shall be certified by a Chief Financial Officer of Company and may only be included in determining such compliance to the extent approved by Administrative Agent in its sole discretion) using the historical financial statements of any business so acquired or to be acquired or sold or to be sold and the consolidated financial statements of Holdings and its Subsidiaries, which shall be reformulated as if such Subject Transaction, and any Indebtedness incurred or repaid in connection therewith, had been consummated or incurred or repaid at the beginning of such period (and assuming that such Indebtedness bears interest during any portion of the applicable measurement period prior to the relevant acquisition at the weighted average of the interest rates applicable to outstanding Loans incurred during such period); provided, that, notwithstanding anything to the contrary in this Agreement, any adjustments specified in this sentence shall be subject to the approval of Administrative Agent in its sole discretion for all purposes of this Agreement.
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“Consolidated Interest Expense” means, for any period, total interest expense (including that portion attributable to Capital Leases in accordance with GAAP and capitalized interest) of Holdings and its Subsidiaries determined on a consolidated basis with respect to all outstanding Indebtedness, including all commissions, discounts and other fees and charges owed with respect to letters of credit and net costs under Interest Rate Agreements, but excluding, however, any amounts referred to in Section 2.10(d) payable on or before the Closing Date.
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“Consolidated Liquidity” means, at any time of determination, an amount determined for Holdings and its Subsidiaries on a consolidated basis equal to the sum of (i) Qualified Cash of Holdings and its Subsidiaries, plus (ii) Availability under the Revolving Commitments; provided that, at any time that the conditions set forth in Section 3.2 cannot be satisfied as of such time, the Availability under the Revolving Commitments shall be deemed to be zero.
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“Consolidated Maintenance Capital Expenditures” means, for any period, the aggregate of all Consolidated Capital Expenditures of Holdings and its Subsidiaries during such period to the extent such Consolidated Capital Expenditures are incurred to maintain existing property and equipment rather than to build or acquire new property and equipment or otherwise grow and expand the Credit Parties’ business.
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“Consolidated Net Income” means, for any period, (i) the net income (or loss) of Holdings and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP, minus (ii) in each case to the extent otherwise included in such net income (or loss) and without duplication, (a) the income (or loss) of any Person that is not a Wholly-Owned Subsidiary (except that the income (or loss) of Little West 12th LLC may be included, net of minority interest), (b) the income (or loss) of any Person accrued prior to the date it becomes a Credit Party or is merged into or consolidated with any Credit Party or that Person’s assets are acquired by any Credit Party, (c) the income of any Subsidiary of Holdings to the extent that the declaration or payment of dividends or similar
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distributions by that Subsidiary of that income 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 that Subsidiary, (d) any after-tax gains or losses attributable to Asset Sales or returned surplus assets of any Pension Plan and (e) (to the extent not included in clauses (a) through (e) above) any net extraordinary gains or net extraordinary losses.
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“Consolidated Rental Expense” means, for any period, the aggregate fixed amounts payable by the Company and its Subsidiaries under (a) any lease of real property between the Company or any of its Subsidiaries and an Affiliate of the Company and (b) operating leases, in each case calculated on a consolidated basis for the Company and its Subsidiaries for such period in accordance with GAAP and normalized for any “run rate” cost savings and synergies related to the Closing Date Acquisition that are reasonably identifiable, factually supportable and certified by the chief financial officer of the Company.
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“Consolidated Total Debt” means, as at any date of determination, the aggregate amount of all Indebtedness of Holdings and its Subsidiaries determined on a consolidated basis in accordance with GAAP.
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“Consolidated Working Capital” means, as at any date of determination, the difference of Consolidated Current Assets minus Consolidated Current Liabilities.
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“Consolidated Working Capital Adjustment” means, for any period of determination on a consolidated basis, the amount (which may be a negative number) equal to the difference of (i) Consolidated Working Capital as of the beginning of such period minus (ii) Consolidated Working Capital as of the end of such period. In calculating the Consolidated Working Capital Adjustment there shall be excluded the effect of reclassification during such period of current assets to long term assets and current liabilities to long term liabilities.
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“Contractual Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.
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“Contributing Guarantors” as defined in Section 7.2.
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“Controlled Account” means (a) any Deposit Account of a Credit Party that is subject to a Deposit Account Control Agreement, and (b) any Securities Account of a Credit Party that is subject to a Securities Account Control Agreement.
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“Controlled Entity” means any Credit Party’s Controlled Affiliates. As used in this definition, “Control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
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“Conversion/Continuation Date” means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice.
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“Conversion/Continuation Notice” means a Conversion/Continuation Notice substantially in the form of Exhibit B.
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“Counterpart Agreement” means a Counterpart Agreement substantially in the form of Exhibit G delivered by a Credit Party pursuant to Section 5.10.
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“Credit Date” means the date of a Credit Extension.
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“Credit Document” means any of this Agreement, the Collateral Documents, the Fee Letter, any documents or certificates executed by Company in favor of Issuing Bank relating to Letters of Credit, any Subordination Agreement, and all other documents, certificates, instruments, including any promissory notes issued from time to time hereunder to evidence the Loans, or agreements that are expressly designated pursuant to their terms to be “Credit Documents” or are otherwise executed and delivered by or on behalf of a Credit Party or any other Person for the benefit of any Agent, Issuing Bank or any Lender in connection herewith.
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“Credit Extension” means the making of a Loan or the issuing of a Letter of Credit (or the amending of a Letter of Credit at Company’s request to extend the term or increase the amount of such Letter of Credit).
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“Credit Party” means the Company, as a borrower, and each Guarantor.
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“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
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“Debtor Relief Laws” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the U.S., any state or territory thereof, the District of Columbia, Canada, England, Scotland, Italy or any other applicable jurisdictions.
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“Default” means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default.
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“Defaulting Lender” means subject to Section 2.21(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder or (ii) pay to Administrative Agent, Issuing Bank or any other Lender any other amount required to be paid by it hereunder (including in respect of its
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participation in Letters of Credit) within two Business Days of the date when due, (b) has notified Company, Administrative Agent, or Issuing Bank in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three Business Days after written request by Administrative Agent, Issuing Bank or Company, to confirm in writing to Administrative Agent, Issuing Bank and Company 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 Administrative Agent, Issuing Bank and Company), or (d) has, or has a direct or indirect parent company that (i) has become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, trustee, conservator, administrator, assignee for the benefit of creditors, or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) has 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 Capital Stock 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 U.S. 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 Administrative 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 2.21(b)) upon delivery of written notice of such determination to Company, each Issuing Bank, and each Lender.
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“Default Rate” means any interest payable pursuant to Section 2.9.
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“Deposit Account” means any “deposit account” as defined in Article 9 of the UCC.
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“Deposit Account Control Agreement” means, with respect to a Deposit Account, an agreement in form and substance reasonably satisfactory to Collateral Agent that (i) is entered into among Collateral Agent, the financial institution or other Person at which such Deposit Account is maintained, and the Credit Party maintaining such Deposit Account and (ii) is effective for Collateral Agent to obtain “control” (within the meaning of Articles 8 and 9 of the UCC) of such Deposit Account, or any similar agreement or notice necessary or advisable under the laws of jurisdictions outside of the United States or Canada to perfect (or the local law equivalent thereof) a Lien in such Deposit Account.
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“Director” means any natural Person constituting the Board of Directors or an individual member thereof.
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“Dispose” means, with respect to any Person, any conveyance, sale, lease (as lessor), license (as licensor), exchange, assignment, transfer or other disposition by such Person of any property or assets (whether now owned or hereafter acquired) to any other Person, in each
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case, whether or not the consideration therefor consists of Cash, Cash Equivalents, Securities or any other property or assets. For purposes of clarification, “Dispose” shall include (a) the sale or other disposition for value of any contracts, (b) the early termination or modification of any contract by any Person resulting in the receipt by such Person of a Cash payment or other consideration in exchange for such event (other than payments in the ordinary course for previously accrued and unpaid amounts due through the date of termination or modification) or (c) any sale of merchant accounts (or any rights thereto (including any rights to any residual payment stream with respect thereto)).
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“Disqualified Capital Stock” means any Capital Stock that, by its terms (or by the terms of any other instrument, agreement or Capital Stock into which it is convertible or for which it is exchangeable), or upon the occurrence of any event or condition (i) matures or is mandatorily redeemable (other than solely for Capital Stock that is not otherwise Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder or beneficial owner thereof (other than solely for Capital Stock that is not otherwise Disqualified Capital Stock), in whole or in part, (iii) provides for the scheduled payments of dividends, distributions or other Restricted Junior Payments in cash, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other obligation, instrument, agreement, or Capital Stock that would meet any of the conditions in clauses (i), (ii), or (iii) of this definition, in each case, prior to the date that is one hundred eighty days after the Latest Maturity Date.
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“Distribution” as defined in Section 7.7.
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“Dollars” and the sign “$” mean the lawful money of the U.S.
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“Domestic Subsidiary” means any Subsidiary organized under the laws of the U.S., any state thereof or the District of Columbia.
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“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 the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Requisite Lenders.
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“Early Opt-in Election” means the occurrence of:
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(1)a notification by the Administrative Agent to (or the request by the Company to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. 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
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(2)the joint election by the Administrative Agent and the Company to trigger a fallback from Adjusted LIBO Rate and the provision by the Administrative Agent of written notice of such election to the Lenders.
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“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in clause (a) or clause (b) of this definition and is subject to consolidated supervision with its parent.
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“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
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“EEA Resolution Authority” means any public administrative authority or any other Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
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“Eligible Assignee” means (i) in the case of the Revolving Loans or Revolving Commitments, (a) any Lender with Revolving Exposure or any Affiliate (other than a Natural Person) of a Lender with Revolving Exposure, (b) a commercial bank organized under the laws of the U.S. or any state thereof, and having total assets or net worth in excess of $100,000,000, (c) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation and Development or a political subdivision of any such country and that has total assets or net worth in excess of $100,000,000, provided that such bank is acting through a branch or agency located in the U.S. , and (d) a finance company, insurance company, or other financial institution or fund that is engaged in making, purchasing, or otherwise investing in commercial loans in the ordinary course of its business and having (together with its Affiliates) total assets or net worth in excess of $100,000,000, provided that with respect to subclauses (b), (c), and (d) of this clause (i), Administrative Agent’s consent shall be required for any such Person to become a Lender or participant, (ii) in the case of the Term Loans, (a) any Lender, any Affiliate of any Lender and any Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof), and (b) any commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under the Securities Act or the Canadian Securities Administrators National Instrument 45-106, as amended, supplemented, replaced or otherwise modified from time to time) and extends credit or buys loans as one of its businesses, provided that with respect to subclause (b) of this clause (ii), Administrative Agent’s consent shall be required for any such Person to become a Lender or participant, and (iii) any other Person (other than a Natural Person) approved by Administrative Agent; provided, (x) neither Holdings nor any Affiliate of Holdings shall, in any event, be an Eligible Assignee and (y) no Person owning or controlling any trade obligations or Indebtedness of any Credit Party (other than the Obligations) or any Capital Stock of any Credit Party (in each case, other than any other Person approved by Administrative Agent) shall, in any event, be an Eligible Assignee.
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“Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA that is or was sponsored, maintained or contributed to by, or required to be contributed by, Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates.
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“English Collateral Documents” means, collectively, (i) each counterpart agreement, debenture, share charge and supplemental deed described in Part A of Schedule 3.1 and (ii) all charge, debenture, instrument, document and agreement delivered by the English Credit Parties and by any other Credit Party that owns Capital Stock of a English Credit Party, in each case pursuant to this Agreement or any other Credit Document in order to grant to Collateral Agent (or its subagent, trustee or assignee) a Lien on any real, personal or mixed property of such English Credit Party or its Capital Stock as security for the Secured Obligations, in each case in form and substance reasonably satisfactory to the Collateral Agent and as amended, restated, joined, supplemented or otherwise modified from time to time in accordance with their terms (including any amendments contemplated to be executed in accordance with Section 5.15 and described on Schedule 5.15).
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“English Credit Party” means each Credit Party incorporated under the laws of England and Wales.
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“Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment.
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“Environmental Laws” means any and all current or future foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental Authorities relating to (i) environmental matters, including those relating to any Hazardous Materials Activity; (ii) the generation, use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal health or welfare, in any manner applicable to Holdings or any of its Subsidiaries or any Facility.
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“ERISA” means the Employee Retirement Income Security Act of 1974.
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“ERISA Affiliate” means, as applied to any Person, (i) any corporation that is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member; (ii) any trade or business (whether or not incorporated) that is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member; and (iii) any member of an affiliated service group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in clause (i) above or any trade or business described in clause (ii) above is a member. Any former
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ERISA Affiliate of Holdings or any of its Subsidiaries shall continue to be considered an ERISA Affiliate of Holdings or any such Subsidiary within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of Holdings or such Subsidiary and with respect to liabilities arising after such period for which Holdings or such Subsidiary could be liable under the Internal Revenue Code or ERISA.
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“ERISA Event” means (i) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for thirty day notice to the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code) or the failure to make by its due date a required installment under Section 430(j) of the Internal Revenue Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to Holdings, any of its Subsidiaries or any of their respective Affiliates pursuant to Section 4063 or 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition that might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (vi) the imposition of liability on Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vii) the withdrawal of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefor, or the receipt by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (viii) the occurrence of an act or omission that could give rise to the imposition on Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Employee Benefit Plan; (ix) the assertion of a material claim (other than routine claims for benefits) against any Employee Benefit Plan other than a Multiemployer Plan or the assets thereof, or against Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in connection with any Employee Benefit Plan; (x) receipt from the Internal Revenue Service of notice of the failure of any Pension Plan (or any other Employee Benefit Plan intended to be qualified under Section 401(a) of the Internal Revenue Code) to qualify under Section 401(a) of the Internal Revenue Code, or the failure of any trust forming part of any Pension Plan to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code; or (xi) the imposition of a Lien pursuant to Section 430(k) of the Internal Revenue Code or pursuant to Section 303(k) of ERISA with respect to any Pension Plan.
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“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person).
​
“Event of Default” means each of the conditions or events set forth in Section 8.1.
​
“Excess Cash Flow Percentage” means, with respect to any Fiscal Year, (i) in the event the Leverage Ratio as of the last day of such Fiscal Year is greater than 1.75:1.00, fifty percent (50%), (ii) in the event the Leverage Ratio as of the last day of such Fiscal Year is less than or equal to 1.75:1.00 but greater than to 1.25:1.00, twenty-five percent (25%) and (iii) in the event the Leverage Ratio as of the last day of the relevant Fiscal Year is less than or equal to 1.25:1.00, zero percent (0%).
​
“Exchange Act” means the Securities Exchange Act of 1934.
​
“Excluded Accounts” means (i) payroll, employee benefits or zero balance accounts maintained by the Credit Parties, as long as (A) in the case of payroll accounts, the total amount on deposit at any time does not exceed the current amount of payroll obligations of the Credit Parties, and (B) in the case of zero balance accounts, any deposits or funds in any such accounts are transferred at least once each Business Day into a Controlled Account (including, for the avoidance of doubt, at any time following the exercise of exclusive control by any Agent under the applicable control agreement with respect to such Controlled Account), (ii) other accounts that have an aggregate balance of less than $100,000 at all times and (iii) other accounts held in jurisdictions outside the United States (other than Canada) that do not permit or require the perfection of Liens in Deposit Accounts or Securities Accounts through notice to the depository institution, by filing of public notice (such as a financing statement), by execution of an agreement with the depository bank, automatically or through another method reasonably requested by the Collateral Agent, so long as the aggregate balance held in all such accounts referred to in this clause (iii) does not exceed $500,000 at any time.
​
“Excluded Foreign Subsidiary Threshold” as defined in Section 5.10.
​
“Excluded Swap Obligation” means, with respect to any Guarantor at any time, any obligation (a “Swap Obligation”) of such Guarantor 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, if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is illegal at such time 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 Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time such guarantee or grant of a security interest becomes effective with respect to such related Swap Obligation. 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.
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“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by Company under Section 2.22) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.19, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.19(c) and (d) any withholding Taxes imposed under FATCA.
​
“Existing Indebtedness” means (i) Indebtedness and other obligations outstanding under that certain Credit Agreement dated as of May 15, 2019 among Holdings, the guarantors party thereto from time to time, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent, as in effect on the Closing Date immediately prior to giving effect to any payment of such Indebtedness and other obligations on the Closing Date, (ii) Indebtedness or other obligations set forth on Schedule 1.1(c), attached hereto as in effect on the Closing Date, immediately prior to giving effect to any payment of such Indebtedness and other obligations (whether such payment occurs in the Kona Bankruptcy Proceeding or otherwise) on the Closing Date, and (iii) all liability and claims owed to parties with Liens and trusts over the assets of (or previously owned by to the extent the ownership of such assets have been transferred to trusts in favor Protected Vendors pursuant to Growers’ Lien Laws) the Closing Date Acquired Business arising under the Growers’ Lien Laws to the extent such obligations are assumed by Holdings and/or Kona Acquisition through the Kona Bankruptcy Proceeding.
​
“Extraordinary Receipts” means any Cash received by or paid for the account of Holdings or any of its Subsidiaries outside of the ordinary course of such Person’s business, including any such payment under any Related Agreement, any such payments in respect of purchase price adjustments (excluding working capital adjustments), any such payments under representation and warranty insurance, tax refunds, judgments, settlements for actual or potential litigation or similar claims, pension plan reversions, proceeds of insurance, indemnity payments, any cash payment or other consideration received on account of the sale or other disposition for value of any contracts or the early termination or modification of any contact (other than payments in the ordinary course for accrued and unpaid amounts that would have been due through the date of termination or modification without giving effect thereto), and similar payments; provided, however, that “Extraordinary Receipts” shall not include (i) proceeds of any indemnity payment to the extent that no Event of Default exists at the time of receipt of such proceeds and such proceeds are promptly (and in any event within five Business Days) used to
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pay related third party claims and expenses or (ii) proceeds otherwise subject to Sections 2.13(a) through 2.13(gd), Section 2.13(g) or Section 2.13(i).
​
“Facility” means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by Holdings or any of its Subsidiaries or any of their respective predecessors or Affiliates.
​
“Fair Share” as defined in Section 7.2.
​
“Fair Share Contribution Amount” as defined in Section 7.2.
​
“Farm Products” means all grapes, vines, agricultural products and other farm products (as defined in the Uniform Commercial Code) of the Credit Parties and their Subsidiaries.
​
“Farm Product Purchase Agreements” mean all agreements to which a Credit Party or any of its Subsidiaries are parties pursuant to which such Credit Party or Subsidiary acquires Farm Products.
​
“Farm Product Seller” as defined in Section 4.29.
​
“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation, rules, or official practices adopted pursuant to any such agreements.
​
“FCA” as defined in Section 2.17(b).
​
“FDA” means the United States Food and Drug Administration or its successor agency in the United States.
​
“Federal Funds Effective Rate” means for any day, the rate per annum (expressed, as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New YorkNYFRB on the next Business Day; provided, (i) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the preceding Business Day as so published on the next Business Day, and (ii) if no such rate is so published on such next Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to GSB or any other Lender selected by Administrative Agent on such day on such transactions as determined by Administrative Agent.
​
“Fee Letter” means the amended and restated fee letter, dated as of the SecondThird Amendment Effective Date, between the Company and Administrative Agent.
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“Financial Officer Certification” means, with respect to the financial statements for which such certification is required, the certification of the Chief Financial Officer of Holdings that, as of the date of such certification, such financial statements fairly present, in all material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.
​
“Financial Plan” as defined in Section 5.1(i).
​
“First Amendment Effective Date” means May 8, 2020.
​
“First Priority” means, (i) with respect to any Lien purported to be created in any Collateral not consisting of Capital Stock pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien, and (ii) with respect to any Lien purported to be created in any Collateral consisting of Capital Stock, that such Lien is the highest priority Lien to which such Collateral is subject, other than any non-consensual Permitted Liens for Taxes, statutory obligations, or other obligations that arise and have higher priority by operation of law .
​
“Fiscal Quarter” means a fiscal quarter of any Fiscal Year.
​
“Fiscal Year” means the fiscal year of Holdings and its Subsidiaries ending on December 31 of each calendar year.
​
“Fixed Charge Coverage Ratio” means the ratio as of the last day of any period of (a) Consolidated Adjusted EBITDAR for such period, minus Consolidated Maintenance Capital Expenditures funded with Internally Generated Cash for such period, minus the current portion of cash Taxes for such period calculated in accordance with GAAP, (b) Consolidated Fixed Charges for such period. The Fixed Charge Coverage Ratio shall be tested on (i) March 31, 2020, for the Fiscal Quarter ending on such date, (ii) June 30, 2020 for the two Fiscal Quarters ending on such date, (iii) September 30, 2020, for the three Fiscal Quarters ending on such date and (iv) the last day of each subsequent Fiscal Quarter, for the four-Fiscal Quarter period ending on such date.
​
“Flood Certificate” means a “Standard Flood Hazard Determination Form” of the Federal Emergency Management Agency and any successor Governmental Authority performing a similar function.
​
“Flood Hazard Property” means any Real Estate Asset subject to a mortgage in favor of Collateral Agent, for the benefit of Secured Parties, and located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards.
​
“Flood Program” means the National Flood Insurance Program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster
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Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004.
​
“Flood Zone” means areas having special flood hazards as described in the National Flood Insurance Act of 1968.
​
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Adjusted LIBO Rate.
​
“Food Safety Laws” means, collectively, to the extent applicable to the Company and its Subsidiaries, (i) the United States Federal Food, Drug, and Cosmetic Act, as amended; (ii) the Federal Meat Inspection Act, the Poultry Products Inspection Act, the Egg Products Inspection Act, the Organic Foods Production Act of 1990, the Food Safety Modernization Act, the Lanham Act, the Food Security Act, PASA and PACA, in each case, as amended; (iii) the Federal Alcohol Administration Act, as amended; (iv) the Federal Trade Commission Act, as amended; and (v) any other applicable federal, state and municipal, domestic and foreign law governing the import, export, procurement, holding, distribution, sale, manufacturing, processing, packing, packaging, safety, purity, taxation, labeling, and/or advertising of food (including state and local food codes and alcohol-related laws) as amended and in effect from time to time or that are similar or analogous to any of the foregoing; and, in respect to all such laws, all rules, regulations, standards, guidelines, policies and orders administered by the FDA, USDA, TTB, FTC, and any other Governmental Authority.
​
“Food Security Act” means the Food Security Act, 7 U.S.C. § 1631.
​
“Food Security Act Notices” as defined in Section 4.29.
​
“FTC” means the United States Federal Trade Commission or its successor agency in the United States.
​
“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.
​
“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to Issuing Bank, such Defaulting Lender’s Pro Rata Share of the outstanding Obligations with respect to Letters of Credit issued by Issuing Bank other than such 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.
​
“Fund” means any Person (other than a Natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities.
​
“Funding Guarantor” as defined in Section 7.2.
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“Funding Notice” means a notice substantially in the form of Exhibit A-1.
​
“GAAP” means, subject to Section 1.2, U.S. generally accepted accounting principles in effect as of the date of determination thereof.
​
“Goldman Sachs” means Goldman Sachs & Co. LLC.
​
“Governmental Acts” means any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority.
​
“Governmental Authority” means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the U.S., the U.S., a region or county of England or Wales, England or Wales, a province or territory in Canada, Canada, or a foreign entity or government.
​
“Governmental Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority.
​
“Grantor” as defined in the Pledge and Security Agreement.
​
“Growers’ Lien Laws” means, collectively, state and federal laws of the United States of America applicable to agricultural products purchased on credit from any selling party that create a Lien or imposes a trust upon the agricultural products sold and/or the proceeds of such agricultural products for the benefit of such selling party or a creditor thereof to secure payment for such agricultural products, including without limitation PACA, PASA and the Food Security Act to the extent applicable.
​
“Growers’ Lien Liabilities” means all payables or other liabilities owed by the Closing Date Acquired Business to Protected Vendors that have resulted in the creation of a trust under Growers’ Lien Laws.
​
“GSB” as defined in the preamble hereto.
​
“Guaranteed Obligations” as defined in Section 7.1.
​
“Guarantor” means (a) the Company, to the extent that the Company is not already the primary obligor in respect of any Obligations, (b) Holdings and each Subsidiary of Holdings (other than Company) that executes this Agreement on the Closing Date, and (c) each other Person that guarantees, pursuant to Section 5.10, Section 7.1 or otherwise, all or any part of the Obligations.
​
“Guarantor Subsidiary” means each Guarantor other than Holdings.
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“Guaranty” means (a) the guaranty of each Guarantor set forth in Section 7 and (b) each other guaranty of the Obligations that is made by any other Guarantor in favor of Collateral Agent for the benefit of Secured Parties.
​
“Hazardous Materials” means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority or that may or could pose a hazard to the health and safety of the owners, occupants or any Persons in the vicinity of any Facility or to the indoor or outdoor environment.
​
“Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.
​
“Hedge Agreement” means any Interest Rate Agreement, and any other derivative or hedging contract, agreement, confirmation, or other similar transaction or arrangement that is entered into by Holdings or any of its Subsidiaries, including any commodity or equity exchange, swap, collar, cap, floor, adjustable strike cap, adjustable strike corridor, cross-currency swap or forward rate agreement, spot or forward foreign currency or commodity purchase or sale, listed or over-the-counter option or similar derivative right related to any of the foregoing, non-deliverable forward or option, foreign currency swap agreement, currency exchange rate price hedging arrangement, or other arrangement designed to protect against fluctuations in interest rates or currency exchange rates, commodity, currency, or Securities values, or any combination of the foregoing agreements or arrangements.
​
“Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender that are in effect as of the Closing Date or, to the extent allowed by law, under such applicable laws that may be in effect after the Closing Date and allow a higher maximum nonusurious interest rate than applicable laws in effect as of the Closing Date.
​
“Historical Financial Statements” means as of the Closing Date, (i) the audited financial statements of Holdings and its Subsidiaries (other than the Closing Date Acquired Business) for the Fiscal Years ended December 31, 2017 and December 31, 2018, consisting of balance sheets and the related consolidated statements of income, stockholders’ equity and cash flows for such Fiscal Years, (ii) for the interim period from January 1, 2019 to the Closing Date, the unaudited financial statements of Holdings and its Subsidiaries (other than the Closing Date Acquired Business), consisting of a balance sheet and the related consolidated statements of income, stockholders’ equity and cash flows for each quarterly period completed prior to forty-six days before the Closing Date and for each monthly period completed prior to thirty-one days prior to the Closing Date, in the case of clauses (i) and (ii), certified by the Chief Financial Officer of Holdings that they fairly present, in all material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their
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cash flows for the periods indicated, subject, if applicable, to changes resulting from audit and normal year-end adjustments and (iii) that certain quality of earnings report with respect to the Closing Date Acquired Business prepared by Plante Morgan and delivered to the Requisite Lenders on September 14, 2019.
​
“Holdings” as defined in the preamble hereto.
​
“IBA” as defined in Section 2.17(b).
​
“Immaterial Fee-Owned Properties” means, as of any date of determination, any   individual   fee-owned   Real   Estate   Asset   having   a   fair   market   value   less   than $500,0001,500,000; provided that, notwithstanding the foregoing, (a) if at any time the Company and its Subsidiaries own, in the aggregate, multiple fee-owned Real Estate Assets that, in the aggregate, have a fair market value in excess of $750,0002,000,000, then Company shall notify Administrative Agent thereof and Administrative Agent shall have the option, exercisable in its sole discretion, to designate any such Real Estate Assets as Material Real Estate Assets, and (b) any fee-owned Real Estate Asset designated as a Material Real Estate Asset pursuant to clause (iii) of the definition thereof and any fee-owned Real Estate Asset set forth on Schedule 1.1(b) shall not constitute “Immaterial Fee-Owned Properties”.
​
“Immaterial Leasehold Properties” means, as of any date of determination, any individual Leasehold Property with respect to which the aggregate payments by the Company and its Subsidiaries under the term of the underlying lease are less than $350,0001,000,000 per annum; provided that, notwithstanding the foregoing, any Leasehold Property designated as a Material Real Estate Asset pursuant to clause (iii) of the definition thereof and any Leasehold Property set forth on Schedule 1.1(b) shall not constitute “Immaterial Leasehold Properties”.
​
“Inactive Subsidiaries” shall mean the following Subsidiaries unless and until such Subsidiaries have been Guarantors in accordance with Section 5.10: STK, DC, LLC, JEC II, LLC, Bridge Hospitality, LLC and BBCLV, LLC.
​
“Increased-Cost Lender” as defined in Section 2.21.
​
“Indebtedness,” as applied to any Person, means, without duplication, (i) all indebtedness for borrowed money; (ii) Capital Lease Obligations; (iii) notes payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money; (iv) any obligation owed for all or any part of the deferred purchase price of property or services (including earnout obligations and seller financing obligations but excluding any such obligations incurred under ERISA or any trade payable incurred in the ordinary course of business unless (a) due more than ninety days from the date of incurrence of the obligation in respect thereof, or (b) such obligations is evidenced by a note or a similar written instrument); (v) all indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person; (vi) the face amount of any letter of credit or similar instrument issued for the account of (or similar credit transaction entered into for the benefit of) that Person or as to which that Person is otherwise liable for reimbursement of
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drawings or is otherwise an obligor; (vii) Disqualified Capital Stock, with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price (for purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Agreement, and as if such price were based upon, or measured by, the fair market value of such Disqualified Capital Stock); (viii) the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another; (ix) any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof; (x) any liability of such Person for an obligation of another through any agreement (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such obligation or provide any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described under subclauses (a) or (b) of this clause (x), the primary purpose or intent thereof is as described in clause (ix) above; (xi) all obligations of such Person in respect of any exchange traded or over the counter derivative transaction, including under any Hedge Agreement, in each case whether entered into for hedging or speculative purposes or otherwise, provided, the “principal” amount of obligations under any Hedge Agreement that has not been terminated shall be deemed to be the Net Mark-to-Market Exposure of Company and its Subsidiaries thereunder, and (xii) any obligations consisting of accounts payable or other monetary liabilities that do not fall into the foregoing categories of Indebtedness but are overdue more than ninety days.
​
“Indemnified Liabilities” means, collectively, any and all liabilities, obligations, losses, damages (including natural resource damages), penalties, claims (including Environmental Claims), actions, judgments, suits, costs (including the costs of any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean up or abate any Hazardous Materials Activity), Taxes, expenses and disbursements of any kind or nature whatsoever (including attorneys’ fees and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect, special, or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out (i) this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby (including the Lenders’ agreement to make Credit Extensions or the use or intended use of the proceeds thereof, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty)); (ii) the statements contained in the commitment letter or proposal
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letter delivered by any Agent or Lender to Holdings with respect to the transactions contemplated by this Agreement; or (iii) any Environmental Claim or Hazardous Materials Activity relating to or arising from, directly or indirectly, any past or present activity, operation, land ownership, or practice of Holdings or any of its Subsidiaries.
​
“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 Company under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.
​
“Indemnitee” means, each of any Agent, Issuing Bank, and any Lender, and each of their respective affiliates, officers, partners, members, Directors, trustees, employees, agents and sub-agents.
​
“Indemnitee Agent Party” as defined in Section 9.6.
“Installment” as defined in Section 2.11(a).
“Installment Date” as defined in Section 2.11(a).
“Insurance/Condemnation Reinvestment Amounts” as defined in Section 2.13(b).
​
“Insurance/Condemnation Reinvestment Period” as defined in Section 2.13(b). “Intellectual Property” as defined in the Pledge and Security Agreement. “Intellectual Property Asset” means, at any time of determination, any interest (including any fee, license or other interest) then owned by any Credit Party in any Intellectual Property.
​
“Intellectual Property Security Agreement” as defined in the Pledge and Security Agreement.
​
“Intercompany Note and Subordination” means a “global” intercompany promissory note and subordination that evidences and subordinates certain Indebtedness and other monetary liabilities owed among Credit Parties and their Subsidiaries and certain other controlled Affiliates, as applicable, substantially in the form of Exhibit H.
​
“Interest Payment Date” means with respect to (i) any Base Rate Loan, (a) the last day of each month, commencing on the first such date to occur after the Closing Date, and (b) the final maturity date of such Loan; and (ii) any LIBO Rate Loan, (a) the last day of each Interest Period applicable to such Loan and (b) the final maturity date of such Loan.
​
“Interest Period” means, in connection with a LIBO Rate Loan, an interest period of one-, two- or three-months, as selected by Company in the applicable Funding Notice or Conversion/Continuation Notice, (i) initially, commencing on the Credit Date or
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Conversion/Continuation Date thereof, as the case may be; and (ii) thereafter, commencing on (and including) the day on which the immediately preceding Interest Period expires; provided, (a) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next Business Day unless no further Business Day occurs in such month, in which case such Interest Period shall expire on the immediately preceding Business Day; (b) any 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) shall, subject to clauses (c) and (d), of this definition, end on the last Business Day of a calendar month; (c) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Term Loan Maturity Date; and (d) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Commitment Termination Date.
​
“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging or managing the interest rate exposure associated with Holdings’ and its Subsidiaries’ operations.
​
“Interest Rate Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to the first day of such Interest Period.
​
“Internal Revenue Code” means the Internal Revenue Code of 1986.
​
“Internally Generated Cash” means, with respect to any period, any cash of Holdings or any Subsidiary generated during such period as a result of such Person’s operations, excluding Net Asset Sale Proceeds, Net Insurance/Condemnation Proceeds, Extraordinary Receipts, Net Equity Proceeds, and any cash that is generated from an incurrence of Indebtedness or any other liability.
​
“Investment” means (i) any direct or indirect purchase or other acquisition by Holdings or any of its Subsidiaries of, or of a beneficial interest in, any of the Securities of any other Person, including the establishment or other creation of a Subsidiary or any other interest in the Securities of any Person; (ii) any direct or indirect redemption, retirement, purchase or other acquisition for value, by any Subsidiary of Holdings from any Person, of any Capital Stock of such Person; and (iii) any direct or indirect loan, advance (other than advances to employees for customary moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business and consistent with past practice) or capital contributions by Holdings or any of its Subsidiaries to any other Person, including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales of inventory to that other Person in the ordinary course of business. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment.
​
“ISP” as defined in Section 2.3(a).
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“Issuance Notice” means an Issuance Notice substantially in the form of Exhibit A-2.
​
“Issuing Bank” means, individually or collectively as the context requires, each of GSB or other Issuing Bank and any other legally authorized Person acceptable to Administrative Agent in its sole discretion that is appointed as “Issuing Bank” hereunder from time to time.
​
“Joint Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form; provided, in no event shall any Wholly-Owned Subsidiary of any Person be considered to be a “Joint Venture” to which such Person is a party.
​
“"Key Performance Indicator Report”" means a report including commentary, summaries by management pertaining to same-store-sales, traffic and average ticket metrics, in each case, (i) on a restaurant by restaurant basis, (ii) on a concept by concept basis, (iii) on a system wide basis and (iv) otherwise in form and substance satisfactory to Administrative Agent.
​
“Kona Acquisition” means Kona Grill Acquisition, LLC., a Delaware limited liability company.
​
“Kona Bankruptcy Proceeding” means the cases under chapter 11 of the Bankruptcy Code in the Bankruptcy Court captioned In re Kona Grill, Inc., et al., Case No. 19-10953, jointly administered.
​
“Landlord Consent and Estoppel” means, with respect to any Leasehold Property in respect of which a Mortgage is required pursuant to this Agreement, a letter, certificate or other instrument in writing from the lessor under the related lease, pursuant to which, among other things, the landlord consents to the granting of a Mortgage on such Leasehold Property by the Credit Party tenant, such Landlord Consent and Estoppel to be in form and substance acceptable to Collateral Agent in its reasonable discretion, but in any event sufficient for Collateral Agent to obtain a Title Policy with respect to such Mortgage.
​
“Landlord Collateral Access Agreement” means a landlord agreement in form and substance reasonable acceptable to the Administrative Agent.
​
“Latest Maturity Date” means, as of any time of determination, the latest possible maturity or expiration date applicable to any Loan or Commitment hereunder at such time, in each case as extended in accordance with this Agreement from time to time, as the case may be.
​
“"Las Vegas Excess Termination Payments”" shall mean the greater of (x) (1) the Las Vegas Termination Payments minus (2) any prepayment made by the Credit Parties pursuant to Section 2.13(i) and (y) $0.
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“"Las Vegas Management Agreement”" means that certain Restaurant Management Agreement, dated as of January 28, 2010, between Nevada Restaurant Venture 1 LLC, as owner, and STK –- Las Vegas, LLC, as operator.
​
“"Las Vegas Termination Payments”" shall mean any Net Asset Sale Proceeds received by Holdings and its Subsidiaries as a result of the termination of the Las Vegas Management Agreement.
​
“Lead Arranger” means GSB in its capacity as such the lead arranger hereunder.
​
“Leasehold Property” means any leasehold interest of any Credit Party as lessee under any lease of real property, other than any such leasehold interest designated from time to time by Collateral Agent in its sole discretion as not being required to be included in the Collateral.
​
“Leasehold Property Documents” means, with respect to each Leasehold Property that is a Material Real Estate Asset:
​
(i)a Landlord Consent and Estoppel;
​
(ii)evidence that such Leasehold Property is a Recorded Leasehold Interest; 
​
(iii)a title report reasonably satisfactory to Collateral Agent issued by a title company with respect thereto, dated not more than thirty days prior to the Closing Date and issued by a title company reasonably satisfactory to Collateral Agent, together with copies of all recorded documents listed as exceptions to title or otherwise referred to therein, each in form and substance reasonably satisfactory to Collateral Agent;
​
(iv)a subordination non-disturbance agreement duly executed by any Person that has a Lien on the fee interest in such Material Real Estate Asset and Company, in form and substance reasonably satisfactory to Collateral Agent and in recordable;
​
(v)to the extent available, copies of any surveys of all such Material Real Estate Asset and reports and other information regarding environmental matters relating to such Material Real Estate Assets;
​
(vi)one or more fully executed and notarized Mortgages encumbering such Material Real Estate Asset, in each case in proper form for recording in all appropriate places in all applicable jurisdictions;
​
(vii)an opinion of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) in the state or province in which such Material Real Estate Asset is located with respect to the enforceability of the form(s) of Mortgage to be recorded in such state or province and such other matters as Collateral Agent may reasonably request, in form and substance reasonably satisfactory to Collateral Agent;
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or, in the case of any Material Real Estate Asset located in any jurisdiction other than any state, commonwealth or territory of the United States, the delivery of the functional equivalent of the foregoing in such jurisdiction.
“Lender” means each financial institution listed on the signature pages hereto as a Lender, and any other Person that becomes a party hereto pursuant to an Assignment Agreement.
​
“Lender Counterparty” means each Lender, each Agent, and each of their respective Affiliates, in each case that is a counterparty to a Hedge Agreement (including any Person that is a Lender or an Agent (or any Affiliate of a Lender or an Agent) as of the Closing Date but subsequently, whether before or after entering into such Hedge Agreement, ceases to be an Agent or a Lender or any Affiliate of an Agent or a Lender, as the case may be); provided, that at any time a Lender is a Defaulting Lender and such Lender or its Affiliate enters into a Hedge Agreement, such Lender or Affiliate shall be deemed not to be a Lender Counterparty for purposes of such Hedge Agreement so long as such Lender is a Defaulting Lender.
​
“Letter of Credit” means a standby letter of credit issued or to be issued by Issuing Bank pursuant to this Agreement.
​
“Letter of Credit Sublimit” means, at any time of determination, the lesser of (i) $5,000,000, and (ii) the aggregate unused amount of the Revolving Commitments then in effect.
​
“Letter of Credit Usage” means, as at any time of determination, the sum of (i) the maximum aggregate undrawn amount that is, or at any time thereafter may become, available under all Letters of Credit then outstanding, and (ii) the aggregate amount of all drawings under Letters of Credit honored by Issuing Bank and not theretofore reimbursed by or on behalf of Company. For all purposes of this Agreement, at any time of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.13 or 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.
​
“Leverage Incurrence Multiple” means, as of any date of determination during the periods set forth below, the correlative multiple set forth opposite such period below:, 1.75:1.00.
​
	​
​

	

