Document:

Exhibit 4.1

 

Execution Version

 

INDENTURE

 

Dated as of October 1, 2020

 

among

 

Michaels
Stores, Inc.,

 

as Issuer,

 

Michaels
Funding, Inc.,

 

as Holdco,

 

the Subsidiary Guarantors
party hereto

 

and

 

U.S.
Bank National Association,

 

as Trustee and Notes Collateral Agent

 

4.750% SENIOR SECURED NOTES DUE 2027

 

     

     

    

 

CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	55
	SECTION 1.03. 	Rules of Construction	55
	SECTION 1.04.	Acts of Holders	56
	SECTION 1.05.	Limited Condition Transactions	58
	SECTION 1.06.	Measuring Compliance	59
	 	 	 
	ARTICLE II THE NOTES	60
	 	 
	SECTION 2.01.	Form and Dating; Terms	60
	SECTION 2.02.	Execution and Authentication	62
	SECTION 2.03.	Registrar, Transfer Agent and Paying Agent	62
	SECTION 2.04.	Paying Agent to Hold Money in Trust	63
	SECTION 2.05.	Holder Lists	63
	SECTION 2.06.	Transfer and Exchange	63
	SECTION 2.07.	Replacement Notes	74
	SECTION 2.08.	Outstanding Notes	74
	SECTION 2.09.	Treasury Notes	75
	SECTION 2.10.	Temporary Notes	75
	SECTION 2.11.	Cancellation	75
	SECTION 2.12.	Defaulted Interest	75
	SECTION 2.13.	CUSIP/ISIN Numbers	76
	 	 	 
	ARTICLE III REDEMPTION	76
	 	 
	SECTION 3.01.	Notices to Trustee	76
	SECTION 3.02.	Selection of Notes to Be Redeemed	76
	SECTION 3.03.	Notice of Redemption	77
	SECTION 3.04.	Effect of Notice of Redemption	78
	SECTION 3.05.	Deposit of Redemption Price	78
	SECTION 3.06.	Notes Redeemed in Part	79
	SECTION 3.07.	Optional Redemption	79
	SECTION 3.08.	Mandatory Redemption	80
	SECTION 3.09.	Offers to Repurchase by Application of Excess Proceeds	80
	 	 	 
	ARTICLE IV COVENANTS	82
	 	 
	SECTION 4.01.	Payment of Notes	82
	SECTION 4.02.	Maintenance of Office or Agency	82
	SECTION 4.03.	Reports and Other Information	83
	SECTION 4.04.	Compliance Certificate	85
	SECTION 4.05.	Taxes	86
	SECTION 4.06.	Stay, Extension and Usury Laws	86
	SECTION 4.07.	Limitation on Restricted Payments	86

 

     

     

    

 

	SECTION 4.08.	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	95
	SECTION 4.09. 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	98
	SECTION 4.10.	Asset Sales	108
	SECTION 4.11.	Transactions with Affiliates	112
	SECTION 4.12.	Liens	115
	SECTION 4.13.	Company Existence	116
	SECTION 4.14.	Offer to Repurchase Upon Change of Control	116
	SECTION 4.15.	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	118
	SECTION 4.16.	Suspension of Covenants	119
	SECTION 4.17.	After-Acquired Collateral	121
	 	 	 
	ARTICLE V SUCCESSORS	121
	 	 
	SECTION 5.01.	Merger, Amalgamation, Consolidation or Sale of All or Substantially All Assets	121
	SECTION 5.02.	Successor Person Substituted	124
	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES	124
	 	 
	SECTION 6.01.	Events of Default	124
	SECTION 6.02.	Acceleration	127
	SECTION 6.03.	Other Remedies	127
	SECTION 6.04.	Waiver of Past Defaults	128
	SECTION 6.05.	Control by Majority	128
	SECTION 6.06.	Limitation on Suits	128
	SECTION 6.07.	Rights of Holders to Receive Payment	128
	SECTION 6.08.	Collection Suit by Trustee	129
	SECTION 6.09.	Restoration of Rights and Remedies	129
	SECTION 6.10.	Rights and Remedies Cumulative	129
	SECTION 6.11.	Delay or Omission Not Waiver	129
	SECTION 6.12.	Trustee May File Proofs of Claim	129
	SECTION 6.13.	Priorities	130
	SECTION 6.14. 	Undertaking for Costs	130
	 	 	 
	ARTICLE VII TRUSTEE	130
	 	 
	SECTION 7.01.	Duties of Trustee	130
	SECTION 7.02. 	Rights of Trustee	131
	SECTION 7.03.	Individual Rights of Trustee	133
	SECTION 7.04.	Trustee’s Disclaimer	133
	SECTION 7.05. 	Notice of Defaults	133
	SECTION 7.06. 	Compensation and Indemnity	133
	SECTION 7.07.	Replacement of Trustee	134
	SECTION 7.08. 	Successor Trustee by Merger, etc.	135
	SECTION 7.09.	Eligibility; Disqualification	135

 

    ii

     

    

 

	ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	136
	 	 
	SECTION 8.01.	Option to Effect Legal Defeasance or Covenant Defeasance	136
	SECTION 8.02.	Legal Defeasance and Discharge	136
	SECTION 8.03.	Covenant Defeasance	136
	SECTION 8.04.	Conditions to Legal or Covenant Defeasance	137
	SECTION 8.05.	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	138
	SECTION 8.06.	Repayment to Issuer	139
	SECTION 8.07.	Reinstatement	139
	 	 	 
	ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER	139
	 	 
	SECTION 9.01.	Without Consent of Holders	139
	SECTION 9.02.	With Consent of Holders	141
	SECTION 9.03.	Revocation and Effect of Consents	143
	SECTION 9.04.	Notation on or Exchange of Notes	144
	SECTION 9.05.	Trustee and Notes Collateral Agent to Sign Amendments, etc.	144
	 	 	 
	ARTICLE X GUARANTEES	144
	 	 
	SECTION 10.01.	Guarantee	144
	SECTION 10.02.	Limitation on Guarantor Liability	146
	SECTION 10.03.	Execution and Delivery	146
	SECTION 10.04.	Subrogation	146
	SECTION 10.05.	Benefits Acknowledged	147
	SECTION 10.06. 	Release of Guarantees	147
	 	 	 
	ARTICLE XI COLLATERAL AND SECURITY	148
	 	 
	SECTION 11.01.	Collateral	148
	SECTION 11.02.	Collateral Requirements and Filings	148
	SECTION 11.03.	Release of Collateral	151
	SECTION 11.04.	Authorization of Actions to be Taken by the Trustee or the Notes Collateral Agent Under the Security Documents	151
	SECTION 11.05.	Appointment and Authorization of U.S. Bank National Association as Notes Collateral Agent	152
	SECTION 11.06.	Further Assurances	153
	 	 	 
	ARTICLE XII SATISFACTION AND DISCHARGE	154
	 	 
	SECTION 12.01.	Satisfaction and Discharge	154
	SECTION 12.02.	Application of Trust Money; Other Miscellaneous Provisions	154
	 	 	 
	ARTICLE XIII MISCELLANEOUS	155
	 	 
	SECTION 13.01.	Notices	155
	SECTION 13.02.	Communication with Holders of a Global Note	156
	SECTION 13.03.	Certificate and Opinion as to Conditions Precedent	156
	SECTION 13.04.	Statements Required in Certificate or Opinion	157
	SECTION 13.06.	No Personal Liability of Directors, Officers, Employees and Stockholders	157
	SECTION 13.07.	Governing Law	158

 

    iii

     

    

 

	SECTION 13.08.	Waiver of Jury Trial	158
	SECTION 13.09.	Force Majeure	158
	SECTION 13.10.	No Adverse Interpretation of Other Agreements	158
	SECTION 13.11.	Successors	158
	SECTION 13.12.	Severability	158
	SECTION 13.13.	Counterpart Originals	158
	SECTION 13.14.	Table of Contents, Headings, etc.	158
	SECTION 13.15.	USA PATRIOT Act	159
	SECTION 13.16.	Intercreditor Agreements	159

 

EXHIBITS

 

	Exhibit A	Form of Note
	Exhibit B	 Form of Certificate of Transfer
	Exhibit C	Form of Certificate of Exchange
	Exhibit D	Form of Supplemental Indenture to Be Delivered by Any Future Guarantors

 

    iv

     

    

 

 

INDENTURE, dated as of October 1, 2020,
among Michaels Stores, Inc., a Delaware corporation, as the Issuer (as defined herein), Michaels Funding, Inc., as Holdco (as defined
herein), certain subsidiaries of the Issuer listed on the signature pages hereto, as Subsidiary Guarantors (as defined herein),
and U.S. Bank National Association, a national banking association, organized under the laws of the United States, as Trustee (as
defined herein) and Notes Collateral Agent (as defined herein).

 

W I
T N E S S E T H

 

WHEREAS, the Issuer has duly authorized
the creation of an issue of $375,000,000 aggregate principal amount of the Issuer’s 4.750% Senior Secured Notes due 2027
(the “Notes”); and

 

WHEREAS, the Issuer has duly authorized
the execution and delivery of this Indenture (as defined herein).

 

NOW, THEREFORE, the Issuer, the Guarantors,
the Trustee and the Notes Collateral Agent agree as follows for the benefit of each other and for the equal and ratable benefit
of the Holders (as defined herein).

 

ARTICLE
I

 

DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION
1.01.         Definitions.

 

“144A Global Note” means
a Global Note substantially in the form of Exhibit A hereto, bearing the Global Note Legend and the Private Placement Legend
and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal
to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“ABL Agent” means Wells
Fargo Bank, National Association, in its capacity as administrative agent and collateral agent under the ABL Credit Agreement,
and any additional, successor or replacement administrative or collateral agent under the ABL Credit Agreement.

 

“ABL Credit Agreement”
means the Third Amended and Restated Credit Agreement, dated as of May 27, 2016, among the Issuer, as the lead borrower, the other
borrowers named therein, the facility guarantors identified therein, Wells Fargo Bank, National Association, as administrative
agent and as collateral agent, and the lenders party thereto (as such agreement may be amended, restated, amended and restated,
supplemented, waived or otherwise modified from time to time or refunded, refinanced, restructured, replaced, renewed, repaid,
increased or extended from time to time (whether in whole or in part, whether with the original administrative and collateral agent
and lenders or other agents and lenders or otherwise, and whether provided under the original credit agreement or one or more other
credit agreements, indentures, financing agreements or otherwise, including any agreement extending the maturity thereof, otherwise
restructuring all or any portion of the Indebtedness thereunder, increasing the amount loaned or issued thereunder, altering the
maturity thereof or providing for revolving credit loans, term loans, letters of credit or other Indebtedness), unless such agreement,
instrument or document expressly provides that it is not intended to be and is not a ABL Credit Agreement).

 

“ABL Intercreditor
Agreement” means that certain Amended and Restated Intercreditor Agreement, dated as of the Issue Date, between
Wells Fargo Bank, National Association, in its capacities as administrative agent and collateral agent for the ABL Secured
Parties (as defined therein), and JPMorgan Chase Bank, N.A., in its capacities as administrative agent and collateral agent
for the Term Secured Parties (as defined therein), as the same may be amended, amended and restated, supplemented, replaced
or otherwise modified from time to time, and including any joinder thereto by the Notes Collateral Agent or any other
Authorized Representative of a series of Pari Passu Obligations or by any additional ABL Secured Parties.

 

     

     

    

 

“ABL Obligations” means
the Indebtedness and other Obligations in respect of the ABL Credit Agreement and any Hedging Obligations and Cash Management Obligations
and obligations in respect of Bank Products that are secured by Liens securing the Indebtedness incurred pursuant to the ABL Credit
Agreement pursuant to the security documents entered into in connection with the ABL Credit Agreement.

 

“ABL Priority Collateral”
means mean all Collateral (other than Shared Collateral) consisting of the following (including for the avoidance of doubt, any
such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor
Relief Laws (as defined in the ABL Intercreditor Agreement)), would be ABL Priority Collateral):

 

(1)          
all accounts, other than accounts which constitute identifiable proceeds of Term Priority Collateral;

 

(2)          
all chattel paper (including tangible chattel paper and electronic chattel paper), other than chattel paper which
constitutes identifiable proceeds of Term Priority Collateral;

 

(3)          
(x) all deposit accounts (other than Term Loan Priority Accounts) and money and all cash, checks, other negotiable
instruments, funds and other evidences of payments held therein, and (y) securities accounts (other than Term Loan Priority Accounts),
security entitlements and securities credited to such a securities account, and, in each case, all cash, checks and other property
held therein or credited thereto; provided, however, that to the extent that identifiable proceeds of Term Priority
Collateral are deposited in any such deposit accounts or securities accounts, such identifiable proceeds shall be treated as Term
Priority Collateral;

 

(4)          
all inventory;

 

(5)          
to the extent relating to, evidencing or governing any of the items referred to in the preceding clauses (1) through
(4) constituting ABL Priority Collateral, all documents, general intangibles (other than any intellectual property), instruments
(including promissory notes) and commercial tort claims; provided that to the extent any of the foregoing also relates to
Term Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through (4) shall be
included in the ABL Priority Collateral;

 

(6)          
to the extent relating to any of the items referred to in the preceding clauses (1) through (5) constituting ABL
Priority Collateral, all supporting obligations and letter-of-credit rights; provided that to the extent any of the foregoing
also relates to Term Priority Collateral only that portion related to the items referred to in the preceding clauses (1) through
(5) shall be included in the ABL Priority Collateral;

 

    2

     

    

 

(7)         
 all books and records relating to the items referred to in the preceding clauses (1) through (6) constituting ABL
Priority Collateral (including all books, databases, customer lists, engineer drawings and records, whether tangible or electronic,
which contain any information relating to any of the items referred to in the preceding clauses (1) through (6)); and

 

(8)          
all collateral security and guarantees with respect to any of the foregoing and all cash, money, insurance proceeds,
instruments, securities, financial assets and deposit accounts received as proceeds of any of the foregoing (such proceeds, “ABL
Priority Proceeds”); provided, however, that no proceeds of ABL Priority Proceeds will constitute ABL Priority
Collateral unless such proceeds of ABL Priority Proceeds would otherwise constitute ABL Priority Collateral.

 

“ABL Secured Parties”
means each of (i) the ABL Agent on behalf of itself and the lenders under the Senior ABL Credit Facility and agents, lenders or
their respective affiliates counterparty to Hedging Obligations and Cash Management Obligations (or Persons who were agents, lenders
or affiliates of any of the foregoing under the Senior ABL Credit Facility at the time they entered into such Hedging Obligations
and Cash Management Obligations) and (ii) each other holder of ABL Obligations.

 

“Acquired Indebtedness”
means, with respect to any specified Person,

 

(1)           Indebtedness
of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into, or became a Restricted
Subsidiary of, such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person
merging, amalgamating or consolidating with or into, or becoming a Restricted Subsidiary of, such specified Person, and

 

(2)           Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional Notes” means
additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.01 and 4.09 hereof, as
part of the same series as the Initial Notes.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the
terms “controlling,” “controlled by” and “under common control with”),
as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar,
co-registrar, Transfer Agent, Paying Agent or additional paying agent.

 

“Applicable Authorized Representative”
means with respect to any Shared Collateral (as defined in the Pari Passu Intercreditor Agreement), (i) until the earlier
of (x) the discharge of Obligations with respect to the Term Loan Credit Agreement and (y) the Non-Controlling Authorized
Representative Enforcement Date (as defined in the Pari Passu Intercreditor Agreement), the Term Loan Agent and (ii) from
and after the earlier of (x) the discharge of Obligations with respect to the Term Loan Credit Agreement and (y) the
Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative (as defined in
the Pari Passu Intercreditor Agreement).

 

    3

     

    

 

“Applicable Indebtedness”
has the meaning assigned to it in the definition of “Weighted Average Life to Maturity.”

 

“Applicable Premium”
means, with respect to any Note on any Redemption Date, the greater of:

 

(1)           1.00%
of the principal amount of such Note; and

 

(2)           the
excess, if any, of:

 

(a)           the
present value at such Redemption Date of (i) the redemption price of such Note at October 1, 2023 (as set forth in the table
appearing in Section 3.07(e)), plus (ii) all required remaining scheduled interest payments due on such Note to, but
excluding, October 1, 2023 (excluding accrued but unpaid interest to, but excluding, the Redemption Date), computed using a discount
rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over

 

(b)           the
then outstanding principal amount of such Note on such Redemption Date,

 

as calculated by the Issuer or on
behalf of the Issuer by such Person as the Issuer will designate; provided that such calculation will not be the duty or
obligation of the Trustee.

 

“Applicable Procedures”
means, with respect to any selection of Notes or any transfer or exchange of or for beneficial interests in any Global Note, the
rules and procedures of the Depositary, Euroclear and Clearstream that apply to such selection, transfer or exchange.

 

“Asset Sale” means:

 

(1)           the
sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property
or assets of the Issuer or any Restricted Subsidiary (each referred to in this definition as a “disposition”);
or

 

(2)           the
issuance or sale of Equity Interests (other than Preferred Stock or Disqualified Stock of Restricted Subsidiaries issued in compliance
with Section 4.09 and directors’ qualifying shares or shares or interests required to be held by foreign nationals or other
third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to the Issuer or another Restricted
Subsidiary), whether in a single transaction or a series of related transactions;

 

in each case, other than:

 

(a)           any
disposition of (i) Cash Equivalents or Investment Grade Securities, (ii) obsolete, damaged or worn out property or assets or
any disposition of inventory or goods (or other assets) held for sale or no longer used or useful in the ordinary course (it
being understood that the sale of inventory or goods (or other assets) in connection with the closing of any number of retail
locations (including any Stores) in the ordinary course of business shall be considered a sale in the ordinary course of
business) or no longer used or useful in the ordinary course, (iii) immaterial assets or assets no longer economically
practicable or commercially reasonable to maintain (as determined in good faith by the management of the Issuer) and (iv)
dispositions to landlords of improvements made to leased real property pursuant to customary terms of leases entered into in
the ordinary course of business;

 

    4

     

    

 

(b)           the
disposition of all or substantially all of the assets of the Issuer or a Restricted Subsidiary in a manner permitted pursuant to
Section 5.01 (other than Section 5.01(b)(2)), or any disposition that constitutes a Change of Control pursuant to this Indenture;

 

(c)           any
disposition in connection with the making of any Restricted Payment that is permitted to be made, and is made, under Section 4.07
or any Permitted Investment or any acquisition otherwise permitted by this Indenture;

 

(d)          any
disposition of property or assets or issuance or sale of Equity Interests of any Restricted Subsidiary with an aggregate Fair Market
Value for any individual transaction or series of related transactions of less than the greater of $50.0 million and 7.75% of Consolidated
EBITDA of the Issuer for the most recently ended Test Period (calculated on a pro forma basis) determined at the time of
the making of such disposition;

 

(e)           any
disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted
Subsidiary to a Restricted Subsidiary;

 

(f)           to
the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a Similar
Business;

 

(g)          (i)
the lease, assignment, sublease, license or sublicense of any real or personal property in the ordinary course of business or consistent
with industry practice and (ii) the exercise of termination rights with respect to any lease, sublease, license or sublicense or
other agreement;

 

(h)          any
issuance, disposition or sale of Equity Interests in, or Indebtedness, assets or other securities of, an Unrestricted Subsidiary;

 

(i)            foreclosures,
condemnation, expropriation, eminent domain or any similar action (including, for the avoidance of doubt, any casualty event) with
respect to assets or the granting of Liens not prohibited by this Indenture;

 

(j)            sales
of accounts receivable, or participations therein, or Securitization Assets or related assets in connection with any Qualified
Securitization Facility or the disposition of an account receivable in connection with the collection or compromise thereof in
the ordinary course of business or consistent with industry practice or in bankruptcy or similar proceedings;

 

(k)           any
financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the Issue Date,
including asset securitizations permitted by this Indenture;

 

(l)            the
sale, lease, assignment, license, sublease or discount of inventory, equipment, accounts receivable, notes receivable or
other current assets in the ordinary course of business or consistent with industry practice or the conversion of accounts
receivable to notes receivable or other dispositions of accounts receivable in connection with the collection thereof;

 

    5

     

    

 

(m)          the
licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business or consistent
with industry practice;

 

(n)           any
surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims in
the ordinary course of business or consistent with industry practice;

 

(o)          the
unwinding of any Hedging Obligations;

 

(p)          sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(q)          the
lapse, abandonment or other disposition of intellectual property rights in the ordinary course of business or consistent with industry
practice, which in the reasonable good faith determination of the Issuer are not material to the conduct of the business of the
Issuer and its Restricted Subsidiaries taken as a whole;

 

(r)           the
granting of a Lien that is permitted under Section 4.12;

 

(s)           the
disposition of any assets (including Equity Interests) (i) acquired in a transaction permitted under this Indenture, which
assets are (x) not used or useful in the principal business of the Issuer and its Restricted Subsidiaries or (y) non-core assets
or surplus or unnecessary to the business or operations of the Issuer and its Restricted Subsidiaries or (ii) made in connection
with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of
the Issuer to consummate any acquisition permitted under this Indenture;

 

(t)           dispositions
of property to the extent that such property is exchanged for credit against the purchase price of similar replacement property;

 

(u)          dispositions
of property in connection with any Sale and Lease-Back Transaction; and

 

(v)           the
settlement or early termination of any Permitted Bond Hedge Transaction and the settlement or early termination of any related
Permitted Warrant Transaction.

 

“Attributable Indebtedness”
means, on any date, in respect of any Capitalized Lease Obligation of any Person, the amount thereof that would appear as a liability
on a balance sheet of such Person prepared as of such date in accordance with GAAP; provided that Attributable Indebtedness
shall, for the avoidance of doubt, exclude all Non-Finance Lease Obligations.

 

“Authorized
Representative” means, at any time, (i) in the case of any Obligations under the Term Loan Credit Agreement or
the secured parties under the Term Loan Credit Agreement, the Term Loan Agent, (ii) in the case of the Notes or the
Holders, the Notes Collateral Agent, and (iii) in the case of any other series of Pari Passu Obligations that become
subject to the Pari Passu Intercreditor Agreement after the date thereof, the agent named as authorized representative for
such series in the applicable joinder agreement.

 

    6

     

    

 

“Bank Products” means
any supply chain finance services including, without limitation, trade payable services and supplier accounts receivable and drafts/bills
of exchange purchases; credit or debit cards; purchase cards; or merchant account lines of credit.

 

“Bankruptcy Code” means
Title 11 of the United States Code, as now or hereafter in effect or any successor thereto.

 

“Bankruptcy Law” means
the Bankruptcy Code, or any similar federal or state law for the relief of debtors.

 

“Board of Directors”
means, for any Person, the board of directors or other governing body of such Person or, if such Person does not have such a board
of directors or other governing body and is owned or managed by a single entity, the Board of Directors of such entity, or, in
either case, any committee thereof duly authorized to act on behalf of such Board of Directors. Unless otherwise provided, “Board
of Directors” means the Board of Directors of the Issuer.

 

“Borrowing Base” means
the “Borrowing Base” as defined in, and calculated in accordance with, the ABL Credit Agreement.

 

“Business Day” means
any day that is not a Legal Holiday.

 

“Capital Stock” means:

 

(1)            in
the case of a corporation, corporate stock or shares in the capital of such corporation;

 

(2)            in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)            in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4)           any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person;

 

but excluding from all of the foregoing any
debt securities convertible into or exchangeable for Capital Stock, whether or not such debt securities include any right of participation
with Capital Stock.

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared
in accordance with GAAP; provided that Capitalized Lease Obligations shall, for the avoidance of doubt, exclude all Non-Finance
Lease Obligations.

 

“Capitalized Software
Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as
liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or
internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as
capitalized costs on the consolidated balance sheet of a Person and its Restricted Subsidiaries.

 

    7

     

    

 

“Captive Insurance Subsidiary”
means any Subsidiary of the Issuer that is subject to regulation as an insurance company (or any Subsidiary thereof).

 

“Cash Equivalents” means:

 

(1)           United
States dollars;

 

(2)           (a)
Euros, Yen, Canadian Dollars, Pounds Sterling or any national currency of any participating member state of the EMU; or

 

(b)           in
the case of any Foreign Subsidiary or any jurisdiction in which the Issuer or its Restricted Subsidiaries conducts business, such
local currencies held by it from time to time in the ordinary course of business or consistent with industry practice;

 

(3)           readily
marketable direct obligations issued or directly and fully and unconditionally guaranteed or insured by the United States government
or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation
of such government with maturities of 36 months or less from the date of acquisition;

 

(4)           certificates
of deposit, time deposits and eurodollar time deposits with maturities of three years or less from the date of acquisition, demand
deposits, bankers’ acceptances with maturities not exceeding three years and overnight bank deposits, in each case with any
domestic or foreign commercial bank having capital and surplus of not less than $500.0 million in the case of U.S. banks and $100.0
million (or the United States dollar equivalent as of the date of determination) in the case of non-U.S. banks;

 

(5)           repurchase
obligations for underlying securities of the types described in clauses (3) and (4) above or clauses (7) and (8) below entered
into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above;

 

(6)           commercial
paper and variable or fixed rate notes rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither
Moody’s nor S&P is rating such obligations, an equivalent rating from another nationally recognized statistical rating
agency selected by the Issuer) and, in each case, maturing within 36 months after the date of acquisition;

 

(7)           marketable
short-term money market and similar liquid funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P is rating such obligations, an equivalent rating from another nationally
recognized statistical rating agency selected by the Issuer);

 

(8)           securities
issued or directly and fully and unconditionally guaranteed by any state, commonwealth or territory of the United States or any
political subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof having
maturities of not more than 36 months from the date of acquisition;

 

(9)           readily
marketable direct obligations issued or directly and fully and unconditionally guaranteed by any foreign government or any
political subdivision or public instrumentality thereof, in each case, having an Investment Grade Rating from either
Moody’s or S&P (or, if at any time neither Moody’s nor S&P is rating such obligations, an equivalent
rating from another nationally recognized statistical rating agency selected by the Issuer) with maturities of 36 months or
less from the date of acquisition;

 

    8

     

    

 

(10)         Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s (or, if at any time neither Moody’s nor S&P is rating such obligations, an equivalent rating from another
nationally recognized statistical rating agency selected by the Issuer) with maturities of 36 months or less from the date of acquisition;

 

(11)         Investments
with average maturities of 36 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof)
or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor
S&P is rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected
by the Issuer);

 

(12)         investment
funds investing substantially all of their assets in securities of the types described in clauses (1) through (11) above;

 

(13)         credit
card receivables and debit card receivables so long as such are considered “cash equivalents” under GAAP and are so
reflected on the Issuer’s balance sheet; and

 

(14)         solely
with respect to any Captive Insurance Subsidiary, any investment that the Captive Insurance Subsidiary is not prohibited to make
in accordance with applicable law.

 

In the case of Investments by any Foreign
Subsidiary or Investments made in a country outside the United States, Cash Equivalents will also include (i) investments of the
type and maturity described in clauses (1) through (14) above of foreign obligors, which Investments or obligors (or the parents
of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii)
other short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management
in investments analogous to the foregoing investments in clauses (1) through (14) above and in this paragraph.

 

Notwithstanding the foregoing, Cash Equivalents
will include amounts denominated in currencies other than those set forth in clauses (1) and (2) above; provided that such
amounts, except amounts used to pay non-dollar denominated obligations of the Issuer or any Restricted Subsidiary in the ordinary
course of business, are converted into any currency listed in clause (1) or (2) above as promptly as practicable and in any event
within ten (10) Business Days following the receipt of such amounts.

 

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

 

“Cash Management Obligations”
means Obligations in connection with, or in respect of, Cash Management Services.

 

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

 

    9

     

    

 

“Change of Control” means
the occurrence of any of the following after the Issue Date:

 

(1)           the
sale, lease, transfer, conveyance or other disposition in one or a series of related transactions (other than by merger, consolidation,
amalgamation or business combination) of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a
whole, to any Person other than any Holding Company or one or more Permitted Holders; or

 

(2)           the
Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) (a) any Person (other than any Holding Company or Permitted Holder) or (b) Persons (other
than any Holding Company or one or more Permitted Holders) constituting a “group” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation
or other business combination or purchase becoming the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5
under the Exchange Act), directly or indirectly, of Equity Interests of the Issuer representing more than fifty percent (50.0%) of
the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Issuer or any of its Parent
Companies holding directly or indirectly 100% of the aggregate voting power represented by the issued and outstanding Equity Interests
of the Issuer, in each case, other than in connection with any transaction or series of transactions in which Holdco shall become
the Wholly-Owned Subsidiary of a Holding Company;

 

provided that (x) for purposes of this
definition the phrase “Person” or “group” shall exclude any employee benefit plan of such “Person”
or “group” and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan and (y) notwithstanding anything to the contrary in this definition or any provision of the Exchange Act, (A)
if any group includes one or more Permitted Holders or any Holding Company, the issued and outstanding Equity Interests of the
Issuer directly or indirectly owned by any Permitted Holder or Holding Company that is part of such group shall not be treated
as being beneficially owned by such group or any other member of such group for purposes of this definition, (B) a Person or group
shall be deemed not to beneficially own securities subject to an equity or asset purchase agreement, merger agreement, option agreement,
warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the
acquisition of the securities in connection with the transactions contemplated by such agreement and (C) a Person or group will
be deemed not to beneficially own the Equity Interests of another Person as a result of its ownership of Equity Interests or other
securities of such other Person’s parent (or related contractual rights) unless it owns 50% or more of the Voting Stock of
such Person’s parent.

 

“Clearstream” means Clearstream
Banking, Société Anonyme and its successors.

 

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

 

“Collateral” means all
property subject or purported to be subject, from time to time, to a Lien under any Security Document.

 

“Collateral Agents” means
the ABL Agent, the Term Loan Agent, the Notes Collateral Agent and any other Term Agent (as such term is defined under the ABL
Intercreditor Agreement) under the Pari Passu Intercreditor Agreement.

 

    10

     

    

 

“consolidated” means,
with respect to any Person, such Person consolidated with its Restricted Subsidiaries and excludes from such consolidation any
Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.

 

“Consolidated Depreciation and
Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization
expense of such Person and its Restricted Subsidiaries, including the amortization of intangible assets, deferred financing fees,
debt issuance costs, commissions, fees and expenses and the amortization of Capitalized Software Expenditures of such Person and
its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 

“Consolidated EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for
such period:

 

(1)           increased
(without duplication) by:

 

(a)           provision
for taxes based on income or profits or capital (including pursuant to any tax sharing or tax distribution arrangements), including,
without limitation, federal, state, local, provincial, foreign, excise, franchise, property and similar taxes (such as the Pennsylvania
capital tax and Texas margin tax) and foreign withholding taxes and foreign unreimbursed value added taxes (including, in each
case, penalties and interest related to such taxes or arising from tax examinations) of or with respect to such Person paid or
accrued during such period deducted (and not added back) in computing Consolidated Net Income; plus 

 

(b)          Fixed
Charges of such Person for such period plus bank fees and costs of surety bonds in connection with financing activities,
plus amounts excluded from Consolidated Interest Expense as set forth in clauses (i) through (viii) in the definition thereof,
to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; plus

 

(c)           Consolidated
Depreciation and Amortization Expense of such Person for such period to the extent the same was deducted (and not added back) in
computing Consolidated Net Income; plus 

 

(d)          any
expenses or charges (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment, acquisition,
disposition, recapitalization or any other transaction, including the incurrence of Indebtedness, not prohibited by this Indenture
(including any refinancing or amendment thereof) (in each case, whether or not successful) (including, without limitation, any
such transaction occurring prior to, on, or after, the Issue Date), including (A) such fees, expenses or charges related to the
Previous Transactions or the Transactions, including with respect to the ABL Credit Agreement, the Existing Senior Notes and the
Term Loan Credit Agreement, and (B) any amendment or other modification of any documentation related to the Notes, the Existing
Senior Notes, the ABL Credit Agreement, the Term Loan Credit Agreement and any other permitted Indebtedness, in each case, deducted
(and not added back) in computing Consolidated Net Income; plus

 

    11

     

    

 

(e)           the
amount of any costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost
savings (including sourcing), operating expense reductions, operating improvements, product margin synergies and product cost
and other synergies and similar initiatives, integration, transition, reconstruction, decommissioning, recommissioning or
reconfiguration of fixed assets for alternative uses, restructuring costs (including those related to tax restructurings),
charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings initiatives,
operating expense reductions, business optimization and other restructuring costs, charges, accruals, reserves and expenses
(including, without limitation, inventory optimization programs, software development costs, the opening, closure, relocation
and/or consolidation of facilities and plants, unused warehouse space costs, costs related to entry into new markets, and
consulting and other professional fees, signing or retention costs, retention or completion charges or bonuses, relocation
expenses, severance payments, curtailments and modifications to or losses on settlement of pension and post-retirement
employee benefit plans, excess pension charges, pension related charges under FASB ASC 715, accretion of asset retirement
obligations in accordance with FASB ASC 410, contract termination costs, future lease commitments, new system design and
implementation costs and project startup costs and expenses attributable to the implementation of cost savings initiatives
and professional and consulting fees incurred in connection with any of the foregoing); plus 

 

(f)           any
other non-cash charges, expenses or losses, including (i) any write-offs or write-downs, (ii) equity-based awards compensation
expense, (iii) losses on sales, disposals or abandonment of, or any impairment charge or asset write-off related to, intangible
assets, long-lived assets and investments in debt and equity securities, (iv) all losses from investments recorded using the equity
method, and (v) other non-cash charges, non-cash expenses or non-cash losses, in each case reducing Consolidated Net Income for
such period (provided that if any such non-cash charges, expenses or losses represent an accrual or reserve for potential
cash items in any future period, (1) the Issuer may determine not to add back such non-cash charge in the current period and (2)
to the extent the Issuer does determine to add back such non-cash charge, the cash payment in respect thereof in such future period
shall be subtracted from Consolidated EBITDA to such extent), and excluding amortization of a prepaid cash item that was paid in
a prior period; plus

 

(g)          the
amount of any minority interest expense consisting of Subsidiary income attributable to minority equity or non-controlling interests
of third parties in any non-Wholly-Owned Subsidiary deducted (and not added back) in such period in calculating Consolidated Net
Income; plus 

 

(h)          the
amount of management, monitoring, consulting, transaction, advisory and other fees (including termination fees) and related indemnities
and expenses paid or accrued in such period to the Investors to the extent otherwise permitted under Section 4.11 and deducted
(and not added back) in such period in computing Consolidated Net Income; plus

 

    12

     

    

 

(i)            the
amount of “run rate” net cost savings, synergies and operating expense reductions projected by the Issuer in good
faith to be realized as a result of specified actions taken, committed to be taken or with respect to which substantial steps
have been taken or are expected in good faith to be taken no later than eighteen (18) months after the end of the period
(calculated on a pro forma basis as though such cost savings, operating expense reductions and/or synergies had been
realized on the first day of such period and as if such cost savings, operating expense reductions and/or synergies were
realized during the entirety of such period), net of the amount of actual benefits realized during such period from such
actions; provided that such cost savings, synergies and operating expense reductions are
reasonably identifiable and factually supportable (it is understood and agreed that “run rate” means the full
recurring benefit for a period that is associated with any action taken, committed to be taken or with respect to which
substantial steps have been taken or are expected to be taken); provided that the aggregate amount of cost savings
added pursuant to this clause (i) shall not exceed 25.0% of Consolidated EBITDA determined on a pro forma basis for
any four consecutive quarter period; plus

 

(j)            the
amount of loss on sale of receivables and related assets to the Securitization Subsidiary in connection with a Qualified Securitization
Facility; plus

 

(k)          
(i) any charges, costs, expenses, accruals or reserves incurred by the Issuer or a Restricted Subsidiary pursuant to any management
equity plan, profits interest or stock option plan or any other management or employee benefit plan or agreement, pension plan
or other long-term or post-employment benefit, any stock subscription or shareholder agreement or any distributor equity plan or
agreement, including any fair value adjustments that may be required under liquidity puts for such arrangements and (ii) any charges,
costs, expenses, accruals or reserves in connection with the rollover, acceleration or payout of Capital Stock held by management
of the Issuer, any direct or indirect parent company and/or any of its subsidiaries, in each case to the extent that such charges,
costs, expenses, accruals or reserves are funded with cash proceeds contributed to the capital of the Issuer as a result of capital
contribution or as a result of the sale or issuance of Capital Stock (other than Disqualified Stock) of the Issuer solely to the
extent that such net cash proceeds are excluded from the calculation set forth in Section 4.07(a)(3); plus

 

(l)            any
net loss from disposed or discontinued operations; plus

 

(m)          cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated
Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated
EBITDA pursuant to clause (2) below for any previous period and not added back; plus 

 

(n)          earn-out
and contingent consideration obligations incurred or accrued in connection with any acquisition or other Permitted Investment and
paid or accrued during such period and on similar acquisitions and Permitted Investments completed prior to the Issue Date; plus

 

(o)          with
respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the proportion of those items described in
clauses (a) to (c) above relating to such joint venture corresponding to such Person’s and its Restricted Subsidiaries’
proportionate share of such joint venture’s Consolidated Net Income (determined as if such joint venture were a Restricted
Subsidiary); plus 

 

(p)          at
the option of the Issuer, (A) the excess of GAAP rent expense over actual cash rent paid, including the benefit of lease
incentives (in the case of a charge) during such period due to the use of straight line rent or the application of fair value
adjustments made as a result of recapitalization or purchase accounting, in each case, for GAAP purposes, (B) the
non-cash amortization of tenant allowances and (C) the cash portion of sublease rentals received by such Person; provided
that, in each case, if any such non-cash charge represents an accrual or reserve for potential cash items in any future
period, such Person may determine not to add back such non-cash charge in the current period; plus 

 

    13

     

    

 

(q)          the
amount of travel expenses, payroll taxes, indemnification payments, director’s fees and any other charges, costs, expenses,
accruals or reserves incurred in connection with, or amounts payable to, any director of the board of the Issuer or its parent
entities in connection with such director serving as a member of such board of directors and performing his or her duties in respect
thereof; and 

 

(2)           decreased
(without duplication), in each case to the extent included in arriving at such Consolidated Net Income, by:

 

(a)           non-cash
gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent
the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash
gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such
prior period, plus

 

(b)          any
net income from disposed or discontinued operations; and

 

(3)           increased
or decreased by (without duplication), as applicable, any adjustments resulting from the application of FASB Interpretation No.
45 (Guarantees).

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, without duplication, the sum of:

 

(1)       consolidated
interest expense of such Person and its Restricted Subsidiaries paid or payable in respect of such period, to the extent such expense
was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount
resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed
with respect to letters of credit, bank guarantees, bankers’ acceptances or any similar facility or financing and hedging
agreements, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the
mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest component
of Capitalized Lease Obligations, and (e) net payments, if any, made (less net payments, if any, received) pursuant to interest
rate Hedging Obligations with respect to Indebtedness, and excluding (i) penalties and interest related to taxes, (ii) amortization
of deferred financing fees, debt issuance costs, discounted liabilities, commissions, fees and expenses, (iii) any expensing of
bridge, commitment and other financing fees, (iv) commissions, discounts, yield and other fees and charges (including any interest
expense) related to any Qualified Securitization Facility, (v) any expense resulting from the discounting of Indebtedness in connection
with the application of recapitalization accounting or, if applicable, purchase accounting), (vi) any prepayment premium or penalty,
(vii) agency and trustee fees paid to any agent or trustee under any Credit Facilities, (viii) fees and costs associated with obtaining
Hedging Obligations and breakage costs in respect of Hedging Obligations related to interest rates and (ix) any lease, rental or
other expense in connection with a Non-Finance Lease Obligation; plus

 

    14

     

    

 

(2)          
consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less

 

(3)           interest
income of such Person and its Restricted Subsidiaries for such period.

 

For purposes of this definition, interest
on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Issuer to be the rate
of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries
for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that,
without duplication,

 

(1)           any
after-tax effect of extraordinary, non-recurring or unusual gains, income, losses, expenses or charges (less all fees and expenses
relating thereto) or expenses, Transaction Expenses, severance costs, relocation costs, costs related to the Perfect Store Initiative,
Hybrid Distribution Network Costs, pre-opening, opening, consolidation and closing costs for any facilities (including Stores),
signing, retention or completion bonuses or recruiting costs, transition costs, costs incurred in connection with acquisitions
(whether or not consummated), restructuring costs, integration and systems establishment costs, and curtailments or modifications
to pension and post-retirement employee benefit plans shall be excluded,

 

(2)           the
Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period,

 

(3)           any
net after-tax gains or losses on disposal of disposed, abandoned or discontinued operations shall be excluded,

 

(4)           any
after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions other
than in the ordinary course of business, as determined in good faith by the Issuer, shall be excluded,

 

(5)           the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by
the equity method of accounting, shall be excluded; provided that Consolidated Net Income of the Issuer shall be increased
by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash)
to the referent Person or a Restricted Subsidiary thereof in respect of such period by such Person,

 

(6)           solely
for the purpose of determining the amount available for Restricted Payments under Section 4.07(a)(3)(A), the Net Income for
such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the
date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or
indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule
or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect
to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of
the Issuer will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to
the extent converted into cash) to the Issuer or a Restricted Subsidiary thereof in respect of such period, to the extent not
already included therein,

 

    15

     

    

 

 

(7)       effects
of adjustments (including the effects of such adjustments pushed down to the Issuer and its Restricted Subsidiaries) resulting
from the application of purchase accounting (including, but not limited to, adjustments in the merchandise inventory, property
and equipment, intangible assets, goodwill, deferred revenue and debt line items resulting from the application of purchase accounting
in relation to any consummated acquisition or investment) or the amortization or write-off of any amounts thereof, net of taxes,
shall be excluded,

 

(8)       any
after-tax effect of income (loss) from the early extinguishment or conversion of Indebtedness or Hedging Obligations or other derivative
instruments shall be excluded,

 

(9)       any
impairment charge or asset write-off or write-down, in each case, pursuant to GAAP and the amortization of intangibles arising
pursuant to GAAP shall be excluded,

 

(10)       any
non-cash compensation charge or expense including any such charge or expense arising from the grant of stock appreciation or similar
rights, stock options, restricted stock or other equity incentive programs shall be excluded,

 

(11)       any
fees and expenses incurred during such period, or any amortization thereof for such period in connection with any acquisition,
Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment
or modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any
such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result
of any such transaction shall be excluded,

 

(12)       any
unrealized net gain or loss (after any offset) resulting in such period from currency transaction or translation gains or losses
including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from (i) Hedging Obligations
for currency exchange risk and (ii) resulting from intercompany indebtedness) and any other foreign currency transaction or translation
gains and losses, to the extent such gains or losses are non-cash items, shall be excluded, and

 

(13)       any
unrealized net gains and losses (after any offset) resulting from Hedging Obligations or embedded derivatives that require similar
accounting treatment and the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging shall be excluded.

 

In addition, to the extent not already included
in the Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated
Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses
and charges that are covered by indemnification or other reimbursement provisions.

 

Notwithstanding the foregoing, for the
purpose of Section 4.07 only (other than Section 4.07(a)(3)(D)), there shall be excluded from Consolidated Net Income any
income arising from any sale or other disposition of Restricted Investments made by the Issuer and its Restricted
Subsidiaries, any repurchases and redemptions of Restricted Investments from the Issuer and its Restricted Subsidiaries, any
repayments of loans and advances which constitute Restricted Investments by the Issuer or any of its Restricted Subsidiaries,
any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each
case only to the extent such amounts increase the amount of Restricted Payments permitted under such covenant pursuant to
Section 4.07(a)(3)(D).

 

    16

     

    

 

“Consolidated Secured Debt”
means, as of any date of determination, subject to the definition of “Designated Revolving Commitments,” (i) the aggregate
principal amount of Indebtedness of the Issuer and its Restricted Subsidiaries outstanding on such date, in an amount that would
be reflected on a balance sheet prepared on a consolidated basis in accordance with GAAP, consisting only of Indebtedness for borrowed
money, Capitalized Lease Obligations and purchase money Indebtedness and (ii) the aggregate amount of all outstanding Disqualified
Stock of the Issuer and its Restricted Subsidiaries and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis,
with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary
liquidation preferences and maximum fixed repurchase prices (as defined in the definition of “Disqualified Stock”),
in each case determined on a consolidated basis in accordance with GAAP, in each case secured by a Lien; provided that Consolidated
Secured Debt will not include Non-Recourse Indebtedness, undrawn amounts under revolving credit facilities and Indebtedness in
respect of any (1) letter of credit, bank guarantees and performance or similar bonds, except to the extent of obligations in respect
of drawn standby letters of credit which have not been reimbursed within three (3) Business Days and (2) Hedging Obligations. The
U.S. dollar-equivalent principal amount of any Indebtedness denominated in a foreign currency will reflect the currency translation
effects, determined in accordance with GAAP, of Hedging Obligations for currency exchange risks with respect to the applicable
currency in effect on the date of determination of the U.S. dollar-equivalent principal amount of such Indebtedness.

 

“Consolidated Total Debt”
means, as of any date of determination, subject to the definition of “Designated Revolving Commitments,” (i) the aggregate
principal amount of Indebtedness of the Issuer and its Restricted Subsidiaries outstanding on such date, in an amount that would
be reflected on a balance sheet prepared on a consolidated basis in accordance with GAAP, consisting only of Indebtedness for borrowed
money, Capitalized Lease Obligations and purchase money Indebtedness and (ii) the aggregate amount of all outstanding Disqualified
Stock of the Issuer and its Restricted Subsidiaries and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis,
with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary
liquidation preferences and maximum fixed repurchase prices (as defined in the definition of “Disqualified Stock”),
in each case determined on a consolidated basis in accordance with GAAP; provided that Consolidated Total Debt will not
include Non-Recourse Indebtedness, undrawn amounts under revolving credit facilities and Indebtedness in respect of any (1) letter
of credit, bank guarantees and performance or similar bonds, except to the extent of obligations in respect of drawn standby letters
of credit which have not been reimbursed within three (3) Business Days and (2) Hedging Obligations. The U.S. dollar-equivalent
principal amount of any Indebtedness denominated in a foreign currency will reflect the currency translation effects, determined
in accordance with GAAP, of Hedging Obligations for currency exchange risks with respect to the applicable currency in effect on
the date of determination of the U.S. dollar-equivalent principal amount of such Indebtedness.

 

“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other monetary obligations
that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent:

 

(1)       to
purchase any such primary obligation or any property constituting direct or indirect security therefor;

 

(2)       to
advance or supply funds

 

    17

     

    

 

(a)       for
the purchase or payment of any such primary obligation, or

 

(b)       to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or

 

(3)       to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Controlled Investment Affiliate”
means, as to any Person, any other Person, other than any Investor, which directly or indirectly is in control of, is controlled
by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily
for making direct or indirect equity or debt investments in the Issuer and/or other companies.

 

“Convertible Indebtedness”
means Indebtedness of the Issuer (which may be guaranteed by the Guarantors) permitted to be incurred under the terms of this Indenture
that is either (a) convertible into common stock of the Issuer (and cash in lieu of fractional shares) and/or cash (in an
amount determined by reference to the price of such common stock) or (b) sold as units with call options, warrants or rights to
purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of the Issuer and/or cash
(in any amount determined by reference to the price of such common stock).

 

“Corporate Trust Office of the
Trustee” means the office of the Trustee at which, at any particular time, its corporate trust business with respect
to this Indenture shall be administered, which office at the date hereof is located at 13737 Noel Road, Suite 800, Dallas, Texas
75240, Attention: Global Corporate Trust, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Issuer, or the office of any successor Trustee designated from time to time by notice to the Holders and the Issuer.

 

“Credit Facilities” means,
with respect to the Issuer or any Restricted Subsidiary, one or more debt facilities, including the Senior Credit Facilities or
other financing arrangements (including commercial paper facilities or indentures) providing for revolving credit loans, term loans,
note issuances, letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees, collateral documents,
instruments and other agreements executed in connection therewith, and any amendments, supplements, modifications, extensions,
renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper
facilities that replace, refund, supplement, extend, renew, restate, amend, modify or refinance any part of the loans, notes, other
credit facilities or commitments thereunder, including any such exchange, replacement, refunding, supplemental, extended, renewed,
restated, amended, modified or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed
or issued thereunder or alters the maturity thereof (provided that such increase in borrowings or issuances is permitted
under Section 4.09) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or
any other agent, trustee, lender or group of lenders or holders.

 

“Custodian” means the
Trustee, as custodian with respect to the Notes, each in global form, or any successor entity thereto.

 

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

 

“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06(c) hereof,
substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall
not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

    18

     

    

 

“Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, any Person specified in Section 2.03 hereof as the
Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

 

“Designated Non-Cash Consideration”
means the Fair Market Value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset
Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate, setting forth the basis
of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale, redemption or repurchase
of, or collection or payment on, such Designated Non-Cash Consideration.

 

“Designated Preferred Stock”
means Preferred Stock of the Issuer, any Restricted Subsidiary thereof or any Parent Company (in each case other than Disqualified
Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established
by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate
on or promptly after the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in Section
4.07(a)(3).

 

“Designated Revolving Commitments”
means any commitments to make loans or extend credit on a revolving basis to the Issuer or any Restricted Subsidiary by any Person
other than the Issuer or any Restricted Subsidiary that have been designated in an Officer’s Certificate delivered to the
Trustee as “Designated Revolving Commitments” until such time as the Issuer subsequently delivers an Officer’s
Certificate to the Trustee to the effect that such commitments will no longer constitute “Designated Revolving Commitments”;
provided that during such time, such Designated Revolving Commitments will be deemed an incurrence of Indebtedness on such
date and will be deemed outstanding for purposes of calculating the Fixed Charge Coverage Ratio, Total Net Leverage Ratio, Senior
Secured Net Leverage Ratio and the availability of any baskets hereunder.

 

“Discharge of Term Obligations”
means the payment in full in cash of all outstanding Term Obligations (as defined in the ABL Intercreditor Agreement) (other than
contingent indemnity obligations with respect to then unasserted claims).

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of
any security into which it is convertible or for which it is redeemable or exchangeable, or upon the happening of any event,
matures or is mandatorily redeemable (other than (i) for any Qualified Equity Interests or (ii) solely as a result of a
change of control, asset sale, casualty, condemnation or eminent domain) pursuant to a sinking fund obligation or otherwise,
or is redeemable at the option of the holder thereof (other than for any Qualified Equity Interests or solely as a result of
a change of control, asset sale, casualty, condemnation or eminent domain), in whole or in part, in each case prior to the
date 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided
that if such Capital Stock is issued pursuant to any plan for the benefit of future, current or former employees, directors,
officers, members of management, consultants or independent contractors (or their respective Controlled Investment Affiliates
or Immediate Family Members or any permitted transferees thereof) of the Issuer or its Subsidiaries or any Parent Company or
by any such plan to such employees, directors, officers, members of management, consultants or independent contractors (or
their respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees thereof), such
Capital Stock will not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or its
Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s,
director’s, officer’s, management member’s, consultant’s or independent contractor’s
termination, death or disability; provided, further that any Capital Stock held by any future, current or former
employee, director, officer, member of management, consultant or independent contractor (or their respective Controlled
Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of the Issuer, any of its
Subsidiaries, any Parent Company, or any other entity in which the Issuer or a Restricted Subsidiary has an Investment and is
designated in good faith as an “affiliate” by the Board of Directors (or the compensation committee thereof), in
each case pursuant to any equity subscription or equity holders’ agreement, management equity plan or stock option plan
or any other management or employee benefit plan or agreement will not constitute Disqualified Stock solely because it may be
required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s, director’s, officer’s, management member’s,
consultant’s or independent contractor’s termination, death or disability. For the purposes hereof, the aggregate
principal amount of Disqualified Stock will be deemed to be equal to the greater of its voluntary or involuntary liquidation
preference and maximum fixed repurchase price, determined on a consolidated basis in accordance with GAAP, and the
 “maximum fixed repurchase price” of any Disqualified Stock that does not have a fixed repurchase price will be
calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date
on which the Consolidated Total Debt or Consolidated Secured Debt, as applicable, will be required to be determined pursuant
to this Indenture, and if such price is based upon, or measured by, the Fair Market Value of such Disqualified Stock, such
Fair Market Value shall be determined in good faith by the Issuer.

 

    19

     

    

 

“Domestic Subsidiary”
means any direct or indirect Subsidiary of the Issuer that is organized under the laws of the United States, any state thereof
or the District of Columbia.

 

“EMU” means the economic
and monetary union as contemplated in the Treaty on European Union.

 

“Equity Interests” means,
with respect to any Person, the Capital Stock of such Person and all warrants, options or other rights to acquire Capital Stock
of such Person, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock of such Person.

 

“Equity Offering” means
any public or private sale of, contribution to, the common equity or Preferred Stock of the Issuer or any Parent Company (excluding
Disqualified Stock), other than:

 

(1)       public
offerings with respect to the Issuer’s or any Parent Company’s common equity registered on Form S-4 or Form S-8;

 

(2)       issuances
to, or contributions from, any Subsidiary of the Issuer; and

 

(3)       any
such public or private sale or contribution that constitutes an Excluded Contribution.

 

“Escrowed Proceeds” means
the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account with an independent escrow
agent on the date of the applicable offering or incurrence pursuant to escrow arrangements that permit the release of amounts on
deposit in such escrow account upon satisfaction of certain conditions or the occurrence of certain events. The term “Escrowed
Proceeds” shall include any interest earned on the amounts held in escrow.

 

“Euroclear” means Euroclear
Bank S.A./N.V., as operator of the Euroclear system, and its successors.

 

    20

     

    

 

“Euros” means the single
currency of participating member states of the EMU.

 

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

 

“Excluded Accounting Changes”
has the meaning assigned to it in the definition of “GAAP.”