	​
Periods
	Leverage Incurrence
Multiple

	ClosingDate
	2.50:1.00

​

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	​
Periods
	Leverage Incurrence
Multiple

	through      June     30, 2020
	​

	July 1, 2020 through December 31, 2020
	2.25:1.00

	January 1, 2021 through March 31, 2021
	2.00:1.00

	April 1, 2021 through June 30, 2021
	1.75:1.00

	July 1, 2021 through September 30, 2021
	1.70:1.00

	October 1, 2021 through December 31, 2021
	1.65:1.00

	January 1, 2022 and thereafter
	1.50:1.00

​
“Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated Total Debt as of such date, to (ii) Consolidated Adjusted EBITDA for the four-Fiscal Quarter period ending on such date (or if such date of determination is not the last day of a Fiscal Quarter in respect of which financial statements and a compliance certificate are being delivered, for the four-Fiscal Quarters period ending as of the most recently concluded Fiscal Quarter for which financial statements have previously been or were required to be delivered).
​
“LIBO Rate Loan” means a Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate.
​
“Lien” means (i) any lien, mortgage, pledge, assignment, security interest, hypothecation, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or other right of occupation or license in the nature thereof) and any option, trust or other preferential
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arrangement having the practical effect of any of the foregoing, and (ii) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities.
​
“Licensing Management Agreement” means that certain Management Agreement, by and among Kona Grill Acquisition, LLC, and each of Kona Grill, Inc., a Delaware corporation, Kona Restaurant Holdings, Inc., a Delaware corporation, Kona Sushi, Inc., an Arizona corporation, Kona Macadamia, Inc., a Delaware corporation, Kona Texas Restaurants, Inc., a Texas corporation, Kona Baltimore, Inc., a Delaware corporation, Kona Grill International Holdings, Inc., a Delaware corporation, Kona Grill International, Inc., an Arizona corporation, and Kona Grill Puerto Rico, Inc., an Arizona corporation, effective as of October 4, 2019.
​
“Loan” means a Term Loan and a Revolving Loan.
​
“Margin Stock” as defined in Regulation U.
​
“Material Adverse Effect” means a material adverse effect on and/or material adverse developments with respect to (i) the business operations, properties, assets, condition (financial or otherwise) or prospects of Holdings and its Subsidiaries taken as a whole; (ii) a significant portion of the industry or business segment in which Holding or its Subsidiaries operate or rely upon if such effect or development is reasonably likely to have a material adverse effect on Holdings and its Subsidiaries taken as a whole; (iii) the ability of any Credit Party to fully and timely perform its Obligations; (iv) the legality, validity, binding effect, or enforceability against a Credit Party of a Credit Document to which it is a party; (v) the validity, perfection or priority of a Lien in favor of Collateral Agent for the benefit of Secured Parties on the Collateral, taken as a whole, or (vi) the rights, remedies and benefits available to, or conferred upon, any Agent, any Lender, Issuing Bank or any other Secured Party under any Credit Document.
​
“Material Contract” means (i) the Related Agreements, (ii) the Licensing Management Agreement, (iii) any and all contracts or other arrangements to which Holdings or any of its Subsidiaries is a party (other than the Credit Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect, (iv) all agreements, leases and other documents governing or evidencing transactions with Affiliates, including each agreement set forth on Schedule 6.12, (vi) all leases, management agreements and license agreements associated with a Restaurant location that generates at least $500,0001,500,000 of Restaurant Level EBITDA and (vi) those contracts and arrangements that are otherwise listed on Schedule 4.16.
​
“Material Indebtedness” means Indebtedness (other than the Obligations) of any one or more of Holdings and its Subsidiaries with an individual principal amount (or Net Mark-to-Market Exposure) of $250,0001,000,000 or more or, solely for purposes of Section 8.1(b), that, collectively with any other Indebtedness in respect of which any relevant default or other specified event has occurred, has an aggregate principal amount of $500,0002,000,000 or more.
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“Material Real Estate Asset” means any and all of the following: (i) all fee owned Real Estate Assets other than any Immaterial Fee-Owned Properties, (ii) all Leasehold Properties other than any Immaterial Leasehold Properties, (iii) any Real Estate Asset that Administrative Agent or the Requisite Lenders determine after the Closing Date, in their respective reasonable discretion, to be material to the business, operations, properties, assets, condition (financial or otherwise) or prospects of any of Holdings and its Subsidiaries and designate in writing to be a “Material Real Estate Asset”, and (iv) any Real Estate Asset listed on Schedule 1.1(b).
​
“Maximum Credit Amount” means, at any time of determination, an amount equal to the product of (a) the sum of the trailing twelve months Consolidated Adjusted EBITDA of Holdings and its Subsidiaries as of the last day of the most recently ended month for which financial statements have been or were required to be delivered pursuant to Section 5.1(a) multiplied by (b) the then in effect Leverage Incurrence Multiple. The Maximum Credit Amount shall be determined on a Pro Forma Basis.
​
“Minimum Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of Cash or Deposit Account balances, an amount equal to 105% of the amount of the Obligation with respect to which such Cash Collateral will be or has been provided and pledged and (ii) otherwise, an amount determined by Administrative Agent and Issuing Bank in their sole discretion.
​
“Moody’s” means Moody’s Investors Service, Inc.
​
“Mortgage” means a mortgage, deed of trust, or similar instrument in form and substance reasonably acceptable to Administrative Agent.
​
“Mortgaged Real Estate Documents” means, with respect to each Material Real Estate Asset that is required to be subject to a Mortgage pursuant to this Agreement:
​
(i)one or more fully executed and notarized Mortgages encumbering such Material Real Estate Asset, in each case in proper form for recording in all appropriate places in all applicable jurisdictions;
​
(ii)(a) ALTA mortgagee title insurance policies or, solely to the extent that Collateral Agent in its sole discretion waives the requirement for a policy to be issued, unconditional commitments therefor, in each case issued by one or more title companies reasonably satisfactory to Collateral Agent with respect to each Material Real Estate Asset (each, a “Title Policy”), each such Title Policy to be in amounts not less than the fair market value of each Material Real Estate Asset, together with a title report issued by a title company with respect thereto and dated not more than thirty days prior to the date of the applicable Mortgage, (b) copies of all documents listed as exceptions to title or otherwise referred to therein, each in form and substance reasonably satisfactory to Collateral Agent, and (c) evidence satisfactory to Collateral Agent that such Credit Party has paid to the title company or to the appropriate Governmental Authorities all expenses and premiums of the title company and all other sums required in connection with the issuance of each Title Policy and all recording and stamp taxes
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(including mortgage recording and intangible taxes) payable in connection with recording the Mortgages for each such Material Real Estate Asset in the appropriate real estate records;
​
(iii)(A) a completed Flood Certificate with respect to each such Material Real Estate Asset, which Flood Certificate shall (x) be addressed to Collateral Agent and (y) otherwise comply with the Flood Program and be in form and substance satisfactory to Collateral Agent in its sole discretion; (B) if the Flood Certificate indicates that such Material Real Estate Asset is located in a Flood Zone, Company’s written acknowledgment of receipt of written notification from Collateral Agent (x) as to the existence of such Material Real Estate Asset in a Flood Zone and (y) as to whether the community in which such Material Real Estate Asset is located is participating in the Flood Program; and (C) if such Material Real Estate Asset is located in a Flood Zone and is located in a community that participates in the Flood Program, evidence that Company has obtained a policy of flood insurance that is in compliance with all applicable requirements of the Flood Program or, solely to the extent agreed to by Collateral Agent in its sole discretion, excluded any structures existing in such Flood Zone from any such Mortgage in a manner satisfactory to Collateral Agent in its sole discretion;
​
(iv)ALTA surveys of such Material Real Estate Asset (other than any Leasehold Property, unless reasonably requested by Collateral Agent), certified to Collateral Agent and dated not more than thirty days prior to the date of the applicable Mortgage and otherwise in form and substance satisfactory to Collateral Agent in its sole discretion;
​
(v)an opinion of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) in the state or province in which such Material Real Estate Asset is located with respect to the enforceability of the form(s) of Mortgage to be recorded in such state or province and such other matters as Collateral Agent may reasonably request, in form and substance reasonably satisfactory to Collateral Agent; and
​
(vi)reports and other information, in each case in form, scope and substance satisfactory to Administrative Agent in its sole discretion, regarding environmental matters relating to such Material Real Estate Asset, including any Phase I Report requested by Collateral Agent with respect to such Material Real Estate Asset; or, in the case of any Material Real Estate Asset located in any jurisdiction other than any state, commonwealth or territory of the United States, the delivery of the functional equivalent of the foregoing in such jurisdiction.
​
“Multiemployer Plan” means any Employee Benefit Plan that is a “multiemployer plan” as defined in Section 3(37) of ERISA.
​
“NAIC” means The National Association of Insurance Commissioners, and any successor thereto.
​
“Narrative Report” means, with respect to the financial statements for which such narrative report is required, a narrative report describing the operations of Holdings and its Subsidiaries in the form prepared for presentation to senior management thereof for the
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43

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applicable fiscal month, Fiscal Quarter or Fiscal Year and for the period from the beginning of the then current Fiscal Year to the end of such period to which such financial statements relate with comparison to and variances from the immediately preceding period and budget.
​
“Natural Person” means a natural Person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person.
​
“Net Asset Sale Proceeds” means, with respect to any Disposition (other than Dispositions permitted under Section 6.9(a), (b) and (d)), an amount equal to: (i) Cash payments received by Holdings or any of its Subsidiaries from such Asset Sale (including any Cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise (including by way of a milestone payment, as applicable), but only as and when so received), minus (ii) any bona fide direct costs incurred in connection with such Asset Sale to the extent paid or payable to non-Affiliates, including (a) income or gains taxes payable by Holdings or any of its Subsidiaries as a result of any gain recognized in connection with such Asset Sale during the tax period the sale occurs, (b) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as a result of such Asset Sale, and (c) a reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to purchaser in respect of such Asset Sale undertaken by Holdings or any of its Subsidiaries in connection with such Asset Sale; provided that upon release of any such reserve, the amount released shall be considered Net Asset Sale Proceeds.
​
“Net Equity Proceeds” means an amount equal to any Cash proceeds from a capital contribution to, or the issuance of any Capital Stock of, Holdings or any of its Subsidiaries, net of underwriting discounts and commissions and other reasonable, out-of-pocket costs and expenses associated therewith, including reasonable legal fees and expenses, in each case, solely to the extent such discounts, commissions, costs, fees and expenses are paid to non-Affiliates.
​
“Net Insurance/Condemnation Proceeds” means an amount equal to: (i) any Cash payments or proceeds received by Holdings or any of its Subsidiaries (a) under any casualty, business interruption or “key man” insurance policies in respect of any covered loss thereunder, or (b) as a result of the taking of any assets of Holdings or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking, minus (ii) (a) any actual and reasonable costs incurred by Holdings or any of its Subsidiaries in connection with the adjustment or settlement of any claims of Holdings or such Subsidiary in respect thereof, and (b) any bona fide direct costs incurred in connection with any sale of such assets as referred to in clause (i)(b) of this definition to the extent paid or payable to non-Affiliates, including income or gains taxes payable by Holdings or any of its Subsidiaries as a result of any gain recognized in connection therewith during the tax period the Cash payments or proceeds are received.
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“Net Leverage Ratio” means, as of any date of determination, the ratio of (i)(a) Consolidated Total Debt as of such date minus (b) Qualified Cash in excess of $2,000,000, but not to exceed $10,000,000, as of such date, to (ii) Consolidated Adjusted EBITDA for the four-Fiscal Quarter period ending on such date (or if such date of determination is not the last day of a Fiscal Quarter in respect of which financial statements and a compliance certificate are being delivered, for the four-Fiscal Quarters period ending as of the most recently concluded Fiscal Quarter for which financial statements have previously been or were required to be delivered).
​
“Net Mark-to-Market Exposure” of a Person means, as of any time of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from Hedge Agreements or other Indebtedness of the type described in clause (xi) of the definition thereof. As used in this definition, “unrealized losses” means the fair market value of the cost to such Person of replacing such Hedge Agreement or such other Indebtedness as of the date of determination (assuming the Hedge Agreement or such other Indebtedness were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such Hedge Agreement or such other Indebtedness as of the time of determination (assuming such Hedge Agreement or such other Indebtedness were to be terminated as of that time).
​
“Non-Consenting Lender” as defined in Section 2.22.
​
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
​
“Non-U.S. Lender” as defined in Section 2.19(c).
​
“Notice” means a Funding Notice, an Issuance Notice, or a Conversion/Continuation Notice.
​
“NYFRB” means the Federal Reserve Bank of New York.
​
“Obligations” means all obligations (whether now existing or hereafter arising, absolute or contingent, joint, several, or independent) of every nature of each Credit Party from time to time owed to the Agents (including former Agents), Issuing Bank the Lenders or any of them and Lender Counterparties, under any Credit Document or Secured Hedge Agreement, whether for principal, interest (including interest that, but for the filing of a petition in bankruptcy with respect to such Credit Party, would have accrued on any Obligation, whether or not a claim is allowed against such Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under Letters of Credit, payments for early termination of Secured Hedge Agreements, fees, expenses, indemnification or otherwise, in each case excluding, with respect to any Guarantor, Excluded Swap Obligations with respect to such Guarantor.
​
“Obligee Guarantor” as defined in Section 7.7.
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“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury and any successor Governmental Authority.
​
“Organizational Documents” means (i) with respect to any corporation or company, its certificate, memorandum, or articles of incorporation or organization, and its by-laws, (ii) with respect to any limited partnership, its certificate or declaration of limited partnership and its partnership agreement, (iii) with respect to any general partnership, its partnership agreement, (iv) with respect to any limited liability company, its articles of organization or certificate of formation, as applicable, and its operating agreement or limited liability company agreement, as applicable and (v) with respect to any Foreign Subsidiary, the functional equivalent of the foregoing as is customary in the applicable relevant jurisdiction. In the event any term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a document of a type customarily certified by such governmental official.
​
“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 Credit Document, or sold or assigned an interest in any Loan or Credit Document).
​
“Other Taxes” means any and all present or future stamp, court, intangible, recording, filing or documentary, excise, property, or similar Taxes (and interest, fines, penalties and additions related thereto) arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document.
​
“PACA” means the Perishable Agricultural Commodities Act of 1930, 7 U.S.C., Chapter 20A, § 499a et seq., and all regulations promulgated thereunder.
​
“PASA” means the Packers and Stockyards Act of 1921, 7 U.S.C., Chapter 9, §181 et seq., and all regulations promulgated thereunder.
​
“Paid in Full” and “Payment in Full” mean, with respect to any or all of the Obligations or Guaranteed Obligations, as the context requires, that each of the following events has occurred, as applicable: (a) the payment or repayment in full in immediately available funds of (i) the principal amount of all outstanding Loans, (ii) all accrued and unpaid interest, fees, premiums or other charges owing in respect of any Loan or Commitment or otherwise under any Credit Document, and (iii) all accrued and unpaid costs and expenses payable by any Credit Party to any Agent or Lender pursuant to any Credit Document, whether or not demand has been made therefor, including any and all indemnification and reimbursement claims that have been asserted by any such Person prior to such time, (b) the payment or repayment in full in immediately available funds or all other outstanding Obligations or Guaranteed Obligations other than unasserted contingent indemnification and contingent reimbursement obligations, (c) the
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termination in writing of all of the Commitments, (d) the termination in writing, expiration, Cash Collateralization, cancellation or expiration (without any pending drawing on), backstop, or rollover of all Letters of Credit to the satisfaction of each relevant Issuing Bank in its sole discretion, (e) the termination in writing, expiration, Cash Collateralization, novation, unwinding, or rollover of all Secured Hedge Agreements to the satisfaction of the applicable Lender Counterparties in their respective sole discretion and (e) upon the request of Administrative Agent, receipt by Administrative Agent of a release from the Credit Parties in favor of the Secured Parties in form and substance acceptable to Administrative Agent.
​
“Participant Register” as defined in Section 10.6(h)(i).
​
“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001).
​
“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.
​
“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, that is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA.
“Pensions Act 2004” means the Pensions Act 2004 under the laws of England and Wales.
“Pensions Regulator” means the body corporate called the Pensions Regulator established under Part I of the Pensions Act 2004.
“Pensions Schemes Act 1993” means the Pensions Schemes Act 1993 under the laws of England and Wales.
​
“Permitted Acquisitions” means an Acquisition by Company or a Wholly-Owned Guarantor Subsidiary of any one or more “STK” or “Kona” brand restaurants (or any Person that owns and operates only “STK” or “Kona” brand restaurants)Capital Stock in, or the assets of, any business which constitutes a business permitted under Section 6.13, in each case so long as:
​
(i)no Default or Event of Default shall exist immediately prior thereto or would exist after giving effect thereto;
​
(ii)the chief financial officer or chief executive officer of Company shall have delivered to the Administrative Agent a pro forma Compliance Certificate demonstrating that, after giving effect to such Acquisition (and any incurrence of Indebtedness in connection therewith) on a Pro Forma Basis, (i) the Leverage Ratio would not be greater than the ratio that is 0.25 to 1.00 less than the maximum ratio permitted under Section 6.8(b) as of the last day of the most recent Fiscal Quarter for which the Credit Parties were required to deliver financial statements pursuant to Section 5.1 and (ii) the Credit Parties would otherwise be in compliance with the financial covenants set forth in Section 6.8 as of the last day of the most recent Fiscal
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Quarter for which the Credit Parties were required to deliver financial statements pursuant to Section 5.1;
​
(iii)the Administrative Agent, on behalf of the Lenders, shall have received (or shall receive in connection with the closing of such Acquisition) First Priority perfected Liens (subject to Permitted Liens) in all property (including, without limitation, Capital Stock, but excluding, for the avoidance of doubt, any Leasehold Property) acquired, and Company shall have taken, or caused to be taken, each of the actions set forth in Sections 5.10, 5.11 and/or 5.13, as applicable;
​
(iv)in the case of the Acquisition of Capital Stock, all of the Capital Stock (except for any such Capital Stock in the nature of directors’ qualifying shares required pursuant to applicable law) acquired or otherwise issued by such Person or any newly formed Guarantor Subsidiary of Company in connection with such Acquisition shall be owned 100% by Company or a Wholly-Owned Guarantor Subsidiary thereof, and Company shall have taken, or caused to be taken, as of the date such Person becomes a Subsidiary of Company, each of the actions set forth in Sections 5.10, 5.11 and/or 5.13, as applicable;
​
(v)the Administrative Agent shall have received (a) not less than fifteen (15) days prior to the consummation of any such Acquisition (or by such later date as is approved by the Administrative Agent in its sole discretion), (1) a description of the material terms of such Acquisition, (2) audited financial statements (or, if unavailable, management-prepared financial statements) of the target of such Acquisition for its two most recent fiscal years and for any fiscal quarters ended within the fiscal year to date and (3) consolidated projected balance sheets and income statements of Holdings and its Subsidiaries (giving effect to such Acquisition) and (b) promptly upon request of the Administrative Agent and in any event at least fifteen (15) Business Days prior to the consummation of such Acquisition (or by such later date as is approved by the Administrative Agent in its sole discretion) (1) a copy of the purchase agreement related to the proposed Acquisition (and any related documents reasonably requested by Administrative Agent and (2) a quality of earnings report (including cash proof analysis) with respect to the Person or assets or division to be acquired in accordance herewith;
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(vi)after giving effect to such Acquisition and any incurrence of Indebtedness in connection therewith, Consolidated Liquidity shall be at least $3,000,0002,000,000;
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(vii)such Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors (or equivalent) and/or shareholders (or equivalent) of the applicable Credit Party and the Target;
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(viii)the aggregate Acquisition Consideration for all such Acquisitions made during the term of this Agreementconsolidated revenue of the Target and its Subsidiaries shall not exceed $5,000,000100,000,000 for the most recent trailing twelve month period;
​
(ix)any Person or assets or division as acquired in accordance herewith for the four quarter period most recently ended prior to  the date of such  Acquisition, shall  have
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generated earnings before income taxes, depreciation, and amortization during such period that shall exceed $0; and
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(x)the chief financial officer or chief executive officer of Company shall have delivered to the Administrative Agent a certificate (which may be part of the pro forma Compliance Certificate required by clause (b) above) certifying that such Acquisition complies with the requirements of this definition.
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“Permitted Liens” means each of the Liens permitted pursuant to Section 6.2.
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“Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities.
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“Personal Information” means any information that identifies or, alone or in combination with any other information, could reasonably be used to identify, locate, or contact an individual, including name, street address, email address, telephone number, bank account information, credit card information, health-related information, any identification number issued by a governmental entity (including, without limitation, social security number and tax identification numbers), or any other information that is considered “personally identifiable information”, “personal information” or “personal data” under applicable Law
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“Petition Date” means April 30, 2019.
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“Phase I Report” means, with respect to any Facility, a report that (i) conforms to the ASTM Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process, E 1527, (ii) was conducted no more than six months prior to the date such report is required to be delivered hereunder, by one or more environmental consulting firms reasonably satisfactory to Administrative Agent, (iii) includes an assessment of asbestos-containing materials at such Facility, (iv) is accompanied by (a) an estimate of the reasonable worst-case cost of investigating and remediating any Hazardous Materials Activity identified in the Phase I Report as giving rise to an actual or potential material violation of any Environmental Law or as presenting a material risk of giving rise to a material Environmental Claim, and (b) a current compliance audit setting forth an assessment of Holdings’, its Subsidiaries’ and such Facility’s current and past compliance with Environmental Laws and an estimate of the cost of rectifying any non-compliance with current Environmental Laws identified therein and the cost of compliance with reasonably anticipated future Environmental Laws identified therein.
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“Platform” as defined in Section 10.1(b).
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“Pledge and Security Agreement” means the Pledge and Security Agreement to be executed by the Company and each Guarantor in form and substance reasonably acceptable to Administrative Agent.
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“Post-Closing Growers’ Lien Liabilities” as defined in Section 3.1(e)(i). “PPSA” means the Personal Property Security Act (Ontario) as in effect from time to time; provided, however, if the validity, attachment, perfection (or opposability), effect of perfection or non-perfection or priority of the Collateral Agent’s Liens in any Collateral are governed by the personal property security laws or laws relating to movable property of any jurisdiction other than Ontario, “PPSA” shall also include those personal property security laws or laws relating to movable property in such other jurisdiction for the purposes of the provisions of this Agreement relating to such validity, attachment, perfection (or opposability), effect of perfection or of non-perfection or priority and for the definitions related to such provisions.
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“Prime Rate” means the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section as the Prime Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s thirty largest banks), as in effect from time to time, or, if such source or rate is unavailable, any replacement or successor source or rate as determined by Administrative Agent. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. Administrative Agent or any other Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate.
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“Principal Office” means, for each of Administrative Agent and Issuing Bank, such Person’s “Principal Office” as set forth on Appendix B, or such other office or office of a third party or sub-agent, as appropriate, as such Person may from time to time designate in writing to Company, Administrative Agent and each Lender; provided, however, that for the purpose of making any payment on the Obligations or any other amount due hereunder or any other Credit Document, the Principal Office of Administrative Agent shall be 200 West Street, New York, New York, 10282 (or such other location within the City and State of New York as Administrative Agent may from time to time designate in writing to Company and each Lender); provided further that all wires to Administrative Agent shall be made to the wiring instructions provided by Administrative Agent in writing from time to time.
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“Pro Forma Basis” means a calculation giving pro forma effect to (i) the adjustments related to Subject Transactions described in “Consolidated Adjusted EBITDA” and “Consolidated Fixed Charges”, as applicable, and (ii) when used with respect to determining the permissibility of any specific transaction hereunder, such specific transaction as if it were a Subject Transaction.
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“Pro Rata Share” means (i) with respect to all payments, computations and other matters relating to the Term Loan of any Lender, the percentage obtained by dividing (a) the Term Loan Exposure of that Lender, by (b) the aggregate Term Loan Exposure of all Lenders; and (ii) with respect to all payments, computations and other matters relating to the Revolving Commitment or Revolving Loans of any Lender or any Letters of Credit issued or participations
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purchased therein by any Lender, the percentage obtained by dividing (a) the Revolving Exposure of that Lender, by (b) the aggregate Revolving Exposure of all Lenders. For all other purposes with respect to each Lender, “Pro Rata Share” means the percentage obtained by dividing (A) an amount equal to the sum of the Term Loan Exposure and the Revolving Exposure of that Lender, by (B) an amount equal to the sum of the aggregate Term Loan Exposure and the aggregate Revolving Exposure of all Lenders.
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“Projections” as defined in Section 4.8.
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“Protective Advances” as defined in Section 2.2(c).
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“PSC Register” means a PSC register within the meaning of section 790C(10) of the UK Companies Act 2006.
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“Protected Vendor” means any Person that is afforded the benefit of any Lien or trust upon agricultural or animal products sold to the Company and/or its Subsidiaries and/or any proceeds of such agricultural or animal products under any Growers’ Lien Law.
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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.
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“Qualified Cash” means, at any time of determination, the aggregate balance sheet amount of unrestricted Cash and, to the extent readily monetized, Cash Equivalents included in the consolidated balance sheet of Holdings and its Subsidiaries as of such time that
(i) is free and clear of all Liens other than Liens in favor of Collateral Agent for the benefit of Secured Parties and non-consensual Permitted Liens, (ii) may be applied to payment of the Obligations without violating any law, contract, or other agreement, (iii) is in Controlled Accounts, and (iv) is not Net Asset Sale Proceeds or Net Insurance/Condemnation Proceeds.
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“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000 at the time such Swap Obligation is incurred or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
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“Real Estate Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party in any real property.
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“Recall” as defined in Section 4.30.
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“Recipient” means (a) the Administrative Agent, (b) any Lender or (c) any Issuing Bank, as applicable.
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“Record Document” means, with respect to any Leasehold Property, (i) the lease evidencing such Leasehold Property or a memorandum thereof, executed and acknowledged by
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the owner of the affected real property, as lessor, or (ii) if such Leasehold Property was acquired or subleased from the holder of a Recorded Leasehold Interest, the applicable assignment or sublease document, executed and acknowledged by such holder, in each case in form sufficient to give such constructive notice upon recordation and otherwise in form reasonably satisfactory to Collateral Agent.
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“Recorded Leasehold Interest” means a Leasehold Property with respect to which a Record Document has been recorded in all places necessary or desirable, in Collateral Agent’s reasonable judgment, to give constructive notice of such Leasehold Property to third party purchasers and encumbrancers of the affected real property
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“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Adjusted LIBO Rate, 11:00 a. m. (London time) on the day that is two London banking days preceding the date of such setting and (2) if such Benchmark is not the Adjusted LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion.
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“Register” as defined in Section 2.6(b).
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“Regulation” as defined in Section 4.33.
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“Regulation D” means Regulation D of the Board of Governors and all official rulings and interpretations thereunder or thereof.
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“Regulation T” means Regulation T of the Board of Governors and all official rulings and interpretations thereunder or thereof.
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“Regulation U” means Regulation U of the Board of Governors and all official rulings and interpretations thereunder or thereof.
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“Regulation X” means Regulation X of the Board of Governors and all official rulings and interpretations thereunder or thereof.
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“Reimbursement Date” as defined in Section 2.3(d).
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“Related Agreements” means, collectively, the Closing Date Acquisition Agreement, the “Assignments of Restaurant Leases”, the “Assignment of Other Contracts”, the “Assignment of Intangible Property Assets”, the “Bill of Sale”, and the “Management Agreement” (as such terms are defined in the Closing Date Acquisition Agreement) and each other material agreement related thereto.
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“Related Fund” means any Fund that is managed, advised, or administered by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or affiliate of an entity that manages, administers, or advises a Lender.
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“Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater.
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“Relevant Governmental Body” means the Board of Governors or the NYFRB, or a committee officially endorsed or convened by the Board of Governors or the NYFRB, or any successor thereto.
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“Replacement Lender” as defined in Section 2.22.
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“Required Prepayment Date” as defined in Section 2.14(c).
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“Requisite Class Lenders” means, at any time of determination for any Class of Lenders, Loans, and/or Commitments, as applicable, Lenders of such Class holding more than 50% of the aggregate Voting Power Determinants of such Class of Loans and Commitments held by all Lenders; provided that the amount of Voting Power Determinants of any Defaulting Lender shall be disregarded for purposes of this definition.
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“Requisite Lenders” means one or more Lenders having or holding Term Loan Exposure and/or Revolving Exposure and representing more than 50% of the aggregate Voting Power Determinants of all Lenders; provided that the amount of Voting Power Determinants of any Defaulting Lender shall be disregarded for purposes of this definition.
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“Restaurant” means, collectively, each restaurant, similar facility and other point of sale of the Company or any Guarantor Subsidiary.
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“Restaurant Level EBITDA” means, for any period, an amount determined for each Restaurant location equal to (i) the net income (or loss) for such Restaurant location for such period determined in conformity with GAAP plus (ii) in each case to the extent reducing such net income, the sum, without duplication, of the amounts for such period of (a) interest expense, plus (b) provisions for taxes based on income, plus (c) total depreciation expense, plus
(d) total amortization expense.
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“Restricted Junior Payment” means (i) any dividend, other distribution, or liquidation preference, direct or indirect, on account of any shares of any class of Capital Stock of Holdings or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of Capital Stock (other than any Disqualified Capital Stock) to the holders of that class; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock of Holdings or any of its Subsidiaries (or any direct or indirect parent thereof) now or hereafter outstanding; (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock of Holdings or any of its Subsidiaries (or any direct or indirect parent thereof) now or hereafter outstanding; (iv) management or
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similar fees payable to any Person owning Capital Stock in Holdings or any of its Affiliates (in each case, other than a Credit Party); and (v) 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.
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“Retained Excess Cash Flow” means the cumulative amount of Consolidated Excess Cash Flow (which amount shall not be less than zero) calculated for each Fiscal Year of the Company commencing with the Fiscal Year ending December 31, 2020 for which audited financial statements and a Compliance Certificate have been delivered to the Administrative Agent pursuant to Section 5.1(c) and 5.1(d), equal to the applicable percentages thereof that are not taken into account when calculating the prepayment in respect thereof required under Section 2.13(e) hereof.
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“Retained Excess Cash Flow Amount” as of the applicable date of determination (i) Retained Excess Cash Flow, minus (ii) any Retained Excess Cash Flow previously utilized pursuant to Section 6.5(e).
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“Revolving Commitment” means the commitment of a Lender to make or otherwise fund any Revolving Loan and to acquire participations in Letters of Credit and “Revolving Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Revolving Commitment, if any, is set forth on Appendix A-3 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Revolving Commitments as of the Closing Date is $12,000,000.
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“Revolving Commitment Period” means the period from the Closing Date to but excluding the Revolving Commitment Termination Date.
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“Revolving Commitment Termination Date” means the earliest to occur of (i) October 4August 6, 20242026; (ii) the date the Revolving Commitments are permanently reduced to zero pursuant to Section 2.12(b) or 2.14; and (iii) the date of the termination of the Revolving Commitments pursuant to Section 8.1.
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“Revolving Exposure” means, with respect to any Lender or Issuing Bank as of any time of determination, (i) prior to the termination of the Revolving Commitments, that Lender’s Revolving Commitment; and (ii) after the termination of the Revolving Commitments, the sum of (a) the aggregate outstanding principal amount of the Revolving Loans of that Lender, (b) in the case of Issuing Bank, the aggregate Letter of Credit Usage in respect of all Letters of Credit issued by that Lender (net of any participations by Lenders in such Letters of Credit), and
(c)the aggregate amount of all participations by that Lender in any outstanding Letters of Credit or any unreimbursed drawing under any Letter of Credit.
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“Revolving Lender” means a Lender having a Revolving Commitment.
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“Revolving Loan” means a Loan made by a Lender to Company pursuant to Section 2.2(a).
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“S&P” means S&P Global Ratings, a division of S&P Global, Inc., or any successor to its rating agency business.
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“Sale Order” means that certain Order (A) Authorizing The Sale Of Substantially All Of The Debtors’ Assets Pursuant To Asset Purchase Agreement(S) Free And Clear Of Liens, Claims And Encumbrances, And Other Interests, And Other Interests; (B) Approving The Assumption And Assignment Of Certain Executory Contracts And Unexpired Leases Related Thereto; And (C) Granting Related Relief entered on September 24, 2019 by the Bankruptcy Court in the Kona Bankruptcy Proceedings as Docket No. 428, as may be amended by further court order.
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“Sanctioned Country” means, at any time, a country, territory or region that is, or whose government is, the subject or target of any Sanctions, including, as of the Closing Date, the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan, and Syria.
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“Sanctioned Person” means, at any time, any Person with whom dealings are restricted or prohibited under Sanctions, including (i) any Person listed in any Sanctions-related list of designated Persons maintained by the U.S. (including by OFAC, the U.S. Department of the Treasury, or the U.S. Department of State), or by the United Nations Security Council, Global Affairs Canada, the European Union or any EU member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority, (ii) any Person located, operating, organized or resident in a Sanctioned Country or (iii) any Person owned or controlled, directly or indirectly, by any such Person described in clause (i) or (ii) of this definition.
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“Sanctions” means sanctions or trade embargoes enacted, imposed, administered or enforced from time to time by (i) the U.S. government, including those administered by OFAC, U.S. Department of State, or U.S. Department of Commerce, (ii) the United Nations Security Council, the European Union or any of its member states, Her Majesty’s Treasury of the United Kingdom, (iii) Global Affairs Canada (including Canadian Sanction Laws) or (iv) any other relevant sanctions authority.
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“Second Amendment Effective Date” means August 10, 2020.
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“Secured Hedge Agreement” means, at any time of determination, any and all Hedge Agreements between any of the Credit Parties and either (x) GSB and any of its Affiliates and (y) any other Lender Counterparty so long as for purposes of this clause (y), the relevant Credit Parties or Lender Counterparties have provided Administrative Agent and Collateral Agent written notice and copies of such Hedge Agreements.
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“Secured Parties” as defined in the Pledge and Security Agreement.
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“Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or
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arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing, including any Capital Stock and any Hedge Agreements or other derivatives.
“Securities Account” means any “securities account” as defined in Article 8 of the UCC and any “commodity account” as defined in Article 9 of the UCC.
“Securities Account Control Agreement” means, with respect to a Securities Account, an agreement in form and substance reasonably satisfactory to Collateral Agent that (i) is entered into among Collateral Agent, the Securities Intermediary at which the applicable Securities Account is maintained, and the Credit Party having rights in or to the underlying financial assets credited to or maintained in such Securities Account and (ii) is effective for Collateral Agent to obtain “control” (within the meaning of Articles 8 and 9 of the UCC) of such Securities Account, or any similar agreement or notice necessary or advisable under the laws of jurisdictions outside of the United States or Canada to perfect (or the local law equivalent thereof) a Lien in such Securities Account.
“Securities Act” means the Securities Act of 1933.
“Securities Intermediary” means any “securities intermediary” or “commodity intermediary” as such terms are defined in the UCC.
“SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day published by the NYFRB (or a successor administrator of the secured overnight financing rate) on the website of the NYFRB, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time).
“Solvency Certificate” means a certificate of the Chief Financial Officer of Holdings substantially in the form of Exhibit F-2.
“Solvent”
(a)means, with respect to any Credit Party other than a Canadian Foreign Subsidiary or an English Credit Party, that as of the date of determination, both (i) (a) the sum of such Credit Party’s debt (including contingent liabilities) does not exceed the present fair saleable value of such Credit Party’s present assets; (b) such Credit Party’s capital is not unreasonably small in relation to its business as contemplated on such date of determination and reflected in the Projections or with respect to any transaction contemplated or to be undertaken after such date of determination; and (c) such Person has not incurred and does not intend to incur, or believe that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (ii) such Person is “solvent” within the meaning given that term and similar terms under the Bankruptcy Code and other applicable laws relating to
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fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under FASB Accounting Standards Codification Topic 450-20);
(b)with respect to a Canadian Foreign Subsidiary means, that as of the date of determination, (i) the property of such Person is sufficient, if disposed of at a fairly conducted sale under legal process, to enable payment of all its obligations, due and accruing due, (ii) the property of such Person is, at a fair valuation, greater than the total amount of liabilities, including contingent liabilities, of such Person; and (iii) such Person has not ceased and is not unable to pay its current obligations in the ordinary course of business as they generally become due. The amount of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at the time, represents the amount that can reasonably be expected to become an actual or matured liability;
(c)with respect to an English Credit Party means, that as of the date of determination, (i) that Person is not unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986, and would not become unable to do so as a consequence of entering into the Credit Documents to which it is a party or granting any security under the English Collateral Documents to which it is a party; (ii) that Person’s assets currently exceed its liabilities (taking into account its actual, contingent and prospective liabilities) and that Person has the resources to discharge its debts as they fall due; and (iii) no corporate action, legal proceeding or other procedure or step described in paragraphs (1), (2) and (3) of Section 8.1(o) or creditor’s process described in Section 8.1(p) has been taken or, to the best of its knowledge, threatened in relation to that Person.
“Specified Acquisition Agreement Representations” shall mean the representations and warranties made by, with respect to, or on behalf of the Closing Date Acquired Business in the Closing Date Acquisition Agreement as are material to the interests of the Administrative Agent and the Lenders, but only to the extent that Company or its applicable Affiliates have the right to terminate its (or their) obligations under the Closing Date Acquisition (or decline to consummate the Closing Date Acquisition) as a result of a breach of such representations and warranties.
“Specified Representations” shall mean the representations made by the Credit Parties on the Closing Date with respect to Sections 2.5, 4.1(a), 4.1(b), 4.3, 4.4(a), 4.4(d), 4.5, 4.6, 4.17 (solely with respect to the Investment Company Act of 1940), 4.18(b), 4.22 and 4.26 of this Agreement and Section 4.1(a)(vii) of the Security Agreement.
“Subject Transaction” as defined in “Consolidated Adjusted EBITDA”.
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“Subordinated Indebtedness” means any Indebtedness that is contractually or structurally subordinated in payment or lien ranking to the Obligations or related Liens on terms and conditions satisfactory to the Administrative Agent.
“Subordination Agreement” means with respect to any Subordinated Indebtedness, the corresponding subordination or intercreditor agreement, if any, among Administrative Agent and/or Collateral Agent, on the one hand, and the creditor or creditors (or their respective agents) in respect of such Subordinated Indebtedness, on the other hand, which shall be in form and substance acceptable to Administrative Agent.
“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity (a) the accounts of which would be consolidated with those of such Person in such Person’s consolidated financial statements if such financial statements were prepared in accordance with GAAP or (b) of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election or appointment of the Person or Persons (whether Directors, trustees, or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding. Unless the context otherwise requires, references herein to a Subsidiary shall refer to a Subsidiary of Holdings.
“Swap Obligation” as defined in “Excluded Swap Obligation”.
“Tax” means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding (together with interest, penalties and other additions thereto) of any nature and whatever called, imposed, levied, collected, withheld or assessed by any Governmental Authority.
“Term Loan” means a term loan made by a Lender to the Company pursuant to Section 2.1(a).
“Term Loan Commitment” means the commitment of a Lender to make or otherwise fund a Term Loan and “Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Term Loan Commitment, if any, is set forth on Appendix A, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Term Loan Commitments as of the Closing Date immediately prior to giving effect to the funding of Term Loans is $48,000,000.
“Term Loan Exposure” means, with respect to any Lender, as of any time of determination, the outstanding principal amount of the Term Loans of such Lender; provided, at
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any time prior to the making of the Term Loans, the Term Loan Exposure of any Lender shall be equal to such Lender’s Term Loan Commitment.
“Term Loan Maturity Date” means the earlier of (i) October 4August 6, 20242026, and (ii) the date that all Term Loans shall become due and payable in full hereunder, whether by acceleration or otherwise.
“Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Terminated Lender” as defined in Section 2.22.
“Title Policy” as defined in the definition of Mortgaged Real Estate Documents.
“Total Utilization of Revolving Commitments” means, as at any time of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made for the purpose of reimbursing Issuing Bank for any amount drawn under any Letter of Credit, but not yet so applied), and (ii) the Letter of Credit Usage.
“Transaction Costs” means the fees, costs and expenses payable by Holdings, Company or any of Company’s Subsidiaries to the extent paid or payable to non-Affiliates on or before the Closing Date in connection with the transactions contemplated by the Credit Documents and the Related Agreements, in each case to the extent approved in writing by Administrative Agent in its reasonable discretion.
“TTB” means the United States Alcohol and Tobacco Tax and Trade Bureau or its successor agency in the United States.
“Type of Loan” means with respect to either Term Loans or Revolving Loans, a Base Rate Loan or a LIBO Rate Loan.
“UCC” means the Uniform Commercial Code (or any similar or equivalent statute or law) as in effect in any applicable jurisdiction.
“UK Companies Act 2006” means the Companies Act 2006 as in force in England and Wales from time to time.
“U.S.” means the United States of America.
“USDA” means the United States Department of Agriculture or its successor agency in the United States.
“USD LIBOR” means the London interbank offered rate for U.S. dollars.
“U.S. Lender” as defined in Section 2.19(c).
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“U.S. Tax Compliance Certificate” means a certificate substantially in the form of one of Exhibits E-1, E-2, E-3 or E-4, as applicable.
“Voting Power Determinants” means, collectively, Term Loan Exposure and/or Revolving Exposure.
“WARN” as defined in Section 4.19.
“Weighted Average Yield” means, with respect to any Loan on any date of determination, the weighted average yield to maturity, in each case, based on the interest rate applicable to such Loan on such date and giving effect to all upfront or similar fees or original issue discount payable with respect to such Loan.
“Wholly-Owned” means, in reference to any Subsidiary of a specified Person, that 100% of the Capital Stock of such Subsidiary (other than (x) Directors’ qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) is owned, directly or indirectly, by such Person and/or one or more of such specified Person’s other Subsidiaries that also qualify as Wholly-Owned Subsidiaries under this definition.
“Wind-Down Budget” means the “Wind-Down Budget” as defined in the Sale Order.
“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.
“WURA” means the Winding-up and Restructuring Act (Canada).
1.2Accounting Terms, Financials Statements, Calculations, Etc. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with GAAP. Financial statements and other information required to be delivered by Holdings to Lenders pursuant to Section 5.1(a), 5.1(b) and 5.1(c) shall be prepared in accordance with GAAP as in effect at the time of such preparation (and delivered together with the reconciliation statements provided for in Section 5.1(e), if applicable). Subject to the foregoing, calculations in connection with the definitions, covenants and other provisions hereof shall utilize accounting principles and policies in conformity with those used to prepare the Historical Financial Statements. Notwithstanding the foregoing, (i) for purposes of determining compliance with the financial covenants contained in this Agreement, any election by any Credit Party to measure an item of Indebtedness using fair value (as permitted by Accounting Standards Codification Section 825-10 or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made and (ii) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to any change to GAAP occurring after the date hereof as a result of the adoption of any proposals set forth in the Proposed Accounting Standards Update, Leases (Topic 840), issued by
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the Financial Accounting Standards  Board on  August 17,  2010, the Proposed Accounting Standards Update, Leases (Topic 842), issued by the Financial Accounting Standards Board on May 16, 2013, or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on December 31, 2018. For purposes of determining pro forma compliance with any financial covenant as of any date prior to the initial test date on which such financial covenant is to be tested hereunder, the level of any such financial covenant shall be deemed to be the covenant level for such initial test date. Notwithstanding anything to the contrary in this Agreement, for purposes of determining compliance with any basket, accordion or incremental feature, test, or condition under any provision of this Agreement or any other Credit Document, no Credit Party may retroactively divide, classify, re-classify or deem or otherwise treat a historical transaction as having occurred in reliance on a basket or exception that was not available at the time of such historical transaction or if and to the extent that such basket or exception was relied upon for any later transaction. When used herein, the term “financial statements” shall be construed to include all notes and schedules thereto. Whenever the terms “Holdings” or “Company” are used in respect of a financial covenant or a related definition, they shall be construed to mean “Holdings and its Subsidiaries on a consolidated basis” unless the context clearly requires otherwise. Except as otherwise provided therein, this Section 1.2 shall apply equally to each other Credit Document as if fully set forth therein, mutatis mutandis.
1.3Interpretation, Etc. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided. Any requirement for a referenced agreement, instrument, certificate or other document to be in “substantially” the form of an Appendix, Schedule, or Exhibit hereto means that such referenced document shall be in the form of such Appendix, Schedule, or Exhibit with such modifications to such form as are approved by Administrative Agent, and, in the case of any Collateral Document, Collateral Agent, in each case in such Agent’s sole discretion. The words “hereof”, “hereunder”, “hereby”, and words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. The use herein of the words “include” or “including,” when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The use herein of the words “continuing”, “continuance”, “existing”, or any words of similar import or derivatives of any such words in reference to any Event of Default means that such Event of Default has not been expressly waived in accordance with Section 10.5. The word “will” shall be construed as having the same meaning and effect as the word “shall”. The words “assets” and “property” shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties of any relevant Person or Persons. The terms lease and license
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shall be construed to include sub-lease and sub-license. Whenever the context may require, any pronoun shall be construed to include the corresponding masculine, feminine, and neuter forms. References to Persons include their respective permitted successors and assigns. Except as otherwise expressly provided herein, references to statutes, legislative acts, laws, regulations, and rules shall be deemed to refer to such statutes, acts, laws, regulations, and rules as in effect from time to time, including any amendments of the same and any successor statutes, acts, laws, regulations, and rules, unless any such reference is expressly limited to refer to any statute, act, law, regulation, or rule “as in effect on” a specified date. Except as otherwise expressly provided herein, any reference in or to this Agreement (including any Appendix, Schedule, or Exhibit hereto), any other Credit Document, or any other agreement, instrument, or other document shall be construed to refer to the referenced agreement, instrument, or document as assigned, amended, restated, supplemented, or otherwise modified from time to time, in each case in accordance with the express terms of this Agreement and any other relevant Credit Document unless such reference is expressly limited to refer to such agreement, instrument, or other document “as in effect on” a specified date. Unless otherwise expressly stated, if a Person may not take an action under this Agreement, then it may not take that action indirectly, or take any action assisting or supporting any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the Person but is intended to have substantially the same effects as the prohibited action. Except as otherwise provided therein, this Section 1.3 shall apply equally to each other Credit Document as if fully set forth therein, mutatis mutandis.
SECTION 2 LOANS AND LETTERS OF CREDIT
		2.1
	Term Loans.

(a)Loan Commitments. Subject to the terms and conditions hereof, each Lender severally agrees to make, on the Closing Date, a term loan to Company in an amount equal to such Lender’s Term Loan Commitment. The Company may make only one borrowing under the Term Loan Commitment, which borrowing may only occur on the Closing Date. Any amount borrowed under this Section 2.1(a) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.11(a) and 2.13, all amounts owed hereunder with respect to the Term Loans shall be Paid in Full no later than the Term Loan Maturity Date. Each Lender’s Term Loan Commitment shall terminate immediately and fully without further action by any Person upon the funding of such Lender’s Term Loan Commitment on the Closing Date.
(b)Borrowing Mechanics for Term Loans.
(i)Company shall deliver to Administrative Agent a fully executed Funding Notice no later than three Business Days prior to the Closing Date. Promptly upon receipt by Administrative Agent of such Funding Notice, Administrative Agent shall notify each Lender of the proposed borrowing.
(ii)Each Lender shall make its Term Loan available to Administrative Agent not later than 12:00 p.m. (New York City time) on the Closing Date, by wire transfer of same day funds in Dollars, at Administrative Agent’s Principal Office.
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Upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of the Term Loans available to the Company on the Closing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Loans received by Administrative Agent from Lenders to be credited to the accounts designated in writing by Company to Administrative Agent in the Funding Notice.
		2.2
	Revolving Loans.