 

“Excluded Assets” means:

 

(a)              
with respect to any trademarks, applications in the United States Patent and Trademark Office
to register trademarks or service marks on the basis of any grantor’s “intent to use” such trademarks or service
marks unless and until a “Statement of Use” or “Amendment to Allege Use” has been filed and accepted in
the United States Patent and Trademark Office;

 

(b)              
motor vehicles the perfection of a security interest in which is excluded from the Uniform
Commercial Code in the relevant jurisdiction;

 

(c)              
(I) any Equity Interests in any Unrestricted Subsidiary (until such time any Unrestricted
Subsidiary becomes a Restricted Subsidiary in accordance with this Indenture, at which time, and without further action, this clause
(I) shall no longer apply to the Equity Interests of such Subsidiary), (II) any Equity Interests issued by any Acquired Indebtedness
Subsidiary (as defined in the definition of “Excluded Subsidiary”), (III) Equity Interests of any Subsidiary of a Foreign
Subsidiary, or (IV) Equity Interests of a Person that is not a direct or indirect Wholly-Owned Subsidiary of the Issuer or any
Subsidiary Guarantor;

 

(d)              
Equity Interests representing more than 65% of the combined voting power of all Equity Interests
of any Foreign Subsidiary or any Foreign Subsidiary Holdco;

 

(e)              
any asset, with respect to which the Issuer has determined in good faith that the costs or
other consequences (including adverse tax consequences) of providing or perfecting a security interest is excessive in view of
the benefits to be obtained by the Holders, in each case, unless such security interest is then provided to or perfected in favor
of the Senior Term Credit Facilities (or, upon the discharge of Obligations with respect to the Term Loan Credit Agreement, unless
such security interest is then provided to or perfected in favor of any other Pari Passu Obligations or the Senior ABL Credit Facilities);

 

(f)               
any margin stock;

 

(g)               any
general intangible, investment property or other such rights of a grantor arising under any contract, lease, license,
instrument or other document if the grant of a security interest therein would (x) constitute a violation of a valid and
enforceable restriction in respect of such general intangible, investment property, or other such rights in favor of a third
party or under any law, regulation, permit, order or decree of any governmental authority, unless and until all required
consents shall have been obtained, or (y) expressly give any other party in respect of any such contract, lease, instrument,
license or other document, the right to terminate or to effect the abandonment, cancellation, invalidation or
unenforceability of any right, title or interest of any grantor therein or its obligations thereunder
(provided, however, that the limitation set forth in this clause (g) shall not affect, limit,
restrict or impair the grant by a grantor of a security interest pursuant to the Security Documents in any such Collateral to
the extent that an otherwise applicable prohibition or restriction on such grant is rendered ineffective by any applicable
law; provided, further, that the proceeds from any such contract, lease, instrument or other document shall
not be excluded from the Collateral to the extent that the assignment of such proceeds is not prohibited);

 

    21

     

    

 

(h)              
any leasehold interest in real property or any other real property interest other than in
any Material Owned Real Property; and

 

(i)                
any assets that are not pledged, nor are required to be pledged (including pursuant to any
amendment, waiver or consent), to secure the obligations of the Issuer and the Guarantors under the Senior Credit Facilities unless
the Senior Credit Facilities have been terminated or repaid in full.

 

“Excluded Contribution”
means net cash proceeds, the Fair Market Value of marketable securities or the Fair Market Value of Qualified Proceeds received
by the Issuer from:

 

(1)       contributions
to its common equity capital; and

 

(2)       the
sale (other than to a Restricted Subsidiary of the Issuer or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Issuer) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock)
of the Issuer,

 

in each case, designated as Excluded Contributions
pursuant to an Officer’s Certificate and that are excluded from the calculation set forth in Section 4.07(a)(3).

 

“Excluded Subsidiary”
means (1) any Foreign Subsidiary, (2) any Foreign Subsidiary Holdco, (3) any Domestic Subsidiary that is a Subsidiary
of any (i) Foreign Subsidiary or (ii) Foreign Subsidiary Holdco, (4) any Subsidiary, including any regulated entity
that is subject to net worth or net capital or similar capital and surplus restrictions, that is prohibited or restricted by applicable
law or by contractual obligation (including in respect of Acquired Indebtedness permitted hereunder) existing on the Issue Date
(or, with respect to any Subsidiary acquired by the Issuer or a Restricted Subsidiary after the Issue Date (and so long as such
contractual obligation was not incurred in contemplation of such acquisition), on the date such Subsidiary is so acquired) from
providing a Guarantee, or if such Guarantee would require governmental (including regulatory) or third party (for the avoidance
of doubt, other than solely from the Issuer or any Guarantor or their respective Subsidiaries) consent, approval, license or authorization,
(5) any special purpose vehicle (or similar entity) or any Securitization Subsidiary, (6) any Captive Insurance Subsidiary,
(7) any not-for-profit Subsidiary, (8) any Immaterial Subsidiary, (9) any other Subsidiary with respect to which, in
the reasonable judgment of the Term Loan Agent prior to the discharge of Obligations under the Term Loan Credit Agreement (and
thereafter in the reasonable judgment of the Issuer), the burden or cost (including any adverse tax consequences) of providing
the Guarantee could outweigh the benefits to be obtained by the Holders therefrom, (10) any Subsidiary that is not a Wholly-Owned
Subsidiary and (11) any Restricted Subsidiary acquired pursuant to an acquisition or investment permitted hereunder financed with
Indebtedness incurred or assumed pursuant to Section 4.09(b)(14)(a) and each Restricted Subsidiary thereof that guarantees such
Indebtedness (provided that each such Restricted Subsidiary shall cease to be an Excluded Subsidiary under this clause
(11) if the applicable Indebtedness is repaid or if such Restricted Subsidiary ceases to guarantee such Indebtedness) (each Restricted
Subsidiary excluded pursuant to this clause (11), an “Acquired Indebtedness Subsidiary”); provided that
any such Subsidiary that is an Excluded Subsidiary pursuant to clause (8) or (9) above will cease to be an Excluded Subsidiary
at any time such Subsidiary guarantees the payment of Indebtedness under any Senior Credit Facilities incurred under Section 4.09(b)(1).

 

    22

     

    

 

“Existing Senior Notes”
means the existing 8.000% Senior Notes due 2027 in aggregate principal amount of $500,000,000 issued by the Issuer pursuant to
the Existing Senior Notes Indenture.

 

“Existing Senior Notes Indenture”
means that certain Indenture, dated as of July 8, 2019, by and among the Issuer, the Guarantors (as defined therein) party thereto
from time to time, and U.S. Bank National Association, as trustee, together with the related documents thereto (including any note
guarantees), as amended, restated, amended and restated, supplemented or otherwise modified or renewed, refunded, replaced, restructured,
refinanced, repaid, increased or extended (in whole or in part, and without limitation as to amount, terms, conditions, covenants
and other provisions, whether with the original trustee and holders or other trustee and holders or otherwise, and whether provided
under the original indenture or one or more other indentures, supplemental indentures or otherwise, including any agreement extending
the maturity thereof, otherwise restructuring all or any portion of the Indebtedness thereunder, increasing the amount issued thereunder
or altering the maturity thereof or providing for other Indebtedness) from time to time.

 

“Fair Market Value” means,
with respect to any asset or liability, the fair market value of such asset or liability as determined by the Issuer in good faith.

 

“Financial Incurrence Test”
has the meaning assigned to it in the definition of “Fixed Charge Coverage Ratio.”

 

“Financial Officer” means
the chief financial officer, accounting officer, treasurer, controller or other senior financial or accounting officer of the Issuer,
as appropriate.

 

“Fixed Amount” has the
meaning assigned to it in the definition of “Fixed Charge Coverage Ratio.”

 

“Fixed Charge Coverage Ratio”
means, with respect to any Person for any period, the ratio of (1) Consolidated EBITDA of such Person and its Restricted Subsidiaries
for such period to (2) the Fixed Charges of such Person and its Restricted Subsidiaries for the most recently ended four fiscal
quarters for which internal financial statements are available immediately preceding the calculation date. In the event that such
Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repurchases, redeems, retires or extinguishes any Indebtedness
(other than the incurrence, assumption or guarantee of Indebtedness under any revolving credit facility or revolving advances under
any Qualified Securitization Facility) or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the
commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the
event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation
Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption,
guarantee, repurchase, redemption, retirement or extinguishment of Indebtedness, or such issuance, repurchase or redemption of
Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period for which
internal financial statements are available.

 

For purposes of making the computation
referred to above, Investments, acquisitions, dispositions, amalgamations, mergers, consolidations and discontinued
operations (as determined in accordance with GAAP), Subsidiary designations and any operational changes or cost savings
initiatives that the Issuer or any of its Restricted Subsidiaries has determined to make/or has made during the four-quarter
reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage
Ratio Calculation Date shall be calculated on a pro forma basis, assuming that all such Investments, acquisitions,
dispositions, amalgamations, mergers, consolidations, discontinued operations and operational changes (and the change in any
associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day
of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged, amalgamated or consolidated with or into the Issuer or any of its Restricted Subsidiaries since the
beginning of such period shall have made any Investment, acquisition, disposition, amalgamation, merger, consolidation,
discontinued operation or operational change that would have required adjustment pursuant to this definition, then the Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment,
acquisition, disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at
the beginning of the applicable four-quarter period.

 

    23

     

    

 

For purposes of this definition, whenever
pro forma effect is to be given to an Investment, acquisition, disposition, amalgamation, merger, consolidation, discontinued
operation or operational change, the pro forma calculations shall be made in good faith by a responsible financial or accounting
officer of the Issuer and may include (to the extent not already included in Consolidated EBITDA) (a) cost savings (including
sourcing), operating expense reductions and other operating improvements or synergies resulting from such Investment, acquisition,
disposition, amalgamation, merger, consolidation, discontinued operation or operational change, which is being given pro forma
effect that have been or are expected to be realized and reasonably identifiable and factually supportable and are reasonably anticipated
to be realized within 24 months after the change, acquisition or disposition that is expected to result in such cost savings, expense
reductions, or operating improvements and other synergies and (b) adjustments of the nature used in connection with the calculation
of “Adjusted EBITDA” as set forth in footnote (7) to “Summary—Summary Consolidated Financial and
Operating Data” in the Offering Memorandum. If any Indebtedness bears a floating rate of interest and is being given
pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Coverage
Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable
to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation
in accordance with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of
a prime or similar rate, a eurocurrency interbank offered rate or other rate shall be deemed to have been based upon the rate actually
chosen or, if none, then based upon such optional rate chosen as the Issuer may designate. Interest on any Indebtedness under a
revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such indebtedness
during the applicable period.

 

For purposes of this definition, any amount
in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for
the most recent four-quarter period immediately prior to the date of determination in a manner consistent with GAAP.

 

Notwithstanding anything to the
contrary herein, with respect to (x) any amounts incurred or transactions entered into (or consummated) in reliance on a
provision of this Indenture that does not require compliance with a financial ratio or test (including the Fixed Charge
Coverage Ratio, the Senior Secured Net Leverage Ratio and/or the Total Net Leverage Ratio) (any such amounts, including for
the avoidance of doubt, any grower component based on Consolidated EBITDA or Total Assets, the “Fixed
Amounts”) substantially concurrently with (y) any amounts incurred or transactions entered into (or consummated) in
reliance on a provision of this Indenture that requires compliance with a financial ratio or test (including the Fixed Charge
Coverage Ratio, the Senior Secured Net Leverage Ratio and/or the Total Net Leverage Ratio) (any such financial ratio or test,
a “Financial Incurrence Test”), it is understood and agreed that the amounts in clause (x) of this
paragraph shall be disregarded in the calculation of the Financial Incurrence Test applicable to the amounts in clause (y); provided
that, notwithstanding anything else provided herein, any amounts incurred or transactions entered into (or consummated) in
reliance on a provision of this Indenture that is expressly limited by a fixed-dollar limitation (including any grower
component based on a percentage of Consolidated EBITDA or Total Assets) and that includes, as a condition to incurring (or
consummating) applicable amounts or transactions, in reliance on such provision limited by a fixed-dollar limitation, a
requirement of compliance with a Financial Incurrence Test shall constitute a “Fixed Amount” under this
Indenture.

 

    24

     

    

 

“Fixed Charge Coverage Ratio Calculation
Date” has the meaning assigned to it in the definition of “Fixed Charge Coverage Ratio.”

 

“Fixed Charge Coverage Test”
has the meaning assigned to it in the definition of “Unrestricted Subsidiary.”

 

“Fixed Charges” means,
with respect to any Person for any period, the sum, without duplication, of:

 

(1)       Consolidated
Interest Expense of such Person for such period;

 

(2)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock during
such period; and

 

(3)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during
such period.

 

“Foreign Subsidiary”
means any direct or indirect Restricted Subsidiary of the Issuer that is not a Domestic Subsidiary.

 

“Foreign Subsidiary Holdco”
means a Subsidiary substantially all of whose assets consists (directly or indirectly) of the Capital Stock or indebtedness of
one or more Foreign Subsidiaries.

 

“GAAP” means
generally accepted accounting principles in the United States of America (which may, at the option of the Issuer, be as in
effect on the Issue Date) set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the accounting profession. At
any time after the Issue Date, the Issuer may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such
election, references herein to GAAP will thereafter be construed to mean IFRS (except as otherwise provided in this
Indenture); provided that any such election, once made, will be irrevocable; provided, further, that any
calculation or determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters
ended prior to the Issuer’s election to apply IFRS will remain as previously calculated or determined in accordance
with GAAP. Notwithstanding the foregoing, all ratios, baskets and calculations based on GAAP or terms determined in
accordance with GAAP in this Indenture shall be computed in accordance with GAAP as in effect (and as applied) on the Issue
Date (or IFRS as of the date of such election above) or, if elected by the Issuer by written notice to the Trustee on one or
more occasions after the Issue Date, GAAP (or IFRS) as in effect (and as applied) on the date of such notice and any such
election shall be irrevocable; provided, that if the Issuer makes such election, the Issuer may elect to exclude any
changes in GAAP (or in the application thereof) occurring after the Issue Date (or in IFRS occurring after the date of such
election above) (the “Excluded Accounting Changes”) as may be identified in such notice to the Trustee, in
which case, GAAP (or IFRS) for such purposes shall be as in effect (and as applied) on the date specified in such notice
except for the Excluded Accounting Changes, which shall not be applied in determining such ratios, baskets and calculations,
and any provisions of GAAP (or IFRS) affected by such Excluded Accounting Changes shall continue to be determined as in
effect on the Issue Date (or IFRS as of the date of such election above). The Issuer will give notice of any such election
made in accordance with this definition to the Trustee. Notwithstanding any other provision contained herein, (i) the
amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations and Attributable Indebtedness shall be
determined in accordance with the definition of Capitalized Lease Obligations and Attributable Indebtedness, respectively;
(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 election under Financial Accounting Standards Board
Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value
any Indebtedness or other liabilities of the Issuer or any of the Issuer’s Subsidiaries
at “fair value,” as defined therein; and (iii) unless the Issuer has notified the Trustee in writing that this
clause (iii) shall not apply with respect to an applicable Test Period on or prior to the delivery of financial statements
for such Test Period, each provision under this Indenture shall, in each case, be determined without giving effect to ASC 842
(Leases), except that financial statements delivered pursuant to this Indenture may be prepared in accordance with
GAAP (including giving effect to ASC 842 (Leases)) as in effect at the time of such delivery.

 

    25

     

    

 

“Global Note Legend”
means the legend set forth in Section 2.06(f)(ii) hereof, which is required to be placed on all Global Notes issued under this
Indenture.

 

“Global Notes” means,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form
of Exhibit A hereto, issued in accordance with Sections 2.01, 2.06(b) or 2.06(d) hereof.

 

“Government Securities”
means securities that are:

 

(1)       direct
obligations of the United States for the timely payment of which its full faith and credit is pledged; or

 

(2)       obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States,

 

that, in either case, are not callable
or redeemable at the option of the Issuer thereof, and will also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest
on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment
of principal of or interest on the Government Securities evidenced by such depository receipt.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business or consistent with industry
practice), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of
all or any part of any Indebtedness or other obligations.

 

“Guarantee” means the
guarantee by any Guarantor of the Issuer’s Obligations under this Indenture and the Notes.

 

    26

     

    

 

“Guarantor” means Holdco
and each Subsidiary Guarantor.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange
contract, currency swap agreement or similar agreement providing for the transfer, modification or mitigation of interest rate,
currency, commodity risks or equity risks either generally or under specific contingencies. For the avoidance of doubt, any Permitted
Convertible Indebtedness Call Transaction will not constitute Hedging Obligations.

 

“Holdco” means (a) Michaels
Funding, Inc., a Delaware corporation (“Initial Holdco”), if it is the direct parent of the Issuer or (b) if
Initial Holdco is not the direct parent of the Issuer, such other Person that is the direct parent company of the Issuer that directly
owns 100.0% of the issued and outstanding Equity Interests issued by the Issuer and that assumes all of the obligations of “Holdco”
under this Indenture pursuant to a supplemental indenture.

 

“Holder” at any time,
means the Person in whose name a Note is registered on the Registrar’s books at such time.

 

“Holding Company” means
any Person so long as such Person directly or indirectly holds 100% of the total voting power of the Voting Stock of the Issuer,
and at the time such Person acquired such voting power, no (a) Person (other than any Permitted Holder) or (b) Persons (other
than any one or more Permitted Holders) constituting a “group” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act), shall have beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act, or any successor provision), directly or indirectly, of more than 50% of the total voting power of the Voting Stock
of such Person.

 

“Hybrid Distribution Network Costs”
means costs associated with the implementation of enhancements to the Issuer’s and its Restricted Subsidiaries’ distribution
network intended to increase the Issuer’s and its Restricted Subsidiaries’ basic merchandise inventories that are shipped
through distribution centers.

 

“IFRS” means the international
financial reporting standards and interpretations issued by the International Accounting Standards Board or any successor thereto
(or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute of Certified Public Accountants
or any successor to either such Board, or the SEC, as the case may be), as in effect from time to time.

 

“Immaterial Subsidiary”
means a Subsidiary of the Issuer for which (a) the assets of such Subsidiary constitute less than or equal to 1% of Total Assets
and collectively with all Immaterial Subsidiaries, less than or equal to 5% of Total Assets, and (b) the revenues of such Subsidiary
account for less than or equal to 1% of Total Revenues and collectively with all Immaterial Subsidiaries, less than or equal to
5% of Total Revenues.

 

“Immediate Family
Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote
descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law,
father-in-law, son-in-law and daughter-in-law (including, in each case, adoptive relationships) and any trust, partnership or
other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private
foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such
individual is the donor.

 

    27

     

    

 

“Incremental Amounts”
has the meaning assigned to such term in the definition of “Refinancing Indebtedness.”

 

“Indebtedness” means,
with respect to any Person, without duplication:

 

(1)       any
indebtedness (including principal and premium) of such Person, whether or not contingent:

 

(a)       in
respect of borrowed money;

 

(b)       evidenced
by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication,
reimbursement agreements in respect thereof);

 

(c)       representing
the deferred and unpaid balance of the purchase price of any property (including Capitalized Lease Obligations) due more than twelve
months after such property is acquired, except (i) any such balance that constitutes an obligation in respect of a commercial letter
of credit, a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business or
consistent with industry practice, (ii) any earn-out obligations until such obligation is reflected as a liability on the balance
sheet (excluding any footnotes thereto) of such Person in accordance with GAAP and is not paid within 60 days after becoming due
and payable and (iii) accruals for payroll and other liabilities accrued in the ordinary course of business; or

 

(d)       representing
the net obligations under any Hedging Obligations;

 

if and to the extent that any of the foregoing Indebtedness
(other than obligations in respect of letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet
(excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided that Indebtedness of any Parent
Company appearing upon the balance sheet of the Issuer solely by reason of push-down accounting under GAAP will be excluded;

 

(2)       to
the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise,
on the obligations of the type referred to in clause (1) of this definition of a third Person (whether or not such items would
appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection
in the ordinary course of business or consistent with industry practice; and

 

(3)       to
the extent not otherwise included, the obligations of the type referred to in clause (1) of this definition of a third Person secured
by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; provided
that the amount of such Indebtedness will be the lesser of (i) the Fair Market Value of such asset at such date of determination
and (ii) the amount of such Indebtedness of such other Person;

 

    28

     

    

 

provided that notwithstanding the
foregoing, Indebtedness will be deemed not to include (a) Contingent Obligations incurred in the ordinary course of
business or consistent with industry practice, (b) reimbursement obligations under commercial letters of credit, (c)
obligations under or in respect of Qualified Securitization Facilities, (d) accrued expenses, (e) deferred or prepaid
revenues, (f) asset retirement obligations and obligations in respect of reclamation and workers compensation (including
pensions and retiree medical care) and (g) Non-Finance Lease Obligations; provided, further, that Indebtedness
will be calculated without giving effect to the effects of Accounting Standards Codification Topic No. 815, Derivatives
and Hedging, and related interpretations to the extent such effects would otherwise increase or decrease an amount of
Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms
of such Indebtedness.

 

“Indenture” means this
Indenture, as amended, supplemented or otherwise modified from time to time.

 

“Independent Assets or Operations”
means, with respect to any Parent Company, that Parent Company’s total assets, revenues, income from continuing operations
before income taxes and cash flows from operating activities (excluding in each case amounts related to its investment in the Issuer
and the Restricted Subsidiaries), determined in accordance with GAAP and as shown on the most recent balance sheet of such Parent
Company, is more than 3.0% of such Parent Company’s corresponding consolidated amount.

 

“Independent Financial Advisor”
means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith
judgment of the Issuer, qualified to perform the task for which it has been engaged.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Holdco” has
the meaning set forth in the definition of “Holdco”.

 

“Initial Notes” means
the initial $375,000,000 aggregate principal amount of Notes issued under this Indenture on the Issue Date.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Truist Securities, Inc., Goldman Sachs &
Co. LLC, Barclays Capital Inc., Citizens Capital Markets, Inc., U.S. Bancorp Investments, Inc., BMO Capital Markets Corp., Fifth
Third Securities, Inc., Credit Suisse Securities (USA) LLC and UBS Securities LLC.

 

“Intercreditor Agreements”
means, collectively, the Pari Passu Intercreditor Agreement, the ABL Intercreditor Agreement and any other intercreditor agreement
entered into by the Notes Collateral Agent pursuant to which the Liens securing any Obligations (other than Obligations under the
Notes and the Guarantees) are subordinated to the Liens securing the Notes and the Guarantees (including any Junior Lien Intercreditor
Agreement).

 

“Interest Payment Date”
means April 1 and October 1 of each year to stated maturity, beginning April 1, 2021.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in
either case, an equivalent rating by any other Rating Agency.

 

    29

     

    

 

“Investment Grade Securities”
means:

 

(1)       securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other
than Cash Equivalents);

 

(2)       debt
securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or debt instruments constituting
loans or advances among the Issuer and its Subsidiaries;

 

(3)       investments
in any fund that invests substantially all of its assets in investments of the type described in clauses (1) and (2) of this definition
which fund may also hold immaterial amounts of cash pending investment or distribution; and

 

(4)       corresponding
instruments in countries other than the United States customarily utilized for high quality investments.

 

“Investments” means,
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including
guarantees), advances or capital contributions (excluding accounts receivable, credit card and debit card receivables, trade credit,
advances to customers, commission, travel and similar advances to employees, directors, officers, members of management, consultants
and independent contractors, in each case made in the ordinary course of business or consistent with industry practice) or purchases
or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person. For purposes
of the definitions of “Permitted Investments” and “Unrestricted Subsidiary” and Section 4.07:

 

(1)       “Investments”
will include the portion (proportionate to the Issuer’s Equity Interest in such Subsidiary) of the Fair Market Value of the
net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided
that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer will be deemed to continue to have a permanent
 “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to:

 

(a)       the
Issuer’s “Investment” in such Subsidiary at the time of such redesignation; minus

 

(b)       the
portion (proportionate to the Issuer’s Equity Interest in such Subsidiary) of the Fair Market Value of the net assets of
such Subsidiary at the time of such redesignation; and

 

(2)       any
property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer.

 

The amount of any Investment outstanding
at any time will be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital,
repayment or other amount received in cash by the Issuer or a Restricted Subsidiary in respect of such Investment.

 

“Investors” means
any of (a) Bain Capital Private Equity, LP and/or any of its Affiliates (including, as applicable, investment vehicles,
related funds, general partners thereof and limited partners thereof, but solely to the extent any such limited partners are
directly or indirectly participating as investors pursuant to a side-by-side investing arrangement, but excluding,
however, any portfolio company of any of the foregoing) and (b) The Blackstone Group LP and/or any of its Affiliates
(including, as applicable, investment vehicles, related funds, general partners thereof and limited partners thereof, but
solely to the extent any such limited partners are directly or indirectly participating as investors pursuant to a
side-by-side investing arrangement, but excluding, however, any portfolio company of any of the foregoing).

 

    30

     

    

 

 

“Issue Date” means October
1, 2020.

 

“Issuer” means Michaels
Stores, Inc. and its successors.

 

“Issuer’s Order”
means a written request or order signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal executive
officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer, and delivered to the
Trustee.

 

“Junior Lien Intercreditor Agreement”
has the meaning assigned to such term in Section 9.01, as the same may be amended, amended and restated, supplemented, replaced
or otherwise modified from time to time.

 

“Junior Secured Obligations”
has the meaning assigned to such term in Section 9.01.

 

“Legal Holiday” means
Saturday, Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or at the
place of payment.

 

“Lien” means, with respect
to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional
sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction; provided that in no event will an operating lease (or other lease in respect of a Non-Finance Lease
Obligation) be deemed to constitute a Lien.

 

“Limited Condition Transaction”
means (1) any Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition
of Capital Stock or otherwise); (2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness,
Disqualified Stock or Preferred Stock requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction
and discharge or repayment (or which notice and/or such redemption, repurchase, defeasance, satisfaction and discharge cannot be
delayed subject to the satisfaction of any condition, transaction or event) and (3) any Restricted Payment requiring irrevocable
notice in advance thereof.

 

“Management Stockholders”
means any members of management (and their Controlled Investment Affiliates and Immediate Family Members and any permitted transferees
thereof) of the Issuer (or a Parent Company) who are holders of Equity Interests of any Parent Company on the Issue Date.

 

“Market Capitalization”
means an amount equal to (i) the total number of issued and outstanding shares of common Equity Interests of the Issuer or the
applicable Parent Company, as applicable, on the date of the declaration of a Restricted Payment permitted pursuant to Section
4.07(b)(8), multiplied by (ii) the arithmetic mean of the closing prices per share of such common Equity Interests on the
principal securities exchange on which such common Equity Interests are traded for the 30 consecutive trading days immediately
preceding the date of declaration of such Restricted Payment.

 

“Material Owned Real Property”
means any fee-owned real property owned by the Issuer or any Subsidiary Guarantor with a Fair Market Value in excess of $10,000,000.

 

    31

     

    

 

“Moody’s” means
Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Mortgage” means, collectively,
the deeds of trust, trust deeds, hypothecs, charges and mortgages of real property or interests therein made by the Issuer or any
Guarantor in favor or for the benefit of the Notes Collateral Agent on behalf of the Notes Secured Parties executed and delivered
pursuant to Section 11.02(b).

 

“Mortgaged Property”
has the meaning specified in Section 11.02(b).

 

“Net Income” means, with
respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect
of Preferred Stock dividends.

 

“Net Proceeds” means
the aggregate cash and Cash Equivalents received by the Issuer or any Restricted Subsidiary in respect of any Asset Sale, including
any cash and Cash Equivalents received upon the sale or other disposition of any Designated Non-Cash Consideration received in
any Asset Sale, net of the costs relating to such Asset Sale and the sale or disposition of such Designated Non-Cash Consideration,
including legal, accounting and investment banking fees, payments made in order to obtain a necessary consent or required by applicable
law, brokerage and sales commissions, title insurance premiums, related search and recording charges, survey costs and mortgage
recording tax paid in connection therewith, all dividends, distributions or other payments required to be made to minority interest
holders in Restricted Subsidiaries as a result of any such Asset Sale by a Restricted Subsidiary, the amount of any purchase price
or similar adjustment claimed by any Person to be owed by the Issuer or any Restricted Subsidiary, until such time as such claim
will have been settled or otherwise finally resolved, or paid or payable by the Issuer or any Restricted Subsidiary, in either
case in respect of such Asset Sale, any relocation expenses incurred as a result thereof, costs and expenses in connection with
unwinding any Hedging Obligation in connection therewith, other fees and expenses, including title and recordation expenses, taxes
paid or payable as a result thereof or any transactions occurring or deemed to occur to effectuate a payment under this Indenture,
amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness (other than Subordinated
Indebtedness) or amounts required to be applied to the repayments of Indebtedness secured by a Lien on such assets and required
(other than required by Section 4.10(b)(1)) to be paid as a result of such transaction and any deduction of appropriate amounts
to be provided by the Issuer or any Restricted Subsidiary as a reserve in accordance with GAAP against any liabilities associated
with the asset disposed of in such transaction and retained by the Issuer or any Restricted Subsidiary after such sale or other
disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters
or against any indemnification obligations associated with such transaction.

 

“Non-Finance Lease Obligation”
means a lease obligation that is not required to be accounted for as a finance lease on both the balance sheet and the income statement
for financial reporting purposes in accordance with GAAP. For the avoidance of doubt, a straight-line or operating lease shall
be considered a Non-Finance Lease Obligation.

 

“Non-Recourse Indebtedness”
means Indebtedness that is non-recourse to the Issuer and the Restricted Subsidiaries.

 

“Non-U.S. Person” means
a Person who is not a U.S. Person.

 

“Notes” has the
meaning assigned to it in the recitals to this Indenture. Except as otherwise provided in this Indenture, the Initial Notes
and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context
otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.

 

    32

     

    

 

“Notes Collateral Agent”
means U.S. Bank National Association, in its capacity as collateral agent for the Notes Secured Parties until a successor replaces
it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

 

“Notes Secured Parties”
means the Notes Collateral Agent, the Trustee and the Holders of the Notes.

 

“Obligations” means any
principal, interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization
or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed
claim under applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement
obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of
payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness.

 

“Offering Memorandum”
means the confidential offering memorandum, dated September 17, 2020, relating to the sale of the Initial Notes.

 

“Officer” means the Chairman
of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the President,
any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of any Person. Unless otherwise
indicated, Officer shall refer to an officer of the Issuer.

 

“Officer’s Certificate”
means a certificate signed on behalf of a Person by an Officer of such Person that meets the requirements set forth in this Indenture.

 

“Opinion of Counsel”
means a written opinion (subject to customary assumptions, qualifications and exceptions) from legal counsel. Legal counsel may
be an employee of or counsel to the Issuer.

 

“ordinary course of business”
means activity conducted in the ordinary course of business of the Issuer and any Restricted Subsidiary.

 

“Parent Company” means
any Person that is a direct or indirect parent (which may be organized as, among other things, a partnership) of the Issuer.

 

“Pari Passu Indebtedness”
means Indebtedness constituting Pari Passu Obligations (other than Obligations with respect to the Notes and Guarantees).

 

“Pari Passu Intercreditor Agreement”
means the intercreditor agreement, dated as of the Issue Date, among the Issuer, the Guarantors, the Notes Collateral Agent, JPMorgan
Chase Bank, N.A., in its capacities as administrative agent and collateral agent for the Credit Agreement Secured Parties (as defined
therein), as the same may be amended, amended and restated, supplemented, replaced or otherwise modified from time to time, and
including any joinder thereto by any other Authorized Representative of a series of Pari Passu Obligations (or their respective
representatives).

 

“Pari Passu
Obligations” means (i) all Obligations in respect of the Notes and the Guarantees and (ii) all
Obligations in respect of the Senior Term Credit Facilities (including any Hedging Obligations and cash management agreements
that are secured equally and ratably with the loans and other extensions of credit under the Senior Term Credit Facilities)
or any other Indebtedness, in each case under this clause (ii), that is secured by a Lien on the Collateral that ranks on an
equal priority basis (without regard to control of remedies) with the Liens on the Collateral securing the Notes and the
Guarantees.

 

    33

     

    

 

“Participant” means,
with respect to the Depositary, a Person who has an account with the Depositary (and, with respect to DTC, shall include Euroclear
and Clearstream).

 

“Perfect Store Initiative”
means the initiative related to the Issuer’s and its Restricted Subsidiaries’ store standardization and remodeling
program, pursuant to which retail store layouts will be modified into a configuration intended to enhance the customer in-store
experience.

 

“Permitted Asset Swap”
means the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business
Assets and cash or Cash Equivalents between the Issuer or any Restricted Subsidiary and another Person; provided that any
cash or Cash Equivalents received in connection with a Permitted Asset Swap that constitutes an Asset Sale must be applied in accordance
with Section 4.10.

 

“Permitted Bond Hedge Transaction”
means any call or capped call option (or substantially equivalent derivative transaction) on the Issuer’s common stock purchased
by the Issuer in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for such
Permitted Bond Hedge Transaction, less the proceeds received by the Issuer from the sale of any related Permitted Warrant Transaction,
does not exceed the net proceeds received by the Issuer from the sale of such Convertible Indebtedness issued in connection with
the Permitted Bond Hedge Transaction.

 

“Permitted Convertible Indebtedness
Call Transaction” means any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction.

 

“Permitted Holder” means
any of (i) any Investor, any of such Investor’s Affiliates (other than any portfolio company of such Investor) and the
Management Stockholders and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor
provision) of which any of the foregoing or any Holding Company are members (provided that, in the case of such group and without
giving effect to the existence of such group or any other group, the Investors, the Investors’ Affiliates and the Management
Stockholders, collectively, have beneficial ownership of more than 50.0% of the aggregate ordinary voting power of the outstanding
Voting Stock of the Issuer or any Parent Company), (ii) any Parent Company not formed in connection with, or in contemplation
of, a transaction that, assuming such parent was not formed, after giving effect thereto would constitute a Change of Control,
(iii) any Person who is acting solely as an underwriter in connection with a public or private offering of Capital Stock of
any Parent Company, acting in such capacity and (iv) any Holding Company. Any Person or group whose acquisition of beneficial ownership
constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with this Indenture will thereafter,
together with its Affiliates, constitute an additional Permitted Holder.

 

“Permitted Investments”
means:

 

(1)           any
Investment in the Issuer or any Restricted Subsidiary (including guarantees of obligations of the Restricted Subsidiaries);

 

(2)           any
Investment in Cash Equivalents or Investment Grade Securities and Investments that were Cash Equivalents or Investment Grade Securities
when made;

 

    34

     

    

 

(3)           any
Investment by the Issuer or any Restricted Subsidiary in a Person that is engaged (directly or through entities that will be Restricted
Subsidiaries) in a Similar Business, or in a business unit, line of business or division of such Person, if as a result of such
Investment:

 

(a)       such
Person becomes a Restricted Subsidiary; or

 

(b)       such
Person, in one transaction or a series of related transactions, is amalgamated, merged or consolidated with or into, or transfers
or conveys substantially all of its assets or assets constituting such business unit, line of business or division in which such
Investment was made, as applicable, to, or is liquidated into, the Issuer or a Restricted Subsidiary,

 

and, in each case, any Investment held by such Person;
provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, amalgamation,
consolidation, transfer or conveyance;

 

(4)           any
Investment in securities or other assets not constituting Cash Equivalents or Investment Grade Securities and received in connection
with an Asset Sale made pursuant to the provisions described under Section 4.10 or any other disposition of assets not constituting
an Asset Sale;

 

(5)           any
Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an Investment consisting
of any extension, modification, replacement, renewal or reinvestment of any Investment or binding commitment existing on the Issue
Date; provided that the amount of any such Investment or binding commitment may be increased only (a) as required by the
terms of such Investment or binding commitment as in existence on the Issue Date (including as a result of the accrual or accretion
of interest or original issue discount or the issuance of pay-in-kind securities) or (b) as otherwise permitted under this Indenture;

 

(6)           any
Investment acquired by the Issuer or any Restricted Subsidiary:

 

(a)          in
exchange for any other Investment, accounts receivable or indorsements for collection or deposit held by the Issuer or any Restricted
Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of, or settlement of
delinquent accounts and disputes with or judgments against, the issuer of such other Investment or accounts receivable (including
any trade creditor or customer);

 

(b)          in
satisfaction of judgments against other Persons;

 

(c)          as
a result of a foreclosure by the Issuer or any Restricted Subsidiary with respect to any secured Investment or other transfer of
title with respect to any secured Investment in default; or

 

(d)          as
a result of the settlement, compromise or resolution of (A) litigation, arbitration or other disputes or (B) obligations of
trade creditors or customers that were incurred in the ordinary course of business or consistent with industry practice of the
Issuer or any Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy
or insolvency of any trade creditor or customer;

 

    35

     

    

 

(7)           Hedging
Obligations permitted under Section 4.09(b)(10);

 

(8)           any
Investment in a Similar Business, taken together with all other Investments made pursuant to this clause (8) that are at that
time outstanding, not to exceed (as of the date such Investment is made) the greater of (a) $300.0 million and (b) 47.0%
of Consolidated EBITDA of the Issuer and the Restricted Subsidiaries determined at the time of making of such Investment for the
most recently ended Test Period (calculated on a pro forma basis);

 

(9)           Investments
the payment for which consists of Equity Interests (other than Disqualified Stock) of the Issuer or any Parent Company; provided
that such Equity Interests will not increase the amount available for Restricted Payments under Section 4.07(a)(3);

 

(10)         (a)
guarantees of Indebtedness permitted under Section 4.09, performance guarantees and Contingent Obligations incurred in the ordinary
course of business or consistent with industry practice and (b) the creation of Liens on the assets of the Issuer or any Restricted
Subsidiary in compliance with Section 4.12;

 

(11)         any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with Section 4.11(b) (except
transactions described in clauses (2), (5), (8), (14) or (21) of such Section);

 

(12)         Investments
consisting of purchases and acquisitions of inventory, supplies, material, services, equipment or similar assets or the licensing
or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;

 

(13)         Investments,
taken together with all other Investments made pursuant to this clause (13) that are at that time outstanding, not to exceed (as
of the date such Investment is made) the greater of (a) $300.0 million and (b) 47.0% of Consolidated EBITDA of the Issuer determined
at the time of making of such Investment for the most recently ended Test Period (calculated on a pro forma basis);

 

(14)         Investments
in or relating to a Securitization Subsidiary that, in the good faith determination of the Issuer, are necessary or advisable to
effect any Qualified Securitization Facility (including distributions or payments of Securitization Fees) or any repurchase obligation
in connection therewith (including the contribution or lending of Cash Equivalents to Subsidiaries to finance the purchase of such
assets from the Issuer or any Restricted Subsidiary or to otherwise fund required reserves);

 

(15)         loans
and advances to, or guarantees of Indebtedness of, officers, directors, employees, consultants, members of management and independent
contractors not in excess of $20.0 million outstanding at any one time, in the aggregate;

 

(16)         loans
and advances to employees, directors, officers, members of management, independent contractors and consultants for business-related
travel expenses, moving expenses, payroll advances and other similar expenses or payroll expenses, in each case incurred in the
ordinary course of business or consistent with past practice or consistent with industry practice or to future, present and former
employees, directors, officers, members of management, independent contractors and consultants (and their Controlled Investment
Affiliates and Immediate Family Members) to fund such Person’s purchase of Equity Interests of the Issuer or any Parent Company;

 

    36

     

    

 

(17)         advances,
loans or extensions of trade credit or prepayments to suppliers or loans or advances made to distributors, in each case, in the
ordinary course of business or consistent with past practice or consistent with industry practice by the Issuer or any Restricted
Subsidiary;

 

(18)         any
Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities
arising in the ordinary course of business or consistent with industry practice;

 

(19)         Investments
consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent with industry practice;

 

(20)         Investments
made in the ordinary course of business or consistent with industry practice in connection with obtaining, maintaining or renewing
client contracts and loans or advances made to distributors;

 

(21)         Investments
in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar
deposits entered into as a result of the operations of the business in the ordinary course of business or consistent with industry
practice;

 

(22)         the
purchase or other acquisition of any Indebtedness of the Issuer or any Restricted Subsidiary to the extent not otherwise prohibited
hereunder;

 

(23)         Investments
in Unrestricted Subsidiaries or joint ventures, taken together with all other Investments made pursuant to this clause (23) that
are at that time outstanding, without giving effect to the sale of an Unrestricted Subsidiary or joint venture to the extent the
proceeds of such sale do not consist of, or have not been subsequently sold or transferred for, Cash Equivalents or marketable
securities, not to exceed (as of the date such Investment is made) the greater of (a) $100.0 million and (b) 15.5% of
Consolidated EBITDA of the Issuer and the Restricted Subsidiaries determined at the time of making of such Investment for the most
recently ended Test Period (calculated on a pro forma basis);

 

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

 

(25)         any
Investment by any Captive Insurance Subsidiary in connection with its provision of insurance to the Issuer or any of its Subsidiaries,
which Investment is made in the ordinary course of business or consistent with industry practice of such Captive Insurance Subsidiary,
or by reason of applicable law, rule, regulation or order, or that is required or approved by any regulatory authority having jurisdiction
over such Captive Insurance Subsidiary or its business, as applicable;

 

(26)         Investments
of assets relating to non-qualified deferred payment plans in the ordinary course of business or consistent with industry practice;

 

(27)         intercompany
current liabilities owed to Unrestricted Subsidiaries or joint ventures incurred in the ordinary course of business or consistent
with industry practice in connection with the cash management operations of the Issuer and its Subsidiaries;

 

    37

     

    

 

(28)         acquisitions
of obligations of one or more directors, officers or other employees or consultants or independent contractors of any Parent Company,
the Issuer or any Subsidiary of the Issuer in connection with such director’s, officer’s, employee’s, consultant’s
or independent contractor’s acquisition of Equity Interests of the Issuer or any direct or indirect parent of the Issuer,
to the extent no cash is actually advanced by the Issuer or any Restricted Subsidiary to such directors, officers, employees, consultants
or independent contractors in connection with the acquisition of any such obligations;

 

(29)         Investments
resulting from pledges and deposits permitted pursuant to the definition of “Permitted Liens”;

 

(30)         Investments
constituting promissory notes or other non-cash proceeds of dispositions of assets to the extent permitted under Section 4.10;
and

 

(31)         Permitted
Bond Hedge Transactions.

 

“Permitted Liens” means,
with respect to any Person:

 

(1)           Liens
(i) securing Obligations in respect of the Notes and the Guarantees issued on the Issue Date or (ii) on assets not otherwise constituting
Collateral that secure Obligations (other than Obligations in respect of the Notes and the Guarantees) so long as, in the case
of this sub-clause (ii), the Notes and related Guarantees are equally and ratably secured by a Lien (or on a senior basis if such
Lien secures Subordinated Indebtedness) on such property, assets or proceeds with such Liens;

 

(2)           Liens
securing Obligations in respect of Indebtedness permitted to be incurred under any Credit Facility, including any letter of credit
facility relating thereto, pursuant to Section 4.09(b)(1);

 

(3)           Liens
securing Obligations in respect of Indebtedness permitted to be incurred under Section 4.09; provided that at the time of
incurrence (or, in the case of Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments
are established after giving pro forma effect to the incurrence of the entire committed amount of Indebtedness thereunder,
in which case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole
or in part, from time to time, without further compliance with this subclause) and after giving pro forma effect thereto
and the application of the net proceeds therefrom, the Issuer’s Senior Secured Net Leverage Ratio for the most recently ended
Test Period preceding the date on which such additional Indebtedness is incurred would not exceed 3.25 to 1.00;

 

(4)           Liens,
pledges or deposits by such Person made in connection with (A) workers’ compensation laws, unemployment insurance,
health, disability or employee benefits or other social security laws or similar legislation or regulations,
(B) insurance-related obligations (including, in respect of deductibles, self-insured retention amounts and premiums and
adjustments thereto) or indemnification obligations of (including obligations in respect of letters of credit, bank
guarantees or similar documents or instruments for the benefit of) insurance carriers providing property, casualty or
liability insurance, or otherwise supporting the payment of items set forth in the foregoing clause (A), or (C) bids,
tenders, contracts, statutory obligations, surety, indemnity, warranty, release, appeal or similar bonds, or with regard to
other regulatory requirements, completion guarantees, stay, customs and appeal bonds, performance bonds, bankers’
acceptance facilities and other obligations of like nature (including those to secure health, safety and environmental
obligations) (other than for the payment of Indebtedness), or deposits to secure public or statutory obligations of such
Person or deposits of cash, Cash Equivalents or U.S. government bonds to secure surety or appeal bonds to which such Person
is a party or deposits as security for the payment of rent, contested taxes or import duties and obligations in respect of
letters of credit, bank guarantees or similar instruments that have been posted to support the same, in each case incurred in
the ordinary course of business or consistent with industry practice;

 

    38

     

    

 

(5)           Liens
imposed by law, such as landlords’, carriers’, warehousemen’s, materialmen’s, repairmen’s, construction
and mechanics’ Liens and other similar Liens, or similar landlord Liens specifically created by contract, and (i) for sums
not yet overdue for a period of more than 60 days or, if more than 60 days overdue, are unfiled and no other action has been taken
to enforce such Liens or (ii) being contested in good faith by appropriate actions or other Liens arising out of or securing judgments
or awards against such Person with respect to which such Person will then be proceeding with an appeal or other proceedings for
review if such Liens are adequately bonded or adequate reserves with respect thereto are maintained on the books of such Person
in accordance with GAAP;

 

(6)           Liens
for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or not yet payable or not
subject to penalties for nonpayment or which are being contested in good faith by appropriate actions if adequate reserves with
respect thereto are maintained on the books of such Person in accordance with GAAP;

 

(7)           Liens
in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds, instruments or obligations,
or with respect to regulatory requirements or letters of credit or bankers’ acceptance issued, and completion guarantees
provided, in each case, pursuant to the request of and for the account of such Person in the ordinary course of its business or
consistent with past practice or industry practice;

 

(8)           survey
exceptions, encumbrances, ground leases, easements, restrictions, protrusions, encroachments or reservations of, or rights of others
for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph, telephone and cable television lines
and other similar purposes or zoning, building codes or other restrictions (including minor defects or irregularities in title
and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such Person or
to the ownership of its properties that were not incurred in connection with Indebtedness and that do not in the aggregate materially
impair their use in the operation of the business of such Person;

 

(9)           Liens
securing obligations in respect of Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred or issued pursuant
to Sections 4.09(b)(4), (6), (12)(b), (13), (14)(B)(iii), (14)(B)(iv)(b), (15), (22), (28) or (29) or, with respect to assumed
or acquired Indebtedness not incurred in contemplation of the relevant acquisition, Disqualified Stock or Preferred Stock, Section
4.09(b)(14); provided that:

 

(a)          Liens
securing obligations relating to any Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred or issued
pursuant to Section 4.09(b)(13) relate only to obligations relating to Refinancing Indebtedness that is secured by Liens on
the same assets as the assets securing the Refinanced Debt (as defined in the definition of Refinancing Indebtedness), plus
improvements, accessions, proceeds or dividends or distributions in respect thereof and after-acquired property, or serves to
refund, refinance, extend, replace, renew or defease Indebtedness incurred under Sections 4.09(b)(2) or (4);

 

    39

     

    

 

(b)          Liens
securing obligations relating to Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred pursuant to Section
4.09(b)(22) or (29) extend only to the assets of Subsidiaries that are not Guarantors;

 

(c)          Liens
securing obligations in respect of Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred pursuant to Section
4.09(b)(4) extend only to the assets so purchased, replaced, leased or improved and proceeds and products thereof; provided
further that individual financings of assets provided by a counterparty may be cross-collateralized to other financings of
assets provided by such counterparty; and

 

(d)          Liens
securing obligations in respect of assumed or acquired Indebtedness not incurred in contemplation of the relevant acquisition permitted
to be assumed pursuant to Section 4.09(b)(14) are solely on acquired property or the assets of the acquired entity (other than
after-acquired property that is (A) affixed or incorporated into the property covered by such Lien, (B) after-acquired property
subject to a Lien securing such Indebtedness, the terms of which Indebtedness require or include a pledge of after-acquired property
(it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not
have applied but for such acquisition) and (C) the proceeds and products thereof);

 

(10)         Liens
existing, or provided for under binding contracts existing, on the Issue Date (other than under the Senior Credit Facilities on
the Issue Date and the Notes and the Guarantees issued on the Issue Date);

 

(11)         Liens
on property or shares of stock or other assets of a Person at the time such Person becomes a Subsidiary; provided that such
Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;

 

(12)         Liens
on property or other assets at the time the Issuer or a Restricted Subsidiary acquired the property or such other assets, including
any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary (provided
that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, amalgamation, merger
or consolidation) and any replacement, extension or renewal of any such Lien (to the extent the Indebtedness and other obligations
secured by such replacement, extension or renewal Liens are permitted by this Indenture); provided that such replacement,
extension or renewal Liens do not cover any property other than the property that was subject to such Liens prior to such replacement,
extension or renewal;

 

(13)         Liens
securing obligations in respect of Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another
Restricted Subsidiary permitted to be incurred in accordance with Section 4.09;

 

(14)         Liens
securing (x) Hedging Obligations, (y) obligations in respect of Cash Management Services and (z) obligations in respect of Bank
Products;

 

(15)         Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s accounts payable or
similar obligations in respect of bankers’ acceptances or letters of credit issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or other goods;

 

    40

     

    

 

(16)         leases,
subleases, licenses or sublicenses (or other agreements under which the Issuer or any Restricted Subsidiary has granted rights
to end users to access and use the Issuer’s or any Restricted Subsidiary’s products, technologies or services) that
do not either (a) materially interfere with the business of the Issuer and its Restricted Subsidiaries, taken as a whole, or (b)
secure any Indebtedness;

 

(17)         Liens
arising from Uniform Commercial Code (or equivalent statutes) financing statement filings regarding operating leases, consignments
or accounts entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business or consistent with industry
practice or purported Liens evidenced by the filing of precautionary Uniform Commercial Code (or equivalent statutes) financing
statements or similar public filings;

 

(18)         Liens
in favor of the Issuer or any Guarantor;

 

(19)         Liens
on equipment or vehicles of the Issuer or any Restricted Subsidiary granted in the ordinary course of business or consistent with
industry practice;

 

(20)         Liens
on accounts receivable, Securitization Assets and related assets incurred in connection with a Qualified Securitization Facility,
including Liens on such receivables resulting from precautionary Uniform Commercial Code filings or from recharacterization of
any such sale as a financing or a loan;

 

(21)         Liens
to secure any modification, refinancing, refunding, extension, renewal or replacement (or successive modification, refinancing,
refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness, Disqualified Stock or Preferred Stock
secured by any Lien referred to in clauses (3), (9), (10), (11) or (12), this clause (21) or clause (23) of this definition; provided
that (a) such new Lien will be limited to all or part of the same property that secured the original Lien (plus improvements,
accessions, proceeds or dividends or distributions in respect thereof and after-acquired property) and (b) the Indebtedness secured
by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater,
committed amount of the Indebtedness described under clauses (3), (9), (10), (11), (12), this clause (21) or clause (23) of this
definition at the time the original Lien became a Permitted Lien under this Indenture, plus (ii) any accrued and unpaid
interest on the Indebtedness being so refinanced, extended, replaced, refunded, renewed or defeased, plus (iii) the amount
of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents governing such refinanced
Indebtedness and any defeasance costs and any fees and expenses (including original issue discount, upfront fees or similar fees)
incurred in connection with the issuance of such new Indebtedness or the extension, replacement, refunding, refinancing, renewal
or defeasance of such refinanced Indebtedness;

 

(22)         deposits
made or other security provided to secure liability to insurance brokers, carriers, underwriters or self-insurance arrangements,
including Liens or insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(23)         Liens
securing obligations in an aggregate outstanding amount not to exceed (as of the date any such Lien is incurred) the greater of
(i) $130.0 million and (ii) 20.0% of Consolidated EBITDA of the Issuer and the Restricted Subsidiaries determined at the time
of incurrence of such Lien for the most recently ended Test Period (calculated on a pro forma basis);

 

    41

     

    

 

(24)         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;

 

(25)         (i)
the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business
or consistent with industry practice, (ii) Liens arising out of conditional sale, title retention or similar arrangements for the
sale of goods in the ordinary course of business or consistent with industry practice and (iii) Liens arising by operation of law
under Article 2 of the Uniform Commercial Code;

 

(26)         Liens
securing judgments for the payment of money not constituting an Event of Default under Section 6.01(5);

 

(27)         Liens
(a) of a collection bank arising under Section 4-208 or 4-210 of the Uniform Commercial Code on items in the course of collection,
(b) attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business or consistent
with industry practice, and (c) in favor of banking or other institutions or other electronic payment service providers arising
as a matter of law or under general terms and conditions encumbering deposits or margin deposits or other funds maintained with
such institution (including the right of set-off) and that are within the general parameters customary in the banking industry;

 

(28)         Liens
deemed to exist in connection with Investments in repurchase agreements permitted under this Indenture; provided that such
Liens do not extend to assets other than those that are subject to such repurchase agreements;

 

(29)         Liens
that are contractual rights of set-off (a) relating to the establishment of depository relations with banks or other deposit-taking
financial institutions or other electronic payment service providers and not given in connection with the issuance of Indebtedness,
(b) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary
course of business or consistent with industry practice of the Issuer and its Restricted Subsidiaries or (c) relating to purchase
orders and other agreements entered into with customers of the Issuer or any Restricted Subsidiary in the ordinary course of business
or consistent with industry practice;

 

(30)         Liens
on cash proceeds (as defined in Article 9 of the Uniform Commercial Code) of assets sold that were subject to a Lien permitted
hereunder;

 

(31)         any
encumbrance or restriction (including put, call arrangements, tag, drag, right of first refusal and similar rights) with respect
to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 

(32)         Liens
(a) on cash advances or cash earnest money deposits in favor of the seller of any property to be acquired in an Investment permitted
under this Indenture to be applied against the purchase price for such Investment and (b) consisting of a letter of intent or an
agreement to sell, transfer, lease or otherwise dispose of any property in a transaction permitted under Section 4.10;

 

(33)         ground
leases, subleases, licenses or sublicenses in respect of real property on which facilities owned or leased by the Issuer or any
of its Subsidiaries are located;

 

(34)         Liens
in connection with a Sale and Lease-back Transaction;

 

    42

     

    

 

(35)         Liens
on Capital Stock or other securities of an Unrestricted Subsidiary;

 

(36)         any
interest or title of a lessor, sublessor, licensor or sublicensor or secured by a lessor’s, sublessor’s, licensor’s
or sublicensor’s interest under leases or licenses entered into by the Issuer or any of the Restricted Subsidiaries in the
ordinary course of business or consistent with industry practice;

 

(37)         deposits
of cash with the owner or lessor of premises leased and operated by the Issuer or any of its Subsidiaries in the ordinary course
of business or consistent with industry practice of the Issuer and such Subsidiary to secure the performance of the Issuer’s
or such Subsidiary’s obligations under the terms of the lease for such premises;

 

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

 

(39)         Liens
on cash and Cash Equivalents used to satisfy or discharge Indebtedness; provided that such satisfaction or discharge is
permitted under this Indenture;

 

(40)         receipt
of progress payments and advances from customers in the ordinary course of business or consistent with industry practice to the
extent the same creates a Lien on the related inventory and proceeds thereof and Liens on property or assets under construction
arising from progress or partial payments by a third party relating to such property or assets;

 

(41)         agreements
to subordinate any interest of the Issuer or any Restricted Subsidiary in any accounts receivable or other proceeds arising from
inventory consigned by the Issuer or any Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of
business or consistent with industry practice;

 

(42)         Liens
securing Guarantees of any Indebtedness or other obligations otherwise permitted to be secured by a Lien under this Indenture;

 

(43)         Liens
arising pursuant to Section 107(l) of the Comprehensive Environmental Response, Compensation and Liability Act or similar provision
of any environmental law;

 

(44)         Liens
disclosed by the title insurance reports or policies delivered on or prior to the Issue Date and any replacement, extension or
renewal of any such Lien (to the extent the Indebtedness and other obligations secured by such replacement, extension or renewal
Liens are permitted by this Indenture); provided that such replacement, extension or renewal Liens do not cover any property
other than the property that was subject to such Liens prior to such replacement, extension or renewal;

 

(45)         rights
reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Issuer or any of its
Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require
annual or periodic payments as a condition to the continuance thereof;

 

(46)         restrictive
covenants affecting the use to which real property may be put; provided that the covenants are complied with;

 

    43

     

    

 

(47)         security
given to a public utility or any municipality or governmental authority when required by such utility or authority in connection
with the operations of that Person in the ordinary course of business or consistent with industry practice;

 

(48)         zoning,
building and other similar land use restrictions, including, without limitation, site plan agreements, development agreements and
contract zoning agreements;

 

(49)         Liens
on assets of Restricted Subsidiaries that are Foreign Subsidiaries (i) securing Indebtedness and other obligations of such
Foreign Subsidiaries or (ii) to the extent arising mandatorily under applicable law;

 

(50)         Liens
on Escrowed Proceeds for the benefit of the related holders of debt securities or other Indebtedness (or the underwriters, trustee,
escrow agent or arrangers thereof) or on cash set aside at the time of the incurrence of any Indebtedness or government securities
purchased with such cash, in either case to the extent such cash or government securities prefund the payment of interest on such
Indebtedness and are held in an escrow account or similar arrangement to be applied for such purpose;

 

(51)         Liens
on the assets of Restricted Subsidiaries that are not Guarantors securing Indebtedness or other obligations of such Restricted
Subsidiaries or any other Restricted Subsidiaries that are not Guarantors that are permitted under Section 4.09(b) or otherwise
not prohibited by this Indenture;

 

(52)         rights
of a supplier of unpaid goods to have access to and repossess such goods under the Bankruptcy and Insolvency Act (Canada) and under
the provisions in the legislation of Canadian provinces; and

 

(53)         the
reservations, limitations, provisos and conditions, if any, expressed in any original grants from the Crown under Canadian law
and any statutory exceptions to title under Canadian law.