(a)Revolving Commitments. During the Revolving Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make Revolving Loans to Company in an aggregate amount up to but not exceeding such Lender’s Revolving Commitment; provided, that after giving effect to the making of any Revolving Loans in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect. Amounts borrowed pursuant to this Section 2.2(a) may be repaid and reborrowed during the Revolving Commitment Period. Each Lender’s Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Loans and the Revolving Commitments shall be Paid in Full no later than such date.
(b)Borrowing Mechanics for Revolving Loans.
(i)Except pursuant to Section 2.3(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of that amount, and Revolving Loans that are LIBO Rate Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of that amount.
(ii)Subject to Section 3.2(b), whenever Company desires that Lenders make Revolving Loans, Company shall deliver to Administrative Agent a fully executed and delivered Funding Notice no later than 10:00 a.m. (New York City time) at least three Business Days in advance of the proposed Credit Date in the case of a LIBO Rate Loan, and at least one Business Day in advance of the proposed Credit Date in the case of a Revolving Loan that is a Base Rate Loan; provided that, if such Credit Date is the Closing Date, such Funding Notice may be delivered on the Closing Date with respect to Base Rate Loans and such period with respect to LIBO Rate Loans may be shorter than three Business Days if agreed by Administrative Agent in its sole discretion. Except as otherwise provided herein, a Funding Notice for a Revolving Loan that is a LIBO Rate Loan shall be irrevocable on and after the related Interest Rate Determination Date, and Company shall be bound to make a borrowing in accordance therewith.
(iii)Notice of receipt of each Funding Notice in respect of Revolving Loans, together with the amount of each Lender’s Pro Rata Share thereof, if any, together with the applicable interest rate, will be provided by Administrative Agent to each applicable Lender with reasonable promptness, but (if Administrative Agent
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received such notice by 10:00 a.m. (New York City time)) not later than 3:00 p.m. (New York City time) on the same day as Administrative Agent’s receipt of such Notice from Company.
(iv)Each Lender shall make the amount of its Revolving Loan available to Administrative Agent not later than 12:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at Administrative Agent’s Principal Office. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of such Revolving Loans available to Company on the applicable Credit Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Revolving Loans received by Administrative Agent from Lenders to be credited to the account as designated in writing to Administrative Agent on Funding Notice by Company.
(c)Protective Advances. Subject to the limitations set forth below, and whether or not an Event of Default or a Default shall have occurred and be continuing, Administrative Agent is authorized by Company and the Lenders, from time to time in Administrative Agent’s sole discretion (but Administrative Agent shall have absolutely no obligation to), to make Revolving Loans to Company on behalf of the Revolving Lenders, that Administrative Agent, in its sole discretion, deems necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or required to be paid by Company pursuant to the terms of this Agreement and the other Credit Documents, including payments of principal, interest, fees and reimbursable expenses (any of such Loans are in this clause (c) referred to as “Protective Advances”); provided, that the amount of Revolving Loans plus Protective Advances shall not exceed the Revolving Commitments then in effect. Protective Advances may be made even if the conditions precedent set forth in Section 3 have not been satisfied.   All Protective Advances shall be Base Rate Loans. Each Protective Advance shall be secured by the Liens in favor of Collateral Agent in and to the Collateral and shall constitute Obligations hereunder. Company shall pay the unpaid principal amount and all unpaid and accrued interest of each Protective Advance on the earlier of the Revolving Commitment Termination Date and the date on which demand for payment is made by Administrative Agent.
		2.3
	Issuance of Letters of Credit and Purchase of Participations Therein.

(a)Letters of Credit. During the Revolving Commitment Period, subject to the terms and conditions hereof, Issuing Bank agrees to issue Letters of Credit at the request of and for the account of Company in the aggregate amount up to but not exceeding the Letter of Credit Sublimit; provided, (i) each Letter of Credit shall be denominated in Dollars; (ii) the stated amount of each Letter of Credit shall not be less than $50,000 or such lesser amount as is acceptable to Issuing Bank; (iii) after giving effect to such issuance, in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the Letter of Credit Usage exceed the Letter
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of Credit Sublimit then in effect; (v) in no event shall any Letter of Credit have an expiration date later than the earlier of (1) thirty days prior to the Revolving Commitment Termination Date, and (2) the date that is one year from the date of issuance of such Letter of Credit; (vi) in no event shall any Letter of Credit be issued if the issuance thereof would violate one or more provisions of any applicable law, rule, or regulation or one or more policies of Issuing Bank applicable to letters of credit; (vii) each Letter of Credit shall be in form and substance reasonably satisfactory to Issuing Bank and issued in accordance with Issuing Bank’s standard operating procedures; and (viii) with respect to any Letter of Credit to be issued by GSB, such Letter of Credit shall be subject to the immediately succeeding sentence; provided, Issuing Bank shall not extend any such Letter of Credit if it has received written notice from Company, Administrative Agent, or any Lender that an Event of Default has occurred and is continuing at the time Issuing Bank must elect to allow such extension; provided, further, in the event any Lender is a Defaulting Lender, Issuing Bank shall not be required to issue any Letter of Credit or extend the expiry date or increase the amount of any outstanding Letter of Credit unless Issuing Bank has entered into arrangements satisfactory to it and Company to eliminate Issuing Bank’s risk with respect to the participation in Letters of Credit of the Defaulting Lender, including by Cash Collateralizing such Defaulting Lender’s Pro Rata Share of the Letter of Credit Usage in an amount not less than the Minimum Collateral Amount. With respect to any Letter of Credit to be issued by GSB, without the consent of GSB, such Letter of Credit shall (i) have a stated final expiration date, (ii) not permit the transfer or assignment thereof (or the right to draw thereunder) without the prior written consent of GSB, (iii) not permit cancellation thereof without the consent of the beneficiary thereof, (iv) not be subject to any rules or practices other than the International Standby Practices 1998, International Chamber of Commerce Publication No. 590 or such later supplement to or revision thereof as is in effect at the time of issuance of such Letter of Credit (“ISP”), (v) not cause the aggregate number of outstanding Letters of Credit issued by GSB under this Agreement at any time to exceed ten (10), (vi) not have more than one (1) beneficiary, (vii) have been the subject of a written notice of the Company’s request for issuance thereof that the Company has given Goldman Sachs Bank USA not less than three (3) Business Day’s prior to such requested issuance, (viii) not permit reduction of the amount thereof other than on an annual, quarterly, or monthly basis, (ix) for purposes of a demand for payment thereunder, require physical presentation to GSB of an original or copy thereof, together with any amendments thereto, (x) have attached thereto as an exhibit a form of demand for payment thereunder, (xi) not permit more than three (3) demands for payment thereunder, and (xii) in connection with any demand for payment thereunder, not require disbursement of such payment to the beneficiary thereof within seventy-two hours after such demand for payment is made.
(b)Notice of Issuance. Subject to Section 3.2(b), whenever Company desires the issuance of a Letter of Credit, it shall deliver to Administrative Agent and Issuing Bank an Issuance Notice no later than 12:00 p.m. (New York City time) at least three Business Days, or such shorter period as may be agreed to by Issuing Bank in any particular instance, in advance of the proposed date of issuance. At the request of Issuing Bank, Company shall also complete and submit to Issuing Bank the standard letter of credit application of Issuing Bank. Upon satisfaction or waiver of the conditions set forth in Section 3.2, Issuing Bank shall issue the requested Letter of Credit in accordance with Issuing Bank’s standard operating procedures.
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Upon the issuance of any Letter of Credit or amendment to a Letter of Credit, Issuing Bank shall promptly notify Administrative Agent and each Lender with a Revolving Commitment of such issuance or amendment, which notice shall be accompanied by a copy of such Letter of Credit or amendment.
(c)Responsibility of Issuing Bank With Respect to Requests for Drawings and Payments. In determining whether to honor any drawing under any Letter of Credit by the beneficiary thereof, Issuing Bank shall be responsible only to examine the documents delivered under such Letter of Credit so as to ascertain whether they appear on their face to be in accordance with the terms and conditions of such Letter of Credit. As between Company and Issuing Bank, Company assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by Issuing Bank or any proceeds thereof, by the respective beneficiaries, transferees, and assignees of proceeds of such Letters of Credit. In furtherance and not in limitation of the foregoing, Issuing Bank shall not be responsible to any Credit Party, any Agent, any Lender, or any other party hereto for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance (or amendment) of any Letter of Credit, any drawing under any Letter of Credit, or any consent to the amendment or cancellation of any Letter of Credit, even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary, transferee or assignee of letter of credit proceeds of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Issuing Bank, including any Governmental Acts. Nothing in the previous sentence shall affect or impair, or prevent the vesting of, any of Issuing Bank’s rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any action taken or omitted by Issuing Bank under or in connection with any Letter of Credit or any documents and certificates delivered thereunder, if taken or omitted in good faith (i.e., honesty in fact), shall not give rise to any liability on the part of Issuing Bank to any Credit Party, any Agent, any Lender, or any other party hereto. Notwithstanding anything to the contrary contained in this Section 2.3(c), Company shall retain any and all rights it may have against Issuing Bank for any liability for direct damages (as opposed to punitive, exemplary, consequential, or punitive damages) arising solely out of the gross negligence or willful misconduct of Issuing Bank, as determined by a final non-appealable judgment of a court of competent jurisdiction.
(d)Reimbursement by Company of Amounts Drawn or Paid Under Letters of Credit. In the event Issuing Bank has determined to honor a drawing under a Letter of Credit, it shall promptly notify Company and Administrative Agent, and Company shall reimburse Issuing
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Bank on or before the Business Day immediately following the date on which such drawing is honored (the “Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing; provided, anything contained herein to the contrary notwithstanding, (i) unless Company shall have notified Administrative Agent and Issuing Bank prior to 10:00 a.m. (New York City time) on the date such drawing is honored that Company intends to reimburse Issuing Bank for the amount of such honored drawing with funds other than the proceeds of Revolving Loans, Company shall be deemed to have given a timely Funding Notice to Administrative Agent requesting Lenders with Revolving Commitments to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the amount of such honored drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 3.2, Lenders with Revolving Commitments shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the amount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse Issuing Bank for the amount of such honored drawing; and provided further, if for any reason proceeds of Revolving Loans are not received by Issuing Bank on the Reimbursement Date in an amount equal to the amount of such honored drawing, Company shall reimburse Issuing Bank, on demand, in an amount in same day funds equal to the excess of the amount of such honored drawing over the aggregate amount of such Revolving Loans, if any, the proceeds of which are so received. Nothing in this Section 2.3(d) shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth herein, and Company shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this Section 2.3(d).
(e)Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Lender’s Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount that is or at any time may become available to be drawn thereunder. In the event that Company shall fail for any reason to reimburse Issuing Bank as provided in Section 2.3(d), Issuing Bank shall promptly notify each Lender with a Revolving Commitment of the unreimbursed amount of such honored drawing and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Lender with a Revolving Commitment shall make available to Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first business day (under the laws of the jurisdiction in which such office of Issuing Bank is located) after the date on which it is so notified by Issuing Bank. In the event that any Lender with a Revolving Commitment fails to make available to Issuing Bank on such business day the amount of such Lender’s participation in such Letter of Credit as provided in this Section 2.3(e), Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily used by Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Lender with a Revolving Commitment to recover from Issuing Bank any amounts made available by such Lender to Issuing Bank pursuant to this
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Section 2.3(e) in the event that it is determined by a final non-appealable judgment of a court of competent jurisdiction that the payment with respect to a Letter of Credit in respect of which payment was made by such Lender constituted gross negligence or willful misconduct on the part of Issuing Bank. In the event Issuing Bank shall have been reimbursed by other Lenders pursuant to this Section 2.3(e) for all or any portion of any drawing honored by Issuing Bank under a Letter of Credit, such Issuing Bank shall distribute to each Lender that has paid all amounts payable by it under this Section 2.3(e) with respect to such honored drawing such Lender’s Pro Rata Share of all payments subsequently received by Issuing Bank from Company in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Lender at its primary address set forth below its name on Appendix B or at such other address as such Lender may request.
(f)Obligations Absolute. The obligation of Company to reimburse Issuing Bank for drawings honored under the Letters of Credit issued by it and to repay any Revolving Loans made by Lenders pursuant to Section 2.3(d) and the obligations of Lenders under Section 2.3(e) shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms hereof under all circumstances including any of the following circumstances: (i) any lack of validity or enforceability of any Letter of Credit; (ii) the existence of any claim, set-off, defense or other right that Company or any Lender may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), Issuing Bank, Lender or any other Person or, in the case of a Lender, against Company, whether in connection herewith, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between Company or one of its Subsidiaries and the beneficiary for which any Letter of Credit was procured); (iii) any draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (iv) payment by Issuing Bank under any Letter of Credit against presentation of a draft or other document that does not substantially comply with the terms of such Letter of Credit; (v) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings or any of its Subsidiaries; (vi) any breach hereof or any other Credit Document by any party thereto; (vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing; or (viii) the fact that an Event of Default or a Default shall have occurred and be continuing; provided, in each case, that payment by Issuing Bank under the applicable Letter of Credit shall not have constituted gross negligence or willful misconduct of Issuing Bank under the circumstances in question, as determined by a final non-appealable judgment of a court of competent jurisdiction.
(g)Indemnification. Without duplication of any obligation of Company under Section 10.2 or 10.3, in addition to amounts payable as provided herein, Company hereby agrees to protect, indemnify, pay and save harmless Issuing Bank from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of counsel and allocated costs of internal counsel) that Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by Issuing Bank, other than as a result of (1) the gross negligence or willful misconduct of Issuing Bank, as determined by a final non-appealable judgment of a court of competent
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jurisdiction, or (2) the wrongful dishonor by Issuing Bank of a proper demand for payment made under any Letter of Credit issued by it, or (ii) the failure of Issuing Bank to honor a drawing under any such Letter of Credit as a result of any Governmental Act.
(h)Resignation and Removal of Issuing Bank. An Issuing Bank may resign as Issuing Bank upon sixty days prior written notice to Administrative Agent, Lenders and Company. An Issuing Bank may be replaced at any time by written agreement among Company, Administrative Agent, the replaced Issuing Bank (provided that the replaced Issuing Bank shall not be required to execute or deliver any written agreement if the replaced Issuing Bank has no Letters of Credit or reimbursement obligations with respect thereto outstanding; provided, further, that Company shall promptly notify Issuing Bank upon the execution and delivery of any such written agreement by the parties thereto) and the successor Issuing Bank. Administrative Agent shall notify the Lenders of any such replacement of such Issuing Bank. At the time any such replacement or resignation shall become effective, Company shall (A) pay all unpaid fees and other amounts accrued for the account of the replaced Issuing Bank and (B) Cash Collateralize or replace any existing Letters of Credit or cause a bank or other financial institution acceptable to the replaced Issuing Bank to issue backstop letters of credit (naming the replaced Issuing Bank as the beneficiary thereof and otherwise in form and substance satisfactory to the replaced Issuing Bank) in respect of existing Letters of Credit, in each case on terms satisfactory to the replaced Issuing Bank. From and after the effective date of any such replacement or resignation, (i) any successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement or resignation of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto to the extent that Letters of Credit issued by it remain outstanding and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement or resignation, but shall not be required to issue additional Letters of Credit.
		2.4
	Pro Rata Shares; Availability of Funds.

(a)Pro Rata Shares. All Loans shall be made, and all participations purchased, by Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation required hereby nor shall any Term Loan Commitment or any Revolving Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation required hereby.
(b)Availability of Funds. Unless Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date that such Lender does not intend to make available to Administrative Agent the amount of such Lender’s Loan requested on such Credit Date, Administrative Agent may assume that such Lender has made such amount
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available to Administrative Agent on such Credit Date and Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to Company a corresponding amount on such Credit Date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender, Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the customary rate set by Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. In the event that (i) Administrative Agent declines to make a requested amount available to Company until such time as all applicable Lenders have made payment to Administrative Agent, (ii) a Lender fails to fund to Administrative Agent all or any portion of the Loans required to be funded by such Lender hereunder prior to the time specified in this Agreement, and (iii) such Lender’s failure results in Administrative Agent failing to make a corresponding amount available to Company on the Credit Date, at Administrative Agent’s option, such Lender shall not receive interest hereunder with respect to the requested amount of such Lender’s Loans for the period commencing with the time specified in this Agreement for receipt of payment by Company through and including the time of Company’s receipt of the requested amount. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor, Administrative Agent shall promptly notify Company and Company shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans. Nothing in this Section 2.4(b) shall be deemed to relieve any Lender from its obligation to fulfill its Term Loan Commitments and Revolving Commitments hereunder or to prejudice any rights that Company may have against any Lender as a result of any default by such Lender hereunder.
2.5Use of Proceeds. The proceeds of the Term Loans and the Revolving Loans, if any, made on the Closing Date shall be applied by Company to finance the purchase price for the Closing Date Acquisition, to refinance Existing Indebtedness and to pay Transaction Costs. The proceeds of the Revolving Loans and Letters of Credit made after the Closing Date shall be applied by Company for working capital and general corporate purposes of Holdings and its Subsidiaries, excluding Restricted Junior Payments and prepayments of the Term Loans or other long-term Indebtedness for borrowed money. Letters of Credit shall be used by Company for working capital and general corporate purposes of Holdings and its Subsidiaries and may not be issued to any Credit Party or any of its Affiliates without the approval of Administrative Agent in its sole discretion. Notwithstanding anything to the contrary in this Agreement, no Credit Extension or proceeds thereof may be used in any manner that conflicts with Section 4.18(b) or Section 4.26(a).
		2.6
	Evidence of Debt; Register; Lenders’ Books and Records; Notes.

(a)Lenders’ Evidence of Debt. Each Lender shall maintain on its internal records an account or accounts evidencing the Obligations of Company to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof. Any such recordation shall be conclusive and binding on Company, absent manifest
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error; provided, that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitments or Company’s Obligations in respect of any applicable Loans; and provided further, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern.
(b)Register. Administrative Agent (or an agent or sub-agent appointed by it) shall maintain at its Principal Office a register for the recordation of the names and addresses of Lenders and the Revolving Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The Register shall be available for inspection by Company or any Lender (with respect to (i) any entry relating to such Lender’s Loans, and (ii) the identity of the other Lenders (but not any information with respect to such other Lenders’ Loans)) at any reasonable time and from time to time upon reasonable prior notice.Administrative Agent shall record, or shall cause to be recorded, in the Register the Revolving Commitments and the Loans in accordance with the provisions of Section 10.6, and each repayment or prepayment in respect of the principal amount of the Loans, and any such recordation shall be conclusive and binding on Company and each Lender, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitments or Company’s Obligations in respect of any Loan. Company hereby designates Administrative Agent to serve as Company’s non-fiduciary agent solely for purposes of maintaining the Register as provided in this Section 2.6, and Company hereby agrees that, to the extent Administrative Agent serves in such capacity, Administrative Agent and its officers, Directors, employees, agents, sub-agents, and affiliates shall constitute “Indemnitees.”
(c)Promissory Notes. If so requested by any Lender by written notice to Company (with a copy to Administrative Agent) at least two Business Days prior to the Closing Date, or at any time thereafter, Company shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to Section 10.6) on the Closing Date (or, if such notice is delivered after the Closing Date, promptly after Company’s receipt of such notice) a promissory note or notes, in form and substance reasonably acceptable to Administrative Agent, to evidence such Lender’s Term Loan or Revolving Loan, as the case may be.
		2.7
	Interest on Loans and Letter of Credit Disbursements.

(a)Except as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows:
(i)if a Base Rate Loan, at the Base Rate plus the Applicable Margin; or
(ii)if a LIBO Rate Loan, at the Adjusted LIBO Rate plus the Applicable Margin.
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(b)The basis for determining the rate of interest with respect to any Loan, and the Interest Period with respect to any LIBO Rate Loan, shall be selected by Company and notified to Administrative Agent and Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be.
(c)In connection with LIBO Rate Loans there shall be no more than five Interest Periods outstanding at any time. In the event Company fails to specify between a Base Rate Loan or a LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Loan (if outstanding as a LIBO Rate Loan) will be automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding) will be made as, a Base Rate Loan). In the event Company fails to specify an Interest Period for any LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, Company shall be deemed to have selected an Interest Period of one month. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBO Rate Loans for which an interest rate is then being determined for the applicable Interest Period and will promptly give notice thereof to Company and each Lender.
(d)Interest payable pursuant to Section 2.7(a) shall be computed on the basis of a three hundred sixty-day year, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan or with respect to a Base Rate Loan being converted from a LIBO Rate Loan, the date of conversion of such LIBO Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a LIBO Rate Loan, the date of conversion of such Base Rate Loan to such LIBO Rate Loan, as the case may be, shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
(e)Except as otherwise set forth herein, interest on each Loan (i) shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date with respect to interest accrued on and to each such Interest Payment Date; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of the Loans, including final maturity of the Loans; and (iv) shall be payable in cash.
(f)Company agrees to pay to Issuing Bank, with respect to drawings honored under any Letter of Credit, interest on the amount paid by Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of Company at a rate equal to (i) for the period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans, and (ii)
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thereafter, a rate that is the lesser of (y) two percent per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans, and (z) the Highest Lawful Rate.
(g)Interest payable pursuant to Section 2.7(f) shall be computed on the basis of a three hundred sixty-day year for the actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full. In the event Issuing Bank shall have been reimbursed by Lenders for all or any portion of such honored drawing, Issuing Bank shall distribute to each Lender that has paid all amounts payable by it under Section 2.3(e) with respect to such honored drawing such Lender’s Pro Rata Share of any interest received by Issuing Bank in respect of that portion of such honored drawing so reimbursed by Lenders for the period from the date on which Issuing Bank was so reimbursed by Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by Company.
		2.8
	Conversion/Continuation.

(a)Subject to Section 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, Company shall have the option:
(i)to convert at any time all or any part of any Term Loan or Revolving Loan equal to $250,000 and integral multiples of $100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a LIBO Rate Loan may only be converted on the expiration of the Interest Period applicable to such LIBO Rate Loan unless the Company shall pay all amounts due under Section 2.17 in connection with any such conversion; or
(ii)upon the expiration of any Interest Period applicable to any LIBO Rate Loan, to continue all or any portion of such Loan equal to $250,000 and integral multiples of $100,000 in excess of that amount as a LIBO Rate Loan.
(b)Subject to Section 3.2(b), Company shall deliver a Conversion/Continuation Notice to Administrative Agent no later than 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed conversion/continuation date (in the case of a conversion to, or a continuation of, a LIBO Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any LIBO Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then, for that day, such Loan shall be a Base Rate Loan.
2.9Default Interest. Upon the occurrence and during the continuance of an Event of Default, the principal amount of all Loans outstanding and, to the extent permitted by applicable
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law, any interest payments on the Loans or any fees or other amounts owed hereunder, shall thereafter bear interest (including post-petition interest in any proceeding under any Debtor Relief Laws) payable on demand at a rate that is two percent per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees and other amounts, at a rate that is two percent per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans); provided, any LIBO Rate Loans (a) may be converted to Base Rate Loans at the revocable election of Administrative Agent at any time after the occurrence of such Event of Default (irrespective of whether the Interest Period in effect at the time of such conversion has expired), and (b) unless Requisite Lenders otherwise consent in writing that LIBO Rate Loans are available, will automatically be converted to Base Rate Loans upon the expiration of the Interest Period in effect at the time any such increase in the interest rate is effective, and in each case thereupon shall become Base Rate Loans and shall thereafter bear interest payable upon demand at a rate that is two percent per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans. Payment or acceptance of (i) the increased rates of interest provided for in this Section 2.9 or (ii) any amount of interest that is less than the amount due, in each case is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Administrative Agent or any Lender.
		2.10
	Fees.

(a)Company agrees to pay to Lenders having Revolving Exposure:
(i)commitment fees equal to (1) the average of the daily difference between (a) the Revolving Commitments, and (b) the Total Utilization of Revolving Commitments, times (2) one-half of one percent (0.50%) per annum; and
(ii)letter of credit fees equal to (1) the Applicable Margin for Revolving Loans that are LIBO Rate Loans, times (2) the average aggregate daily maximum amount available to be drawn under all such Letters of Credit (regardless of whether any conditions for drawing could then be met and determined as of the close of business on any date of determination).
All fees referred to in this Section 2.10(a) shall be paid to Administrative Agent as set forth in Section 2.15(a) and upon receipt, Administrative Agent shall promptly distribute to each Lender its Pro Rata Share thereof.
(b)Company agrees to pay directly to Issuing Bank, for its own account, the following fees:
(i)a fronting fee equal to one-quarter of one percent (0.250%), per annum, times the average aggregate daily maximum amount available to be drawn under all Letters of Credit (determined as of the close of business on any date of determination); and
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(ii)such documentary and processing charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance with Issuing Bank’s standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or payment, as the case may be.
(c)All fees referred to in Section 2.10(a) and 2.10(b)(i) shall be calculated on the basis of a three hundred sixty-day year and the actual number of days elapsed and shall be payable monthly in arrears on the last day of each month during the Revolving Commitment Period, commencing on the first such date to occur after the Closing Date, and on the Revolving Commitment Termination Date.
(d)In addition to any of the foregoing fees, Company agrees to pay to Agents such other fees in the amounts and at the times separately agreed upon, including the fees set forth in the Fee Letter.
		2.11
	Scheduled Payments.

(a)Scheduled Installments: The principal amounts of the Term Loans shall be repaid in consecutive calendar quarterly installments of $120,000125,000 (each such payment, an “Installment”) on the last day of each calendar quarter (each, an “Installment Date”), commencing December 31September 30, 20192021, with a final installment equal to the aggregate outstanding principal amount of the Term Loans, together with all other amounts owed hereunder with respect thereto, to be paid on the Term Loan Maturity Date.
(b)All Revolving Loans, together with all other amounts owed hereunder with respect to any Revolving Commitments or Revolving Loans, shall be Paid in Full on the Revolving Commitment Termination Date.
		2.12
	Voluntary Prepayments/Commitment Reductions.

(a)Voluntary Prepayments.
(i)Any time and from time to time:
(1)with respect to Base Rate Loans, Company may prepay any such Loans on any Business Day in whole or in part, in an aggregate minimum amount of $250,000 and integral multiples of $100,000 in excess of that amount; and
(2)with respect to LIBO Rate Loans, Company may prepay any such Loans on any Business Day in whole or in part (together with any amounts due pursuant to Section 2.17(d)) in an aggregate minimum amount of $250,000 and integral multiples of $100,000 in excess of that amount.
(ii)All such prepayments shall be made:
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(1)upon not less than one Business Day’s prior written or telephonic notice in the case of Base Rate Loans; and
(2)upon not less than three Business Days’ prior written or telephonic notice in the case of LIBO Rate Loans,
in each case given to Administrative Agent by 12:00 p.m. (New York City time) on the date required and, if given by telephone, promptly confirmed in writing to Administrative Agent (and Administrative Agent will promptly transmit such written notice for Term Loans or Revolving Loans, as the case may be, to each Lender). Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become due and payable on the prepayment date specified therein. Any such voluntary prepayment shall be applied as specified in Section 2.14(a) with respect to Revolving Loans and Section 2.14(b) with respect to Term Loans.
(b)Voluntary Commitment Reductions.
(i)Company may, upon not less than three Business Days’ prior written or telephonic notice confirmed in writing to Administrative Agent (which original written notice Administrative Agent will promptly transmit to each applicable Lender), at any time and from time to time terminate in whole or permanently reduce in part the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed termination or reduction; provided, any such partial reduction of the Revolving Commitments shall be in an aggregate minimum amount of $250,000 and integral multiples of $100,000 in excess of that amount.
(ii)Company’s notice to Administrative Agent shall be irrevocable (unless otherwise agreed to by Administrative Agent in its sole discretion) and shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date specified in Company’s notice and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share thereof.
(c)Partial Payments or Reductions. Notwithstanding anything in this Section 2.12 to the contrary, Company shall not partially prepay any Term Loan and/or partially reduce any Revolving Commitment or Term Loan Commitment unless (x) the sum of (1) the aggregate amount of the remaining Revolving Commitments, plus (2) the aggregate remaining unused Term Loan Commitments, plus (3) the remaining outstanding principal amount of the Term Loans is equal to at least twenty-five percent (25%) of (y) the sum of (1) the aggregate amount of the Revolving Commitments as of the Closing Date, plus (2) the aggregate principal amount of the Term Loans that have been funded pursuant to the Term Loan Commitments, plus (3) the initial stated principal amount of the Term Loan Commitments as of the Closing Date immediately prior to any funding thereof on the Closing Date to the extent such Term Loan Commitments have not been used.
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		2.13
	Mandatory Prepayments/Commitment Reductions.

(a)Asset Sales. No later than the first Business Day following the date of receipt by any Credit Party or any of its Subsidiaries of any Net Asset Sale Proceeds (it being understood that such Net Asset Sale Proceeds shall be deposited into a Controlled Account on the same Business Day as receipt thereof), Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to such Net Asset Sale Proceeds; provided, that (i) so long as no Default or Event of Default shall have occurred and be continuing, and (ii) to the extent that aggregate Net Asset Sale Proceeds from the Closing Date through the applicable date of determination do not exceed $250,0001,500,000 in any twelve consecutive month period, upon delivery of a written notice to Administrative Agent, Company shall have the option, directly or through one or more Subsidiaries, to invest Net Asset Sale Proceeds (the “Asset Sale Reinvestment Amounts”) in long-term productive assets of the general type used in the business of Company if such assets are purchased or constructed within onetwo hundred eightyseventy (180270) days following receipt of such Net Asset Sale Proceeds (and so long as any such individual or aggregate investment in the amount of $250,0001,500,000 or more in any twelve consecutive month period has been consented to by Administrative Agent and Required Lenders); provided further, pending any such reinvestment all Asset Sale Reinvestment Amounts shall be applied to prepay Revolving Loans to the extent then outstanding (without a reduction in Revolving Commitments) and, to the extent such Asset Sale Reinvestment Amounts exceed the amount required to prepay all such Revolving Loans, the balance thereof shall, if requested by Administrative Agent, be held at all times prior to such reinvestment, in an escrow account in form and substance reasonably acceptable to Administrative Agent.Notwithstanding the foregoing, with respect to the Las Vegas Termination Payments, the Company shall be required to prepay the Obligations by an amount equal to the Las Vegas Excess Termination Payments in accordance with Section 2.14(b) (in lieu of reinvestment), unless the Company has notified the Administrative Agent, in writing and prior to 30 days after receipt by Holdings or its Subsidiaries of any Las Vegas Termination Payments, of the specific investment into which such Las Vegas Excess Termination Payments shall be re-invested, in which case, the Las Vegas Excess Termination Payments may be reinvested in accordance with this Section 2.13(a) in such designated specific investment (or applied to prepay the Obligations in accordance with this Section 2.13(a)). In the event that the Asset Sale Reinvestment Amounts are not reinvested by Company prior to the earlier of (i) the last day of such onetwo hundred eightyseventy (180270) day period, and (ii) the date of the occurrence of an Event of Default, Administrative Agent shall apply such Asset Sale Reinvestment Amounts to the Obligations as set forth in Section 2.14(b).
(b)Insurance/Condemnation Proceeds. No later than the first Business Day following the date of receipt by any Credit Party or any of its Subsidiaries, or Administrative Agent as lender loss payee, of any Net Insurance/Condemnation Proceeds (it being understood that such Net Insurance/Condemnation Proceeds shall be deposited into a Controlled Account on the same Business Day as receipt thereof), Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to such Net Insurance/Condemnation Proceeds; provided, (i) so long as no Default or Event of Default shall have occurred and be continuing, and (ii) to the extent that
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aggregate Net Insurance/Condemnation Proceeds from the Closing Date through the applicable date of determination do not exceed $250,0001,500,000 in any twelve consecutive month period (such amounts, the “Insurance/Condemnation Reinvestments Amounts”), Company shall have the option, directly or through one or more of its Subsidiaries to invest such Insurance/Condemnation Reinvestment Amounts within one hundred eighty days of receipt thereof (the “Insurance/Condemnation Reinvestment Period”) in long term productive assets of the general type used in the business of Company and its Subsidiaries, which investment may include the repair, restoration or replacement of the relevant assets in respect of which such Net Insurance/Condemnation Proceeds were received; provided further, pending any such investment all such Insurance/Condemnation Reinvestment Amounts, as the case may be, shall be applied to prepay Revolving Loans to the extent outstanding (without a reduction in Revolving Commitments) and, to the extent such Insurance/Condemnation Reinvestment Amounts exceed the amount required to prepay all such Revolving Loans, the balance thereof shall, if requested by Administrative Agent, be held at all times prior to such reinvestment, in an escrow account in form and substance reasonably acceptable to Administrative Agent. In the event that such Insurance/Condemnation Reinvestment Amounts are not reinvested by Company prior to the earlier of (i) the expiration of the applicable Insurance/Condemnation Reinvestment Period, and (ii) the occurrence of an Event of Default, then, at such time, an Event of Default shall be deemed to have occurred and be continuing under this Section 2.13(b) until a prepayment is made (or any such escrow is applied by Administrative Agent as a prepayment) in an amount equal to such Insurance/Condemnation Reinvestment Amounts that have not been so reinvested.
(c)Issuance of Equity Securities. On the date of receipt by any Credit Party or any of its Subsidiaries of any Net Equity Proceeds from any Person other than a Credit Party (it being understood that any such Net Equity Proceeds shall be deposited into a Controlled Account on the same Business Day as receipt thereof), Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to 100% of such Net Equity Proceeds, excluding any such Net Equity Proceeds used for (x) purposes approved in writing by Administrative Agent in its sole discretion or (y) repayment of any loans incurred on May 4, 2020 pursuant to Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (together with all regulations and guidance issued by any Governmental Authority with respect thereto, and as in effect on the date hereof), solely to the extent (1) the Credit Parties provide written notice to Administrative Agent of such intended use and the amount of such Net Equity Proceeds prior to the receipt of such Net Equity Proceeds and (2) the Credit Parties use such Net Equity Proceeds solely for the purposes described in this clause (y) within two (2) Business Days of receiptreceived when no Event of Default has occurred and is continuing.
(d)Issuance of Debt. On the date of receipt by any Credit Party or any of its Subsidiaries of any Cash proceeds (it being understood that any such Cash proceeds shall be deposited into a Controlled Account on the same Business Day as receipt thereof) from the incurrence of any Indebtedness of any Credit Party or any of its Subsidiaries, excluding any Cash proceeds received with respect to any Indebtedness permitted to be incurred pursuant to Section 6.1, Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to 100% of such proceeds,
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net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, in each case, paid to non-Affiliates, including reasonable legal fees and expenses.
(e)Consolidated Excess Cash Flow. In the event that there shall be Consolidated Excess Cash Flow for any Fiscal Year (commencing with Fiscal Year December 31, 2020), the Company shall, no later than the date required for delivery of annual financial statements with respect to the such Fiscal Year pursuant to Section 5.1(c), prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to the Excess Cash Flow Percentage of such Consolidated Excess Cash Flow as of the last day of such Fiscal Year. Any amounts prepaid pursuant to this Section 2.13(e) with respect to any Fiscal Year in excess of the amounts required pursuant to the immediately preceding sentence shall be treated as voluntary prepayments made pursuant to Section 2.12(a)[Reserved].
(f)Extraordinary Receipts. On the date of receipt by Holdings or any of its Subsidiaries of any Extraordinary Receipts (it being understood that such Extraordinary Receipts shall be deposited in a Controlled Account on the same Business Day as receipt thereof), to the extent that aggregate Extraordinary Receipts exceed $1,000,000 in the twelve consecutive month period ending on the date of receipt, Company shall prepay Loans and/or Revolving Commitments shall be reduced as set forth in Section 2.14(b) in the amount of such Extraordinary Receipts.
(g)Revolving Loans. Company shall from time to time prepay the Revolving Loans to the extent necessary so that the Total Utilization of Revolving Commitments shall not at any time exceed the Revolving Commitments then in effect.
(h)Prepayment of Excess Outstanding Amounts. Concurrently with the delivery of the financial statements pursuant to Section 5.1(a), Company shall prepay Loans in an aggregate amount equal to 100% of the amount by which (x) the Consolidated Total Debt as of the date of such financial statements, exceeds (y) Consolidated Adjusted EBITDA for the twelve month period ending on the last day of fiscal month for which such financial statements were prepared, multiplied by the most recently applicable maximum Leverage Ratio set forth in Section 6.8(b). Notwithstanding the foregoing, no prepayments shall be required pursuant to this Section 2.13(h) from the Second Amendment Effective Date through March 31, 2022.
(i)Las Vegas Management Agreement Termination. Within one Business Day after receipt by Holdings or its Subsidiaries of any Las Vegas Termination Payments, Company shall prepay Loans in an aggregate amount equal to the amount necessary to cause the Leverage Ratio on the date of receipt by Holdings or its Subsidiaries of notice of termination of the Las Vegas Management Agreement, measured after giving pro forma effect to the termination thereof (and the exclusion of such revenue and related expenses from Consolidated EBITDA) not to exceed the Leverage Ratio of such date measured immediately prior to giving effect to the termination of the Las Vegas Management Agreement or this required prepayment.
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(j)Prepayment Certificate. Concurrently with any prepayment of the Loans and/or reduction of the Revolving Commitments pursuant to Sections 2.13(a) through 2.13(i), Company shall deliver to Administrative Agent a certificate of a Chief Financial Officer demonstrating the calculation of the amount of the applicable net proceeds or Consolidated Excess Cash Flow and compensation owing to Lenders under any of the Credit Documents, if any, as the case may be. In the event that Company shall subsequently determine that the actual amount received exceeded the amount set forth in such certificate, Company shall promptly make an additional prepayment of the Loans and/or the Revolving Commitments shall be permanently reduced in an amount equal to such excess, and Company shall concurrently therewith deliver to Administrative Agent a certificate of a Chief Financial Officer demonstrating the derivation of such excess.
		2.14
	Application of Prepayments/Reductions.

(a)Application of Voluntary Prepayments of Revolving Loans. Any prepayment of any Revolving Loan pursuant to Section 2.12 shall be applied to repay outstanding Revolving Loans to the full extent thereof.
(b)Application of Prepayments by Type of Loans. Any voluntary prepayments of Term Loans pursuant to Section 2.12 and any mandatory prepayment of any Loans pursuant to Section 2.13 shall be applied as follows:
first, to the payment of all fees, all expenses specified in Section 10.2 and all other amounts payable pursuant to the Fee Letter, in each case to the full extent thereof;
second, to the payment of any accrued interest at the Default Rate, if any;
third, to the payment of any accrued interest (other than Default Rate interest);
fourth, to prepay Term Loans applied in inverse order ofpro rata across 
maturity to reduce the remaining scheduled Installments of principal of the Term Loans;
fifth, to prepay the Revolving Loans and outstanding reimbursement obligations with respect to Letters of Credit to the full extent thereof and to further permanently reduce the Revolving Commitments by the amount of such prepayment;
sixth, to Cash Collateralize Letters of Credit in an amount not less than the Minimum Collateral Amount and to further permanently reduce the Revolving Loan Commitments by the amount of such Cash Collateralization;
seventh, to further permanently reduce the Revolving Commitments to the full extent thereof;
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eighth, to payment of any remaining Obligations then due and payable.
(c)Application of Prepayments of Loans to Base Rate Loans and LIBO Rate Loans. Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to LIBO Rate Loans, in each case in a manner that minimizes the amount of any payments required to be made by Company pursuant to Section 2.17(d).
		2.15
	General Provisions Regarding Payments.

(a)All payments by Company of principal, interest, fees and other Obligations shall be made in Dollars in immediately available funds, without defense, recoupment, setoff or counterclaim, free of any restriction or condition, and delivered to Administrative Agent not later than 12:00 p.m. (New York City time) on the date due by wire transfer to an account designated by Administrative Agent from time to time that is maintained by Administrative Agent or its Affiliates for the account of the Lenders or Administrative Agent; provided that payments required to be made directly to Issuing Bank shall be so made. For purposes of computing interest and fees, funds received by Administrative Agent after that time on such due date shall be deemed to have been paid by Company on the next Business Day.
(b)All payments in respect of the principal amount of any Loan (other than voluntary prepayments of Revolving Loans) shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid, and all such payments (and, in any event, any payment received in respect of any Loan on a date when interest or premium is due and payable with respect to such Loan) shall be applied to the payment of interest and premium then due and payable before application to principal.
(c)Administrative Agent (or an agent or sub-agent appointed by it) shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, such Lender’s applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including all fees payable with respect thereto, to the extent received by Administrative Agent.
(d)Notwithstanding the foregoing provisions hereof, if any Conversion/Continuation Notice is withdrawn as to any Affected Lender or if any Affected Lender makes Base Rate Loans in lieu of its Pro Rata Share of any LIBO Rate Loans, Administrative Agent shall give effect thereto in apportioning payments received thereafter.
(e)Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of the commitment fees hereunder.
(f)[Reserved]
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(g)Administrative Agent shall deem any payment by or on behalf of Company hereunder that is not made in same day funds prior to 12:00 p.m. (New York City time) to be a non-conforming payment. Any such payment shall not be deemed to have been received by Administrative Agent until the later of (i) the time such funds become available funds, and (ii) the applicable next Business Day. Administrative Agent shall give prompt telephonic notice to Company and each applicable Lender (confirmed in writing) if any payment is non-conforming. Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms of Section 8.1(a). Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next Business Day) at the Default Rate from the date such amount was due and payable until the date such amount is Paid in Full.
(h)If an Event of Default shall have occurred and not otherwise been waived, and the Obligations have become due and payable in full hereunder, whether by acceleration, maturity or otherwise, all payments or proceeds received by any Agent hereunder or under any Collateral Document in respect of any of the Obligations, including all proceeds received by any Agent in respect of any sale, any collection from, or other realization upon all or any part of the Collateral, shall be applied in full or in part as follows: first, to the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to each Agent and its agents and counsel, and all other expenses, liabilities and advances made or incurred by any Agent in connection therewith, and all amounts for which any Agent is entitled to indemnification hereunder or under any Collateral Document (in its capacity as an Agent and not as a Lender) and all advances made by any Agent under any Collateral Document for the account of the applicable Grantor, and to the payment of all costs and expenses paid or incurred by any Agent in connection with the exercise of any right or remedy hereunder or under any Collateral Document, all in accordance with the terms hereof or thereof; second, to the extent of any excess of such proceeds, to the payment of all other Obligations for the ratable benefit of the Lenders and the Lender Counterparties; and third, to the extent of any excess of such proceeds, to the payment to or upon the order of such Grantor or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.
2.16Ratable Sharing. Lenders hereby agree among themselves that, except as otherwise provided in the Fee Letter, if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set-off or banker’s lien, by counterclaim or cross action or by the enforcement of any right under the Credit Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a portion of the aggregate amount of principal, interest, amounts payable in respect of Letters of Credit, fees and other amounts then due and owing to such Lender hereunder or under the other Credit Documents (collectively, the “Aggregate Amounts Due” to such Lender) that is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such proportionately greater payment shall (a) notify Administrative Agent and each other Lender of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to have
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purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of Company or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest. Company expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker’s lien, consolidation, set-off or counterclaim with respect to any and all monies owing by Company to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder. The provisions of this Section 2.16 shall not be construed to apply to (a) any payment made by any Credit Party pursuant to and in accordance with the express terms of any Credit Document (including the application of funds arising from the existence of a Defaulting Lender) or (b) any payment obtained by any Lender as consideration for the assignment or sale of a participation in any of its Loans or other Obligations owed to it.
		2.17
	Making or Maintaining LIBO Rate Loans.

(a)Changed Circumstances/Temporary LIBOR Unavailability. In the event that Administrative Agent determines (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any LIBO Rate Loans, that (i) subject to subsections (b) through (f) below, Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such LIBO Rate Loans, (ii) by reason of circumstances affecting the London interbank market adequate and fair means do not exist for ascertaining the interest rate applicable to such LIBO Rate Loans on the basis provided for in the definition of Adjusted LIBO Rate, or (iii) the Adjusted LIBO Rate does not adequately and fairly reflect the cost to Lenders of making or maintaining such LIBO Rate Loans during such Interest Period, Administrative Agent will reasonably promptly give notice to Company and each Lender of such determination, whereupon (A) no Loans may be made as, or converted to, LIBO Rate Loans until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist, and (B) any Funding Notice or Conversion/Continuation Notice given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.
(b)LIBOR Discontinuation.        Benchmark    Replacement    Setting. Notwithstanding anything to the contrary herein or in any other Credit Document:
(i)If at any time the Administrative Agent determines (which determination shall be final and conclusive absent manifest error) that (i) the circumstances set forth in clause (a) above have arisen and such circumstances are unlikely to be temporary or (ii) a Benchmark Discontinuance Event has occurred, the Administrative Agent and the Company shall endeavor to establish an alternate
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replacement rate of interest to the Adjusted LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for bank loans in the United States at such time as well as to the Administrative Agent's operational requirements, and the Administrative Agent and the Company shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. If such replacement rate of interest as so determined would be less than zero, such rate shall be deemed to be zero. In order to account for the relationship of the replacement interest rate to the Adjusted LIBO Rate, additional spread adjustment and/or other adjustments may be taken into account in the replacement rate of interest to preserve the economic yield of the Lenders in effect as of, and as contemplated on, the Closing Date. Replacing Adjusted LIBO Rate. On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12-month USD LIBOR tenor settings. On the earlier of (i) the date that all Available Tenors of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is Adjusted LIBO Rate, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Credit Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.
(ii)Notwithstanding anything to the contrary in Section 10.5, the amendment referred to in clause (i) above shall become effective without any further action or consent of any other party to this Agreement so long as the Lenders shall have received at least five Business Days' prior written notice of such amendment thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment. Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document, so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Requisite Lenders. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying
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market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Company may revoke any request for a borrowing of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Company’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Company will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. During the period referenced in the foregoing sentence, the component of Base Rate based upon the Benchmark will not be used in any determination of Base Rate.
(iii)To the extent that a Benchmark Immediate Discontinuance Event has occurred, until an alternate rate of interest shall be determined in accordance with this paragraph, (x) no Loans may be made as, or converted to, LIBO Rate Loans, and (y) any Funding Notice or Conversion/Continuation Notice given by Company with respect to LIBO Rate Loans shall be deemed to be rescinded by Company. Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, the Administrative 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 Credit 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 Credit Document.
(iv)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Company and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.17(b), 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, 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 hereto, except, in each case, as expressly required pursuant to this Section 2.17(b).
(v)Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or Adjusted LIBO Rate), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.
(c)Illegality or Impracticability of LIBO Rate Loans. In the event that on any date any Lender shall have determined (which determination shall be final and conclusive and
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binding upon all parties hereto but shall be made only after consultation with Administrative Agent) that the making, maintaining, converting to, or continuation of its LIBO Rate Loans (i) has become unlawful as a result of compliance by such Lender in good faith with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty, governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful), or (ii) has become impracticable, as a result of contingencies occurring after the date hereof that materially and adversely affect the London interbank market or the position of such Lender in that market, then, and in any such event, such Lender shall be an “Affected Lender” and such Affected Lender shall on that day give written or telephonic (promptly confirmed in writing) notice to Company and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender). Thereafter (1) the obligation of the Affected Lender to make Loans as, or to convert Loans to, LIBO Rate Loans shall be suspended until such notice shall be withdrawn by the Affected Lender, (2) to the extent such determination by the Affected Lender relates to a LIBO Rate Loan then being requested by Company pursuant to a Funding Notice or a Conversion/Continuation Notice, the Affected Lender shall make such Loan as (or continue such Loan as or convert such Loan to, as the case may be) a Base Rate Loan, (3) the Affected Lender’s obligation to maintain its outstanding LIBO Rate Loans (the “Affected Loans”) shall be terminated at the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law, and (4) the Affected Loans shall automatically convert into Base Rate Loans on the date of such termination.   Notwithstanding the foregoing, to the extent a determination by an Affected Lender as described above relates to a LIBO Rate Loan then being requested by Company pursuant to a Funding Notice or a Conversion/Continuation Notice, Company shall have the option, subject to the provisions of Section 2.17(d), to rescind such Funding Notice or Conversion/Continuation Notice as to all Lenders by giving written or telephonic (promptly confirmed in writing) notice to Administrative Agent of such rescission on the date on which the Affected Lender gives notice of its determination as described above (which notice of rescission Administrative Agent shall promptly transmit to each other Lender).
(d)Compensation for Breakage or Non-Commencement of Interest Periods. Company shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities (including any interest paid or calculated to be due and payable by such Lender to lenders of funds borrowed by it to make or carry its LIBO Rate Loans and any loss, expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits) which such Lender may sustain: (i) if for any reason (other than a default by such Lender) a borrowing of any LIBO Rate Loan does not occur on a date specified therefor in a Funding Notice or a telephonic request for borrowing, or a conversion to or continuation of any LIBO Rate Loan does not occur on a date specified therefor in a Conversion/Continuation Notice or a telephonic request for conversion or continuation; (ii) if any prepayment or other principal payment of, or any conversion of, any of its LIBO Rate Loans occurs on any day other than the last day of an Interest Period applicable to that Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or (iii) if any
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prepayment of any of its LIBO Rate Loans is not made on any date specified in a notice of prepayment given by Company.
(e)Booking of LIBO Rate Loans. Any Lender may make, carry or transfer LIBO Rate Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender.
(f)Assumptions Concerning Funding of LIBO Rate Loans. Calculation of all amounts payable to a Lender under this Section 2.17 and under Section 2.18 shall be made as though such Lender had actually funded each of its relevant LIBO Rate Loans through the purchase of a LIBOR deposit bearing interest at the rate obtained pursuant to clause (i) of the definition of Adjusted LIBO Rate in an amount equal to the amount of such LIBO Rate Loan and having a maturity comparable to the relevant Interest Period and through the transfer of such LIBOR deposit from an offshore office of such Lender to a domestic office of such Lender in the U.S.; provided, however, each Lender may fund each of its LIBO Rate Loans in any manner it sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating amounts payable under this Section 2.17 and under Section 2.18.
		2.18
	Increased Costs; Capital Adequacy.

(a)Compensation For Increased Costs and Taxes. Subject to the provisions of Section 2.19 (which shall be controlling with respect to the matters covered thereby), in the event that any Lender (which term shall include Issuing Bank for purposes of this Section 2.18(a)) shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any Change in Law: (i) subjects such Lender (or its applicable lending office), Administrative Agent or any company controlling such Lender or Administrative Agent to any additional Tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) with respect to this Agreement or any of the other Credit Documents or any of its obligations hereunder or thereunder, any payments to such Lender (or its applicable lending office) of principal, interest, fees or any other amount payable hereunder, or its deposits, reserves, other liabilities or capital attributable thereto; (ii) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, liquidity, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender (other than any such reserve or other requirements with respect to LIBO Rate Loans that are reflected in the definition of Adjusted LIBO Rate) or any company controlling such Lender; or (iii) imposes any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its applicable lending office) or any company controlling such Lender or such Lender’s obligations hereunder or the London interbank market; and the result of any of the foregoing is to increase the cost to such Lender of agreeing to make, making or maintaining Loans hereunder or agreeing to issue, amend, or participate in, or issuing, amending, or participating in Letters of Credit or to reduce any amount received or receivable by such Lender (or its applicable lending office) or Administrative Agent with respect thereto; then, in any such case, Company shall promptly pay
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to such Lender or Administrative Agent, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Person in its sole discretion shall determine) as may be necessary to compensate such Person for any such increased cost or reduction in amounts received or receivable hereunder. Such Lender or Administrative Agent shall deliver to Company (in the case of a Lender, with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Person under this Section 2.18(a), which statement shall be conclusive and binding upon all parties hereto absent manifest error.
(b)Capital Adequacy and Liquidity Adjustment. In the event that any Lender (which term shall include Issuing Bank for purposes of this Section 2.18(b)) shall have determined (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that (A) any Change in Law regarding capital adequacy or liquidity, or (B) compliance by any Lender (or its applicable lending office) or any company controlling such Lender with any Change in Law regarding capital adequacy or liquidity, has or would have the effect of reducing the rate of return on the capital of such Lender or any company controlling such Lender as a consequence of, or with reference to, such Lender’s Loans or Revolving Commitments or Letters of Credit, or participations therein or other obligations hereunder with respect to the Loans or the Letters of Credit to a level below that which such Lender or such controlling company could have achieved but for such Change in Law (taking into consideration the policies of such Lender or such controlling company with regard to capital adequacy and liquidity), then from time to time, within five Business Days after receipt by Company from such Lender of the statement referred to in the next sentence, Company shall pay to such Lender such additional amount or amounts as will compensate such Lender or such controlling company on an after-tax basis for such reduction. Such Lender shall deliver to Company (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to Lender under this Section 2.18(b), which statement shall be conclusive and binding upon all parties hereto absent manifest error.
(c)Delay in Requests. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section 2.18 shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that Company shall not be required to compensate a Lender or Issuing Bank pursuant to this Section 2.18 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or Issuing Bank, as the case may be, notifies Company of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or Issuing Bank’s intention to claim compensation therefor (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).
		2.19
	Taxes; Withholding, Etc.

(a)Payments to Be Free and Clear. All sums payable by or on behalf of any Credit Party hereunder and under the other Credit Documents shall (except to the extent required
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by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax.
(b)Withholding of Taxes. If any Credit Party, Administrative Agent, or any other Person (acting as a withholding agent) is (in such withholding agent’s reasonable good faith discretion) required by law to make any deduction or withholding on account of any Tax from any sum paid or payable by any Credit Party to Administrative Agent or any Lender under any of the Credit Documents: (i) Company shall notify Administrative Agent of any such requirement or any change in any such requirement promptly after Company becomes aware of it; (ii) Company, Administrative Agent, or any other Person (acting as a withholding agent) shall be entitled to pay or cause to be paid any such Tax in accordance with applicable law; and (iii) if such Tax is an Indemnified Tax, the sum payable by such Credit Party in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment (including for any Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.19), Administrative Agent or such Lender, as the case may be, receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment for Indemnified Taxes been required or made.
(c)Evidence of Exemption From U.S. Withholding Tax. Each Lender that is not a “United States person” (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income tax purposes (a “Non-U.S. Lender”) shall, to the extent such Lender is legally entitled to do so, deliver to Company and Administrative Agent, on or prior to the Closing Date (in the case of each Lender listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in the determination of Company or Administrative Agent (each in the reasonable exercise of its discretion), (i) two copies of Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and/or W-8IMY (or, in each case, any successor forms), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code, Treasury Regulations, or other applicable law or reasonably requested by Company to establish that such Lender is not subject to (or is subject to a reduced rate of) deduction or withholding of U.S. federal income tax with respect to any payments to such Lender of principal, interest, fees or other amounts payable under any of the Credit Documents, or (ii) if such Lender is not a “bank” or other Person described in Section 881(c)(3) of the Internal Revenue Code, a U.S. Tax Compliance Certificate together with two copies of Internal Revenue Service Form W-8BEN, W-8BEN-E or W-8IMY (or, in each case, any successor form), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company to establish that such Lender is not subject to (or is subject to a reduced rate of) deduction or withholding of U.S. federal income tax with respect to any payments to such Lender of interest payable under any of the Credit Documents. Each Lender that is a “United States person” (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income tax purposes (a “U.S. Lender”) shall deliver to Administrative Agent and Company on or prior to the Closing Date (or, if later, on or prior to the date on which such Lender becomes a
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party to this Agreement) two copies of Internal Revenue Service Form W-9 (or any successor form), properly completed and duly executed by such Lender, certifying that such U.S. Lender is entitled to an exemption from U.S. backup withholding tax, or otherwise prove that it is entitled to such an exemption. Each Lender required to deliver any forms, certificates or other evidence with respect to U.S. federal income tax withholding matters pursuant to this Section 2.19(c) hereby agrees, from time to time after the initial delivery by such Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect, that such Lender shall promptly deliver to Administrative Agent for transmission to Company two new copies of Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, W-8IMY, and/or W-9 (or, in any case, any successor form), or a U.S. Tax Compliance Certificate and two copies of Internal Revenue Service Form W-8BEN, W-8BEN-E, or W-8IMY (or, in each case, any successor form), as the case may be, properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company to confirm or establish that such Lender is not subject to deduction or withholding of U.S. federal income tax with respect to payments to such Lender under the Credit Documents, or notify Administrative Agent and Company of its inability to deliver any such forms, certificates or other evidence.
(d)FATCA. If a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to Company and Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Company or Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by Company or Administrative Agent as may be necessary for Company and Administrative 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 the preceding sentence of this clause (d), “FATCA” shall include any amendments made to FATCA after the date hereof.
(e)Payment of Other Taxes by Company. Without limiting the provisions of Section 2.19(b), Company shall timely pay to the relevant Governmental Authorities in accordance with applicable law or, at the option of the Administrative Agent timely reimburse it for the payment of, all Other Taxes.
(f)Indemnification by Credit Parties. Credit Parties shall jointly and severally indemnify Administrative Agent and any Lender for the full amount of any Indemnified Taxes (including any Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.19, until the Lender or Administrative Agent, as applicable, receives an amount equal to the sum it would have received had such Indemnified Taxes not been imposed) paid or payable by Administrative Agent or Lender or any of their respective Affiliates and any reasonable expenses arising therefrom or with respect thereto, whether or not such
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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 any Credit Party shall be conclusive absent manifest error. Such payment shall be due within ten days of such Credit Party’s receipt of such certificate.
(g)Indemnification by the Lenders. Each Lender shall severally indemnify Administrative Agent for (i) Indemnified Taxes attributable to such Lender (but only to the extent that Company has not already indemnified Administrative Agent therefor and without limiting the obligation of Company to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(h)(i) 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 Administrative Agent in connection with any Credit Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Administrative Agent shall be conclusive absent manifest error. Such payment shall be due within ten days of such Lender’s receipt of such certificate. Each Lender hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise payable by Administrative Agent to such Lender from any other source against any amount due to Administrative Agent under this paragraph (g).
(h)Evidence of Payments. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 2.19, such Credit Party shall deliver to Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Administrative Agent.
(i)Survival. Each party’s obligations under this Section 2.19 shall survive the resignation or replacement of Administrative 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 Credit Document.
(j)Defined Terms. For purposes of this Section 2.19, the term “Lender” includes any Issuing Bank.
2.20Obligation to Mitigate. Each Lender (which term shall include Issuing Bank for purposes of this Section 2.20) agrees that, if such Lender requests payment under Section 2.17, 2.18 or 2.19, then such Lender will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts to make, issue, fund or maintain its Credit Extensions, including any Affected Loans, through another office of such Lender if, as a result thereof, the additional amounts payable to such Lender pursuant to Section 2.17, 2.18 or 2.19, as the case may be, in the future would be eliminated or reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Revolving Commitments, Loans or Letters of Credit through such other office or in accordance with such other measures, as the case may be, would not otherwise
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adversely affect such Revolving Commitments, Loans or Letters of Credit or the interests of such Lender; provided, such Lender will not be obligated to utilize such other office pursuant to this Section 2.20 unless Company agrees to pay all incremental expenses incurred by such Lender as a result of utilizing such other office as described above. A certificate as to the amount of any such expenses payable by Company pursuant to this Section 2.20 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Company (with a copy to Administrative Agent) shall be conclusive absent manifest error.
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		2.21
	Defaulting Lenders.

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(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:
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(i)Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) or received by Administrative Agent from a Defaulting Lender pursuant to Section 10.4 shall be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to Issuing Bank hereunder; third, to Cash Collateralize Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.21(d); fourth, as Company may request (so long as no Default or Event of Default shall have occurred and be continuing), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; fifth, if so determined by Administrative Agent and Company, to be held in a Deposit Account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.21(d); sixth, to the payment of any amounts owing to the Lenders or Issuing Bank as a result of any judgment of a court of competent jurisdiction obtained by any Lender or Issuing Bank 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 shall have occurred and be continuing, to the payment of any amounts owing to Company as a result of any judgment of a court of competent jurisdiction obtained by Company 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 (x) such payment is a payment of the principal amount of any Loans or reimbursement obligations with respect to Letters of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth
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in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and reimbursement obligations with respect to Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or reimbursement obligations with respect to Letters of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of Credit are held by the Lenders pro rata in accordance with the applicable Commitments without giving effect to Section 2.21(a)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.21(a)(i) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
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(ii)Certain Fees.
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(A)No Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.10(a) for any period during which that Lender is a Defaulting Lender (and Company shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender); provided such Defaulting Lender shall be entitled to receive fees pursuant to Section 2.10(a)(ii) for any period during which that Lender is a Defaulting Lender only to extent allocable to its Pro Rata Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.21(d).
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(B)With respect to any fees not required to be paid to any Defaulting Lender pursuant to clause (A) above, Company shall (x) 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 Letters of Credit that has been reallocated to such Non-Defaulting Lender pursuant to clause (iii) below, (y) pay to Issuing Bank the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to Issuing Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.
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(iii)Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letters of Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 3.2 are satisfied at the time of such reallocation (and, unless Company shall have otherwise notified Administrative Agent at such time, Company shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 10.23, 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
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Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
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(iv)Cash Collateral. If the reallocation described in clause (iii) above cannot, or can only partially, be effected, Company shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in Section 2.21(d).
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(b)Defaulting Lender Cure. If Company, Administrative Agent, and Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with the applicable Commitments (without giving effect to Section 2.21(a)(iii), 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 Company 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 having been a Defaulting Lender.
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(c)New Letters of Credit. So long as any Lender is a Defaulting Lender, Issuing Bank shall not be required to issue, extend, increase or otherwise amend any Letter of Credit unless it is satisfied that the participations in any existing Letters of Credit as well as the new, extended, increased or otherwise amended Letter of Credit has been or will be fully allocated among the Non-Defaulting Lenders in a manner consistent with clause (a)(iii) above and such Defaulting Lender shall not participate therein except to the extent such Defaulting Lender’s participation has been or will be fully Cash Collateralized in accordance with Section 2.21(d).
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(d)Cash Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of Administrative Agent or Issuing Bank (with a copy to Administrative Agent) Company shall Cash Collateralize Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.21(a)(iii) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.
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(i)Grant of Security Interest. Company, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to Administrative Agent, for the benefit of Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letters of Credit, to be applied pursuant to clause (ii) below.
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If at any time Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than Administrative Agent and Issuing Bank as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, Company will, promptly upon demand by Administrative Agent (and in any event no later than two Business Days after such demand), pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).
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(ii)Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.21 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letters of Credit (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.
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(iii)Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Issuing Bank’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.21 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 Administrative Agent and Issuing Bank that there exists excess Cash Collateral; provided that, (x) subject to the other provisions of this Section 2.21, the Person providing Cash Collateral and Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations, and (y) Cash Collateral shall not be released during the continuance of a Default or Event of Default; provided further that to the extent that such Cash Collateral was provided by Company, such Cash Collateral shall remain subject to the security interest granted pursuant to the Credit Documents.
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(e)Lender Counterparties. So long as any Lender is a Defaulting Lender, such Lender shall not be a Lender Counterparty with respect to any Secured Hedge Agreement entered into while such Lender was a Defaulting Lender.
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2.22Removal or Replacement of a Lender. Anything contained herein to the contrary notwithstanding, in the event that: (a) (i) any Lender (an “Increased-Cost Lender”) shall give notice to Company that such Lender is an Affected Lender or that such Lender is entitled to receive payments under Section 2.17, 2.18 or 2.19, (ii) the circumstances that have caused such Lender to be an Affected Lender or that entitle such Lender to receive such payments shall remain in effect, and (iii) such Lender shall fail to withdraw such notice within five Business Days after Company’s request for such withdrawal; or (b) (i) any Lender shall become and continue to be a Defaulting Lender, and (ii) such Defaulting Lender shall fail to cure the default pursuant to Section 2.21(b) within five Business Days after Company’s or Administrative Agent’s request that it cure such default; or (c) in connection with any proposed
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amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 10.5(b), the consent of Administrative Agent shall have been obtained but the consent of one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have been obtained; then, with respect to each such Increased-Cost Lender, Defaulting Lender or Non-Consenting Lender (the “Terminated Lender”), Administrative Agent may (which, in the case of an Increased-Cost Lender, only after receiving written request from Company to remove such Increased-Cost Lender), by giving written notice to Company and any Terminated Lender of its election to do so, elect to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its outstanding Loans and its Revolving Commitments, if any, in full to one or more Eligible Assignees (each a “Replacement Lender”) in accordance with the provisions of Section 10.6 and such Terminated Lender shall pay the fees, if any, payable in connection with any such assignment from an Increased-Cost Lender, a Non-Consenting Lender, or a Defaulting Lender; provided, (1) on the date of such assignment, the Replacement Lender shall pay to Terminated Lender an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Lender, (B) an amount equal to all unreimbursed drawings that have been funded by such Terminated Lender, together with all then unpaid interest with respect thereto at such time and (C) an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Lender pursuant to Section 2.10; (2) on the date of such assignment, Company shall pay any amounts payable to such Terminated Lender pursuant to Section 2.17, 2.18 or 2.19 or under any other Credit Document; provided, such assignment shall not be deemed a prepayment and Company shall not be required to pay any prepayment premium or other similar amount that would be payable pursuant to the Fee Letter in connection with a voluntary prepayment or otherwise; (3) such assignment does not conflict with applicable law, and (4) in the event such Terminated Lender is a Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non-Consenting Lender; provided, Administrative Agent may not make such election with respect to any Terminated Lender that is also an Issuing Bank unless, prior to the effectiveness of such election, Company shall have caused (which Company shall be obligated to do upon any such election by Administrative Agent) each outstanding Letter of Credit issued thereby to be cancelled or Cash Collateralized in an amount equal to the Minimum Collateral Amount. Upon the prepayment of all amounts owing to any Terminated Lender and the termination of such Terminated Lender’s Revolving Commitments, if any, such Terminated Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender. Each Lender agrees that if Administrative Agent exercises its option hereunder to cause an assignment by such Lender as a Non-Consenting Lender or Terminated Lender, such Lender shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate such assignment in accordance with Section 10.6. In the event that a Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, each Lender hereby authorizes and directs Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with Section 10.6 on behalf of a Non-Consenting Lender or Terminated Lender and any such documentation so executed by
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Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 10.6.
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		2.23
	Limitation on Interest.

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If any provision of this Agreement or of any of the other Credit Documents would obligate Company or any other Credit Party to make any payment of interest or other amount payable to any Agent or any Lender in an amount or calculated at a rate which would be prohibited by applicable law or would result in a receipt by such Agent or such Lender of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by such Agent or such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Agent or such Lender under Section 2.8, and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Agent or such Lender which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if an Agent or Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada), Company shall be entitled, by notice in writing to such Agent or such Lender, to obtain reimbursement from such Agent or such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Agent or such Lender to Company. Any amount or rate of interest referred to in this Section 2.23 shall be determined in accordance with GAAP as an effective annual rate of interest over the term that the applicable Loan remains outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the Closing Date to the Term Loan Maturity Date and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by Administrative Agent shall be conclusive for the purposes of such determination.
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		2.24
	Interest Act (Canada).

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For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided in this Agreement and the other Credit Documents (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any other period of time less than a calendar year) are equivalent are the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time, respectively. The Company confirms that it fully understands and is able to calculate the rate of interest applicable hereunder based on the methodology for calculating per annum rates provided for in this Agreement.
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SECTION 3 CONDITIONS PRECEDENT
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3.1Closing Date. The obligation of each Lender or Issuing Bank, as applicable, to enter into this Agreement and to make any Loan, or to issue any Letter of Credit, as applicable, on the Closing Date is subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the Closing Date (in each case, except to the extent required to be satisfied as a condition subsequent in accordance with Section 5.15):
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(a)Credit Documents. Administrative Agent shall have received sufficient copies of this Agreement, the Fee Letter, promissory notes, if any are requested, the Pledge and Security Agreement, the other Collateral Documents listed on Schedule 3.1, each other Credit Document to be dated as of the Closing Date, in each case as Administrative Agent shall request, in form and substance satisfactory to Administrative Agent, and originally executed and delivered by each applicable Credit Party and each other Person party thereto.
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(b)Organizational Documents; Incumbency. Administrative Agent shall have received in respect of each Credit Party (i) sufficient copies of each Organizational Document as Administrative Agent shall request, in each case certified by an Authorized Officer of such Credit Party and, to the extent applicable, certified as of the Closing Date or a recent date prior thereto by the appropriate Governmental Authority; (ii) signature and incumbency certificates of the officers of such Credit Party executing any Credit Documents to which it is a party or other authenticated specimen of signature of each person authorized to executed the Credit Documents to which it is a party; (iii) resolutions of the Board of Directors of each Credit Party approving and authorizing the execution, delivery and performance of this Agreement, the other Credit Documents and the Related Agreements, in each case, to which it is a party or by which it or its assets may be bound as of the Closing Date, certified as of the Closing Date by an appropriate Authorized Officer as being in full force and effect without modification or amendment; (iv) except in respect of an English Credit Party, a good standing certificate or other equivalent evidence, if applicable, from the applicable Governmental Authority of such Credit Party’s jurisdiction of incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Closing Date; and (v) such other documents as Administrative Agent may reasonably request.
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(c)Organizational and Capital Structure. The organizational structure and capital structure of Holdings and its Subsidiaries, both before and after giving effect to the transactions contemplated by Related Agreements, shall be as set forth on Schedule 4.1.
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(d)Capitalization of Holdings and Company. The corporate and capital structure of Holdings and its Subsidiaries shall be reasonably satisfactory to the Administrative Agent.
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(e)Consummation of Closing Date Acquisition.
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(i)(1) The Related Agreements and the Sale Order shall each be in form and substance satisfactory to Administrative Agent in its sole discretion, shall
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have been executed and delivered and be in full force and effect in accordance with their respective terms and no material provision thereof shall have been modified or waived in any respect without the consent of Administrative Agent, (2) all conditions set forth in the Closing Date Acquisition Agreement and the Sale Order shall have been satisfied prior to or concurrently with the effectiveness of this Agreement or the fulfillment of any such conditions shall have been waived with the consent of Administrative Agent, (3) the Closing Date Acquisition shall have become effective in accordance with the terms of the Closing Date Acquisition Agreement and the Sale Order, (4) the Bankruptcy Court shall have entered the Sale Order in accordance with Section 9 of the Closing Date Acquisition Agreement and the Sale Order shall not have been reversed or stayed, (5) the aggregate cash consideration paid in connection with the Closing Date Acquisition shall not exceed $25,000,000, (6) the aggregate liabilities assumed by the Credit Parties in the Closing Date Acquisition, including accounts payable and payables or Growers’ Lien Liabilities, shall not exceed $5,000,000, (7) all Growers’ Lien Liabilities that were not expressly assumed by Holdings and its Subsidiaries in the Kona Bankruptcy Proceeding pursuant to Section 2.3(k) of the Closing Date Acquisition Agreement and that either (i) were timely filed on or before the bar date of September 5, 2019 set by the Bankruptcy Court in the Sale Order or (ii) arose after the Petition Date but only to the extent such Growers’ Lien Liabilities came due and payable prior to the Closing Date either (I) have been paid in full prior to the Closing Date in the Kona Bankruptcy Proceeding or (II) shall be paid by the Debtors (as defined in the Sale Order) in accordance with paragraph 17 of the Sale Order (the items described in this subclause (II), the “Post-Closing Growers’ Lien Liabilities”), (8) with respect to the Closing Date Acquisition, other than as set forth in Section 2.3(k) of the Closing Date Acquisition Agreement, no trust pursuant to Growers’ Lien Laws in favor of a Protected Vendor is in existence that owns the assets or other property in the possession of, or being used, collected or administered by, Holdings or any of its Subsidiaries and (9) other than as set forth in Section 2.3(k) of the Closing Date Acquisition Agreement, none of the payables or other liabilities being assumed by Holdings and its Subsidiaries in Closing Date Acquisition Agreement constitute Grower's Lien Liabilities.
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(ii)Administrative Agent shall have received a fully executed or conformed copy of the Related Agreements, any documents executed in connection therewith on or prior to the Closing Date (including all exhibits, schedules, annexes or other attachments thereto, any amendment, restatement, supplement or other modification thereof, and any related side letter) and the Licensing Management Agreement.
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(f)Existing Indebtedness. On the Closing Date, Holdings and its Subsidiaries shall have (i) repaid in full all Existing Indebtedness, (ii) terminated any commitments to lend or make other extensions of credit thereunder, (iii) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Existing Indebtedness or other obligations of Holdings and its Subsidiaries thereunder being repaid on the Closing Date, and (iv) made
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arrangements satisfactory to Administrative Agent with respect to the cancellation of any letters of credit outstanding thereunder.
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(g)Transaction Costs. On or prior to the Closing Date, Company shall have delivered to Administrative Agent Company’s reasonable best estimate of the Transaction Costs (other than fees payable to any Agent).
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(h)Governmental Authorizations and Consents. Each Credit Party shall have obtained all Governmental Authorizations and all consents of other Persons, in each case that are necessary or advisable in connection with the transactions contemplated by the Credit Documents and the Related Agreements to occur on or prior to the Closing Date (including the entering into of the Credit Documents and the Related Agreements to be delivered on the Closing Date) and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to Administrative Agent. All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Credit Documents or the Related Agreements to occur on or prior to the Closing Date or the financing thereof and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and the time for any applicable agency to take action to set aside its consent on its own motion shall have expired.
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(i)[Reserved]
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(j)Personal Property Collateral. In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid, perfected First Priority security interest in the personal property Collateral, each Credit Party shall have delivered to Collateral Agent.
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(i)evidence satisfactory to Collateral Agent of the compliance by each Credit Party of their obligations under the Pledge and Security Agreement and the other Collateral Documents (including their obligations to authorize or execute, as the case may be, and deliver UCC financing statements, file and register PPSA applications for registration or financing statements, originals of securities, instruments, chattel paper, notices, and Deposit Account Control Agreements on all Deposit Accounts and Securities Account Control Agreements on all Securities Accounts, in each case, other than Excluded Accounts);
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(ii)(A) a completed Collateral Questionnaire dated the Closing Date, together with all attachments contemplated thereby, (B) the results of recent searches, by a Person satisfactory to Collateral Agent, of all effective PPSA financing statements (or equivalent filings) made with respect to any personal property of any Credit Party in each jurisdiction where Collateral Agent considers it to be necessary or reasonably desirable that such searches be conducted, together with copies of all such filings disclosed by such search, and (C) PPSA financing change statements (or similar documents) duly executed or authorized by all applicable Persons for filing in all applicable jurisdictions as may be necessary to terminate any effective PPSA financing
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statements (or equivalent filings) disclosed in such search (other than any such financing statements in respect of Permitted Liens);
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(iii)fully executed and, as appropriate, notarized Intellectual Property Security Agreements, in proper form for filing or recording in all appropriate places in all applicable jurisdictions;
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(iv)opinions of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) with respect to the creation and perfection of the security interests in favor of Collateral Agent in such Collateral and such other matters governed by the laws of each jurisdiction in which any Credit Party or any personal property Collateral is located as Collateral Agent may reasonably request, in each case in form and substance reasonably satisfactory to Collateral Agent; and
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(v)evidence that each Credit Party shall have taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument (including (i) a Landlord Collateral Access Agreement executed by the landlord of any leased location that is the headquarters of the Credit Parties or at which material books and records are maintained, and by the applicable Credit Party and (ii) an Intercompany Note and Subordination) and made or caused to be made any other filing and recording (other than as set forth herein) reasonably required by Collateral Agent.
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(k)Financial Statements; Projections. Lenders shall have received from Holdings (i) the Historical Financial Statements, (ii) pro forma consolidated balance sheets of Holdings and its Subsidiaries as at the Closing Date, and reflecting the consummation of the Closing Date Acquisition, related financings and the other transactions contemplated by the Credit Documents to occur on or prior to the Closing Date, which pro forma financial statements shall be in form and substance satisfactory to Administrative Agent, (iii) pro forma consolidated income statements of Holdings and its Subsidiaries as at the Closing Date, and reflecting the consummation of the Closing Date Acquisition, the related financings and the other transactions contemplated by the Credit Documents to occur on or prior to the Closing Date, and (iv) the Projections.
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(l)Evidence of Insurance. Collateral Agent shall have received a certificate from each applicable Credit Party’s insurance broker or other evidence satisfactory to it that all insurance required to be maintained pursuant to Section 5.5 is in full force and effect, together with endorsements naming Collateral Agent, for the benefit of Secured Parties, as additional insured and lender loss payee thereunder to the extent required under Section 5.5.
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(m)Opinions of Counsel to Credit Parties. Agents, Issuing Bank, Lenders and their respective counsel shall have received originally executed copies of the favorable written opinions of Stoel Rives LLP, Bennett Jones LLP and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, each as counsel for Credit Parties as to such matters as Administrative Agent may reasonably request, dated as of the Closing Date and in form and substance reasonably
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satisfactory to Administrative Agent (and each Credit Party hereby instructs such counsel to deliver such opinions to Agents, Issuing Bank and Lenders).
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(n)Fees and Expenses. Company shall have paid to each Agent the fees payable on or before the Closing Date referred to in Section 2.10 and all expenses payable pursuant to Section 10.2 that have accrued to the Closing Date.
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(o)Solvency Certificate. On the Closing Date, Administrative Agent shall have received a Solvency Certificate from Company dated as of the Closing Date and addressed to Administrative Agent and Lenders, and in form, scope and substance satisfactory to Administrative Agent, with appropriate attachments and demonstrating that after giving effect to the consummation of the transactions contemplated by this Agreement, the other Credit Documents and the Related Agreements to be consummated on the Closing Date and the Credit Extensions to be made on the Closing Date, Company and its Subsidiaries each is and will be Solvent.
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(p)Closing Date Certificate. Holdings and Company shall have delivered to Administrative Agent an originally executed Closing Date Certificate, together with all attachments thereto.
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(q)Closing Date. Lenders shall have made the Term Loans to Company on or before October 4, 2019.
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(r)No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding, hearing, or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of Administrative Agent, singly or in the aggregate, materially impairs the Closing Date Acquisition, the financing thereof or any of the other transactions contemplated by the Credit Documents or the Related Agreements, or that could have a Material Adverse Effect.
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(s)Funding Notice. Administrative Agent shall have received a fully executed and delivered Funding Notice.
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(t)Minimum EBITDA. The pro forma income statement delivered pursuant to Section 3.1(l) shall demonstrate in form and substance reasonably satisfactory to Administrative Agent that the Company shall have generated trailing twelve month Consolidated Adjusted EBITDA for the twelve month period ending June 30, 2019 of at least $22,500,000.
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(u)Minimum Liquidity. Company shall demonstrate in form and substance reasonably satisfactory to Administrative Agent that on the Closing Date and immediately after giving effect to any Credit Extensions to be made on the Closing Date, including the payment of all Transaction Costs required to be paid in Cash, Company shall have at least $10,000,000 of Cash and/or Availability of Revolving Commitments. Revolving Credit Exposure drawn on the Closing Date shall not exceed $2,000,000.
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(v)Maximum Leverage Ratio. The pro forma balance sheet delivered pursuant to Section 3.1(l) shall demonstrate in form and substance reasonably satisfactory to Administrative Agent that on the Closing Date and immediately after giving effect to any Credit Extensions to be made on the Closing Date, including the payment of all Transaction Costs required to be paid in Cash, the ratio of (i) total Indebtedness for Company and its Subsidiaries as of the Closing Date, to (ii) pro forma Consolidated Adjusted EBITDA for the twelve-month period ending June 30, 2019 shall not be greater than 2.25:1.00.
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(w)No Material Adverse Change. Since December 31, 2018, no event, circumstance or change shall have occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect.
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(x)Completion of Proceedings. All partnership, corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto not previously found acceptable by Administrative Agent and its counsel shall be satisfactory in form and substance to Administrative Agent and such counsel, and Administrative Agent, and such counsel shall have received all such counterpart originals or certified copies of such documents as Administrative Agent may reasonably request.
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(y)Funding Notice. Administrative Agent shall have received a fully executed and delivered Funding Notice, which shall include detailed instructions directing the disbursement of the proceeds of the Term Loans on the Closing Date.
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(z)Representations Accurate; Absence of Defaults. As of the Closing Date, all Specified Representations and Specified Acquisition Agreement Representations shall be true and correct, and no event shall have occurred and be continuing or would result from the funding of the Term Loans that would constitute an Event of Default or a Default.
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(aa) KYC Documentation. (i) At least ten days prior to the Closing Date, the Lenders shall have received all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the PATRIOT Act.
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(ii) At least five days prior to the Closing Date, any Credit Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Credit Party.
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(bb) Service of Process. On the Closing Date, Administrative Agent shall have received evidence that each Credit Party that is a Foreign Subsidiary has irrevocably appointed the Company for the purpose of service of process.
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Each Lender, by delivering its signature page to this Agreement and funding a Loan on the Closing Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Closing Date.
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		3.2
	Conditions to Each Credit Extension.