 

For purposes of this definition, the term
 “Indebtedness” will be deemed to include interest and other obligations payable on and with respect to such Indebtedness.

 

“Permitted Warrant Transaction”
means any call option, warrant or right to purchase (or substantially equivalent derivative transaction) on the Issuer’s
or a Parent Company’s common stock sold by the Issuer or a Parent Company substantially concurrently with a related Permitted
Bond Hedge Transaction.

 

“Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization,
government or any agency or political subdivision thereof or any other entity.

 

“Preferred Stock” means
any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution or winding up.

 

“Previous Transactions”
means the execution and delivery of the Existing Senior Notes Indenture (including any supplements thereto), the issuance of the
Existing Senior Notes, and the transactions contemplated by or in furtherance of the issuance of the Existing Senior Notes (including
the use of proceeds thereof, including any refinancing Indebtedness).

 

    44

     

    

 

“Private Placement Legend”
means the legend set forth in Section 2.06(f)(i) hereof to be placed on all Notes issued under this Indenture, except where otherwise
permitted by the provisions of this Indenture.

 

“pro forma basis” and
 “pro forma effect” means, with respect to compliance with any test or covenant or calculation of any ratio hereunder,
the determination or calculation of such test, covenant or ratio in accordance with the provisions set forth in the definition
of “Fixed Charge Coverage Ratio”, under Section 1.05 and under Section 1.06 to the extent appropriate.

 

“Purchase Money Obligations”
means any Indebtedness incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real
or personal) or assets (other than Capital Stock), and whether acquired through the direct acquisition of such property or assets,
or otherwise.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Qualified Equity Interests”
means Equity Interests that are not Disqualified Stock.

 

“Qualified Proceeds”
means the Fair Market Value of assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

 

“Qualified Securitization Facility”
means any Securitization Facility (1) constituting a securitization financing facility that meets the following conditions: (a)
the Board of Directors will have determined in good faith that such Securitization Facility (including financing terms, covenants,
termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and the applicable
Restricted Subsidiary or Securitization Subsidiary and (b) all sales and/or contributions of Securitization Assets and related
assets to the applicable Person or Securitization Subsidiary are made at Fair Market Value (as determined in good faith by the
Issuer) or (2) constituting a Receivables Facility.

 

“Rating Agencies” means
Moody’s and S&P or if Moody’s or S&P or if both do not make a rating on the Notes publicly available, a nationally
recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which will be substituted for Moody’s
or S&P or both, as the case may be.

 

“Receivables Facility”
means any of one or more receivables financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded
from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities
made in connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary)
pursuant to which the Issuer or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is
not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable to a Person that is not
a Restricted Subsidiary.

 

“Receivables Subsidiary”
means any Subsidiary formed for the purpose of, and that solely engages only in one or more Receivables Facilities and other activities
reasonably related thereto.

 

“Record Date” for the
interest payable on any applicable Interest Payment Date means the March 15 or September 15 (whether or not a Business Day) immediately
preceding such Interest Payment Date.

 

“Refinance” has the meaning
assigned in the definition of “Refinancing Indebtedness” and “Refinancing” and “Refinanced”
have meanings correlative to the foregoing.

 

    45

     

    

 

 

“Refinanced Debt” has
the meaning assigned to such term in the definition of “Refinancing Indebtedness.”

 

“Refinancing Indebtedness”
means (x) Indebtedness incurred by the Issuer or any Restricted Subsidiary, (y) Disqualified Stock issued by the Issuer or any
Restricted Subsidiary or (z) Preferred Stock issued by any Restricted Subsidiary which, in each case, serves to extend, replace,
refund, refinance, renew or defease (“Refinance”) any Indebtedness, Disqualified Stock or Preferred Stock, including
Refinancing Indebtedness, so long as:

 

(1)            the
principal amount (or accreted value, if applicable) of such new Indebtedness, the amount of such new Preferred Stock or the liquidation
preference of such new Disqualified Stock does not exceed (a) the principal amount of (or accreted value, if applicable) the Indebtedness,
the amount of the Preferred Stock or the liquidation preference of the Disqualified Stock being so extended, replaced, refunded,
refinanced, renewed or defeased (such Indebtedness, Disqualified Stock or Preferred Stock, the “Refinanced Debt”),
plus (b) any accrued and unpaid interest on, or any accrued and unpaid dividends on, such Refinanced Debt, plus (c)
the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents governing
such Refinanced Debt and any defeasance costs and any fees and expenses (including original issue discount, upfront fees or similar
fees) incurred in connection with the issuance of such new Indebtedness, Preferred Stock or Disqualified Stock or to Refinance
such Refinanced Debt (such amounts in clauses (b) and (c), the “Incremental Amounts”);

 

(2)           such
Refinancing Indebtedness has a:

 

(a)           Weighted
Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is not less than the remaining Weighted Average
Life to Maturity of the applicable Refinanced Debt;

 

(b)           final
scheduled maturity date equal to or later than the final scheduled maturity date of the Refinanced Debt (or, if earlier, the date
that is 91 days after the maturity date of the Notes); and

 

(3)            to
the extent such Refinancing Indebtedness Refinances (i) Subordinated Indebtedness, unless such Refinancing constitutes a Restricted
Payment permitted by Section 4.07 (other than clause (b)(22) thereof), such Refinancing Indebtedness is subordinated to the Notes
or the Guarantee thereof at least to the same extent as the applicable Refinanced Debt or (ii) Disqualified Stock or Preferred
Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively.

 

Refinancing Indebtedness will not include:

 

(a)           Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness or Disqualified
Stock of the Issuer;

 

(b)           Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness, Disqualified
Stock or Preferred Stock of a Subsidiary Guarantor; or

 

    46

     

    

 

(c)           Indebtedness
or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary that refinances
Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary;

 

and, provided further that (x) clause (2) of this definition
will not apply to any Refinancing of any Indebtedness other than Indebtedness incurred under Sections 4.09(b)(3) and (28), any
Subordinated Indebtedness, Disqualified Stock and Preferred Stock and (y) Refinancing Indebtedness may be incurred in the form
of a bridge or other interim credit facility intended to be Refinanced with long-term indebtedness (and such bridge or other interim
credit facility shall be deemed to satisfy clause (2) of this definition so long as (x) such credit facility includes customary
 “rollover” provisions and (y) assuming such credit facility were to be extended pursuant to such “rollover”
provisions, such extended credit facility would comply with clause (2) of this definition).

 

“Regulation S” means
Regulation S promulgated under the Securities Act.

 

“Regulation S Global Note”
means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

 

“Regulation S Permanent Global
Note” means a permanent Global Note in the form of Exhibit A hereto, bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the applicable
Restricted Period.

 

“Regulation S Temporary Global
Note” means a temporary Global Note in the form of Exhibit A hereto, bearing the Global Note Legend, the Private
Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of, and registered in the name
of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold
in reliance on Rule 903.

 

“Regulation S Temporary Global
Note Legend” means the legend set forth in Section 2.06(f)(iii) hereof.

 

“Related Business Assets”
means assets (other than Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the
Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary will not be deemed
to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person,
such Person is or would become a Restricted Subsidiary.

 

“Responsible Officer”
of any Person means the chief executive officer, the president, the chief financial officer, the treasurer, the chief operating
officer or any executive vice president of such Person.

 

“Responsible Trustee Officer”
means, when used with respect to the Trustee or the Notes Collateral Agent, any officer within the corporate trust department of
the Trustee or the Notes Collateral Agent, as applicable, including any vice president, assistant vice president, assistant secretary,
assistant treasurer, trust officer or any other officer of the Trustee or the Notes Collateral Agent, as applicable, who customarily
performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

 

    47

     

    

 

“Restricted Definitive Note”
means a Definitive Note bearing, or that is required to bear, the Private Placement Legend.

 

“Restricted Global Note”
means a Global Note bearing, or that is required to bear, the Private Placement Legend.

 

“Restricted Investment”
means an Investment other than a Permitted Investment.

 

“Restricted Period” means,
in respect of any Note issued pursuant to Regulation S, the 40-day distribution compliance period (as defined in Regulation S)
applicable to such Note.

 

“Restricted Subsidiary”
means, at any time, any direct or indirect Subsidiary of the Issuer (including any Foreign Subsidiary) that is not then an Unrestricted
Subsidiary; provided that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such
Subsidiary will be included in the definition of “Restricted Subsidiary.” Wherever the term “Restricted Subsidiary”
is used herein with respect to any Subsidiary of a referenced Person that is not the Issuer, then it will be construed to mean
a Person that would be a Restricted Subsidiary of the Issuer on a pro forma basis following consummation of one or a series
of related transactions involving such referenced Person and the Issuer (unless such transactions would include a designation of
a Subsidiary of such Person as an Unrestricted Subsidiary on a pro forma basis in accordance with this Indenture).

 

“Rule 144” means Rule
144 promulgated under the Securities Act.

 

“Rule 144A” means Rule
144A promulgated under the Securities Act.

 

“Rule 903” means Rule
903 promulgated under the Securities Act.

 

“Rule 904” means Rule
904 promulgated under the Securities Act.

 

“S&P” means S&P
Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business.

 

“Sale and Lease-Back Transaction”
means any arrangement providing for the leasing by the Issuer or any Restricted Subsidiary of any real or tangible personal property,
which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to a third Person in contemplation
of such leasing. The net proceeds of any Sale and Lease-Back Transaction will be determined giving effect to transaction expenses
and the tax effect of such transactions (including taxes paid or payable and tax attributes used as a result of such transactions).

 

“SEC” means the U.S.
Securities and Exchange Commission or any governmental authority succeeding to any of its principal functions.

 

“Secured Indebtedness”
means any Indebtedness of the Issuer or any Restricted Subsidiary secured by a Lien.

 

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

 

“Securitization
Assets” means (a) the accounts receivable, royalty or other revenue streams and other rights to payment and other
assets related thereto subject to a Qualified Securitization Facility and the proceeds thereof and (b) contract rights,
lockbox accounts and records with respect to such accounts receivable and any other assets customarily transferred together
with accounts receivable in a securitization financing.

 

    48

     

    

 

“Securitization Facility”
means any transaction or series of securitization financings that may be entered into by the Issuer or any Restricted Subsidiary
pursuant to which the Issuer or any such Restricted Subsidiary may sell, convey or otherwise transfer, or may grant a security
interest in, Securitization Assets to either (a) a Person that is not the Issuer or a Restricted Subsidiary or (b) a Securitization
Subsidiary that in turn sells such Securitization Assets to a Person that is not the Issuer or a Restricted Subsidiary, or may
grant a security interest in, any Securitization Assets of the Issuer or any of its Subsidiaries.

 

“Securitization Fees”
means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold
in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to a Person that
is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility.

 

“Securitization Subsidiary”
means any Subsidiary formed for the purpose of, and that solely engages only in one or more Qualified Securitization Facilities
and other activities reasonably related thereto.

 

“Security Agreement”
means the Security Agreement, dated as of the date hereof among Holdco, the Issuer, the other grantors party there to from time
to time in favor of the Notes Collateral Agent, as amended, supplemented, restated, renewed, refunded, replaced, restructured,
repaid, refinanced or otherwise modified from time to time.

 

“Security Documents”
means the Security Agreement and any other security agreements, pledge agreements, collateral assignments and related agreements,
in each case, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified
from time to time, creating the security interest in the Collateral as contemplated by this Indenture.

 

“Senior ABL Credit Facilities”
has the meaning set forth in the definition of “Senior Credit Facilities”.

 

“Senior Credit Facilities”
means, collectively, (a) the ABL Credit Agreement, including any guarantees, collateral documents, instruments and agreements executed
in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings, refinancings
or replacements thereof (the “Senior ABL Credit Facilities”), (b) the Term Loan Credit Agreement, including
any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements,
modifications, extensions, renewals, restatements, refundings, refinancings or replacements thereof (the “Senior Term
Credit Facilities”) and (c) any one or more indentures or credit facilities or commercial paper facilities with banks
or other institutional lenders, or investors, whether or not secured, that replace, refund, supplement or refinance all or any
part of the loans, notes, other credit facilities or commitments under any of the foregoing, including any such replacement, refunding
or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided
that such increase in borrowings is permitted under Section 4.09) or adds Restricted Subsidiaries as additional borrowers or
guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders.

 

    49

     

    

 

“Senior Secured Net Leverage
Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Secured Debt outstanding on the
last day of such Test Period minus the aggregate amount of cash and Cash Equivalents of the Issuer and the Restricted
Subsidiaries on such date that (x) would not appear as “restricted” on a consolidated balance sheet of the Issuer
and the Restricted Subsidiaries or (y) are restricted in favor of the Senior Credit Facilities (which may also secure other
Indebtedness secured by a pari passu or junior Lien on the collateral securing the Senior Credit Facilities along with
the Senior Credit Facilities), to (b) Consolidated EBITDA of the Issuer for such Test Period, in each case on a pro
forma basis with such pro forma adjustments as are appropriate and consistent with the pro forma provisions
set forth in the definition of Fixed Charge Coverage Ratio; provided, however, that the calculation thereof
will be subject to Section 1.06.

 

“Senior Term Credit Facilities”
has the meaning set forth in the definition of “Senior Credit Facilities”.

 

“Shared Collateral” means
all amounts paid by the holder of Indebtedness which is expressly subordinated in right of payment to the prior payment in full
of the ABL Obligations and the Term Obligations on terms reasonably acceptable to the Collateral Agents to any Collateral Agent
pursuant to the subordination provisions of the instruments, documents and agreements evidencing such Indebtedness.

 

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation
S-X of the SEC, as such regulation is in effect on the Issue Date; provided that notwithstanding the foregoing, in no event
will any Securitization Subsidiary be considered a Significant Subsidiary for purposes of Sections 6.01(4), (5), (6) or (7).

 

“Similar Business” means
any business conducted or proposed to be conducted by the Issuer and its Restricted Subsidiaries on the Issue Date or any business
that is a reasonable extension, development or expansion of any of the foregoing or is similar, reasonably related, incidental,
ancillary or complementary thereto (including, for avoidance of doubt, any sourcing companies created in connection with any of
the foregoing).

 

“Store” means any retail
store (which includes any real property, fixtures, equipment, inventory and other property related thereto) operated, or to be
operated, by the Issuer or its Restricted Subsidiaries.

 

“Subordinated Indebtedness”
means, with respect to the Notes:

 

(1)            any
Indebtedness of the Issuer that is by its terms subordinated in right of payment to the Notes; and

 

(2)            any
Indebtedness of any Subsidiary Guarantor that is by its terms subordinated in right of payment to the Guarantee of such entity
of the Notes.

 

“Subsidiary” means, with
respect to any Person:

 

(1)            any
corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, members of management or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof; and

 

    50

     

    

 

(2)            any
partnership, joint venture, limited liability company or similar entity of which:

 

(a)           more
than 50.0% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and

 

(b)           such
Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

Unless otherwise specified, all references
herein to a “Subsidiary” or to “Subsidiaries” refer to a Subsidiary or Subsidiaries of the Issuer.

 

“Subsidiary Guarantor”
means each Restricted Subsidiary of the Issuer, if any, that Guarantees the Notes in accordance with the terms of this Indenture
(excluding any Parent Company (including Holdco) that guarantees the Notes).

 

“Term Agent” means (a)
the Term Loan Agent and any successor thereto and (b) the Notes Collateral Agent and any successor thereto and (c) any applicable
representative or agent for any additional Pari Passu Obligations designated as “Term Obligations” pursuant to the
ABL Intercreditor Agreement.

 

“Term Loan Agent” means
JPMorgan Chase Bank, N.A. in its capacity as administrative agent and collateral agent under the Term Loan Credit Agreement and
additional, successor or replacement administrative or collateral agent under the Term Loan Credit Agreement or any trustee, administrative
agent, collateral or similar agent named in its capacity as agent in connection with any refinancing or replacement of the Term
Loan Credit Agreement.

 

“Term Loan Collateral Documents”
means the Collateral Documents (as defined in the Term Loan Credit Agreement) and each other agreement entered into granting a
Lien on Collateral in favor of the Term Loan Agent for the purpose of securing any obligations under the Term Loan Credit Agreement,
in each case as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

 

“Term Loan Credit Agreement”
means the Amended and Restated Credit Agreement, dated as of January 28, 2013, among the Issuer, as borrower, JPMorgan Chase Bank,
N.A., as administrative agent and as collateral agent, and the lenders party thereto (as such agreement may be amended, restated,
amended and restated, supplemented, waived or otherwise modified from time to time or refunded, refinanced, restructured, replaced,
renewed, repaid, increased or extended from time to time (whether in whole or in part, whether with the original administrative
and collateral agent and lenders or other agents and lenders or otherwise, and whether provided under the original credit agreement
or one or more other credit agreements, indentures, financing agreements or otherwise), including any agreement extending the maturity
thereof, otherwise restructuring all or any portion of the Indebtedness thereunder or increasing the amount loaned or issued thereunder,
altering the maturity thereof or providing for revolving credit loans, term loans, letters of credit or other Indebtedness), unless
such agreement, instrument or document expressly provides that it is not intended to be and is not a Term Loan Credit Agreement.

 

“Term Loan Priority Accounts”
means any deposit accounts or securities accounts that are intended to solely contain identifiable proceeds of the Term Priority
Collateral (it being understood that any property in such deposit accounts or securities accounts which is not identifiable proceeds
of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being on deposit in any such deposit account
or securities account).

 

    51

     

    

 

“Term Priority Collateral”
means all Collateral other than ABL Priority Collateral and Shared Collateral consisting of the following (including for the avoidance
of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any
foreign Debtor Relief Laws (as defined in the ABL Intercreditor Agreement)) would be Term Priority Collateral):

 

(1)          
all equipment, fixtures, real property, intellectual property and investment property (other than any investment
property described in clauses (3)(y) and (8) of the definition of ABL Priority Collateral);

 

(2)          
except to the extent constituting ABL Priority Collateral, all instruments, commercial tort claims, documents and
general intangibles;

 

(3)          
all other Collateral, other than the ABL Priority Collateral (including ABL Priority Proceeds) and Shared Collateral;
and

 

(4)          
all collateral security and guarantees with respect to the foregoing, and all cash, money, insurance proceeds, instruments,
securities, financial assets and deposit accounts received as proceeds of any Collateral, other than the Shared Collateral and
the ABL Priority Collateral (including ABL Priority Proceeds) (such proceeds, “Term Priority Proceeds”).

 

“Term Priority Proceeds”
has the meaning assigned to such term in the definition of “Term Priority Collateral.”

 

“Test Period” in effect
at any time means the Issuer’s most recently ended four consecutive fiscal quarters for which internal financial statements
are available (as determined in good faith by the Issuer); provided that prior to the first date on which financial statements
have been delivered pursuant to Section 4.03(a), the Test Period in effect will be the period of four consecutive fiscal quarters
of the Issuer ended August 1, 2020.

 

“Total Assets” means
the total assets of the Issuer and its Restricted Subsidiaries on a consolidated basis, as shown on the most recent balance sheet
of the Issuer or such other Person as may be expressly stated and calculated on a pro forma basis in respect of any test
or covenant under this Indenture.

 

“Total Net Leverage Ratio”
means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt outstanding on the last day of such Test Period
minus the aggregate amount of cash and Cash Equivalents of the Issuer and the Restricted Subsidiaries on such date that
(x) would not appear as “restricted” on a consolidated balance sheet of the Issuer or (y) are restricted in favor of
the Senior Credit Facilities (which may also secure other Indebtedness secured by a pari passu or junior Lien on the collateral
securing the Senior Credit Facilities along with the Senior Credit Facilities), to (b) Consolidated EBITDA of the Issuer for such
Test Period, in each case on a pro forma basis with such pro forma adjustments as are appropriate and consistent
with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio; provided, however,
that the calculation thereof will be subject to Section 1.06.

 

“Total Revenues” means,
at any time, the total revenues of the Issuer and its Restricted Subsidiaries on a consolidated basis for the most recently ended
Test Period, calculated on a pro forma basis in respect of any test or covenant hereunder.

 

    52

     

    

 

“Transaction Expenses”
means any fees or expenses incurred or paid by the Issuer or any Restricted Subsidiary in connection with the Transactions.

 

“Transactions” means
the execution and delivery of this Indenture (including any supplements thereto), the issuance of the Notes, the transactions contemplated
by or in furtherance of the issuance of the Notes (including the use of proceeds thereof, including any refinancing Indebtedness).

 

“Treasury Rate” means,
as of any Redemption Date, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently
completed week for which such information is available as of the date that is two business days prior to the Redemption Date) of
the yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and
published in the Federal Reserve Statistical Release H.15 with respect to each applicable day during such week (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the
Redemption Date to October 1, 2023; provided, however, that if the period from the Redemption Date to October 1,
2023 is not equal to the constant maturity of a United States Treasury Security for which such yield is given, the Treasury Rate
shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United
States Treasury Securities for which such yields are given, except that if the period from the Redemption Date to such date is
less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity
of one year will be used.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Trustee” means U.S.
Bank National Association, as trustee, until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.

 

“Uniform Commercial Code”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State
of New York.

 

“Unrestricted Definitive Note”
means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend.

 

“Unrestricted Global Note”
means a permanent Global Note, substantially in the form of Exhibit A hereto, that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on
behalf of and registered in the name of the Depositary, representing Notes that do not bear and are not required to bear the Private
Placement Legend.

 

“Unrestricted Subsidiary”
means:

 

(1)            any
Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer, as provided
below); and

 

(2)            any
Subsidiary of an Unrestricted Subsidiary.

 

    53

     

    

 

The Issuer may designate any
Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or
owns or holds any Lien on, any property of, the Issuer or any Subsidiary of the Issuer (other than solely any Subsidiary of
the Subsidiary to be so designated); provided:

 

(1)            such
designation complies with Section 4.07; and

 

(2)            each
of (a) the Subsidiary to be so designated and (b) its Subsidiaries has not at the time of designation, and does not thereafter,
create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant
to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary (other than Equity Interests in
an Unrestricted Subsidiary).

 

The Issuer may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that immediately after giving effect to such designation, no Event of
Default will have occurred and be continuing and the Issuer could incur at least $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Ratio test set forth in Section 4.09(a) (the “Fixed Charge Coverage Test”).

 

Any such designation by the Issuer will
be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors
or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation
complied with the foregoing provisions.

 

“U.S. Person” means a
U.S. person as defined in Rule 902(k) under the Securities Act.

 

“Voting Stock” of any
Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board
of Directors of such Person.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained
by dividing:

 

(1)            the
sum of the products of the number of years (calculated to the nearest one-twenty-fifth) from the date of determination to the date
of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified
Stock or Preferred Stock, multiplied by the amount of such payment; by

 

(2)            the
sum of all such payments;

 

provided that for purposes
of determining the Weighted Average Life to Maturity of any Indebtedness that is being Refinanced (the “Applicable Indebtedness”),
the effects of any amortization or prepayments made on such Applicable Indebtedness prior to the date of the applicable Refinancing
will be disregarded.

 

“Wholly-Owned Restricted Subsidiary”
means any Wholly-Owned Subsidiary that constitutes a Restricted Subsidiary.

 

“Wholly-Owned Subsidiary”
of any Person means a Subsidiary of such Person, 100.0% of the outstanding Equity Interests of which (other than directors’
qualifying shares and shares of Capital Stock of Foreign Subsidiaries issued to foreign nationals as required under applicable
law) is at the time owned by such Person and/or by one or more Wholly-Owned Subsidiaries of such Person.

 

    54

     

    

 

SECTION
1.02.      Other Definitions.

 

	Term	 	Defined in 

Section
	“Acceptable Commitment” 	 	4.10(b)(2)
	“Advance Offer”	 	4.10(d)
	“Advance Portion”	 	4.10(d)
	“Affiliate Transaction” 	 	4.11(a)
	“Applicable Premium Deficit” 	 	8.04(1)
	“Asset Sale Offer” 	 	4.10(d)
	“Authentication Order” 	 	2.02
	“Available Net Proceeds”	 	4.10(b)
	“Change of Control Offer” 	 	4.14(a)
	“Change of Control Payment” 	 	4.14(a)
	“Change of Control Payment Date” 	 	4.14(a)(2)
	“Covenant Defeasance” 	 	8.03
	“Covenant Suspension Event” 	 	4.16(a)
	“Declined Excess Proceeds”	 	4.10(d)
	“DTC” 	 	2.03
	“Event of Default” 	 	6.01
	“Excess Proceeds” 	 	4.10(d)
	“Foreign Disposition”	 	4.10(c)
	“incur” and “incurrence” 	 	4.09(a)
	“LCT Election”	 	1.05
	“LCT Test Date”	 	1.05
	“Legal Defeasance” 	 	8.02
	“Note Register” 	 	2.03
	“Offer Amount” 	 	3.09(b)
	“Offer Period” 	 	3.09(b)
	“Paying Agent” 	 	2.03
	“Purchase Date” 	 	3.09(b)
	“Redemption Date” 	 	3.01
	“Refunding Capital Stock” 	 	4.07(b)(2)
	“Registrar” 	 	2.03
	“Restricted Payments” 	 	4.07(a)
	“Reversion Date” 	 	4.16(c)
	“Successor Company” 	 	5.01(a)(1)(a)
	“Successor Person” 	 	5.01(b)(1)(A)
	“Suspended Covenants” 	 	4.16(a)
	“Suspension Date” 	 	4.16(a)
	“Suspension Period” 	 	4.16(c)
	“Transfer Agent” 	 	2.03
	“Treasury Capital Stock” 	 	4.07(b)(2)

 

SECTION
1.03.      Rules of Construction. Unless the context otherwise requires:

 

(a)            a
term has the meaning assigned to it;

 

(b)           an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

    55

     

    

 

(c)            “or”
is not exclusive;

 

(d)           the
words “including,” “includes” and similar words shall be deemed to be followed by without limitation;

 

(e)            words
in the singular include the plural, and in the plural include the singular;

 

(f)            “will”
shall be interpreted to express a command;

 

(g)           provisions
apply to successive events and transactions;

 

(h)           references
to sections of, or rules under, the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time;

 

(i)             unless
the context otherwise requires, any reference to an “Article,” “Section” or “clause” refers
to an Article, Section or clause, as the case may be, of this Indenture;

 

(j)            the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not any particular Article, Section, clause or other subdivision;

 

(k)           the
principal amount of any Preferred Stock at any time shall be (i) the maximum liquidation value of such Preferred Stock at such
time or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock at such time,
whichever is greater;

 

(l)            words
used herein implying any gender shall apply to both genders;

 

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

 

(n)           the
principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall
be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with
GAAP.

 

SECTION
1.04.      Acts of Holders.

 

(a)           Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Proof
of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be
sufficient for any purpose of this Indenture and (subject to Section 7.01 hereof) conclusive in favor of the Trustee and the Issuer,
if made in the manner provided in this Section 1.04.

 

(b)           The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of
deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also
constitute proof of the authority of the Person executing the same. The fact and date of the execution of any such instrument
or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems
sufficient.

 

    56

     

    

 

(c)            The
ownership of Notes shall be proved by the Note Register.

 

(d)           Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in reliance thereon, whether
or not notation of such action is made upon such Note.

 

(e)           Unless
otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any
such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 10 days prior to the
first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation.

 

(f)            Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its
agents with regard to different parts of such principal amount pursuant to this Section 1.04(f) shall have the same effect as if
given or taken by separate Holders of each such different part.

 

(g)           Without
limiting the generality of the foregoing, a Holder, including DTC, that is a Holder of a Global Note, may make, give or take, by
a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action
provided in this Indenture to be made, given or taken by Holders, and any Person that is a Holder of a Global Note, including DTC,
may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s
standing instructions and customary practices.

 

(h)           The
Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by DTC entitled under the procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing,
any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given
or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies,
and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent,
waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than 120 days after
such record date.

 

    57

     

    

 

SECTION
1.05.      Limited Condition Transactions.

 

Notwithstanding anything to the
contrary in this Indenture, when calculating the availability under any basket or ratio under this Indenture or compliance
with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions
related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or
Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments and Restricted Payments), in each case,
at the option of the Issuer (the Issuer’s election to exercise such option, an “LCT Election”), the
date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted
(or any requirement or condition therefor is complied with or satisfied (including as to the absence of any (or any type of)
continuing Default or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test
Date”) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the
date of delivery of an irrevocable notice, declaration of a Restricted Payment or similar event), and if, after giving pro
forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including
acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of
proceeds thereof, the incurrence of Liens, repayments and Restricted Payments) and any related pro forma adjustments,
the Issuer or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such
transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and
conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied
with (or satisfied) for all purposes (in the case of Indebtedness, for example, whether such Indebtedness is committed,
issued or incurred at the LCT Test Date or at any time thereafter); provided, that (a) if financial statements
for one or more subsequent fiscal quarters shall have become available, the Issuer may elect, in its sole discretion, to
re-determine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of
redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets,
and (b) except as contemplated in the foregoing clause (a), compliance with such ratios, tests or baskets (and any
related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for
such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the
incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence
of Liens, repayments and Restricted Payments).

 

For the avoidance of doubt, if the Issuer
has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT
Test Date would at any time after the LCT Test Date have failed to have been complied with as a result of fluctuations in any such
ratio, test or basket, including due to fluctuations in Consolidated EBITDA or Total Assets of the Issuer or the Person subject
to such Limited Condition Transaction, such baskets, tests or ratios will not be deemed to have failed to have been complied with
as a result of such fluctuations; (2) if any related requirements and conditions (including as to the absence of any (or any type
of) continuing Default or Event of Default) for which compliance or satisfaction was determined or tested as of the LCT Test Date
would at any time after the LCT Test Date not have been complied with or satisfied (including due to the occurrence or continuation
of any Default or Event of Default), such requirements and conditions will not be deemed to have been failed to be complied with
or satisfied (and such Default or Event of Default shall be deemed not to have occurred or be continuing); and (3) in calculating
the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Condition
Transaction following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction
is consummated or the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable
notice or declaration for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation
of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect
to such Limited Condition Transaction.

 

    58

     

    

 

SECTION
1.06.      Measuring Compliance.

 

Notwithstanding anything to the
contrary in this Indenture (except as set forth in the proviso to Section 4.09(c)(1)), in the event any item of Indebtedness,
Disqualified Stock or Preferred Stock, Lien, Permitted Lien, Restricted Payment, Permitted Investment or other transaction or
action (any of the foregoing in a single transaction or a series of substantially concurrent related transactions) meets the
criteria of one or more than one categories (or subcategories within any category) of exceptions, thresholds or baskets under
this Indenture (including within any defined terms), including any financial ratio based exceptions, thresholds or baskets
(including the Fixed Charge Coverage Ratio, Senior Secured Net Leverage Ratio or Total Net Leverage Ratio), (1) the Issuer
will, in its sole discretion, be entitled to divide and classify and later re-divide and reclassify on or more occasions
(based on circumstances existing on the date of any such re-division and reclassification) any such item of Indebtedness,
Disqualified Stock or Preferred Stock, Lien, Permitted Lien, Restricted Payment, Permitted Investment or other transaction or
action, in whole or in part, among one or more than one categories (or subcategories within any category) of exceptions,
thresholds or baskets under this Indenture, and (2) availability and utilization of any category (or subcategories within any
category) of financial ratio based exceptions, thresholds and baskets (i.e., incurrence-based exceptions, thresholds
and baskets) shall first be calculated without giving effect to the amount or portion of any item of Indebtedness,
Disqualified Stock or Preferred Stock, Lien, Permitted Lien, Restricted Payment, Permitted Investment or other transaction or
action to be utilized under any other category (or subcategories within any category) of exceptions, thresholds and baskets
(excluding financial ratio-based or incurrence-based baskets) (including all exceptions, thresholds and baskets based on
fixed Dollar amounts or a percentage of Consolidated EBITDA or Total Assets) at such time of determination (including at the
time of any initial division and classification and any later re-divisions and reclassifications) and thereafter,
availability and utilization of any category (or subcategories within any category) of exceptions, thresholds and baskets
that are not financial ratio based (including all exceptions, thresholds and baskets based on fixed Dollar amounts or a
percentage of Consolidated EBITDA or Total Assets) shall be calculated. Each item of Indebtedness, Disqualified Stock or
Preferred Stock, Lien, Permitted Lien, Restricted Payment, Permitted Investment or other transaction or action will be deemed
to have been incurred, issued, made or taken first, to the extent available, pursuant to any available categories (or
subcategories within any category) of financial ratio based exceptions, thresholds and baskets (including the Fixed Charge
Coverage Ratio, Senior Secured Net Leverage Ratio or Total Net Leverage Ratio) as set forth above prior to any other category
(or subcategories within any category) of exceptions, thresholds and baskets.

 

If any item of Indebtedness, Disqualified
Stock or Preferred Stock, Lien, Permitted Lien, Restricted Payment, Permitted Investment or other transaction or action (or any
portion of the foregoing) previously divided and classified (or re-divided and reclassified) as set forth above under any category
(or subcategories within any category) of non-financial ratio based exceptions, thresholds or baskets could subsequently be re-divided
and reclassified under a category (or subcategories within any category) of financial ratio based exceptions, thresholds or baskets
(including the Fixed Charge Coverage Ratio, Senior Secured Net Leverage Ratio or Total Net Leverage Ratio), such re-division and
reclassification shall be deemed to occur automatically and such item of Indebtedness, Disqualified Stock or Preferred Stock, Lien,
Permitted Lien, Restricted Payment, Permitted Investment or other transaction or action (or any portion of the foregoing) shall
cease to be deemed made or outstanding for purposes of any category (or subcategories within any category) of exceptions, thresholds
and baskets that are not financial ratio based. Notwithstanding anything to the contrary herein, in the event an item of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) is incurred or issued, any Lien is incurred or other transaction
is undertaken in reliance on a ratio basket based on the Fixed Charge Coverage Ratio, Senior Secured Net Leverage Ratio or Total
Net Leverage Ratio, such ratio(s) shall be calculated without regard to the incurrence of any Indebtedness under any revolving
facility or letter of credit facility immediately prior to or in connection therewith (other than any Designated Revolving Commitments).

 

For purposes of the calculation of any
financial ratio hereunder (including the Senior Secured Net Leverage Ratio or Total Net Leverage Ratio), in no event shall any
cash proceeds of any new Indebtedness being incurred in connection with the calculation of such ratio definition be netted from
the numerator in such ratio for purposes of determining whether such Indebtedness can be incurred, but pro forma effect
shall otherwise be given to the use of such proceeds.

 

    59

     

    

 

If any item of Indebtedness, Disqualified
Stock or Preferred Stock, Lien, Permitted Lien, Restricted Payment, Permitted Investment or other transaction or action (any of
the foregoing in a single transaction or a series of substantially concurrent related transactions) is incurred, issued, taken
or consummated in reliance on categories (or subcategories within any category) of exceptions, thresholds or baskets measured by
reference to a percentage of Consolidated EBITDA or Total Assets, and any Indebtedness, Disqualified Stock or Preferred Stock,
Lien, Permitted Lien, Restricted Payment, Permitted Investment or other transaction or action (including in connection with refinancing
thereof) would subsequently exceed the applicable percentage of Consolidated EBITDA or Total Assets if calculated based on the
Consolidated EBITDA or Total Assets on a later date (including the date of any refinancing), such percentage of Consolidated EBITDA
or Total Assets will not be deemed to be exceeded (and in the case of refinancing any Indebtedness, Disqualified Stock or Preferred
Stock, to the extent the principal amount or the liquidation preference of such newly incurred or issued Indebtedness, Disqualified
Stock or Preferred Stock does not exceed the maximum principal amount, liquidation preference or amount of Refinancing Indebtedness
in respect of the Indebtedness, Disqualified Stock or Preferred Stock being refinanced, extended, replaced, refunded, renewed or
defeased).

 

Any reference in this Indenture to a merger,
transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to
a division of, or by, a limited liability company, limited partnership or trust, or an allocation of assets to a series of a limited
liability company, limited partnership or trust (or the unwinding of such a division or allocation), as if it were a merger, transfer,
consolidation, amalgamation, assignment, sale or transfer, or similar term, as applicable, to, of or with a separate Person. Any
division of a limited liability company, limited partnership or trust shall constitute a separate Person under this Indenture (and
each division of any limited liability company, limited partnership or trust that is a Subsidiary, Unrestricted Subsidiary, joint
venture or any other like term shall also constitute such a Person or entity).

 

Each reference in this Indenture with respect
to the priority of Liens shall be determined without regard to the control of applicable remedies, in each case, unless otherwise
expressly stated in this Indenture.

 

ARTICLE
II

 

THE NOTES

SECTION
2.01.      Form and Dating; Terms.

 

(a)           General.
The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated
the date of its authentication. The Notes shall be issued initially in minimum denominations of $2,000 and any integral multiple
of $1,000 in excess of $2,000.

 

(b)           Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A hereto (including the Global
Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
issued in definitive form shall be substantially in the form of Exhibit A hereto (but without the Global Note Legend
thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global
Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in
the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount
of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby
may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a
Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.06 hereof.

 

    60

     

    

 

 

(c)       Temporary
Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S
Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian
and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on
behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.

 

Following (i) the termination of the applicable
Restricted Period and (ii) the receipt by the Trustee of (A) a certification or other evidence in a form reasonably acceptable
to the Issuer of non-United States beneficial ownership of 100% of the aggregate principal amount of each Regulation S Temporary
Global Note (except to the extent of any beneficial owners thereof who acquired an interest therein during the Restricted Period
pursuant to another exemption from registration under the Securities Act and who shall take delivery of a beneficial ownership
interest in a 144A Global Note bearing a Private Placement Legend, all as contemplated by Section 2.06(b) hereof) and (B) an Officer’s
Certificate from the Issuer, the Regulation S Temporary Global Note Legend shall be deemed removed from the Regulation S Temporary
Global Note, following which temporary beneficial interests in the Regulation S Temporary Global Note shall automatically become
beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures.

 

The aggregate principal amount of a Regulation
S Temporary Global Note and a Regulation S Permanent Global Note may, from time to time, be increased or decreased by adjustments
made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest
as hereinafter provided.

 

(d)       Terms.
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 

The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Guarantors, the Trustee and
the Notes Collateral Agent, by their execution and delivery of this Indenture (or the applicable supplemental indenture), expressly
agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

 

The Notes shall be subject to repurchase
by the Issuer pursuant to an Asset Sale Offer or an Advance Offer as provided in Section 4.10 or a Change of Control Offer as provided
in Section 4.14. The Notes shall not be redeemable, other than as provided in Article III hereof.

 

Additional Notes ranking pari passu with
the Initial Notes may be created and issued from time to time by the Issuer without notice to or consent of the Holders and
shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status,
redemption or otherwise as the Initial Notes except that interest may accrue on the Additional Notes from their date of
issuance (or such other date specified by the Issuer), subject to the Issuer’s right to issue Additional Notes of a
different series as set forth in the next paragraph; provided that the Issuer’s ability to issue Additional
Notes shall be subject to the Issuer’s compliance with Section 4.09 and that a separate CUSIP or ISIN will be issued
for any Additional Notes, unless the Initial Notes and the Additional Notes are treated as fungible for U.S. federal income
tax purposes. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture.

 

    61

     

    

 

The Issuer may designate the maturity date,
interest rate and optional redemption provisions applicable to each series of Additional Notes, which may differ from the maturity
date, interest rate and optional redemption provisions applicable to the Initial Notes. Additional Notes that differ with respect
to maturity date, interest rate or optional redemption provisions from the Initial Notes will constitute a different series of
Notes from the Initial Notes. Additional Notes that have the same maturity date, interest rate and optional redemption provisions
as the Initial Notes will be treated as the same series as the Initial Notes unless otherwise designated by the Issuer. The Issuer
similarly may vary the application of related other provisions (including the issue price and any applicable original issue discount
legend) to any series of Additional Notes.

 

(e)       Euroclear
and Clearstream Applicable Procedures. The provisions of the “Operating Procedures of the Euroclear System” and
 “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S
Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream
and this Indenture shall not govern such transfers.

 

SECTION
2.02.     Execution and Authentication. At least one Officer of the Issuer shall execute
the Notes on behalf of the Issuer by manual, facsimile or electronic (in “.pdf” format) signature.

 

If an Officer whose signature is on a Note
no longer holds that office at the time the Trustee authenticates the Note, the Note shall nevertheless be valid.

 

A Note shall not be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose until authenticated substantially in the form of Exhibit A
hereto, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated
and delivered under this Indenture.

 

On the Issue Date, the Trustee shall, upon
receipt of an Issuer’s Order (an “Authentication Order”), authenticate and deliver the Initial Notes in
the aggregate principal amount or amounts specified in such Authentication Order. In addition, at any time, from time to time,
the Trustee shall, upon receipt of an Authentication Order (together with such other documents as may be required pursuant to this
Indenture), authenticate and deliver any Additional Notes for an aggregate principal amount specified in such Authentication Order
for such Additional Notes issued or increased hereunder.

 

The Trustee may appoint an authenticating
agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer.

 

SECTION
2.03.      Registrar, Transfer Agent and Paying Agent.
The Issuer shall maintain (i) an office or agency where Notes may be presented for registration
(“Registrar”), (ii) an office or agency where Notes may be presented for transfer or for exchange
(“Transfer Agent”) and (iii) an office or agency where Notes may be presented for payment
(“Paying Agent”). The Registrar shall keep a register of the Notes (“Note Register”)
and of their transfer and exchange. The registered Holder will be treated as the owner of a Note for all purposes. Only
registered Holders will have rights under this Indenture and the Notes. The Issuer may appoint one or more co-registrars, one
or more co-transfer agents and one or more additional paying agents. The term “Registrar” includes any
co-registrar, the term “Transfer Agent” includes any co-transfer agent and the term “Paying
Agent” includes any additional paying agents. The Issuer may change any Paying Agent, Transfer Agent or Registrar
without prior notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a
party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar, Transfer Agent or Paying
Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent, Transfer Agent or
Registrar.

 

    62

     

    

 

The Issuer initially appoints The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Issuer initially appoints the Trustee
to act as the Paying Agent, Transfer Agent and Registrar for the Notes and to act as Custodian with respect to the Global Notes.

 

If any Notes are listed on an exchange,
for so long as the Notes are so listed and the rules of such exchange so require, the Issuer will satisfy any requirement of such
exchange as to paying agents, registrars and transfer agents and will comply with any notice requirements required under such exchange
in connection with any change of paying agent, registrar or transfer agent.

 

SECTION
2.04.     Paying Agent to Hold Money in Trust. The Issuer shall require each Paying
Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee
all money held by such Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the
Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee for its own benefit and for the benefit of the Holders. The Issuer at any time
may require a Paying Agent to pay all money held by it to the Trustee for its own benefit and for the benefit of the Holders. Upon
payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary or the Trustee) shall have no further liability
for the money. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the
Issuer, the Trustee shall serve as Paying Agent for the Notes.

 

SECTION
2.05.     Holder Lists. The Registrar shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar,
the Issuer shall furnish to the Trustee at least five Business Days before each Interest Payment Date and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names
and addresses of the Holders.

 

SECTION
2.06.     Transfer and Exchange.

 

(a)       Transfer
and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred, in
whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor
thereto. A beneficial interest in a Global Note may not be exchanged for a Definitive Note of the same series unless (A) the
Depositary (x) notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (y) has
ceased to be a clearing agency registered under the Exchange Act, and, in either case, a successor Depositary is not
appointed by the Issuer within 90 days or (B) upon the request of a Holder if there shall have occurred and be continuing an
Event of Default with respect to the Notes. Upon the occurrence of any of the events in clauses (A) or (B) above, Definitive
Notes delivered in exchange for any Global Note of the same series or beneficial interests therein will be registered in the
names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its
customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and
Section 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note of the same series or any
portion thereof, pursuant to this Section 2.06 or Section 2.07 or Section 2.10, shall be authenticated and delivered in the
form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the events in clauses (A) or
(B) above and pursuant to Section 2.06(b)(ii)(B) and (c) hereof. A Global Note may not be exchanged for another Note other
than as provided in this Section 2.06(a); provided, however, that beneficial interests in a Global Note may be
transferred and exchanged as provided in Sections 2.06(b) or (c) hereof.

 

    63

     

    

 

(b)       Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depositary in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the
extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with
either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(i)       Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account
or benefit of a U.S. Person other than pursuant to Rule 144A or another available exemption from the registration requirements
of the Securities Act. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i).

 

(ii)       All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar
either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant
or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause
to be issued a Definitive Note of the same series in an amount equal to the beneficial interest to be transferred or exchanged
and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive
Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the
expiration of the Restricted Period therefor and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B).
Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(g) hereof.

 

    64

     

    

 

(iii)      Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the following:

 

(A)       if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or

 

(B)       if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.

 

(iv)     Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A
beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) hereof and:

 

(A)       the
Registrar receives the following:

 

(1)       if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note of the same series, a certificate from such Holder substantially in the form of Exhibit
C hereto, including the certifications in item (1)(a) thereof; or

 

(2)       if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note of the same series, a certificate
from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(A), if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

If any such transfer is effected pursuant
to subparagraph (A) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon
receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant
to subparagraph (A) above.

 

Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Note.

 

    65

     

    

 

(c)       Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(i)       Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events
in clauses (A) and (B) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation:

 

(A)       if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications
in item (2)(a) thereof;

 

(B)       if
such beneficial interest is being transferred to a person reasonably believed to be a QIB in accordance with Rule 144A, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)       if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule
904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)       if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof; or

 

(E)       if
such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate substantially in the form
of Exhibit B hereto, including the certifications in item (3)(b) thereof;

 

the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer shall execute and the Trustee
shall, upon receipt of an Authentication Order, authenticate and mail to the Person designated in the instructions a Definitive
Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global
Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations
as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant
or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered.
Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i)
shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

(ii)       Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C)
hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or
transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the
Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 903 or Rule 904.

 

    66

     

    

 

(iii)      Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global
Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in clause
(A) of Section 2.06(a) hereof and if:

 

(A)       the
Registrar receives the following:

 

(1)       if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications
in item (1)(b) thereof; or

 

(2)       if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(A), if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

(iv)       Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in clauses (A) and
(B) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall cause
the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and
the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive
Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section
2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect
Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive
Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend.

 

    67

     

    

 

(d)       Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(i)       Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar
of the following documentation:

 

(A)       if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b)
thereof;

 

(B)       if
such Restricted Definitive Note is being transferred to a person reasonably believed to be a QIB in accordance with Rule 144A,
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)       if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)       if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof; or

 

(E)       if
such Restricted Definitive Note is being transferred to the Issuer or any of its Subsidiaries, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (3)(b) thereof;

 

the Trustee shall cancel the Restricted Definitive Note and
increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted
Global Note, in the case of clause (B) above, the applicable 144A Global Note and, in the case of clause (C) above, the applicable
Regulation S Global Note.

 

(ii)       Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

 

(A)       the
Registrar receives the following:

 

(1)       if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c)
thereof; or

 

(2)       if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form
of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit
B hereto, including the certifications in item (4) thereof;

 

    68

     

    

 

and, in each such case set forth in this subparagraph
(A), if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Restricted Definitive Note and increase or
cause to be increased the aggregate principal amount of the Unrestricted Global Note.

 

(iii)     Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
the aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected pursuant to sub-paragraph (ii) or (iii) above at a time when an Unrestricted
Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section
2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of Definitive Notes so transferred.

 

(e)       Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to
such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes
duly endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing.

 

In addition, the requesting Holder shall
provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions
of this Section 2.06(e):

 

(i)       Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the
name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)       if
the transfer will be made to a person reasonably believed to be a QIB in accordance with Rule 144A, then the transferor must deliver
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

    69

     

    

 

(B)       if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (2) thereof; or

 

(C)       if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if
applicable.

 

(ii)       Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for
an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if:

 

(A)       the
Registrar receives the following:

 

(1)       if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(2)       if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each such case set forth in
this subparagraph (A), if the Registrar or the Issuer so requests, an Opinion of Counsel in form reasonably acceptable to the Issuer
to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(iii)       Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer,
the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)       Legends.
The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture:

 

(i)       Private
Placement Legend.

 

(A)       Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following form:

 

    70

     

    

 

THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY
NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE
THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE)
OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION
OF COUNSEL ACCEPTABLE TO THE ISSUER IF THE ISSUER SO REQUESTS), (2) TO THE ISSUER OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED
HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION
PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.

 

(B)       Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii),
(e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the
Private Placement Legend.

 

(ii)       Global
Note Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate changes in the last
sentence if DTC is not the Depositary):

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

    71

     

    

 

(iii)       Regulation
S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a legend in substantially the following form:

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED
IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES
LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. BY ITS ACQUISITION HEREOF, THE
HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

(g)       Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such
Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior
to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other
Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such increase.

 

    72

     

    

 

(h)       General
Provisions Relating to Transfers and Exchanges.

 

(i)         To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

 

(ii)        No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuer shall require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.04 hereof).

 

(iii)       Neither
the Issuer nor the Registrar shall be required (A) to issue, to register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the mailing of a notice of redemption of the Notes to be redeemed under Section
3.03 hereof and ending at the close of business on the day of such mailing, (B) to register the transfer of or to exchange any
Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register
the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date or (D) to register the
transfer of or to exchange any Notes tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer,
an Asset Sale Offer, an Advance Offer or other tender offer or offer to purchase.

 

(iv)       Neither
the Registrar nor the Issuer shall be required to register the transfer of or exchange any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part.

 

(v)        All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(vi)       Prior
to due presentment for the registration of a transfer of any Note, the Trustee, the Notes Collateral Agent, any Agent and the Issuer
shall deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee, the
Notes Collateral Agent, any Agent or the Issuer shall be affected by notice to the contrary.

 

(vii)      Upon
surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section 4.02 hereof,
the Issuer shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees,
one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.

 

(viii)     At
the option of the Holder, subject to Section 2.06(a) hereof, Notes may be exchanged for other Notes of any authorized
denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office
or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuer shall execute, and the
Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes to which the Holder making the
exchange is entitled in accordance with Section 2.02.

 

    73

     

    

 

(ix)       All
certifications, certificates and Opinions of Counsel required to be submitted to the Issuer pursuant to this Section 2.06 to effect
a registration of transfer or exchange may be submitted by facsimile or electronically (in “.pdf” or other format).

 

(x)        The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depositary Participants or beneficial owners of interests in any Global Notes) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

(xi)       None
of the Trustee, the Notes Collateral Agent or any Agent shall have any responsibility or liability for any actions taken or not
taken by the Depositary.

 

(xii)      In
connection with any transfer or exchange, the Registrar, Transfer Agent and the Trustee may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents (including any information or documents necessary for the Trustee to
comply with any applicable tax reporting obligations, which information the Trustee may rely upon with no responsibility to verify
or ensure the accuracy thereof).