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(a)Conditions Precedent. The obligation of each Lender to make any Loan, or Issuing Bank to issue any Letter of Credit (or, at Company’s request, to amend any Letter of Credit to extend its term or increase its amount), on any Credit Date, occurring after the Closing Date, are subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions precedent:
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(i)Administrative Agent shall have received a fully executed and delivered Funding Notice or Issuance Notice, as the case may be;
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(ii)After making the Credit Extensions requested on such Credit Date, (x) the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect and (y) Availability would be $0 or greater;
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(iii)As of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not apply to any representations and warranties to the extent already qualified or modified by materiality or similar concept in the text thereof;
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(iv)As of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit Extension that would constitute an Event of Default or a Default;
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(v)On or before the date of issuance of any Letter of Credit, Administrative Agent and Issuing Bank shall have received all other information required by the applicable Issuance Notice, and such other documents or information as Issuing Bank may reasonably require in connection with the issuance of such Letter of Credit; and
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(vi)The Chief Financial Officer of the Company shall have delivered a Chief Financial Officer’s Funding Certificate representing and warranting and otherwise demonstrating to the satisfaction of Administrative Agent that, as of such Credit Date, Company reasonably expects, after giving effect to the proposed borrowing and based upon good faith determinations and projections consistent with the Financial Plan, to be in compliance with all operating and financial covenants set forth in this Agreement as of the last day of the current Fiscal Quarter; and
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(vii)After giving effect to such Credit Extension (excluding any proceeds thereof that will be applied, other than with respect to the Term Loans or other Loans made on the Closing Date, in the ordinary course of business and consistent with
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past practices within two (2) Business Days after such Credit Extension, as certified by the Chief Financial Officer in the Chief Financial Officer’s Funding Certificate and evidenced by a reasonably detailed written summary of such uses of proceeds attached thereto), the aggregate Cash and Cash Equivalents of Holdings and its Subsidiaries will not exceed $4,000,000.
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Any Agent or Requisite Lenders shall be entitled, but not obligated to, request and receive, prior to the making of any Credit Extension, additional information reasonably satisfactory to the requesting party confirming the satisfaction of any of the foregoing if, in the good faith judgment of such Agent or Requisite Lender, such request is warranted under the circumstances.
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(b)Notices. Any Notice shall be executed by an Authorized Officer in a writing delivered to Administrative Agent (or in the case of an Issuance Notice, Administrative Agent and Issuing Bank). In lieu of delivering a Notice, Company may give Administrative Agent (or in the case of an Issuance Notice, Administrative Agent and Issuing Bank) telephonic notice by the required time of any proposed borrowing, conversion/continuation or issuance, extension, or increase of a Letter of Credit, as the case may be; provided each such notice shall be promptly confirmed in writing by delivery of the applicable Notice to Administrative Agent (or in the case of an Issuance Notice, Administrative Agent and Issuing Bank) on or before the close of business on the date that telephonic notice is given. In the event of a discrepancy between the telephonic notice and the written notice, the written notice shall govern. In the case of any Notice that is irrevocable once given, if Company provides telephonic notice in lieu of such Notice in writing, such telephone notice shall also be irrevocable once given. Neither Administrative Agent, Issuing Bank, nor any Lender shall incur any liability to Company in acting upon any telephonic notice referred to above that Administrative Agent or Issuing Bank, as applicable, believes in good faith to have been given by a duly authorized officer or other person authorized on behalf of Company or for otherwise acting in good faith.
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(c)Each request for a borrowing of a Loan by or for any issuance, extension or increase of a Letter of Credit for the account of Company hereunder shall constitute a representation and warranty by Company as of the applicable Credit Date that the conditions contained in Section 3.2(a) have been satisfied.
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Notwithstanding the foregoing, until thirty (30) days following the First Amendment Effective Date, no Lender shall be obligated to make any Loan, or Issuing Bank to issue any Letter of Credit (or amend any Letter of Credit to extend its term or increase its amount), unless otherwise consented to by Administrative Agent in its sole discretion.
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SECTION 4 REPRESENTATIONS AND WARRANTIES
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In order to induce Agents, Lenders and Issuing Bank to enter into this Agreement and to make each Credit Extension to be made thereby, each Credit Party represents and warrants to each Agent, Lender and Issuing Bank, on the Closing Date and on each Credit Date, that the following statements are true and correct (it being understood and agreed that the representations
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and warranties made on the Closing Date are deemed to be made concurrently with the consummation of the Closing Date Acquisition):
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4.1Organization; Requisite Power and Authority; Qualification. Each of Holdings and its Subsidiaries (a) is duly organized, validly existing and in good standing (if applicable and provided that an English Credit Party shall not be required at any time to make such good standing representation and warranty) under the laws of its jurisdiction of organization as identified in Schedule 4.1, (b) has all requisite power and authority (i) to own and operate its properties and to carry on its business as now conducted and as proposed to be conducted and (ii) to enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing (if applicable and provided that an English Credit Party shall not be required at any time to make such good standing representation and warranty) in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material Adverse Effect..
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4.2Capital Stock and Ownership. The Capital Stock of each of Holdings and its Subsidiaries has been duly authorized and validly issued and is fully paid and non-assessable. Except as set forth on Schedule 4.2, as of the date hereof, there is no existing option, warrant, call, right, commitment or other agreement to which Holdings or any of its Subsidiaries is a party requiring, and there is no membership interest or other Capital Stock of Holdings or any of its Subsidiaries outstanding that upon conversion or exchange would require, the issuance by Holdings or any of its Subsidiaries of any additional Capital Stock of Holdings or any of its Subsidiaries or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, additional Capital Stock of Holdings or any of its Subsidiaries. Schedule 4.2 correctly sets forth the ownership interest of Holdings and each of its Subsidiaries in their respective Subsidiaries as of the Closing Date both before and after giving effect to the Closing Date Acquisition.
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4.3Due Authorization. The execution, delivery and performance of the Credit Documents have been duly authorized by all necessary action on the part of each Credit Party that is a party thereto.
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4.4No Conflict. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not (a) violate any provision of any law or any governmental rule or regulation applicable to Holdings or any of its Subsidiaries, any of the Organizational Documents of Holdings or any of its Subsidiaries, or any order, judgment or decree of any court or other agency of government binding on Holdings or any of its Subsidiaries; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Material Contract, any Related Agreement, or any other material Contractual Obligation of Holdings or any of its Subsidiaries; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of Holdings or any of its Subsidiaries (other than any Liens created under any of the Credit Documents in favor of
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Collateral Agent, for the benefit of Secured Parties); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Material Contract, any Related Agreement, or any other material Contractual Obligation of Holdings or any of its Subsidiaries, except for such approvals or consents that have been obtained on or before the Closing Date and have been disclosed in writing to Lenders.
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4.5Governmental Consents. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority except for the approval of the Bankruptcy Court evidenced by the Sale Order and filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Agent for filing and/or recordation, as of the Closing Date.
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4.6Binding Obligation. Each Credit Document required to be delivered hereunder has been duly executed and delivered by each Credit Party that is a party thereto and is the legally valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
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4.7Historical Financial Statements. The Historical Financial Statements were prepared in conformity with GAAP and fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments. As of the Closing Date, neither Holdings nor any of its Subsidiaries has any contingent liability or liability for taxes, long-term lease or unusual forward or long-term commitment that is not reflected in the Historical Financial Statements or the notes thereto and that in any such case is material in relation to the business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings and any of its Subsidiaries taken as a whole.
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4.8Projections. On and as of the Closing Date, the projections of Holdings and its Subsidiaries for the period of Fiscal Year 2019 through and including Fiscal Year 2024, including monthly projections for fiscal month during the Fiscal Year in which the Closing Date takes place, (the “Projections”) are based on good faith estimates and assumptions made by the management of Holdings; provided, the Projections are not to be viewed as facts and that actual results during the period or periods covered by the Projections may differ from such Projections and that the differences may be material; provided further, as of the Closing Date, management of Holdings believed that the Projections were reasonable and attainable.
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4.9No Material Adverse Change. Since December 31, 2018, no event, circumstance or change has occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect.
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4.10[Reserved]
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4.11Adverse Proceedings, etc. There are no Adverse Proceedings that could reasonably be expected to result in liability of Holdings, any of its Subsidiaries or any of their respective Affiliates in excess of $250,000, individually, or $500,000,2,000,000 in the aggregate for all such Adverse Proceedings, in each case during the term of this Agreement. Neither Holdings nor any of its Subsidiaries (a) is in violation of any applicable laws (including Environmental Laws) that could reasonably be expected to result in liability of Holdings, any of its Subsidiaries or any of their respective Affiliates in excess of $250,000, individually, or $500,000,2,000,000 in the aggregate for all such violations, in each case during the term of this Agreement, 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 could reasonably be expected to result in liability of Holdings, any of its Subsidiaries or any of their respective Affiliates in excess of $250,000, individually, or $500,000,2,000,000 in the aggregate for all such defaults, in each case during the term of this Agreement.
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4.12Payment of Taxes. All federal, state and other material tax returns and reports of Holdings and its Subsidiaries required to be filed by any of them have been timely filed, and all Taxes due and payable and all assessments, fees and other governmental charges upon Holdings and its Subsidiaries and upon their respective properties, assets, income, businesses and franchises that are due and payable have been paid when due and payable (other than any Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of Holdings and/or its applicable Subsidiary, as the case may be). There is no proposed tax assessment of $100,0001,000,000 or more against Holdings or any of its Subsidiaries that is not being actively contested by Holdings or such Subsidiary in good faith and by appropriate proceedings; provided, such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.
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4.13Properties.
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(a)Title. Each of Holdings and its Subsidiaries has (i) good, sufficient and legal title to (in the case of fee interests in real property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), (iii) valid licensed rights in (in the case of licensed interests in intellectual property), and (iv) good title to (in the case of all other personal property), all of their respective properties and assets reflected in their respective Historical Financial Statements referred to in Section 4.5 and in the most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements in the ordinary course of business or as otherwise permitted under Section 6.9. Except as permitted by this Agreement, all such properties and assets are free and clear of Liens.
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(b)Real Estate. As of the Closing Date, Schedule 4.13 contains a true, accurate and complete list of (i) all Real Estate Assets, including an indication as to whether each such Real Estate Asset constitutes a Material Real Estate Asset within the meaning of clauses (i) or (ii) of the definition thereof, an Immaterial Fee Owned Property within the meaning of clause (a) of the definition thereof, or an Immaterial Leasehold Property within the meaning of clause (a) of the definition thereof, as applicable and (ii) all leases, subleases or assignments of leases (together with all amendments, modifications, supplements, renewals or extensions of any thereof) affecting each Real Estate Asset of any Credit Party, regardless of whether such Credit Party is the landlord or tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment. Each agreement listed in clause (ii) of the immediately preceding sentence is in full force and effect and Holdings does not have knowledge of any material default that has occurred and is continuing thereunder, and each such agreement constitutes the legally valid and binding obligation of each applicable Credit Party, enforceable against such Credit Party in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles. As of the Closing Date, the Credit Parties do not own any Real Estate Assets in fee simple.
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4.14Environmental Matters. Neither Holdings nor any of its Subsidiaries nor any of their respective Facilities or operations are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Claim, or any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Neither Holdings nor any of its Subsidiaries has received any letter or request for information under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any comparable state law. There are and, to each of Holdings’ and its Subsidiaries’ knowledge, have been, no conditions, occurrences, or Hazardous Materials Activities that could reasonably be expected to form the basis of an Environmental Claim against Holdings or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Neither Holdings nor any of its Subsidiaries nor, to any Credit Party’s knowledge, any predecessor of Holdings or any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment of Hazardous Materials at any Facility, and none of Holdings’ or any of its Subsidiaries’ operations involves the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or any state equivalent. Compliance with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. No event or condition has occurred or is occurring with respect to Holdings or any of its Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or any Hazardous Materials Activity that individually or in the aggregate has had, or could reasonably be expected to have, a Material Adverse Effect.
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4.15No Defaults. Neither Holdings nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists that, with the giving of
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notice or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect or liability of Holdings, any of its Subsidiaries or any of their respective Affiliates in excess of $250,000, individually, or $500,000,2,000,000 in the aggregate for all such defaults, in each case during the term of this Agreement.
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4.16Material Contracts. Schedule 4.16 contains a true, correct and complete list of all the Material Contracts in effect on the Closing Date, and, together with any updates provided pursuant to Section 5.1(l), (a) all such Material Contracts are in full force and effect, (b) no defaults currently exist thereunder, and (c) each such Material Contract has not been amended, waived, or otherwise modified except as permitted under this Agreement.
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4.17Governmental Regulation.Neither Holdings 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 that may limit its ability to incur Indebtedness or that may otherwise render all or any portion of the Obligations unenforceable. Neither Holdings 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.
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4.18Federal Reserve Regulations; Exchange Act.
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(a)Neither Holdings 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.
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(b)No portion of the proceeds of any Credit Extension has or will be used in any manner, whether directly or indirectly, that causes or could reasonably be expected to cause, such Credit Extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors or any other regulation thereof or to violate the Exchange Act.
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4.19Employee Matters. Neither Holdings nor any of its Subsidiaries is engaged in any unfair labor practice or similar unlawful employment-related practice that could reasonably be expected to result in liability of Holdings, any of its Subsidiaries or any of their respective Affiliates in excess of $250,000, individually, or $500,000,2,000,000 in the aggregate for all such practices, in each case during the term of this Agreement. There is (a) no unfair labor practice complaint pending against Holdings or any of its Subsidiaries, or to the best knowledge of Holdings and Company, threatened against any of them before the National Labor Relations Board and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending against Holdings or any of its Subsidiaries or to the best knowledge of Holdings and Company, threatened against any of them, (b) no strike or work stoppage in existence or threatened involving Holdings or any of its Subsidiaries, and (c) to the best knowledge of Holdings and Company, no union representation question existing with respect to the employees of Holdings or any of its Subsidiaries and, to the best knowledge of
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Holdings and Company, no union organization activity that is taking place, except (with respect to any matter specified in clause (a) and (b) above, either individually or in the aggregate) such as is not reasonably likely to have a Material Adverse Effect or result in liabilities in excess of $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities. No Credit Party has incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act (“WARN”) or any similar federal or state law that remains unpaid or unsatisfied and could reasonably be expected to result in a Material Adverse Effect or is in excess of $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities.
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4.20Employee Benefit Plans.
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(a)Holdings, each of its Subsidiaries and each of their respective ERISA Affiliates are in compliance with all applicable provisions and requirements of ERISA and the Internal Revenue Code and the regulations and published interpretations thereunder with respect to each Employee Benefit Plan, and have performed all their obligations under each Employee Benefit Plan. Each Employee Benefit Plan that is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable determination letter from the Internal Revenue Service indicating that such Employee Benefit Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter that would cause such Employee Benefit Plan to lose its qualified status. No liability to the PBGC (other than required premium payments), the Internal Revenue Service, any Employee Benefit Plan or any trust established under Title IV of ERISA has been or is expected to be incurred by Holdings, any of its Subsidiaries or any of their ERISA Affiliates. No ERISA Event has occurred or is reasonably expected to occur. Except to the extent required under Section 4980B of the Internal Revenue Code or similar state laws, no Employee Benefit Plan provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates. The present value of the aggregate benefit liabilities under each Pension Plan sponsored, maintained or contributed to by Holdings, any of its Subsidiaries or any of their ERISA Affiliates (determined as of the end of the most recent plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation for such Pension Plan), did not exceed the aggregate current value of the assets of such Pension Plan. As of the most recent valuation date for each Multiemployer Plan for which the actuarial report is available, the potential liability of Holdings, its Subsidiaries and their respective ERISA Affiliates for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203 of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer Plans, based on information available pursuant to Section 4221(e) of ERISA is zero. Holdings, each of its Subsidiaries and each of their ERISA Affiliates have complied with the requirements of Section 515 of ERISA with respect to each Multiemployer Plan and are not in material “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan.
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(b)Neither Holdings nor any of its Subsidiaries is or has at any time been an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Schemes Act 1993); and neither Holdings nor any of its Subsidiaries is or has at any time been
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“connected” with or an “associate” of (as those terms are used in sections 38 and 43 of the Pensions Act 2004) such an employer.
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4.21Certain Fees. No broker’s or finder’s fee or commission will be payable with respect to the transactions contemplated by this Agreement or the Related Agreements, except as payable to Agents and Lenders.
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4.22Solvency. Each Credit Party is and, upon the incurrence of any Credit Extension by such Credit Party on any date on which this representation and warranty is made, will be, Solvent.
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4.23Related Agreements.
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(a)Delivery. Holdings and Company have delivered to Administrative Agent complete and correct copies of (i) each Related Agreement and of all exhibits and schedules thereto as of the date hereof, any agreement required to be delivered in connection with any Related Agreement at or prior to the closing of the transactions contemplated by such Related Agreement (including any side letter executed or otherwise required by any of the parties thereto), and (ii) copies of any amendment, restatement, supplement or other modification to or waiver under each Related Agreement entered into after the date hereof (including any such modification accomplished via a side letter or any other document).
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(b)Representations and Warranties. Except to the extent otherwise expressly set forth herein or in the schedules hereto, and subject to the qualifications set forth therein, each of the representations and warranties given by any Credit Party in any Related Agreement is true and correct in all material respects as of the Closing Date (or as of any earlier date to which such representation and warranty specifically relates); provided that such materiality qualifier shall not apply to any representations and warranties to the extent already qualified or modified by materiality or similar concept in the text thereof. Notwithstanding anything in the Related Agreement to the contrary, the representations and warranties of each Credit Party set forth in this Section 4.23 shall, solely for purposes hereof, survive the Closing Date for the benefit of Lenders
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(c)Governmental Approvals. All Governmental Authorizations and all other authorizations, approvals and consents of any other Person required by the Related Agreements or to consummate the Closing Date Acquisition have been obtained and are in full force and effect.
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(d)Conditions Precedent. On the Closing Date, (i) all of the conditions to effecting or consummating the Closing Date Acquisition set forth in the Related Agreements have been duly satisfied or, with the consent of Administrative Agent, waived, and (ii) the Closing Date Acquisition has been consummated in accordance with the Related Agreements and all applicable laws.
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4.24Compliance with Statutes, Etc.Each of Holdings and its Subsidiaries is in compliance in all material respects with all applicable statutes, regulations and orders of, and all
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applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property, including compliance with all applicable Environmental Laws with respect to any Real Estate Asset or governing its business and the requirements of any permits issued under such Environmental Laws with respect to any such Real Estate Asset or the operations of Holdings or any of its Subsidiaries (it being understood, in the case of any statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities that are specifically referred to in any other provision of this Agreement, the Credit Parties shall also be required to represent and/or comply with, as applicable, the express terms of such provision).
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4.25Disclosure. (a) No representation or warranty of any Credit Party contained in any Credit Document or in any other documents, certificates or written statements furnished to any Agent or Lender by or on behalf of Holdings or any of its Subsidiaries for use in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact (known to Holdings or Company, in the case of any document not furnished by either of them) necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which the same were made. Any projections and pro forma financial information contained in such materials are based upon good faith estimates and assumptions believed by Holdings or Company to be reasonable at the time made, it being recognized by Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results. There are no facts known (or that should upon the reasonable exercise of diligence be known) to Holdings or Company (other than matters of a general economic nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such other documents, certificates and statements furnished to Lenders for use in connection with the transactions contemplated hereby.
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(b) As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.
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4.26Sanctions; Anti-Corruption and Anti-Bribery Laws; Anti-Terrorism and Anti-Money Laundering Laws; Etc.
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(a)None of Holdings, any of its Subsidiaries, any Affiliate of any such Person, or any of their respective Directors, officers or, to the knowledge of any Credit Party, employees, agents, or advisors of any such Person is a Sanctioned Person or who is otherwise designated pursuant to Canadian Anti-Terrorism Laws. Each of Holdings, its Subsidiaries, its Affiliates and their respective Directors, officers and, to the knowledge of any Credit Party, employees, agents and advisors is in compliance with and has not violated (i) Sanctions, (ii) Anti-Corruption and Anti-Bribery Laws, and (iii) Anti-Terrorism and Anti-Money Laundering Laws and (iv) the Canadian Anti-Money Laundering Laws, the Canadian Anti-Terrorism Laws or any other provincial, territorial, local or foreign laws relating to “know your customer” and anti-money laundering rules and regulations or terrorist financing. No part of the proceeds of any Credit Extension has or will be used, directly or indirectly, (A) for the purpose of financing
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any activities or business of or with any Sanctioned Person (or who is otherwise designated pursuant to Canadian Anti-Terrorism Laws) or in any Sanctioned Country, (B) 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 and Anti-Bribery Laws, or (C) otherwise in any manner that would result in a violation of Sanctions, Anti-Terrorism and Anti-Money Laundering Laws, or Anti-Corruption and Anti-Bribery Laws by any Person.
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(b)Commencing on the applicable date set forth in Section 5.15, Holdings and its Subsidiaries currently maintain policies, procedures and controls that are designed (and otherwise comply with applicable law) to ensure that each of Holdings, its Subsidiaries, and each Controlled Entity, and each of their respective Directors, officers, employees and agents, is and will continue to be in compliance with all applicable current and future Sanctions, Anti-Terrorism and Anti-Money Laundering Laws and Anti-Corruption and Anti-Bribery Laws.
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4.27Senior Indebtedness. The Obligations of each Credit Party, as applicable, constitute “Senior Indebtedness” or a term of similar import under and as defined in each definitive document governing the Subordinated Indebtedness. The Obligations guaranteed by each Guarantor hereunder, as applicable, constitute “Guarantor Senior Indebtedness” or a term of similar import under and as defined in each definitive document governing the Subordinated Indebtedness.
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4.28Government Contracts. As of the Closing Date, no Credit Party is a party to any contract or agreement with any Governmental Authority, and no Credit Party's Accounts are subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727), the Financial Administration Act (Canada), or any similar state or local law.
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4.29Growers’ Liens.
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(a)As of the Closing Date, the existing Farm Product Purchase Agreements do not result in the creation of a Lien under Growers’ Lien Laws. Company and its Subsidiaries are in compliance with all notifications and instructions received from creditors of Protected Vendors delivered pursuant to Growers’ Lien Laws. Company and its Subsidiaries have not, within the one-year period immediately prior to the date hereof, received written notice pursuant to the applicable provisions of the Food Security Act or pursuant to the Uniform Commercial Code from (i) any of its suppliers or sellers of Farm Products (individually, a “Farm Products Seller” and collectively, the “Farm Product Sellers”), (ii) any secured party of any such Farm Products Seller or (iii) the Secretary of State (or the equivalent official) of any state in which Farm Products purchased by Company or such Subsidiary are produced, in any case advising or notifying Company or such Subsidiary of the intention of such Farm Products Seller or other Person to preserve the benefit of any trust applicable to any property of Company or such Subsidiary established in favor of such Farm Products Seller or other Person or of the existence or claim of a Lien in and to any Farm Products that may be or have been purchased by Company or such Subsidiary (all of the foregoing, together with any such notices as Company or any of its Subsidiaries may at any time hereafter receive, collectively, the “Food Security Act Notices”).
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(b)As of the Closing Date (i) with respect to the Closing Date Acquisition, other than as set forth in Section 2.3(k) of the Closing Date Acquisition Agreement, no Protected Vendor has any claim against Holdings or any of its Subsidiaries or any of their properties for any account payable or other balance arising on or prior to the Petition Date, (ii) all payables and other liabilities owed to Protected Vendors that were not expressly assumed by Holdings and its Subsidiaries in the Kona Bankruptcy Proceeding pursuant to Section 2.3(k) of the Closing Date Acquisition Agreement either (I) have been paid in full prior to the Closing Date or (II) constitute Post-Closing Growers’ Lien Liabilities to be paid by the Debtors (as defined in the Sale Order) or (III) were not valid claims or timely filed claims in the Kona Bankruptcy Proceeding, (iii) with respect to the Closing Date Acquisition, other than as set forth in Section 2.3(k) of the Closing Date Acquisition Agreement, no trust pursuant to Growers’ Lien Laws in favor of a Protected Vendor is in existence that owns the assets or other property in the possession of, or being used, collected or administered by, Holdings or any of its Subsidiaries, (iv) other than as set forth in Section 2.3(k) of the Closing Date Acquisition Agreement, none of the payables or other liabilities being assumed by Holdings and its Subsidiaries in Closing Date Acquisition Agreement constitute Grower's Lien Liabilities and (v) the amounts of all accounts payable and other balances due and payable after the Closing Date to Protected Vendors by Holdings and its Subsidiaries are set forth on Schedule 4.29 together with the exact legal names of such Protected Vendors.
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4.30Food Safety Laws. The operations of Company and each of its Subsidiaries are and have been in compliance in all material respects with all applicable Food Safety Laws, including obtaining, maintaining and complying with all permits, licenses, or other approvals required by any Food Safety Law; (ii) no written notice, request for information, order, complaint or penalty has been received by Company or any of its Subsidiaries, and there are no judicial, administrative or other actions, suits or proceedings pending or threatened which allege a violation of or liability under any Foods Safety Laws, in each case relating to Company or any of its Subsidiaries; (iii) Company and each of its Subsidiaries’ recordkeeping practices comply in all material respects with the requirements of the Food Safety Laws, including FDA regulations implementing the Public Health Security and Bioterrorism Preparedness and Response Act of 2002; (iv) Company and each of its Subsidiaries have practices in place to ensure continuing compliance with the safety and labeling requirements of applicable Food Safety Laws, including, to the extent applicable to Company and its Subsidiaries, requirements related to sanitary transportation, supplier verification, hazard analysis and critical control points, food safety plans, food defense, current good manufacturing practices, sanitation standard operating procedures, temperature control, environmental monitoring, food additives, beer production, wine and spirits labeling, and menu labeling; (v) to the knowledge of Company and each of its Subsidiaries, all of the food and alcohol products produced or sold by Company and each of its Subsidiaries (a) have been properly handled and stored and are properly manufactured, packaged and labeled and fit for human consumption or other intended use, (b) are not and have not been adulterated, misbranded or otherwise violative within the meaning of the United States Federal Food, Drug, and Cosmetic Act as amended, the Federal Alcohol Administration Act as amended, and any regulations promulgated thereunder, or under any other Food Safety Laws, and (c) bear and have borne all required warning statements and allergen declarations; (vi) Company and each of its Subsidiaries have, in a timely manner, filed with the applicable Governmental Authorities all
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required reports, including reports involving serious injury related by a reasonable probability to the consumption of any product; (vii) Company and its Subsidiaries have not received notice from the FDA, TTB or any other Governmental Authority, or has knowledge, that there are any circumstances existing which would be reasonably likely to lead to any enforcement action or loss of, or refusal to renew, any permit, license, or approval related to the making of or sale of any food or alcohol product; and (viii) there is not currently, and has not been during the past three (3) years preceding the Closing Date, nor is there under consideration or investigation by Company or any of its Subsidiaries, any seizure, withdrawal, recall, suspension or detention of any product manufactured or sold by Company or any of its Subsidiaries (a “Recall”) nor, to the knowledge of Company or any of its Subsidiaries, is there any investigation or proceeding by the FDA, TTB, USDA, or any other Governmental Authority seeking any such Recall or enforcement action.
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4.31Indemnification and other Similar Obligations. As of the Closing Date, Holdings and its Subsidiaries have not agreed to indemnify, reimburse or otherwise be held liable in any form for indemnification or similar obligations of any officer, director, manager or similar Person of any Person owning Capital Stock in Holdings (or any direct or indirect parent of Holdings) and Holdings’ Subsidiaries with respect to events arising on or prior to the Closing Date.
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4.32Data Privacy and Security.
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(a)Holdings and its Subsidiaries have implemented commercially reasonable procedures, including firewall protections and regular virus scans, designed to ensure that software used in the operation of their business is materially free of any code designed to (or intended to): (i) disrupt, disable, harm, or otherwise impede in any manner the operation of, or provide unauthorized access to, a computer system or network or other device on which such code is stored or installed, or (ii) compromise the privacy or data security of a user or damage or destroy any data or file without the user’s consent. The information technology systems and databases used by Holdings and its Subsidiaries are sufficient in all material respects for the needs of their business and in accordance with customary industry standards and practices. There has been no (x) failure or other substandard performance of any such information technology system or database that has caused any material disruption to the business of Holdings and its Subsidiaries or (y) to the knowledge of the Credit Parties, unauthorized intrusions or breaches of security with respect to any information technology systems and databases used by Holdings and its Subsidiaries.
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(b)Each of Holdings and its Subsidiaries (i) is, and has at all times been, in compliance in all material respects with all applicable requirements of law and Contractual Obligations regarding the collection, protection, storage, use, processing, disclosure, retention and transfer of Personal Information and (ii) has commercially reasonable safeguards in place to protect Personal Information in their possession or control from unauthorized access by other Persons.
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(c)There have not been, to the knowledge of the Credit Parties, any material unauthorized intrusions or breaches of the security of any of the information technology systems and databases, any material unauthorized access or use of any Personal Information or other information stored or contained therein or accessed or processed thereby, or any material compromise of the confidentiality, integrity, or availability of Personal Information or the physical, technical, administrative, or organizational safeguards put in place by Holdings or any of its Subsidiaries that relate to the protection of Personal Information. No Person has, to the knowledge of the Credit Parties, made any illegal or unauthorized use of Personal Information that was controlled by or on behalf of Holdings or any of its Subsidiaries and is in the possession or control of Holdings or any of its Subsidiaries. To the knowledge of the Credit Parties, no facts or circumstances exist that could reasonably be expected to give rise to any such unauthorized intrusion or breach, unauthorized access or use, or compromise.
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(d)Neither Holdings nor any of its Subsidiaries has received any, and there has not been any written complaint delivered to any regulatory or other governmental body or official, foreign or domestic, or any audit, proceeding, investigation (whether formal or informal), or claim against or relating to Holdings or any of its Subsidiaries by any private party or any regulatory or other governmental body or official, foreign or domestic, regarding the collection, use, retention, storage, transfer, disposal, disclosure or other processing of Personal Information, and no such complaint, audit, proceeding, investigation or claim has been threatened in writing against Holdings or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect.
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4.33Canadian Defined Benefit Plan. No Credit Party or any of their Subsidiaries maintains, sponsors, administers, participates in or contributes to any Canadian Defined Benefit Plan.
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4.34Governmental Contracts. No Credit Party’s accounts are subject to any of the requirements or proceedings applicable to assignments of accounts under the Financial Administration Act (Canada) or any other similar law.
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4.35Centre of main interests and establishments. For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the "Regulation"), the centre of main interest (as that term is used in Article 3(1) of the Regulation) of each Credit Party that is a Foreign Subsidiary incorporated under the laws of a member state of the European Union is situated in its jurisdiction of incorporation and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.”
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SECTION 5 AFFIRMATIVE COVENANTS
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Each Credit Party covenants and agrees that until Payment in Full of all Obligations, each Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 5.
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5.1Financial Statements and Other Reports. Unless otherwise provided below, Holdings will deliver to Administrative Agent and Lenders:
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(a)Monthly Reports. As soon as available, and in any event within thirty days after the end of each fiscal month (including fiscal months that began prior to the Closing Date for which financial statements were not previously delivered commencing with the fiscal month ending July 31, 2019 (but for the fiscal months ending July 31, 2019 and August 31, 2019, the Holdings shall be required to deliver such financial statements by October 15, 2019), the consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal month and the related consolidated statements of income, consolidated statements of stockholders’ equity and consolidated statements of cash flows of Holdings and its Subsidiaries for such fiscal month and for the period from the beginning of the then current Fiscal Year to the end of such fiscal month, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the Financial Plan for the current Fiscal Year, all in reasonable detail, together with a schedule of reconciliations for any reclassifications with respect to prior fiscal months or periods (and, in connection therewith, copies of any restated financial statements for any impacted fiscal month or period) a Financial Officer Certification and a Narrative Report with respect thereto, a Key Performance Indicator Report for such period and any other operating reports prepared by management for such period;
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(b)Quarterly Financial Statements. As soon as available, and in any event within forty-five days after the end of the first three Fiscal Quarters of each Fiscal Year (commencing with the Fiscal Quarter ending September 30, 2019), the consolidated balance sheets of Holdings and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the Financial Plan for the current Fiscal Year, all in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto;
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(c)Annual Financial Statements. As soon as available, and in any event within ninety days after the end of each Fiscal Year (commencing with the Fiscal Year ending December 31, 2019), (i) the consolidated balance sheets of Holdings and its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year and the corresponding figures from the Financial Plan for the Fiscal Year covered by such financial statements, in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto; and (ii) with respect to such consolidated financial statements a report thereon of Plante Morgan or other independent certified public accountants of recognized national standing selected by Holdings, and reasonably satisfactory to Administrative Agent (which report and accompanying financial statements shall be unqualified as to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all
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material respects, the consolidated financial position of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards) (such report shall also include (x) a detailed summary of any audit adjustments; (y) a reconciliation of any audit adjustments or reclassifications to the previously provided monthly or quarterly financials; and (z) restated monthly or quarterly financials for any impacted periods);
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(d)Compliance Certificate. Together with each delivery of financial statements of Holdings and its Subsidiaries pursuant to Sections 5.1(b) and 5.1(c), a duly executed and completed Compliance Certificate;
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(e)Statements of Reconciliation after Change in Accounting Principles. If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of Holdings and its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance satisfactory to Administrative Agent;
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(f)Notice of Default. Promptly and in any event within three days after any officer of Holdings or Company obtaining knowledge (i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to Holdings or Company with respect thereto; (ii) that any Person has given any notice to Holdings or any of its Subsidiaries or taken any other action with respect to any event or condition set forth in Section 8.1(b); or (iii) of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect, a certificate of an Authorized Officer specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, default, event or condition, and what action Company has taken, is taking and proposes to take with respect thereto;
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(g)Notice of Adverse Proceedings. Promptly and in any event within one daythree days after any officer of Holdings or Company obtaining knowledge of (i) the institution of, or non frivolous threat of, any Adverse Proceeding not previously disclosed in writing by Company to Lenders, or (ii) any development in any Adverse Proceeding that, in the case of either clause (i) or (ii) if adversely determined, could be reasonably expected to result in a Material Adverse Effect or liability of Holdings, any of its Subsidiaries or any of their respective Affiliates in excess of $100,000, individually, or $250,000,2,000,000 in the aggregate for all such Adverse Proceedings or seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated hereby,
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written notice thereof together with such other information as may be reasonably available to Holdings or Company to enable Lenders and their counsel to evaluate such matters;
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(h)ERISA and Employment Matters. (i) Promptly and in any event within one daythree days after becoming aware of the occurrence of or forthcoming occurrence of any ERISA Event, a written notice specifying the nature thereof, what action Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; (ii) promptly and in any event within one day after the same is available to any Credit Party, copies of (1) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates with the Internal Revenue Service with respect to each Pension Plan; (2) all notices received by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (3) copies of such other documents or governmental reports or filings relating to any Employee Benefit Plan as Administrative Agent shall reasonably request, (iii) promptly and in any event within one day after any Credit Party implements or sends notice of a plant closing or mass layoff (as defined in WARN) to employees, a written notice specifying the nature thereof and copies of each such notice sent by such Credit Party, (iv) promptly and in any event within one day after becoming aware of the filing of any charge of discrimination or similar Adverse Proceeding (A) for which Holdings or any of its Subsidiaries does not have insurance coverage or (B) with respect to which it is reasonably foreseeable that Holdings or any of its Subsidiaries could have liability in excess of applicable insurance coverage limits, written notice thereof together with such other information as may be reasonably available to Holdings or Company to enable Lenders and their counsel to evaluate such matters; and (v) promptly and in any event within one day after becoming aware of any strike, work stoppage, walkout, or similar material labor dispute or union organizing activity, a written notice specifying the nature thereof and what action Holdings or any of its Subsidiaries has taken, is taking or proposes to take with respect thereto;
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(i)Financial Plan. As soon as practicable and in any event no later than thirtyforty-five days after the end of each Fiscal Year, a consolidated plan and financial forecast and updated model for next Fiscal Year (a “Financial Plan”), including (i) a forecasted consolidated balance sheet and forecasted consolidated statements of income and cash flows of Holdings and its Subsidiaries for each such Fiscal Year, together with pro forma Compliance Certificates for each such Fiscal Year and an explanation of the assumptions on which such forecasts are based, and (ii) forecasted consolidated statements of income and cash flows of Holdings and its Subsidiaries for each fiscal month of each such Fiscal Year and (iii) forecasts demonstrating projected compliance with the requirements of Section 6.8 through the final maturity date of the Loans;
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(j)Insurance Report. As soon as practicable and in any event bynot later than forty-five days after the last dayend of each Fiscal Year, one or more certificates from the Credit Parties’ insurance broker(s) together with accompanying endorsements, in each case in form and substance satisfactory to Administrative Agent, and a report outlining all material insurance
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coverage maintained as of the date of such report by Holdings and its Subsidiaries and all material insurance coverage planned to be maintained by Holdings and its Subsidiaries in the immediately succeeding Fiscal Year;
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(k)Notice of Change in Board of Directors. With reasonable promptness and in any event within tenfifteen days after such change, written notice of any change in the Board of Directors of Holdings or Company;
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(l)Notice Regarding Material Contracts or Material Indebtedness. Promptly, and in any event within twothree days after (i)(A) any Material Contract of Holdings or any of its Subsidiaries is terminated or amended in a manner that is materially adverse to Holdings or such Subsidiary, as the case may be, or (B) any new Material Contract is entered into, or (ii) after any officer of any Credit Party or any of its Subsidiaries obtaining knowledge (A) of any condition or event that constitutes an event of default under any Material Contract, Related Agreement, or Material Indebtedness, (B) that any event, circumstance, or condition exists or has occurred that gives any counterparty to such Material Contract a termination or assignment right thereunder, or (C) that notice has been given to any Credit Party or any of its Subsidiaries asserting that any such condition or event has occurred, a certificate of an Authorized Officer of the applicable Credit Party specifying the nature and period of existence of such condition or event and, in the case of clause (i), including copies of such material amendments or new contracts, delivered to Administrative Agent (to the extent such delivery is permitted by the terms of any such Material Contract, provided, no such prohibition on delivery shall be effective if it were bargained for by Holdings or its applicable Subsidiary with the intent of avoiding compliance with this Section 5.1(l)) and, in the case of clause (ii), as applicable, explaining the nature of such claimed event of default, and including an explanation of any actions being taken or proposed to be taken by such Credit Party or Company with respect thereto;
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(m)Environmental Reports and Audits. As soon as practicable and in any event within ten days following receipt thereof, copies of all environmental audits, reports, and notices with respect to environmental matters at any Facility or that relate to any environmental liabilities of Holdings or its Subsidiaries that, in any such case, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or in liabilities that exceed $100,000, individually, or $250,000,2,000,000 in the aggregate for all such liabilities, in each case, during the term of this Agreement;
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(n)Information Regarding Collateral. (a) Company will furnish to Collateral Agent prior written notice of any change (i) in any Credit Party’s corporate name, (ii) in any Credit Party’s identity or corporate structure, (iii) in any Credit Party’s jurisdiction of organization or formation, or (iv) in any Credit Party’s Federal Taxpayer Identification Number or state organizational identification number. Company agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or PPSA, as applicable, or otherwise that are required in order for Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral as
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contemplated in the Collateral Documents. Company also agrees promptly to notify Collateral Agent if any material portion of the Collateral is lost, stolen, damaged or destroyed;
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(o)Annual Collateral Verification. Each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1(c), Company shall deliver to Collateral Agent a certificate of an Authorized Officer (i) either (A) confirming that there has been no change in such information since the date of the Collateral Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section 5.1(o) or (B) identifying such changes and (ii) certifying that all UCC financing statements (including fixture filings, as applicable), all supplemental intellectual property security agreements, and any and all other appropriate filings, recordings or registrations, have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction identified pursuant to clause (i) above (or in such Collateral Questionnaire) to the extent necessary to effect, protect and perfect the security interests under the Collateral Documents for a period of not less than 18 months after the date of such certificate (except as noted therein with respect to any continuation statements to be filed within such period);
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(p)Aging Reports. Together with each delivery of financial statements of Company and each other Credit Party pursuant to Sections 5.1(b)Promptly upon request by Administrative Agent, (i) a summary of the accounts receivable aging report of each Credit Party as of the end of such period, and (ii) a summary of accounts payable aging report of each Credit Party as of the end of such period;
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(q)Tax Returns. As soon as practicable and in any event within fifteen days following the filing thereof, copies of each federal income tax return filed by or on behalf of any Credit Party;
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(r)KYC Documentation. (i) As soon as practicable and in any event within ten days following the Administrative Agent’s or any Lender’s request therefor after the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the PATRIOT Act.
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(ii) As soon as practicable and in any event within five days following the Administrative Agent’s or any Lender’s request therefor after the Closing Date in connection with any change in ownership of any Credit Party, any Credit Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Credit Party.
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(s)Certain Accounts Payable. Concurrently with the delivery of the monthly financial statements required under Section 5.1(a), a monthly trial balance showing accounts payable with respect to Farm Products or subject to Growers’ Liens , in each case outstanding aged from invoice date as follows: 1 to 30 days, 31 to 60 days, 61 to 90 days and 91 days or
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more, accompanied by such supporting detail and documentation as shall be requested by Administrative Agent in its reasonable discretion.
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(t)Data Privacy:. Promptly and in any event within three days after any officer of Holdings or Company obtaining knowledge of any breach in any material respect of any applicable law, industry standard or Contractual Obligation relating to the collection, use, retention, storage, transfer, disposal, disclosure or other processing of Personal Information, notification of such breach.
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(u)Other Information. (A) Promptly and in any event within ten days of their becoming available, copies of (i) all financial statements, reports, notices and proxy statements sent or made available generally by Holdings to its Security holders acting in such capacity or by any Subsidiary of Holdings to its Security holders acting in such capacity, (ii) all regular and periodic reports and all registration statements and prospectuses, if any, filed by Holdings or any of its Subsidiaries with any securities exchange or with the Securities and Exchange Commission or any Governmental Authority, (iii) all press releases and other statements made available generally by Holdings or any of its Subsidiaries to the public concerning material developments in the business of Holdings or any of its Subsidiaries, and (B) promptly after any request, such other information and data with respect to Holdings or any of its Subsidiaries as from time to time may be reasonably requested by Administrative Agent or any Lender.
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Documents required to be delivered pursuant to Section 5.1(b) or (c) (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (a) on which Company posts such documents, or provides a link thereto on Company’s website listed on Appendix B; or (b) on which such documents are posted on Company’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (x) until the Administrative Agent has confirmed its receipt of an electronic copy of any such document, the Company shall deliver paper copies of such documents to the Administrative Agent or any Lender if so requested by Administrative Agent or any such Lender and (y) the Company shall notify the Administrative Agent (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative 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 the Company 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.
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To the extent practical, together with any delivery of financial information required under this Section 5.1, the Credit Parties shall deliver to the Administrative Agent an Excel spreadsheet containing such financial information.
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5.2Existence. Except as otherwise permitted under Section 6.9, each Credit Party will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and
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effect its existence and all rights and franchises, licenses and permits material to its business; provided, no Credit Party (other than Company with respect to its existence) or any of its Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if such Person’s Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to such Person or to Lenders.
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5.3Payment of Taxes and Claims.
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(a)Each Credit Party will, and will cause each of its Subsidiaries to, pay all federal and state income and other material Taxes imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (a) adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made therefor, and (b) in the case of a Tax or claim that has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim. No Credit Party will, nor will it permit any of its Subsidiaries to, file or consent to the filing of any consolidated income tax return with any Person (other than Holdings or any of its Subsidiaries).
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(b)Holdings shall ensure that neither it nor any of its Subsidiaries is or has been at any time an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or "connected" with or an "associate" of (as those terms are used in sections 38 or 43 of the Pensions Act 2004) such an employer.
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5.4Maintenance of Properties. Each Credit Party will, and will cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful in the business of Holdings and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof.
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5.5Insurance. Holdings will maintain or cause to be maintained, with financially sound and reputable insurers, (i) business interruption insurance reasonably satisfactory to Administrative Agent, and (ii) such casualty insurance, public liability insurance, third party property damage insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of Holdings and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. Without limiting the generality of the foregoing, Holdings will maintain or cause to be
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maintained (a) flood insurance with respect to each parcel of real estate that is owned or leased by Holdings or the Company that is located in a community that participates in the National Flood Program, in each case in compliance with any applicable regulations of the Board of Governors, and (b) replacement value casualty insurance on the Collateral under such policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at all times carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses. Each such policy of insurance shall (i) in the case of each liability insurance policy, name Collateral Agent, for the benefit of Secured Parties, as an additional insured thereunder as its interests may appear, (ii) in the case of each casualty insurance policy, contain a lender loss payable clause or endorsement, satisfactory in form and substance to Collateral Agent, that names Collateral Agent, for the benefit of Secured Parties as the lender loss payee thereunder, and (iii) in each case, provide for at least thirty days’ prior written notice to Collateral Agent of any modification or cancellation of such policy.
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5.6Books and Records; Inspections. Each Credit Party will, and will cause each of its Subsidiaries to, keep proper books of record and accounts in which full, true, and correct entries in conformity in all material respects with GAAP shall be made of all dealings and transactions in relation to its business and activities. Each Credit Party will, and will cause each of its Subsidiaries to, permit any authorized representatives designated by any Agent or any Lender to visit and inspect any of the properties of any Credit Party and any of its respective Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their affairs, finances and accounts with its and their officers and independent public accountants, all upon reasonable notice and at such reasonable times during normal business hours and as often as may reasonably be requested.
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5.7Lenders Meetings. Holdings and Company will, upon the request of Administrative Agent or Requisite Lenders, participate in a meeting of Administrative Agent and Lenders once during each Fiscal Year to be held at Company’s corporate offices (or at such other location as may be agreed to by Company and Administrative Agent or, if agreed to by Administrative Agent in its sole discretion, via a conference call or other teleconference) at such time as may be agreed to by Company and Administrative Agent.
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5.8Compliance with Laws. Each Credit Party will comply, and shall cause each of its Subsidiaries and all other Persons, if any, on or occupying any Facilities to comply, with (i) the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including all (i) Food Safety Laws and (ii) Environmental Laws) (it being understood, in the case of any laws, rules, regulations, and orders specifically referred to any other provision of this Agreement, the Credit Parties shall also be required to represent and/or comply with, as applicable, the express terms of such provision), (ii) Growers’ Liens Laws, (iii) all Sanctions, Anti-Corruption and Anti-Bribery Laws, and Anti-Terrorism and Anti-Money Laundering Laws in accordance with Section 4.26(a). Each Credit Party shall, and shall cause each of its Subsidiaries to, maintain the policies and procedures described in Section 4.26(b).
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		5.9
	Environmental.

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		(a)
	Environmental Disclosure. Holdings will deliver to Administrative Agent and Lenders:

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(i)as soon as practicable  following receipt thereof, copies of all environmental audits, investigations, analyses and reports of any kind or character, whether prepared by personnel of Holdings or any of its Subsidiaries or by independent consultants, Governmental Authorities or any other Persons, with respect to significant environmental matters at any Facility or with respect to any Environmental Claims;
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(ii)promptly uponas soon as practicable following the occurrence thereof, written notice describing in reasonable detail (1) any Release required to be reported to any Governmental Authority under any applicable Environmental Laws, (2) any remedial action taken by Holdings or any other Person in response to (A) any Hazardous Materials Activities the existence of which has a reasonable possibility of resulting in one or more Environmental Claims having, individually or in the aggregate, a Material Adverse Effect or resulting in liabilities that exceed $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities, or (B) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of resulting in a Material Adverse Effect or in liabilities that exceed $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities, and (3) Holdings or Company’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of any Facility that could cause such Facility or any part thereof to be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under any Environmental Laws;
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(iii)as soon as practicable following the sending or receipt thereof by Holdings or any of its Subsidiaries, a copy of any and all written communications with respect to (1) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of giving rise to a Material Adverse Effect or to liabilities that exceed $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities, (2) any Release required to be reported to any Governmental Authority, and (3) any request for information from any Governmental Authority that suggests such Governmental Authority is investigating whether Holdings or any of its Subsidiaries may be potentially responsible for any Hazardous Materials Activity;
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(iv)promptas soon as practicable, written notice describing in reasonable detail (1) any proposed acquisition of stock, assets, or property by Holdings or any of its Subsidiaries that could reasonably be expected to (A) expose Holdings or any of its Subsidiaries to, or result in, Environmental Claims that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or result in liabilities that exceed $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities or (B) adversely affect the ability of Holdings or any of its Subsidiaries to maintain in full force and effect all material Governmental
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Authorizations required under any Environmental Laws for their respective operations and (2) any proposed action to be taken by Holdings or any of its Subsidiaries to modify current operations in a manner that could reasonably be expected to subject Holdings or any of its Subsidiaries to any additional material obligations or requirements under any Environmental Laws; and
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(v)with reasonable promptness, such other documents and information as from time to time may be reasonably requested by Administrative Agent in relation to any matters disclosed pursuant to this Section 5.9(a).
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(b)Hazardous Materials Activities, Etc. Each Credit Party shall promptly take, and shall cause each of its Subsidiaries promptly to take, any and all actions necessary to (i) cure any violation of applicable Environmental Laws by such Credit Party or its Subsidiaries that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or result in liabilities that exceed $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities, and (ii) make an appropriate response to any Environmental Claim against such Credit Party or any of its Subsidiaries and discharge any obligations it may have to any Person thereunder where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or result in liabilities that exceed $250,000, individually, or $500,000,2,000,000 in the aggregate for all such liabilities.
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5.10Additional Guarantors. In the event that any Person becomes a Subsidiary of any Credit Party, such Credit Party shall, concurrently withwithin twenty (20) days of such Person becoming a Subsidiary, (a) cause such Subsidiary to become a Guarantor hereunder and a Grantor under the Pledge and Security Agreement and/or party to the applicable Collateral Documents by executing and delivering to Administrative Agent and Collateral Agent a Counterpart Agreement and/or any other counterpart or joinder agreement required under the applicable Collateral Documents, and (b) take all such actions and execute and deliver, or cause to be executed and delivered, all such documents, instruments, agreements, and certificates as are reasonably requested by Collateral Agent in connection therewith, including such documents, instruments, agreements, and certificates as are similar to those described in Sections 3.1(b), 3.1(j), 3.1(kl), 3.1(m), and 3.1(nm), and the execution and delivery or joinder to the Intercompany Note and Subordination; provided that the Collateral Agent shall not require or request any mortgages, deeds of trust or similar Collateral Documents in connection with any Leasehold Property. In addition, such Credit Party shall deliver, or cause such Subsidiary to deliver, as applicable, all such documents, instruments, agreements, and certificates as are reasonably requested by Collateral Agent in order to grant and to perfect a First Priority Lien in favor of Collateral Agent, for the benefit of Secured Parties, in 100% of the Capital Stock of such Subsidiary under the Pledge and Security Agreement (including, as applicable, original certificates evidencing such Capital Stock and related powers or instruments of transfer executed in blank, as applicable) and/or party the applicable Collateral Documents. With respect to each such Subsidiary, Company shall send to Administrative Agent prior written notice within twenty (20) days of such Person becoming a Subsidiary of Company setting forth with respect to such Person (i) the date on which such Person is intended to becomebecame a Subsidiary of Company, and (ii) all of the data required to be set forth in Schedules 4.1 and 4.2 with respect to
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all Subsidiaries of Company; provided, such written notice shall be deemed to supplement Schedule 4.1 and 4.2 for all purposes hereof automatically upon such Person becoming a Subsidiary. Notwithstanding the foregoing, the Credit Parties may, at their option, exclude any Foreign Subsidiaries from the requirements of this Section 5.10 and Section 5.11 to the extent (I) no Default or Event of Default has occurred and is continuing or would result from such exclusion and (II) the aggregate amount of Consolidated Adjusted EBITDA and consolidated total assets attributable to such Foreign Subsidiaries (measured in a manner that eliminates all intercompany transactions with the Credit Parties and without giving effect to any exclusion of Consolidated Net Income or Consolidated Adjusted EBITDA attributable to such Foreign Subsidiaries from the definitions of Consolidated Net Income and Consolidated Adjusted EBITDA, respectively) does not in the aggregate exceed 5% of Consolidated Adjusted EBITDA and 5% of consolidated total assets during any period (the “Excluded Foreign Subsidiary Threshold”); provided, that, if at any time the Excluded Foreign Subsidiary Threshold is exceeded, the Company shall promptly (and in any event within one (1) Business Days) notify the Administrative Agent of such occurrence and shall, within ten (10) days (or such long period that the Administrative Agent shall agree to in its sole discretion) of such occurrence (A) designate in writing to the Administrative Agent one or more of such Foreign Subsidiaries that shall no longer be excluded by the requirements of this Section 5.10 and Section 5.11 until the Credit Parties are in compliance with the Excluded Foreign Subsidiary Threshold and (B) cause each such Foreign Subsidiary (and any Credit Party owning the Capital Stock of each such Foreign Subsidiary) to comply with the requirements of this Section 5.10 and Section 5.11.
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		5.11
	Additional Locations and Material Real Estate Assets.