 

SECTION
2.07.     Replacement Notes. If either (x) any mutilated Note is surrendered to the
Trustee, the Registrar or the Issuer or (y) if the Issuer and the Trustee receive evidence to their satisfaction of the ownership
and destruction, loss or theft of any Note, then the Issuer shall issue and the Trustee, upon receipt of an Authentication Order,
shall authenticate a replacement Note. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the
Trustee to protect the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any
loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee shall charge the Holder for their expenses in
replacing a Note.

 

Every replacement Note is a contractual
obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other
Notes duly issued hereunder.

 

SECTION
2.08.     Outstanding Notes. The Notes outstanding at any time are all the Notes authenticated
by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee in accordance with the provisions hereof and those described in this Section 2.08 as not outstanding.
Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer or a Guarantor or an Affiliate
of the Issuer or a Guarantor holds the Note.

 

If a Note is replaced pursuant to Section
2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by
a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code).

 

    74

     

    

 

If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Issuer
or a Guarantor or an Affiliate of the Issuer or a Guarantor) holds, on a Redemption Date or maturity date, money sufficient to
pay Notes (or portions thereof) payable on that date, then on and after that date such Notes (or portions thereof) shall be deemed
to be no longer outstanding and shall cease to accrue interest.

 

SECTION
2.09.     Treasury Notes. In determining whether the Holders of the required principal
amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or a Guarantor or by any Affiliate
of the Issuer or a Guarantor shall be considered as though not outstanding, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Trustee Officer
actually knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or
consent with respect to such pledged Notes and that the pledgee is not the Issuer or a Guarantor or any Affiliate of the Issuer
or a Guarantor.

 

SECTION
2.10.     Temporary Notes. Until certificates representing Notes are ready for delivery,
the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary
Notes shall be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for
temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and
the Trustee shall authenticate definitive Notes in exchange for temporary Notes.

 

Holders and beneficial holders, as the case
may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of
Notes under this Indenture.

 

SECTION
2.11.      Cancellation. The Issuer at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer,
exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel
all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled
Notes in accordance with its customary procedures (subject to the record retention requirement of the Exchange Act and the Trustee).
Certification of the cancellation of all surrendered Notes shall be delivered to the Issuer at the Issuer’s written request.
The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 

SECTION
2.12.      Defaulted Interest. If the Issuer
defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner, plus, to the
extent lawful, interest payable on the defaulted interest, in each case at the rate provided in the Notes and in Section 4.01
hereof. The Issuer may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The
Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date
of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Issuer shall fix or cause to
be fixed any such special record date and payment date; provided that no such special record date shall be less than
10 days prior to the related payment date for such defaulted interest. The Issuer shall promptly notify the Trustee of any
such special record date. At least 15 days before any such special record date, the Issuer (or, upon the written request of
the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage
prepaid, or otherwise deliver in accordance with the Applicable Procedures, to each Holder, with a copy to the Trustee, a
notice at his or her address as it appears in the Note Register that states the special record date, the related payment date
and the amount of such interest to be paid. The Trustee will have no duty whatsoever to determine whether any defaulted
interest is payable or the amount thereof.

 

    75

     

    

 

 

Subject to this Section 2.12 and for greater
certainty, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other
Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.

 

SECTION
2.13.   CUSIP/ISIN Numbers. The Issuer in issuing the Notes may use CUSIP and ISIN
numbers (in each case, if then generally in use) and, if so, the Trustee shall use CUSIP and ISIN numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and that reliance
may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Issuer will as promptly as practicable notify the Trustee in writing of any
change in the CUSIP and ISIN numbers.

 

ARTICLE
III

 

REDEMPTION

 

SECTION
3.01.   Notices to Trustee. If the Issuer elects to redeem the Notes pursuant to
Section 3.07 hereof, it shall furnish to the Trustee, at least two Business Days (unless the Trustee agrees to a shorter
period) before notice of redemption is required to be delivered to Holders pursuant to Section 3.03 hereof, an
Officer’s Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture
pursuant to which the redemption shall occur, (ii) the date of redemption, which will be selected by the Issuer in its
discretion, subject to any limitations set forth herein (the “Redemption Date”), (iii) the principal
amount of the Notes to be redeemed and (iv) the redemption price.

 

SECTION
3.02.   Selection of Notes to Be Redeemed. If less than all of the Notes are to be
redeemed or purchased at any time, the Trustee shall, upon prior written request of the Issuer, select the Notes to be
redeemed or purchased (a) if the Notes are listed on an exchange, in compliance with the requirements of such exchange or (b)
if the Notes are not listed on an exchange, on a pro rata basis to the extent practicable, or, if a pro rata
basis is not practicable for any reason, by lot, and in any case in accordance with the Applicable Procedures to the extent
applicable. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless
otherwise provided herein, not less than 10 nor more than 60 days prior to the Redemption Date by the Trustee from the
outstanding Notes not previously called for redemption.

 

The Trustee shall promptly notify the Issuer
in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount
thereof to be redeemed. No Notes of $2,000 or less can be redeemed or purchased in part, except that if all of the Notes of a Holder
are to be redeemed, the entire outstanding amount of Notes held by such Holder shall be redeemed. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

    76

     

    

 

SECTION
3.03.   Notice of Redemption. The Issuer shall deliver electronically,
mail or cause to be mailed by first-class mail, postage prepaid, notices of redemption at least 10 but not more than 60 days
before the Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered address (with a copy to
the Trustee) or otherwise in accordance with Applicable Procedures to the extent applicable, except that redemption notices
may be delivered more than 60 days prior to a Redemption Date if the notice is issued in connection with Section 3.03(i),
Article VIII or Article XI hereof.

 

The notice shall identify the Notes to be
redeemed and will state:

 

(a)       the
Redemption Date;

 

(b)       the
redemption price;

 

(c)       if
any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and that, upon
request, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed
or unpurchased portion of the original Note representing the same indebtedness to the extent not redeemed will be issued in the
name of the Holder upon cancellation of the original Note; provided that new Notes will only be issued in minimum denominations
of $2,000 and integral multiples of $1,000 in excess of $2,000;

 

(d)       the
name and address of the Paying Agent;

 

(e)       that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)       that,
unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the Redemption Date;

 

(g)       the
paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being
redeemed;

 

(h)       the
CUSIP and ISIN number, if any, printed on the Notes being redeemed and that no representation is made as to the correctness or
accuracy of any such CUSIP and ISIN number that is listed in such notice or printed on the Notes; and

 

(i)       if
such redemption is subject to satisfaction of one or more conditions precedent, a description of such conditions and, if applicable,
will state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time (including more than 60 days
after the date the redemption notice was mailed or delivered, including by electronic transmission) as any or all such conditions
are satisfied (or waived by the Issuer in its sole discretion), or that such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions are not satisfied (or waived by the Issuer in its sole discretion) by the Redemption
Date, or by the Redemption Date as so delayed, or that such notice may be rescinded at any time in the Issuer’s discretion
if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied.

 

At the Issuer’s request, the
Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided that the Issuer
shall have delivered to the Trustee, at least two Business Days before notice of redemption is required to be delivered,
mailed or caused to be mailed to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the
Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be
stated in such notice as provided in the preceding paragraph. If any condition precedent has not been satisfied, the Issuer
shall provide written notice to the Trustee prior to the close of business on the Business Day immediately prior to the
Redemption Date (or such shorter period as may be acceptable to the Trustee). Upon receipt of such notice, the notice of
redemption shall be rescinded or delayed, and the redemption of the Notes shall be rescinded or delayed as provided in such
notice. Upon receipt, the Trustee shall provide such notice to each Holder in the same manner in which the notice of
redemption was given.

 

    77

     

    

 

The Issuer may redeem Notes pursuant to
one or more of the Sections of this Indenture, and a single redemption notice may be delivered with respect to redemptions made
pursuant to different Sections. Any such notice may provide that redemptions made pursuant to different Sections will have different
Redemption Dates.

 

The Issuer may provide in such notice that
payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed
by another Person. If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the
exchange of any such redemption and the principal amount of any Notes outstanding following any partial redemption of such Notes.
In no event will the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount of Notes
eligible hereunder to be redeemed. Notes will remain outstanding until redeemed, notwithstanding that they have been called for
redemption or are subject to a notice of redemption.

 

SECTION
3.04.   Effect of Notice of Redemption. Once notice of redemption is delivered in
accordance with Section 3.03 hereof, subject to satisfaction of any conditions precedent relating thereto specified in the applicable
notice of redemption, Notes called for redemption shall become irrevocably due and payable on the Redemption Date at the redemption
price, except as set forth in Section 3.03(i). The notice, if delivered, mailed or caused to be mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to deliver
such notice or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect
the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05 hereof, on and after the Redemption
Date or the date of purchase, interest shall cease to accrue on Notes or portions of the Notes called for redemption.

 

SECTION
3.05.   Deposit of Redemption Price.

 

(a)       Prior
to 11:00 a.m. (New York City time) on the Redemption Date, the Issuer shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption price of and accrued and unpaid interest on all Notes to be redeemed on that Redemption Date.
The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by
the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to
be redeemed.

 

(b)       If
the Issuer complies with Section 3.05(a), on and after the Redemption Date, interest shall cease to accrue on the Notes or the
portions of Notes called for redemption. If a Note is redeemed on or after a Record Date but on or prior to the related Interest
Payment Date, then any accrued and unpaid interest to the Redemption Date shall be paid to the Person in whose name such Note was
registered at the close of business on such Record Date. If any Note called for redemption shall not be so paid upon surrender
for redemption because of the failure of the Issuer to comply with Section 3.05(a), interest shall be paid on the unpaid principal,
from the Redemption Date until such principal is paid, and to the extent lawful on any interest accrued to the Redemption Date
not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

 

    78

     

    

 

SECTION
3.06.   Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part,
upon request the Issuer shall issue and the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note
equal in principal amount to the unredeemed portion of the Note surrendered representing the same indebtedness to the extent
not redeemed; provided that each new Note will be in a principal amount of $2,000 and any integral multiple of $1,000
in excess of $2,000. It is understood that, notwithstanding anything in this Indenture to the contrary, only an
Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate
such new Note.

 

SECTION
3.07.   Optional Redemption.

 

(a)       At
any time prior to October 1, 2023, the Issuer may, at its option on one or more occasions, redeem all or a part of the Notes, upon
notice as described under Section 3.03 hereof at a redemption price (as calculated by the Issuer) equal to the sum of (i) 100.0%
of the principal amount of the Notes redeemed, plus (ii) the Applicable Premium, plus (iii) accrued and unpaid interest,
if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive
interest due on the relevant Interest Payment Date.

 

(b)       At
any time prior to October 1, 2023, the Issuer may, at its option and on one or more occasions, redeem up to 40.0% of the aggregate
principal amount of Notes (including the aggregate principal amount of Additional Notes) issued under this Indenture at a redemption
price (as calculated by the Issuer) equal to the sum of (i) 104.750% of the principal amount thereof, with the aggregate principal
amount so redeemed up to an amount equal to the aggregate gross proceeds from one or more Equity Offerings to the extent such aggregate
gross proceeds are received by or contributed to the Issuer, plus (ii) accrued and unpaid interest thereon, if any, to,
but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date; provided that (a) at least 50.0% of the sum of the aggregate principal amount of
Notes originally issued under this Indenture on the Issue Date and any Additional Notes issued under this Indenture after the Issue
Date remains outstanding immediately after the occurrence of each such redemption and (b) each such redemption occurs within 180
days of the date the Issuer receives the proceeds of the applicable Equity Offering or contribution.

 

(c)       In
connection with any tender offer or other offer to purchase, Change of Control Offer, Asset Sale Offer or Advance Offer for the
Notes, if Holders of not less than 90.0% of the aggregate principal amount of the then outstanding Notes validly tender and do
not validly withdraw such Notes in such tender offer or other offer and the Issuer purchases, or any third party making such tender
offer or other offer in lieu of the Issuer purchases, all of the Notes validly tendered and not validly withdrawn by such Holders,
the Issuer or such third party will have the right upon notice, given not more than 60 days following such purchase date, to redeem
all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such offer
to purchase (but in any event, not less than par), plus, to the extent not included in the tender offer or other offer payment,
accrued and unpaid interest, if any, thereon, to, but excluding, the Redemption Date (subject to the right of the Holders of record
on the relevant Record Date to receive interest due on an Interest Payment Date that is on or prior to the Redemption Date).

 

(d)       Except
pursuant to clause (a), (b) or (c) of this Section 3.07, the Notes will not be redeemable at the Issuer’s option prior to
October 1, 2023.

 

(e)       On
and after October 1, 2023, the Issuer may at its option redeem the Notes, in whole or in part, on one or more occasions, upon notice
in accordance with Section 3.03 hereof, at the redemption prices (expressed as percentages of principal amount of the Notes to
be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date, subject
to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if
redeemed during the twelve-month period beginning on October 1 in each of the years indicated below:

 

	Year	 	 	Percentage	 
	 	2023	 	 	 	102.375	%
	 	2024	 	 	 	101.188	%
	 	2025 and thereafter	 	 	 	100.00	%

 

    79

     

    

 

(f)       Any
redemption pursuant to this Section 3.07 shall be made pursuant to Sections 3.01 through 3.06.

 

(g)       In
addition to any redemption pursuant to this Section 3.07, the Issuer or its Affiliates may at any time and from time to time acquire
Notes by means other than a redemption, whether by tender offer, in the open market, negotiated transaction or otherwise.

 

(h)       Any
redemption, notice, tender offer or other offer to purchase may, at the Issuer’s discretion, be subject to one or more conditions
precedent, including, but not limited to, the completion or occurrence of the related transaction or event, as the case may be,
and any notice of redemption made in connection with a related transaction or event (including an Equity Offering, contribution,
Change of Control, Asset Sale, Investment, acquisition or other transaction) may, at the Issuer’s discretion, be given prior
to the completion or the occurrence thereof.

 

SECTION
3.08.   Mandatory Redemption. The Issuer will not be required to make any mandatory
redemption or sinking fund payments with respect to the Notes.

 

SECTION
3.09.   Offers to Repurchase by Application of Excess Proceeds.

 

(a)       In
the event that, pursuant to Section 4.10 hereof, the Issuer shall be required to commence an Asset Sale Offer, it shall follow
the procedures specified below.

 

(b)       The
Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent
that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after
the termination of the Offer Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds (the “Offer
Amount”) to the purchase of Notes and, if required, Pari Passu Indebtedness (on a pro rata basis, if applicable),
or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to the Asset Sale
Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made.

 

(c)       If
the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest,
up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business
on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 

(d)       Upon
the commencement of an Asset Sale Offer, the Issuer shall deliver electronically or send, by first-class mail, postage prepaid,
a notice to each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary
to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and
holders of such Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

 

(i)       that
the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset
Sale Offer shall remain open;

 

(ii)       the
Offer Amount, the purchase price and the Purchase Date;

 

    80

     

    

 

(iii)       that
any Note not tendered or accepted for payment shall continue to accrue interest;

 

(iv)       that,
unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to
accrue interest on and after the Purchase Date;

 

(v)       that
any Holder electing to have less than all of the aggregate principal amount of its Notes purchased pursuant to an Asset Sale Offer
may elect to have Notes purchased in an amount not less than $2,000 and integral multiples of $1,000 in excess thereof;

 

(vi)       that
Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer such Note by book-entry transfer,
to the Issuer, the Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the notice at least two
Business Days before the Purchase Date;

 

(vii)       that
Holders shall be entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the
principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing its election to
have such Note purchased;

 

(viii)       that,
if the aggregate principal amount (or accreted value, as applicable) of Notes and/or the Pari Passu Indebtedness surrendered by
the holders thereof exceeds the Offer Amount, the Trustee will select the Notes to be purchased in accordance with Section 3.02
and the Issuer will select such Pari Passu Indebtedness to be purchased pursuant to the terms of such Pari Passu Indebtedness;
provided that as between the Notes and any Pari Passu Indebtedness, such purchases will be made on a pro rata basis
based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness tendered with adjustments as necessary
so that no Notes or Pari Passu Indebtedness will be repurchased in part in an unauthorized denomination; and

 

(ix)       that
Holders whose certificated Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased.

 

(e)         On
or before the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for payment, on a pro rata basis as described
in clause (d)(viii) of this Section 3.09, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset
Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to
the Trustee the Notes properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of
Notes or portions thereof so tendered and not validly withdrawn.

 

    81

     

    

 

(f)       The
Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuer for purchase, and
the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and
mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that,
notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate is required
for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of
the Note surrendered representing the same indebtedness to the extent not repurchased. Any Note not so accepted shall be
promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the Asset
Sale Offer on or as soon as practicable after the Purchase Date.

 

(g)       Prior
to 11:00 a.m. (New York City time) on the Purchase Date, the Issuer shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the purchase price of and accrued and unpaid interest on all Notes to be purchased on that Purchase Date. The
Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the
Issuer in excess of the amounts necessary to pay the purchase price of, and accrued and unpaid interest on, all Notes to be redeemed.

 

Other than as specifically provided in this
Section 3.09 or Section 4.10 hereof, any purchase pursuant to this Section 3.09 shall be made pursuant to the applicable provisions
of Sections 3.01 through 3.06 hereof, and references therein to “redeem,” “redemption,” “Redemption
Date” and similar words shall be deemed to refer to “purchase,” “repurchase,” “Purchase Date”
and similar words, as applicable.

 

ARTICLE
IV

 

COVENANTS

 

SECTION
4.01.   Payment of Notes. The Issuer shall pay or cause to be paid the principal
of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes and this Indenture.
Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the
Issuer or a Guarantor or an Affiliate of the Issuer or a Guarantor, holds as of 11:00 a.m. (New York City time) on the due
date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal,
premium, if any, and interest then due.

 

The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable
interest rate on the Notes to the extent lawful; and the Issuer shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate
to the extent lawful.

 

SECTION
4.02.   Maintenance of Office or Agency. The Issuer shall maintain the offices or
agencies (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or Transfer Agent) required under
Section 2.03 hereof where Notes may be surrendered for registration of transfer or for exchange or presented for payment and
where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be made. The Issuer shall give
prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any
time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made at the Corporate Trust Office of the
Trustee.

 

The Issuer may also from time to time
designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided that no such designation or rescission shall in any
manner relieve the Issuer of its obligation to maintain such offices or agencies as required by Section 2.03 hereof for such
purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

 

    82

     

    

 

The Issuer hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03 hereof; provided
that the Corporate Trust Office of the Trustee shall not be an office or agency of the Issuer for the purpose of effecting service
of legal process on the Issuer.

 

SECTION
4.03.   Reports and Other Information.

 

(a)       So
long as any Notes are outstanding, the Issuer will furnish to the Trustee and the Holders within 15 days after each of the periods
set forth below:

 

(1)       within
90 days after the end of each fiscal year of the Issuer, annual reports containing substantially all of the information that would
have been required to be contained in an Annual Report on Form 10-K of the Issuer, or any successor or comparable form;

 

(2)       within
45 days after the end of each of the first three fiscal quarters of each fiscal year of the Issuer, quarterly reports containing
substantially all of the information that would have been required to be contained in a Quarterly Report on Form 10-Q of the Issuer,
or any successor or comparable form; and

 

(3)       promptly
from time to time after the occurrence of an event required to be therein reported, such other reports containing substantially
the same information that would be required to be contained in filings with the SEC on Form 8-K, in accordance with the requirements
of such Form 8-K as of the Issue Date, subject to the exceptions noted below, under Items: 1.03 (Bankruptcy or Receivership);
2.01 (Completion of Acquisition or Disposition of Assets); 2.04 (Triggering Events that Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement); 2.06 (Material Impairments); 4.01 (Changes
in Registrant’s Certifying Accountant); 4.02 (Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review); 5.01 (Changes in Control of Registrant); 5.02(a)(1) (Resignation of Director
due to Disagreement with Registrant); 5.02(c)(1) (Name and Position of Newly Appointed Officer and Date of Appointment);
and 5.03(b) (Changes in Fiscal Year),

 

if the Issuer were required to file such reports;

 

provided, however, that

 

(A)       no
such reports referenced under clause (3) above will be required to include as an exhibit or summary of terms of, any employment
or compensatory arrangement agreement, plan or understanding between the Issuer (or any of its Subsidiaries or any Parent Company)
and any director, manager or executive officer, of the Issuer (or any of its Subsidiaries or any Parent Company);

 

(B)       in
no event will such reports be required to comply with Section 302, Section 404 or Section 906 of the Sarbanes-Oxley
Act of 2002, or related Items 307, 308 and 308T of Regulation S-K promulgated by the SEC;

 

(C)       in
no event will such reports be required to contain separate financial statements for the Issuer, the Guarantors or other
Subsidiaries the shares of which may be pledged to secure the Notes or any Guarantee that would be required under (i) Section
3-09 of Regulation S-X or (ii) Section 3-16 of Regulation S-X, respectively, promulgated by the SEC;

 

    83

     

    

 

(D)       in
no event will such reports be required to comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K promulgated
by the SEC with respect to any non-GAAP financial measures contained therein;

 

(E)       no
such reports referenced under clause (3) above will be required to be furnished if the Issuer determines in its good faith judgment
that such event is not material to the Holders or the business, assets, operations or financial position of the Issuer and its
Restricted Subsidiaries, taken as a whole;

 

(F)       in
no event will such reports be required to comply with Item 601 of Regulation S-K promulgated by the SEC (with respect to exhibits)
or, with respect to reports referenced in clause (3) above, to include as an exhibit copies of any agreements, financial statements
or other items that would be required to be filed as exhibits to a current report on Form 8-K, except for agreements evidencing
material Indebtedness (excluding any schedules thereto);

 

(G)       trade
secrets and other confidential information that is competitively sensitive in the good faith and reasonable determination of the
Issuer may be excluded from any disclosures; and

 

(H)       such
information will not be required to contain any “segment reporting.”

 

(b)       The
Issuer may satisfy its obligations in this Section 4.03 by furnishing financial or other information relating to any Parent Company;
provided that if and so long as such Parent Company has Independent Assets or Operations, with respect to financial information,
the same is accompanied by consolidating information (which need not be audited) that explains in reasonable detail the differences
between the information relating to such Parent Company, on the one hand, and the information relating to the Issuer and its Restricted
Subsidiaries on a stand-alone basis, on the other hand.

 

(c)       Notwithstanding
anything herein to the contrary, the Issuer will not be deemed to have failed to comply with any of its obligations under this
Section 4.03 for purposes of Section 6.01(3) hereof until 90 days after the date any report is due under this Section 4.03.

 

(d)       The
Issuer will make available such information and such reports to the Trustee and any Holder and, upon request, to any
beneficial owner of the Notes, in each case by posting such information on its website, on Intralinks, SyndTrak, ClearPar or
any comparable password-protected online data system that will require a confidentiality acknowledgment, and will make
such information readily available to any Holder, any bona fide prospective investor in the Notes, any bona fide securities
analyst (to the extent providing analysis of investment in the Notes to investors and prospective investors therein) or any
bona fide market maker in the Notes who agrees to treat such information as confidential or accesses such information on
Intralinks, SyndTrak, ClearPar or any comparable password-protected online data system that will require a confidentiality
acknowledgment; provided that the Issuer may deny access to any competitively-sensitive information otherwise to
be provided pursuant to this Section 4.03(d) to any such Holder, prospective investor, security analyst or market maker that
is a competitor of the Issuer and its Subsidiaries, or an affiliate of such a competitor (other than any affiliate that is a
bona fide bank debt fund, distressed asset fund, hedge fund, mutual fund, insurance company, financial institution or
investment vehicle engaged in the business of investing in, acquiring or trading commercial loans, bonds and similar
extensions of credit in the ordinary course (and not organized primarily for the purpose of making equity investments)) to
the extent that the Issuer determines in good faith that the provision of such information to such Person would be
competitively harmful to the Issuer and its Subsidiaries; and provided further that such Holders, prospective
investors, security analysts or market makers will agree to (1) treat all such reports (and the information contained
therein) and information as confidential, (2) not use such reports and the information contained therein for any purpose
other than their investment or potential investment in the Notes and (3) not publicly disclose or distribute any such reports
(and the information contained therein).

 

    84

     

    

 

(e)       In
addition, to the extent not satisfied by the reports required under this Section 4.03 or otherwise made publicly-available by the
Issuer, the Issuer will furnish to Holders thereof and prospective investors in the Notes, upon their request, the information,
if any, required to be delivered pursuant to Rule 144A(d)(4) (or any successor provision) of the Securities Act.

 

(f)       The
Issuer will be deemed to have furnished the reports in Section 4.03(a) if the Issuer or any Parent Company has filed reports containing
such information with the SEC.

 

(g)       To
the extent any information is not provided within the time periods specified in this Section 4.03 and such information is subsequently
provided, the Issuer will be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect
thereto will be deemed to have been cured.

 

(h)       It
is understood that the Trustee shall have no obligation whatsoever to determine whether or not such financial statements, auditors’
reports and other information, documents or reports have been posted on the Issuer’s website, on any online data system or
filed with the SEC. The posting or delivery of any such financial statements, auditors’ reports and other reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual
or constructive knowledge or notice of any information contained therein or determinable from information contained therein, including
the Issuer’s or any other Person’s compliance with any of the covenants under this Indenture or the Notes (as to which
the Trustee is entitled to rely exclusively on an Officer’s Certificate).

 

SECTION
4.04.   Compliance Certificate.

 

(a)       The
Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date, a certificate
from the principal executive officer, principal financial officer or principal accounting officer stating that a review of the
activities of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of
the signing Officer with a view to determining whether the Issuer has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the
Issuer has kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture during such
fiscal year and is not in Default in the performance or observance of any of the terms, provisions, covenants and conditions of
this Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what
action the Issuer is taking or proposes to take with respect thereto).

 

(b)       When
any Default has occurred and is continuing under this Indenture, the Issuer shall, within thirty (30) days after a Responsible
Officer of the Issuer becoming aware of such Default (unless such Default has been cured, waived or is otherwise no longer continuing),
deliver to the Trustee by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such
Default.

 

    85

     

    

 

SECTION
4.05.   Taxes. The Issuer shall pay or discharge, and shall cause each of its
Restricted Subsidiaries to pay or discharge, prior to delinquency, all material taxes, lawful assessments, and governmental
levies except such as are contested in good faith and by appropriate actions or where the failure to effect such payment or
discharge is not adverse in any material respect to the Holders.

 

SECTION
4.06.   Stay, Extension and Usury Laws. The Issuer and each of the Guarantors
covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer and each of the
Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and
covenant (to the extent that they may lawfully do so) that they shall not, by resort to any such law, hinder, delay or impede
the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as
though no such law has been enacted.

 

SECTION
4.07.   Limitation on Restricted Payments.

 

(a)       The
Issuer will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to:

 

(I)       declare
or pay any dividend or make any payment or distribution on account of the Issuer’s or any Restricted Subsidiary’s Equity
Interests (in each case, solely in such Person’s capacity as holder of such Equity Interests), including any dividend or
distribution payable in connection with any merger, amalgamation or consolidation, other than:

 

		(A)	dividends, payments or distributions payable solely in Equity Interests (other than Disqualified Stock) of the Issuer or a
Parent Company or in options, warrants or other rights to purchase such Equity Interests; and

 

		(B)	dividends, payments or distributions by a Restricted Subsidiary so long as, in the case of any dividend, payment or distribution
payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned Subsidiary,
the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend, payment or distribution in
accordance with its Equity Interests in such class or series of securities or such other amount to which it is entitled pursuant
to the terms of such Equity Interest;

 

(II)       purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any Parent Company, including in
connection with any merger, amalgamation or consolidation, in each case held by Persons other than the Issuer or a Restricted Subsidiary;

 

(III)       make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled
repayment, sinking fund payment or final maturity, any Subordinated Indebtedness, other than:

 

		(A)	Indebtedness permitted under Sections 4.09(b)(7), (8) and (9); or

 

		(B)	the payment, redemption, repurchase, defeasance, acquisition or retirement for value of Subordinated Indebtedness
                                                             purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption,
repurchase, defeasance, acquisition or retirement; or

 

    86

     

    

 

(IV)       make
any Restricted Investment;

 

(all such payments and other actions set
forth in clauses (I) through (IV) above being collectively referred to as “Restricted Payments”), unless at
the time of, after giving pro forma effect to, such Restricted Payment:

 

(1)       no
Event of Default will have occurred and be continuing or would occur as a consequence thereof;

 

(2)       immediately
after giving effect to any such Restricted Payment on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Test; and

 

(3)       such
Restricted Payment, together with the aggregate amount of all other Restricted Payments (including the Fair Market Value of any
non-cash amount) made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted
by Section 4.07(b)(1) and (6)(C), but excluding all other clauses of Section 4.07(b)), is less than the sum of (without duplication):

 

		(A)	50.0% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) beginning on May 5, 2019
(the “Reference Date”) to the end of the most recently ended fiscal quarter for which internal financial statements
are available (as determined in good faith by the Issuer) at the time of such Restricted Payment, or, in the case such Consolidated
Net Income for such period is a deficit, minus 100.0% of such deficit; plus

 

		(B)	100.0% of the aggregate net cash proceeds and the Fair Market Value of marketable securities or other property received by
the Issuer and its Restricted Subsidiaries since the Reference Date (other than net cash proceeds to the extent such net cash proceeds
have been used to incur or issue Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 4.09(b)(12)(a)) from the
issue or sale of:

 

(i)         (A)
Equity Interests of the Issuer, including Treasury Capital Stock, but excluding cash proceeds and the Fair Market Value of marketable
securities or other property received from the sale of:

 

(x)       Equity
Interests to any future, present or former employees, directors, officers, members of management, consultants or independent contractors
(or their respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of the
Issuer, its Subsidiaries or any Parent Company after the Reference Date to the extent such amounts have been applied to Restricted
Payments made in accordance with Section 4.07(b)(4); and

 

(y)       Designated
Preferred Stock; and

 

    87

     

    

 

(B)       Equity
Interests of Parent Companies, to the extent the proceeds of any such issuance or consideration for any such sale are contributed
to the Issuer (excluding contributions of the proceeds from the sale of Designated Preferred Stock of such companies or contributions
to the extent such amounts have been applied to Restricted Payments made in accordance with Section 4.07(b)(4)); or

 

(ii)       Indebtedness
of the Issuer or any Restricted Subsidiary, that has been converted into or exchanged for Equity Interests of the Issuer or any
Parent Company;

 

provided, however, that this clause (3)(B) will
not include the proceeds from (W) Refunding Capital Stock applied in accordance with Section 4.07(b)(2), (X) Equity Interests
or convertible debt securities of the Issuer sold to a Restricted Subsidiary, (Y) Disqualified Stock or debt securities or Indebtedness
that have been converted into Disqualified Stock or (Z) Excluded Contributions; plus

 

		(C)	100.0% of the aggregate amount of cash, Cash Equivalents and the Fair Market Value of marketable securities or other property
contributed to the capital of the Issuer (other than in the form of Disqualified Stock) following the Reference Date (including
the Fair Market Value of any Indebtedness contributed to the Issuer or its Restricted Subsidiaries for cancellation) or that becomes
part of the capital of the Issuer through consolidation, amalgamation or merger following the Reference Date, in each case not
involving cash consideration payable by the Issuer (other than (X) net cash proceeds to the extent such net cash proceeds
have been used to incur or issue Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 4.09(b)(12)(a), (Y) cash,
Cash Equivalents and marketable securities or other property that are contributed by a Restricted Subsidiary or (Z) Excluded Contributions);
plus

 

		(D)	100.0% of the aggregate amount received in cash and the Fair Market Value of marketable securities or other property received
by the Issuer or a Restricted Subsidiary by means of:

 

(i)       the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of, or other returns, profits, distributions and
similar amounts received on Investments from, Permitted Investments or Restricted Investments made by the Issuer or its Restricted
Subsidiaries (including cash distributions and cash interest received in respect of Restricted Investments) and repurchases and
redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries (other than by the Issuer or a Restricted
Subsidiary) and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the
Issuer or its Restricted Subsidiaries, in each case after the first day of the quarter in which the Issue Date occurs (excluding
any Excluded Contributions); or

 

(ii)       the
sale (other than to the Issuer or a Restricted Subsidiary) of Equity Interests of an Unrestricted Subsidiary or a
distribution from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted
Subsidiary constituted a Permitted Investment, but including such cash or Fair Market Value to the extent exceeding the
amount of such Permitted Investment) or a dividend from an Unrestricted Subsidiary after the first day of the quarter in
which the Issue Date occurs (excluding any Excluded Contributions); plus

 

    88

     

    

 

		(E)	in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation
of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets
of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary after the Issue Date, the Fair Market Value of the Investment
in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation of such Unrestricted Subsidiary as
a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation or transfer of assets, other than to the extent
the Investment in such Unrestricted Subsidiary constituted a Permitted Investment, but, to the extent exceeding the amount of such
Permitted Investment, including such excess amounts of cash or Fair Market Value; plus

 

		(F)	100.0% of the aggregate amount of Declined Excess Proceeds.

 

(b)       Section
4.07(a) will not prohibit:

 

(1)       the
payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days after the date of
declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the date of declaration
or notice, the dividend or other distribution or redemption payment would have complied with the provisions of this Indenture;

 

(2)       (a)
the redemption, repurchase, defeasance, discharge, retirement or other acquisition of (i) any Equity Interests of the Issuer or
any Restricted Subsidiary or any Parent Company, including any accrued and unpaid dividends thereon (“Treasury Capital
Stock”), or (ii) Subordinated Indebtedness, in each case, made in exchange for, or out of the proceeds of, a sale or
issuance (other than to a Restricted Subsidiary) of Equity Interests of the Issuer or any Parent Company (in the case of proceeds,
to the extent any such proceeds therefrom are contributed to the Issuer) (in each case, other than Disqualified Stock) (“Refunding
Capital Stock”), (b) the declaration and payment of dividends on Treasury Capital Stock out of the proceeds of a sale
or issuance (other than to a Restricted Subsidiary of the Issuer or to an employee stock ownership plan or any trust established
by the Issuer or any Restricted Subsidiary) of Refunding Capital Stock, and (c) if, immediately prior to the retirement of Treasury
Capital Stock, the declaration and payment of dividends thereon was permitted under Section 4.07(b)(6)(A) or (B), the declaration
and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to
redeem, repurchase, retire or otherwise acquire any Equity Interests of any Parent Company) in an aggregate amount per annum no
greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital Stock immediately
prior to such retirement;

 

(3)       the
principal payment on, defeasance, redemption, repurchase, exchange or other acquisition or retirement of
(a) Subordinated Indebtedness of the Issuer or a Subsidiary Guarantor made in exchange for, or out of the proceeds of
the sale, issuance or incurrence of, new Subordinated Indebtedness of the Issuer or a Subsidiary Guarantor or Disqualified
Stock of the Issuer or a Subsidiary Guarantor, (b) Disqualified Stock of the Issuer or a Subsidiary Guarantor made by
exchange for, or out of the proceeds of the sale, issuance or incurrence of, Disqualified Stock or Subordinated Indebtedness
of the Issuer or a Subsidiary Guarantor, (c) Disqualified Stock of a Restricted Subsidiary that is not a Subsidiary Guarantor
made by exchange for, or out of the proceeds of the sale or issuance of, Disqualified Stock or Indebtedness of a Restricted
Subsidiary that is not a Subsidiary Guarantor, in each case, is incurred or issued, as applicable, in compliance with Section
4.09 and (d) any Subordinated Indebtedness or Disqualified Stock that constitutes Acquired Indebtedness;

 

    89

     

    

 

(4)       a
Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other
than Disqualified Stock) (including related stock appreciation rights or similar securities) of the Issuer or any Parent Company
held by any future, present or former employee, director, officer, member of management, consultant or independent contractor (or
their respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of the Issuer,
any of its Subsidiaries or any Parent Company pursuant to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement, or any equity subscription or equity holder agreement (including, for the avoidance of doubt,
any principal and interest payable on any notes issued by the Issuer or any Parent Company in connection with any such repurchase,
retirement or other acquisition); provided that the aggregate amount of Restricted Payments made under this clause (4) does
not exceed $60.0 million in any calendar year (with unused amounts in any calendar year being carried over to succeeding calendar
years); provided further that such amount in any calendar year under this clause (4) may be increased by an amount not to
exceed:

 

(A)       the
cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent contributed to
the Issuer, the cash proceeds from the sale of Equity Interests of any Parent Company, in each case to any future, present or former
employees, directors, officers, members of management, consultants or independent contractors (or their respective Controlled Investment
Affiliates or Immediate Family Members or any permitted transferees thereof) of the Issuer, any of its Subsidiaries or any Parent
Company that occurs after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise
been applied to the payment of Restricted Payments by virtue of Section 4.07(a)(3); plus

 

(B)       the
amount of any cash bonuses otherwise payable to members of management, employees, directors, consultants or independent contractors
(or their respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of the
Issuer, any of its Subsidiaries or any Parent Company that are foregone in exchange for the receipt of Equity Interests of the
Issuer or any Parent Company pursuant to any compensation arrangement, including any stock options and any deferred compensation
plan; plus

 

(C)       the
cash proceeds of life insurance policies received by the Issuer or its Restricted Subsidiaries (or by any Parent Company to the
extent contributed to the Issuer (other than in the form of Disqualified Stock)); minus

 

(D)       the
amount of any Restricted Payments previously made with the cash proceeds described in clauses (A), (B) and (C) of this clause (4);

 

and provided that the Issuer may elect to
apply all or any portion of the aggregate increase contemplated by Sections 4.07(b)(4)(A), (B) and (C) in any calendar year
and provided further that cancellation of Indebtedness owing to the Issuer or any of its Restricted Subsidiaries from
any future, present or former employees, directors, officers, members of management, consultants or independent contractors
(or their respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of
the Issuer, any Parent Company or any of its Restricted Subsidiaries in connection with a repurchase of Equity Interests of
the Issuer or any Parent Company will not be deemed to constitute a Restricted Payment for purposes of this Section 4.07 or
any other provision of this Indenture;

 

    90

     

    

 

 

(5)           the
declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or
any Restricted Subsidiary or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with Section
4.09 to the extent such dividends or distributions are included in the definition of “Fixed Charges”;

 

(6)           (A) the
declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock issued by
the Issuer or any Restricted Subsidiary after the Issue Date;

 

(B)           the
declaration and payment of dividends or distributions to any Parent Company, the proceeds of which will be used to fund the payment
of dividends or distributions to holders of any class or series of Designated Preferred Stock issued by such Parent Company after
the Issue Date; provided that the amount of dividends and distributions paid pursuant to this clause (B) will not exceed
the aggregate amount of cash actually contributed to the Issuer from the sale of such Designated Preferred Stock; or

 

(C)           the
declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable and
payable thereon pursuant to Section 4.07(b)(2);

 

provided that in the case of each of clauses
(A), (B) and (C) of this clause (6), for the most recently ended Test Period preceding the date of issuance of such Designated
Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to
such issuance or declaration on a pro forma basis, the Issuer would have had a Fixed Charge Coverage Ratio of at least 2.00
to 1.00;

 

(7)           (a)
payments made or expected to be made by the Issuer or any Restricted Subsidiary in respect of withholding or similar taxes payable
by any future, present or former employee, director, officer, member of management, consultant or independent contractor (or their
respective Controlled Investment Affiliates or Immediate Family Members or permitted transferees) of the Issuer or any Restricted
Subsidiary or any Parent Company, (b) any repurchases or withholdings of Equity Interests in connection with the exercise of stock
options, warrants or similar rights if such Equity Interests represent a portion of the exercise price of, or withholding obligations
with respect to, such options, warrants or similar rights or required withholding or similar taxes and (c) loans or advances to
officers, directors, employees, managers, consultants and independent contractors of the Issuer or any Parent Company or any Restricted
Subsidiary of the Issuer in connection with such Person’s purchase of Equity Interests of the Issuer or any Parent Company;
provided that no cash is actually advanced pursuant to this clause (c) other than to pay taxes due in connection with such
purchase, unless immediately repaid;

 

(8)           the
declaration and payment of dividends on the Issuer’s common equity (or the payment of dividends to any Parent Company
to fund a payment of dividends on such Parent Company’s common equity) in an amount not to exceed an aggregate amount
per annum not to exceed 6.0% of Market Capitalization;

 

    91

     

    

 

(9)           Restricted
Payments in an amount that does not exceed the aggregate amount of Excluded Contributions;

 

(10)         Restricted
Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (10) not to exceed
(as of the date any such Restricted Payment is made) the greater of (a) $200.0 million and (b) 31.0% of Consolidated EBITDA of
the Issuer and the Restricted Subsidiaries for the most recently ended Test Period (calculated on a pro forma basis); provided
that if this clause (10) is utilized to make a Restricted Investment, the amount deemed to be utilized under this clause (10) will
be the amount of such Restricted Investment under this clause (10) after giving effect to any reclassifications at any time outstanding
(i.e., in the case of any Restricted Investments made in reliance on this clause (10) to the extent not reclassified, net
of all returns, profits, dividends and distributions and similar amounts received on account of such Restricted Investments) (with
the Fair Market Value of such Investment being measured at the time made and without giving effect to subsequent changes in value,
but subject to adjustment as set forth in the definition of “Investment”);

 

(11)         distributions
or payments of Securitization Fees;

 

(12)         the
repurchase, redemption, defeasance, acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions
similar to those of Sections 4.10 and 4.14; provided that (i) at or prior to such repurchase, redemption, defeasance, acquisition
or retirement, the Issuer (or a third person permitted by this Indenture) shall have made any required Change of Control Offer
or Asset Sale Offer, as applicable, to purchase the Notes on the terms provided in this Indenture applicable to Change of Control
Offers or Asset Sale Offers, respectively, and (ii) all Notes validly tendered and not validly withdrawn by Holders in any such
Change of Control Offer or Asset Sale Offer, as applicable, shall have been repurchased, redeemed, acquired or retired for value;

 

(13)         the
declaration and payment of dividends or distributions by the Issuer or a Restricted Subsidiary to, or the making of loans or advances
to, the Issuer or any Parent Company in amounts required for any Parent Company to pay, in each case without duplication:

 

(A)           franchise,
excise and similar taxes, other fees, taxes and expenses required to maintain their corporate or other legal existence;

 

(B)            federal,
state, provincial, municipal and local income taxes, to the extent such income taxes are attributable to the income of the Issuer
and its Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted Subsidiaries, in amounts
required to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries; provided that in
each case the amount of such payments in any fiscal year does not exceed the excess (if any) of (I) the amount that the Issuer,
its Restricted Subsidiaries and its Unrestricted Subsidiaries (to the extent described above) would be required to pay in respect
of federal, state, provincial, municipal and local income taxes for such fiscal year were the Issuer, its Restricted Subsidiaries
and its Unrestricted Subsidiaries (to the extent described above) to pay such taxes separately from any Parent Company over (II)
the aggregate federal, state, provincial, municipal and local income taxes paid by the Issuer and its Restricted Subsidiaries;

 

    92

     

    

 

(C)            salary,
bonus, severance and other benefits payable to, and indemnities provided on behalf of, employees, directors, officers, members
of management, consultants and independent contractors of any Parent Company and any payroll, social security or similar taxes
thereof;

 

(D)            general
corporate or other operating, administrative, compliance and overhead costs and expenses (including expenses relating to auditing
and other accounting matters) of any Parent Company;

 

(E)            fees
and expenses (including ongoing compliance costs and listing expenses) related to any equity or debt offering of a Parent Company
(whether or not consummated);

 

(F)            amounts
paid for the benefit of, or directly by, the Issuer or its Restricted Subsidiaries to the extent such payments could have been
made by the Issuer or any of its Restricted Subsidiaries because such payments either (i) would not otherwise be Restricted Payments
or (ii) would be permitted under Section 4.11 (other than Section 4.11(b)(2)(a)); and

 

(G)            to
finance Investments or other acquisitions or investments otherwise permitted to be made pursuant to this Section 4.07 if made by
the Issuer; provided that (A) such Restricted Payment must be made within 90 days of the closing of such Investment, acquisition
or investment, (B) such Parent Company must, promptly following the closing thereof, cause (1) all property acquired (whether
assets or Equity Interests) to be contributed to the capital of the Issuer or one of its Restricted Subsidiaries or (2) the merger,
amalgamation, consolidation, or sale of the Person formed or acquired into the Issuer or one of its Restricted Subsidiaries (to
the extent not prohibited by Section 5.01) in order to consummate such Investment, acquisition or investment, (C) such Parent Company
and its Affiliates (other than the Issuer or a Restricted Subsidiary) receive no consideration or other payment in connection with
such transaction except to the extent the Issuer or a Restricted Subsidiary could have given such consideration or made such payment
in compliance with this Indenture, (D) any property received by the Issuer may not increase amounts available for Restricted Payments
pursuant to Section 4.07(a)(3) and (E) to the extent constituting an Investment, such Investment will be deemed to be made by the
Issuer or such Restricted Subsidiary pursuant to another provision of this Section 4.07 (other than pursuant to Section 4.07(b)(9))
or pursuant to the definition of “Permitted Investments” (other than clause (9) thereof);

 

(14)         the
distribution, by dividend or otherwise, or other transfer or disposition of shares of Capital Stock of, Equity Interests in, or
Indebtedness owed to the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries,
substantially all the assets of which are cash and Cash Equivalents);

 

(15)         cash
payments or loans, advances, dividends or distributions to any Parent Company to make payments, in lieu of issuing fractional shares
in connection with share dividends, share splits, reverse share splits, mergers, consolidations, amalgamations or other business
combinations and in connection with the exercise of warrants, options or other securities convertible into or exchangeable for
Equity Interests of the Issuer, any of its Restricted Subsidiaries or any Parent Company;

 

    93

     

    

 

(16)         Restricted
Payments; provided that after giving pro forma effect thereto and the application of the net proceeds therefrom,
the Total Net Leverage Ratio for the Test Period immediately preceding such Restricted Payment would be no greater than 3.75 to
1.00;

 

(17)         the
payment of dividends and other distributions in an amount equal to any reduction in taxes actually realized by the Issuer and its
Restricted Subsidiaries in the form of refunds or credits or from deductions when applied to offset income or gain as a direct
result of (i) transaction fees and expenses, (ii) commitment and other financing fees or (iii) severance, change in control and
other compensation expense incurred in connection with the exercise, repurchase, rollover or payout of stock options or bonuses,
in each case in connection with the Previous Transactions or the Transactions;

 

(18)         payments
and distributions to dissenting stockholders of Restricted Subsidiaries pursuant to applicable law, pursuant to or in connection
with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of any Restricted Subsidiary that
complies with the terms of this Indenture or any other transaction that complies with the terms of this Indenture;

 

(19)         the
payment of dividends, other distributions and other amounts by the Issuer to, or the making of loans to, any Parent Company in
the amount required for such parent to, if applicable, pay amounts equal to amounts required for any Parent Company, if applicable,
to pay interest and/or principal (including AHYDO “catch-up payments”) on Indebtedness, (a) the proceeds of which have
been permanently contributed to the Issuer or any Restricted Subsidiary or (b) that has been guaranteed by, or is otherwise considered
Indebtedness of, the Issuer or any Restricted Subsidiary incurred in accordance with this Indenture; provided that, in the
case of clause (a), the aggregate amount of such dividends, distributions, loans and other amounts shall not exceed the amount
of cash actually contributed to the Issuer for the incurrence of such Indebtedness;

 

(20)         the
making of cash payments in connection with any conversion of Convertible Indebtedness of the Issuer or any Restricted Subsidiary
in an aggregate amount since the Issue Date not to exceed the sum of (a) the principal amount of such Convertible Indebtedness
plus (b) any payments received by the Issuer or any Restricted Subsidiary pursuant to the exercise, settlement or termination
of any related Permitted Bond Hedge Transaction;

 

(21)         any
payments in connection with (a) a Permitted Bond Hedge Transaction and (b) the settlement of any related Permitted Warrant Transaction
(i) by delivery of shares of the Issuer’s common equity upon settlement thereof or (ii) by (A) set-off against the related
Permitted Bond Hedge Transaction or (B) payment of an early termination amount thereof in common equity upon any early termination
thereof; and

 

(22)         the
refinancing of any Subordinated Indebtedness with the Net Proceeds of, or in exchange for, any Refinancing Indebtedness;

 

provided that at the time of, and after giving effect
to, any Restricted Payment set forth in clauses (I), (II) or (III) of the definition thereof permitted under Sections 4.07(b)(10),
(14), (16) and (17), no Event of Default will have occurred and be continuing or would occur as a consequence thereof. For purposes
of Sections 4.07(b)(7) and (13), taxes will include all interest and penalties with respect thereto and all additions thereto.

 

    94

     

    

 

(c)            Neither
the Issuer nor any Restricted Subsidiary will directly or indirectly (including by designating a Restricted Subsidiary as an Unrestricted
Subsidiary) transfer the ownership of any intellectual property that the Issuer determines in good faith to be material to the
Issuer and its Restricted Subsidiaries taken as a whole (“Material Intellectual Property”) to an Unrestricted
Subsidiary except to the extent such Material Intellectual Property is related to the anticipated business activities to be conducted
by such Unrestricted Subsidiary (as determined by the Issuer in good faith).

 

(d)           The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date the Restricted Payment is made, or
at the Issuer’s election, the date a commitment is made to make such Restricted Payment, of the assets or securities proposed
to be transferred or issued by the Issuer or any Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

(e)           As
of the Issue Date, all of the Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer will not permit any Unrestricted
Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence of the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments
by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be
Restricted Payments or Permitted Investments in an amount determined as set forth in the definition of “Investments.”
Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time pursuant to this
Section 4.07 or if an Investment would be permitted at such time, pursuant to the definition of “Permitted Investments,”
and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject
to any of the restrictive covenants set forth in this Indenture.

 

SECTION
4.08.      Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)            The
Issuer will not, and will not permit any Restricted Subsidiary that is not a Guarantor to, create or otherwise cause to exist or
become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:

 

(1)           (A)
pay dividends or make any other distributions to the Issuer or any Restricted Subsidiary that is a Guarantor on its Capital Stock
or with respect to any other interest or participation in, or measured by, its profits, or

 

(B)           pay
any Indebtedness owed to the Issuer or to any Restricted Subsidiary that is a Guarantor;

 

(2)           make
loans or advances to the Issuer or to any Restricted Subsidiary that is a Guarantor; or

 

(3)           sell,
lease or transfer any of its properties or assets to the Issuer or to any Restricted Subsidiary that is a Guarantor;

 

provided that dividend or
liquidation priority between or among classes or series of Capital Stock, and the subordination of any obligation (including the
application of any remedy bars thereto) to any other obligation will not be deemed to constitute such an encumbrance or restriction.

 

    95

     

    

 

(b)           The
restrictions in Section 4.08(a) will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)           encumbrances
or restrictions in effect on the Issue Date, including pursuant to the Senior Credit Facilities, the Existing Senior Notes and
the related documentation and Hedging Obligations and the related documentation;

 

(2)           this
Indenture, the Notes, the guarantees thereof, the Intercreditor Agreements and the Security Documents;

 

(3)           Purchase
Money Obligations and Capitalized Lease Obligations that impose restrictions of the nature discussed in Section 4.08(a)(3) on the
property so acquired;

 

(4)           applicable
law or any applicable rule, regulation or order;

 

(5)           any
agreement or other instrument of a Person, or relating to Indebtedness or Equity Interests of a Person, acquired by or merged,
amalgamated or consolidated with and into the Issuer or any Restricted Subsidiary or an Unrestricted Subsidiary that is designated
as a Restricted Subsidiary, or any other transaction entered into in connection with any such acquisition, merger, consolidation
or amalgamation in existence at the time of such acquisition or at the time it merges, amalgamates or consolidates with or into
the Issuer or any Restricted Subsidiary or an Unrestricted Subsidiary that is designated as a Restricted Subsidiary or assumed
in connection with the acquisition of assets from such Person (but, in any such case, not created in contemplation thereof), which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person so
acquired and its Subsidiaries, or the property or assets of the Person so acquired or designated and its Subsidiaries or the property
or assets so acquired or designated;

 

(6)           contracts
or agreements for the sale or disposition of assets, including any restrictions with respect to a Subsidiary of the Issuer pursuant
to an agreement that has been entered into for the sale or disposition of any of the Capital Stock or assets of such Subsidiary;

 

(7)           Secured
Indebtedness otherwise permitted to be incurred pursuant to Sections 4.09 and 4.12 that limit the right of the debtor to dispose
of assets or incur Liens;

 

(8)           restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business or
consistent with industry practice or arising in connection with any Permitted Liens;

 

(9)           provisions
in agreements governing Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries that are not Guarantors
permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09;

 

(10)         provisions
in joint venture agreements and other similar agreements (including equity holder agreements) relating to such joint venture or
its members entered into in the ordinary course of business or consistent with industry practice;

 

(11)         customary
provisions contained in leases, subleases, licenses, sub-licenses, Equity Interests or similar agreements, including with respect
to intellectual property and other agreements;

 

(12)         restrictions
created in connection with any Qualified Securitization Facility that, in the good faith determination of the Issuer, are necessary
or advisable to effect such Qualified Securitization Facility;

 

    96

     

    

 

(13)         restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to
which the Issuer or any Restricted Subsidiary is a party entered into in the ordinary course of business or consistent with industry
practice; provided that such agreement prohibits the encumbrance of solely the property or assets of the Issuer or such
Restricted Subsidiary that are subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does
not extend to any other asset or property of the Issuer or such Restricted Subsidiary or the assets or property of another Restricted
Subsidiary;

 

(14)         customary
provisions restricting subletting or assignment of any lease governing a leasehold interest of the Issuer or any Restricted Subsidiary;

 

(15)         customary
provisions restricting assignment of any agreement;

 

(16)         restrictions
arising in connection with cash or other deposits permitted under Section 4.12;

 

(17)         any
other agreement or instrument governing any Indebtedness, Disqualified Stock, or Preferred Stock permitted to be incurred or issued
pursuant to Section 4.09 entered into after the Issue Date that contains encumbrances and restrictions that either (i) are no more
restrictive in any material respect, taken as a whole, with respect to the Issuer or any Restricted Subsidiary than (A) the restrictions
contained in this Indenture or the Senior Credit Facilities as of the Issue Date or (B) those encumbrances and other restrictions
that are in effect on the Issue Date with respect to the Issuer or that Restricted Subsidiary pursuant to agreements in effect
on the Issue Date, (ii) are not materially more disadvantageous, taken as a whole, to the Holders than is customary in comparable
financings for similarly situated issuers or (iii) will not materially impair the Issuer’s ability to make payments on the
Notes when due, in each case in the good faith judgment of the Issuer;

 

(18)         (i)
under terms of Indebtedness and Liens in respect of Indebtedness permitted to be incurred pursuant to Section 4.09(b)(4) and any
permitted refinancing in respect thereof, and (ii) agreements entered into in connection with a Sale and Lease-Back Transaction
entered into in the ordinary course of business or consistent with industry practice;

 

(19)         customary
restrictions and conditions contained in documents relating to any Lien so long as (i) such Lien is a Permitted Lien and such restrictions
or conditions relate only to the specific asset subject to such Lien and (ii) such restrictions and conditions are not created
for the purpose of avoiding the restrictions imposed by this covenant;

 

(20)         any
encumbrance or restriction with respect to a Restricted Subsidiary that was previously an Unrestricted Subsidiary which encumbrance
or restriction exists pursuant to or by reason of an agreement that such Subsidiary is a party to or entered into before the date
on which such Subsidiary became a Restricted Subsidiary; provided that such agreement was not entered into in anticipation
of an Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction does not extend to any assets
or property of the Issuer or any other Restricted Subsidiary other than the assets and property of such Restricted Subsidiary;

 

(21)         any
encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (20)
of this Section 4.08(b); provided that such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are, in the good faith judgment of the Issuer, not materially more restrictive,
taken as a whole, with respect to such encumbrance and other restrictions than those prior to such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing;

 

    97

     

    

 

(22)         any
encumbrance or restriction existing under, by reason of or with respect to Refinancing Indebtedness; provided that the encumbrances
and restrictions contained in the agreements governing that Refinancing Indebtedness are, in the good faith judgment of the Issuer,
not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;
and

 

(23)         applicable
law or any applicable rule, regulation or order in any jurisdiction where Indebtedness, Disqualified Stock or Preferred Stock of
Foreign Subsidiaries permitted to be incurred or issued pursuant to Section 4.09 is incurred or issued.