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(a)Fee-Owned Real Estate Assets. In the event that any Credit Party acquires a fee-owned Material Real Estate Asset or a fee-owned Real Estate Asset owned on the Closing Date becomes a fee-owned Material Real Estate Asset and such interest has not otherwise been made subject to the Lien of the Collateral Documents in favor of Collateral Agent, for the benefit of Secured Parties, then such Credit Party shall promptly notify Collateral Agent thereof, and on the same date as acquiring or leasing such fee-owned Material Real Estate Asset, or within thirty days after any Real Estate Asset owned or leased on the Closing Date becomes a fee-owned Material Real Estate Asset (or at such later time as is approved by Collateral Agent in its sole discretion), shall take all such actions and execute and deliver, or cause to be executed and delivered, all such Mortgaged Real Estate Documents (and all such mortgages, documents, instruments, agreements, opinions and certificates described in the applicable Collateral Documents) with respect to each such fee-owned Material Real Estate Asset that Collateral Agent shall reasonably request to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in such fee-owned Material Real Estate Asset.
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(b)Leasehold Real Estate Assets. In the event that any Credit Party acquires a Leasehold Property that is a Material Real Estate Asset after the Closing Date or a Leasehold Property becomes a Material Real Estate Asset after the Closing Date, then such Credit Party, contemporaneously with leasing such Material Real Estate Asset, or within thirty days after any Real Estate Asset owned or leased on the Closing Date becomes a Material Real Estate Asset (or
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at such later time as is approved by Collateral Agent in its sole discretion), shall use commercially reasonable efforts to take all such actions and execute and deliver, or cause to be executed and delivered all Leasehold Property Documents and Mortgaged Real Estate Documents with respect to each such Leasehold Property that Collateral Agent shall reasonably request.[Reserved]
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(c)Appraisals. In addition to the foregoing, Company shall, at the request of Collateral Agent, deliver, from time to time, to Collateral Agent such appraisals with respect to fee-owned Material Real Estate Assets as are required by law or regulation of Real Estate Assets with respect to which Collateral Agent has been granted a Mortgage.
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(d)Other New Locations. In the event that any Credit Party leases a new headquarters location or other location where material books and records are stored in physical form or enters into an arrangement with a third party for a new headquarters or for physical or electronic storage of any material books and records or other material information of the Credit Parties’ related to their business or operations, in each case, such Credit Party shall use commercially reasonable efforts to obtain a Landlord Collateral Access Agreement or a similar instrument executed by the relevant lessor or other counterparty in favor of Collateral Agent for the benefit of the Secured Parties with respect to such location or arrangement simultaneously with entering into such lease or other arrangements. Without limiting the foregoing, the Credit Parties shall at all times ensure that the Administrative Agent has access to the Credit Parties’ material books and records whether through a Landlord Collateral Access Agreement, electronic access or as otherwise reasonably agreed between the Administrative Agent and Company.
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		5.12
	Growers’ Liens.

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(a)So long as Company or any of its Subsidiaries purchases agricultural products from Protected Vendors, Company or such Subsidiary shall monitor the receipt of notices of Liens and/or trusts (or of any intent to preserve any rights or benefits pursuant to any trust created in favor of any supplier, seller or agent or disclosing a security interest created by a seller of Farm Products) on its assets and notices of non-payment or dishonored checks, in each case, under PACA, PASA, the Food Security Act and any other Growers’ Lien Laws, and provide prompt written notice thereof to Administrative Agent upon receipt thereof.
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(b)Company shall notify the Administrative Agent in writing within twothree (23) Business Days after receipt Company or any of its Subsidiaries of any Food Security Act Notice or amendment to a previous Food Security Act Notice and provide Agent with a copy of such Food Security Act Notice or amendment.
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(c)Company and its Subsidiaries shall comply with all applicable Food Security Act Notices during their periods of effectiveness under the Food Security Act, including directions to make payments to the Farm Products Sellers by issuing payment instruments directly to the Farm Products Sellers’ secured party or jointly payable to the Farm Products Sellers and the Farm Products Sellers’ secured party, as specified in the Food Security Act Notice, so as to terminate or release the security interest in Farm Products maintained by such
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Farm Products Seller or any secured party with respect to the properties of such Farm Products Seller under the Food Security Act.
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(d)If Company or any of its Subsidiaries purchases Farm Products from Persons who produce Farm Products in any state with a central filing system certified by the U.S. Secretary of Agriculture, (i) Company or such Subsidiary, as the case may be, shall register as a buyer with the Secretary of State of such state (or the designated system operator), (ii) Company shall forward promptly to the Administrative Agent a copy of each such registration as well as a copy of all relevant portions of the master list periodically distributed by any such Secretary of State (or the designated system operator), and (iii) if requested by the Administrative Agent, Company thereafter shall deliver to the Administrative Agent, not later than twentythirty (2030) days after the end of each Fiscal Quarter, a schedule of such Farm Product Sellers which shall (i) be prepared as of the last day of the immediately preceding Fiscal Quarter, (ii) set forth the complete legal name and address of each such Farm Product Seller, and (iii) set forth the aggregate purchase price of all Inventory purchased by Company and its Subsidiaries from each such Farm Product Seller during each of the two immediately preceding Fiscal Quarters.
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(e)Company shall and shall cause each of its Subsidiaries to maintain written records pertaining to perishable agricultural commodities and by-products in its possession to which a constructive trust under PACA is applicable. All terms used in this Section 8.26(e) and defined in PACA shall have the meanings ascribed to such terms therein. All material licenses that the Company or any of its Subsidiaries are required to hold pursuant to PACA or any similar state statute or regulation shall be valid and effective at all times. Company and its Subsidiaries will take all actions necessary to maintain or renew such licenses, including but not limited to the payment of all license fees in compliance with any and all provisions of PACA or any similar state statute or regulation, and, upon the request of the Administrative Agent, Company will provide the Administrative Agent with evidence of the renewal or continued existence of such licenses. Company shall and shall cause its Subsidiaries to timely pay any outstanding invoices for perishable agricultural commodities purchased from any vendor subject to the provisions of PACA; provided that in the event that any such invoice requires payment upon delivery, payment shall be made on such date of delivery; provided further that any such invoice may be paid at a later date after delivery of such commodities so long as (i) if requested by the Administrative Agent, Company or such Subsidiary has provided evidence reasonably satisfactory to the Administrative Agent of prior course of dealing with any such vendor substantially in accordance with standard industry practices of Company and its Subsidiaries, or (ii) Company or such Subsidiary has requested or obtained a waiver of the applicable vendor’s rights under PACA. Company shall and shall cause each of its Subsidiaries to pay, in the event that written notification other than on an invoice is received from any vendor of perishable agricultural commodities subject to the provisions of PACA of its intent to enforce its rights under PACA, the related invoice in full promptly following such receipt and promptly notify the Administrative Agent of such receipt; provided that such invoice may remain unpaid if, and only so long as, (i) appropriate legal or administrative action has either been commenced or is being diligently pursued or defended by Company or such Subsidiary, or (ii) the ability of the vendor to
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pursue any rights or enforce any liens or trusts provided under PACA has been stayed or otherwise legally prohibited during the pendency of such action.
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(f)Company shall and shall cause each of its Subsidiaries to maintain written records pertaining to livestock and poultry in its possession to which a constructive trust under PASA is applicable. All terms used in this Section 5.12(f) and defined in PASA shall have the meanings ascribed to such terms therein. Company shall and shall cause its Subsidiaries to timely pay any outstanding invoices for livestock and poultry purchased from any vendor subject to the provisions of PASA; provided that in the event that any such invoice requires payment upon delivery, payment shall be made on such date of delivery; provided further that any such invoice may be paid at a later date after delivery so long as (i) if requested by the Administrative Agent, Company or such Subsidiary has provided evidence reasonably satisfactory to the Administrative Agent of prior course of dealing with any such vendor substantially in accordance with standard industry practices of Company and its Subsidiaries, or (ii) Company or such Subsidiary has requested or obtained a waiver of the applicable vendor’s rights under PASA. Company shall and shall cause each of its Subsidiaries to pay, in the event that written notification other than on an invoice is received from any vendor of livestock and poultry subject to the provisions of PASA of its intent to enforce its rights under PASA, the related invoice in full promptly following such receipt and promptly notify the Administrative Agent of such receipt; provided that such invoice may remain unpaid if, and only so long as, (i) appropriate legal or administrative action has either been commenced or is being diligently pursued or defended by Company or such Subsidiary, or (ii) the ability of the vendor to pursue any rights or enforce any liens or trusts provided under PASA has been stayed or otherwise legally prohibited during the pendency of such action.
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5.13Further Assurances. At any time or from time to time upon the request of Administrative Agent, each Credit Party will, at its expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as Administrative Agent or Collateral Agent may reasonably request in order to effect fully the purposes of the Credit Documents or to perfect, achieve better perfection of, or renew the rights of Collateral Agent for the benefit of Secured Parties with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by Holdings or any Subsidiary that may be deemed to be part of the Collateral). In furtherance and not in limitation of the foregoing, each Credit Party shall take such actions as Administrative Agent or Collateral Agent may reasonably request from time to time to ensure that the Obligations are guaranteed by the Guarantors and are secured by a First Priority Lien on substantially all of the assets of Holdings, and its Subsidiaries and all of the outstanding Capital Stock of Company and each of its Subsidiaries.
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5.14Miscellaneous Covenants. Unless otherwise consented to by Agents and Requisite Lenders:
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(a)Separateness. Holdings will and will cause each of its Subsidiaries to: (i) maintain entity records and books of account separate from those of any other entity that is an Affiliate of such entity (other than Holdings and its Subsidiaries); (ii) not commingle its funds or
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assets with those of any other entity that is an Affiliate of such entity (other than Holdings and its Subsidiaries); and (iii) provide that its Board of Directors will hold all appropriate meetings to authorize and approve such entity’s actions, which meetings will be separate from those of other entities.
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(b)Cash Management Systems. Holdings and its Subsidiaries shall establish and maintain cash management systems reasonably acceptable to Collateral Agent, including Controlled Accounts and, if requested by Collateral Agent at any time in its sole discretion, blocked account and sweep arrangements.
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(c)Communication with Accountants. EachSolely during the continuation of an Event of Default, each Credit Party executing this Agreement authorizes Administrative Agent to communicate directly with such Credit Party’s independent certified public accountants and authorizes and shall instruct those accountants to communicate (including the delivery of audit drafts and letters to management) with Administrative Agent and each Lender information relating to any Credit Party or any of its Subsidiaries with respect to the business, results of operations and financial condition of any Credit Party or any of its Subsidiaries; provided however, that Administrative Agent or the applicable Lender, as the case may be, shall provide Company with notice at least two Business Days prior to first initiating any such communication.
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(d)Activities of Management. Each member of the senior management team of each Credit Party shall devote all or substantially all of his or her professional working time, attention, and energies to the management of the businesses of the Credit Parties.
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(e)Post Closing Matters. Each Credit Party shall, and shall cause each of its Subsidiaries to, as applicable, satisfy the requirements set forth on Schedule 5.15 on or before the respective date specified for each such requirement or such later date as is agreed to by Administrative Agent in its sole discretion.[Reserved].
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5.15Data Privacy and Security. Each Credit Party shall, and shall cause its Subsidiaries to (i) implement and maintain commercially reasonable measures, procedures and practices to safeguard the security and integrity of its information technology systems, databases, and software; (ii) use commercially reasonable efforts to implement security patches or upgrades that are generally available for its information technology systems; (iii) comply in all material respects with all obligations under applicable law, applicable industry standard requirements, and Contractual Obligations to maintain the privacy of Personal Information and provide accurate notice of its privacy practices on all of its websites (and through any client side and web interface products); (iv) implement and maintain commercially reasonable safeguards to protect Personal Information in their possession or control from unauthorized access by other Persons; and (v) conduct customary diligence on all vendors that will collect, store, process, retain, use or transfer any such Personal Information on behalf of the Credit Parties and their Subsidiaries.
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5.17UK PSC Register. Each English Credit Party shall (a) maintain its PSC Register in accordance with the requirements of section 790B the UK Companies Act 2006 and will provide a copy of the same to the Collateral Agent upon request; (b) notify the Collateral Agent of its intention to issue, or its receipt of any warning notice or restrictions notice under Schedule
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1B of the UK Companies Act 2006 in respect of its shares and provide a copy of such warning notice or restrictions notice to the Collateral Agent in each case before it issues or promptly following receipt of such notice; and (c) generally, within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the UK Companies Act 2006 from any company incorporated in the United Kingdom whose shares are subject to the English Collateral Documents.
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SECTION 6 NEGATIVE COVENANTS
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Each Credit Party covenants and agrees that until Payment in Full of all Obligations, such Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 6.
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6.1Indebtedness. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except:
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(a)the Obligations;
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(b)Indebtedness of any Guarantor Subsidiary to Company or to any other Guarantor Subsidiary, or of Company to any Guarantor Subsidiary; provided, (i) all such Indebtedness shall be evidenced by the Intercompany Note and Subordination, and shall be subject to a First Priority Lien pursuant to the Pledge and Security Agreement, (ii) all such Indebtedness shall be unsecured and subordinated in right of payment to the Payment in Full of all Obligations pursuant to the terms of the Intercompany Note and Subordination, and (iii) any payment by any such Guarantor Subsidiary under any guaranty of the Obligations shall result in a pro tanto reduction of the amount of any Indebtedness owed by such Guarantor Subsidiary to Company or to any of its Subsidiaries for whose benefit such payment is made;
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(c)[Reserved]
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(d)Indebtedness incurred by Holdings or any of its Subsidiaries arising from agreements providing for customary indemnification or from customary guaranties or letters of credit, surety bonds or performance bonds securing the performance of Company or any such Subsidiary pursuant to such agreements in connection with permitted dispositions of any business, assets or Subsidiary of Holdings or any of its Subsidiaries and customary and reasonable indemnity obligations entered into the ordinary course of business of a Credit Party pursuant to the terms of such Credit Party’s bylaws, operating agreement or other similar constituent documents;
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(e)Indebtedness that may be deemed to exist pursuant to any performance, surety, appeal or similar bonds or statutory obligations incurred in the ordinary course of business, and guarantee obligations in respect of any such Indebtedness;
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(f)Indebtedness in respect of (i) netting services, overdraft protections and other services provided in connection with deposit accounts and (ii) unsecured Indebtedness in
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respect of corporate credit cards, p-cards and similar cards in an aggregate outstanding amount not to exceed $500,0001,000,000 at any time, in each case, incurred in the ordinary course of business;
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(g)guaranties by Company of Indebtedness of a Guarantor Subsidiary or guaranties by a Subsidiary of Company of Indebtedness of Company or a Guarantor Subsidiary with respect, in each case, to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.1; provided, that if the Indebtedness that is being guaranteed is unsecured and/or subordinate to the Obligations (in payment or Lien priority), then such guaranties shall also be unsecured and/or subordinated to the Obligations to the same extent as such guaranteed Indebtedness;
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(h)Indebtedness existing on the date hereof and described in Schedule 6.1, but not any extensions, renewals or replacements of such Indebtedness except (i) renewals and extensions expressly provided for in the agreements evidencing any such Indebtedness as the same are in effect on the date of this Agreement, and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not less favorable to the obligor thereon or to the Lenders than the Indebtedness being refinanced or extended, and the average life to maturity thereof is greater than or equal to that of the Indebtedness being refinanced or extended; provided, such Indebtedness permitted under the immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor that was not an obligor with respect to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the Indebtedness being renewed, extended or refinanced except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing, or (C) be incurred, created or assumed if any Default or Event of Default has occurred and is continuing or would result therefrom;
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(i)Indebtedness in an aggregate amount not to exceed at any time $1,000,0002,000,000 consisting of (x) Capital Lease Obligations and (y) other purchase money Indebtedness; provided, in the case of clause (x), that any such Indebtedness shall be secured only by the asset subject to such Capital Lease, and, in the case of clause (y), that any such Indebtedness shall (i) be secured only by the asset acquired in connection with the incurrence of such Indebtedness and (ii) constitute not less than 100% of the aggregate consideration paid with respect to such asset;
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(j)obligations under Hedge Agreements permitted pursuant to Section 6.7;
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(k)Indebtedness owed to insurance carriers consisting of unpaid premiums (not in excess of one year’s premium) and incurred in the ordinary course of business of the Credit Parties;
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(l)unsecured Subordinated Indebtedness issued by HoldignsHoldings to former officers, managers, and employees thereof, or to their respective estates, spouses or former spouses, in each case issued to such Persons upon the death or separation from employment of such person to finance the purchase or redemption of Capital Stock of Holdings so long as (i) no Default or Event of Default has occurred and is continuing at the time of such
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issuance or would result from the incurrence of such Indebtedness and (ii) the aggregate amount of such Indebtedness does not to exceed $500,0001,000,000;
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(m)unsecured Subordinated Indebtedness subject to a Subordination Agreement in an aggregate amount not to exceed $10,000,000; provided, that the Lenders were offered the right of first offer to provide the Subordinated Indebtedness, provided, further, that if the Lenders have indicated their intent to provide the Subordinated Indebtedness within five Business Days of request by the Loan Parties (and provided a commitment letter or similar agreement to provide such Subordinated Indebtedness within 15 Business Days), then such Subordinated Indebtedness may be provided by a party or parties selected by the Loan Parties in their sole discretion on terms no more favorable (as to term and pricing) to the Credit Parties than those of Subordinated Indebtedness offered by one or more Lenders during such five or fifteen Business Day period, as applicable; and
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(n)(m) other unsecured Indebtedness of Holdings and its Subsidiaries (other than Indebtedness of the types listed in Section 6.1(a) – (lm)) that is unsecured and subordinated to the Obligations in a manner satisfactory to Administrative Agent in its sole discretion and does not exceed an aggregate principal amount equal to $500,0001,500,000.
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Notwithstanding anything to the contrary herein, any Subsidiary of the BorrowerCompany that is not a Guarantor shall not, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness for borrowed money, notes or bonds other than the Obligations (and with respect to any Subsidiaries organized in Italy, such Subsidiaries shall not, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness).
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6.2Liens. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of Holdings or any of its Subsidiaries, whether now owned or hereafter acquired, leased (as lessee), or licensed (as licensee), or any income, profits, or royalties therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income, profits, or royalties under the UCC of any State, the PPSA of any Canadian province or territory or under any similar recording or notice statute or under any applicable intellectual property laws, rules or procedures, except:
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(a)Liens in favor of Collateral Agent for the benefit of Secured Parties granted pursuant to any Credit Document or any Secured Hedge Agreement;
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(b)Liens for Taxes if obligations with respect to such Taxes are not yet due or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and adequate reserves have been made in accordance with GAAP so long as the aggregate amount of such Taxes does not exceed $500,0001,000,000 at any time outstanding;
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(c)statutory Liens of landlords, banks (and rights of set-off), of carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by
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law (other than any such Lien imposed pursuant to Section 430(k) of the Internal Revenue Code or ERISA or a violation of Section 436 of the Internal Revenue Code), in each case incurred in the ordinary course of business (i) for amounts not yet overdue, or (ii) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of five days) are being contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts;
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(d)Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the Collateral on account thereof;
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(e)easements, rights-of-way, restrictions, encroachments, and other minor defects or irregularities in title, in each case that do not and will not interfere in any material respect with the ordinary conduct of the business of Holdings or any of its Subsidiaries and that, in the aggregate for any parcel of real property subject thereto, do not materially detract from the value of such parcel;
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(f)any interest or title of a lessor or sublessor under any lease of real estate permitted hereunder;
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(g)Liens solely on any customary cash earnest money deposits made by Company or any of its Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;
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(h)purported Liens evidenced by the filing of precautionary UCC or the PPSA, as applicable, financing statements relating solely to operating leases of personal property entered into in the ordinary course of business;
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(i)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;
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(j)any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property;
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(k)non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by Company or any of its Subsidiaries in the ordinary course of business and not interfering in any respect with the ordinary conduct of or materially detracting from the value of the business of Company or such Subsidiary;
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(l)Liens existing on the Closing Date and described in Schedule 6.2 and any renewals, refinancings or extensions thereof, provided that (i) the property covered thereby is not
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changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 6.1(h) and (iii) to the extent such Lien was subordinated to the Obligations prior to such renewal, refinance or extension, then it shall remain subordinated on the same terms;
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(m)Liens securing Indebtedness permitted pursuant to Section 6.1(i); provided, any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness;
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(n)Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event of Default under Section 8.1(h) and not being enforced by the judgment creditor;
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(o)Liens on insurance premiums in favor of the applicable insurance carrier securing Indebtedness permitted pursuant to Section 6.1(k); and
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(p)other Liens other than the types listed in Section 6.2(a) through (o) securing Indebtedness or other obligations in an aggregate principal amount not to exceed $500,000750,000 at any time outstanding.
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Notwithstanding anything in this Section 6.2 to the contrary, in no event shall any obligations of any Credit Party under any Hedge Agreement be secured by any Lien, except for any Secured Hedge Agreement that is secured by the Liens permitted under clause (a)(i) of this Section 6.2 in accordance with the terms of this Agreement.
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Notwithstanding anything to the contrary herein, any Subsidiary of the BorrowerCompany that is not a Guarantor shall not, directly or indirectly, create, incur or assume any consensual Liens that secure Indebtedness for borrowed money, notes or bonds other than Liens in favor of the Administrative Agent to secure the Obligations (and with respect to any Subsidiaries organized in Italy, such Subsidiaries shall not, directly or indirectly, create, incur or assume any consensual Liens).
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6.3Equitable Lien. If any Credit Party or any of its Subsidiaries shall create or assume any Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than Permitted Liens, it shall make or cause to be made effective provisions whereby the Obligations will be secured by such Lien equally and ratably with any and all other Indebtedness secured thereby as long as any such Indebtedness shall be so secured; provided, notwithstanding the foregoing, this covenant shall not be construed as a consent by Requisite Lenders to the creation or assumption of any such Lien not otherwise permitted hereby.
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6.4No Further Negative Pledges. Except with respect to (a) specific property encumbered to secure payment of particular Indebtedness or to be sold pursuant to an executed agreement with respect to a permitted Asset Sale and (b) restrictions by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be) no Credit Party shall enter into or
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permit any of its Subsidiaries to enter into any agreement prohibiting, or triggering any requirement for equitable and ratable sharing of Liens or any similar obligations upon, the creation or assumption of any Lien upon any Credit Party’s properties or assets, whether now owned or hereafter acquired, to secure the Obligations.
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6.5Restricted Junior Payments. No Credit Party shall, nor shall it permit any of its Subsidiaries or Affiliates through any manner or means or through any other Person to, directly or indirectly, declare, order, pay, make or set apart, or agree to declare, order, pay, make or set apart, any sum for any Restricted Junior Payment except that:
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(a)Anyany Subsidiary of Company may declare and pay dividends or make other distributions to Company or any Credit Party that is a Wholly-Owned Guarantor Subsidiary;
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(b)so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, Company may make Restricted Junior Payments to Holdings in an aggregate amount not to exceed $250,000 in any trailing twelve month period, solely to the extent necessary to permit Holdings to pay general administrative costs and expenses that are attributed directly to or reasonably allocated to Company and its Subsidiaries, and in each case only so long as Holdings promptly (and in any event, within one (1) Business Day) applies the amount of any such Restricted Junior Payment for such purpose;
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(c)so long as no Event of Default exists or would result therefrom, any Credit Party may redeem, acquire, retire, repurchase or settle its Capital Stock held by former officers, managers, consultants, directors and employees (or their respective spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees) of such Credit Party, in each case upon the death, disability, retirement or termination of employment of any such Person or otherwise in accordance with any equity incentive plan or any other employment inventive agreements, in an aggregate amount for all such Restricted Junior Payments not to exceed
$500,000 in any fiscal year;
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(d)Holdings may declare and make dividend payments or other distributions payable solely in its Capital Stock; and
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(e)Soso long as after giving pro forma effect thereto, no Default or Event of Default exists and is continuing or would existbe caused thereby and the Company is in compliance with the futurefinancial covenant set forth in Section 6.8(b), Holdings may make other Restricted Junior Payments in the form of stock buybacks inredeem, repurchase or otherwise acquire its Capital Stock for an aggregate amount after the Third Amendment Effective Date not to exceed the Retained Excess Cash Flow Amount (and Subsidiaries of Holdings may make Restricted Payments to Holdings to fund the foregoing amount)$10,000,000.
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Notwithstanding anything in this Section 6.5 to the contrary, no amount shall be permitted to be distributed by any Credit Party to pay, or otherwise in connection with, any Tax resulting from the cancellation or discharge of Indebtedness.
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6.6Restrictions on Subsidiary Distributions. No Credit Party shall, nor shall it permit any of its Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of Company to (a) pay dividends or make any other distributions on any of such Subsidiary’s Capital Stock owned by Company or any other Subsidiary of Company, (b) repay or prepay any Indebtedness owed by such Subsidiary to Company or any other Subsidiary of Company, (c) make loans or advances to Company or any other Subsidiary of Company, or (d) transfer any of its property or assets to Company or any other Subsidiary of Company, in each case, other than restrictions (i) in the Credit Documents, (ii) in agreements evidencing purchase money Indebtedness permitted by Section 6.1(j) that impose restrictions on the property so acquired, (iii) by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses, joint venture agreements and similar agreements entered into in the ordinary course of business, and (iv) that are or were created by virtue of any transfer of, agreement to transfer or option or right with respect to any property, assets or Capital Stock not otherwise prohibited under this Agreement.
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6.7Investments. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, make any Acquisition or make or own any Investment (including if made as an Acquisition) in any Person, including any Joint Venture, except:
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(a)Investments in Cash and Cash Equivalents;
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(b)(i) equity Investments owned as of the Closing Date in any Subsidiary, (ii) Investments made after the Closing Date in any Guarantor Subsidiaries of Company and (iii) so long as (A) no Default has occurred and is continuing or would result from such Investment and (B)after giving effect to such Investment, Consolidated Liquidity is at least $3,000,0002,000,000, additional Investments by the Credit Parties in Subsidiaries that are not Guarantor Subsidiaries in an aggregate amount not to exceed (1) $500,0001,000,000 in any Fiscal Year and (2) $1,000,0002,000,000 in the aggregate;
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(c)Investments (i) in any Securities voluntarily accepted in satisfaction or partial satisfaction thereof from financially troubled account debtors, and (ii) deposits, prepayments and other credits to suppliers made in the ordinary course of business consistent with the past practices of Holdings and its Subsidiaries;
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(d)intercompany loans to the extent permitted under Section 6.1(b);
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(e)Investments in Company or any of its Guarantor Subsidiaries for purposes of making Consolidated Capital Expenditures permitted by Section 6.8(c) in respect of fixed assets directly owned by Company or any of its Guarantor Subsidiaries;[Reserved]
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(f)loans and advances to employees of Holdings and its Subsidiaries made in the ordinary course of business in an aggregate principal amount not to exceed $250,000350,000 at any time outstanding;
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(g)the Closing Date Acquisition;
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(h)Investments existing on the Closing Date described in Schedule 6.7;
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(i)Guaranties permitted by Section 6.1;
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(j)Investments received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of customers and suppliers, in each case, arising in the ordinary course of business and consistent with past practices;
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(k)deposits in Deposit Accounts and Securities Accounts made in the ordinary course of business and in compliance with the other terms of this Agreement;
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(l)other Investments (other than Investments of the types listed in Section 6.7(a) - (k)) in an aggregate amount not to exceed $500,0001,500,000 during the term of this Agreement;
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(m)unsecured Guaranties from Holdings or Letters of Credit issued on behalf of Holdings to support real property lease obligations of any Person that is not a Credit Party, expiring within three years after the underlying lease was first signed, in an aggregate amount not to exceed $2,500,000;
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(n)Permitted Acquisitions; and
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(o)until the date that is 60 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), deposits into a cash collateral account to secure the Bank of America Letters of Credit in an aggregate amount not to exceed $1,682,000.00 at any time.
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Notwithstanding anything in this Section 6.7 to the contrary, (A) in no event shall any Credit Party make any Investment that results in or facilitates in any manner any Restricted Junior Payment not otherwise permitted under the terms of Section 6.5, (B) in no event shall the Credit Parties make Investments in any Joint Venture or any Person that is not a Guarantor Subsidiary (except as permitted in Section 6.7(b), Section 6.7(d) and Section 6.7(m) provided no Investments may be made in the Inactive Subsidiaries) and (C) in no event shall the aggregate Investments made by Credit Parties in any Person that is not a Guarantor Subsidiary (including any such Investments consisting of intercompany loans) be made in any form other than Cash (except as permitted in Section 6.7(m)).
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		6.8
	Financial CovenantsCovenant.

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(a)Fixed Charge Coverage Ratio. Holdings shall not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending March 31, 2020 to be less than the correlative ratio indicated:
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	Fiscal Quarter
Ending
	Fixed Charge Coverage
Ratio

	March 31, 2020
	1.35:1.00

	June 30, 2020,
September 30, 2020,
December 31, 2020
	1.20:1.00

	March 31, 2021,
June 30, 2021
	1.35:1.00

	September 30, 2021
and on the last day of
any Fiscal Quarter
ending thereafter
	1.50:1.00

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Notwithstanding the foregoing, solely for the purposes of testing the financial covenant at the end of each Fiscal Quarter pursuant to this Section 6.8(a), the Credit Parties shall not be required to comply with Section 6.8(a) for the Fiscal Quarters ending June 30, 2020; September 30, 2020; December 31, 2020; March 31, 2021; June 30, 2021; September 30, 2021 and December 31, 2021; provided, that, for the avoidance of doubt, the Credit Parties shall continue to be required to comply with any condition hereunder (whether in connection with an incurrence test or otherwise) that requires pro forma compliance with the Fixed Charge Coverage Ratio for any of such Fiscal Quarters.
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(b)Leverage Ratio. Holdings shall not permit the Leverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending December 31, 2019, to exceed the correlative ratio indicated:
​
	Fiscal Quarter
Ending
	Leverage
Ratio

	December 31, 2019,
March 31, 2020
	2.75:1.00

	June 30, 2020
	3.00:1.00

	September 30, 2020,
December 31, 2020
	2.75:1.00

	March 31, 2021
	2.00:1.00

	June 30, 2021
	1.75:1.00

	September 30, 2021
	1.70:1.00

	December 31, 2021
	1.65:1.00

	March 31, 2022 and
	1.50:1.00

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	Fiscal Quarter
Ending
	Leverage
Ratio

	on the last day of any Fiscal Quarter ending thereafter
	​

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Notwithstanding the foregoing, solely for the purposes of testing the financial covenant at the end of each Fiscal Quarter pursuant to this Section 6.8(b), the Credit Parties shall not be required to comply with Section 6.8(b) for the Fiscal Quarters ending June 30, 2020; September 30, 2020; December 31, 2020; March 31, 2021; June 30, 2021; September 30, 2021 and December 31, 2021; provided, that, for the avoidance of doubt, the Credit Parties shall continue to be required to comply with any condition hereunder (whether in connection with an incurrence test or otherwise) that requires pro forma compliance with the Leverage Ratio for any of such Fiscal Quarters.
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(c)Maximum Consolidated Capital Expenditures. Holdings shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures, in any Fiscal Year indicated below, in an aggregate amount for Holdings and its Subsidiaries in excess of the corresponding maximum amount set forth below opposite such Fiscal Year; provided, if any portion of such maximum amount for any Fiscal Year or Fiscal Quarter, as applicable, (as adjusted in accordance with this proviso) is not utilized, then an amount not utilized of up to fifty percent (50)% of the maximum amount for such period permitted under this clause (c) may be utilized in the immediately succeeding Fiscal Year solely to the extent the maximum amount set forth below for such immediately succeeding year has been utilized:
​
	Fiscal
Year
	Consolidated
Capital Expenditures

	2020
	$7,000,000

	2021
	$7,000,000

	2022
	$8,000,000

	2023 and for each Fiscal Year thereafter
	$8,000,000

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(d)Minimum Consolidated Liquidity. Holdings shall not permit Consolidated Liquidity at any time to be less than (i) from the period through the Closing Date through and
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including May 7, 2020, $1,500,000, (ii) from the First Amendment Effective Date through and including December 31, 2021, $4,000,000 and (iii) at all times thereafter, $1,500,000.
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(a)     (e) Net Leverage Ratio. Holdings shall not permit the Net Leverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2020 and ending with the Fiscal Quarter ending DecemberMarch 31, 2021, to exceed the correlative ratio indicated:2.00:1.00.
​
	Fiscal Quarter
Ending
	Net Leverage
Ratio

	September 30, 2020
	2.85:1.00

	December 31, 2020
	3.60:1.00

	March 31, 2021
	3.10:1.00

	June 30, 2021
	2.10:1.00

	September 30, 2021
	2.10:1.00

	December 31, 2021
	1.90:1.00

​
6.9Fundamental Changes; Disposition of Assets; Acquisitions. No Credit Party shall, nor shall it permit any of its Subsidiaries to, enter into any transaction of merger or consolidation (including through a plan of division), or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter acquired, leased (as lessee), or licensed (as licensee), except:
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(a)any Subsidiary of Company may be merged with or into Company or any Guarantor Subsidiary, or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to Company or any Guarantor Subsidiary; provided, in the case of such a merger involving Company, Company shall be the continuing or surviving Person, and in the case of any other such merger, a Wholly-Owned Guarantor Subsidiary shall be the continuing or surviving Person;
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(b)Disposition of assets between Credit Parties (other than Holdings);
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(c)Asset Sales, the proceeds of which (i) are less than $250,000 with respect to any single Asset Sale or series of related Asset Sales, and (ii) when aggregated with the proceeds of all other Asset Sales made within the trailing twelve month period, are less than $500,000; provided (1) the proceeds received for such assets shall be in an amount at least equal to the fair market value thereof (determined in good faith by the Board of Directors of 143
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Company), (2) no less than 90% thereof shall consist of Cash paid upon the closing of each applicable Asset Sale, and (3) the Net Asset Sale Proceeds thereof shall be applied as required by Section 2.13(a);
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(d)sales of inventory to unaffiliated customers in the ordinary course of business;
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(e)disposals of obsolete or worn out property in the ordinary course of business;
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(f)(i) dispositions of accounts receivable in the ordinary course of business
​
and consistent with past practices in connection with the collection or compromise thereof; (ii) non-exclusive licenses, sublicenses, leases or subleases granted in the ordinary course of business consistent with past practices to others not interfering in any material respect with the business of Holdings and its Subsidiaries; and (iii) the disposition of Cash Equivalents for fair market value;
​
(g)to the extent constituting a disposition not otherwise permitted hereunder, the granting of Liens permitted by Section 6.2, the making of Restricted Junior Payments permitted by Section 6.5 and the making of Investments permitted by Section 6.7.
​
Notwithstanding anything to the contrary contained in the Credit Documents, no Credit Party shall, nor shall it permit any of its Subsidiaries to (1) consummate any “Division” (as defined in Section 18-217 of the Delaware Limited Liability Company Act) or similar organizational change that may hereafter be permitted under any applicable statute and (2) sell, transfer or otherwise dispose of any assets or property to an Inactive Subsidiary.
​
6.10Disposal of Subsidiary Interests. Except for any sale of all of its interests in the Capital Stock of any of its Subsidiaries in compliance with the provisions of Section 6.9, no Credit Party shall, nor shall it permit any of its Subsidiaries to, (a) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any Capital Stock of any of its Subsidiaries, except to qualify Directors if required by applicable law; or (b) permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any Capital Stock of any of its Subsidiaries, except to another Credit Party (subject to the restrictions on such disposition otherwise imposed hereunder), or to qualify Directors if required by applicable law.
​
6.11Sales and Lease-Backs. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, that such Credit Party (a) has sold or transferred or is to sell or to transfer to any other Person (other than Holdings or any of its Subsidiaries), or (b) intends to use for substantially the same purpose as any other property that has been or is to be sold or transferred by such Credit Party to any Person (other than Holdings or any of its Subsidiaries) in connection with such lease.
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6.12Transactions with Shareholders and Affiliates. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any holder of 5% or more of any class of Capital Stock of Holdings or any of its Subsidiaries (or any Affiliate of such holder) or with any Affiliate of Holdings or of any such holder; provided, however, that the Credit Parties and their Subsidiaries may enter into or permit to exist any such transaction if both (i) Administrative Agent has consented thereto in writing prior to the consummation thereof and (ii) the terms of such transaction are not less favorable to Holdings or that Subsidiary, as the case may be, than those that might be obtained at the time from a Person who is not such a holder or Affiliate; further; provided, that the foregoing restrictions shall not apply to (a) any transaction among Company and any Wholly-Owned Guarantor Subsidiary or any of them; (b) reasonable and customary fees paid to members of the Board of Directors of Holdings or any of its Subsidiaries; (c) reasonable and customary compensation arrangements for officers and other employees of Holdings or any of its Subsidiaries entered into in the ordinary course of business; and (d) transactions described in Schedule 6.12. Company shall disclose in writing each transaction with any holder of 5% or more of any class of Capital Stock of Holdings or any of its Subsidiaries or with any Affiliate of Holdings or of any such holder to Administrative Agent.
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6.13Conduct of Business. From and after the Closing Date, no Credit Party shall, nor shall it permit any of its Subsidiaries to, engage in (i) any business other than (A) the businesses engaged in by such Credit Party on the Closing Date and any such reasonably related, ancillary or complimentary thereto, and (B) such other lines of business as may be consented to by Administrative Agent and Requisite Lenders, or (ii) any business or activities that conflict with Section 4.26(a).
​
6.14Permitted Activities of Holdings and other Persons. Holdings shall not (a) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever other than the Indebtedness and obligations under this Agreement, the other Credit Documents, and the Related Agreements; (b) create or suffer to exist any Lien upon any property or assets now owned or hereafter acquired, leased (as lessee), or licensed (as licensee) by it other than Permitted Liens of the types described in Section 6.2(a) through (d); (c) engage in any business or activity or own any assets other than (i) directly holding 100% of the Capital Stock of Company; (ii) performing its obligations and activities incidental thereto under the Credit Documents, and to the extent not inconsistent therewith, the Related Agreements; and (iii) making Restricted Junior Payments and Investments to the extent permitted by this Agreement; (d)consolidate with or merge with or into, or Dispose all or substantially all its assets to, any Person; (e) Dispose of any Capital Stock of any of its Subsidiaries; (f) create or acquire any Subsidiary or make or own any Investment in any Person other than Company; or (g) fail to hold itself out to the public as a legal entity separate and distinct from all other Persons. The Company shall not permit any Inactive Subsidiary (other than JEC II, LLC and Bridge Hospitality, LLC) to (1) hold or own any assets, (2) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever, (3) create or suffer to exist any Lien upon any
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property or assets or (4) engage in any business or activity. Holdings and its Subsidiaries shall not make any Investments in or transfer any assets to the Inactive Subsidiaries.
​
6.15Amendments or Waivers of Certain Related Agreements. No Credit Party shall nor shall it permit any of its Subsidiaries to, agree to any amendment, restatement, supplement or other modification to, waiver of, or side letter affecting any of its rights under any Related Agreement after the Closing Date in any manner that is materially adverse to the Credit Parties, the Administrative Agent or the Lenders without in each case obtaining the prior written consent of Administrative Agent and Requisite Lenders to such amendment, restatement, supplement or other modification, waiver or side letter.
​
6.16Amendments or Waivers with Respect to Certain Indebtedness. Except to the extent expressly permitted under the terms of the corresponding Subordination Agreement, no Credit Party shall, nor shall it permit any of its Subsidiaries to, amend or otherwise change the terms of any Subordinated Indebtedness.
​
6.17Fiscal Year; Accounting Policies. No Credit Party shall, nor shall it permit any of its Subsidiaries to change its Fiscal Year end from December 31 or make any change in its accounting policies that is not required under GAAP.
​
6.18Deposit Accounts and Securities Accounts. From and after the date required on Schedule 5.15Third Amendment Effective Date, no Credit Party will establish or maintain a Deposit Account or a Securities Account that is not a Controlled Account; provided, that, Company shall have a period of 3045 days (or such longer period as the Administrative Agent shall agree in writing) following the establishment of such a Deposit Account or Securities Account to cause such Deposit Account or Security Account to become a Controlled Account. From and after the date required on Schedule 5.15Third Amendment Effective Date, no Credit Party will deposit proceeds in a Deposit Account that is not a Controlled Account or deposit, acquire, or otherwise carry any security entitlement or commodity contract in a Securities Account that is not a Controlled Account; provided, that, the foregoing shall not apply to Excluded Accounts.
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6.19Amendments to Organizational Agreements and Material Contracts. No Credit Party shall (a) amend or permit any amendments to any Credit Party’s or any of its Subsidiaries’ Organizational Documents in any manner that is materially adverse to the Credit Parties, Administrative Agent or the Lenders; or (b) amend, terminate, or waive or permit any amendment, termination, or waiver of any provision of, any Material Contract, Related Agreement, or Material Indebtedness if such amendment, termination, or waiver would be materially adverse to the Credit Parties, the Administrative Agent or the Lenders (it being agreed that any amendment that increases the rent, fees or other obligations payable by a Credit Party under any lease that is a Material Contract will be deemed materially adverse to the Lenders to the extent the landlord under such lease has a first priority Lien on any Collateral that is prior to the Lien granted to the Administrative Agent under the Credit Documents).
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6.20Prepayments of Certain Indebtedness. No Credit Party shall, nor shall it permit any of its Affiliates to, directly or indirectly, purchase, redeem, defease or prepay any principal
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of, premium, if any, interest or other amount payable in respect of any Indebtedness of any Credit Party or any of its Subsidiaries prior to its scheduled maturity, other than (i) the Obligations, and (ii) Indebtedness secured by a Permitted Lien if the asset securing such Indebtedness has been sold or otherwise disposed of in accordance with Section 6.9.
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6.21Use of Proceeds. No Credit Party shall use the proceeds of any Term Loans, Revolving Loans or Letters of Credit except as set forth in Section 2.5.
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6.22New Restaurants[Reserved]. No Credit Party shall acquire, form, start or lease any new Restaurant or other food service location without the written consent of the Administrative Agent, other than up to two (2) new Restaurants and locations in any calendar year established after the Closing Date under the STK and Kona Grill brands (or derivative concepts thereof).
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6.23Canadian Defined Benefit Plans. No Credit Party shall, nor shall it permit any of its Subsidiaries to establish, maintain, sponsor, administer, participate in or contribute to any Canadian Defined Benefit Plan.
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SECTION 7 GUARANTY
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7.1Guaranty of the Obligations. Subject to the provisions of Section 7.2 and any limitations set forth in the definition of the term Guarantor, Guarantors jointly and severally hereby irrevocably and unconditionally guaranty to Administrative Agent for the ratable benefit of Beneficiaries the due and punctual Payment in Full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)) (collectively, the “Guaranteed Obligations”).
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7.2Contribution by Guarantors. All Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in a fair and equitable manner, their obligations arising under this Guaranty. Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”) under this Guaranty such that its Aggregate Payments exceeds its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor, to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors multiplied by, (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the obligations Guaranteed. “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable
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applicable provisions of state law; provided, solely for purposes of calculating the “Fair Share Contribution Amount” with respect to any Contributing Guarantor for purposes of this Section 7.2, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate Payments” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty (including in respect of this Section 7.2), minus (2) the aggregate amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this Section 7.2. The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set forth in this Section 7.2 shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 7.2.
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7.3Payment by Guarantors. Subject to Section 7.2, Guarantors hereby jointly and severally agree, in furtherance of the foregoing and not in limitation of any other right that any Beneficiary may have at law or in equity against any Guarantor by virtue hereof, that upon the failure of Company to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), Guarantors will upon demand pay, or cause to be paid, in Cash, to Administrative Agent for the ratable benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including interest that, but for Company’s becoming the subject of a case under the Bankruptcy Code, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against Company for such interest in the related bankruptcy case) and all other Guaranteed Obligations then owed to Beneficiaries as aforesaid.
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7.4Liability of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance that constitutes a legal or equitable discharge of a guarantor or surety other than Payment in Full of the Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality thereof, each Guarantor agrees as follows:
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(a)this Guaranty is a guaranty of payment when due and not of collectability. Other than in respect of a Canadian Foreign Subsidiary, this Guaranty is a primary obligation of each Guarantor and not merely a contract of surety;
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(b)Administrative Agent may enforce this Guaranty upon the occurrence of an Event of Default notwithstanding the existence of any dispute between Company and any Beneficiary with respect to the existence of such Event of Default;
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(c)the obligations of each Guarantor hereunder are independent of the obligations of Company and the obligations of any other guarantor (including any other Guarantor) of the obligations of Company, and a separate action or actions may be brought and prosecuted against such Guarantor whether or not any action is brought against Company or any of such other guarantors and whether or not Company is joined in any such action or actions;
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(d)payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge any Guarantor’s liability for any portion of the Guaranteed Obligations that has not been paid. Without limiting the generality of the foregoing, if Administrative Agent is awarded a judgment in any suit brought to enforce any Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability hereunder in respect of the Guaranteed Obligations;
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(e)any Beneficiary, upon such terms as it deems appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the Guaranteed Obligations and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations; (v) enforce and apply any security now or hereafter held by or for the benefit of such Beneficiary in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right or remedy that such Beneficiary may have against any such security, in each case as such Beneficiary in its discretion may determine consistent herewith or the applicable Secured Hedge Agreement and any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against any other Credit Party or any security for the Guaranteed Obligations; and (vi) exercise any other rights available to it under the Credit Documents or any Secured Hedge Agreement; and
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(f)this Guaranty and the obligations of Guarantors hereunder shall be valid and enforceable and shall not be subject to any reduction, limitation, impairment, discharge or termination for any reason (other than Payment in Full of the Guaranteed Obligations), including the occurrence of any of the following, whether or not any Guarantor shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Credit Documents or any Secured Hedge Agreement, at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to depart from, any of the terms or provisions (including provisions relating to events of default) hereof, any of the other Credit Documents, any Secured Hedge Agreement, or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for the Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Credit Document, such Secured Hedge Agreement, or any agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of payments received from any source (other than payments received pursuant to the other Credit Documents or any Secured Hedge Agreement or from the proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment of indebtedness other than the Guaranteed Obligations, even though any Beneficiary might have elected to apply such payment to any part or all of the Guaranteed Obligations; (v) any Beneficiary’s consent to the change, reorganization or termination of the corporate structure or existence of Holdings or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (vi) any failure to perfect or continue perfection of a security interest in any collateral that secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or counterclaims that Company may allege or assert against any Beneficiary in respect of the Guaranteed Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (viii) any other act or thing or omission, or delay to do any other act or thing, that may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations.
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7.5Waivers by Guarantors. Each Guarantor hereby waives, for the benefit of Beneficiaries: (a) any right to require any Beneficiary, as a condition of payment or performance by such Guarantor, to (i) proceed against Company, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against or exhaust any security held from Company, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account or credit on the books of any Beneficiary in favor of Company or any other Person, or (iv) pursue any other remedy in the power of any Beneficiary whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of Company or any other Guarantor including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the
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liability of Company or any other Guarantor from any cause other than Payment in Full of all Obligations; (c) any defense based upon any statute or rule of law that provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (d) any defense based upon any Beneficiary’s errors or omissions in the administration of the Guaranteed Obligations, except behavior that amounts to bad faith; (e) (i) any principles or provisions of law, statutory or otherwise, that are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and (iv) promptness, diligence and any requirement that any Beneficiary protect, secure, perfect or insure any security interest or lien or any property subject thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder, any Secured Hedge Agreement, or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to Company and notices of any of the matters referred to in Section 7.4 and any right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law that limit the liability of or exonerate guarantors or sureties, or that may conflict with the terms hereof (other than the defense of payment of the Obligations).
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7.6Guarantors’ Rights of Subrogation, Contribution, Etc. Until the Guaranteed Obligations shall have been Paid in Full, each Guarantor hereby waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have against Company or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such Guarantor of its obligations hereunder, in each case whether such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise and including (a) any right of subrogation, reimbursement or indemnification that such Guarantor now has or may hereafter have against any other Credit Party with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that any Beneficiary now has or may hereafter have against any other Credit Party, and (c) any benefit of, and any right to participate in, any collateral or security now or hereafter held by any Beneficiary. In addition, until the Guaranteed Obligations shall have been Paid in Full, each Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations, including any such right of contribution as contemplated by Section 7.2. Each Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification such Guarantor may have against Company or against any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights any Beneficiary may have against any Credit Party, to all right, title and interest any Beneficiary may have in any such collateral or security, and to any right any Beneficiary may have against such other guarantor. If any amount shall be paid to any Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been Paid in Full, such amount
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shall be held in trust for Administrative Agent for the benefit of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof.
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7.7Subordination of Other Obligations. Any Indebtedness of Company or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any Distribution collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for Administrative Agent for the benefit of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. For purposes of this Section 7.7, “Distribution” means, with respect to any Indebtedness subordinated pursuant to this Section 7.7, (a) any payment or distribution by any Person of cash, securities or other property, by set-off or otherwise, on account of such Indebtedness, (b) any redemption of or purchase or other acquisition of such Indebtedness from the Obligee Guarantor by any other Person, and (c) the granting of any lien or security interest to or for the benefit of the Obligee Guarantor or any other Person in or upon any property of any Person to secure such Indebtedness.
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7.8Continuing Guaranty. This Guaranty is a continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have been Paid in Full. Each Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future transactions giving rise to any Guaranteed Obligations.
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7.9Authority of Guarantors or Company. It is not necessary for any Beneficiary to inquire into the capacity or powers of any Guarantor or Company or the officers, Directors or any agents acting or purporting to act on behalf of any of them.
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7.10Financial Condition of Company. Any Credit Extension may be made to Company or continued from time to time, and any Secured Hedge Agreements may be entered into from time to time, in each case without notice to or authorization from any Guarantor regardless of the financial or other condition of Company at the time of any such grant or continuation or at the time any such Secured Hedge Agreement is entered into, as the case may be. No Beneficiary shall have any obligation to disclose or discuss with any Guarantor its assessment, or any Guarantor’s assessment, of the financial condition of Company. Each Guarantor has adequate means to obtain information from Company on a continuing basis concerning the financial condition of Company and its ability to perform its obligations under the Credit Documents and any Secured Hedge Agreement, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of Company and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of any Beneficiary to disclose any
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matter, fact or thing relating to the business, operations or conditions of Company now known or hereafter known by any Beneficiary.
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7.11Bankruptcy, etc.
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(a)So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior written consent of Administrative Agent acting pursuant to the instructions of Requisite Lenders, commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding of or against Company or any other Guarantor. The obligations of Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of Company or any other Guarantor or by any defense that Company or any other Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding.
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(b)Each Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations that accrues after the commencement of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of Guarantors and Beneficiaries that the Guaranteed Obligations that are guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order that may relieve any Credit Party of any portion of such Guaranteed Obligations. Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar Person to pay Administrative Agent, or allow the claim of Administrative Agent in respect of, any such interest accruing after the date on which such case or proceeding is commenced.
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(c)In the event that all or any portion of the Guaranteed Obligations are paid by any Credit Party, the obligations of Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from any Beneficiary as a preference, fraudulent transfer or otherwise, and any such payments that are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder.
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(d)This Guaranty does not apply to any liability to the extent that it would result in this guarantee constituting unlawful financial assistance within the meaning of sections 678 or 679 of the UK Companies Act 2006 or any equivalent and applicable provisions under the laws of the jurisdiction of incorporation of the relevant Guarantor.
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7.12Discharge of Guaranty Upon Sale of Guarantor. If all of the Capital Stock of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall
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automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale (provided that Administrative Agent and Collateral Agent may, after receipt of a written certificate of a Chief Financial Officer of Company or Holdings certifying that such transaction is permitted pursuant to the Credit Documents, execute and deliver any documentation reasonably requested by Company in writing to further evidence or reflect any such release, all at the expense of Company).
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7.13Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by any other Credit Party hereunder to honor all of such Credit Party’s obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 7.13 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 7.13, or otherwise under this Guaranty, as it relates to such Credit Party, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 7.13 shall remain in full force and effect until the Guaranteed Obligations shall have been Paid in Full. Each Qualified ECP Guarantor intends that this Section 7.13 constitute, and this Section 7.13 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
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SECTION 8 EVENTS OF DEFAULT
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8.1Events of Default. If any one or more of the following conditions or events shall occur:
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(a)Failure to Make Payments When Due. Failure by Company to pay (i) the principal of and premium, if any, on any Loan whether at stated maturity, by acceleration or otherwise; (ii) when due any installment of principal of any Loan, by notice of voluntary prepayment, by mandatory prepayment or otherwise; (iii) when due any amount payable to Issuing Bank in reimbursement of any drawing under a Letter of Credit or any Cash Collateralization required pursuant to Section 2.21(d); or (iv) when due any interest on any Loan or any fee or any other amount due hereunder within twothree (23) Business Days after the date due.
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(b)Default in Other Agreements. (i) Failure of any Credit Party or any of their respective Subsidiaries to pay when due any principal of or interest on or any other amount, including any payment in settlement, payable in respect of one or more items of Material Indebtedness, in each case beyond the grace period, if any, provided therefor; or (ii) breach or default by any Credit Party or any of its Subsidiaries with respect to any other term of (1) one or more items of Material Indebtedness, or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Material Indebtedness, in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of that Material Indebtedness (or a trustee on behalf of such holder or
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holders), with or without the passage of time, to cause, that Material Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase or other redemption) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; or
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(c)Breach of Certain Covenants. Failure of any Credit Party to perform or comply with any term or condition contained in (i) Section 5.1, Section 5.2, Section 5.6, Section 5.7, Section 5.10, Section 5.11, Section 5.14, 5.15 or Section 6 or (ii) Section 5.3 or Section 5.5 and such failure under this clause (ii) continues for threeten days after the earlier of (A) an officer of such Credit Party becoming aware of such default or (B) receipt by Company of notice from Administrative Agent or any Lender of such default; or
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(d)Breach of Representations, etc. Any representation, warranty, certification or other statement made or deemed made by any Credit Party in any Credit Document or in any statement or certificate at any time given by any Credit Party or any of its Subsidiaries in writing pursuant hereto or thereto or in connection herewith or therewith shall be false or misleading in any material respect as of the date made or deemed made; provided that such materiality qualifier shall not apply to any representations and warranties to the extent already qualified or modified by materiality or similar concept in the text thereof; or
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(e)Other Defaults Under Credit Documents. Any Credit Party shall default in the performance of or compliance with any term contained herein or any of the other Credit Documents, other than any such term referred to in any other paragraph of this Section 8.1 or consisting of a condition or status that is expressly required to exist or be satisfied at a specific time, and such term has not been fully and permanently performed or complied with within thirty days after the earlier of (i) an officer of such Credit Party becoming aware of such default, or (ii) receipt by Company of notice from Administrative Agent or any Lender of such default; or
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(f)Involuntary Bankruptcy; Appointment of Receiver, etc. Other than any English Credit Party: (i) a court of competent jurisdiction shall enter a decree or order for relief in respect of Holdings, Company or any of its Subsidiaries in an involuntary case under any Debtor Relief Law, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal, state or provincial law; or (ii) an involuntary case shall be commenced against Holdings, Company or any of its Subsidiaries under any Debtor Relief Law; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Holdings or any of its Subsidiaries, or over all or a substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Holdings or any of its Subsidiaries for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Holdings, Company or any of its Subsidiaries, and any such event described in this clause (ii) shall continue for sixty days without having been dismissed, bonded or discharged; or
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(g)Voluntary Bankruptcy; Appointment of Receiver, Etc. Other than with respect to any English Credit Party: (i) Holdings, Company or any of its Subsidiaries shall have
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an order for relief entered with respect to it or shall commence a voluntary case under any Debtor Relief Law, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Holdings, Company or any of its Subsidiaries shall make any assignment for the benefit of creditors; or (ii) Holdings, Company or any of its Subsidiaries shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the Board of Directors of Holdings, Company or any of its Subsidiaries (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section 8.1(f); or
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(h)Judgments and Attachments. Any money judgment, writ or warrant of attachment or similar process involving (i) in any individual case an amount in excess of $250,000 or (ii)2,000,000 in the aggregate at any time an amount in excess of $500,000 (in either case to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against Holdings or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty days (or in any event later than five days prior to the date of any proposed sale thereunder); or
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(i)Dissolution. Any order, judgment or decree shall be entered against any Credit Partyof Holdings, Company or any of its Subsidiaries decreeing the dissolution or split up of such Credit Party or any of its SubsidiariesPerson and such order shall remain undischarged or unstayed for a period in excess of thirty days; or
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(j)Employee Benefit Plans. (i) There shall occur one or more ERISA Events that individually or in the aggregate results in or might reasonably be expected to result in liability of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in excess of $500,0002,000,000 during the term hereof; (ii) there exists any fact or circumstance that reasonably could be expected to result in the imposition of a Lien or security interest under Section 430(k) of the Internal Revenue Code or ERISA or a violation of Section 436 of the Internal Revenue Code; or (iii) Holdings or any of its Subsidiaries shall permit its unfunded pension fund and other employee benefit plan obligation and liabilities to remain unfunded, other than in accordance with applicable law; or
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(k)Change of Control. A Change of Control shall occur; or
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(l)Guaranties, Collateral Documents and other Credit Documents. At any time after the execution and delivery thereof, (i) the Guaranty for any reason, other than the Payment in Full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder, (ii) this Agreement or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the Payment in Full of the Obligations in accordance with the terms hereof) or shall be declared null and void, or Collateral Agent shall not have or shall cease to
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have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document, in each case for any reason other than the failure of Collateral Agent or any Secured Party to take any action within its control, or (iii) any Credit Party shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Credit Document to which it is a party or shall contest the validity of or perfection of any Lien in any Collateral granted or purported to be granted pursuant to the Collateral Documents; or
(m)Subordinated Indebtedness. Any series, class or type of Subordinated Indebtedness permitted hereunder or the guarantees thereof shall cease, for any reason, to be validly subordinated to the Obligations of the Credit Parties hereunder, as provided in the corresponding Subordination Agreement or the subordination terms of such Subordinated Indebtedness, if applicable, or as a result of any structural change thereto, or any Credit Party, any Affiliate of any Credit Party, or the holders of 25% or more of such series, class or type of such Subordinated Indebtedness shall so assert;
(n)Insolvency of English Credit Parties. An English Credit Party: (i) is unable or admits inability to pay its debts as they fall due or is deemed to, or is declared to, be unable to pay its debt under applicable law (in each case, other than solely as a result of its balance sheet liabilities exceeding its balance sheet assets except where the same would result in or require the taking of any corporate action, legal proceedings, insolvency filing, cessation of trading and/or any other procedure or steps referred to in Section 8.1(o) below); or (ii) suspends or threatens to suspend making payments on any of its debts; or (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Secured Party in its capacity as such) with a view to rescheduling any of its indebtedness; or (iv) has a moratorium is declared in respect of anits indebtedness of any English Credit Party. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium; or
(o)Insolvency Proceedings of English Credit Parties. (i) Any corporate action, legal proceedings or other procedure or step is taken in relation to:
(1)the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration; or
(2)reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) of any English Credit Party; or
(3)a composition, compromise, assignment or arrangement with any creditor (other than a Secured Party) of any English Credit Party; or
(4)the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of
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any English Credit Party or any of its respective assets, or any analogous procedure or step is taken in any jurisdiction.
		(ii)
	Clause (n)(i) above shall not apply to:

(1)any proceedings which are frivolous or vexatious and which, if capable of remedy, are discharged, stayed or dismissed within 60 days of commencement or, if earlier, the date on which it is advertised (or such other period as agreed between Holdings and the Administrative Agent); or
(2)(in the case of an application to appoint an administrator or commence proceedings) any proceedings which the Administrative Agent is satisfied will be withdrawn before it is heard or will be unsuccessful; or
(3)any step or procedure contemplated in relation to a merger that is permitted under Section 6.8; or
(p)Creditors’ Process of English Credit Parties. Any expropriation, attachment, sequestration, distress or execution or analogous process in any jurisdiction affects any asset or assets of an English Credit Party (having a value in excess of $100,0002,000,000).
THEN, (1) upon the occurrence of any Event of Default described in Section 8.1(f) or 8.1(g), automatically, and (2) upon the occurrence of any other Event of Default, at the request of (or with the consent of) Requisite Lenders, upon notice to Company by Administrative Agent, (A) the Commitments, if any, of each Lender having such Commitments and the obligation of Issuing Bank to issue any Letter of Credit shall immediately terminate; (B) each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Credit Party: (I) the unpaid principal amount of and accrued interest and premium on the Loans and the amount of unreimbursed drawings under Letters of Credit, (II) an amount equal to the maximum amount that may at any time be drawn under all Letters of Credit then outstanding (regardless of whether any beneficiary under any such Letter of Credit shall have presented, or shall be entitled at such time to present, the drafts or other documents or certificates required to draw under such Letters of Credit), and (III) all other Obligations; provided, the foregoing shall not affect in any way the obligations of Lenders under Section 2.3(e); (C) Administrative Agent may cause Collateral Agent to enforce any and all Liens and security interests created pursuant to Collateral Documents; (D) Administrative Agent shall direct Company to Cash Collateralize (and Company hereby agrees upon receipt of such notice, or upon the occurrence of any Event of Default specified in Sections 8.1(f) and (g) to Cash Collateralize) Letters of Credit in an amount not less than the Minimum Collateral Amount; and (E) Administrative Agent and Collateral Agent may enforce any other rights and remedies available to it under any Credit Document or under applicable law.
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SECTION 9 AGENTS
9.1Appointment of Agents. GSB is hereby appointed Administrative Agent and Collateral Agent hereunder and under the other Credit Documents and each Lender hereby authorizes GSB, in such capacity, to act as Administrative Agent and Collateral Agent in accordance with the terms hereof and the other Credit Documents. Each Agent hereby agrees to act in its capacity as such upon the express conditions contained herein and the other Credit Documents, as applicable. The provisions of this Section 9 are solely for the benefit of Agents and Lenders and no Credit Party shall have any rights as a third party beneficiary of any of the provisions thereof. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for Holdings or any of its Subsidiaries. Each of Agent (other than Administrative Agent and Collateral Agent), without consent of or notice to any party hereto, may assign any and all of its rights or obligations hereunder to any of its Affiliates. Each Agent (other than Administrative Agent and Collateral Agent), may resign from such role at any time, with immediate effect, by giving prior written notice thereof to Administrative Agent and Company. It is understood and agreed that the use of the term “agent” herein or in any other Credit Documents (or any other similar term) with reference to Administrative Agent or Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
9.2Powers and Duties. Each Lender irrevocably authorizes each Agent to take such action on such Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. In the event that any obligations are permitted to be incurred and subordinated in right of payment to the Obligations hereunder and/or are permitted to be secured by Liens on all or a portion of the Collateral, each Lender authorizes Administrative Agent and Collateral Agent, as applicable, to enter into intercreditor agreements, subordination agreements and amendments to the Collateral Documents to reflect such arrangements on terms that are acceptable to Administrative Agent and Collateral Agent, in their respective sole discretion, as applicable. Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents. Each Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees. No Agent shall have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Lender or any other Person; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or shall be so construed as to impose upon any Agent any obligations in respect hereof or any of the other Credit Documents except as expressly set forth herein or therein.
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		9.3
	General Immunity.

(a)No Responsibility for Certain Matters. No Agent shall be responsible to any Lender for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or any other Credit Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by any Agent to Lenders or by or on behalf of any Credit Party to any Agent or any Lender in connection with the Credit Documents and the transactions contemplated thereby or for the financial condition or business affairs of any Credit Party or any other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Credit Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default or as to the value or sufficiency of any Collateral or as to the satisfaction of any condition set forth in Section 3 or elsewhere herein (other than confirm receipt of items expressly required to be delivered to such Agent) or to inspect the properties, books or records of Holdings or any of its Subsidiaries or to make any disclosures with respect to the foregoing. Anything contained herein to the contrary notwithstanding, Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the Letter of Credit Usage or the component amounts thereof.
(b)Exculpatory Provisions. No Agent (which term shall, for purposes of this Section 9.3(b), include Issuing Bank) nor any of its officers, partners, Directors, employees or agents shall be liable to Lenders for any action taken or omitted by any Agent (i) under or in connection with any of the Credit Documents, or (ii) with the consent or at the request of the Requisite Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), in each case except to the extent caused by such Agent’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction. No Agent shall, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose or be liable for the failure to disclose, any information relating to Company or any of its Affiliates that is communicated to or obtained by such Agent or any of its Affiliates in any capacity. Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 10.5) and, upon receipt of such instructions from Requisite Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions, including for the avoidance of doubt refraining from any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability, may be in violation of the automatic stay under any Debtor Relief Law, or may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law. Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled to
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rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for Holdings and its Subsidiaries), accountants, experts and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Credit Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 10.5).
(c)Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Credit Document by or through any one or more sub-agents appointed by such Agent. Such appointing Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory, indemnification and other provisions of this Section 9.3 and of Section 9.6 shall apply to any Affiliates of any Agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as an Agent. All of the rights, benefits, and privileges (including the exculpatory and indemnification provisions) of this Section 9.3 and of Section 9.6 shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein. Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by an Agent, (i) such sub-agent shall be a third party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any other Person, against any or all of Credit Parties and the Lenders, (ii) such rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent of such sub-agent, and (iii) such sub-agent shall only have obligations to the applicable Agent and not to any Credit Party, Lender or any other Person and no Credit Party, Lender or any other Person shall have any rights, directly or indirectly, as a third party beneficiary or otherwise, against such sub-agent. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
(d)Notice of Default or Event of Default. No Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to such Agent by a Credit Party or a Lender. In the event that Administrative Agent shall receive such a notice, Administrative Agent will endeavor to give notice thereof to the Lenders; provided, that failure to give such notice shall not result in any liability on the part of Administrative Agent.
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9.4Agents Entitled to Act as Lender. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. With respect to its participation in the Loans and the Letters of Credit, each Agent shall have the same rights and powers hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity. Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with Holdings or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from Company for services in connection herewith and otherwise without having to account for the same to Lenders. The Lenders acknowledge that pursuant to such activities, the Agents or their Affiliates may receive information regarding any Credit Party or any Affiliate of any Credit Party (including information that may be subject to confidentiality obligations in favor of such Credit Party or such Affiliate) and acknowledge that the Agents and their Affiliates shall be under no obligation to provide such information to them.
9.5Lenders’ Representations, Warranties and Acknowledgment.
(a)Each Lender represents and warrants that it has made its own independent investigation of the financial condition and affairs of Holdings and its Subsidiaries in connection with Credit Extensions hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of Holdings and its Subsidiaries. No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.
(b)Each Lender, by delivering its signature page to this Agreement or an Assignment Agreement and funding its Term Loan and/or Revolving Loans on the Closing Date shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Closing Date.
(c)Each Lender (i) represents and warrants that as of the Closing Date neither such Lender nor its Affiliates or Related Funds owns or controls (A) any trade obligations or Indebtedness of any Credit Party or any of their respective Subsidiaries or Affiliates or (B) any Capital Stock of any Credit Party or any of their respective Subsidiaries or Affiliates and (ii) covenants and agrees that from and after the Closing Date neither such Lender nor its Affiliates and Related Funds shall purchase (A) any trade obligations or Indebtedness of any Credit Party described in clause (c)(i)(A) above or (B) Capital Stock described in clause (c)(i)(B) above, in each case without the prior written consent of Administrative Agent.
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(d)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents and the Lead Arranger and their respective Affiliates that at least one of the following is and will be true:
(i)such Lender is not using “plan assets” (within the meaning of 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;
(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, and the conditions for exemptive relief thereunder have been satisfied in connection therewith;
(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or
(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(e)In addition, unless the immediately preceding clause (d)(i) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in the immediately preceding clause (d)(iv), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents, the Lead Arranger and their respective Affiliates that:
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(i)none of the Agents, the Lead Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by any Agent under this Agreement, any Credit Document or any documents related hereto or thereto);
(ii)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E);
(iii)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations);
(iv)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Internal Revenue Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, and is responsible for exercising independent judgment in evaluating the transactions hereunder, and
(v)no fee or other compensation is being paid directly to the Agents, the Lead Arranger or any of their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement.
(f)The Administrative Agent and the Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Credit Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees,
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processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
9.6Right to Indemnity. Each Lender, in proportion to its Pro Rata Share, severally agrees to indemnify each Agent (including Issuing Bank, which shall be treated as an Agent for purposes of this Section 9.6), their Affiliates and their respective officers, partners, directors, trustees, employees and agents of each Agent (each, an “Indemnitee Agent Party”), to the extent that such Indemnitee Agent Party shall not have been reimbursed by any Credit Party, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Indemnitee Agent Party in exercising its powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity as such Indemnitee Agent Party in any way relating to or arising out of this Agreement or the other Credit Documents, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE AGENT PARTY; provided, no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Indemnitee Agent Party’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order. If any indemnity furnished to any Indemnitee Agent Party for any purpose shall, in the opinion of such Indemnitee Agent Party, be insufficient or become impaired, such Indemnitee Agent Party may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Indemnitee Agent Party against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender’s Pro Rata Share thereof; provided, further, this sentence shall not be deemed to require any Lender to indemnify any Indemnitee Agent Party against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence
9.7Successor Administrative Agent and Collateral Agent.
(a)Administrative Agent may resign at any time by giving thirty days’ prior written notice thereof to Lenders, Issuing Bank and Company. Administrative Agent shall have the right to appoint a financial institution to act as successor Administrative Agent hereunder in such notice, subject to the reasonable satisfaction of Company and the Requisite Lenders, and Administrative Agent’s resignation shall become effective on the earliest of (i) thirty days after delivery of the notice of resignation (regardless of whether a successor has been appointed or not), (ii) the acceptance of such successor Administrative Agent by Company (so long as no Default or Event of Default exists) and the Requisite Lenders or (iii) such other date, if any, agreed to by the Requisite Lenders. Upon any such notice of resignation, if a successor Administrative Agent has not already been appointed by the resigning Administrative Agent, then the Requisite Lenders shall have the right, upon five Business Days’ notice to Company and Issuing Bank, to appoint a successor Administrative Agent and Collateral Agent. If neither the
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Requisite Lenders nor Administrative Agent have appointed a successor Administrative Agent, then the Requisite Lenders shall be deemed to have succeeded to and become vested with all the rights, powers, privileges and duties of the resigning Administrative Agent automatically upon the effectiveness of such resignation; provided that, until a successor Administrative Agent is so appointed by the Requisite Lenders or Administrative Agent, any collateral security held by Administrative Agent in its role as Collateral Agent on behalf of the Lenders or Issuing Bank under any of the Credit Documents shall continue to be held by the resigning Collateral Agent as nominee until such time as a successor Collateral Agent is appointed. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning Administrative Agent and the resigning Administrative Agent shall promptly (i) transfer to such successor Administrative Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Credit Documents, and (ii) execute and deliver to such successor Administrative Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Administrative Agent of the security interests created under the Collateral Documents, whereupon such resigning Administrative Agent shall be discharged from its duties and obligations hereunder. Except as provided above, any resignation of GSB or its successor as Administrative Agent pursuant to this Section 9.7 shall also constitute the resignation of GSB or its successor as Collateral Agent. After any resigning Administrative Agent’s ‘resignation hereunder as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent hereunder.   Any successor Administrative Agent appointed pursuant to this Section 9.7 shall, automatically upon its acceptance of such appointment, become the successor Collateral Agent for all purposes hereunder.
(b)In addition to the foregoing, Collateral Agent may resign at any time by giving prior written notice thereof to Lenders, Issuing Bank and the Company. Administrative Agent shall have the right to appoint a financial institution as Collateral Agent hereunder, subject to the reasonable satisfaction of Company and the Requisite Lenders and Collateral Agent’s resignation shall become effective on the earliest of (i) thirty days after delivery of the notice of resignation, (ii) the acceptance of such successor Collateral Agent by Company (so long as no Default or Event of Default exists) and the Requisite Lenders or (iii) such other date, if any, agreed to by the Requisite Lenders. Upon any such notice of resignation or any such removal, if a successor Collateral Agent has not already been appointed by the resigning Administrative Agent, then Requisite Lenders shall have the right, upon five Business Days’ notice to Administrative Agent, to appoint a successor Collateral Agent. Until a successor Collateral Agent is so appointed by Requisite Lenders or Administrative Agent, any collateral security held by Collateral Agent for the benefit of the Lenders or Issuing Bank under any of the Credit Documents shall continue to be held by the resigning Collateral Agent as nominee until such time as a successor Collateral Agent is appointed. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
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resigning or removed Collateral Agent under this Agreement and the Collateral Documents, and the resigning or removed Collateral Agent under this Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and other items of Collateral held hereunder or under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Agreement and the Collateral Documents, and (ii) execute and deliver to such successor Collateral Agent or otherwise authorize the filing of such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral Agent of the security interests created under the Collateral Documents, whereupon such resigning or removed Collateral Agent shall be discharged from its duties and obligations under this Agreement and the Collateral Documents. After any resigning or removed Collateral Agent’s resignation or removal hereunder as Collateral Agent, the provisions of this Agreement and the Collateral Documents shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement or the Collateral Documents while it was Collateral Agent hereunder.
(c)Any resignation of GSB or its successor as Administrative Agent pursuant to this Section 9.7 shall also constitute the resignation of GSB or its successor as Issuing Bank, if applicable, and any successor Administrative Agent appointed pursuant to this Section 9.7 shall, upon its acceptance of such appointment, become the successor Issuing Bank, if applicable, for all purposes hereunder. In such event Company shall Cash Collateralize any Letters of Credit issued in an amount not less than the Minimum Collateral Amount by the resigning Administrative Agent in its capacity as Issuing Bank, as applicable.
(d)Notwithstanding anything herein to the contrary, Administrative Agent and Collateral Agent may assign their rights and duties as Administrative Agent and Collateral Agent hereunder to an Affiliate of GSB without the prior written consent of, or prior written notice to, Company or the Lenders; provided, that Company and the Lenders may deem and treat such assigning Administrative Agent and Collateral Agent as Administrative Agent and Collateral Agent for all purposes hereof, unless and until such assigning Administrative Agent or Collateral Agent, as the case may be, provides written notice to Company and the Lenders of such assignment. Upon such assignment such Affiliate shall succeed to and become vested with all rights, powers, privileges and duties as Administrative Agent and Collateral Agent hereunder and under the other Credit Documents.
		9.8
	Collateral Documents and Guaranty.

(a)Agents under Collateral Documents and Guaranty. Each Lender hereby further authorizes Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Guaranty, the Collateral and the Collateral Documents; provided, that neither Administrative Agent nor Collateral Agent shall owe any fiduciary duty, duty of loyalty, duty of care, duty of disclosure, or any other obligation whatsoever to any holder of Obligations with respect to any Secured Hedge Agreement. Subject to Section 10.5, without further written consent or authorization from any Secured Party, Administrative Agent or Collateral Agent, as
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applicable may execute any documents or instruments necessary to (i) in connection with a sale or disposition of assets permitted by this Agreement, release any Lien encumbering any item of Collateral that is the subject of such sale or other disposition of assets or to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented, or (ii) release any Guarantor from the Guaranty pursuant to Section 7.12 or with respect to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented. Upon request by Administrative Agent at any time, the Lenders will confirm in writing Administrative Agent’s authority to release its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.8. Upon the reasonable request of Company, Administrative Agent and/or Collateral Agent may, after receipt of a written certificate of a Chief Financial Officer of Company or Holdings certifying that such transaction is permitted pursuant to the Credit Documents, execute and deliver any such release documentation reasonably requested by Company in connection with such permitted releases as described above, all at the expense of Company.
(b)Right to Realize on Collateral and Enforce Guaranty. Anything contained in any of the Credit Documents to the contrary notwithstanding, Company, Administrative Agent, Collateral Agent and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guaranty, it being understood and agreed that all powers, rights and remedies hereunder and under any of the other Credit Documents may be exercised solely by Administrative Agent or Collateral Agent, as applicable, for the benefit of Secured Parties in accordance with the terms hereof and thereof and all powers, rights and remedies under the Collateral Documents may be exercised solely by Collateral Agent for the benefit of Secured Parties in accordance with the terms thereof, and (ii) in the event of a foreclosure or similar enforcement action by Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition (including pursuant to Section 363(k), Section 1129(b)(2)(a)(ii), or otherwise of the Bankruptcy Code), Collateral Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale or disposition and Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Requisite Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by Collateral Agent at such sale or other disposition.
(c)Rights under Secured Hedge Agreements. No Secured Hedge Agreement will create (or be deemed to create) in favor of any Lender Counterparty that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Credit Documents except as expressly provided in Section 10.5(c)(vii) of this Agreement and Section 9 of the Pledge and Security Agreement. By accepting the benefits of the Collateral, such Lender Counterparty shall be deemed to have appointed Collateral Agent as its agent and agreed to be bound by the Credit Documents as a Secured Party, subject to the limitations set forth in this clause (c).
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(d)Release of Collateral and Guarantees, Termination of Credit Documents. Notwithstanding anything to the contrary contained herein or any other Credit Document, when all Obligations have been Paid in Full, upon request of Company, Administrative Agent shall (without notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Secured Hedge Agreement) take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee obligations provided for in any Credit Document, whether or not on the date of such release there may be outstanding Obligations in respect of Secured Hedge Agreements. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Company or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made.
(e)No Duty. Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of Collateral Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.
(f)Agency for Perfection. Each Agent and each Lender hereby appoints each other Agent and each other Lender as agent and bailee for the purpose of perfecting the security interests in and liens upon the Collateral in assets that, in accordance with Article 9 of the UCC, can be perfected only by possession or control (or where the security interest of a Secured Party with possession or control has priority over the security interest of another Secured Party) and each Agent and each Lender hereby acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit of the other Secured Parties, except as otherwise expressly provided in this Agreement. Should Administrative Agent or any Lender obtain possession or control of any such Collateral, Administrative Agent or such Lender shall notify Collateral Agent thereof, and, promptly upon Collateral Agent’s request therefor shall deliver such Collateral to Collateral Agent or in accordance with Collateral Agent’s instructions. Each Credit Party by its execution and delivery of this Agreement hereby consents to the foregoing.
9.9Withholding Taxes. To the extent required by any applicable law, Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without duplication of the provisions of Section 2.19(g), if the Internal Revenue Service or any other Governmental Authority asserts a claim that Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective or for any other reason, or if Administrative Agent reasonably determines that a payment was made to a Lender
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pursuant to this Agreement without deduction of applicable withholding tax from such payment, such Lender shall indemnify Administrative Agent fully for all amounts paid, directly or indirectly, by Administrative Agent as Tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred.
9.10Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Laws relative to any Credit Party, Administrative Agent (irrespective of whether the principal of any Loan or Obligation under a Letter of Credit shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on Company) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:
(a)to file a verified statement pursuant to rule 2019 of the Federal Rules of Bankruptcy Procedure that, in its sole opinion, complies with such rule’s disclosure requirements for entities representing more than one creditor;
(b)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans 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, Issuing Bank and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its respective agents and counsel and all other amounts due the Lenders, Issuing Bank and Administrative Agent under Sections 2.10, 10.2 and 10.3 allowed in such judicial proceeding); and
(c)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 Issuing Bank to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments directly to the Lenders and Issuing Bank, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under Sections 2.10, 10.2 and 10.3. To the extent that the payment of any such compensation, expenses, disbursements and advances of Administrative Agent, its agents and counsel, and any other amounts due Administrative Agent under Sections 2.10, 10.2 and 10.3 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Lenders or Issuing Banks may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing contained in this Section 9.10 shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of
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any Lender or to authorize Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
9.11Bankruptcy Plan Voting. In case of the pendency of any proceeding under any Debtor Relief Laws relative to any Credit Party, each Lender shall submit any vote on a plan of reorganization or similar disposition plan of restructuring or liquidation (a "Reorganization Plan") to the Administrative Agent so that it is received by the Administrative Agent no later than three (3) Business Days prior to voting deadline established pursuant to the terms of such Reorganization Plan or any court order establishing voting procedures with respect to the Reorganization Plan (the "Voting Procedures Order"). If Lenders constituting more than half of the total number of Lenders and having or holding more than two-thirds of the aggregate Voting Power Determinants of all Lenders timely vote to accept the Reorganization Plan, the Administrative Agent shall submit a ballot on behalf of all Lenders voting to accept the Reorganization Plan in accordance with the terms of the Reorganization Plan or the Voting Procedures Order. If Lenders constituting more than half of the total number of Lenders and having or holding more than two-thirds of the aggregate Voting Power Determinants of all Lenders do not timely vote to accept the Reorganization Plan, the Administrative Agent shall submit a ballot on behalf of all Lenders voting to reject the Reorganization Plan in accordance with the terms of the Reorganization Plan or the Voting Procedures Order. For purposes of calculating the total number of Lenders and the number of Lenders voting to accept the Reorganization Plan, Lenders that are Affiliates shall be deemed to be a single Lender. No Lender may submit a ballot with respect to a Reorganization Plan in contravention of the procedures set forth in this Section 9.11, and the Administrative Agent is irrevocably authorized by each Lender to withdraw any vote submitted by such Lender in contravention of the procedures set forth in this Section 9.11.
SECTION 10 MISCELLANEOUS
		10.1
	Notices.

(a)Notices Generally. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to a Credit Party, Collateral Agent, Administrative Agent or Issuing Bank shall be sent to such Person’s mailing address as set forth on Appendix B or in the other relevant Credit Document, and in the case of any Lender, the mailing address as indicated on Appendix B or otherwise indicated to Administrative Agent and Company in writing. Each notice hereunder shall be in writing and may be personally served or sent by facsimile (excluding any notices to any Agent or Issuing Bank in its capacity as such) or U.S. mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile, or three Business Days after depositing it in the U.S. mail with postage prepaid and properly addressed; provided, no notice to any Agent or Issuing Bank in its capacity as such shall be effective until received by such Agent or Issuing Bank; provided, further, any such notice or other communication shall, at the request of an Agent, be provided to any sub-agent appointed pursuant to Section 9.3(c) as designated by such Agent from time to time.
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		(b)
	Electronic Communications.