 

SECTION
4.09.      Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)            The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly, liable, contingently or otherwise (collectively, “incur” and collectively, an
 “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the Issuer will not issue
any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred
Stock; provided that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified
Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock
and issue shares of Preferred Stock, if, on a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued,
as the case may be, and the application of proceeds therefrom had occurred at the beginning of such Test Period, the Fixed Charge
Coverage Ratio of the Issuer for the Issuer’s most recently ended Test Period preceding the date on which such additional
Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued (or, in the case of Indebtedness under Designated
Revolving Commitments, on the date such Designated Revolving Commitments are established after giving pro forma effect to
the incurrence of the entire committed amount of Indebtedness thereunder, in which case such committed amount under such Designated
Revolving Commitments may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance
with this proviso) would have been at least 2.00 to 1.00; provided that the amount of Indebtedness (including Acquired Indebtedness),
Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to the foregoing by Restricted Subsidiaries
that are not Guarantors under this Section 4.09(a) shall not exceed at any one time outstanding, in the aggregate, (together with
all Indebtedness incurred under clause (22) below by Restricted Subsidiaries of the Issuer that are not Guarantors) the greater
of (x) $300.0 million and (y) 47.0% of Consolidated EBITDA of the Issuer for the most recently ended Test Period (calculated on
a pro forma basis).

 

(b)           Section
4.09(a) will not apply to:

 

(1)           the
incurrence of Indebtedness (including letters of credit or bankers’ acceptances issued or created thereunder) pursuant to
any Credit Facility (including, without limitation, any Senior Credit Facility) in an aggregate outstanding principal amount not
to exceed the sum of:

 

(A)          the
greater of (i) $1,050.0 million and (ii) the Borrowing Base as of, at the option of the Issuer at any time and from time to
time, the applicable date of determination, the Issue Date, the date of execution of the documentation governing such
Indebtedness or the date of the incurrence of such Indebtedness or, in the case of any Limited Condition Transaction, the
date of execution of the commitment letter in respect of such Indebtedness and measured on a pro forma basis after
giving effect to any increase in the Borrowing Base that will result from such acquisition; plus

 

    98

     

    

 

(B)           $1,670.0
million; plus

 

(C)           the
greater of (i) $650.0 million and (ii) 100.0% of Consolidated EBITDA for the most recently ended Test Period (calculated on a pro
forma basis) at the time of such incurrence; plus

 

(D)           unlimited
amounts, so long as in the case of this clause (1)(D) only, after giving pro forma effect thereto, the Senior Secured Net
Leverage Ratio as of the most recently ended Test Period shall be no greater than 3.25 to 1.00 (provided that for purposes
of determining the amount that may be incurred under this clause (1)(D), any cash proceeds of any new Indebtedness then being incurred
shall not be netted from the numerator in the Senior Secured Net Leverage Ratio for purposes of calculating the Senior Secured
Net Leverage Ratio under this clause (1)(D) for purposes of determining whether such Indebtedness can be incurred);

 

provided that any Indebtedness
incurred under this Section 4.09(b)(1) may be extended, replaced, refunded, refinanced, renewed or defeased (including through
successive extensions, replacements, refundings, refinancings, renewals and defeasances) with new Indebtedness so long as the principal
amount (or accreted value, if applicable) of such new Indebtedness does not exceed the sum of (x) the principal amount (or accreted
value, if applicable) of the Indebtedness being so extended, replaced, refunded, refinanced, renewed or defeased (including an
amount equal to any unutilized commitments being refinanced to the extent permanently terminated at the time of incurrence of such
Refinancing Indebtedness to the extent the unutilized commitment being refinanced could be drawn in compliance with this Section
4.09 immediately prior to such refinancing), plus (y) any accrued and unpaid interest on the Indebtedness being refinanced,
plus (z) the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or
documents governing such refinanced Indebtedness and any defeasance costs and any fees and expenses (including original issue discount,
upfront fees, underwriting, arrangement and similar fees) incurred in connection with the incurrence of such new Indebtedness or
the extension, replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness; provided further
that for purposes of determining the amount that may be incurred under this clause (1), all Indebtedness incurred under clause
(1)(D) shall be deemed to be included in clause (a) of the definition of “Senior Secured Net Leverage Ratio”;

 

(2)           the
incurrence by the Issuer and any Subsidiary Guarantor of Indebtedness represented by the Notes and related Guarantees (but excluding
any Additional Notes issued after the Issue Date);

 

(3)           the
incurrence of Indebtedness by the Issuer and any Restricted Subsidiary that is (a) represented by the Existing Senior Notes (other
than any “Additional Notes” issued under the Existing Senior Notes Indenture) or (b) otherwise outstanding on the Issue
Date (excluding, for the avoidance of doubt, Indebtedness incurred under Sections 4.09(b)(1) and (2));

 

    99

     

    

 

(4)           (x)(a)
the incurrence of Attributable Indebtedness and (b) Indebtedness (including Capitalized Lease Obligations and Purchase Money
Obligations) and Disqualified Stock incurred or issued by the Issuer or any Restricted Subsidiary and Preferred Stock issued
by any Restricted Subsidiary to finance the purchase, lease, expansion, construction, installation, replacement, repair or
improvement of property (real or personal), equipment or other assets, including assets that are used or useful in a Similar
Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets in an aggregate
principal amount, together with all other Indebtedness, Disqualified Stock and/or Preferred Stock incurred or issued and
outstanding under this clause (4) at such time, not to exceed (as of the date such Indebtedness, Disqualified Stock and/or
Preferred Stock is issued, incurred or otherwise obtained) the greater of (i) $200.0 million and (ii) 31.0% of Consolidated
EBITDA of the Issuer and the Restricted Subsidiaries for the most recently ended Test Period (calculated on a pro
forma basis) and (y) any Refinancing Indebtedness in respect thereof;

 

(5)           Indebtedness
incurred by the Issuer or any Restricted Subsidiary (a) constituting reimbursement obligations with respect to letters of
credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or entered into, or relating
to obligations or liabilities incurred, in the ordinary course of business or consistent with industry practice and otherwise in
compliance with the terms of this Indenture, including in respect of workers’ compensation claims, performance, completion
or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance,
unemployment insurance or other social security legislation or other Indebtedness with respect to reimbursement-type obligations
regarding workers’ compensation claims, performance, completion or surety bonds, health, disability or other employee benefits
or property, casualty or liability insurance or self-insurance or (b) as an account party in respect of letters of credit, bank
guarantees or similar instruments in favor of suppliers, trade creditors or other Persons issued or incurred in the ordinary course
of business or consistent with industry practice;

 

(6)           the
incurrence of Indebtedness arising from agreements of the Issuer or any Restricted Subsidiary providing for indemnification, adjustment
of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition
of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion
of such business, assets or a Subsidiary for the purpose of financing such acquisition;

 

(7)           the
incurrence of Indebtedness by the Issuer and owing to a Restricted Subsidiary or the issuance of Disqualified Stock of the Issuer
to a Restricted Subsidiary (or to any Parent Company which is substantially contemporaneously transferred to any Restricted Subsidiary);
provided that any such Indebtedness for borrowed money owing to a Restricted Subsidiary that is not a Subsidiary Guarantor
is expressly subordinated in right of payment to the Notes to the extent permitted by applicable law; provided further that
any subsequent issuance or transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary ceasing
to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness or Disqualified Stock (except to the Issuer
or another Restricted Subsidiary or any pledge of such Indebtedness or Disqualified Stock constituting a Permitted Lien) will be
deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness is then outstanding) or issuance
of such Disqualified Stock (to the extent such Disqualified Stock is then outstanding) not permitted by this Section 4.09(b)(7);

 

    100

     

    

 

(8)           the
incurrence of Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary (or to any Parent
Company which is substantially contemporaneously transferred to the Issuer or any Restricted Subsidiary); provided
that any such Indebtedness for borrowed money incurred by a Subsidiary Guarantor and owing to a Restricted Subsidiary that is
not a Subsidiary Guarantor is expressly subordinated in right of payment to the Guarantee of the Notes of such Subsidiary
Guarantor to the extent permitted by applicable law; provided further that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
such subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of
such Indebtedness constituting a Permitted Lien) will be deemed, in each case, to be an incurrence of such Indebtedness (to
the extent such Indebtedness is then outstanding) not permitted by this Section 4.09(b)(8);

 

(9)           the
issuance of shares of Preferred Stock or Disqualified Stock of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary
(or to any Parent Company which is substantially contemporaneously transferred to the Issuer or any Restricted Subsidiary); provided
that any subsequent issuance or transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary
that holds such Preferred Stock or Disqualified Stock ceasing to be a Restricted Subsidiary or any other subsequent transfer of
any such shares of Preferred Stock or Disqualified Stock (except to the Issuer or another Restricted Subsidiary or any pledge of
such Preferred Stock or Disqualified Stock constituting a Permitted Lien) will be deemed, in each case, to be an issuance of such
shares of Preferred Stock or Disqualified Stock (to the extent such Preferred Stock or Disqualified Stock is then outstanding)
not permitted by this Section 4.09(b)(9);

 

(10)         the
incurrence of Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

 

(11)         the
incurrence of obligations in respect of self-insurance and obligations in respect of performance, bid, appeal and surety bonds
and performance, banker’s acceptance facilities and completion guarantees and similar obligations provided by the Issuer
or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto,
in each case in the ordinary course of business or consistent with industry practice, including those incurred to secure health,
safety and environmental obligations;

 

(12)         (a)
the incurrence of Indebtedness or issuance of Disqualified Stock of the Issuer and the incurrence or issuance of Indebtedness,
Disqualified Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference up
to 100.0% of the net cash proceeds received by the Issuer and its Restricted Subsidiaries since December 19, 2013 from the issue
or sale of Equity Interests of the Issuer and the Subsidiary Guarantors or contributions to the capital of the Issuer and the Subsidiary
Guarantors including through consolidation, amalgamation or merger (in each case, other than proceeds of Disqualified Stock or
sales of Equity Interests to the Issuer or any Restricted Subsidiary) as determined in accordance with Sections 4.07(a)(3)(B) and
(3)(C) (determined, solely for purposes of this clause (12)(a), as if the “Reference Date” were December 19, 2013)
to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments pursuant
to Section 4.07(a) or to make Permitted Investments (other than Permitted Investments specified in clause (1), (2) or (3) of the
definition thereof); and

 

    101

     

    

 

(b) (x) the incurrence of
Indebtedness or issuance of Disqualified Stock of the Issuer and the incurrence or issuance of Indebtedness, Disqualified
Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference that, when
aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred
Stock then outstanding and incurred or issued, as applicable, pursuant to this clause (12)(b) does not exceed (as of the date
such Indebtedness, Disqualified Stock or Preferred Stock is issued, incurred or otherwise obtained) (i) the greater of (x)
$325.0 million and (y) 50.0% of Consolidated EBITDA of the Issuer and the Restricted Subsidiaries for the most recently ended
Test Period (calculated on a pro forma basis); plus, without duplication, (ii) in the event of any extension,
replacement, refinancing, renewal or defeasance of any such Indebtedness, Disqualified Stock or Preferred Stock, an amount
equal to (x) any accrued and unpaid interest on the Indebtedness, any accrued and unpaid dividends on the Preferred Stock,
and any accrued and unpaid dividends on the Disqualified Stock being so refinanced, extended, replaced, refunded, renewed or
defeased plus (y) the amount of any tender premium or penalty or premium required to be paid under the terms of the
instrument or documents governing such Indebtedness, Disqualified Stock or Preferred Stock and any defeasance costs and any
fees and expenses (including original issue discount, upfront fees, underwriting, arrangement and similar fees) incurred in
connection with the issuance of such new Indebtedness, Disqualified Stock or Preferred Stock or the extension, replacement,
refunding, refinancing, renewal or defeasance of such Indebtedness, Disqualified Stock or Preferred Stock; and (y) any
Refinancing Indebtedness in respect thereof;

 

(13)         the
incurrence or issuance by the Issuer of Refinancing Indebtedness or the incurrence or issuance by a Restricted Subsidiary of Refinancing
Indebtedness that serves to refund, refinance, extend, replace, renew or defease (collectively, “refinance” with “refinances,”
 “refinanced,” and “refinancing” having a correlative meaning) any Indebtedness (including any Designated
Revolving Commitments) incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.09(a) and Sections
4.09(b)(2), (3) and (12)(a), this Section 4.09(b)(13) and Sections 4.09(b)(14) and (28) or any successive Refinancing Indebtedness
with respect to any of the foregoing;

 

(14)         the
incurrence or issuance of:

 

(a) Indebtedness or Disqualified
Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary incurred or issued to finance
an acquisition or investment (or other purchase of assets); or

 

(b) Indebtedness, Disqualified
Stock or Preferred Stock (x) of Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into, amalgamated
or consolidated with the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture or (y) that is assumed
by the Issuer or any Restricted Subsidiary in connection with such acquisition or investment (or other purchase of assets); provided
that any such incurrence of Indebtedness, Disqualified Stock or Preferred Stock shall not exceed, after giving effect to such
acquisition, investment, merger, amalgamation, consolidation or designation, at the time of incurrence thereof a principal amount
then outstanding equal to the sum of (A) the greater of (i) $300.0 million and (ii) 47.0% of Consolidated EBITDA for the most recently
ended Test Period (calculated on a pro forma basis) at the time of such incurrence and (B) an unlimited amount, so long as after
giving effect to such acquisition, investment, merger, amalgamation or consolidation as described in this clause (B), on a pro
forma basis:

 

(i)             the
Fixed Charge Coverage Ratio of the Issuer for the Issuer’s most recently ended Test Period preceding the date on which
such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued (or, in the case of
Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments are established after
giving pro forma effect to the incurrence of the entire committed amount of Indebtedness thereunder, in which case
such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole or in
part, from time to time, without further compliance with this clause (i)) would have been at least 2.00 to 1.00 (determined,
for the avoidance of doubt, on a pro forma basis (including a pro forma application of the net proceeds
therefrom));

 

    102

     

    

 

(ii)            the
Fixed Charge Coverage Ratio of the Issuer for the Test Period preceding the date on which such additional Indebtedness is incurred
or such Disqualified Stock or Preferred Stock is issued (or, in the case of Indebtedness under Designated Revolving Commitments,
on the date such Designated Revolving Commitments are established after giving pro forma effect to the incurrence of the
entire committed amount of Indebtedness thereunder, in which case such committed amount under such Designated Revolving Commitments
may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this clause
(ii)) would be no less than the Fixed Charge Coverage Ratio immediately prior to giving effect to such incurrence of Indebtedness
or issuance of Disqualified Stock or Preferred Stock, in each case, determined, for the avoidance of doubt, on a pro forma
basis (including a pro forma application of the net proceeds therefrom);

 

(iii)           in
the case of secured Indebtedness, the Issuer’s Senior Secured Net Leverage Ratio would be no greater than 3.25 to 1.00; or

 

(iv)          (a)
in the case of unsecured Indebtedness, Disqualified Stock or Preferred Stock, the Total Net Leverage Ratio of the Issuer for the
Test Period preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock
is issued (or, in the case of Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments
are established after giving pro forma effect to the incurrence of the entire committed amount of Indebtedness thereunder,
in which case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole
or in part, from time to time, without further compliance with this clause (iv)(a)) would be no greater than the Total Net Leverage
Ratio immediately prior to giving effect to such incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock
or (b) in the case of secured Indebtedness, the Senior Secured Net Leverage Ratio of the Issuer for the Test Period preceding the
date on which such additional Indebtedness is incurred (or, in the case of Indebtedness under Designated Revolving Commitments,
on the date such Designated Revolving Commitments are established after giving pro forma effect to the incurrence of the
entire committed amount of Indebtedness thereunder, in which case such committed amount under such Designated Revolving Commitments
may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this clause
(iv)(b)) would be no greater than the Senior Secured Net Leverage Ratio immediately prior to giving effect to such incurrence of
Indebtedness (in the case of each of (a) and (b), for the avoidance of doubt, determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom) as if the additional Indebtedness had been incurred, or the Disqualified
Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning
of such Test Period);

 

(15)         the
incurrence of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business or consistent with industry practice;

 

    103

     

    

 

(16)         the
incurrence of Indebtedness of the Issuer or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued
pursuant to any Credit Facility, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee;

 

(17)         (a)
the incurrence of any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of the Issuer or
any Restricted Subsidiary so long as the incurrence of such Indebtedness or other obligation incurred by the Issuer or such Restricted
Subsidiary is permitted under the terms of this Indenture, or (b) any co-issuance by the Issuer or any Restricted Subsidiary of
any Indebtedness or other obligations of the Issuer or any Restricted Subsidiary so long as the incurrence of such Indebtedness
or other obligations by the Issuer or such Restricted Subsidiary was permitted under the terms of this Indenture;

 

(18)         the
incurrence of Indebtedness issued by the Issuer or any Restricted Subsidiary to future, present or former employees, directors,
officers, members of management, consultants and independent contractors thereof, their respective Controlled Investment Affiliates
or Immediate Family Members and permitted transferees thereof, in each case to finance the purchase or redemption of Equity Interests
of the Issuer or any Parent Company to the extent described in Section 4.07(b)(4);

 

(19)         the
incurrence of (a) Indebtedness owed to banks and other financial institutions incurred in the ordinary course of business or consistent
with industry practice in connection with ordinary banking arrangements to manage cash balances of the Issuer and its Restricted
Subsidiaries and (b) Indebtedness in respect of Bank Products and Cash Management Services, including Cash Management Obligations;

 

(20)         Indebtedness
incurred by a Restricted Subsidiary in connection with bankers’ acceptances, discounted bills of exchange or the discounting
or factoring of receivables for credit management purposes, in each case incurred or undertaken in the ordinary course of business
or consistent with industry practice on arm’s length commercial terms;

 

(21)         the
incurrence of Indebtedness of the Issuer or any Restricted Subsidiary consisting of (a) the financing of insurance premiums or
(b) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business or consistent
with industry practice;

 

(22)         (x)
the incurrence of Indebtedness, Disqualified Stock or Preferred Stock by Restricted Subsidiaries of the Issuer that are not Guarantors
in an aggregate principal amount or liquidation preference that, when aggregated with the principal amount and liquidation preference
of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred or issued, as applicable, pursuant
to this clause (22) does not exceed (as of the date such Indebtedness is issued, incurred or otherwise obtained), together with
all Indebtedness incurred under the last proviso to Section 4.09(a), the greater of (a) $300.0 million and (b) 47.0% of Consolidated
EBITDA of the Issuer for the most recently ended Test Period (calculated on a pro forma basis); and (y) any Refinancing
Indebtedness in respect thereof;

 

(23)         the
incurrence of Indebtedness by the Issuer or any Restricted Subsidiary undertaken in connection with cash management (including
netting services, automatic clearinghouse arrangements, overdraft protections, employee credit card programs and related or similar
services or activities) with respect to the Issuer, any Subsidiaries or any joint venture in the ordinary course of business or
consistent with industry practice, including with respect to financial accommodations of the type described in the definition of
Cash Management Services;

 

    104

     

    

 

(24)         the
incurrence of Indebtedness by the Issuer or any Restricted Subsidiary to the extent that the net proceeds thereof are promptly
deposited with the Trustee to satisfy and discharge the Notes in accordance with this Indenture;

 

(25)         guarantees
incurred in the ordinary course of business or consistent with industry practice in respect of obligations to suppliers, customers,
franchisees, lessors, licensees, sub-licensees and distribution partners;

 

(26)         the
incurrence of Indebtedness attributable to (but not incurred to finance) the exercise of appraisal rights or the settlement of
any claims or actions (whether actual, contingent or potential) with respect to any acquisition (by merger, consolidation or amalgamation
or otherwise) in accordance with the terms of this Indenture;

 

(27)         the
incurrence of Indebtedness representing deferred compensation to employees of any Parent Company, the Issuer or any Restricted
Subsidiary, including Indebtedness consisting of obligations under deferred compensation or any other similar arrangements incurred
in connection with any investment or any acquisition (by merger, consolidation or amalgamation or otherwise) permitted under this
Indenture;

 

(28)         the
incurrence or issuance of Indebtedness (including Acquired Indebtedness or Disqualified Stock) by the Issuer or the incurrence
or issuance of Indebtedness (including Acquired Indebtedness), Disqualified Stock or Preferred Stock by any Restricted Subsidiary
(or, in the case of Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments are
established after giving pro forma effect to the incurrence of the entire committed amount of Indebtedness thereunder, in
which case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole
or in part, from time to time, without further compliance with this clause (28)), so long as, after giving pro forma effect
thereto and the application of the net proceeds therefrom, the Issuer’s Senior Secured Net Leverage Ratio would be no greater
than 3.25 to 1.00; provided that for purposes of determining the amount that may be incurred under this clause (28), all
Indebtedness incurred under this clause (28) shall be deemed to be included in clause (a) of the definition of “Senior Secured
Net Leverage Ratio”;

 

(29)         (x)
the incurrence of Indebtedness, Disqualified Stock or Preferred Stock by Restricted Subsidiaries of the Issuer that are not Guarantors
to fund working capital requirements in an aggregate principal amount or liquidation preference that, when aggregated with the
principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding
and incurred or issued, as applicable, pursuant to this clause (29), does not exceed (as of the date such Indebtedness is issued,
incurred or otherwise obtained) the greater of (a) $50.0 million and (b) 7.75% of Consolidated EBITDA of the Issuer and the Restricted
Subsidiaries for the most recently ended Test Period (calculated on a pro forma basis); and (y) any Refinancing Indebtedness
in respect thereof;

 

(30)         Qualified
Securitization Facilities; and

 

(31)         all
premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on
obligations described in clauses (1) through (30) of this Section 4.09(b).

 

    105

     

    

 

 

(c)       For
purposes of determining compliance with this Section 4.09:

 

(1)       in
the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) at any time, whether at
the time of incurrence or upon the application of all or a portion of the proceeds thereof or subsequently, meets the criteria
of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through
(31) of Section 4.09(b) or is entitled to be incurred pursuant to Section 4.09(a), the Issuer, in its sole discretion, may divide
and classify and may subsequently re-divide and reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or
any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred
Stock (or a portion thereof) in such of the above clauses or under Section 4.09(a) as determined by the Issuer at such time; provided
that all Indebtedness outstanding under the Senior Credit Facilities on the Issue Date will, at all times, be treated as incurred
on the Issue Date under Section 4.09(b)(1) and may not be reclassified;

 

(2)       the
Issuer is entitled to divide and classify an item of Indebtedness, Disqualified Stock or Preferred Stock in more than one of the
types of Indebtedness, Disqualified Stock or Preferred Stock described in Section 4.09(a) and Section 4.09(b), subject to the proviso
to Section 4.09(c)(1);

 

(3)       the
principal amount of Indebtedness outstanding under any clause of this Section 4.09 will be determined after giving effect to the
application of proceeds of any such Indebtedness to refinance any such other Indebtedness; and

 

(4)       guarantees
of, or obligations in respect of letters of credit relating to, Indebtedness that are otherwise included in the determination of
a particular amount of Indebtedness will not be included in the determination of such amount of Indebtedness; provided that
the incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was incurred in compliance
with this Section 4.09.

 

Accrual of interest or dividends, the accretion
of accreted value, the accretion or amortization of original issue discount, and the payment of interest or dividends in the form
of additional Indebtedness, Disqualified Stock or Preferred Stock and increases in the amount of Indebtedness outstanding solely
as a result of fluctuations in the exchange rate of currencies, will, in each case, not be deemed to be an incurrence of Indebtedness
or an issuance of Disqualified Stock or Preferred Stock for purposes of this Section 4.09. Any Indebtedness incurred, or Disqualified
Stock or Preferred Stock issued, to refinance Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, pursuant
to Sections 4.09(b)(1), (2), (3), (4), (12), (13), (14), (22), (28) and (29) will be permitted to include additional Indebtedness,
Disqualified Stock or Preferred Stock incurred to pay (I) any accrued and unpaid interest on the Indebtedness, any accrued and
unpaid dividends on the Preferred Stock and any accrued and unpaid dividends on the Disqualified Stock being so refinanced, extended,
replaced, refunded, renewed or defeased and (II) the amount of any tender premium or penalty or premium required to be paid under
the terms of the instrument or documents governing such refinanced Indebtedness, Preferred Stock or Disqualified Stock and any
defeasance costs and any fees and expenses (including original issue discount, upfront fees or similar fees) incurred in connection
with the issuance of such new Indebtedness, Preferred Stock or Disqualified Stock or the extension, replacement, refunding, refinancing,
renewal or defeasance of such refinanced Indebtedness, Preferred Stock or Disqualified Stock (including an amount equal to any
unutilized commitments being refinanced, extended, replaced, refunded, renewed or defeased to the extent permanently terminated
at the time of incurrence of such Refinancing Indebtedness and to the extent the unutilized commitment being refinanced could be
drawn in compliance with this Section 4.09 immediately prior to such refinancing).

 

    106

     

    

 

For purposes of determining compliance with
any U.S. dollar-denominated restriction on the incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock,
the U.S. dollar-equivalent principal amount of Indebtedness, liquidation preference of Disqualified Stock or amount of Preferred
Stock denominated in a foreign currency will be calculated based on the relevant currency exchange rate in effect on the date such
Indebtedness, Disqualified Stock or Preferred Stock was incurred or issued (or, in the case of revolving credit debt, the date
such Indebtedness was first committed or first incurred (whichever yields the lower U.S. dollar equivalent)); provided that
if such Indebtedness is incurred or Disqualified Stock or Preferred Stock is issued to refinance other Indebtedness, Disqualified
Stock or Preferred Stock, as applicable, denominated in a foreign currency, and such refinancing would cause the applicable U.S.
dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such
refinancing, such U.S. dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount
of such refinancing Indebtedness, Disqualified Stock or Preferred Stock does not exceed (1) the principal amount of such Indebtedness,
the liquidation preference of such Disqualified Stock or the amount of such Preferred Stock (as applicable) being refinanced, extended,
replaced, refunded, renewed or defeased plus (2) any accrued and unpaid interest on the Indebtedness, any accrued and
unpaid dividends on the Preferred Stock and any accrued and unpaid dividends on the Disqualified Stock being so refinanced, extended,
replaced, refunded, renewed or defeased plus (3) the amount of any tender premium or penalty or premium required to be paid
under the terms of the instrument or documents governing such refinanced Indebtedness, Preferred Stock or Disqualified Stock and
any defeasance costs and any fees and expenses (including original issue discount, upfront fees or similar fees) incurred in connection
with the issuance of such new Indebtedness, Preferred Stock or Disqualified Stock or the extension, replacement, refunding, refinancing,
renewal or defeasance of such refinanced Indebtedness, Preferred Stock or Disqualified Stock (including an amount equal to any
unutilized commitments being refinanced, extended, replaced, refunded, renewed or defeased to the extent permanently terminated
at the time of incurrence of such Refinancing Indebtedness and to the extent the unutilized commitment being refinanced could be
drawn in compliance with this Section 4.09 immediately prior to such refinancing).

 

The principal amount of any Indebtedness
incurred or Disqualified Stock or Preferred Stock issued to refinance other Indebtedness, Disqualified Stock or Preferred Stock,
if incurred or issued in a different currency from the Indebtedness, Disqualified Stock or Preferred Stock, as applicable, being
refinanced, will be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness,
Disqualified Stock or Preferred Stock is denominated that is in effect on the date of such refinancing. The principal amount of
any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date will be the principal amount
thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP.

 

The Issuer will not, and will not permit
any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually
subordinated in right of payment to any Indebtedness of the Issuer or such Subsidiary Guarantor, as the case may be, unless such
Indebtedness is expressly subordinated in right of payment to the Notes or such Subsidiary Guarantor’s Guarantee to the extent
and in the same manner as such Indebtedness is contractually subordinated to other Indebtedness of the Issuer or such Subsidiary
Guarantor, as the case may be.

 

For purposes of this Indenture, (1) unsecured
Indebtedness will not be deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, (2) Indebtedness
will not be deemed to be subordinated or junior to any other Indebtedness merely because it is issued or guaranteed by other obligors
and (3) Secured Indebtedness will not be deemed to be subordinated or junior to any other Secured Indebtedness merely because it
has a junior priority lien with respect to the same collateral.

 

    107

     

    

 

SECTION
4.10.    Asset Sales.

 

(a)       The
Issuer will not, and will not permit any Restricted Subsidiary to, consummate an Asset Sale, unless:

 

(1)       the
Issuer or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by any other
Person assuming responsibility for, any liabilities, contingent or otherwise, in connection with such Asset Sale) at least equal
to the Fair Market Value (measured at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed
of; and

 

(2)       except
in the case of a Permitted Asset Swap, at least 75.0% of the consideration for such Asset Sale, together with all other Asset Sales
since the Issue Date (on a cumulative basis), received by the Issuer or a Restricted Subsidiary, as the case may be, is in the
form of cash or Cash Equivalents; provided that each of the following will be deemed to be cash or Cash Equivalents for
purposes of this Section 4.10(a)(2):

 

(A)       any
liabilities (as shown on the Issuer’s or any Restricted Subsidiary’s most recent balance sheet or in the footnotes
thereto or, if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected
on the Issuer’s or a Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or accrual
had taken place on or prior to the date of such balance sheet, as determined in good faith by the Issuer) of the Issuer or any
Restricted Subsidiary, other than liabilities that are by their terms subordinated in right of payment to the Notes or any Guarantor’s
Guarantee of the Notes, that are (i) assumed by the transferee of any such assets (or a third party in connection with such transfer)
or (ii) otherwise cancelled or terminated in connection with the transaction with such transferee (other than intercompany debt
owed to the Issuer or a Restricted Subsidiary (other than any Restricted Subsidiary subject to such Asset Sale));

 

(B)       any
securities, notes or other obligations or assets received by the Issuer or a Restricted Subsidiary from such transferee or in connection
with such Asset Sale (including earnouts and similar obligations) that are converted by the Issuer or a Restricted Subsidiary into
cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash
or Cash Equivalents received) within 180 days following the closing of such Asset Sale;

 

(C)       any
Designated Non-Cash Consideration received by the Issuer or a Restricted Subsidiary in such Asset Sale having an aggregate Fair
Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (C) that is at that
time outstanding, not to exceed 10% of Total Assets at the time of the receipt of such Designated Non-Cash Consideration, with
the Fair Market Value of each item of Designated Non-Cash Consideration being measured, at the Issuer’s option, either at
the time of contractually agreeing to such Asset Sale or at the time received and, in either case, without giving effect to subsequent
changes in value;

 

    108

     

    

 

(D)       Indebtedness
of any Restricted Subsidiary that ceases to be a Restricted Subsidiary as a result of such Asset Sale (other than intercompany
debt owed to the Issuer or a Restricted Subsidiary), to the extent that the Issuer and each other Restricted Subsidiary are released
from any guarantee of payment of the principal amount of such Indebtedness in connection with such Asset Sale; and

 

(E)       any
Investment, Capital Stock, assets, property or capital or other expenditure of the kind referred to in Section 4.10(b)(2).

 

(b)       Within
450 days after the receipt of any Net Proceeds of any Asset Sale of assets that constitute Term Priority Collateral (such Net Proceeds,
the “Available Net Proceeds”), the Issuer or a Restricted Subsidiary, at its option, may apply an amount equal
to the Available Net Proceeds from such Asset Sale:

 

(1)               
to repay Pari Passu Indebtedness or Indebtedness constituting Obligations in respect of the Notes (and, if the Indebtedness
repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto); provided that if the
Issuer or any Restricted Subsidiary will so repay any such Pari Passu Indebtedness, the Issuer will seek to reduce Obligations
under the Notes on a pro rata basis by, at its option, (i) redeeming Notes under Section 3.07, (ii) purchasing
Notes through open-market purchases, at a price equal to (or higher than) 100.0% of the principal amount thereof, or (iii) making
an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase their Notes on
a pro rata basis with such Pari Passu Indebtedness for no less than 100.0% of the principal amount thereof, plus the amount
of accrued but unpaid interest, if any, on the principal amount of Notes to be repurchased to the date of repurchase; provided,
that (X) if an offer to purchase any Notes or Pari Passu Indebtedness is made, such amount will be deemed repaid to the extent
of the amount of such offer, whether or not accepted by the holders of such Notes or Pari Passu Indebtedness, and no Available
Net Proceeds in the amount of such offer will be deemed to exist for purposes of determining Excess Proceeds following such offer
and (Y) if the holder of any Indebtedness constituting Pari Passu Obligations declines the repayment of such Indebtedness constituting
Pari Passu Obligations owed to it from such Available Net Proceeds, such amount will be deemed repaid to the extent of the declined
Available Net Proceeds (provided that any such declined amounts under this sub-clause (B), together with any offered amounts
not accepted for purchase pursuant to sub-clause (A) above (collectively, “Declined Amounts”) shall constitute
Declined Excess Proceeds);

 

(2)                to
make (a) an Investment in any one or more businesses; provided that such Investment in any business is in the form of the
acquisition of Capital Stock and results in the Issuer or any Restricted Subsidiary owning an amount of the Capital Stock of
such business such that it constitutes or continues to constitute a Restricted Subsidiary, (b) capital expenditures, (c)
other expenditures made in connection with the construction or development of facilities operated or to be operated by the
Issuer or a Restricted Subsidiary, (d) acquisitions of properties (including fee and leasehold interests) or (e) acquisitions
of other assets, other than securities, in the case of clauses (a), (d) and this clause (e), either (i) that are or will be
used or useful in a Similar Business or (ii) that replace, in whole or in part, the properties or assets that are the subject
of such Asset Sale; provided that in the case of this clause (2), a binding commitment or a binding letter of intent will be
treated as a permitted application of the Available Net Proceeds from the date of such commitment or binding letter of intent
so long as the Issuer or a Restricted Subsidiary enters into such commitment or binding letter of intent with the good faith
expectation that such Available Net Proceeds will be applied to satisfy such commitment or binding letter of intent within
180 days of such commitment or binding letter of intent (or, if later, 450 days after the receipt of such Available Net
Proceeds) (an “Acceptable Commitment”) and, in the event that any Acceptable Commitment is later cancelled
or terminated for any reason before the Available Net Proceeds are applied in connection therewith, then such Available Net
Proceeds will constitute Excess Proceeds (as defined below); or

 

    109

     

    

 

(3)               
any combination of the foregoing.

 

(c)       Notwithstanding
the foregoing, (i) to the extent that any or all of the Net Proceeds of any Asset Sale by a Foreign Subsidiary (a “Foreign
Disposition”) are prohibited or delayed by applicable local law from being repatriated to the United States, the amount
equal to the portion of such Net Proceeds so affected will not be required to be applied in compliance with this covenant, and
such amounts may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not
permit repatriation to the United States (the Issuer hereby agreeing to use reasonable efforts to cause the applicable Foreign
Subsidiary to take all actions reasonably required by the applicable local law to permit such repatriation), and if such repatriation
of any of such affected Net Proceeds is permitted under the applicable local law, an amount equal to such Net Proceeds permitted
to be repatriated will be applied (whether or not repatriation actually occurs) in compliance with this covenant (net of any additional
taxes that are or would be payable or reserved against as a result thereof) and (ii) to the extent that the Issuer has determined
in good faith that repatriation of any or all of the Net Proceeds of any Foreign Disposition could have a material adverse tax
consequence (which for the avoidance of doubt, includes, but is not limited to, where by doing so the Issuer, any Restricted Subsidiary
or any of their Affiliates would incur a material tax liability, including a material tax dividend, material deemed dividend pursuant
to Code Section 956 or material withholding tax), the amount equal to the Net Proceeds so affected will not be required to be applied
in compliance with this covenant so long, but only so long, as the Issuer determines that such repatriation could have a material
adverse tax consequence; provided that if on the second anniversary of the receipt of such Net Proceeds the Issuer determines
that such repatriation would continue to have a material adverse tax consequence, then the Issuer will have no obligation to apply
such Net Proceeds in accordance with this covenant.

 

(d)       The
amount equal to the Available Net Proceeds from Asset Sales of Term Priority Collateral that are not invested or applied as provided
and within the time period set forth in Section 4.10(b) will be deemed to constitute “Excess Proceeds.” When
the aggregate amount of Excess Proceeds exceeds $100.0 million, the Issuer shall make an offer to all Holders of the Notes and,
if required by the terms of any Pari Passu Indebtedness, to the holders of such other Pari Passu Indebtedness (an “Asset
Sale Offer”), to purchase the maximum aggregate principal amount of the Notes (that is in an amount equal to at least
$2,000, or an integral multiple of $1,000 in excess of $2,000) and such Pari Passu Indebtedness that may be purchased out of the
Excess Proceeds at an offer price in cash in an amount equal to 100.0% of the principal amount thereof (or accreted value thereof,
if less), plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, in accordance with
the procedures set forth in Section 3.09 (or, in respect of such Pari Passu Indebtedness, the agreement or instrument governing
the terms thereof). The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within thirty days after the date
that the amount of Excess Proceeds exceeds $100.0 million by mailing or electronically delivering the notice required pursuant
to the terms of this Indenture, with a copy to the Trustee, or otherwise in accordance with Applicable Procedures to the extent
applicable. The Issuer may satisfy the foregoing obligations with respect to any Available Net Proceeds from an Asset Sale by making
an offer to purchase Notes with respect to the amount of all or part of the Available Net Proceeds (the “Advance Portion”)
prior to the expiration of the relevant 450 days (or such longer period provided above) with respect to the amount of all or a
part of the available Excess Proceeds in advance of being required to do so by this Indenture (the “Advance Offer”).

 

    110

     

    

 

To the extent that the aggregate
principal amount (or accreted value, as applicable) of Notes and such Pari Passu Indebtedness tendered, redeemed, prepaid or
repaid pursuant to an Asset Sale Offer is less than the Excess Proceeds (or in the case of an Advance Offer, the Advance
Portion), the Issuer and its Restricted Subsidiaries may use any such remaining Excess Proceeds (or in the case of an Advance
Offer, the Advance Portion), together with any Declined Amounts, in any manner not prohibited by this Indenture (any such
remaining Excess Proceeds and Advance Portion amount, together with any Declined Amounts, collectively, “Declined
Excess Proceeds”). If the aggregate principal amount (or accreted value, as applicable) of Notes and/or the Pari
Passu Indebtedness tendered in an Asset Sale Offer exceeds the amount of Excess Proceeds (or in the case of an Advance Offer,
the Advance Portion), the Trustee will select the Notes to be purchased in the manner described under Section 3.02 and the
Issuer will select such Pari Passu Indebtedness to be purchased pursuant to the terms of such Pari Passu Indebtedness; provided
that as between the Notes and any Pari Passu Indebtedness, such purchases will be made on a pro rata basis based on
the accreted value or principal amount of the Notes or such Pari Passu Indebtedness tendered with adjustments as necessary so
that no Notes or Pari Passu Indebtedness will be repurchased in part in an unauthorized denomination. Upon completion of any
such Asset Sale Offer, for purposes of this provision the amount of Excess Proceeds (or in the case of an Advance Offer, the
Advance Portion) that resulted in the Asset Sale Offer or Advance Offer will be reset to zero (regardless of whether there
are any remaining Excess Proceeds (or Advance Portion) upon such completion). An Asset Sale Offer or Advance Offer may be
made at the same time as consents are solicited with respect to an amendment, supplement or waiver of this Indenture, the
Security Documents, any Intercreditor Agreement, Notes and/or Guarantees (but the Asset Sale Offer or Advance Offer may not
condition tenders on the delivery of such consents).

 

(e)       Pending
the final application of the amount of any Available Net Proceeds pursuant to this Section 4.10, such amount of Available Net Proceeds
may be applied to temporarily reduce Indebtedness outstanding under a revolving credit facility, including under the Senior Credit
Facilities, or otherwise invested or applied in any manner not prohibited by this Indenture.

 

(f)       For
the purposes of this Section 4.10, (a) any Asset Sale by the Issuer or a Restricted Subsidiary of the Equity Interests issued by
a Restricted Subsidiary that owns assets constituting Term Priority Collateral shall be deemed to be a sale of such Term Priority
Collateral (or, in the event of a Restricted Subsidiary that owns assets that include any combination of assets that constitute
Term Priority Collateral and assets that do not constitute Term Priority Collateral (including, without limitation, ABL Priority
Collateral) (“Non-Term Priority Collateral Assets”), a separate sale of each of such Term Priority Collateral
and Non-Term Priority Collateral Assets) and (b) in the event of any such sale (or a sale of assets that includes any combination
of Term Priority Collateral and Non-Term Priority Collateral Assets), the proceeds received by the Issuer and the Restricted Subsidiaries
in respect of such sale shall be allocated to the Term Priority Collateral and the Non-Term Priority Collateral Assets in accordance
with their respective fair market values.

 

(g)       The
Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale
Offer or Advance Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations described in this Indenture by virtue thereof.

 

(h)       The
Issuer’s obligation to make an offer to repurchase the Notes pursuant to this Section 4.10 may be waived or modified with
the written consent of the Holders of a majority in principal amount of the then outstanding Notes.

 

    111

     

    

 

SECTION
4.11.    Transactions with Affiliates.

 

(a)       The
Issuer will not, and will not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose
of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of
the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $25.0
million, unless:

 

(1)       such
Affiliate Transaction is on terms, taken as a whole, that are not materially less favorable to the Issuer or the relevant Restricted
Subsidiaries than those that would have been obtained at such time in a comparable transaction by the Issuer or such Restricted
Subsidiary with a Person other than an Affiliate of the Issuer on an arm’s-length basis or, if in the good faith judgment
of the Board of Directors no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate
Transaction is otherwise fair to the Issuer or such Restricted Subsidiary from a financial point of view; and

 

(2)       with
respect to any Affiliate Transaction or series of related Affiliate Transactions requiring aggregate payments or consideration
in excess of $75.0 million, the Issuer delivers to the Trustee a resolution adopted by the majority of the Board of Directors approving
such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies
with Section 4.11(a)(1).

 

(b)       Section
4.11(a) will not apply to the following:

 

(1)       (a)         transactions between
or among the Issuer and one or more Restricted Subsidiaries or between or among Restricted Subsidiaries or, in any case, any entity
that becomes a Restricted Subsidiary as a result of such transaction and (b) any merger, consolidation or amalgamation of the Issuer
and any Parent Company; provided that such merger, consolidation or amalgamation of the Issuer is otherwise in compliance
with the terms of this Indenture and effected for a bona fide business purpose;

 

(2)       (a)
         Restricted Payments permitted by Section 4.07 hereof (including any transaction specifically excluded from the definition of the
term “Restricted Payments,” including pursuant to the exceptions contained in the definition thereof and the parenthetical
exclusions of such definition, but excluding any Restricted Payment permitted by Section 4.07(b)(13)(F)), (b) any “Permitted
Investments” or any acquisition otherwise permitted by this Indenture and (c) Indebtedness permitted by Section 4.09;

 

(3)       (a)
         the payment of indemnification and similar amounts to, and reimbursement of
expenses to, the Investors and their officers, directors, employees and Affiliates, in each case, approved by, or pursuant to
arrangements approved by, the Board of Directors, (b) payments, loans, advances or guarantees (or cancellation of loans,
advances or guarantees) to future, present or former employees, officers, directors, members of management, managers,
consultants or independent contractors (or the estate, heirs, family members, spouse, former spouse, domestic partner or
former domestic partner of any of the foregoing) of the Issuer or any of its Subsidiaries or any Parent Company, or
guarantees in respect thereof, (c) any subscription agreement or similar agreement pertaining to the repurchase of Equity
Interests pursuant to put/call rights or similar rights with current, former or future officers, directors, members of
management, employees, managers, consultants and independent contractors of the Issuer or any of its Subsidiaries or of any
Parent Company and (d) any collective bargaining agreements, compensatory (including profit sharing) arrangements, employment
agreements, severance arrangements, stock option plans, benefit plans or arrangements, any health, disability or similar
insurance plan and other similar arrangements that cover current, former or future officers, directors, employees, managers,
members of management, consultants and independent contractors (or the estate, heirs, family members, spouse, former spouse,
domestic partner or former domestic partner of any of the foregoing) of the Issuer or any of its Subsidiaries or any Parent
Company;

 

    112

     

    

 

(4)       the
issuance, sale or grant of securities or other payment, award or grant in cash, securities or otherwise pursuant to, or the funding
of fees and compensation paid to, and indemnities and reimbursements of employment and severance arrangements, stock option plans
and other compensatory arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or
arrangements with or provided to, or on behalf of, or for the benefit of, present, future or former employees, directors, officers,
members of management, consultants or independent contractors (or their respective Controlled Investment Affiliates or Immediate
Family Members or any permitted transferees thereof) of the Issuer, any Parent Company or any Restricted Subsidiary;

 

(5)       transactions
in which the Issuer or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent Financial
Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or stating
that the terms, when taken as a whole, are not materially less favorable to the Issuer or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with a Person that
is not an Affiliate of the Issuer on an arm’s-length basis;

 

(6)       the
existence of, or the performance by the Issuer or any Restricted Subsidiary of its obligations under the terms of, any agreement
as in effect as of the Issue Date, or any amendment thereto or replacement thereof (so long as any such amendment or replacement
is not materially disadvantageous in the good faith judgment of the Board of Directors to the Holders when taken as a whole as
compared to the applicable agreement as in effect on the Issue Date);

 

(7)       the
existence of, or the performance by the Issuer or any Restricted Subsidiary of its obligations under the terms of, any equity holder
agreement or the equivalent (including any registration rights agreement or purchase agreement related thereto) to which it is
a party as of the Issue Date and any amendment thereto and similar agreements or arrangements that it may enter into thereafter;
provided that the existence of, or the performance by the Issuer or any Restricted Subsidiary of obligations under any future
amendment to any such existing agreement or arrangement or under any similar agreement or arrangement entered into after the Issue
Date will only be permitted by this clause (7) to the extent that the terms of any such amendment or new agreement or arrangement
are not otherwise materially disadvantageous in the good faith judgment of the Board of Directors to the Holders when taken as
a whole (as compared to the original agreement or arrangement in effect on the Issue Date);

 

(8)       transactions
with customers, clients, suppliers, contractors, joint ventures, joint venture partners or purchasers or sellers of goods, equipment
or services, or transactions otherwise relating to the purchase or sale of goods, equipment or services, in each case in the ordinary
course of business or consistent with industry practice and that are fair to the Issuer and the Restricted Subsidiaries, in the
reasonable determination of the Board of Directors or the senior management of the Issuer, or are on terms at least as favorable
as might reasonably have been obtained at such time from an unaffiliated party;

 

    113

     

    

 

(9)       the
issuance, sale or transfer of Equity Interests (other than Disqualified Stock) of the Issuer or any Parent Company to any Person
and the granting and performing of customary rights (including registration rights) in connection therewith, and any contribution
to the capital of the Issuer;

 

(10)      sales
of accounts receivable, or participations therein, or Securitization Assets or related assets in connection with any Qualified
Securitization Facility and any other transaction effected in connection with a Qualified Securitization Facility or a financing
related thereto;

 

(11)       payments
by the Issuer or any Restricted Subsidiary made for any financial advisory, consulting, financing, underwriting or placement services
or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments
are approved by, or made pursuant to arrangements approved by, a majority of the Board of Directors in good faith;

 

(12)       payments
with respect to Indebtedness, Disqualified Stock and other Equity Interests (and cancellation of any thereof) of the Issuer, any
Parent Company and any Restricted Subsidiary and Preferred Stock (and cancellation of any thereof) of any Restricted Subsidiary
to any future, current or former employee, director, officer, member of management, consultant or independent contractor (or their
respective Controlled Investment Affiliates or Immediate Family Members or permitted transferees) of the Issuer, any of its Subsidiaries
or any Parent Company pursuant to any management equity plan or stock option plan or any other management or employee benefit plan
or agreement or any equity subscription or equity holder agreement that are, in each case, approved by the Issuer in good faith;

 

(13)       (a)
investments by Affiliates in securities or Indebtedness of the Issuer or any Restricted Subsidiary (and payment of reasonable out-of-pocket
expenses incurred by such Affiliates in connection therewith) so long as the investment is being offered by the Issuer or such
Restricted Subsidiary generally to other investors on the same or more favorable terms and (b) payments to Affiliates in respect
of securities or Indebtedness of the Issuer or any Restricted Subsidiary contemplated in the foregoing subclause (a) or that were
acquired from Persons other than the Issuer and the Restricted Subsidiaries, in each case, in accordance with the terms of such
securities or Indebtedness;

 

(14)       payments
to or from, and transactions with, any joint venture or Unrestricted Subsidiary in the ordinary course of business or consistent
with past practice, industry practice or industry norms (including, any cash management activities related thereto);

 

(15)       payments
by the Issuer (and any Parent Company) and its Subsidiaries pursuant to tax sharing agreements among the Issuer (and any Parent
Company) and its Subsidiaries; provided that in each case the amount of such payments by the Issuer and its Subsidiaries
are permitted under Section 4.07(b)(13);

 

(16)       any
lease entered into between the Issuer or any Restricted Subsidiary, as lessee, and any Affiliate of the Issuer, as lessor, and
transactions pursuant to that lease, which lease is approved by the Board of Directors or senior management of the Issuer in good
faith;

 

(17)       intellectual
property licenses in the ordinary course of business or consistent with industry practice;

 

    114

     

    

 

(18)       the
payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to equity holders
of the Issuer or any Parent Company pursuant to any equity holders agreement or registration rights agreement entered into on or
after the Issue Date;

 

(19)       transactions
permitted by, and complying with, Section 5.01 solely for the purpose of (a) forming a holding company or (b) reincorporating the
Issuer in a new jurisdiction;

 

(20)       transactions
undertaken in good faith (as determined by the Board of Directors or certified by senior management of the Issuer in an Officer’s
Certificate) for the purposes of improving the consolidated tax efficiency of the Issuer and its Restricted Subsidiaries and not
for the purpose of circumventing any covenant set forth in this Indenture;

 

(21)       (a)
transactions with a Person that is an Affiliate of the Issuer (other than an Unrestricted Subsidiary) solely because the Issuer
or any Restricted Subsidiary owns Equity Interests in, or otherwise controls, such Person and (b) transactions with any Person
that is an Affiliate solely because a director or officer of such Person is a director or officer of the Issuer, any Restricted
Subsidiary or any Parent Company;

 

(22)       (a)
pledges and other transfers of Equity Interests in Unrestricted Subsidiaries and (b) any transactions with an Affiliate in which
the consideration paid consists solely of Equity Interests of the Issuer or a Parent Company; and

 

(23)       payments
on the Notes in accordance with this Indenture and payments of Obligations under the Credit Facilities and payments in respect
of Obligations under other Indebtedness, Disqualified Stock or Preferred Stock of the Issuer and its Subsidiaries held by Affiliates;
provided that such Obligations were acquired by an Affiliate of the Issuer in compliance with this Indenture.

 

SECTION
4.12.    Liens. The Issuer will not, and will not permit any Subsidiary Guarantor to,
create, incur or assume any Lien that secures Obligations under any Indebtedness or any related guarantee of Indebtedness, on any
asset or property of the Issuer or any Subsidiary Guarantor, or any income or profits therefrom, or assign or convey any right
to receive income therefrom, unless:

 

(1)       in
the case of Liens on any Collateral, such Lien is a Permitted Lien; or

 

(2)       in
the case of Liens on any other asset not constituting Collateral either (i) the Notes and related Guarantees are equally and ratably
secured by a Lien (or on a senior basis if such Lien secures Subordinated Indebtedness) on such property, assets or proceeds with
such Liens or (ii) such Lien is a Permitted Lien.

 

For purposes of determining compliance with
this Section 4.12, for the avoidance of doubt, (A) a Lien need not be incurred solely by reference to one category of Permitted
Liens described in the definition thereof but is permitted to be incurred in part under any combination thereof and of any other
available exemption and (B) in the event that a Lien (or any portion thereof) meets the criteria of one or more of the categories
of Permitted Liens, the Issuer will, in its sole discretion, be entitled to divide, classify or reclassify, in whole or in part,
any such Lien (or any portion thereof) among one or more of such categories or clauses in any manner.