(i)Notices and other communications to any Agent, Lenders, Issuing Bank, and any Credit Party hereunder may be delivered or furnished by other electronic communication (including e mail and Internet or intranet websites, including Debt Domain, Intralinks, SyndTrak or another relevant website or other information platform (the “Platform”)) pursuant to procedures approved by Administrative Agent in its sole discretion, provided that, notwithstanding the foregoing, in no event will notices by electronic communication be effective to any Agent, any Lender, or any applicable Issuing Bank pursuant to Section 2 if any such Person has notified Administrative Agent that it is incapable of receiving notices under such Section 2 by electronic communication. Any Agent may, in its sole 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. In the case of any notices by electronic communication permitted in accordance with this Agreement, unless Administrative Agent otherwise prescribes, (A) any notices and other communications permitted to be sent to an e-mail address shall be delivered during normal business hours and 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 e-mail or other written acknowledgment, but excluding any automatic reply to such e-mail), except that, if such notice or other communication is not sent prior to noon, local time at the location of the recipient, then such notice or communication shall be deemed not to have been received until the opening of business on the next Business Day for the recipient, at the earliest, and (B) notices or communications permitted to be posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (A) of notification that such notice or communication is available and clearly identifying an accessible website address therefor.
(ii)Each Credit Party understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence of Administrative Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction.
(iii)The Platform and any Approved Electronic Communications are provided “as is” and “as available”. None of the Agents or any of their respective officers, Directors, employees, agents, advisors or representatives (the “Agent Affiliates”) warrant the accuracy, adequacy, or completeness of the Approved Electronic Communications or the Platform and each expressly disclaims liability for errors or omissions in the Platform and the Approved Electronic Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights
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or freedom from viruses or other code defects is made by the Agent Affiliates in connection with the Platform or the Approved Electronic Communications. In no event shall the Agent Affiliates have any liability to any of the Credit Parties, any Lender or any other Person for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Credit Party’s or Administrative Agent’s transmission of communications through the Platform. Each party hereto agrees that no Agent has any responsibility for maintaining or providing any equipment, software, services or any testing required in connection with any Approved Electronic Communication or otherwise required for the Platform.
(iv)Each Credit Party, each Lender, Issuing Bank and each Agent agrees that Administrative Agent may, but shall not be obligated to, store any Approved Electronic Communications on the Platform in accordance with Administrative Agent’s customary document retention procedures and policies.
(v)All uses of the Platform shall be governed by and subject to, in addition to this Section 10.1, separate terms and conditions posted or referenced in such Platform and related agreements executed by the Lenders and their Affiliates in connection with the use of such Platform.
(vi)Any notice of Default or Event of Default may be provided by telephone if confirmed promptly thereafter by delivery of written notice thereof.
(c)Change of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.
10.2Expenses. Whether or not the transactions contemplated hereby shall be consummated, the Credit Parties agree to pay promptly (a) all Administrative Agent’s actual and reasonable costs and expenses incurred in connection with the negotiation, preparation and execution of the Credit Documents and any consents, amendments, waivers or other modifications thereto; (b) all the Agents’ costs of furnishing all opinions by counsel for Company and the other Credit Parties; (c) all the reasonable fees, expenses and disbursements of counsel to Agents in connection with the negotiation, preparation, execution and administration of the Credit Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by Company; (d) all the actual costs and reasonable expenses of creating, perfecting, recording, maintaining, and preserving Liens in favor of Collateral Agent, for the benefit of Secured Parties, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel to each Agent and of counsel providing any opinions that any Agent or Requisite Lenders may request in respect of the Collateral or the Liens created pursuant to the Collateral Documents; (e) any Agent’s actual costs and reasonable fees, expenses, and disbursements of any auditors, accountants, consultants or appraisers’; (f) all the actual costs and reasonable expenses (including the reasonable fees, expenses and
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disbursements of any appraisers, consultants, advisors and agents employed or retained by Collateral Agent and its counsel) in connection with the custody or preservation of any of the Collateral; (g) all other actual and reasonable costs and expenses incurred by each Agent in connection with the syndication of the Loans and Commitments and the transactions contemplated by the Credit Documents and any consents, amendments, waivers or other modifications thereto; and (h) after the occurrence of a Default or an Event of Default, all costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel) and costs of settlement, incurred by any Agent, Issuing Bank and Lenders in enforcing or preparing for enforcement of any Obligations of or in collecting or preparing to collect any payments due from any Credit Party hereunder or under the other Credit Documents by reason of such Default or Event of Default (including in connection with any actual or prospective sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty) or in connection with any actual or prospective refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work out” or pursuant to or in contemplation of any insolvency or bankruptcy cases or proceedings, including the engagement of a restructuring advisor or consultant satisfactory to Administrative Agent in its sole discretion.
		10.3
	Indemnity and Related Reimbursement.

(a)In the event that an Indemnitee becomes involved in any capacity in any action, proceeding or investigation brought by or against any Person relating to or arising out of any Indemnified Liabilities and whether or not the transactions contemplated hereby shall be consummated, each Credit Party agrees that on demand it will reimburse such Indemnitee for its legal and other expenses (including the cost of any investigation and preparation) incurred in connection therewith.
(b)In addition to the payment of expenses pursuant to Section 10.2, whether or not the transactions contemplated hereby shall be consummated, each Credit Party agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless, each Indemnitee, from and against any and all Indemnified Liabilities, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE; provided, no Credit Party shall have any obligation to any Indemnitee under this Section 10.3(b) with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise directly from the gross negligence or willful misconduct of such Indemnitee, in each case as determined by a final non-appealable judgment of a court of competent jurisdiction. To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 10.3 may be unenforceable in whole or in part because they are violative of any law or public policy, the applicable Credit Party shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them.
(c)To the fullest extent permitted by applicable law, no Credit Party shall assert, and each Credit Party hereby waives, any claim against any Indemnitee on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
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damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referenced to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and Holdings and Company hereby waives, releases and agrees not to sue upon any such claim or such damages whether or not accrued and whether or not known or suspected to exist in its favor. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby.
(d)Each Credit Party also agrees that no Indemnitee will have any liability to any Credit Party or any person asserting claims on behalf of or in right of any Credit Party or any other Person in connection with or as a result of this Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or Letter of Credit, or the use of the proceeds thereof, or any act or omission or event occurring in connection therewith, in each case, except in the case of any Credit Party to the extent that any losses, claims, damages, liabilities or expenses incurred by such Credit Party or its affiliates, shareholders, partners or other equity holders have been found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of such Lender, Issuing Bank, or Agent in performing its funding obligations under this Agreement or any Letter of Credit; provided, however, that in no event will any such Lender, Issuing Bank, or Agent have any liability for any indirect, consequential, special or punitive damages in connection with or as a result of such Lender’s, Issuing Bank’s, or Agent’s, or their respective Affiliates’, Directors’, employees’, attorneys’, agents’ or sub-agents’ activities arising out of, in connection with, as a result of, or in any way related to, this Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referenced to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith.   No other party hereto shall be liable for the obligations of any Defaulting Lender in failing to make any Loans or other extension of credit hereunder.
10.4Set-Off. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of any Event of Default each Lender, Issuing Bank, and their respective Affiliates are each hereby authorized by each Credit Party at any time or from time to time subject to the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed), without notice to any Credit Party or to any other Person (other than Administrative Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) and any other obligations or Indebtedness at any time held or owing by such Lender to or for the credit or the account of any Credit Party against and on account of the Obligations of any Credit Party to such Lender or Issuing Bank
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hereunder, the Letters of Credit and participations therein and under the other Credit Documents, including all claims of any nature or description arising out of or connected hereto, the Letters of Credit and participations therein or with any other Credit Document, irrespective of whether or not (a) such Lender shall have made any demand hereunder or (b) the principal of or the interest on the Loans or any amounts in respect of the Letters of Credit or any other amounts due hereunder shall have become due and payable pursuant to Section 2 and although such obligations and liabilities, or any of them, may be contingent or unmatured; provided that in the event that any Defaulting Lender shall exercise any such right of set off, (x) all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of Sections 2.16 and 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative Agent, Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, Issuing Bank, and their respective Affiliates under this Section 10.4 are in addition to other rights and remedies (including other rights of set off) that such Lender, such Issuing Bank or their respective Affiliates may otherwise have.
		10.5
	Amendments and Waivers.

(a)Requisite Lenders’ Consent. Subject to the additional requirements of Sections 10.5(b) and 10.5(c) and except as otherwise provided in clauses (i) or (ii) of Section 2.17(b), no amendment, modification, termination or waiver of any provision of the Credit Documents (excluding the Fee Letter), or consent to any departure by any Credit Party therefrom, shall in any event be effective without the written concurrence of Administrative Agent and the Requisite Lenders; provided that Administrative Agent may, with the consent of Company (and without any requirement for consent from any other Person), amend, modify, or supplement this Agreement or any other Credit Document to cure any obvious typographical error, incorrect cross-reference, defect in form, inconsistency, omission or ambiguity (in each case, as concluded by Administrative Agent in its sole discretion), so long as Lenders and Issuing Bank have received at least five Business Days’ prior written notice thereof and Administrative Agent has not received, within five Business Days after delivery of such notice, a written notice from Requisite Lenders stating that the Requisite Lenders (and, if such amendment, modification, or supplement directly affects any right or obligation of Issuing Bank, Issuing Bank) object to such amendment.
(b)Affected Lenders’ Consent. Subject to Section 10.5(d), without the written consent of each Lender that would be directly and adversely affected thereby, no amendment, modification, termination, waiver or consent shall be effective if the effect thereof would:
(i)extend the scheduled final maturity of any Loan or any promissory note issued pursuant to Section 2.6;
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(ii)waive, reduce or postpone any scheduled repayment (but not prepayment);
(iii)extend the stated expiration date of any Letter of Credit beyond the Revolving Commitment Termination Date;
(iv)reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any Loan pursuant to Section 2.9) or any fee or premium payable under this Agreement; provided, that (A) only the consent of the Requisite Lenders shall be necessary to amend the Default Rate in Section 2.9, to waive any prospective obligation of Company to pay interest at the Default Rate, or to restore any right of Company to convert or continue Loans as LIBO Rate Loans that was revoked at the direction of Requisite Lenders or automatically pursuant to any provision of this Agreement, and (B) only the consent of Administrative Agent shall be necessary to revoke any election by Administrative Agent to impose interest at the Default Rate or to revoke any right of Company to convert or continue Loans as LIBO Rate Loans;
(v)waive or extend the time for payment of any such interest, fees, or premiums;
(vi)reduce or forgive the principal amount of any Loan or any reimbursement obligation in respect of any Letter of Credit;
(vii)amend, modify, terminate or waive any provision of this Section 10.5(b) or Section 10.5(c) or any other provision of this Agreement that expressly provides that the consent of all Lenders or any specific Lenders is required;
(viii)amend the definition of “Requisite Lenders”, “Pro Rata Share” or “Voting Power Determinants”;
(ix)release all or substantially all of the Collateral or all or substantially all of the Guarantors from the Guaranty except (A) as expressly provided in the Credit Documents on the Closing Date, (B) in connection with a “credit bid” undertaken by Collateral Agent with the consent or at the direction of Requisite Lenders pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or any other provision of the Bankruptcy Code or any other Debtor Relief Law, or (C) in connection with any other sale or disposition of assets in connection with an enforcement action with respect to the Collateral that is permitted pursuant to the Credit Documents and consented to or directed by Requisite Lenders; or
(x)consent to the assignment or transfer by any Credit Party of any of its rights and obligations under any Credit Document, except as expressly provided in any Credit Document.
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(c)Other Consents. Subject to Section 10.5(d), no amendment, modification, termination or waiver of any provision of the Credit Documents (excluding the Fee Letter), or consent to any departure by any Credit Party therefrom, shall:
(i)increase any Revolving Commitment of any Lender over the amount thereof then in effect without the consent of such Lender; provided, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Revolving Commitment of any Lender;
(ii)amend the definition of “Requisite Class Lenders” without the consent of Requisite Class Lenders of each directly and adversely affected Class; provided, with the consent of Administrative Agent and the Requisite Lenders, additional extensions of credit pursuant hereto may be included in the determination of such “Requisite Class Lenders” on substantially the same basis as the Term Loan Commitments, the Term Loans, the Revolving Commitments and the Revolving Loans are included on the Closing Date;
(iii)amend, modify, terminate or waive any provision of Section 3.2(a) with regard to any Credit Extension consisting of a Revolving Loan or a Term Loan without the consent of Requisite Class Lenders of such Class of Loans;
(iv)amend, modify, terminate, or waive any provision hereof directly relating to the Letter of Credit Sublimit or any Letter of Credit without the consent of Issuing Bank;
(v)alter the required application of any repayments or prepayments as between Classes pursuant to Section 2.14 without the consent of Requisite Class Lenders of each Class that is being allocated a lesser repayment or prepayment as a result thereof; provided, Administrative Agent and the Requisite Lenders may waive, in whole or in part, any prepayment so long as the application, as between Classes, of any portion of such prepayment that is still required to be made is not altered;
(vi)amend, modify, terminate or waive any obligation of Lenders relating to the purchase of participations in Letters of Credit as provided in Section 2.3(e) without the written consent of Administrative Agent and of Issuing Bank;
(vii)amend, modify, or waive any provision of this Agreement or the Pledge and Security Agreement so as to alter the ratable treatment of Obligations arising under the Credit Documents and Obligations arising under Secured Hedge Agreements or the definitions of “Lender Counterparty”, “Secured Hedge Agreement”, “Obligations” or “Secured Obligations” (as such term or any similar term is defined in any relevant Collateral Document) in each case in a manner adverse to any Lender or Lender Counterparty with Obligations then outstanding without the written consent of any such Lender or Lender Counterparty; or
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(viii)amend, modify, terminate or waive any provision of Section 9 as the same directly or indirectly applies to any Agent, or any other provision hereof as the same directly or indirectly applies to the rights or obligations of any Agent, in each case in any manner adverse to such Agent without the consent of such Agent.
(d)Defaulting Lender Consent. Notwithstanding anything herein to the contrary, no Defaulting Lender shall have any right to approve or disapprove any amendment, modification, termination, waiver or consent hereunder (and any amendment, modification, termination, waiver or consent that by its terms requires the consent of all the Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders, except that (x) the Commitment of any Defaulting Lender may not be increased or extended, or the maturity of any of its Loan may not be extended, the rate of interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such Defaulting Lender and (y) any amendment, modification, termination, waiver or consent requiring the consent of all the Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than the other affected Lenders shall require the consent of such Defaulting Lender.
(e)Execution of Amendments, Etc.   Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 10.5 shall be binding upon each Lender at the time outstanding, each future Lender, each Credit Party, and each future Credit Party.
(f)Compensation for Amendments. Notwithstanding anything to the contrary in any Credit Document, unless otherwise agreed to by Administrative Agent in its sole discretion no Credit Party may, nor may it permit any of its Subsidiaries to, directly or indirectly (including by being complicit in or otherwise facilitating any such action by any Person owning Capital Stock in Holdings, any of their Affiliates or Subsidiaries or any direct or indirect holders or beneficial owners of any such Person’s Capital Stock) pay or otherwise transfer any consideration, whether by way of interest, fee, or otherwise, to or for the benefit of any current or prospective Lender or any of its Affiliates (other than any customary fees paid to Administrative Agent or any of its Affiliates as consideration for arranging, structuring, or providing other services in connection therewith and customary upfront fees to be received by any new lender providing new loans or new commitments) for or as an inducement to any action or inaction by such Lender or any of its Affiliates, including any consent, waiver, approval, disapproval, or withholding of any of the foregoing in connection with any required or requested approval, amendment, waiver, consent, or other modification of or under any Credit Document or any provision thereof unless such consideration is first offered to all then existing Lenders in accordance with their respective Pro Rata Shares and is paid to any such Lenders that act in accordance with such offer.
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(g)Cashless Settlement. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue, or rollover all or a portion of its Loans in connection with any refinancing, extension, loan modification, or similar transaction permitted by the terms of this Agreement pursuant to a cashless settlement mechanism approved by Company, Administrative Agent and such Lender.
		10.6
	Successors and Assigns; Participations.

(a)Generally. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of Lenders and Issuing Bank. No Credit Party’s rights or obligations hereunder nor any interest therein may be assigned or delegated by any Credit Party without the prior written consent of all Lenders and Issuing Bank. 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 and, to the extent expressly contemplated hereby, Indemnitee Agent Parties, Affiliates of each of the Agents, Issuing Bank and Lenders, and any other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)Register. Company, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders and owners of the corresponding Commitments and Loans (including principal and stated interest) listed therein for all purposes hereof, and no assignment or transfer of any such Commitment or Loan shall be effective, in each case, unless and until recorded in the Register following Administrative Agent’s acceptance of a fully executed an Assignment Agreement, together with the forms and certificates regarding tax matters and any fees payable in connection with such assignment, in each case, as provided in Section 10.6(e). Each assignment shall be recorded in the Register promptly following acceptance by Administrative Agent of the fully executed Assignment Agreement and all other necessary documents and approvals, prompt notice thereof shall be provided to Company and a copy of such Assignment Agreement shall be maintained, as applicable. The date of such recordation of a transfer shall be referred to herein as the “Assignment Effective Date”. Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans. It is intended that the Register be maintained such that the Loans are in “registered form” for the purposes of the Internal Revenue Code.
(c)Right to Assign. Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations under this Agreement, including all or a portion of its Commitment or Loans owing to it or other Obligations (provided, however, that pro rata assignment shall not be required and each assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable Loan and any related Commitments):
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(i)to any Person meeting the criteria of clause (i)(a) or clause (ii)(a) of the definition of the term of “Eligible Assignee” upon the giving of notice to Administrative Agent; and
(ii)to any Person otherwise constituting an Eligible Assignee with the consent of Administrative Agent and, solely in the case of any assignment of Revolving Commitments, the consent of Issuing Bank (such Issuing Bank consent not to be unreasonably withheld, delayed, or conditioned); provided, each such assignment pursuant to this Section 10.6(c)(ii) shall be in an aggregate amount of not less than (A) $1,000,000 (or such lesser amount as may be agreed to by Company and Administrative Agent or as shall constitute the aggregate amount of the Revolving Commitments and Revolving Loans of the  assigning Lender) with respect to the  assignment of the Revolving Commitments and Revolving Loans and (B) $1,000,000 (or such lesser amount (x) as may be agreed to by Company and Administrative Agent, (y) as shall constitute the aggregate amount of the Term Loans or Term Loan Commitments of a particular Class of the assigning Lender or (z) as is assigned by an assigning Lender to an Affiliate or Related Fund of such Lender) with respect to the assignment of Term Loans.
		(d)
	Mechanics.

(i)Assignments and assumptions of Loans and Commitments by Lenders shall be effected by execution and delivery to Administrative Agent of an Assignment Agreement. Assignments made pursuant to the foregoing provision shall be effective as of the Assignment Effective Date. In connection with all assignments there shall be delivered to Administrative Agent such forms, certificates or other evidence, if any, with respect to U.S. federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver pursuant to Section 2.19(c), together with payment to Administrative Agent of a registration and processing fee of $3,500 (except that no such registration and processing fee shall be payable (y) in connection with an assignment by or to Goldman Sachs or any Affiliate thereof or (z) in the case of an assignee that is already a Lender or is an Affiliate or Related Fund of a Lender or a Person under common management with a Lender).
(ii)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 Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of Company and Administrative Agent, the applicable Pro Rata Share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent, Issuing Bank, and each Lender
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hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Loans and participations in Letters of Credit. 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.
(e)Notice of Assignment. Upon its receipt and acceptance of a duly executed and completed Assignment Agreement, any forms, certificates or other evidence required by this Agreement in connection therewith, Administrative Agent shall record the information contained in such Assignment Agreement in the Register, shall give prompt notice thereof to Company and shall maintain a copy of such Assignment Agreement.
(f)Representations and Warranties of Assignee. Each Lender, upon execution and delivery hereof or upon succeeding to an interest in the Commitments and/or Loans, as the case may be, represents and warrants as of the Closing Date or as of the Assignment Effective Date that (i) it is an Eligible Assignee; (ii) it has experience and expertise in the making of or investing in commitments or loans such as the applicable Commitments or Loans, as the case may be; (iii) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the ordinary course of its business and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this Section 10.6, the disposition of such Commitments or Loans or any interests therein shall at all times remain within its exclusive control); (iv) it will not provide any information obtained by it in its capacity as a Lender to any Credit Party or any of its Affiliates; and (v) neither such Lender nor any of its Affiliates owns or controls any trade obligations or Indebtedness of any Credit Party or any Capital Stock of any Credit Party.
(g)Effect of Assignment. Subject to the terms and conditions of this Section 10.6, as of the Assignment Effective Date: (i) the assignee thereunder shall have the rights and obligations of a “Lender” hereunder to the extent of its interest in the Loans and Commitments as reflected in the Register and shall thereafter be a party hereto and a “Lender” for all purposes hereof; (ii) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned to the assignee, relinquish its rights (other than any rights that survive the termination hereof under Section 10.8) and be released from its obligations hereunder (and, in the case of an assignment covering all or the remaining portion of an assigning Lender’s rights and obligations hereunder, such Lender shall cease to be a party hereto on the Assignment Effective Date; provided, anything contained in any of the Credit Documents to the contrary notwithstanding, (y) Issuing Bank shall continue to have all rights and obligations thereof with respect to each Letter of Credit until the cancellation or expiration of (without any pending drawing on) such Letters of Credit and the reimbursement of any amounts drawn thereunder, and (z) such assigning Lender shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior involvement of such assigning Lender as a Lender hereunder); (iii) the Commitments shall be modified to reflect any
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Commitment of such assignee and any remaining Commitment of such assigning Lender, if any; and (iv) if any such assignment occurs after the issuance of any promissory note pursuant to Section 2.6, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable promissory notes to Administrative Agent for cancellation, and thereupon Company shall issue and deliver new promissory notes in accordance with Section 2.6, if so requested by the assignee and/or assigning Lender, to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new or remaining Commitments and/or outstanding Loans of the assignee and/or the assigning Lender.
		(h)
	Participations.

(i)Each Lender shall have the right at any time to sell one or more participations to any Person (other than Holdings, any of its Subsidiaries or any of its Affiliates or any Natural Person) in all or any part of its Commitments, Loans or in any other Obligation. Each Lender that sells a participation pursuant to this Section 10.6(h) shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent of Company, maintain a register on which it records the name and address of each participant and the principal amounts (and stated interest) of each participant’s participation interest with respect to any Loan or Commitment (each, a “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant’s interest in any Commitments, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations, Section 1.163-5 of the proposed United States Treasury Regulations or any applicable temporary, final or other successor relations. Unless otherwise required by the Internal Revenue Service, any disclosure required by the foregoing sentence shall be made by the relevant Lender directly and solely to the Internal Revenue Service. 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 a participation with respect to any Loan or Commitment for all purposes under this Agreement, notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(ii)Unless otherwise agreed to by Administrative Agent, the holder of any such participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would (A) extend the final scheduled maturity of any Loan, any promissory note evidencing a Loan or Letter of Credit (unless such Letter of Credit is not extended beyond the Revolving Commitment Termination Date) in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection
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with a waiver of applicability of any post default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a result thereof), (B) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under this Agreement, or (C) release all or substantially all of the Collateral under the Collateral Documents or all or substantially all of the Guarantors from the Guaranty (in each case, except as expressly provided in the Credit Documents) supporting the Loans hereunder in which such participant is participating.
(iii)Company agrees that each participant shall be entitled to the benefits of Sections 2.17(d), 2.18 and 2.19 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (c) of this Section; provided, (x) a participant shall not be entitled to receive any greater payment under Section 2.18 or 2.19 than the applicable Lender would have been entitled to receive with respect to the participation sold to such participant, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after such participant acquired the participation or unless the sale of the participation to such participant is made with Company’s prior written consent (not to be unreasonably withheld, delayed, or conditioned), and (y) a participant shall not be entitled to the benefits of Section 2.19 unless such participant agrees, for the benefit of Company, to comply with Section 2.19 as though it were a Lender; (it being understood that any documentation required under Section 2.19(c) and (d) shall be delivered to the participating Lender). To the extent permitted by law, each participant also shall be entitled to the benefits of Section 10.4 as though such participant were a Lender, provided such participant agrees to be subject to Section 2.16 as though it were a Lender.
(i)Certain Other Assignments and Participations. In addition to any other assignment or participation permitted pursuant to this Section 10.6, any Lender may assign, pledge and/or grant a security interest in, all or any portion of its Loans, the other Obligations owed by or to such Lender, and its promissory notes issued pursuant to Section 2.6, if any, to secure obligations of such Lender including to any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors and any operating circular issued by such Federal Reserve Bank; provided, that no Lender, as between Company and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and provided further, that in no event shall the applicable Federal Reserve Bank, pledgee or trustee be considered to be a “Lender” or be entitled to require the assigning Lender to take or omit to take any action hereunder.
10.7Independence of Covenants.      All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such
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covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.
10.8Survival of Representations, Warranties and Agreements. All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of each Credit Party set forth in Sections 2.17(d), 2.18, 2.19, 10.2, 10.3, 10.4, and 10.10 and the agreements of Lenders set forth in Sections 2.16, 9.3(b) and 9.6 shall survive the Payment in Full of the Obligations.
10.9No Waiver; Remedies Cumulative. No failure or delay on the part of any Agent, Issuing Bank, or any Lender in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to each Agent, Issuing Bank, and each Lender hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Credit Documents or any of the Secured Hedge Agreements. Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy.
10.10Marshalling; Payments Set Aside. None of any Agent, Issuing Bank, nor any Lender shall be under any obligation to marshal any assets in favor of any Credit Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Credit Party makes a payment or payments to Administrative Agent, Issuing Bank or Lenders (or to Administrative Agent, for the benefit of Lenders or Issuing Bank), or any Agent, Issuing Bank, or Lender enforces any security interests or exercises any right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.
10.11Severability. In case any provision in or obligation hereunder or under any Credit Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby (it being understood that the invalidity, illegality or unenforceability of a particular provision in a particular jurisdiction shall not in and of itself affect the validity, legality or enforceability of such provision in any other jurisdiction). The parties hereto shall endeavor in good faith
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negotiations to replace any invalid, illegal or unenforceable provisions with valid, legal and enforceable provisions the economic effect of which comes as close as reasonably possible to that of the invalid, illegal or unenforceable provisions.
10.12Obligations Several; Actions in Concert. The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder. Nothing contained herein or in any other Credit Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. Anything in this Agreement or any other Credit Document to the contrary notwithstanding, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or any promissory note issued pursuant to Section 2.6 or otherwise with respect to the Obligations without first obtaining the prior written consent of Administrative Agent or Requisite Lenders (as applicable), it being the intent of Lenders that any such action to protect or enforce rights under this Agreement or any other Credit Document with respect to the Obligations shall be taken in concert and at the direction or with the consent of Administrative Agent or Requisite Lenders (as applicable).
10.13Headings. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.
10.14APPLICABLE LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.
10.15CONSENT TO JURISDICTION. SUBJECT TO CLAUSE (V) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE U.S. SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH CREDIT PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE (SUBJECT TO CLAUSE (V) BELOW) JURISDICTION AND VENUE OF SUCH COURTS; (II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT
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MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE CREDIT PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 10.1; (IV) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (V) AGREES THAT AGENTS, ISSUING BANK, AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY CREDIT DOCUMENT OR AGAINST ANY COLLATERAL OR THE ENFORCEMENT OF ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS TO VENUE IN, ANY SUCH COURT.
10.16WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 10.16 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
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10.17Confidentiality. Each Agent and each Lender (which term, for purposes of this Section 10.17, shall include Issuing Bank) shall hold all non-public information regarding Holdings and its Subsidiaries and their businesses identified as such by Holdings or Company and obtained by such Agent or such Lender pursuant to the requirements hereof in accordance with such Agent’s or such Lender’s customary procedures for handling confidential information of such nature, it being understood and agreed by each Credit Party that, in any event, Administrative Agent may disclose any such information to the Lenders and other Agents, and any Agent or Lender may make (i) disclosures of such information to Affiliates of such Lender or such Agent and to their respective officers, Directors, partners, members, employees, legal counsel, independent auditors and other advisors, experts, or agents on a confidential basis (and to other Persons authorized by a Lender or Agent to organize, present or disseminate such information in connection with disclosures otherwise made in accordance with this Section 10.17), (ii) disclosures of such information reasonably required by any potential or prospective assignee, transferee or participant in connection with the contemplated assignment, transfer or participation of any Loans or any participations therein or by any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction relating to any Credit Party and its obligations (provided, such assignees, transferees, participants, counterparties and advisors are advised of and agree to be bound by either the provisions of this Section 10.17 or other substantially similar confidentiality restrictions), (iii) disclosure on a confidential basis to any rating agency when required by it,(iv) disclosure on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans, (v) disclosures in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder or thereunder, (vi) disclosures made pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such Person agrees to inform Company promptly thereof to the extent not prohibited by law), (vii) disclosures made upon the request or demand of any regulatory or quasi-regulatory authority (including the NAIC) purporting to have jurisdiction over such Person or any of its Affiliates, (viii) disclosure to any Lenders’ financing sources; provided that prior to any disclosure such financing source is informed of the confidential nature of the information, (ix) disclosure to rating agencies and (x) disclosures with the consent of the relevant Credit Party. Notwithstanding the foregoing, on or after the Closing Date, Administrative Agent may, at its own expense issue news releases and publish “tombstone” advertisements and other announcements relating to this transaction in newspapers, trade journals and other appropriate media (which may include use of logos of one or more of the Credit Parties)(collectively, “Trade Announcements”). No Lender or Credit Party shall (a) issue any Trade Announcement, (b) use or reference in advertising, publicity, or otherwise the name of Goldman Sachs, any Lender or any of their respective Affiliates, partners, or employees, or (c) represent that any product or any service provided has been approved or endorsed by Goldman Sachs, any Lender, or any of their respective Affiliates, except (i) disclosures required by applicable law, regulation, legal process or the rules of the Securities and Exchange Commission or (ii) with the prior approval of Administrative Agent.
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10.18Usury Savings Clause. Notwithstanding any other provision herein, the aggregate interest rate charged paid with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest that would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Obligations hereunder are Paid in Full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest that would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, Company shall pay to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest that would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of Lenders and Company to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration that constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to Company. In determining whether the interest contracted for, charged, or received by Administrative Agent or a Lender exceeds the Highest Lawful Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest, throughout the contemplated term of the Obligations hereunder.
10.19Effectiveness; Counterparts. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by Company and Administrative Agent of written notification of such execution and authorization of delivery thereof. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.
10.20Entire Agreement. This Agreement, together with the other Credit Documents (including any such other Credit Document entered into prior to the date hereof), 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, made prior to the date hereof.
10.21PATRIOT Act. Each Lender, Issuing Bank, and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit
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189

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Party and other information that will allow such Lender, Issuing Bank, or Administrative Agent, as applicable, to identify such Credit Party in accordance with the PATRIOT Act.
10.22Electronic Execution of Assignments and Credit Documents. The words “execution,” “signed,” “signature,” and words of like import in any Assignment Agreement or any other Credit Document shall in each case be deemed to include electronic signatures, signatures exchanged by electronic transmission, 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; provided, that Administrative Agent or Collateral Agent may request, and upon any such request the Credit Parties shall be obligated to provide, manually executed “wet ink” signatures to any Credit Document.
10.23No Fiduciary Duty. Each Agent, Issuing Bank, Lender, and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Credit Parties, their equity holders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its equity holders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its equity holders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its equity holders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders, creditors or any other Person. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.
10.24Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document, to the extent such
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190

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liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder that may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
		10.25
	Limitations Act, 2002.

Each of the parties hereto agrees that any and all limitation periods provided for in the Limitations Act, 2002 (Ontario) shall be excluded from application to the Obligations and any undertaking, covenant, indemnity or other agreement of any Credit Party provided for in any Credit Document to which it is a party in respect thereof, in each case to fullest extent permitted by such Act.
		10.26
	Language.

The parties herein have expressly requested that this Agreement and all related documents be drawn up in the English language. A la demande expresse des parties aux présentes, cette convention et tout document y afférent ont été rédigés en langue anglaise.
		10.27
	Joint and Several Obligations.

Notwithstanding any other provision contained herein or in any other Credit Document, if a “secured creditor” (as that term is defined under the BIA) is determined by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint or joint and several basis, then each Canadian Foreign Subsidiary’s Obligations, to the extent such Obligations are secured, shall be several obligations and not joint or joint and several obligations.
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191

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		10.28
	Judgment Currency.

(a)If, for the purpose of obtaining or enforcing judgment against any Credit Party in any court in any jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 10.28 referred to as the “Judgment Currency”) an amount due under any Credit Document in any currency (the “Obligation Currency”) other than the Judgment Currency, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately preceding the date of actual payment of the amount due, in the case of any proceeding in the courts of the Province of Ontario or in the courts of any other jurisdiction that will give effect to such conversion being made on such date, or the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the applicable date as of which such conversion is made pursuant to this Section 10.28 being hereinafter in this Section 10.28 referred to as the “Judgment Conversion Date”).
(b)If, in the case of any proceeding in the court of any jurisdiction referred to in Section 10.28(a), there is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual receipt for value of the amount due, the applicable Credit Party or Credit Parties shall pay such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount actually received in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of the Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion Date. Any amount due from any Credit Party under this Section 10.28(b) shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of any of the Credit Documents.
(c)The term “rate of exchange” in this Section 10.28 means the rate of exchange at which Administrative Agent, on the relevant date at or about 12:00 noon, would be prepared to sell, in accordance with Administrative Agent’s normal course foreign currency exchange practices, the Obligation Currency against the Judgment Currency.
[Remainder of page intentionally left blank]
​
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192

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.
​
	​
	THE ONE GROUP, LLC, as the Company

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	THE ONE GROUP HOSPITALITY, INC., as

	​
	Holdings

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	LITTLE WEST 12TH LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	BASEMENT MANAGER, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	MPD SPACE EVENTS, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	ONE 29 PARK MANAGEMENT, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK MIDTOWN HOLDINGS, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK MIDTOWN, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	ONE MARKS, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	WSATOG (MIAMI) LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​
	​

	​
	STK MIAMI, LLC

	​
	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​
	​

	​
	STK MIAMI SERVICE, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	STK-LA, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK – LAS VEGAS, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK ATLANTA, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK ORLANDO LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK CHICAGO LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​
	​

	​
	STK WESTWOOD, LLC

	​
	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	STK DENVER, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK DALLAS, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK REBEL AUSTIN, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK TEXAS HOLDINGS, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK TEXAS HOLDINGS II, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​
	​

	​
	STK REBEL SAN DIEGO, LLC

	​
	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	STK ROOFTOP SAN DIEGO, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK IBIZA, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	THE ONE GROUP – STKPR, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	THE ONE GROUP - MENA, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	THE ONE GROUP - QATAR VENTURES, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​
	​

	​
	THE ONE GROUP – MEXICO, LLC

	​
	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	SEAPORT REBEL RESTAURANT LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK NASHVILLE, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	TOG MARKETING LLC

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	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	STK ASPEN, LLC

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	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	TOG ORLANDO F&B MANAGER LLC

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	​

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	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​
	​

	​
	KONA GRILL ACQUISITION, LLC

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	​
	​

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	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	TOG KONA MACADAMIA, LLC

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	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	TOG KONA BALTIMORE, LLC

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	​

	​
	By:
	​

	​
	​
	Name:

	​
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	Title:

	​
	​

	​
	TOG KONA TEXAS, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	TOG KONA SUSHI, LLC

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	T.O.G. (UK) LIMITED

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​
	​

	​
	HIP HOSPITALITY LIMITED

	​
	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	T.O.G. (ALDWYCH) LIMITED

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	CA ALDWYCH LIMITED

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

	​
	9401415 CANADA LTD.

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

	​
	​

​
​

[Signature Page to Credit and Guaranty Agreement]

​

​
	​
	GOLDMAN SACHS BANK USA,

	​
	as Administrative Agent, Collateral Agent and a Lender

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​
​

[Signature Page to Credit and Guaranty Agreement]

​

APPENDIX A-1
TO CREDIT AND GUARANTY AGREEMENT
Term Loan Commitments
​
	Lender
	Initial
Term Loan Commitment
	Pro
Rata Share

	Goldman Sachs Bank USA
	$48,000,000.00
	100%

	Total
	$48,000,000.00
	100%

​
​

APPENDIX A-1-1

​

APPENDIX A-2
TO CREDIT AND GUARANTY AGREEMENT
Revolving Commitments
​
	Lender
	Revolving Commitment
	Pro Rata Share

	Goldman Sachs Bank USA
	$12,000,000.00
	100%

	Total
	$12,000,000.00
	100%

​
​
​

APPENDIX A-2-1

​

APPENDIX B
TO CREDIT AND GUARANTY AGREEMENT
​
Notice Addresses
​
THE ONE GROUP, LLC
The ONE Group, LLC
1624 Market St. STE. 311
Denver, CO 80202
​
Attention: Mr. Emanuel Hilario, Chief Executive Officer
Email: EHilario@TOGrp.com
Company Website: www.TOGrp.com
​
THE ONE GROUP HOSPITALITY, INC.
The ONE Group Hospitality, Inc.
1624 Market St. STE. 311
Denver, CO 80202
Attention: Mr. Emanuel Hilario, Chief Executive Officer
Email: EHilario@TOGrp.com 
Company Website: www.TOGrp.com
​
in each case, with a copy to:
Stoel Rives LLP
760 SW Ninth Avenue, Suite 300
Portland, OR 97205
Attention: Kevin D. Burnett
Email: kevin.burnett@stoel.com
​
​

B-1

​

GOLDMAN SACHS BANK USA
as Administrative Agent, Collateral Agent,
and a Lender, to its Principal Office set forth below
​
Goldman Sachs Bank USA
2001 Ross Avenue
Suite 2800
Dallas, Texas 75201
Attention: Kona Grill Account Manager
Email: hugh.brown@gs.com; ryan.ruud@gs.com; and gs-slg-notices@gs.com
​
And, in any event, with a copy (which copy shall not constitute notice) to:
​
King & Spalding LLP
1180 Peachtree St., NE
Atlanta, GA 30309
Attention: Carolyn Z. Alford
Email: czalford@kslaw.com
​
​

B-2

​

Schedule 3.1
Closing Date Collateral Documents
​
Part A: English and Welsh Law Collateral Documents
		1.
	English law Debenture, dated as of October 4, 2019, granted by T.O.G. (UK) Limited, HIP Hospitality Limited, T.O.G. (Aldwych ) Limited, CA Aldwych Limited in favor of Goldman Sachs Bank USA., including, amongst others, a share charge by T.O.G. (UK) Limited with respect to its shares in the following entities:

		a.
	HIP Hospitality Limited

		b.
	T.O.G. (Aldwych ) Limited

		c.
	CA Aldwych Limited

		2.
	English law Share Charge, dated as of 4 October, 2019, granted by The One Group LLC in favor of Goldman Sachs Bank USA. with respect to its shares in T.O.G. (UK) Limited.

​
Part B: Canadian Collateral Documents
		1.
	Canadian Security Agreement, by and between 9401415 Canada Ltd. and Goldman Sachs Bank USA.

​

B-3

​

Schedule 5.15
Certain Post-Closing Matters
​
1.         On or prior to October 11, 2019 (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have delivered to the Administrative Agent true and correct copies of the current charters of each of the following Subsidiaries certified by the applicable secretary of state (or other applicable governing body) of the state of organization or formation of such Subsidiaries: Basement Manager, LLC; STK Aspen, LLC; STK Atlanta, LLC; STK Chicago LLC; STK Dallas, LLC; STK Denver, LLC; STK Miami, LLC; STK Miami Service, LLC; STK Midtown, LLC; STK Orlando LLC; STK Rebel Austin, LLC; STK Rebel San Diego, LLC; STK Rooftop San Diego, LLC; STK Westwood, LLC; STK-LA, LLC; STK – Las Vegas, LLC; TOG Kona Sushi, LLC; TOG Kona Texas, LLC; TOG Marketing LLC; TOG Orlando F&B Manager LLC.
​
2.         On or prior to the date that is 15 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have delivered insurance endorsements as required by Section 5.5 to the Administrative Agent in form and substance satisfactory to the Administrative Agent.
​
3.         On or prior to the date that is 15 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have delivered to the Administrative Agent evidence satisfactory to the Administrative Agent that all outstanding taxes due and owing by Holdings and its Subsidiaries have been paid and any tax liens in excess of $5,000 in the aggregate associated therewith have been released.
​
4.         On or prior to the date that is 21 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the English Credit Parties shall deliver evidence satisfactory to Administrative Agent that the English Collateral Documents, to the extent applicable, have been registered at the Companies House
​
5.         On or prior to the date that is 30 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have delivered to the Administrative Agent evidence that the Credit Parties have updated cyber and data security policies and procedures in form and substance reasonably acceptable to the Administrative Agent and have instituted an annual training program with respect thereto.
​
6.         On or prior to the date that is 30 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall use commercially reasonable efforts to deliver to the Administrative Agent evidence that all UCC filings in any jurisdiction with respect to Liens granted to landlords or their Affiliates that have priority over the Lien security the Obligations have been terminated in form and substance satisfactory to the Administrative Agent.
​
7.         On or prior to the date that is 30 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have delivered to the
​
​

B-4

​

Administrative Agent evidence that UCC-3 termination statements have been filed with respect to the following UCC-1 filings:
​
	

	

	

	

	

	Name of
Debtor
	Name of
Secured Party
	Secretary of
State Filing
Jurisdiction
	Original UCC
Filing
Number
	Date of
original UCC
Filing

	STK Denver, LLC
	BankUnited, N.A.
	Colorado
	20142099690
	10/24/14

	STK Miami Service, LLC and STK Miami, LLC
	Edward Don & Company
	Florida
	20080823397X
	5/2/08

	STK Westwood, LLC
	BankUnited, N.A.
	California
	14-7434065903
	10/24/14

	STK Midtown, LLC (also covers Little West 12th LLC; STK Miami, LLC; STK Atlanta, LLC; STK Westwood, LLC; STK Chicago LLC; STK Orlando LLC)
	American Express Bank, FSB
	Illinois
	22151223
	2/28/17

​
8.         On or prior to the date that is 60 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have delivered a Landlord Collateral Access Agreement with respect to the headquarters of the Credit Parties at which material books and records or other material information of the Credit Parties and their Subsidiaries are held: provided, that, if such Landlord Collateral Access Agreement cannot be obtained within 60 days (or such later date as the Administrative Agent shall agree in writing) after the Credit Parties have used commercially reasonable efforts to do so, then at all times thereafter the Credit Parties shall maintain a copy of any material books and records and other material information of the Credit Parties and their Subsidiaries at an owned location or at an alternative leased location for which a Landlord Collateral Access Agreement has been delivered to the Administrative Agent.
​
9.         On or prior to the date that is 60 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have delivered a Deposit Account Control Agreement and/or Securities Account Control Agreement, as applicable, with respect to Deposit Accounts or Securities Accounts, as applicable, provided, that, the foregoing shall not apply to Excluded Accounts.
​
10.       On or prior to the date that is 60 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have caused the Bank of America Letters of Credit and all cash collateral arrangements and reimbursement obligations with respect thereto to be terminated and released.
​
​

B-5

​

11.       On or prior to the date that is 90 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Post-Closing Growers’ Lien Liabilities shall have been paid in full out of the Wind-Down Budget.
​
12.       On or prior to the date that is 90 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties and all of their Subsidiaries shall establish and maintain policies, procedures, trainings and controls reasonably acceptable to the Administrative Agent that are designed (and otherwise comply with applicable law) to ensure that each of Holdings, its Subsidiaries, and each Controlled Entity, and each of their respective Directors, officers, employees and agents, is and will continue to be in compliance with all applicable current and future Sanctions, Anti-Terrorism and Anti-Money Laundering Laws, and Anti-Corruption and Anti-Bribery Laws, including with respect to vendor diligence, and shall have conducted training of its employees and vendors with respect thereto.
​
13.       On or prior to the date that is 90 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties and all of their Subsidiaries shall establish and maintain policies, procedures and controls reasonably acceptable to the Administrative Agent that are designed (and otherwise comply with applicable law) to ensure that each of Holdings and its Subsidiaries and each of their respective Directors, officers, employees and agents, is and will continue to be in compliance with all applicable current and future laws, applicable industry standards and Contractual Obligations regarding the collection, use, retention, storage, transfer, disposal, disclosure or other processing of Personal Information.
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14.       On or prior to the date that is 90 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall cause STK DC, LLC to (a) be merged with and into a Credit Party (with such Credit Party as the surviving Person), (b) be dissolved or liquidated in accordance with applicable law or (c) become a Guarantor under the Loan Documents and have satisfied the requirements in Section 5.10 with respect thereto.
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15.       On or prior to the date that is 90 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall use commercially reasonable efforts to cause JEC II, LLC, Bridge Hospitality, LLC and BBCLV, LLC to (a) be merged with and into a Credit Party (with such Credit Party as the surviving Person), (b) be dissolved or liquidated in accordance with applicable law or (c) become a Guarantor under the Loan Documents and have satisfied the requirements in Section 5.10 with respect thereto.
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16.       On or prior to the date that is 120 days after the Closing Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have used commercially reasonable efforts to take all such actions and execute and deliver, or cause to be executed and delivered all Leasehold Property Documents and Mortgaged Real Estate Documents with respect to all Leasehold Property that are Material Real Estate Assets on the Closing Date.
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17.       On or prior to the date that is 90 days after the First Amendment Effective Date (or such later date as the Administrative Agent shall agree in writing), the Credit Parties shall have obtained all licenses and permits necessary or advisable to operate all restaurants and
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​

B-6

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locations covering the Kona Grill brand (including all licenses and permits reflected on Schedules 2 and 3 of the Licensing Management Agreement).

B-7

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