 

    115

     

    

 

Any Lien created for the benefit of the
Holders of the Notes pursuant to this Section 4.12 shall be deemed automatically and unconditionally released and discharged upon
the release and discharge of the applicable Lien described in clause (2) of this Section 4.12.

 

The expansion of Liens by virtue of accretion
or amortization of original issue discount, the payment of dividends in the form of Indebtedness and increases in the amount of
Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an incurrence
of Liens for purposes of this covenant.

 

In each case, at the request of the Issuer,
with respect to any Liens securing (x) Pari Passu Indebtedness, the Trustee and Notes Collateral Agent shall enter into the Pari
Passu Intercreditor Agreement or any amendment or supplement thereto, (y) with respect to any Senior ABL Credit Facility, the ABL
Intercreditor Agreement or any amendment or supplement thereto and (z) Junior Secured Obligations, the Trustee and Notes Collateral
Agent shall enter into a Junior Lien Intercreditor Agreement or any amendment or supplement thereto.

 

SECTION
4.13.    Company Existence. Subject to Article V hereof, the Issuer shall do or cause
to be done all things necessary to preserve and keep in full force and effect its organizational existence, and the corporate,
partnership or other organizational existence of each of its Restricted Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Issuer or any such Restricted Subsidiary; provided that
the Issuer shall not be required to preserve the corporate, partnership or other organizational existence of its Restricted Subsidiaries,
if the Issuer in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Issuer and its Restricted Subsidiaries, taken as a whole.

 

SECTION
4.14.    Offer to Repurchase Upon Change of Control.

 

(a)       If
a Change of Control occurs, unless the Issuer has previously or concurrently electronically delivered or mailed a redemption notice
with respect to all the outstanding Notes as described under Section 3.07 or Article XII, the Issuer will make an offer to purchase
all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the
 “Change of Control Payment”) equal to 101.0% of the principal amount thereof plus accrued and unpaid
interest, if any, to, but excluding, the date of repurchase, subject to the right of Holders of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date prior to such repurchase.

 

Within 60 days following any Change of Control,
the Issuer will send notice of such Change of Control Offer electronically or by first-class mail, postage prepaid, with a copy
to the Trustee, to each Holder at such Holder’s registered address or otherwise in accordance with the Applicable Procedures
to the extent applicable, with the following information:

 

(1)       a
Change of Control Offer is being made pursuant to this Section 4.14 and all Notes properly tendered pursuant to such Change of
Control Offer will be accepted for payment by the Issuer;

 

(2)       the
purchase price and the purchase date, which will be no earlier than 20 Business Days nor later than 60 days from the date such
notice is mailed or otherwise delivered (the “Change of Control Payment Date”), subject to extension (in the
case where such notice is mailed or otherwise delivered prior to the occurrence of the Change of Control) in the event that the
occurrence of the Change of Control is delayed;

 

    116

     

    

 

(3)       any
Note not properly tendered will remain outstanding and continue to accrue interest;

 

(4)       unless
the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control
Offer will cease to accrue interest on the Change of Control Payment Date;

 

(5)       Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form
entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent at the address
specified in the notice or otherwise in accordance with the Applicable Procedures to the extent applicable, prior to the close
of business on the third Business Day preceding the Change of Control Payment Date;

 

(6)       Holders
will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided
that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of
the Change of Control Offer, a facsimile transmission or letter or other notice in accordance with the Applicable Procedures to
the extent applicable setting forth the name of the Holder, the principal amount of Notes tendered for purchase and a statement
that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

 

(7)       Holders
whose Notes are being purchased only in part will be issued new Notes, and such new Notes will be equal in principal amount to
the unpurchased portion of the Notes surrendered; provided that the unpurchased portion of the Notes must be equal to at
least $2,000 or any integral multiple of $1,000 in excess of $2,000;

 

(8)       if
such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional
on the occurrence of such Change of Control and describing each such condition, and, if applicable, stating that, in the Issuer’s
discretion, the Change of Control Payment Date may be delayed until such time (including more than 60 days after the date the notice
was mailed or delivered, including by electronic transmission) as any or all such conditions are satisfied (or waived by the Issuer
in its sole discretion), or such purchase may not occur and such notice may be rescinded in the event that any or all such conditions
are not satisfied (or waived by the Issuer in its sole discretion) by the Change of Control Payment Date, or by the Change of Control
Payment Date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment
of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment
of the purchase price and performance of the Issuer’s obligations with respect to such purchase may be performed by another
Person; and

 

(9)       the
other instructions, as determined by the Issuer, consistent with this Section 4.14, that a Holder must follow in order to have
its Notes repurchased.

 

The Issuer will comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations
are applicable in connection with the repurchase of Notes by the Issuer pursuant to a Change of Control Offer. To the extent that
the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer will comply with
the applicable securities laws and regulations and will not be deemed to have breached its obligations described in this Indenture
by virtue thereof.

 

    117

     

    

 

(b)       On
the Change of Control Payment Date, the Issuer will, to the extent permitted by law:

 

(1)       accept
for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

 

(2)       deposit
with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof validly
tendered and not validly withdrawn; and

 

(3)       deliver,
or cause to be delivered, to the Trustee (a) an Officer’s Certificate to the Trustee stating that such Notes or portions
thereof have been tendered to and purchased by the Issuer and (b) at the Issuer’s option, the Notes so accepted for cancellation.

 

(c)       The
Issuer will not be required to make a Change of Control Offer following a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not validly withdrawn under such Change
of Control Offer.

 

(d)       A
Change of Control Offer may be made in advance of a Change of Control and conditional upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(e)       A
Change of Control Offer may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver
of this Indenture, Notes and/or Guarantees (but the Change of Control Offer may not condition tenders on the delivery of such consents).

 

(f)       Upon
consummation of any Change of Control Offer, the Notes are subject to redemption as set forth in Section 3.07.

 

(g)       The
definition of “Change of Control” includes a disposition of all or substantially all of the assets of the Issuer and
its Subsidiaries, taken as a whole, to certain Persons. Although there is a limited body of case law interpreting the phrase “substantially
all,” there is no precise, established definition of the phrase under applicable law. Accordingly, in certain circumstances
there may be a degree of uncertainty as to whether a particular transaction would involve a disposition of “all or substantially
all” of the assets of the Issuer and its Subsidiaries, taken as a whole. As a result, it may be unclear as to whether a Change
of Control has occurred and whether a Holder may require the Issuer to make an offer to repurchase the Notes as described above.
In light of the foregoing, any determination of “substantially all” shall be made by the Issuer in good faith.

 

(h)       The
Issuer’s obligation to make an offer to repurchase the Notes as a result of a Change of Control may be waived or modified
with the written consent of the Holders of a majority in principal amount of the Notes then outstanding.

 

SECTION
4.15.    Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer
will not permit any of its Wholly-Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries if such
non-Wholly-Owned Subsidiary guarantees Indebtedness under any Senior Credit Facilities), other than a Subsidiary Guarantor or
an Excluded Subsidiary, to guarantee the payment of any Indebtedness of the Issuer or any Guarantor under any Senior Credit Facilities
incurred under Section 4.09(b)(1), unless:

 

    118

     

    

 

(1)       such
Restricted Subsidiary within 60 days of becoming a guarantor under such Senior Credit Facilities executes and delivers a supplemental
indenture to this Indenture substantially in the form of Exhibit D providing for a Guarantee by such Restricted Subsidiary and
joinders to the Security Documents or new Security Documents, together with any other filings and agreements required by such Security
Documents within the time limits set forth in this Indenture to create or perfect the security interests for the benefit of the
Notes Collateral Agent, the Trustee and the Holders of Notes in the assets of such Restricted Subsidiary, in each case, solely
to the same extent as required under the Senior Credit Facilities (including after giving effect to any amendment, waiver or consent),
subject to the terms of the Intercreditor Agreements, except that with respect to a guarantee of Indebtedness of the Issuer or
any Guarantor if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s
Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness will be subordinated in right of
payment to such Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes; and

 

(2)       such
Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement,
indemnity or subrogation or any other applicable rights against the Issuer or any other Restricted Subsidiary as a result of any
payment by such Restricted Subsidiary under its Guarantee;

 

provided that this Section 4.15 will not be applicable
to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred
in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary; provided, further, that
if the Issuer elects to cause any Restricted Subsidiary organized in Canada to guarantee the Senior Credit Facilities, it will
cause such Subsidiary to become a Subsidiary Guarantor and will comply with clauses (1) and (2) of this Section 4.15. The Issuer
may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor,
in which case such Subsidiary will not be required to comply with clause (1) or (2) of this Section 4.15 and such Guarantee may
be released at any time in the Issuer’s sole discretion.

 

Each Guarantee will also be released in
accordance with Section 10.06.

 

SECTION
4.16.    Suspension of Covenants.

 

(a)       During
any period of time that (i) the Notes have an Investment Grade Rating from both Rating Agencies and (ii) no Default has occurred
and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively
referred to as a “Covenant Suspension Event” and the date thereof being referred to as the “Suspension
Date”), and the Issuer and the Restricted Subsidiaries will not be subject to Section 4.07, Section 4.08, Section 4.09,
Section 4.10, Section 4.11, Section 4.15, Section 5.01(a)(1)(d) and 5.01(b) hereof shall not be applicable to the Notes (collectively,
the “Suspended Covenants”).

 

(b)       During
a Suspension Period, the Issuer may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to the second sentence
of the definition of “Unrestricted Subsidiary.”

 

(c)       In
the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the Notes no
longer have an Investment Grade Rating from both Rating Agencies, then the Issuer and its Restricted Subsidiaries will thereafter
again be subject to the Suspended Covenants under this Indenture with respect to future events. The period of time between the
Suspension Date and the Reversion Date is referred to in this Indenture as the “Suspension Period.”

 

    119

     

    

 

Additionally, upon the occurrence of a Covenant Suspension Event,
the amount of Excess Proceeds from Available Net Proceeds will be reset to zero for purposes of Section 4.10.

 

(d)       In
the event of any such reinstatement, no action taken or omitted to be taken by the Issuer or any Restricted Subsidiary or events
occurring prior to such reinstatement with respect to any of the Suspended Covenants will give rise to a Default or Event of Default
under this Indenture with respect to the Notes; provided that

 

(1)       with
respect to Restricted Payments made after the Reversion Date, the amount of Restricted Payments made will be calculated as though
Section 4.07 had been in effect prior to, but not during, the Suspension Period;

 

(2)       all
Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified to have
been incurred or issued pursuant to Section 4.09(b)(3);

 

(3)       any
Affiliate Transaction entered into after the Reversion Date pursuant to an agreement entered into during any Suspension Period
will be deemed to be permitted pursuant to Section 4.11(b)(6);

 

(4)       any
encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Subsidiary Guarantor to take any action described
in Section 4.08(a) that becomes effective during any Suspension Period will be deemed to be permitted pursuant to Section 4.08(b)(1);
and

 

(5)       no
Subsidiary of the Issuer will be required to comply with Section 4.15 after the Reversion Date with respect to any guarantee entered
into by such Subsidiary during any Suspension Period, other than with respect to any guarantee of any Indebtedness of the Issuer
or any Subsidiary Guarantor under any Senior Credit Facilities in effect on the Reversion Date;

 

(6)       all
Liens permitted to be created, incurred or assumed during the Suspension Period will be deemed to have been outstanding on the
Issue Date, so that they are classified as permitted under clause (10) of the definition of “Permitted Liens”; and

 

(7)       all
Investments made during the Suspension Period will be deemed to have been outstanding on the Issue Date, so that they are classified
as Permitted Investments permitted under clause (5) of the definition of “Permitted Investments.”

 

(e)       Notwithstanding
that the Suspended Covenants may be reinstated after the Reversion Date, (i) no Default, Event of Default or breach of any kind
will be deemed to exist under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants, and none of
the Issuer or any of its Restricted Subsidiaries will bear any liability for any actions taken or events occurring during the Suspension
Period, or any actions taken at any time pursuant to any contractual obligation arising during a Suspension Period, in each case,
as a result of a failure to comply with the Suspended Covenants during the Suspension Period (or, upon termination of the Suspension
Period or after that time, based on any action taken or event that occurred during the Suspension Period) and (ii) following a
Reversion Date, the Issuer and each Restricted Subsidiary will be permitted, without causing a Default or Event of Default, to
honor, comply with or otherwise perform any contractual commitments or obligations arising during any Suspension Period (that were
permitted to be entered into at such time) and to consummate any transactions contemplated thereby.

 

    120

     

    

 

 

(f)       The
Issuer shall deliver to the Trustee an Officer’s Certificate notifying it of a Covenant Suspension Event, Suspension Date
or Reversion Date. The Trustee shall have no duty to (i) monitor the ratings of the Notes, (ii) determine whether a Covenant Suspension
Event, Suspension Date or Reversion Date has occurred, (iii) notify Holders of any of the foregoing or (iv) determine the consequences
thereof, but may provide a copy of such Officer’s Certificate to any Holder upon request.

 

SECTION
4.17.    After-Acquired Collateral.

 

(a)      
From and after the Issue Date, subject to Permitted Liens and the exceptions and limitations set forth in Article XI, the
Security Documents and/or the Intercreditor Agreements, if the Issuer or any Guarantor creates any additional security interest
upon any property or asset that would constitute Term Priority Collateral to secure any Pari Passu Indebtedness (subject to Permitted
Liens and Excluded Assets), it shall concurrently grant a first-priority security interest upon such property as security for the
Notes and the other Obligations under this Indenture, except for (x) any Excluded Assets, (y) assets not required to
be Collateral pursuant to this Indenture or the Security Documents and (z) assets not pledged, or required to be pledged (including
pursuant to any amendment, waiver or consent), to secure the obligations of the Issuer and the Guarantors under the Senior Credit
Facilities.

 

(b)      
From and after the Issue Date, subject to Permitted Liens and the exceptions and limitations set forth in Section Article
XI, the Security Documents and/or the Intercreditor Agreements, if the Issuer or any Guarantor creates any additional security
interest upon any property or asset that would constitute ABL Priority Collateral to secure any ABL Obligations, it shall concurrently
grant a second-priority security interest (subject to Permitted Liens and Excluded Assets) upon such property as security for the
Notes and the other Obligations under this Indenture, except for (x) any Excluded Assets, (y) assets not required to
be Collateral pursuant to this Indenture or the Security Documents and (z) assets not pledged, or required to be pledged (including
pursuant to any amendment, waiver or consent), to secure the obligations of the Issuer and the Guarantors under the Senior Credit
Facilities.

 

(c)      
The Issuer shall cause each Restricted Subsidiary upon execution and delivery to the Trustee and the Notes Collateral Agent
of a supplemental indenture substantially in the form of Exhibit D hereto to become a party to or acknowledge the Intercreditor
Agreements, as applicable and to become a party to the Security Documents, as applicable.

 

(d)      
Notwithstanding anything to the contrary, Opinions of Counsel will not be required in connection with (x) the addition of
new or additional Guarantors, except to the extent required under the Senior Credit Facilities or (y) the Issuer or any Guarantor
subjecting any after-acquired Collateral other than Material Owned Real Property (including any assets of new or additional Guarantors)
to the Liens created under the Security Documents, in each case, occurring after the Issue Date.

 

ARTICLE
V

 

SUCCESSORS

 

SECTION
5.01.     Merger, Amalgamation, Consolidation or Sale of All or Substantially All Assets.

 

(a)       The
Issuer may not consolidate, amalgamate or merge with or into or wind up into (whether or not the Issuer is the surviving Person),
or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets, in one or more related
transactions, to any Person unless:

 

    121

     

    

 

(1)           (a)        the Issuer is the
surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer),
or to which such sale, assignment, transfer, lease, conveyance or other disposition is made, is a Person organized or existing
under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person, as the
case may be, being herein called the “Successor Company”); provided that in the case where the surviving
Person is not a corporation, a co-obligor of the Notes is a corporation;

 

(b)       the
Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under the Notes pursuant to supplemental
indentures, Security Documents or other customary documents or instruments;

 

(c)       immediately
after such transaction, no Default exists;

 

(d)       immediately
after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred
at the beginning of the most recently ended Test Period, either:

 

(i)       the
Issuer (or Successor Company, as applicable) would be permitted to incur at least $1.00 of additional Indebtedness pursuant to
the Fixed Charge Coverage Test, or

 

(ii)       the
Fixed Charge Coverage Ratio for the Issuer (or Successor Company, as applicable) would be equal to or greater than the Fixed Charge
Coverage Ratio for the Issuer immediately prior to such transaction;

 

(e)       to
the extent any assets of the Person which is merged or consolidated with or into the Successor Company are assets which would constitute
Collateral under the Security Documents, the Successor Company will take such action as may be reasonably necessary to cause such
property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture
or any of the Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent required
by the Security Documents and this Indenture;

 

(f)        each
Guarantor, unless it is the other party to the transactions described above, in which case Section 5.01(a)(1)(b) will apply, will
have by supplemental indenture or otherwise confirmed that its Guarantee applies to such Person’s obligations under this
Indenture, the Security Documents and the Notes; and

 

(g)       the
Issuer (or the Successor Company, as applicable), will have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indentures, if any, comply
with this Indenture; or

 

(2)       in
the case of assets comprised of Equity Interests of Restricted Subsidiaries, such Equity Interests are sold, assigned, transferred,
leased, conveyed or otherwise disposed of to one or more Restricted Subsidiaries.

 

The Successor Company will succeed to, and
be substituted for the Issuer under this Indenture, the Guarantees and the Notes, as applicable, and in such event the Issuer will
automatically be released from its obligations thereunder (other than in connection with any lease).

 

    122

     

    

 

Notwithstanding Sections 5.01(a)(1) and (2),

 

(1)       any
Restricted Subsidiary may consolidate with, amalgamate with or merge with or into or wind up into or sell, assign, lease, convey,
transfer or otherwise dispose of all or part of its properties and assets to the Issuer or any other Restricted Subsidiary,

 

(2)       the
Issuer may consolidate with, amalgamate with or merge with or into, or wind up into an Affiliate of the Issuer for the purpose
of reincorporating the Issuer in the United States, any state thereof, the District of Columbia or any territory thereof so long
as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby,

 

(3)       the
Issuer may convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing
under the laws of the jurisdiction of organization of the Issuer or the laws of a jurisdiction in the United States (and, if such
entity is not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws), and

 

(4)       the
Issuer or a Guarantor may change its name.

 

(b)       Subject
to Section 10.06, no Subsidiary Guarantor will, and the Issuer will not permit any Subsidiary Guarantor to, consolidate, amalgamate
or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions,
to any Person unless:

 

(1)       (A)
such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or
merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition
will have been made is a Person organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor
or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Subsidiary Guarantor
or such Person, as the case may be, being herein called the “Successor Person”);

 

(B)       the
Successor Person, if other than such Subsidiary Guarantor, expressly assumes all the obligations of such Subsidiary Guarantor under
this Indenture and such Subsidiary Guarantor’s related Guarantee pursuant to supplemental indentures, Security Documents
or other documents or instruments;

 

(C)       immediately
after such transaction, no Default exists;

 

(D)       to
the extent any assets of the Person which is merged or consolidated with or into the Successor Person are assets which would constitute
Collateral under the Security Documents, the Successor Person will take such action as may be reasonably necessary to cause such
property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture
or any of the Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent required
by the Security Documents and this Indenture; and

 

(E)       the
Issuer will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger or transfer and such supplemental indentures, if any, comply with this Indenture;

 

    123

     

    

 

(2)       the
transaction is made in compliance with, if applicable, Section 4.10; or

 

(3)       in
the case of assets comprised of Equity Interests of Restricted Subsidiaries, such Equity Interests are sold, assigned, transferred,
leased, conveyed or otherwise disposed of to the Issuer or one or more Restricted Subsidiaries.

 

(c)       Subject
to the limitations described in this Indenture, the Successor Person (if other than such Subsidiary Guarantor) shall succeed to,
and be substituted for, such Subsidiary Guarantor under this Indenture, the Security Documents and such Subsidiary Guarantor’s
Guarantee and such Subsidiary Guarantor shall be automatically released and discharged from its obligations under this Indenture,
the Security Documents and such Subsidiary Guarantor’s Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantor
may (1) merge, amalgamate or consolidate with or into, wind up into or sell, assign, transfer, lease, convey or otherwise dispose
of all or part of its properties and assets to another Subsidiary Guarantor or the Issuer, (2) merge with an Affiliate of the Issuer
for the purpose of reincorporating the Subsidiary Guarantor in the United States, any state thereof, the District of Columbia or
any territory thereof, (3) convert into a corporation, partnership, limited partnership, limited liability company or trust organized
or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor or the laws of a jurisdiction in the
United States, (4) liquidate or dissolve or change its legal form if the Issuer determines in good faith that such action is in
the best interests of the Issuer and is not materially disadvantageous to the Holders of the Notes or (5) change its name.

 

SECTION
5.02.     Successor Person Substituted. Upon any consolidation, amalgamation or merger,
or any winding up, sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets
of the Issuer or a Guarantor in accordance with Section 5.01 hereof, the Successor Person formed by such consolidation or
amalgamation or into or with which the Issuer or such Guarantor, as applicable, is merged or to which such wind up, sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, amalgamation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture, the
Notes, the Guarantees and the Security Documents referring to the Issuer or such Guarantor, as applicable, shall refer instead
to the Successor Person and not to the Issuer or such Guarantor, as applicable), and may exercise every right and power of the
Issuer or such Guarantor, as applicable, under this Indenture, the Notes, the Guarantees and the Security Documents with the same
effect as if such Successor Person had been named as the Issuer or a Guarantor, as applicable, herein, and such Guarantor’s
Guarantee and such Guarantor will be automatically released and discharged from its obligations hereunder, under the Security Documents
and under the Guarantee of such Guarantor, and, in the case of a predecessor Issuer shall automatically be released from its obligations
thereunder; provided that the predecessor Issuer shall not be relieved from the obligations under this Indenture, the Security
Documents, the Notes and the Guarantees pursuant to this Article V in the case of any lease.

 

ARTICLE
VI

 

DEFAULTS AND REMEDIES

 

SECTION
6.01.     Events of Default. An “Event of Default,” wherever used
herein, means any one of the following events:

 

(1)       default
in payment when due and payable, at maturity, upon redemption, acceleration or otherwise, of principal of, or premium, if any,
on the Notes;

 

    124

     

    

 

(2)       default
for 30 days or more in the payment when due of interest on or with respect to the Notes;

 

(3)       failure
by the Issuer or any Guarantor for 60 days after receipt of written notice given by the Trustee or the Holders of not less than
30.0% in aggregate principal amount of the then outstanding Notes to comply with any of its obligations, covenants or agreements
(other than a default referred to in clause (1) or (2) of this Section 6.01) contained in this Indenture, the Notes or the Security
Documents;

 

(4)       default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together (as
of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary)
or the payment of which is guaranteed by the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that
taken together (as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute
a Significant Subsidiary), other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or
guarantee now exists or is created after the issuance of the Notes, if both:

 

(A)       such
default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving effect
to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness
at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated maturity; and

 

(B)       the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at its stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has
been so accelerated, aggregates to $100.0 million or more at any one time outstanding;

 

(5)       failure
by the Issuer or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted Subsidiaries that taken
together (as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute a Significant
Subsidiary) to pay final judgments aggregating in excess of $100.0 million (net of amounts covered by insurance policies), which
final judgments remain unpaid, undischarged, unwaived and unstayed for a period of more than 90 days after such judgment becomes
final;

 

(6)       the
Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together (as of the latest consolidated
financial statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary), pursuant to or within
the meaning of any Bankruptcy Law:

 

(A)       commences
proceedings to be adjudicated bankrupt or insolvent;

 

(B)       consents
to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy Law;

 

    125

     

    

 

(C)       consents
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially
all of its property;

 

(D)       makes
a general assignment for the benefit of its creditors; or

 

(E)       generally
is not paying its debts as they become due;

 

(7)       a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)       is
for relief against the Issuer or any of its Significant Subsidiaries (or any group of Restricted Subsidiaries that taken together
(as of the latest consolidated financial statements of the Issuer made available to the Holders), would constitute a Significant
Subsidiary), in a proceeding in which the Issuer or any such Significant Subsidiary (or any group of Restricted Subsidiaries that
taken together (as of the latest consolidated financial statements of the Issuer made available to the Holders), would constitute
a Significant Subsidiary), is to be adjudicated bankrupt or insolvent;

 

(B)       appoints
a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any of its Significant Subsidiaries
(or any group of Restricted Subsidiaries that taken together (as of the latest consolidated financial statements of the Issuer
made available to the Holders), would constitute a Significant Subsidiary), or for all or substantially all of the property of
the Issuer or any of its Significant Subsidiaries (or any group of Restricted Subsidiaries that taken together (as of the latest
consolidated financial statements of the Issuer made available to the Holders), would constitute a Significant Subsidiary); or

 

(C)       orders
the liquidation of the Issuer or any of its Significant Subsidiaries (or any group of Restricted Subsidiaries that taken together
(as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute a Significant
Subsidiary);

 

and the order or decree remains unstayed and
in effect for 90 consecutive days;

 

(8)       the
Guarantee of any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together (as of the latest consolidated
financial statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary) will for any reason
cease to be in full force and effect except as contemplated by the terms of this Indenture or be declared null and void in a final
non-appealable judgment of a court of competent jurisdiction or any Financial Officer of any Guarantor that is a Significant Subsidiary
(or the responsible officers of any group of Restricted Subsidiaries that taken together (as of the latest consolidated financial
statements of the Issuer made available to the Holders) would constitute a Significant Subsidiary), as the case may be, denies
in writing that it has any further liability under its Guarantee or gives written notice to such effect, other than by reason of
the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture;

 

(9)       unless
all the Collateral has been released from the Liens in accordance with the provisions of the Security Documents, the Issuer shall
assert or any Subsidiary Guarantor that is a Significant Subsidiary shall assert, in any pleading in a court of competent jurisdiction,
that any such security interest is invalid or unenforceable other than by reason of the termination of this Indenture or the release
of any such Collateral in accordance with this Indenture; or

 

    126

     

    

 

(10)       the
Liens created by any material Security Document shall at any time not constitute a valid and perfected Lien on any material portion
of the Collateral intended to be covered thereby (unless perfection is not required by this Indenture or the Security Documents)
and such default continues for 60 days after receipt of written notice given by the Trustee or the Holders of not less than 30.0%
in aggregate principal amount of the then outstanding Notes other than (a) in accordance with the terms of the relevant Security
Document, the Intercreditor Agreements or this Indenture, including the release of any Collateral in accordance with the terms
thereof, (b) the satisfaction in full of all Obligations under this Indenture or (c) any loss of perfection that results from the
failure of any Person (other than the Issuer or a Guarantor) to maintain possession or control of any Collateral under the Security
Documents or to file Uniform Commercial Code continuation statements (it being understood that neither the Trustee nor the Notes
Collateral Agent has a duty to make such filings).

 

SECTION
6.02.     Acceleration. If any Event of Default (other than an Event of Default specified
in clause (6) or (7) of Section 6.01 with respect to the Issuer) occurs and is continuing under this Indenture, the Trustee by
written notice to the Issuer, or the Holders of at least 30.0% in aggregate principal amount of the then total outstanding Notes
by written notice to the Issuer and the Trustee, may declare the principal, premium, if any, interest and any other monetary obligations
on all the then outstanding Notes to be due and payable immediately. Upon the effectiveness of such declaration, such principal
of and premium, if any, and interest will be due and payable immediately. The Trustee may withhold from the Holders notice of any
continuing Default, except a Default relating to the payment of principal, premium, if any, or interest, if it determines that
withholding notice is in their interest. The Trustee will have no obligation to accelerate the Notes.

 

Notwithstanding the foregoing, in the case
of an Event of Default arising under clause (6) or (7) of Section 6.01 hereof with respect to the Issuer, all outstanding Notes
shall be due and payable immediately without further action or notice.

 

In the event of any Event of Default specified
in Section 6.01(4) hereof, such Event of Default and all consequences thereof (excluding any resulting payment default, other than
as a result of acceleration of the Notes) will be annulled, waived and rescinded, automatically and without any action by the Trustee
or the Holders, if:

 

(1)       the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged;

 

(2)       the
requisite holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such
Event of Default; or

 

(3)       the
default that is the basis for such Event of Default has been cured, waived or is otherwise no longer continuing.

 

SECTION
6.03.     Other Remedies. If an Event of Default occurs and is continuing, the Trustee
or the Notes Collateral Agent may pursue any available remedy to collect the payment of principal, premium, if any, and interest
on the Notes or to enforce the performance of any provision of the Notes, the Security Documents or this Indenture.

 

The Trustee or the Notes Collateral
Agent may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee, the Notes Collateral Agent or any Holder of a Note in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative to the extent permitted by law.

 

    127

     

    

 

SECTION
6.04.     Waiver of Past Defaults. Subject to Section 6.02 hereof, Holders of a majority
in aggregate principal amount of the then outstanding Notes, by written notice to the Trustee, may on behalf of the Holders of
all of the Notes waive any existing Default and its consequences hereunder (except a continuing Default in the payment of interest
on, premium, if any, or the principal of any Note held by a non-consenting Holder) (including in connection with an Asset Sale
Offer or a Change of Control Offer) and rescind any acceleration with respect to the Notes and its consequences, except if such
rescission would conflict with any judgment of a court of competent jurisdiction. Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

SECTION
6.05.     Control by Majority. Holders of a majority in principal amount of the then
total outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or the Notes Collateral Agent of exercising any trust or power conferred on the Trustee or the Notes Collateral Agent. The Trustee
and the Notes Collateral Agent, however, may refuse to follow any direction that conflicts with law or this Indenture or that the
Trustee or the Notes Collateral Agent, as the case may be, determines is unduly prejudicial to the rights of any other Holder (it
being understood that the Trustee or the Notes Collateral Agent, as the case may be, does not have an affirmative duty to ascertain
whether or not such directions are unduly prejudicial to such Holder) or that would involve the Trustee or the Notes Collateral
Agent in personal liability.

 

SECTION
6.06.     Limitation on Suits. Subject to the terms of the Intercreditor Agreements
and Section 6.07 hereof, no Holder may pursue any remedy with respect to this Indenture or the Notes unless:

 

(1)       such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)       Holders
of at least 30.0% in aggregate principal amount of the total outstanding Notes have requested in writing the Trustee to pursue
the remedy;

 

(3)       Holders
of the Notes have offered to the Trustee security or indemnity satisfactory to it against any loss, liability or expense;

 

(4)       the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and

 

(5)       Holders
of a majority in principal amount of the total outstanding Notes have not given the Trustee a direction inconsistent with such
written request within such 60-day period.

 

A Holder of a Note may not use this Indenture
to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders).

 

SECTION
6.07.     Rights of Holders to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to bring suit for the enforcement of
any payment of principal of, premium, if any, and interest on the Notes on or after the respective due dates expressed in the
Note (including in connection with an Asset Sale Offer or a Change of Control Offer), shall not be impaired or affected
without the consent of such Holder.

 

    128

     

    

 

SECTION
6.08.     Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1)
or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express
trust against the Issuer for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and
interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and the
Notes Collateral Agent, and, in each case, their respective agents and counsel.

 

SECTION
6.09.     Restoration of Rights and Remedies. If the Trustee, the Notes Collateral Agent
or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee, the Notes Collateral Agent or to such Holder, then
and in every such case, subject to any determination in such proceedings, the Issuer, the Trustee, the Notes Collateral Agent and
the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies
of the Trustee, the Notes Collateral Agent and the Holders shall continue as though no such proceeding has been instituted.

 

SECTION
6.10.      Rights and Remedies Cumulative. Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy herein conferred
upon or reserved to the Trustee, the Notes Collateral Agent or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION
6.11.     Delay or Omission Not Waiver. No delay or omission of the Trustee, the Notes
Collateral Agent or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given
by this Article or by law to the Trustee, to the Notes Collateral Agent or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee, by the Notes Collateral Agent or by the Holders, as the case may be.

 

SECTION
6.12.    Trustee May File Proofs of Claim. The Trustee is
authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee and the Notes Collateral Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, the Notes Collateral Agent and their respective agents and counsel) and the
Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the
Guarantors), its creditors or its property and shall be entitled and empowered to participate as a member in any official
committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or
deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make
such payments to the Trustee on behalf of such Holder, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee and the Notes Collateral Agent any amount due to them for the
reasonable compensation, expenses, disbursements and advances of the Trustee, the Notes Collateral Agent and their respective
agents and counsel, and any other amounts due the Trustee and the Notes Collateral Agent under Section 7.06 hereof. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, the Notes Collateral
Agent and their respective agents and counsel, and any other amounts due the Trustee and the Notes Collateral Agent under
Section 7.06 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties
that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee or the Notes Collateral Agent to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the Trustee or the Notes Collateral Agent to
vote in respect of the claim of any Holder in any such proceeding.

 

    129

     

    

 

SECTION
6.13.     Priorities. Subject to the terms of the Security Documents and the Intercreditor
Agreements, if the Trustee, the Notes Collateral Agent or any Agent collects any money or property pursuant to this Article VI,
it shall pay out the money or property in the following order:

 

(A)      to
the Trustee, the Notes Collateral Agent or any Agent, their agents and attorneys for amounts due under Section 7.06 hereof, including
payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee, the Notes Collateral Agent
or such Agent and the costs and expenses of collection;

 

(B)       to
Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

(C)       to
the Issuer or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.

 

The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 6.13.

 

SECTION
6.14.     Undertaking for Costs. In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having
due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply
to a suit by the Trustee, a suit by the Notes Collateral Agent, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or
a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes.

 

ARTICLE
VII

 

TRUSTEE

SECTION
7.01.     Duties of Trustee.

 

(a)       If
an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture on behalf of the Holders, and use the same degree of care and skill in its exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs.

 

    130

     

    

 

(b)       Except
during the continuance of an Event of Default:

 

(i)        the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

 

(ii)       in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts
stated therein).

 

(c)       The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(i)        this
paragraph (c) does not limit the effect of paragraph (b) of this Section 7.01;

 

(ii)       the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Trustee Officer, unless it is proved
in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)       the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.02, 6.04 or 6.05 hereof.

 

(d)       Whether
or not therein expressly so provided, every provision of this Indenture, the Security Documents and the Intercreditor Agreements
that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01 and Section 7.01(f).

 

(e)       Neither
the Trustee nor the Notes Collateral Agent shall be under any obligation to exercise any of its rights or powers under this Indenture
at the request or direction of any of the Holders unless the Holders have offered (and if requested, provide) to the Trustee and
the Notes Collateral Agent indemnity or security satisfactory to the Trustee and the Notes Collateral Agent, as applicable, against
any loss, liability or expense that might be incurred by it in compliance with such request or direction.

 

(f)       The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

SECTION
7.02.     Rights of Trustee.

 

(a)       The
Trustee may conclusively rely upon and shall be fully protected in acting or refraining from acting upon any document
believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any
fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation.

 

    131

     

    

 

(b)       Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon. Notwithstanding anything in the foregoing to the contrary, an Opinion of Counsel will not
be required in connection with (x) the addition of new or additional Guarantors, except to the extent required under the Senior
Credit Facilities, or (y) the Issuer or any Guarantor subjecting any after-acquired collateral other than Material Owned Real Property
(including any assets of new or additional Guarantors) to the Liens created under the Security Documents, in each case, occurring
after the Issue Date.

 

(c)        The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or
attorney appointed with due care.

 

(d)       The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture.

 

(e)        Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient
if signed by an Officer thereof.

 

(f)        None
of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if
it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or
liability is not assured to it.

 

(g)       The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Trustee Officer has actual knowledge
thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

(h)       In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(i)        The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder (including as Notes Collateral Agent),
and each agent, custodian and other Person employed to act hereunder.

 

(j)        The
permissive rights of the Trustee to take certain actions under this Indenture shall not be construed as a duty unless so specified
herein.

 

(k)       The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney at the sole cost of the Issuer, and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation.

 

    132

     

    

 

(l)         The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(m)       The
Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

SECTION
7.03.     Individual Rights of Trustee. The Trustee and the Notes Collateral Agent,
as applicable, in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the
Issuer or any of its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee
or the Notes Collateral Agent, as applicable, acquires any conflicting interest it must eliminate such conflict within 90 days
or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.09 hereof.

 

SECTION
7.04.     Trustee’s Disclaimer. The Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of this Indenture, the Notes, the Security Documents or the Intercreditor Agreements,
it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the
Issuer’s direction under any provision of this Indenture or such other documents, it shall not be responsible for the use
or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement
or recital herein or therein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant
to this Indenture or such other documents other than its certificate of authentication.

 

SECTION
7.05.     Notice of Defaults. If a Default occurs and is continuing and if it is known
to the Trustee as specified in Section 7.02(g), the Trustee shall deliver to Holders a notice of the Default within 90 days after
it occurs or, if it is not known to the Trustee as specified in Section 7.02(g) at such time, promptly (and in any event within
ten (10) Business Days) after it becomes known to the Trustee as specified in Section 7.02(g). Except in the case of a Default
relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice
of any continuing Default if and so long as the Trustee in good faith determines that withholding the notice is in the interests
of the Holders.

 

SECTION
7.06.     Compensation and Indemnity. The Issuer shall pay to each of the Trustee and
the Notes Collateral Agent from time to time such compensation for its acceptance of this Indenture and services hereunder as the
parties shall agree in writing from time to time. Such compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Issuer shall reimburse each of the Trustee and the Notes Collateral Agent promptly upon request for all
reasonable out-of-pocket disbursements, advances and expenses incurred or made by it in addition to the compensation for its services.
Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s and the Notes Collateral
Agent’s agents and counsel.

 

    133

     

    

 

The Issuer and the Guarantors, jointly
and severally, shall indemnify each of the Trustee and the Notes Collateral Agent, respectively, for, and hold the Trustee
and the Notes Collateral Agent harmless against, any and all loss, damage, claims, liability or expense (including reasonable
attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration of this trust and the
performance of its respective duties hereunder and under the Security Documents and the Intercreditor Agreements to which it
is a party (including the reasonable costs and expenses of enforcing this Indenture, the Security Documents or the
Intercreditor Agreements against the Issuer or any of the Guarantors (including this Section 7.06) or defending itself
against any claim whether asserted by any Holder, the Issuer or any Guarantor, or any other Person or liability in connection
with the acceptance, exercise or performance of any of its powers or duties hereunder or thereunder) (but excluding taxes
imposed on the Trustee in connection with compensation for such administration or performance). The Trustee or the Notes
Collateral Agent, as the case may be, shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure
by the Trustee or the Notes Collateral Agent to so notify the Issuer shall not relieve the Issuer of its obligations
hereunder. The Issuer shall defend the claim and each of the Trustee and the Notes Collateral Agent may have separate counsel
and the Issuer shall pay the reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need
reimburse any expense or indemnify against any loss, liability or expense incurred, in the case of the Trustee, by the
Trustee through the Trustee’s own willful misconduct or negligence or, in the case of the Notes Collateral Agent, by
the Notes Collateral Agent’s own willful misconduct or negligence, in each case, as determined by a final,
non-appealable judgment of a court of competent jurisdiction. Neither the Issuer nor any Guarantor need pay for any
settlement made without its consent, which consent shall not be unreasonably withheld.

 

The obligations of the Issuer and the Guarantors
under this Section 7.06 and the immunities of the Trustee and the Notes Collateral Agent contained in Article VII shall survive
the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee or the Notes Collateral Agent,
as applicable.

 

To secure the payment obligations of the
Issuer and the Guarantors in this Section 7.06, the Trustee and the Notes Collateral Agent shall each have a Lien prior to the
Notes on all money or property held or collected by the Trustee and the Notes Collateral Agent, except for money or property held
in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture.

 

When the Trustee or the Notes Collateral
Agent incurs expenses or renders services after an Event of Default specified in Section 6.01(6) or (7) hereof occurs, the expenses
and the compensation for the services (including the reasonable fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

 

SECTION
7.07.     Replacement of Trustee. A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in
this Section 7.07. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying
the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying
the Trustee and the Issuer in writing not less than 30 days prior to the effective date of such removal. The Issuer may remove
the Trustee if:

 

(A)       the
Trustee fails to comply with Section 7.09 hereof;

 

(B)       the
Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(C)       a
custodian or public officer takes charge of the Trustee or its property; or

 

    134

     

    

 

(D)       the
Trustee becomes incapable of acting; or

 

(E)       upon
not less than 60 days’ prior written notice to the Trustee and the Holders so long as the Holders of a majority in principal
amount of the then outstanding Notes have not objected in writing within 30 days of such notice.

 

If the Trustee resigns or is removed or
if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. Within one
year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 

If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Issuer’s expense), the Issuer
or the Holders of at least 10% in principal amount of the then outstanding Notes may, at the expense of the Issuer, petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee, after written request by
any Holder who has been a Holder for at least six months, fails to comply with Section 7.09 hereof, such Holder may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee; provided that all sums owing to the Trustee hereunder have
been paid and subject to the Lien provided for in Section 7.06 hereof. Notwithstanding resignation or removal of the Trustee pursuant
to this Section 7.07, the Issuer’s and the Guarantor’s obligations under Section 7.06 hereof shall continue for the
benefit of the retiring Trustee.

 

The resigning Trustee shall have no responsibility
or liability for any action or inaction of a successor Trustee.

 

SECTION
7.08.     Successor Trustee by Merger, etc.. If the Trustee and/or the Notes Collateral
Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee or Notes Collateral Agent, as applicable.

 

SECTION
7.09.      Eligibility; Disqualification. There shall at all times be a Trustee hereunder
that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that
is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or
state authorities and that has, together with its parent, a combined capital and surplus of at least $50,000,000 as set forth in
its most recent published annual report of condition.

 

    135

     

    

 

 

ARTICLE
VIII

 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION
8.01.          Option to Effect Legal Defeasance or Covenant
Defeasance. The Issuer may, at its option and at any time, elect to have either Section
8.02 or 8.03 hereof applied to all outstanding Notes, all obligations of the Guarantors with respect to the Guarantees
and all of the Issuer’s and the Guarantors’ obligations with respect to the Security Documents upon compliance
with the conditions set forth below in this Article VIII.

 

SECTION
8.02.          Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section
8.01 hereof of the option applicable to this Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding
Notes, the Guarantees and the Security Documents on the date the conditions set forth below are satisfied (“Legal Defeasance”).
For this purpose, Legal Defeasance means that the Issuer and the Guarantors shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the
purposes of Section 8.05 hereof, to have cured all then existing Events of Default and to have satisfied all its other obligations
under such Notes, this Indenture and the Security Documents including that of the Guarantors (and the Liens on the Collateral under
the Security Documents shall be released in accordance with this Agreement and the Security Documents) (and the Trustee and the
Notes Collateral Agent, on demand of and at the expense of the Issuer, shall execute such instruments requested by the Issuer acknowledging
the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(A)         the
rights of Holders to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such payments
are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof;

 

(B)          the
Issuer’s obligations with respect to Notes concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed,
lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 

(C)          the
rights, powers, trusts, duties and immunities of the Trustee and the Notes Collateral Agent, and the Issuer’s obligations
in connection therewith; and

 

(D)         this
Section 8.02.

 

Subject to compliance with this Article
VIII, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section
8.03 hereof.

 

SECTION
8.03.          Covenant Defeasance.
Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their
obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 and
4.15 hereof and Sections 5.01(a)(1)(d) and (e), Section 5.01(b) and Article XI hereof and the Security Documents (and the
Liens on the Collateral under the Security Documents shall be released in accordance with this Agreement and the Security
Documents) with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are
satisfied (“Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder
(it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes, the Guarantees and the Security Documents, the Issuer and
the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document, and such omission to
comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes and the Guarantees shall be unaffected thereby. In addition, upon the
Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) (solely with respect to the covenants that
are released upon a Covenant Defeasance), 6.01(4), 6.01(5), 6.01(6) (solely with respect to the Issuer’s Restricted
Subsidiaries), 6.01(7) (solely with respect to the Issuer’s Restricted Subsidiaries), 6.01(8), 6.01(9) and 6.01(10)
hereof shall not constitute Events of Default.

 

    136

     

    

 

SECTION
8.04.          Conditions to Legal or Covenant Defeasance. In order to exercise either Legal
Defeasance or Covenant Defeasance with respect to the Notes:

 

(1)          the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, U.S. dollar-denominated
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of an Independent Financial
Advisor to the extent such amounts consist of U.S. dollar-denominated Government Securities, to pay the principal of, premium,
if any, and interest due on the Notes on the stated maturity date or on the applicable Redemption Date, as the case may be, and
the Issuer must specify whether such Notes are being defeased to maturity or to a particular Redemption Date; provided that
upon any redemption that requires the payment of the Applicable Premium, the amount deposited with the Trustee will be sufficient
for purposes of this Indenture to the extent that such amount is equal to the Applicable Premium calculated as of the date of the
notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”)
only required to be deposited with the Trustee on or prior to the date of redemption; provided, further, that the
Trustee shall have no liability whatsoever in the event that such Applicable Premium Deficit is not in fact paid. Any Applicable
Premium Deficit will be set forth in an Officer’s Certificate delivered to the Trustee substantially concurrently with the
deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit will be applied toward such redemption;

 

(2)          in
the case of Legal Defeasance, the Issuer will have delivered to the Trustee an Opinion of Counsel confirming that:

 

(A)         the
Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 

(B)          since
the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based
thereon such Opinion of Counsel will confirm that the beneficial owners of the Notes will not recognize income, gain or loss for
U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not
occurred;

 

(3)          in
the case of Covenant Defeasance, the Issuer will have delivered to the Trustee an Opinion of Counsel confirming that the
beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of
such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Covenant Defeasance had not occurred;

 

    137

     

    

 

(4)          no
Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit
relating to other Indebtedness and, in each case, the granting of Liens and the consummation of other transactions in connection
therewith) shall have occurred and be continuing on the date of such deposit;

 

(5)          such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under the Senior Credit
Facilities or any other material agreement, instrument or documents (other than this Indenture) to which, the Issuer or any Guarantor
is a party or by which the Issuer or any Guarantor is bound (other than that resulting from any borrowing of funds to be applied
to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating
to other Indebtedness to be redeemed, and, in each case, the granting of Liens and the consummation of other transactions in connection
therewith);

 

(6)          the
Issuer will have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with
the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and

 

(7)          the
Issuer will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

 

Notwithstanding the foregoing, an Opinion
of Counsel required by clause (2) of the immediately preceding paragraph with respect to Legal Defeasance need not be delivered
if all of the Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable or (ii) will become
due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer.

 

SECTION
8.05.    Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.06 hereof, all money
and Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding
Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to
the payment, either directly or through any Paying Agent (including the Issuer or a Guarantor acting as Paying Agent) as the Trustee
may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and interest,
but such money need not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to Section 8.04
hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the outstanding Notes.

 

    138

     

    

 

Anything in this Article VIII to the contrary
notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the request of the Issuer any money or Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion of an Independent Financial Advisor expressed in
a written certification thereof delivered to the Trustee to the extent such requested amount consists of Government Securities
(which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION
8.06.    Repayment to Issuer. Subject to any applicable abandoned property law, any
money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of,
premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest
has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from
such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease.

 

SECTION
8.07.    Reinstatement. If the Trustee or Paying Agent is unable to apply any United
States dollars or Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s
and the Guarantors’ obligations under this Indenture, the Notes, the Guarantees and the Security Documents shall be revived
and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided
that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of
its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money
held by the Trustee or Paying Agent.

 

ARTICLE
IX

 

AMENDMENT, SUPPLEMENT AND WAIVER

 

SECTION
9.01.    Without Consent of Holders. Notwithstanding Section 9.02 hereof, the Issuer,
any Guarantor (with respect to a Guarantee to which it is a party), the Trustee and the Notes Collateral Agent may amend or supplement
this Indenture, any Guarantee, any Security Document, any Intercreditor Agreement (or enter into any additional Security Document
or Intercreditor Agreement) or Notes without the consent of any Holder:

 

(1)          to
cure any ambiguity, omission, mistake, defect or inconsistency (including as may have been contained in the “Description
of Notes” section of the Offering Memorandum regardless of whether such provision in such “Description of Notes”
section was intended to be a verbatim recitation of a provision of this Indenture, Guarantee or Notes), as provided to the Trustee
in an Officer’s Certificate;

 

(2)          to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)          to
comply with Section 5.01 hereof;

 

(4)          to
provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders;

 

    139

     

    

 

(5)          to
make any change that would provide any additional rights or benefits to the Holders or that does not materially adversely affect
(as determined in good faith by the Issuer) the legal rights under this Indenture of any such Holder;

 

(6)          to
add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or any Guarantor;

 

(7)          at
the Issuer’s election, to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture
under the Trust Indenture Act, if applicable (it being agreed that this Indenture need not qualify under the Trust Indenture Act);

 

(8)          to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or Notes Collateral Agent hereunder
pursuant to the requirements hereof;

 

(9)          to
add a Guarantor or co-obligor under this Indenture or to release a Guarantor in accordance with the terms of this Indenture;

 

(10)        to
conform the text of this Indenture, Guarantees, the Notes, any Security Document or any Intercreditor Agreement to any provision
of the “Description of Notes” section of the Offering Memorandum to the extent that such provision in such “Description
of Notes” section was intended to be a verbatim recitation of a provision of this Indenture, Guarantee, Notes, any Security
Document or any Intercreditor Agreement, as provided to the Trustee in an Officer’s Certificate;

 

(11)        to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture,
including, to facilitate the issuance and administration of the Notes; provided that (a) compliance with this Indenture
as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and
(b) such amendment does not materially and adversely affect the rights of Holders to transfer Notes;

 

(12)        to
provide for the issuance of Additional Notes in accordance with the terms of this Indenture;

 

(13)        to
add additional assets as Collateral, and to mortgage, pledge, hypothecate or grant any other Lien for the benefit of the Holders
of the Notes, as additional security for the payment and performance of all or any portion of the Obligations with respect to the
Notes and Guarantees, in any property or assets, including any which are required to be mortgaged, pledged or hypothecated, or
in which a Lien is required to be granted pursuant to this Indenture, any of the Security Documents or otherwise;

 

(14)        to
release Collateral from the Liens pursuant to this Indenture, the Security Documents and the Intercreditor Agreements when permitted
or required by this Indenture, the Security Documents or the Intercreditor Agreements;

 

(15)        to
enter into any joinder to any Intercreditor Agreement or Security Document or to otherwise modify or supplement the Security Documents
and/or the Intercreditor Agreements to secure additional Indebtedness and other obligations and add additional secured parties
(or add or replace representatives with respect to secured parties); or

 

    140

     

    

 

(16)        to
provide for the succession of any parties to the Security Documents (and other amendments that are administrative or ministerial
in nature) in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing
or other modification from time to time of the Senior Credit Facilities or any other agreement that is not prohibited by this Indenture.

 

Notwithstanding the foregoing, the Issuer,
any Guarantor (with respect to a Guarantee to which it is a party) and the Trustee and the Notes Collateral Agent shall, without
the consent of any Holder, (a) enter into any additional Security Document (or joinder or supplement documents with respect thereto)
to add additional assets as Collateral or perfect any liens with respect thereto the perfection as to which is required or permitted
under this Indenture and (b) enter into any additional Intercreditor Agreement that either (x) has substantially similar terms
with respect to the Holders as those set forth in the applicable Intercreditor Agreements in effect on the Issue Date, taken as
a whole, or any joinder thereto or (y) establishes the junior priority ranking of liens on the Collateral securing any Obligations
(other than under the Notes, the Guarantees and the Senior Term Credit Facilities) (any such Obligations, “Junior Secured
Obligations”), on the one hand, relative to the Notes, the Guarantees and the Senior Term Credit Facilities, on the other
hand, in each case under this sub-clause (y), that is initially entered into by the Term Loan Agent (a “Junior Lien Intercreditor
Agreement”) (provided that such Junior Lien Intercreditor Agreement shall treat the Notes and Guarantees in a
substantially consistent manner as the Senior Term Credit Facilities with respect to lien priority and ranking with respect to
the applicable Junior Secured Obligations (it being understood that the Term Loan Agent (or any collateral agent under the Senior
Term Credit Facilities) may act as the designated Applicable Authorized Representative for the Notes Collateral Agent, the Notes,
the Guarantees and the Holders thereunder)).

 

Additionally, without the consent of Holders
of at least 662/3% in aggregate principal amount of the Notes then outstanding, no such amendment, waiver
or modification will release all or substantially all of the Collateral from the Liens securing the Notes and Guarantees, except
as otherwise expressly permitted under this Indenture.

 

Upon the request of the Issuer accompanied
by a resolution of the Board of Directors authorizing the execution of any such amended or supplemental indenture or amendment
to the Security Documents or the Intercreditor Agreements, and upon receipt by the Trustee and the Notes Collateral Agent of the
documents described in Section 7.02 hereof (to the extent requested by the Trustee), the Trustee and the Notes Collateral Agent
shall join with the Issuer and the Guarantors in the execution of any amended or supplemental indenture or amendment to the Security
Documents or the Intercreditor Agreements authorized or permitted by the terms of this Indenture, the Security Documents or the
Intercreditor Agreements and to make any further appropriate agreements and stipulations that may be therein contained, but neither
the Trustee nor the Notes Collateral Agent shall be obligated to enter into such amended or supplemental indenture or amendment
to the Security Documents or the Intercreditor Agreements that affects its own rights, duties or immunities under this Indenture,
the Security Documents, the Intercreditor Agreements or otherwise. Notwithstanding the foregoing, no Opinion of Counsel shall be
required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor, the
Trustee and the Notes Collateral Agent of a supplemental indenture to this Indenture, the form of which is attached as Exhibit
D hereto, or any supplement to the Security Documents or the Intercreditor Agreements in connection with the same.

 

SECTION
9.02.    With Consent of Holders. Except as provided below in
this Section 9.02, the Issuer, the Guarantors (solely with respect to the Guarantee to which it is a party), the Trustee
and the Notes Collateral Agent may amend or supplement this Indenture, the Notes, the Guarantees, the Security Documents and
the Intercreditor Agreements with the consent of the Holders of at least a majority in principal amount of the Notes
(including Additional Notes, if any) then outstanding voting as a single class (including consents obtained in
connection with a purchase of, or tender offer or exchange offer for, the Notes), and, subject to Sections 6.04 and 6.07
hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal
of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been
rescinded) or compliance with any provision of this Indenture, the Guarantees, the Security Documents, the Intercreditor
Agreements or the Notes issued hereunder may be waived with the consent of the Holders of a majority in principal amount of
the then outstanding Notes (including Additional Notes, if any), other than Notes beneficially owned by the Issuer or its
Affiliates, voting as a single class (including consents obtained in connection with a tender offer or exchange offer or
offer to purchase with respect to the Notes); provided that (x) if any such amendment or waiver will only affect one
series of Notes (or less than all series of Notes) then outstanding hereunder, then only the consent of the Holders of a
majority in principal amount of the Notes of such series then outstanding (including, in each case, consents obtained in
connection with a tender offer or exchange offer or offer to purchase with respect to the Notes) shall be required and (y) if
any such amendment or waiver by its terms will affect a series of Notes in a manner different and materially adverse relative
to the manner such amendment or waiver affects other series of Notes, then the consent of the Holders of a majority in
principal amount of the Notes of such adversely affected series then outstanding (including, in each case, consents obtained
in connection with a tender offer or exchange offer or offer to purchase with respect to the Notes) shall be required.
Section 2.08 hereof and Section 2.09 hereof shall determine which Notes are considered to be “outstanding” for
the purposes of this Section 9.02.

 

    141

     

    

 

Upon the request of the Issuer accompanied
by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture or amendment
to the Security Documents or the Intercreditor Agreements, and upon the filing with the Trustee and the Notes Collateral Agent
of evidence satisfactory to the Trustee and the Notes Collateral Agent of the consent of the Holders as aforesaid, and upon receipt
by the Trustee and the Notes Collateral Agent of the documents described in Section 7.02 hereof, the Trustee and the Notes Collateral
Agent shall join with the Issuer and the Guarantors (solely with respect to the Guarantee to which it is a party) in the execution
of such amended or supplemental indenture or amendment to the Security Documents or the Intercreditor Agreements unless such amended
or supplemental indenture or amendment to the Security Documents or the Intercreditor Agreements directly affects the Trustee’s
or the Notes Collateral Agent’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee
and the Notes Collateral Agent may in their discretion, but shall not be obligated to, enter into such amended or supplemental
indenture or amendment to the Security Documents or the Intercreditor Agreements.

 

It shall not be necessary for the consent
of the Holders under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient
if such consent approves the substance thereof.

 

After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Issuer shall deliver to the Holders affected thereby (with a copy to the Trustee)
a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to deliver such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.

 

Without the consent of each affected Holder
(including, for the avoidance of doubt, any Notes held by Affiliates), an amendment or waiver under this Section 9.02 may not,
with respect to any Notes held by a non-consenting Holder:

 

(1)          reduce
the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver;

 

    142

     

    

 

(2)          reduce
the principal of or change the fixed final maturity of any such Note or reduce the premium payable upon the redemption of such
Notes on any date (other than the provisions relating to Section 3.09, Section 4.10 and Section 4.14); provided that any
amendment to the notice requirements may be made with the consent of the Holders of a majority in aggregate principal amount of
then outstanding Notes;

 

(3)          reduce
the rate of or change the time for payment of interest on any Note;

 

(4)          waive
a Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission of acceleration of the
Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that
resulted from such acceleration, or in respect of a covenant or provision contained in this Indenture or any Guarantee which cannot
be amended or modified without the consent of all affected Holders;

 

(5)          make
any Note payable in money other than that stated therein;

 

(6)          make
any change in the provisions of this Indenture relating to waivers of past Defaults;

 

(7)          make
any change in this Article IX that is materially adverse to the Holders;

 

(8)          modify
the contractual right hereunder of any Holder to institute suit for the payment of principal, interest or premium (if any) on or
with respect to such Holder’s Notes on or after the respective due dates;

 

(9)          make
any change to or modify the ranking or Lien priority of the Notes that would adversely affect the Holders; or

 

(10)        except
as expressly permitted by this Indenture, modify the Guarantees of any Significant Subsidiary, or any group of Restricted Subsidiaries
that, taken together (as of the latest consolidated financial statements of the Issuer made available to the Holders) would constitute
a Significant Subsidiary, in any manner materially adverse to the Holders.

 

SECTION
9.03.     Revocation and Effect of Consents. Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note
if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An
amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

The Issuer may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. If
a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke
any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall
be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been
obtained.

 

    143

     

    

 

SECTION
9.04.     Notation on or Exchange of Notes. The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and
the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

 

Failure to make the appropriate notation
or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

SECTION
9.05.     Trustee and Notes Collateral Agent to Sign Amendments, etc. The Trustee and the
Notes Collateral Agent, as applicable, shall sign any amendment, supplement or waiver hereto or to any Security Document or any
Intercreditor Agreement authorized pursuant to this Article IX if the amendment, supplement or waiver does not adversely affect
the rights, duties, liabilities or immunities of the Trustee or the Notes Collateral Agent, as applicable. The Issuer may not
sign an amendment, supplement or waiver hereto until the Board of Directors of the Issuer approves it. In executing any amendment,
supplement or waiver, the Trustee and the Notes Collateral Agent, as applicable, shall be fully protected in relying conclusively
upon and, except as otherwise provided herein or in any Security Document, shall receive an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental indenture or other amendment or waiver is authorized
or permitted by this Indenture, the Security Documents and the Intercreditor Agreements and that such amendment, supplement or
waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in
accordance with its terms, subject to customary exceptions, and such amendment, supplement or waiver complies with the provisions
hereof or thereof.

 

Notwithstanding the foregoing, no Opinions
of Counsel will be required for (x) the Trustee or the Notes Collateral Agent to execute any amendment or supplement in the form
of Exhibit D attached hereto adding a new Guarantor under this Indenture or any supplement to the Security Documents or
the Intercreditor Agreement in connection with the same, (y) the Issuer or any Guarantor subjecting any assets after the Issue
Date to Liens under the Security Documents (other than Material Owned Real Property) or (z) the release of any Guarantor or Collateral
permitted by this Indenture.

 

ARTICLE
X

 

GUARANTEES

 

SECTION
10.01.   Guarantee. Subject to this Article X, each of the Guarantors hereby, jointly
and severally, irrevocably and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and the Notes Collateral Agent and their respective successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes or the Obligations of the Issuer hereunder or thereunder, that (a) the principal of and interest and
premium, if any, on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise,
and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer
to the Holders, the Trustee or the Notes Collateral Agent hereunder or thereunder, including for expenses, indemnification or otherwise,
shall be promptly paid in full, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of
payment or renewal of any Notes or any of such other Obligations, that same shall be promptly paid in full when due in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due
of any amount so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same promptly.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

    144

     

    

 

The Guarantors hereby agree that their obligations
hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof,
the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor (other than payment in full of all of the Obligations of the
Issuer hereunder and under the Notes).

 

Each Guarantor hereby waives, to the fullest
extent permitted by law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever
and covenants that this Guarantee shall not be discharged except by full payment of the Obligations contained in the Notes and
this Indenture or by release in accordance with the provisions of this Indenture.

 

Each Guarantor also agrees to pay any and
all costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee, the Notes Collateral
Agent or any Holder in enforcing any rights under this Section 10.01.

 

If any Holder, the Trustee, or the Notes
Collateral Agent is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator
or other similar official acting in relation to the Issuer or the Guarantors, any amount paid to the Trustee, the Notes Collateral
Agent or such Holder, as applicable, then this Guarantee, to the extent theretofore discharged, shall be reinstated in full force
and effect.

 

Each Guarantor further agrees that, as between
the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed
hereby may be accelerated as provided in Article VI hereof for the purposes of this Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such Obligations as provided in Article VI hereof, such Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right
to seek contribution from any nonpaying Guarantor so long as the exercise of such right does not impair the rights of the Holders
under the Guarantees.

 

Each Guarantee shall remain in full force
and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation or reorganization,
should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment of the Notes are, pursuant to applicable law, rescinded
or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Guarantees, whether as a “voidable
preference,” “fraudulent transfer” or otherwise, all as though such payment had not been made. In the event that
any payment or any part thereof is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by
law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

In case any provision of any Guarantee shall
be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.

 

    145

     

    

 

The Guarantee issued by any Guarantor shall
be a general secured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing and
future senior indebtedness of such Guarantor, if any.

 

Each payment to be made by a Guarantor in
respect of its Guarantee shall be made without setoff, counter-claim, reduction or diminution of any kind or nature.

 

SECTION
10.02.  Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of
the Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be
limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this
Article X, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent
transfer under applicable law. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full
of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other
Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time
of such payment determined in accordance with GAAP.

 

SECTION
10.03.   Execution and Delivery. To evidence its Guarantee set forth in Section 10.01
hereof, each Guarantor hereby agrees that this Indenture (or a supplemental indenture in the form of Exhibit D with regard
to each Guarantor that becomes a party hereto after the date hereof) shall be executed on behalf of such Guarantor by one of its
authorized Officers.

 

Until released in accordance with Section
10.06, each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.

 

If an Officer whose signature is on this
Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantee of such Guarantor shall be
valid nevertheless.

 

The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

If required by Section 4.15 hereof, the
Issuer shall cause any newly created or acquired Restricted Subsidiary to comply with Section 4.15 and this Article X, to the extent
applicable.

 

SECTION
10.04.   Subrogation. Until its Guarantee is terminated in accordance with Section 10.06,
each Guarantor agrees that it shall not be entitled to exercise any right of subrogation in relation to the Holders in respect
of any Obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby; provided that, if an Event
of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or
based upon, such right of subrogation until all amounts then due and payable by the Issuer under this Indenture or the Notes shall
have been paid in full.

 

    146

     

    

 

SECTION
10.05.   Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct
and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by
it pursuant to its Guarantee are knowingly made in contemplation of such benefits.

 

SECTION
10.06.   Release of Guarantees. (a) Each Guarantee by a Subsidiary Guarantor will
provide by its terms that it shall be automatically and unconditionally released and discharged and shall thereupon terminate and
be of no further force and effect, and no further action by such Subsidiary Guarantor, the Issuer, the Trustee or the Notes Collateral
Agent is required for the release of such Subsidiary Guarantor’s Guarantee, upon:

 

(1)          any
sale, exchange, issuance, disposition or transfer (by merger, amalgamation, consolidation or otherwise) of (a) the Capital Stock
of any Subsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary, or (b) all or
substantially all of the assets of such Subsidiary Guarantor (including to any of the Issuer or another Subsidiary Guarantor),
in each case if such sale, exchange, issuance, disposition or transfer is made in compliance with the applicable provisions of
this Indenture;

 

(2)          (a)
the release or discharge of the guarantee by, or direct obligation of, such Subsidiary Guarantor of Indebtedness of any of the
Issuer or any Subsidiary Guarantor under the Senior Credit Facilities or (b) the release or discharge of such other guarantee that
resulted in the creation of such Guarantee, except, in each case, a discharge or release by or as a result of payment under such
guarantee or direct obligation (it being understood that, in each case, a release subject to a contingent reinstatement is still
a release);

 

(3)          (a)
the designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in compliance with the
applicable provisions of this Indenture or (b) such Subsidiary Guarantor otherwise becoming an Excluded Subsidiary;

 

(4)          (a)
the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article VIII hereof
or (b) the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of this Indenture;

 

(5)          the
merger, amalgamation or consolidation of any Subsidiary Guarantor with and into the Issuer or a Subsidiary Guarantor that is the
surviving Person in such merger, amalgamation or consolidation, or upon the liquidation of a Subsidiary Guarantor following the
transfer of all or substantially all of its assets, in each case, in a transaction that complies with the applicable provisions
hereof; or

 

(6)          as
described under Article IX.

 

Notwithstanding the foregoing, any guarantee
by a Parent Company (other than Holdco) may be automatically and unconditionally released and discharged for any reason.

 

(b)           The
Issuer will have the right, upon delivery of an Officer’s Certificate and an Opinion of Counsel to the Trustee, to cause
any Guarantor that has not guaranteed any Indebtedness under the Senior Credit Facilities, and is not otherwise required by the
applicable terms of this Indenture to provide a Guarantee, to be unconditionally released and discharged from all obligations under
its Guarantee, and such Guarantee will thereupon automatically and unconditionally terminate and be discharged and of no further
force or effect.

 

    147

     

    

 

ARTICLE
XI

 

COLLATERAL AND SECURITY

 

SECTION 11.01.   Collateral.

 

(a)            The Notes, the Guarantees and the other Obligations under this Indenture shall
be secured by security interests (subject to Permitted Liens) in the Collateral, as provided in
the Security Documents and will be secured by all Security Documents hereafter delivered as required or permitted by this Indenture,
the Security Documents and the Intercreditor Agreements.

 

(b)           The
Issuer and the Guarantors hereby agree that the Notes Collateral Agent shall hold the Collateral in trust for the benefit of the
Notes Secured Parties, in each case pursuant to the terms of the Security Documents and the Intercreditor Agreements, and the
Notes Collateral Agent is hereby authorized to execute and deliver the Security Documents and the Intercreditor Agreements.

 

(c)           Each Holder, by its acceptance of any Notes and the Guarantees, consents and agrees to the terms of the Security Documents
and the Intercreditor Agreements (including, without limitation, the provisions providing for foreclosure) as the same may be in
effect or may be amended from time to time in accordance with their terms or the terms of this
Indenture and (i) authorizes and directs the Trustee and the Notes Collateral Agent to enter into, perform their respective
obligations and exercise their respective rights under the Security Documents and the Intercreditor Agreements in accordance therewith,
(ii) authorizes and directs the Trustee and the Notes Collateral Agent to enter into, perform their respective obligations and
exercise their respective rights as the “Initial Additional Authorized Representative” and “Initial Additional
Pari Collateral Agent” under the Pari Passu Intercreditor Agreement and (iii) authorizes and directs the Trustee and the
Notes Collateral Agent to enter into, perform their respective obligations and exercise their respective rights as a “Term
Class Debt Representative” and “Term Agent” under the ABL Intercreditor Agreement.

 

(d)           The
Trustee and each Holder, by accepting the Notes and the Guarantees, acknowledges that, as more fully set forth in the Security
Documents and the Intercreditor Agreements, the Collateral as now or hereafter constituted shall be held for the benefit of the
Notes Secured Parties, and that the Lien of this Indenture and the Security Documents in respect of the Trustee and the Holders
is subject to and qualified and limited in all respects by the Security Documents and the Intercreditor Agreements and actions
that may be taken thereunder.

 

SECTION 11.02.   Collateral Requirements
and Filings.

 

(a)           Actions required to pledge, grant and perfect security interests in the Collateral in favor of the Notes Collateral Agent
for the benefit of the Notes Secured Parties shall be limited to actions of the type required
to pledge, grant and perfect the security interests in the Collateral pursuant to the Senior Term Credit Facilities (for the avoidance
of doubt, giving effect to amendments, waivers, modifications and consents thereto) (or, to the extent that the Discharge of Term
Obligations has then occurred with respect to the Senior Term Credit Facilities, limited to actions of the type required to pledge,
grant and perfect the security interests in the Collateral pursuant to the Senior Term Credit Facilities (for the avoidance of
doubt, giving effect to amendments, waivers, modifications and consents thereto) as in effect immediately prior to such Discharge
of Term Obligations with respect to the Senior Term Credit Facilities), subject to the Intercreditor Agreements, and no additional
actions to pledge, grant and perfect security interests in the Collateral shall be required with respect to the Notes and shall
include the requirement that:

 

    148

     

    

 

(1)          the Notes Collateral Agent shall have received on the date hereof (x) the Security Agreement
and each Grant of Security Interest (as defined in the Security Agreement) required thereby, (y) a joinder to the ABL Intercreditor
Agreement and (z) the Pari Passu Intercreditor Agreement, in each case, duly executed or acknowledged by each of the Issuer and
any Guarantor signatory thereto, as applicable;

 

(2)          the Obligations and the Guarantees shall have been secured by a security interest in all Equity
Interests and substantially all tangible and intangible assets of the Issuer and each Guarantor (in each case, except for (x) any
Excluded Assets, (y) assets not required to be Collateral pursuant to this Indenture or the Security Documents and (z) assets
not pledged, or required to be pledged (including pursuant to any amendment, waiver or consent), to secure the obligations of the
Issuer and the Guarantors under the Senior Term Credit Facilities), in each case with the priority required by and subject to the
terms of the Security Documents and the Intercreditor Agreements;

 

(3)         
none of the Collateral shall be subject to any Liens other than Permitted Liens; and

 

(4)         
with respect to each Restricted Subsidiary that becomes a Subsidiary Guarantor in accordance
with Section 4.15 and within the time designated therein, the Issuer shall cause such Restricted Subsidiary to duly execute and
deliver to the Notes Collateral Agent, Security Agreement Supplements (as defined in the Security Agreement), counterparts to the
Intercreditor Agreements (or any joinders thereto) and other security agreements and documents as required by Section 4.17.

 

(b)           With
respect to Material Owned Real Property, the Notes Collateral Agent shall be entitled to receive (i) counterparts of a mortgage
with respect to each Material Owned Real Property duly executed and delivered by the record owner of such property (each, a “Mortgaged
Property”), (ii) a policy or policies of title insurance issued by a nationally recognized title insurance company insuring
the Lien of each such mortgage as a valid senior priority Lien on the property described therein (subject to the applicable provisions
of any Intercreditor Agreement), (iii) such existing surveys, existing abstracts, existing appraisals and other similar documents
as the Term Loan Agent (or, after the discharge of Obligations with respect to the Term Loan Credit Agreement, the Notes Collateral
Agent) may reasonably request, (iv) to the extent required by applicable law, flood certificates covering each Mortgaged Property,
in each case of the foregoing clauses (i) through (iv), to the extent delivered or provided to the Term Loan Agent and (v) an
Opinion of Counsel.

 

(c)            Notwithstanding
anything in the foregoing to the contrary, for the avoidance of doubt, in addition to other exceptions and limitations
described in the Security Documents, in no event shall the Issuer or any Guarantor be required to (i) create any security
interests in assets located, titled, registered or filed outside of the United States or to perfect such security interests
or (ii) deliver (a) control agreements, (b) other similar third party documents, or (c) to the extent governed under the laws
of a jurisdiction other than the United States, security agreements, pledge agreements, or share charge (or mortgage)
agreements, in each case, so long as the Issuer or such Guarantor has not created any such security interest or delivered any
such documents under any Senior Term Credit Facility; provided, however, that to the extent that the Notes
Collateral Agent is party to the Pari Passu Intercreditor Agreement or other Intercreditor Agreement pursuant to which the
Term Loan Agent or other applicable agent or representative acts as gratuitous bailee for the benefit of the Notes Collateral
Agent and the Holders with respect to any control agreements or Collateral described in clauses (ii)(a) or (b) above, the
Issuer or the applicable Guarantor will not be required to take any such actions so long as such Intercreditor Agreement is
in full force and effect; provided, further, that to the extent the Issuer or any Guarantor is required
pursuant to this paragraph to take any such action, (I) the obligations to enter into any such control agreements or similar
third party documents described in clause (ii)(a) or (b) shall be limited to a requirement of the Issuer or such Guarantor to
use commercially reasonable efforts to enter into such documents (for the avoidance of doubt, including after the end of the
applicable period set forth in clause (II) below) and (II) in any event the Issuer shall have a period of 90 days after the
first date that such agreement or document is otherwise required to be delivered under the Security Documents to deliver any
such control agreements or other third-party documents.

 

    149

     

    

 

(d)           Subject
to the terms of the Security Documents and the Intercreditor Agreements, the Issuer and the Guarantors will have the right to
remain in possession and retain exclusive control of the Collateral securing the Notes (other than any property constituting part
of the Collateral and deposited with, or held by, the Term Loan Agent or ABL Agent in accordance with the provisions of the Security
Documents and the applicable Intercreditor Agreements and other than as set forth in the Security Documents and the applicable
Intercreditor Agreements), to freely operate the Collateral and to collect, invest and dispose of any income therefrom.

 

(e)            Notwithstanding anything to the contrary, Opinions of Counsel will not be required in connection with the Issuer or any
Guarantor subjecting any after-acquired Collateral other than Material Owned Real Property (including any assets of new or additional
Guarantors) to the Liens created under the Security Documents.

 

(f)            To the extent the Term Loan Agent is satisfied with or agrees to any deliveries of or other arrangements with respect to
any Collateral, the Notes Collateral Agent shall automatically be deemed to accept such arrangements.

 

(g)           So long as the Pari Passu Intercreditor Agreement is in effect, (A) the Issuer or any Guarantor may satisfy its obligations
to deliver or make arrangements with respect to any Shared Collateral (as defined in the Pari Passu Intercreditor Agreement) by
delivering to, or making arrangements with respect to such Shared Collateral (as defined in the Pari Passu Intercreditor Agreement)
satisfactory to the Controlling Collateral Agent (as defined in the Pari Passu Intercreditor Agreement) or its agent, designee
or bailee (or, with respect to Collateral constituting ABL Priority Collateral, the ABL Agent or its agent, designee or bailee),
in each case, in accordance with the terms of the applicable Intercreditor Agreement.

 

(h)           For
the avoidance of doubt, neither the Trustee nor the Notes Collateral Agent shall be responsible for the failure of any Person
to deliver any Security Documents, supplements to any Security Documents, Uniform Commercial Code filings (including fixture filings),
insurance and title insurance policies, or any other documents or instruments to pledge, grant and perfect security interests
in the Collateral, for monitoring such delivery, for the content or correctness of any of the foregoing delivered to it or for
preparing or filing any of the foregoing.

 

    150

     

    

 

 

SECTION 11.03.    Release of Collateral.

 

(a)          
Collateral shall be released from the Lien and security interest created by the Security Documents at any time or from time
to time in accordance with the provisions of the Security Documents and the Intercreditor Agreements. In addition, the property
and other assets constituting Collateral shall be released from the Liens securing the Notes and the Obligations with respect to
the Notes and Guarantees under any one or more of the following circumstances:

 

(1)         
 to enable the Issuer or any Guarantor to consummate the sale, transfer or other disposition
of such property or assets other than any such sale, transfer or disposition to the Issuer or a Guarantor to the extent not prohibited
by Section 4.10;

 

(2)          
property or assets of a Guarantor that is released from its Guarantee in accordance with this
Indenture;

 

(3)          
with the consent of the Holders of at least 662/3% of the aggregate
principal amount of the Notes then outstanding; and

 

(4)          
as described in Article IX hereof.

 

(b)          
For the avoidance of doubt, the Liens on the Collateral securing the Notes and the Guarantees shall be automatically released
and discharged under the circumstances set forth in, and subject to (i) Section 2.4 of the ABL Intercreditor Agreement and (ii)
Section 2.05 of the Pari Passu Intercreditor Agreement.

 

(c)          
Without limitation of clause (b) above, the Liens on the Collateral securing the Notes and the Guarantees also will be automatically
released and discharged upon (i) payment in full of the principal of, together with accrued and unpaid interest on, the Notes and
all other Obligations under this Indenture, the Guarantees and the Security Documents that are due and payable at or prior to the
time such principal, together with accrued and unpaid interest, is paid, (ii) the exercise by the Issuer of its Legal Defeasance
option or Covenant Defeasance option in accordance with Article VIII hereof or (iii) the satisfaction and discharge of the Notes
and this Indenture in accordance with Article XII hereof.

 

(d)          
Upon the release of a Guarantor from its Guarantee, such Guarantor, and the property and assets of such Guarantor, shall
be automatically and unconditionally released from the Security Documents.

 

(e)          
The Notes Collateral Agent shall, at Issuer’s expense, promptly execute and deliver such documents reasonably requested
by the Issuer or such Guarantors (at the Issuer’s expense) to evidence the release of the Notes Collateral Agent’s
security interest in the released Collateral.

 

(f)           
Notwithstanding anything to the contrary herein or in the Security Documents, an Opinion of Counsel will not be required
in connection with the release of any Collateral permitted by this Indenture.

 

SECTION
11.04.    Authorization of Actions to be Taken by the Trustee or the Notes Collateral Agent Under the Security Documents.

 

(a)           Subject
to the provisions of the Security Documents and the Intercreditor Agreements, each of the Trustee or the Notes Collateral
Agent may (but shall not be obligated to), in its sole discretion and without the consent of the Holders, on behalf of the
Holders, take all actions it deems necessary or appropriate in order to (a) enforce any of its rights or any of the rights of
the Notes Secured Parties under the Security Documents and the Intercreditor
Agreements and (b) collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations
of the Issuer and the Guarantors hereunder and thereunder. Subject to the provisions of the Security Documents and the
Intercreditor Agreements, the Trustee or the Notes Collateral Agent shall have the power to institute and to maintain such
suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful
or in violation of the Security Documents, the Intercreditor Agreements or this Indenture, and such suits and proceedings as
the Trustee or the Notes Collateral Agent may deem expedient to preserve or protect its interest and the interests of the
Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or
compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise
invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder
or be prejudicial to the interests of the Holders or the Trustee).

 

    151

     

    

 

(b)          
The Trustee or the Notes Collateral Agent shall not be responsible for the existence, genuineness or value of any of the
Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired
by operation of law or by reason of any action or omission to act on its part hereunder, except (with respect to the Trustee or
Notes Collateral Agent) to the extent such action or omission constitutes gross negligence or willful misconduct on the part of
the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity
of the title of the Issuer or any Guarantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges,
assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. Neither the Trustee nor the Notes
Collateral Agent shall have any responsibility for recording, filing, re-recording or refiling any financing statement, continuation
statement, document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect
or maintain the perfection of any security interest granted to it under the Security Documents or otherwise. The Notes Collateral
Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is
accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any
loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or
other agent or bailee selected by the Notes Collateral Agent in good faith. Neither the Trustee nor the Notes Collateral Agent
shall have any duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture or the Security
Documents by the Issuer or the Guarantors.

 

(c)          
The Notes Collateral Agent shall be entitled to seek written directions from the Holders of at least a majority in aggregate
principal amount of the then outstanding Notes prior to taking any action under this Indenture, the Notes, the Security Documents,
any Collateral instrument or any Intercreditor Agreement.

 

SECTION 11.05.    Appointment and Authorization
of U.S. Bank National Association as Notes Collateral Agent.

 

(a)          
U.S. Bank National Association is hereby designated and appointed as the Notes Collateral Agent of the Notes Secured
Parties under the Security Documents, and is authorized as the Notes Collateral Agent for such Notes Secured
Parties (i) to execute and enter into each of the Security Documents and the Intercreditor Agreements and all other instruments
relating to the Security Documents and the Intercreditor Agreements, (ii) to take action and exercise such powers as are expressly
required or permitted hereunder and under the Security Documents and the Intercreditor Agreements and all instruments relating
hereto and thereto including, without limitation, entering into any amendments, supplements, modifications or joinders relating
thereto and (iii) to exercise such powers and perform such duties as are in each case, expressly delegated to the Notes Collateral
Agent by the terms hereof and thereof together with such other powers as are reasonably incidental hereto and thereto.

 

(b)          
Notwithstanding any provision to the contrary elsewhere in this Indenture or the Security Documents, the Notes Collateral
Agent shall not have any duties or responsibilities except those expressly set forth herein or therein or any fiduciary relationship
with any Holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Indenture or any Security Document or otherwise exist against the Notes Collateral Agent.

 

    152

     

    

 

(c)          
 The Notes Collateral Agent shall incur no liability to anyone in acting upon any signature, instrument, statement, notice,
resolution, request, direction, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed
by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Notes Collateral Agent may exercise
any of its rights or powers hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys,
and the Notes Collateral Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
by it hereunder with due care. Anything in this Indenture or Security Documents notwithstanding, in no event shall the Notes Collateral
Agent be liable for special, indirect or consequential damage of any kind whatsoever (including but not limited to lost profits),
even if the Notes Collateral Agent has been advised of such loss or damage and regardless of the form of action. Without limiting
the agreement in Section 7.06, the Issuer and Guarantors, shall, jointly and severally, indemnify and hold harmless the Notes Collateral
Agent, its directors, officers, agents and employees with respect to any and all expenses, losses, damages, liabilities, demands,
charges, causes of action, judgments and claims of any nature (including the reasonable fees and expenses of counsel and other
experts) in respect of or arising from any acts or omissions performed or omitted by the Notes Collateral Agent, its directors,
officers, agents or employees hereunder or under the Security Documents or Intercreditor Agreements or under any other agreement
executed in connection therewith without willful misconduct, negligence or reckless disregard of its duties hereunder or under
the Security Documents or Intercreditor Agreements or under any other agreement executed in connection therewith, as determined
by a final order of a court of competent jurisdiction that is not subject to appeal.

 

(d)          
The Notes Collateral Agent shall be entitled to the benefit of all of the rights, privileges, indemnities and immunities
granted to the Trustee.

 

(e)          
The Notes Collateral Agent may resign or be removed, together with the resignation or removal of the Trustee, in accordance
with Section 7.07 hereof or as otherwise agreed by the Issuer.

 

(f)            If
the Notes Collateral Agent shall request direction from the Holders of a majority in aggregate principal amount of the then outstanding
Notes with respect to any action, the Notes Collateral Agent shall be entitled to refrain from such action unless and until the
Notes Collateral Agent shall have received direction (and indemnity, if requested) from the Holders of a majority in aggregate
principal amount of the then outstanding Notes, and the Notes Collateral Agent shall not incur liability to any Person by reason
of so refraining. Whether or not expressly provided therein, in acting under any Security Document or Intercreditor Agreement,
the Notes Collateral Agent shall be entitled to all of the rights, privileges, immunities and indemnities granted to the Notes
Collateral Agent in this Indenture.

 

(g)           The
Trustee is authorized to receive any funds for the benefit of the Holders distributed under, and in accordance with, the Security
Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture, the Security
Documents and the Intercreditor Agreements.

 

SECTION 11.06.    Further Assurances.
Subject to the limitations and exceptions set forth in the Security Documents, this Agreement, the Notes and any Intercreditor
Agreement, if reasonably requested by the Notes Collateral Agent, the Issuer and each of the Guarantors shall execute any and all
further documents, financing statements, agreements and instruments, and take all further action that may be reasonably required
under applicable law, in order to evidence or perfect the Liens created or intended to be created by the Security Documents in
the Collateral (including, without limitation, by making filings of continuation statements and amendments to financing statements
that may be necessary to continue the effectiveness of such financing statements), in each case, solely to the extent, and in a
manner, consistent with the actions expressly required to be taken with respect to the granting and perfection of Liens on the
Collateral under this Agreement, the Security Documents, the Notes and any Intercreditor Agreement.

 

    153

     

    

 

ARTICLE
XII

 

SATISFACTION AND DISCHARGE

 

SECTION
12.01.    Satisfaction and Discharge. This Indenture and the Security Documents shall
be discharged and shall cease to be of further effect as to all Notes, when either:

 

(1)            all
Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or

 

(2)            (A)
all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making of one
or more notices of redemption or otherwise, will become due and payable within one year or may be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. dollar-denominated Government Securities,
or a combination thereof, in such amounts as will be sufficient (without consideration of any reinvestment of interest), in the
opinion of an Independent Financial Advisor to the extent such amounts consist of U.S. dollar-denominated Government Securities,
to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal,
premium, if any, and accrued interest to the date of maturity or redemption; provided that upon any redemption that requires
the payment of the Applicable Premium, the amount deposited with the Trustee will be sufficient for purposes of this Indenture
to the extent that such amount is equal to the Applicable Premium calculated as of the date of the notice of redemption, with any
Applicable Premium Deficit only required to be deposited with the Trustee on or prior to the date of redemption; provided,
further, that the Trustee shall have no liability whatsoever in the event that such Applicable Premium Deficit is not in
fact paid. Any Applicable Premium Deficit will be set forth in an Officer’s Certificate delivered to the Trustee substantially
concurrently with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit will be applied
toward such redemption;

 

(B)           the
Issuer has paid or caused to be paid all sums payable by it under this Indenture; and

 

(C)           the
Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the Redemption Date, as the case may be.

 

In addition, the Issuer must deliver an
Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

 

Notwithstanding the satisfaction and discharge
of this Indenture, Section 7.06 and, if money shall have been deposited with the Trustee pursuant to subclause (A) of clause (2)
of this Section 12.01, Section 12.02 and Section 8.06 hereof shall survive such satisfaction and discharge.

 

SECTION
12.02.    Application of Trust Money; Other Miscellaneous Provisions.
Subject to Section 8.06, all money deposited with the Trustee pursuant to Section 12.01 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through
any Paying Agent (including the Issuer or a Guarantor acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

    154

     

    

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 12.01 hereof by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Issuer has made any payment of principal
of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to
the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or
Paying Agent.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to Section
12.01 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of the outstanding Notes.

 

ARTICLE
XIII

 

MISCELLANEOUS

 

SECTION
13.01.    Notices. Any notice or communication by the Issuer, any Guarantor, the Trustee
or the Notes Collateral Agent to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered
or certified, return receipt requested), facsimile, electronically (in “.pdf” or other format) or overnight air courier
guaranteeing next day delivery, to the others’ address:

 

If to the Issuer and/or any Guarantor on
or after the Issue Date:

 

Michaels Stores, Inc.

8000 Bent Branch Drive

Irving, Texas 75063

Facsimile: (972) 409-1965

Attention: General Counsel

 

in each case, with a copy to:

 

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Byung Choi

Facsimile: (617) 235-0452

Email: Byung.Choi@ropesgray.com

 

If to the Trustee or the Notes Collateral
Agent:

 

U.S. Bank National Association

Corporate Trust Services

13737 Noel Road, Suite 800

Dallas, Texas 75240

Attention: Michael K. Herberger

Facsimile: (972) 581-1670

 

Email: Michael.Herberger@usbank.com

 

    155

     

    

 

The Issuer, any Guarantor, the Trustee or
the Notes Collateral Agent, by notice to the others, may designate additional or different addresses for subsequent notices or
communications.

 

All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar
days after being deposited in the mail, postage prepaid, if mailed by first-class mail; on the first date on which publication
is made or electronic delivery made; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee or the Notes Collateral
Agent shall be deemed effective upon actual receipt thereof.

 

Any notice or communication to a Holder
shall be electronically delivered, mailed by first-class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the Note Register kept by the Registrar.

 

Failure to deliver a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

Notwithstanding any other provision of this
Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or
purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the
Depositary pursuant to the standing instructions from the Depositary.

 

If a notice or communication is mailed or
otherwise delivered in the manner provided above within the time prescribed, such notice or communication shall be deemed duly
given, whether or not the addressee receives it.

 

If the Issuer delivers or mails a notice
or communication to Holders, it shall deliver or mail a copy to the Trustee and the Notes Collateral Agent at the same time.

 

SECTION
13.02.    Communication with Holders of a Global Note. Notwithstanding any other provision
of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any other communication (including
any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently
given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including
by electronic mail in accordance with accepted practices at the Depositary.

 

    156

     

    

 

SECTION
13.03.    Certificate and Opinion as to Conditions Precedent. Upon any request or application
by the Issuer or any of the Guarantors to the Trustee or the Notes Collateral Agent to take any action under this Indenture (other
than as set forth in the last sentence of Section 9.05 and with respect to clause (B) below, in connection with the initial issuance
of Notes on the Issue Date and other than if this Indenture expressly states no such Officer’s Certificate or Opinion of
Counsel is required), the Security Documents and the Intercreditor Agreements, the Issuer or such Guarantor, as the case may be,
shall furnish to the Trustee or the Notes Collateral Agent, as applicable:

 

(A)           An
Officer’s Certificate in form reasonably satisfactory to the Trustee or the Notes Collateral Agent, as applicable, (which
shall include the statements set forth in Section 13.04 hereof) stating that, in the opinion of the signers, all conditions precedent,
requirements and covenants, if applicable, provided for in this Indenture, the Security Documents or the Intercreditor Agreements,
as applicable, relating to the proposed action have been satisfied; and

 

(B)            An
Opinion of Counsel in form reasonably satisfactory to the Trustee or the Notes Collateral Agent, as applicable, (which shall include
the statements set forth in Section 13.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent,
requirements and covenants, if applicable, have been satisfied.

 

SECTION
13.04.    Statements Required in Certificate or Opinion. Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture, any Security Document or any Intercreditor
Agreement shall include:

 

(A)           a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

(B)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(C)            a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion
of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(D)            a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with; provided,
however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.

 

SECTION
13.05.    Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders.
The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

SECTION
13.06.    No Personal Liability of Directors, Officers, Employees and Stockholders.
No past, present or future director, officer, employee, incorporator, member, partner or equity holder of the Issuer or any Guarantor
or any Parent Company will have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Guarantees,
this Indenture, the Security Documents or the Intercreditor Agreements or for any claim based on, in respect of, or by reason of
such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal
securities laws.

 

    157

     

    

 

SECTION
13.07.    Governing Law. THIS INDENTURE, THE NOTES, ANY
GUARANTEE, THE SECURITY DOCUMENTS AND THE INTERCREDITOR AGREEMENTS WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

SECTION
13.08.    Waiver of Jury Trial. EACH OF THE ISSUER, THE GUARANTORS, THE TRUSTEE AND
THE COLLATERAL AGENT HEREBY, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREBY, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

SECTION
13.09.    Force Majeure. In no event shall the Trustee or the Notes Collateral Agent
be responsible or liable for any failure or delay in the performance of its obligations under this Indenture, the Security Documents
and the Intercreditor Agreements arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including
without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware)
services.

 

SECTION
13.10.    No Adverse Interpretation of Other Agreements. This Indenture may not be
used to interpret any other indenture, loan or debt agreement of Holdco, the Issuer or its Restricted Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

SECTION
13.11.    Successors. All agreements of the Issuer in this Indenture, the Security
Documents and the Notes shall bind its successors. All agreements of the Trustee in this Indenture and the Security Documents shall
bind its successors. All agreements of the Notes Collateral Agent in this Indenture and the Security Documents shall bind its successors.
All agreements of each Guarantor in this Indenture and the Security Documents shall bind its successors, except as otherwise provided
in Section 10.06 hereof.

 

SECTION
13.12.    Severability. In case any provision or any part of any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

SECTION
13.13.    Counterpart Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This Indenture may be
executed in multiple counterparts, which, when taken together, shall constitute one instrument. The exchange of copies of this
Indenture and of signature pages by facsimile or electronic transmissions (in ‘.pdf’ or other format) shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or electronically (in ‘.pdf’ or other format)
shall be deemed to be their original signatures for all purposes.

 

SECTION
13.14.    Table of Contents, Headings, etc. The Table of Contents, Cross-Reference
Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

    158

     

    

 

SECTION
13.15.    USA PATRIOT Act. The parties hereto acknowledge
that in order to help the government fight the funding of terrorism and money laundering activities, pursuant to federal
regulations that became effective on October 1, 2003, Section 326 of the USA PATRIOT Act requires all financial institutions
to obtain, verify, and record information that identifies each person establishing a relationship or opening an account with
U.S. Bank National Association. The parties hereto agree that they will provide the Trustee with name, address, tax
identification number, if applicable, and other information that will allow the Trustee to identify the individual or entity
who is establishing the relationship, and will further provide the Trustee with formation documents such as articles of
incorporation or other identifying documents.

 

SECTION
13.16.    Intercreditor Agreements. Notwithstanding any contrary provision in this
Indenture, this Indenture and the Security Documents are subject to the provisions of the Intercreditor Agreements. The Issuer,
the Guarantors, the Notes Collateral Agent and the Trustee acknowledge and agree to be bound by the provisions of the Intercreditor
Agreements.

 

[Signatures on following
page]

 

    159

     

    

 

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

 

	 	MICHAELS
    STORES, INC.
	 	as
    the Issuer
	 	 
	 	By: 	/s/ Michael Diamond
	 	 	Name:	 Michael Diamond
	 	 	Title: 	Executive Vice President – Chief Financial Officer
	 	 
	 	MICHAELS
    FUNDING, INC.
	 	as
    Holdco
	 	 
	 	By:	/s/ Michael Diamond
	 	 	Name: 	Michael Diamond
	 	 	Title: 	Executive Vice President – Chief Financial Officer
	 	 
	 	DARICE,
    INC.
	 	DARICE
    IMPORTS, INC.
	 	MICHAELS
    STORES PROCUREMENT COMPANY, INC.
	 	ARTISTREE,
    INC.
	 	MICHAELS
    FINANCE COMPANY, INC.
	 	MICHAELS
    STORES CARD SERVICES, LLC
	 	LAMRITE
    WEST, INC.
	 	as
    Guarantors
	 	 
	 	By:	/s/ Michael Diamond
	 	 	Name:  	Michael Diamond
	 	 	Title:	 Executive Vice President – Chief Financial Officer

 

[Signature Page to Indenture]

 

    

     

    

 

	 	U.S.
    BANK NATIONAL ASSOCIATION
	 	as
    Trustee and Notes Collateral Agent
	 	 
	 	By:  	/s/ Michael K. Herberger
	 	 	Name:  	Michael K. Herberger
	 	 	Title: 	Vice President

 

[Signature Page to Indenture]

 

    

     

    

 

 

EXHIBIT A

 

[Face of Note]

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Private Placement Legend, if
applicable pursuant to the provisions of the Indenture]

 

[Insert the Regulation S Temporary Global
Note Legend, if applicable pursuant to the provisions of the Indenture]

 

    A-1

     

    

 

CUSIP [              ]

ISIN [              ]

 

[RULE 144A][REGULATION S] GLOBAL NOTE

 

4.750% Senior Secured Notes due 2027

 
	No. [   ]	[Up to] $[        ]

 

Michaels
stores, inc.

 

promises to pay to                       or
registered assigns,

 

[the principal sum set forth on the Schedule of Exchange
of Interests in the Global Note attached hereto] [the principal sum of                                    DOLLARS] on October 1, 2027.

 

Interest Payment Dates: April 1 and October 1, beginning April
1, 2021

 

Record Dates: March 15 and September 15

 

    A-2

     

    

 

IN WITNESS HEREOF, the Issuer has caused
this instrument to be duly executed.

 

	 	michaels
    stores, inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-3

     

    

 

	This is one of the Notes referred to in the within-mentioned Indenture:	 
	 	 
	U.S.
Bank National Association, as Trustee   	 
	 	 
	By:	                                            	 
	Authorized Signatory	 
	 	 
	Dated:	 

 

    A-4

     

    

 

[Back of Note]

4.750% Senior Secured Note due 2027

 

Capitalized terms used herein shall have
the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1. INTEREST. Michaels Stores, Inc. (the
 “Issuer”) promises to pay interest on the principal amount of this Note at a rate per annum of 4.750% from October
1, 2020 until maturity. The Issuer will pay interest on this Note semi-annually in arrears on April 1 and October 1 of each year,
beginning April 1, 2021 or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest
Payment Date”). The Issuer will make each interest payment to the Holder of record of this Note on the immediately preceding
March 15 and September 15 (each, a “Record Date”). Interest on this Note will accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest
Payment Date shall be April 1, 2021. The Issuer will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate borne by this Note; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace periods) from time to time on demand at the rate borne by this Note. Interest will be computed
on the basis of a 360-day year comprised of twelve 30-day months.

 

2. METHOD OF PAYMENT. The Issuer will pay
interest on this Note to the Person who is the registered Holder of this Note at the close of business on the Record Date (whether
or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled after such Record Date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payments
of principal of, premium, if any, and interest on the Notes will be payable at the office or agency of the Issuer maintained pursuant
to Section 4.02 of the Indenture or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders
at their respective addresses set forth in the Note Register; provided that (a) all payments of principal, premium, if any,
and interest with respect to the Notes represented by Global Notes registered in the name of or held by DTC or its nominee will
be made by wire transfer of immediately available funds to the accounts specified by the registered Holder or Holders thereof and
(b) all payments of principal, premium, if any, and interest with respect to certificated Notes will be made by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the United States if such Holder holds at least $1.0 million principal
amount of certificated Notes and elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to
such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other
date as the Trustee may accept in its discretion). If a payment date is on a Legal Holiday, payment will be made on the next succeeding
day that is not a Legal Holiday and no interest will accrue on such payment for the intervening period.

 

3. PAYING AGENT AND REGISTRAR. Initially,
U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuer may change
any Paying Agent or Registrar without prior notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity.

 

4. INDENTURE. The Issuer issued the
Notes under an Indenture, dated as of October 1, 2020 (the “Indenture”), among Michaels Stores, Inc., as
Issuer, Michaels Funding, Inc. and certain subsidiaries of the Issuer, as Guarantors, the Trustee and the Notes Collateral
Agent. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and 4.09 of the Indenture. The terms
of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the
Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be controlling.

 

    A-5

     

    

 

5. OPTIONAL REDEMPTION.

 

(a) At any time prior to October 1, 2023,
the Issuer may, at its option and on one or more occasions, redeem all or a part of the Notes, upon notice as described under Section
3.03 of the Indenture, at a redemption price (as calculated by the Issuer) equal to the sum of (i) 100.0% of the principal amount
of the Notes redeemed, plus (ii) the Applicable Premium, plus (iii) accrued and unpaid interest, if any, to,
but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date.

 

(b) At any time prior to October 1, 2023,
the Issuer may, at its option and on one or more occasions, redeem up to 40.0% of the aggregate principal amount of Notes and Additional
Notes issued under the Indenture at a redemption price (as calculated by the Issuer) equal to the sum of (i) 104.750% of the principal
amount thereof, with the aggregate principal amount so redeemed up to an amount equal to the aggregate gross proceeds from one
or more Equity Offerings to the extent such aggregate gross proceeds are received by or contributed to the Issuer, plus
(ii) accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record
on the relevant Record Date to receive interest due on the relevant Interest Payment Date; provided that (a) at least 50.0%
of the sum of the aggregate principal amount of Notes originally issued under the Indenture on the Issue Date and any Additional
Notes issued under the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption
and (b) each such redemption occurs within 180 days of the date the Issuer receives the proceeds of the applicable Equity Offering
or contribution.

 

(c) In connection with any tender offer,
Change of Control Offer, Asset Sale Offer or Advance Offer for the Notes, if Holders of not less than 90.0% of the aggregate principal
amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such tender offer and the Issuer
purchases, or any third party making such tender offer in lieu of the Issuer purchases, all of the Notes validly tendered and not
validly withdrawn by such Holders, the Issuer or such third party will have the right upon notice, given not more than 60 days
following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the price
offered to each other Holder in such offer to purchase (but in any event, not less than par), plus, to the extent not included
in the tender offer or other offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the Redemption Date
(subject to the right of the Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date
that is on or prior to the Redemption Date).

 

(d) Except pursuant to clause (a), (b) or
(c) of Section 3.07 of the Indenture, the Notes will not be redeemable at the Issuer’s option prior to October 1, 2023.

 

(e) On and after October 1, 2023, the Issuer
may at its option redeem the Notes, in whole or in part, on one or more occasions, upon notice in accordance with Section 3.03
of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth
below, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month
period beginning on October 1 in each of the years indicated below:

 

	Year	 	Percentage	 
	2023	 	 	102.375	%
	2024	 	 	101.188	%
	2025 and thereafter	 	 	100.000	%

 

    A-6

     

    

 

(f) Any redemption pursuant to Section 3.07
of the Indenture shall be made pursuant to Sections 3.01 through 3.06 of the Indenture.

 

(g) Any redemption, notice, tender offer
or other offer to purchase may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but
not limited to, the completion or occurrence of the related transaction or event, as the case may be, and any notice of redemption
made in connection with a related transaction or event (including an Equity Offering, contribution, Change of Control, Asset Sale,
Investment, acquisition or other transaction) may, at the Issuer’s discretion, be given prior to the completion or the occurrence
thereof.

 

6. MANDATORY REDEMPTION; OFFERS TO PURCHASE
AND OPEN MARKET PURCHASES. The Issuer will not be required to make any mandatory redemption or sinking fund payments with respect
to the Notes. However, under certain circumstances, the Issuer may be required to offer to purchase Notes as described under Sections
3.09, 4.10 and 4.14 of the Indenture.

 

7. NOTICE OF REDEMPTION. Subject to Section
3.03 of the Indenture, the Issuer shall deliver electronically, mail or cause to be mailed by first-class mail, postage prepaid,
notices of redemption at least 10 but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed
at such Holder’s registered address (with a copy to the Trustee) or otherwise in accordance with Applicable Procedures to
the extent applicable, except that redemption notices may be delivered or mailed more than 60 days prior to a Redemption Date if
the notice is issued in connection with Section 3.03(i), Article VIII or Article XI of the Indenture.

 

8. OFFERS TO REPURCHASE. Upon the occurrence
of a Change of Control, the Issuer shall make a Change of Control Offer in accordance with Section 4.14 of the Indenture. In connection
with certain Asset Sales, the Issuer shall make an Asset Sale Offer as and when provided in accordance with Sections 3.09 and 4.10
of the Indenture.

 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess of
$2,000. The transfer of Notes shall be registered and Notes may only be exchanged as provided in the Indenture. The Registrar,
Transfer Agent and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
(including any information or documents necessary for the Trustee to comply with any applicable tax reporting obligations, which
information the Trustee may rely upon with no responsibility to verify or ensure the accuracy thereof) and the Issuer may require
a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not issue, exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. Also, the Issuer need not issue, exchange or register the transfer of any Notes during the period of 15 days before the
mailing of a notice of redemption of Notes to be redeemed or between a Record Date with respect to such Note and the next succeeding
Interest Payment Date with respect to such Note.

 

10. PERSONS DEEMED OWNERS. The registered
Holder shall be treated as its owner for all purposes. Only registered Holders shall have rights hereunder.

 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The
Indenture, the Guarantees, the Notes, the Security Documents and the Intercreditor Agreements may be amended or supplemented as
provided in the Indenture.

 

    A-7

     

    

 

12. DEFAULTS AND REMEDIES. The Events of
Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of Default occurs and is continuing, the
Trustee or the Holders of at least 30.0% in aggregate principal amount of the then outstanding Notes by written notice to the Issuer
may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes to be
due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy
or insolvency described in Section 6.01(6) or Section 6.01(7) of the Indenture with respect to the Issuer, all outstanding Notes
will become due and payable immediately without further action or notice. Holders may not enforce the Indenture, the Notes, the
Guarantees or the Security Documents except as provided in the Indenture. Subject to certain limitations, Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders notice of any continuing Default (except a Default relating to the payment of principal, premium, if
any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority of the aggregate principal
amount of the then outstanding Notes, by written notice to the Trustee, may on behalf of the Holders of all of the Notes waive
any existing Default and its consequences under the Indenture (except a continuing Default in payment of the principal of, premium,
if any, or interest on, any of the Notes held by a nonconsenting Holder). The Issuer is required to deliver to the Trustee annually
a statement regarding compliance with the Indenture, and the Issuer is required, within thirty (30) days after a Responsible Officer
of the Issuer becoming aware of such Default (unless such Default has been cured, waived or is otherwise no longer continuing),
deliver to the Trustee a statement specifying such Default.

 

13. AUTHENTICATION. This Note shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature
of the Trustee.

 

14. SECURITY. This Note will be secured
by the Collateral on the terms and subject to the conditions set forth in the Indenture, the Security Documents and the Intercreditor
Agreements. The Notes Collateral Agent holds the Collateral in trust for the benefit of the Notes Secured Parties pursuant to the
Security Documents and the Intercreditor Agreements. Each Holder, by accepting this Note, consents and agrees to the terms of the
Security Documents (including the provisions providing for the foreclosure and release of Collateral) and the Intercreditor Agreements
as the same may be in effect or may be amended from time to time in accordance with their terms and the Indenture and authorizes
and directs the Notes Collateral Agent to enter into the Security Documents and the Intercreditor Agreements, and to perform its
obligations and exercise its rights thereunder in accordance therewith.

 

15. GOVERNING LAW. THE INDENTURE, THIS NOTE,
ANY GUARANTEE, THE SECURITY DOCUMENTS AND THE INTERCREDITOR AGREEMENTS WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

16. CUSIP AND ISIN NUMBERS. Pursuant to
a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN
numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice
of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

 

Michaels Stores, Inc.

8000 Bent Branch Drive

Irving, Texas 75063

Facsimile: (972) 409-1965

Attention: General Counsel

 

    A-8

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
		(Insert
    assignee’s legal name)
	 	 
	(Insert
    assignee’s soc. sec. or tax I.D. no.)
	 	 
	 	 
	 	 
	 	 
	(Print
    or type assignee’s name, address and zip code)
	 

and irrevocably appoint _________________________________________________
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	Date:	 	 

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this
Note)

 

	Signature Guarantee*:	 	 

 

 

 

*
Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the
Trustee).

 

    A-9

     

    

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Issuer pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box below:

 

  ̈
Section 4.10   ̈ Section 4.14

 

If you want to elect to have only part of
this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have
purchased:

 

$

 

	Date:	 	 	 

 

	 	 	Your Signature:	 
	 	 	 	(Sign exactly as your name appears on the face of this Note)

 

	 	 	 
	 	 	Tax Identification No.:  	 

 

	Signature Guarantee*:	 	 

 

 

 

		*	Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

    A-10

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE*

 

The initial outstanding principal amount
of this Global Note is $          . The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive
Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of
 decrease in
 Principal Amount
 of this Global
 Note	 	Amount of
 increase in
 Principal Amount
 of this
 Global Note	 	Principal Amount
 of this Global
 Note following
 such decrease or
 increase	 	Signature of
 authorized
 signatory of
 Trustee or
 Custodian
	 	 	 	 	 	 	 	 	 

 

 

		*	This schedule should be
included only if the Note is issued in global form.

 

    A-11

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Michaels Stores, Inc.

8000 Bent Branch Drive

Irving, Texas 75063

Facsimile: (972) 409-1965

Attention: General Counsel

 

U.S. Bank National Association

as Trustee and Registrar

13737 Noel Road, Suite 800

Dallas, Texas 75240

Attention: Global Corporate Trust

 

Re: 4.750% Senior Secured Notes due 2027

 

Reference is hereby made to the Indenture,
dated as of October 1, 2020 (the “Indenture”), among Michaels Stores, Inc., as Issuer, Michaels Funding, Inc.
and certain subsidiaries of the Issuer, as Guarantors, the Trustee, and the Notes Collateral Agent. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

 

_______________(the “Transferor”) owns
and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $          in
such Note[s] or interests (the “Transfer”),                      to                    (the
 “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

 

[CHECK ALL THAT APPLY]

 

1.  ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE
PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably
believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with
respect to which such Person exercises sole investment discretion, and such Person and each such account is a
 “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule
144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States.

 

2.  ̈ CHECK IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE
PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person
in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the
United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of
the applicable Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S.
Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated
in the Indenture and the Securities Act.

 

    B-1

     

    

 

3.  ̈ CHECK AND COMPLETE
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES
ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable
to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further
certifies that (check one):

 

(a)  ̈ such
Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or

 

(b)  ̈ such
Transfer is being effected to the Issuer or a Subsidiary thereof.

 

4.  ̈ CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

 

(a)  ̈ CHECK
IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of
any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and
in the Indenture.

 

(b)  ̈ CHECK
IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue
sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(c)  ̈
CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with
an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State
of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

 

    B-2

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuer.

 

	 	 	[Insert Name of Transferor]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	Dated:	 	 	 	 

 

    B-3

     

    

 

ANNEX A TO CERTIFICATE
OF TRANSFER

 

		1.	The Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

		(a)	 ̈ a beneficial interest in the:

 

		(i)	 ̈ 144A Global Note ([CUSIP: ]), or

 

		(ii)	 ̈ Regulation S Global Note ([CUSIP: ]), or

 

		(b)	 ̈ a Restricted Definitive Note.

 

		2.	After the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)  ̈ a beneficial
interest in the:

 

		(i)	 ̈ 144A Global Note ([CUSIP: ]), or

 

		(ii)	 ̈ Regulation S Global Note ([CUSIP: ]), or

 

		(iii)	 ̈ Unrestricted Global Note ([   ] [   ]), or

 

		(b)	 ̈ a Restricted Definitive Note; or

 

		(c)	 ̈ an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

 

    B-4

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Michaels Stores, Inc.

8000 Bent Branch Drive

Irving, Texas 75063

Facsimile: (972) 409-1965

Attention: General Counsel

 

U.S. Bank National Association

as Trustee and Registrar

13737 Noel Road, Suite 800

Dallas, Texas 75240

Attention: Global Corporate Trust

 

Re: 4.750% Senior Secured Notes due 2027

 

Reference is hereby made to the Indenture,
dated as of October 1, 2020 (the “Indenture”), among Michaels Stores, Inc., as Issuer, Michaels Funding Inc.
and certain subsidiaries of the Issuer, as Guarantors, the Trustee, and the Notes Collateral Agent. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

 

_______________(the “Owner”) owns and
proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $          
in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that:

 

1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES
OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED
GLOBAL NOTE OF THE SAME SERIES

 

a)  ̈ CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE
SAME SERIES. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial
interest in an Unrestricted Global Note of the same series in an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities
Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States.

 

b)  ̈
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE OF THE SAME SERIES.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note of the same series, the Owner hereby certifies (i) the Definitive Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws
of any state of the United States.

 

    C-1

     

    

 

c)  ̈ CHECK
IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection
with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note of the
same series, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

d)  ̈ CHECK
IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE OF THE SAME SERIES. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note of the same series, the Owner hereby certifies (i)
the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States.

 

2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES
OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OF THE SAME SERIES OR BENEFICIAL INTERESTS IN
RESTRICTED GLOBAL NOTES OF THE SAME SERIES

 

a)  ̈ CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE OF THE SAME SERIES. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note of the
same series with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for
the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

 

b)  ̈ CHECK
IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]:

 

 ̈ 144A Global
Note, or

 

 ̈ Regulation
S Global Note

 

    C-2

     

    

 

in each case of the same series, with an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer
and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes
and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any
state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuer and are dated

 

	 	[Insert
    Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-3

     

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

[                ] Supplemental Indenture (this “Supplemental
Indenture”), dated as of [                 ], among [                    ]
(the “Guaranteeing Subsidiary”), a subsidiary of Michaels Stores, Inc., a Delaware corporation (the “Issuer”),
and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”) and as collateral
agent (the “Notes Collateral Agent”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has heretofore executed
and delivered to the Trustee and the Notes Collateral Agent an Indenture (as amended, supplemented or modified from time to time,
the “Indenture”), dated as of October 1, 2020, providing for the issuance of an unlimited aggregate principal
amount of 4.750% Senior Secured Notes due 2027 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee and the Notes Collateral Agent a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under
the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”);
and

 

WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee and the Notes Collateral Agent are authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

 

(1) Capitalized Terms. Capitalized
terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(2) Agreement to Guarantee. The Guaranteeing
Subsidiary acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to
review in order to enter into this Supplemental Indenture and (i) hereby joins and becomes a party to the Indenture as indicated
by its signature below as a Subsidiary Guarantor and (ii) acknowledges and agrees to (x) be bound by the Indenture as a Subsidiary
Guarantor and (y) perform all obligations and duties required of a Subsidiary Guarantor pursuant to the Indenture.

 

(3) No Recourse Against Others. No
past, present or future director, officer, employee, incorporator, member, partner or equity holder of the Issuer or any Guarantor
or any Parent Company will have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Guarantees,
the Indenture, the Security Documents or this Supplemental Indenture or for any claim based on, in respect of, or by reason of
such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

 

(4) Governing Law. THIS SUPPLEMENTAL
INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

    D-1

     

    

 

(5) Counterparts. The parties may
sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. This Supplemental Indenture may be executed in multiple counterparts, which, when taken together, shall constitute
one instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or electronic (by ‘.pdf’
or other format) transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties
hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile or electronically (by ‘.pdf’ or other format) shall be deemed to be their original signatures for all
purposes.

 

(6) Effect of Headings. The Section
headings herein are for convenience only and shall not affect the construction hereof.

 

(7) The Trustee and the Notes Collateral
Agent. Neither the Trustee nor the Notes Collateral Agent shall be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiary.

 

(8) Benefits Acknowledged. Upon execution
and delivery of this Supplemental Indenture the Guaranteeing Subsidiary will be subject to the terms and conditions set forth in
the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by the Indenture and this Supplemental Indenture and that its obligations as a result of this Supplemental Indenture
are knowingly made in contemplation of such benefits.

 

(9) Successors. All agreements of
the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided in this Supplemental
Indenture. All agreements of the Trustee and the Notes Collateral Agent in this Supplemental Indenture shall bind their respective
successors.

 

    D-2

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	[GUARANTEEING
SUBSIDIARY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee and Notes Collateral Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    D-3Exhibit 4.2

 

EXECUTION VERSION

 

FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT

 

FOURTH AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of October 1, 2020 (this “Fourth Amendment”), among MICHAELS STORES, INC., a Delaware
corporation (the “Borrower”), MICHAELS FUNDING, INC., a Delaware corporation (“Holdings”),
various Subsidiaries of the Borrower, the 2020 Converting Refinancing Term B Loan Lenders, the 2020 New Refinancing Term B Loan
Lenders and JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent (in such capacity, the “Administrative
Agent”) and collateral agent (in such capacity, the “Collateral Agent”) (with capitalized terms used,
but not defined, in this paragraph and the recitals below to be defined as provided in Section 1 below).

 

R E C I T A L S

 

WHEREAS, the Borrower,
the Administrative Agent, the Collateral Agent, the lenders from time to time party thereto (the “Lenders”)
and various other parties have previously entered into that certain Amended and Restated Credit Agreement, dated as of January
28, 2013 (as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of June 10, 2014, the Second Amendment
to Amended and Restated Credit Agreement, dated as of September 28, 2016, and the Third Amendment to Amended and Restated Credit
Agreement and Omnibus Amendment to Loan Documents, dated as of May 23, 2018, and as otherwise amended, restated, amended and restated,
supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit
Agreement, as amended by this Fourth Amendment and as further amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”);

 

WHEREAS, pursuant to
the Existing Credit Agreement and the Loan Documents, the Guarantors have, among other things, guaranteed the Obligations under
the Existing Credit Agreement and provided security therefor;

 

WHEREAS, the Borrower
has requested that the 2020 Converting Refinancing Term B Loan Lenders agree to convert all or a portion of their 2018 Replacement
Term B Loans into 2020 Converted Refinancing Term B Loans in a principal amount for each such 2020 Converting Term B Loan Lender
equal to its Allocated 2020 Refinancing Term B Loan Conversion Amount, and the 2020 Converting Term B Loan Lenders have agreed,
subject to the terms and conditions contained herein and in the Existing Credit Agreement (as amended hereby), to effect such conversion;

 

WHEREAS, the Borrower
has requested that the 2020 New Refinancing Term B Loan Lenders make 2020 New Refinancing Term B Loans in a principal amount for
each such 2020 New Refinancing Term B Loan Lender equal to its 2020 New Refinancing Term B Loan Commitment, and the 2020 New Refinancing
Term B Loan Lenders have agreed, subject to the terms and conditions contained herein and in the Existing Credit Agreement (as
amended hereby), to make such 2020 New Refinancing Term B Loans;

 

WHEREAS, contemporaneously
with the incurrence of the 2020 New Refinancing Term B Loans, the 2020 Refinancing Term B Loan Conversion and the related repayment
of a portion of the 2018 Replacement Term B Loans not subject to the 2020 Refinancing Term B Loan Conversion, the Borrower intends
to prepay the remaining 2018 Replacement Term B Loans with the proceeds of other permitted secured Indebtedness and/or cash on
hand (the “Fourth Amendment Prepayment”); and

 

WHEREAS, the Borrower
has requested certain other amendments and modifications to the Existing Credit Agreement and the other Loan Documents as set forth
herein.

 

     

     

    

 

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

 

SECTION 1. Defined
Terms; Rules of Construction. Capitalized terms used herein and not otherwise defined herein have the meanings assigned to
such terms in the Existing Credit Agreement or, if not defined therein, the Existing Credit Agreement as amended hereby. The rules
of construction specified in Sections 1.02 through 1.09 of the Existing Credit Agreement shall apply to this Fourth Amendment,
including the terms defined in the preamble and recitals hereto.

 

SECTION 2. Amendments
to the Existing Credit Agreement. (a) Effective as of the Fourth Amendment Effective Date (as defined below), and subject
to the terms and conditions set forth herein, (x) the Existing Credit Agreement is hereby amended to incorporate the changes
reflected in the redlined version of the Credit Agreement attached hereto as Annex A, (y) (1) Exhibits A, D and E of
the Existing Credit Agreement are hereby replaced with the applicable Exhibits attached hereto as Annex B, (2) Exhibit
H of the Existing Credit Agreement is hereby replaced with the Exhibit attached hereto as Annex C, (3) Exhibits F-2,
G-2, I and S are hereby deleted in their entirety and replaced with “[Reserved]” and (4) new Exhibit T is added
to the Credit Agreement in the form attached hereto as Annex D and (z) Schedules 1.01E, 5.12, 6.07, 7.03 and 7.04 of
the Existing Credit Agreement are hereby replaced with the applicable schedules attached hereto as Annex E. The
parties hereto acknowledge and agree that (i) (x) amendments to the Existing Credit Agreement relating to the incurrence of
the 2020 New Refinancing Term B Loans, the 2020 Refinancing Term B Loan Conversion and the related repayment of a portion of
the 2018 Replacement Term B Loans not subject to the 2020 Refinancing Term B Loan Conversion are effected in reliance on
Section 2.15 of the Existing Credit Agreement and (y) the 2020 Converted Refinancing Term B Loans and the 2020 New
Refinancing Term B Loans are “Refinancing Term Loans” as contemplated by such Section. All 2018 Replacement Term
B Loans outstanding immediately prior to the effectiveness of this Fourth Amendment on the Fourth Amendment Effective Date,
after giving effect to the Fourth Amendment Prepayment, are intended to be refinanced in their entirety by the 2020
Refinancing Term B Loans (after giving effect to the 2020 Refinancing Term B Loan Conversion) and such 2020 Refinancing Term
B Loans are “Refinancing Term Loans” as contemplated by Section 2.15 of the Existing Credit Agreement.

 

(b)               
Each Person executing this Fourth Amendment in its capacity as a 2020 New Refinancing Term B Loan Lender or a 2020 Converting Refinancing
Term B Loan Lender shall become (or, if already a Lender prior to the Fourth Amendment Effective Date, remain) a “Lender”
under the Credit Agreement and shall be bound by the provisions of the Credit Agreement as a Lender holding 2020 New Refinancing
Term B Loan Commitments (in the case of 2020 New Refinancing Term B Loan Lenders) and 2020 Refinancing Term B Loans (in the case
of all 2020 Refinancing Term B Loan Lenders).

 

(c)               
For the avoidance of doubt, immediately after giving effect to the transactions contemplated by this Fourth Amendment on
the Fourth Amendment Effective Date, the only Class of Loans outstanding under the Credit Agreement shall be the 2020 Refinancing
Term B Loans.

 

(d)               
The Lenders party hereto hereby direct the Administrative Agent and the Collateral Agent to enter into (x) the Amended and
Restated Intercreditor Agreement, dated as of the date hereof, by and between Wells Fargo Bank, National Association, as ABL
Agent (as defined therein), the Administrative Agent and the Collateral Agent, in substantially the form attached as Annex
C hereto (the “Intercreditor Agreement”), and (y) the Pari Passu Intercreditor Agreement, dated as of
the date hereof, among the Borrower, the other Loan Parties, the Collateral Agent, the Administrative Agent, the Initial
Additional Authorized Representative (as defined therein) and the Initial Additional Pari Collateral Agent (as defined
therein), in substantially the form attached as Annex D hereto (the “Additional First Lien Intercreditor
Agreement”).

 

    -2-

     

    

 

(e)        The Borrower and
the undersigned Lenders hereby waive any notice requirement provided for under the Loan Documents in respect of any prepayment
of the 2018 Refinancing Term B Loans.

 

SECTION 3. Representations
and Warranties. To induce the other parties hereto to enter into this Fourth Amendment, each Loan Party hereby represents and
warrants to each other party hereto that, as of the Fourth Amendment Effective Date (as defined below):

 

(i)                the execution, delivery
and performance by such Loan Party of this Fourth Amendment and the performance by such Loan Party of the other Loan Documents
(as modified hereby) to which it is a party are within such Loan Party’s corporate or other organizational powers, have been
duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of
any such Loan Party’s Organization Documents, (b) conflict with or result in any breach or contravention of, or the creation
of any Lien under (other than as permitted by Section 7.04 of the Existing Credit Agreement), or require any payment to be made
under (i)(x) any indenture, mortgage, deed of trust or loan agreement evidencing Indebtedness in an aggregate principal amount
in excess of the Threshold Amount (other than the Loan Documents) or (y) any other Contractual Obligation to which such Loan Party
is a party or affecting such Loan Party or the properties of such Loan Party or any Restricted Subsidiary or (ii) any material
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property
is subject, or (c) violate any material Law, except with respect to any conflict, breach or contravention or payment (but not creation
of Liens) referred to in clause (b)(i) above, to the extent that such conflict, breach, contravention or payment could not reasonably
be expected to have a Material Adverse Effect;

 

(ii)              no Event of
Default exists, both before and after giving effect to this Fourth Amendment and the transactions contemplated hereby; and

 

(iii)              the representations
and warranties of the Borrower set forth in Article V of the Existing Credit Agreement and each Loan Party set forth in each other
Loan Document shall be true and correct in all material respects, except to the extent such representations and warranties relate
to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; provided
that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or
similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective
dates.

 

SECTION 4. Conditions
of Effectiveness of this Fourth Amendment. This Fourth Amendment shall become effective as of the first date (the “Fourth
Amendment Effective Date”) when each of the conditions set forth in this Section 4 shall have been satisfied
(which, in the case of clauses (ii), (v) and (vi) below, may be substantially concurrent with the satisfaction
of the condition specified in clause (i) below):

 

(i)
                JPMorgan shall have received duly executed counterparts of (a) this Fourth Amendment that, when taken together, bear the
signatures of the Borrower, each of the other Loan Parties, each of the 2020 New Refinancing Term B Loan Lenders, each of the
2020 Converting Refinancing Term B Loan Lenders and the Administrative Agent, (b) the Intercreditor Agreement from each of
the Administrative Agent, the Collateral Agent and the ABL Agent, together with acknowledgements executed by each of the Loan
Parties, (c) a Joinder Agreement, substantially in the form of Exhibit A to the Intercreditor Agreement, from the New
Collateral Agent (as defined therein), the ABL Agent, the Administrative Agent, the Collateral Agent and each Loan Party, (d)
the Additional First Lien Intercreditor Agreement, from each of the Borrower, the other Loan Parties, the Collateral Agent,
the Administrative Agent, the Initial Additional Authorized Representative and the Initial Additional Pari Collateral
Agent.

 

    -3-

     

    

 

(ii)              
The Borrower shall have paid all fees and other amounts due and payable, (a) to JPMorgan and the other Fourth Amendment
Lead Arrangers pursuant to (x) that certain Fee Letter, dated as of September 9, 2020, by and between the Borrower and JPMorgan
and (y) that certain Joinder to Engagement Letter, dated as of September 30, 2020 (the “Joinder”), by and among
the Borrower and the Fourth Amendment Lead Arrangers; and (b) to the extent invoiced, reimbursement or payment of reasonable and
documented out-of-pocket expenses in connection with this Fourth Amendment of JPMorgan and the Agents, including the reasonable
fees, charges and disbursements of counsel to JPMorgan and the Agents, respectively, in each case, as required to be paid or reimbursed
pursuant to that certain Engagement Letter, dated as of September 9, 2020 (as supplemented by the Joinder, the “Engagement
Letter”), by and among the Borrower and the Fourth Amendment Lead Arrangers, or the Existing Credit Agreement, respectively.

 

(iii)             
JPMorgan shall have received a customary legal opinion of (i) Ropes & Gray LLP, New York counsel to the Loan Parties, (ii)
Jones Day, Ohio counsel to the Loan Parties, and (iii) Troutman Pepper Hamilton Sanders LLP, Virginia counsel to the Loan Parties,
in each case, addressed to the Lenders, the Fourth Amendment Lead Arrangers and the Agents, dated the Fourth Amendment Effective
Date and in form and substance reasonably satisfactory to JPMorgan.

 

(iv)             
JPMorgan shall have received (x) a certificate from the Chief Financial Officer or Treasurer of the Borrower, certifying
that, after giving effect to this Fourth Amendment, the Borrower and its Restricted Subsidiaries (on a consolidated basis) are
Solvent, (y) a certificate of good standing (or subsistence) with respect to each Loan Party from the Secretary of State (or similar
official) of the State of such Loan Party’s organization (to the extent relevant and available in the jurisdiction of organization
of such Loan Party) and (z) a closing certificate executed by a Responsible Officer of each Loan Party, dated the Fourth Amendment
Effective Date, certifying as to the incumbency and specimen signature of each officer of a Loan Party executing this Fourth Amendment
or any other document delivered in connection herewith on behalf of any Loan Party and attaching (A) a true and complete copy of
the certificate of incorporation (or other applicable charter document) of each Loan Party, including all amendments thereto, as
in effect on the Fourth Amendment Effective Date, certified as of a recent date by the Secretary of State (or analogous official)
of the jurisdiction of its organization, that has not been amended since the date of the last amendment thereto shown on the certificate
of good standing furnished pursuant to clause (y) above, (B) a true and complete copy of the by-laws (or other applicable
operating agreements) of each Loan Party as in effect on the Fourth Amendment Effective Date and (C) a true and complete copy of
resolutions duly adopted or written consents duly executed by the Board of Directors (or equivalent governing body or any committee
thereof) of each Loan Party authorizing the execution, delivery and performance of this Fourth Amendment and the performance of
the Credit Agreement and the other Loan Documents (as amended by this Fourth Amendment) and certifying that such resolutions or
written consents have not been modified, rescinded or amended and are in full force and effect.

 

(v)                An
amount equal to the aggregate principal amount of the 2020 New Refinancing Term B Loans shall have been applied (immediately
following the 2020 Refinancing Term B Loan Conversion) to make a voluntary prepayment of 2018 Replacement Term B Loans not
subject to the 2020 Refinancing Term B Loan Conversion pursuant to, and in accordance with the requirements of, Section
2.05(a) of the Existing Credit Agreement. The payment of accrued and unpaid interest on such 2018 Replacement Term B Loans
required pursuant to Section 2.05(a) of the Existing Credit Agreement, as well as any amounts payable pursuant to Article III
of the Existing Credit Agreement (as modified hereby), shall be made pursuant to clause (vi) below.

 

    -4-

     

    

 

(vi)             
(A) the Borrower shall have paid to the Administrative Agent, for the ratable account of each Lender holding 2018 Replacement Term
B Loans immediately prior to the Fourth Amendment Effective Date, all accrued but unpaid interest with respect to all 2018 Replacement
Term B Loans (irrespective of whether such 2018 Replacement Term B Loans are subject to the 2020 Refinancing Term B Loan Conversion),
whether or not such accrued amounts are otherwise then due and payable pursuant to the terms of the Existing Credit Agreement and
(B) the Borrower shall have paid in full any amounts payable pursuant to Article III of the Existing Credit Agreement (as modified
hereby) in connection with the repayment of the 2018 Replacement Term B Loans.

 

(vii)           
The Administrative Agent shall have received from the Borrower a certificate executed by a Responsible Officer of the Borrower,
certifying as to the matters set forth in Section 3(ii) and (iii).

 

(viii)          
The Borrower shall have delivered to each 2020 Refinancing Term B Loan Lender requesting the same at least three Business
Days prior to the date of this Fourth Amendment a promissory note in the amount of such Lender’s 2020 Refinancing Term B
Loan (determined after giving effect to the 2020 Refinancing Term B Loan Conversion).

 

(ix)             
To the extent requested by a 2020 Refinancing Term B Loan Lender not less than five Business Days prior to the Fourth Amendment
Effective Date, the Administrative Agent shall have received all documentation and other information about the Borrower and the
Guarantors required under applicable “know your customer” and Anti-Money Laundering Laws, including without limitation,
the Act.

 

SECTION 5. Post-Closing Obligation.

 

(a)               The Borrower hereby
agrees to use commercially reasonable efforts to assign, amend, supplement or otherwise modify the Collateral Access Agreements
in effect as of the Fourth Amendment Effective Date, in each case in order to effect the matters contemplated by Section 4 of the
Third Amendment.

 

(b)               The Borrower and
each Guarantor hereby agree to deliver such certificated securities and instruments to the Collateral Agent required to be delivered
pursuant to the Collateral Documents as soon as commercially reasonable, but in no event later than 90 days following the Fourth
Amendment Effective Date (or such later date as the Administrative Agent may agree in its reasonable discretion).

 

SECTION 6. Effect
of Amendment. (a) Except as expressly set forth in this Fourth Amendment or in the Credit Agreement, this Fourth
Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and
remedies of the Lenders or the Agents under the Credit Agreement or any other Loan Document, and shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Without limiting the generality of the foregoing, the
Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all
Obligations of the Loan Parties under the Loan Documents (including all 2020 New Refinancing Term B Loans and the 2020
Converted Refinancing Term B Loans), in each case, as amended by this Fourth Amendment. Nothing herein shall be deemed to
entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different
circumstances.

 

    -5-

     

    

 

(b)         On and after the
Fourth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan
Document, in each case shall be deemed a reference to the Credit Agreement as modified by this Fourth Amendment. This Fourth Amendment
shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

 

(c)          This Fourth Amendment,
the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the
parties hereto with respect to the subject matter hereof.

 

(d)         This Fourth Amendment
may not be amended, modified or waived except in accordance with Section 10.01 of the Credit Agreement.

 

SECTION 7. Costs and
Expenses. The Borrower hereby agrees to reimburse each of JPMorgan and the Agents for their reasonable and documented out-of-pocket
expenses in connection with this Fourth Amendment, including the reasonable fees, charges and disbursements of counsel for JPMorgan
and the Agents, respectively, in each case, as required to be reimbursed pursuant to the Engagement Letter or the Existing Credit
Agreement.

 

SECTION 8. Reaffirmation.
By executing and delivering a counterpart hereof, (i) each Loan Party hereby agrees that all Loans incurred by the Borrower
(including, without limitation, the 2020 New Refinancing Term B Loans and the 2020 Converted Refinancing Term B Loans) shall
be guaranteed pursuant to the Guaranty in accordance with the terms and provisions thereof and shall be secured pursuant to
the Collateral Documents (as amended hereby) in accordance with the terms and provisions thereof; (ii) each Loan Party hereby
(A) agrees that, notwithstanding the effectiveness of this Fourth Amendment, after giving effect to this Fourth Amendment,
the Collateral Documents continue to be in full force and effect; (B) agrees that all of the Liens and security interests
created and arising under each Collateral Document remain in full force and effect on a continuous basis, and the perfected
status and priority of each such Lien and security interest continues in full force and effect on a continuous basis,
unimpaired, uninterrupted and undischarged, as collateral security for its obligations, liabilities and indebtedness under
the Credit Agreement and under its guarantees in the Loan Documents, in each case, to the extent provided in, and subject to
the limitations and qualifications set forth in, such Loan Documents (as amended by this Fourth Amendment) and (C) affirms
and confirms all of its obligations and liabilities under the Credit Agreement and each other Loan Document (including the
2020 New Refinancing Term B Loans and the 2020 Converted Refinancing Term B Loans), in each case after giving effect to this
Fourth Amendment, including its guarantee of the Obligations and the pledge of and/or grant of a security interest in its
assets as Collateral pursuant to the Collateral Documents (as amended hereby) to secure such Obligations, all as provided in
the Collateral Documents (as amended hereby), and acknowledges and agrees that such obligations, liabilities, guarantee,
pledge and grant continue in full force and effect in respect of, and to secure, such Obligations under the Credit Agreement
and the other Loan Documents, in each case after giving effect to this Fourth Amendment and (iii) each Guarantor agrees that
nothing in the Credit Agreement, this Fourth Amendment or any other Loan Document shall be deemed to require the consent of
such Guarantor to any future amendment to the Credit Agreement.

 

    -6-

     

    

 

SECTION 9. GOVERNING LAW. THIS FOURTH
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. SECTIONS 10.16 AND 10.17
OF THE EXISTING CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS FOURTH AMENDMENT AND SHALL APPLY TO THIS
FOURTH AMENDMENT, MUTATIS MUTANDIS.

 

SECTION 10. Counterparts.
Section 10.11 of the Amended Credit Agreement is hereby incorporated by reference into this Fourth Amendment and shall apply to
this Fourth Amendment, mutatis mutandis.

 

SECTION 11. Headings.
Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Fourth Amendment.

 

SECTION 12. Severability.
Section 10.14 of the Existing Credit Agreement is hereby incorporated by reference into this Fourth Amendment and shall apply to
this Fourth Amendment, mutatis mutandis.

 

SECTION 13. Indemnity.
Section 10.05 of the Existing Credit Agreement is hereby incorporated by reference to this Fourth Amendment and shall apply to
this Fourth Amendment and to the Fourth Amendment Lead Arrangers as Agent-Related Persons, mutatis mutandis.

 

[Remainder of page intentionally blank.]

 

    -7-

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Fourth Amendment to be duly executed by their duly authorized officers, all as of the date and year first above
written.

 

	 	MICHAELS STORES, INC., as Borrower
	 	 
	 	By:	/s/ Michael Diamond
	 	 	Name: Michael Diamond
	 	 	Title:   Executive Vice President – Chief Financial Officer
	 	 
	 	MICHAELS FUNDING, INC.
	 	ARTISTREE, INC.
	 	DARICE, INC.
	 	DARICE IMPORTS, INC.
	 	MICHAELS FINANCE COMPANY, INC.
	 	MICHAELS STORES PROCUREMENT COMPANY, INC.
	 	MICHAELS STORES CARD SERVICES, LLC
	 	LAMRITE WEST, INC., as Guarantors
	 	 
	 	By:	/s/ Michael Diamond
	 	 	Name: Michael Diamond
	 	 	Title:   Executive Vice President – Chief Financial Officer

 

Signature Page to Michaels Stores, Inc. Fourth
Amendment (2020)

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as
	 	Administrative Agent and Collateral Agent
	 	 
	 	By:	/s/ Kody J. Nerios
	 	 	Name: Kody J. Nerios
	 	 	Title: Authorized Officer

 

Signature Page to Michaels Stores, Inc. Fourth Amendment
(2020)

 

     

     

    

 

[Signatures of 2020 Converting
Refinancing Term B Loan Lenders are on file with Administrative Agent]

 

     

     

    

 

SIGNATURE PAGE TO THE FOURTH AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, WITH RESPECT TO, INTER ALIA, THE AMENDED
AND RESTATED CREDIT AGREEMENT, DATED AS OF JANUARY 28, 2013 (AS AMENDED BY THE FIRST AMENDMENT DATED AS OF JUNE 10, 2014, BY THE
SECOND AMENDMENT DATED AS OF DATED SEPTEMBER 28, 2016 AND BY THE THIRD AMENDMENT DATED AS OF MAY 23, 2018), AMONG MICHAELS STORES,
INC., THE GUARANTORS PARTY THERETO, JPMORGAN CHASE BANK, N.A. AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, AND VARIOUS LENDERS
AND AGENTS PARTY THERETO

 

By executing this signature page:

 

If the undersigned institution
holds 2020 New Refinancing Term B Loan Commitments as of the Fourth Amendment Effective Date, the undersigned institution is executing
this signature page as a 2020 New Refinancing Term B Loan Lender and agrees (i) to the terms of the Fourth Amendment and (ii) on
the terms and subject to the conditions set forth in the Fourth Amendment and the Credit Agreement (as amended by the Fourth Amendment),
to make a 2020 New Refinancing Term B Loan on the Fourth Amendment Effective Date in a principal amount set forth opposite its
name on Schedule 1 hereto.

 

NAME OF INSTITUTION:

 

JPMORGAN CHASE BANK, N.A.

 

	By:	/s/ Kody J. Nerios	 
	Name: Kody J. Nerios	 
	Title: Authorized Officer	 

 

     

     

    

 

SCHEDULE 1

 

2020 NEW REFINANCING TERM B LOAN COMMITMENTS

 

	2020 New Refinancing Term B Loan Lender	2020 New Refinancing Term B Loan
	 	Commitment
	 	 
	JPMorgan Chase Bank, N.A.	$943,824,563.18
	 	 

 

     

     

    

 

ANNEX A

 

FORM OF AMENDED CREDIT AGREEMENT

 

[See attached]

 

     

     

    

 

 

ANNEX A

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of January 28, 2013

 

As amended by the First Amendment to Amended
and Restated Credit Agreement

 

Dated as of June 10, 2014

 

As amended by the Second Amendment to Amended
and Restated Credit Agreement

 

Dated as of September 28, 2016 (effective
as of the Subsequent Second Amendment Effective Date)

 

As amended by the Third Amendment to Amended
and Restated Credit Agreement

 

Dated as of May 23, 2018

 

As amended by the Fourth
Amendment to Amended and Restated Credit Agreement

 

Dated as of October 1, 2020

 

among

 

MICHAELS STORES, INC.,

 

as Borrower,

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent,

 

THE OTHER LENDERS PARTY HERETO,

 

and

 

BARCLAYS BANK PLC,

 

CREDIT SUISSE SECURITIES (USA) LLC,

 

GOLDMAN SACHS BANK USA,

 

J.P. MORGAN SECURITIES LLC,

 

MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED,

 

MORGAN STANLEY SENIOR FUNDING, INC., and

 

WELLS FARGO SECURITIES, LLC,

 

as Co-Documentation Agents

 

    

     

    

 

 

DEUTSCHE BANK SECURITIES INC.,

BARCLAYS BANK PLC,

CREDIT SUISSE SECURITIES (USA) LLC,

GOLDMAN SACHS BANK USA,

J.P. MORGAN SECURITIES LLC,

MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED,

MORGAN STANLEY SENIOR FUNDING, INC., and

WELLS FARGO SECURITIES, LLC,

as Co-Lead Arrangers and as Joint Bookrunners

 

    2

     

    

 

Table
of Contents 

 

	 	Page
	ARTICLE I Definitions and Accounting Terms	2
	SECTION 1.01. Defined Terms	2
	SECTION 1.02. Other Interpretive Provisions	6674
	SECTION 1.03. Accounting Terms	6775
	SECTION 1.04. Rounding	6775
	SECTION 1.05. References to Agreements, Laws, Etc.	6875
	SECTION 1.06. Times of Day	6875
	SECTION 1.07. Timing of Payment or Performance	6875
	SECTION 1.08. Currency Equivalents Generally	6875
	SECTION 1.09. Change of Currency	6876
	SECTION 1.10. Pro Forma and Other Calculations	6876
	SECTION 1.11. Divisions	80
	SECTION 1.12. Interest Rates; LIBOR Notification	80
	ARTICLE II The Commitments and Credit Extensions	7181
	SECTION 2.01. The Loans	7181
	SECTION 2.02. Borrowings, Conversions and Continuations of Loans	7281
	SECTION 2.03. [RESERVED].	7383
	SECTION 2.04. [RESERVED].	7383
	SECTION 2.05. Prepayments	7383
	SECTION 2.06. Termination of Commitments	8493
	SECTION 2.07. Amortization of Loans.	8593
	SECTION 2.08. Interest	8593
	SECTION 2.09. Fees	8694
	SECTION 2.10. Computation of Interest and Fees	8795
	SECTION 2.11. Evidence of Indebtedness	8795
	SECTION 2.12. Payments Generally	8896
	SECTION 2.13. Sharing of Payments	9097
	SECTION 2.14. Provisions Applicable to Canadian Loan Parties	9098
	SECTION 2.15. Refinancing Amendments	9198

 

     

     

    

 

	SECTION 2.16. Extended Term Loans.	9299
	SECTION 2.17. Incremental Borrowings.	94102
	ARTICLE III Taxes, Increased Costs Protection and Illegality	98106
	SECTION 3.01. Taxes	98106
	SECTION 3.02. Illegality	100108
	SECTION 3.03. Inability to Determine Rates 100Alternate Rate of Interest	108
	SECTION 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans	101110
	SECTION 3.05. Funding Losses	102111
	SECTION 3.06. Matters Applicable to All Requests for Compensation	103111
	SECTION 3.07. Replacement of Lenders under Certain Circumstances	104112
	SECTION 3.08. Survival	105113
	ARTICLE IV Conditions Precedent to Credit Extensions	105113
	SECTION 4.01. Conditions to Making of Term B Loans	105113
	SECTION 4.02. Conditions to All Credit Extensions	106115
	ARTICLE V Representations and Warranties	107116
	SECTION 5.01. Existence, Qualification and Power; Compliance with Laws	107116
	SECTION 5.02. Authorization; No Contravention	107116
	SECTION 5.03. Governmental Authorization; Other Consents	107116
	SECTION 5.04. Binding Effect	108116
	SECTION 5.05. Financial Statements; No Material Adverse Effect	108117
	SECTION 5.06. Litigation	108117
	SECTION 5.07. No Default	108117
	SECTION 5.08. Ownership of Property; Liens	109117
	SECTION 5.09. Environmental Compliance	109117
	SECTION 5.10. Taxes	110118
	SECTION 5.11. ERISA Compliance	110118
	SECTION 5.12. Subsidiaries; Equity Interests	110119
	SECTION 5.13. Margin Regulations; Investment Company Act	110119
	SECTION 5.14. Disclosure	111119
	SECTION 5.15. Intellectual Property; Licenses, Etc.	111120

 

    ii

     

    

 

	SECTION 5.16. Solvency	111120
	SECTION 5.17. Subordination of Junior Financing 111[Reserved]	120
	SECTION 5.18. Labor Matters	111120
	SECTION 5.19. Anti-Terrorism Laws; OFAC 112OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws; Patriot Act	120
	SECTION 5.20. EEA Financial Institutions	121
	ARTICLE VI Affirmative Covenants	112121
	SECTION 6.01. Financial Statements	112121
	SECTION 6.02. Certificates; Other Information	113122
	SECTION 6.03. Notices	115123
	SECTION 6.04. Payment of Obligations	115124
	SECTION 6.05. Preservation of Existence, Etc.	115124
	SECTION 6.06. Maintenance of Properties	116124
	SECTION 6.07. Maintenance of Insurance	116124
	SECTION 6.08. Compliance with Laws	116125
	SECTION 6.09. Books and Records	117125
	SECTION 6.10. Inspection Rights	117125
	SECTION 6.11. Covenant to Guarantee Obligations and Give Security	117126
	SECTION 6.12. Compliance with Environmental Laws	119128
	SECTION 6.13. Further Assurances and Post-Closing Conditions	120128
	SECTION 6.14. [Reserved] 120OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	129
	SECTION 6.15. Pension Plans	120129
	SECTION 6.16. Maintenance of Rating	121129
	SECTION 6.17. Redemption of 2016 Senior Subordinated Notes	121
	ARTICLE VII Negative Covenants	121130
	SECTION 7.01. Asset Sales	121130
	SECTION 7.02. Limitation on Restricted Payments	122131
	SECTION 7.03. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	128137
	SECTION 7.04. Liens	135143

 

    iii

     

    

 

	SECTION 7.05. [RESERVED].	135143
	SECTION 7.06. Merger, Amalgamation, Consolidation or Sale of All or Substantially All Assets	135143
	SECTION 7.07. Transactions with Affiliates	136145
	SECTION 7.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	138147
	SECTION 7.09. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	140149
	SECTION 7.10. Change in Nature of Business	140149
	SECTION 7.11. [RESERVED]	140149
	SECTION 7.12. Use of Proceeds	140150
	SECTION 7.13. Accounting Changes	141150
	SECTION 7.14. Amendments of Indebtedness, Etc.	141
	ARTICLE VIII Events Of Default and Remedies	142150
	SECTION 8.01. Events of Default	142150
	SECTION 8.02. Remedies Upon Event of Default	144152
	SECTION 8.03. Exclusion of Immaterial Subsidiaries	145153
	SECTION 8.04. Application of Funds	145153
	ARTICLE IX Administrative Agent and Other Agents	145154
	SECTION 9.01. Appointment and Authorization of Agents	146154
	SECTION 9.02. Delegation of Duties	146154
	SECTION 9.03. Liability of Agents	146155
	SECTION 9.04. Reliance by Agents	147155
	SECTION 9.05. Notice of Default	147155
	SECTION 9.06. Credit Decision; Disclosure of Information by Agents	147156
	SECTION 9.07. Indemnification of Agents	148156
	SECTION 9.08. Agents in their Individual Capacities	148156
	SECTION 9.09. Successor Agents	148157
	SECTION 9.10. Administrative Agent May File Proofs of Claim	149157
	SECTION 9.11. Collateral and Guaranty Matters	150158
	SECTION 9.12. Other Agents; Arrangers and Managers	151159
	SECTION 9.13. Appointment of Supplemental Administrative Agents	151159
	SECTION 9.14. Solidary Interests/Quebec Liens (Hypothecs)	151160
	SECTION 9.15. Certain ERISA Matters.	152161

 

    iv

     

    

 

	ARTICLE
    X Miscellaneous	154162
	SECTION
    10.01. Amendments, Etc.	154162
	SECTION
    10.02. Notices and Other Communications; Facsimile Copies	157164
	SECTION
    10.03. No Waiver; Cumulative Remedies	158165
	SECTION
    10.04. Attorney Costs and Expenses	158165
	SECTION
10.05. Limitation
of Liability; Indemnification by the
Borrower	158166
	SECTION
    10.06. Payments Set Aside	160167
	SECTION
    10.07. Successors and Assigns	160167
	SECTION
    10.08. Confidentiality	164173
	SECTION
    10.09. Setoff	164173
	SECTION
    10.10. Interest Rate Limitation	165173
	SECTION
    10.11. Counterparts	165174
	SECTION
    10.12. Integration	165175
	SECTION
    10.13. Survival of Representations and Warranties	165175
	SECTION
    10.14. Severability	166175
	SECTION
    10.15. Tax Forms	166175
	SECTION
    10.16. GOVERNING LAW	167177
	SECTION
    10.17. WAIVER OF RIGHT TO TRIAL BY JURY	168177
	SECTION
    10.18. Binding Effect	168178
	SECTION
    10.19. Lender Action	168178
	SECTION
    10.20. USA PATRIOT Act; Canadian Anti-Money Laundering Legislation	169178
	SECTION
    10.21. Judgment Currency	169179
	SECTION
    10.22. Other Liens on Collateral; Terms of Intercreditor Agreement; Etc.	170179
	SECTION
    10.23. Effect of the Amendment and Restatement of the Existing Credit Agreement; Amendments to Security Agreement on the Subsequent
    Second Amendment Effective Date	171180
	SECTION
    10.24. No Advisory or Fiduciary Responsibility.	171181
	SECTION
    10.25. Acknowledgement and Consent to Bail-In of EEAAffected
    Financial Institutions	172181
	SECTION
    10.26. Keepwell	172182
	SECTION
    10.27. Acknowledgement Regarding Any Supported QFCs	182

 

    v

     

    

 

SCHEDULES

 

	1.01B	Collateral Documents
	1.01D	Mortgaged Properties
	1.01E	Excluded Subsidiary
	1.01F	Foreign Subsidiary
	2.01	Commitments
	5.05	Financial Statement Exceptions
	5.10	Taxes
	5.11	ERISA and other Pension Plan Compliance
	5.12	Subsidiaries and Other Equity Investments
	6.07	Insurance
	7.03	Existing Indebtedness
	7.04	Existing Liens
	10.02	Administrative Agent’s Office, Certain Addresses for Notices

 

 

EXHIBITS

 

Form of

 

	A	Committed Loan Notice
	B	[Reserved]
	C	Note
	D	Compliance Certificate
	E	Assignment and Assumption
	F-1	Domestic Guaranty
	F-2	Canadian Guarantee[Reserved]
	G-1	Security Agreement
	G-2	Canadian Security Agreement[Reserved]
	H	Amended and Restated Intercreditor Agreement
	I	Opinion Matters ― Counsel to Loan Parties[Reserved]
	J	Intercompany Note
	K	Specified Discount Prepayment Notice
	L	Specified Discount Prepayment Response
	M	Discount Range Prepayment Notice
	N	Discount Range Prepayment Offer
	O	Solicited Discounted Prepayment Notice
	P	Solicited Discounted Prepayment Offer
	Q	Acceptance and Prepayment Notice
	R	Guarantor Consent and Reaffirmation
	S	Canadian Guarantor Consent and Reaffirmation[Reserved]
	T	Additional First Lien Intercreditor Agreement
	 	 

 

     

     

    

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This
AMENDED AND RESTATED CREDIT AGREEMENT (as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of
June 10, 2014, the Second Amendment to Amended and Restated Credit Agreement, dated as of September 28, 2016, and effective as
of the Subsequent Second Amendment Effective Date, and the Third Amendment
to Amended and Restated Credit Agreement, dated as of May 23, 2018, and the Fourth Amendment to Amended
and Restated Credit Agreement, dated as of October 1, 2020, this “Agreement”) is entered into
as of January 28, 2013, among MICHAELS STORES, INC., a Delaware corporation (the “Borrower”), JPMORGAN
CHASE BANK, N.A., as Administrative Agent, each Lender from time to time party hereto, and BARCLAYS BANK PLC, CREDIT SUISSE SECURITIES
(USA) LLC, GOLDMAN SACHS BANK USA, J.P. MORGAN SECURITIES LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, MORGAN STANLEY
SENIOR FUNDING, INC., and WELLS FARGO SECURITIES, LLC, as Co-Documentation Agents.

 

PRELIMINARY STATEMENTS

 

Pursuant to the Recapitalization
Agreement (as this and other capitalized terms used in these preliminary statements are defined in Section 1.01 below), Bain Paste
Mergerco, Inc. and Blackstone Paste Mergerco, Inc. (collectively, the “MergerCos”) were merged with the
Borrower, with the Borrower as the surviving corporation (the “Recapitalization”).

 

Simultaneously with the
consummation of the Recapitalization, the Borrower entered into that certain Credit Agreement, dated as of October 31, 2006 (as
amended and in effect immediately prior to the Restatement Effective Date, the “Existing Credit Agreement”),
by, among others, the Borrower, the “Lenders” as defined therein, and DEUTSCHE BANK AG NEW YORK BRANCH, as “Administrative
Agent” as defined therein, pursuant to which the Borrower incurred an Original Loan (as defined in the Existing Credit Agreement)
on the Closing Date in an aggregate principal amount of $2,400,000,000.

 

The proceeds of the Original
Loan made on the Closing Date, together with the proceeds of (i) the issuance of certain unsecured notes, (ii) the funding of $400,000,000
under the ABL Credit Agreement on the Closing Date and (iii) the Equity Contribution, were used to finance the Debt Prepayment
and pay the Merger Consideration and the Closing Date Transaction Expenses. Immediately prior to the Restatement Effective Date,
outstanding term loans in the aggregate principal amount of approximately $1,495,000,000 (the “Outstanding Term Loans”)
were outstanding under the Existing Credit Agreement.

 

The Borrower desires
to refinance the Outstanding Term Loans in full with Refinancing Term Loans pursuant to a Refinancing Amendment under Section 2.15
of the Existing Credit Agreement, and, in connection therewith, to amend and restate the Existing Credit Agreement in its entirety
to, among other things, (i) provide for such Refinancing Term Loans, which will take the form of a new tranche of senior secured
term loans under this Agreement, and (ii) increase the aggregate principal amount of such tranche borrowed and outstanding under
this Agreement to $1,640,000,000 on the Restatement Effective Date.

 

The proceeds of the Loans
on the Restatement Effective Date will be used to (i) refinance in full the Outstanding Term Loans, (ii) finance the redemption
of a portion of the 2016 Senior Subordinated Notes in the aggregate principal amount of approximately $137,000,000 and (iii) fund
certain related fees and expenses associated with the Transaction.

 

     

     

    

 

The Lenders and each
Additional Lender providing the Refinancing Term Loans have indicated their willingness to lend and to consent to the other amendments
herein, in each case on the terms and subject to the conditions set forth herein.

 

In consideration of the
mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE
I

Definitions and Accounting Terms

 

SECTION
1.01. Defined Terms. As used in this Agreement,
the following terms shall have the meanings set forth below:

 

“2016 Converted
Replacement Term B-1 Loans” shall mean the Loans resulting from the 2016 Replacement Term B-1 Loan Conversion.

 

“2016 Converted
Replacement Term B-2 Loans” shall mean the Loans resulting from the 2016 Replacement Term B-2 Loan Conversion.

 

“2016 Converting
Replacement Term B-1 Loan Lender” shall mean, as of the Initial Second Amendment Effective Date, each Lender with
a Term B Loan that has executed and delivered a counterpart of the Second Amendment, together with a 2016 Replacement Term B-1
Loan Conversion Election, to the Administrative Agent in accordance with the terms thereof.

 

“2016 Converting
Replacement Term B-2 Loan Lender” shall mean, as of the Initial Second Amendment Effective Date, each Lender with
an Incremental 2014 Term Loan that has executed and delivered a counterpart of the Second Amendment, together with a 2016 Replacement
Term B-2 Loan Conversion Election, to the Administrative Agent in accordance with the terms thereof.

 

“2016 New
Replacement Term B-1 Loan Commitment” shall mean, with respect to each 2016 New Replacement Term B-1 Loan Lender,
the commitment of such 2016 New Replacement Term B-1 Loan Lender to make 2016 New Replacement Term B-1 Loans pursuant to Section
2.01(c)(B) (as in effect immediately prior to the Fourth Amendment Effective Date) as set
forth on Schedule 1 to the Second Amendment, as the same may be reduced from time to time pursuant to Section 2.06.

 

“2016 New
Replacement Term B-1 Loan Lender” shall mean a Term Lender with a 2016 New Replacement Term B-1 Loan Commitment.

 

“2016 New
Replacement Term B-1 Loans” shall mean term loans made by the 2016 New Replacement Term B-1 Loan Lenders to the Borrower
pursuant to Section 2.01(c)(B) (as in effect immediately prior to the Fourth Amendment Effective Date).

 

“2016 New
Replacement Term B-2 Loan Commitment” shall mean, with respect to each 2016 New Replacement Term B-2 Loan Lender,
the commitment of such 2016 New Replacement Term B-2 Loan Lender to make 2016 New Replacement Term B-2 Loans pursuant to Section
2.01(c)(D) (as in effect immediately prior to the Fourth Amendment Effective Date) as set
forth on Schedule 1 to the Second Amendment, as the same may be reduced from time to time pursuant to Section 2.06.

 

“2016 New
Replacement Term B-2 Loan Lender” shall mean a Term Lender with a 2016 New Replacement Term B-2 Loan Commitment.

 

    2

     

    

 

“2016 New
Replacement Term B-2 Loans” shall mean term loans made by the 2016 New Replacement Term B-2 Loan Lenders to the Borrower
pursuant to Section 2.01(c)(D) (as in effect immediately prior to the Fourth Amendment Effective Date).

 

“2016 Non-Converting
Replacement Term B-1 Loan Lender” shall mean each Lender holding Term B Loans party hereto immediately prior to the
occurrence of the Initial Second Amendment Effective Date and which is not a 2016 Converting Replacement Term B-1 Loan Lender.

 

“2016 Non-Converting
Replacement Term B-2 Loan Lender” shall mean each Lender holding Incremental 2014 Term Loans party hereto immediately
prior to the occurrence of the Initial Second Amendment Effective Date and which is not a 2016 Converting Replacement Term B-2
Loan Lender.

 

“2016 Replacement
Term B-1 Loan Conversion” shall mean the conversion of Term B Loans to 2016 Converted Replacement Term B-1 Loans
as described in Section 2.01(c)(A) (as in effect immediately prior to the Fourth Amendment Effective
Date).

 

“2016 Replacement
Term B-1 Loan Conversion Election” shall mean, as to any 2016 Converting Replacement Term B-1 Loan Lender, its request
to have all of its Term B Loans converted into 2016 Converted Replacement Term B-1 Loans as set forth in the “Lender Election
Form” accompanying the signature page of such 2016 Converting Replacement Term B-1 Loan Lender to the Second Amendment.

 

“2016 Replacement
Term B-1 Loan Lender” shall mean (a) as of the Initial Second Amendment Effective Date (prior to giving effect to
the 2016 Replacement Term Loan Conversion), each 2016 New Replacement Term B-1 Loan Lender and each 2016 Converting Replacement
Term B-1 Loan Lender and (b) on and after the Initial Second Amendment Effective Date (after giving effect to the 2016 Replacement
Term Loan Conversion), each Lender with an outstanding 2016 Replacement Term B-1 Loan.

 

“2016 Replacement
Term B-1 Loans” shall mean, collectively, (a) at all times, (i) the 2016 Converted Replacement Term B-1 Loans and
(ii) the 2016 New Replacement Term B-1 Loans and (b) upon the occurrence of the 2016 Replacement Term Loan Conversion, the 2016
Replacement Term B-2 Loans (all of which were converted into 2016 Replacement Term B-1 Loans of a single Class pursuant to the
2016 Replacement Term Loan Conversion on the Initial Second Amendment Effective Date).

 

“2016 Replacement
Term B-2 Loan Conversion” shall mean the conversion of Incremental 2014 Term Loans to 2016 Converted Replacement
Term B-2 Loans as described in Section 2.01(c)(C) (as in effect immediately prior to the Fourth Amendment
Effective Date).

 

“2016 Replacement
Term B-2 Loan Conversion Election” shall mean, as to any 2016 Converting Replacement Term B-2 Loan Lender, its request
to have all of its Incremental 2014 Term Loans converted into 2016 Converted Replacement Term B-2 Loans as set forth in the “Lender
Election Form” accompanying the signature page of such 2016 Converting Replacement Term B-2 Loan Lender to the Second Amendment.

 

“2016 Replacement
Term B-2 Loan Lender” shall mean each 2016 New Replacement Term B-2 Loan Lender and each 2016 Converting Replacement
Term B-2 Loan Lender.

 

“2016 Replacement
Term B-2 Loans” shall mean, collectively, (a) the 2016 Converted Replacement Term B-2 Loans and (b) the 2016 New
Replacement Term B-2 Loans.

 

    3

     

    

 

“2016 Replacement
Term Loan Conversion” has the meaning specified in the Second Amendment.

 

“2016 Senior
Subordinated Notes” means $400,000,000 in aggregate principal amount of the Borrower’s 11-3/8% senior subordinated
notes due 2016 (as reduced by any prepayment, redemption or retirement thereof).

 

“2016 Senior
Subordinated Notes Indenture” means the Indenture for the 2016 Senior Subordinated Notes, dated as of October 31,
2006, as amended, supplemented or modified from time to time.

 

“2018 Converted
Replacement Term B Loans” shall mean the Loans resulting from the 2018 Replacement Term B Loan Conversion.

 

“2018 Converting
Replacement Term B Loan Lender” shall mean, as of the Third Amendment Effective Date, each Lender with a 2016 Replacement
Term B-1 Loan immediately prior to the Third Amendment Effective Date that has executed and delivered a counterpart of the Third
Amendment, together with a 2018 Replacement Term B Loan Conversion Election, to the Administrative Agent in accordance with the
terms thereof.

 

“2018 New
Replacement Term B Loan Commitment” shall mean, with respect to each 2018 New Replacement Term B Loan Lender, the
commitment of such 2018 New Replacement Term B Loan Lender to make 2018 New Replacement Term B Loans pursuant to Section 2.01(d)(B)
(as in effect immediately prior to the Fourth Amendment Effective Date) as set forth on
Schedule 1 to the Third Amendment, as the same may be reduced from time to time pursuant to Section 2.06.

 

“2018 New
Replacement Term B Loan Lender” shall mean a Term Lender with a 2018 New Replacement Term B Loan Commitment.

 

“2018 New
Replacement Term B Loans” shall mean term loans made by the 2018 New Replacement Term B Loan Lenders to the Borrower
pursuant to Section 2.01(d)(B) (as in effect immediately prior to the Fourth Amendment Effective Date).

 

“2018 Non-Converting
Replacement Term B-1 Loan Lender” shall mean each Lender holding 2016 Replacement Term B-1 Loans party hereto immediately
prior to the occurrence of the Third Amendment Effective Date and which is not a 2018 Converting Replacement Term B Loan Lender.

 

“2018 Replacement
Term B Loan Conversion” shall mean the conversion of 2016 Replacement Term B-1 Loans to 2018 Converted Replacement
Term B Loans as described in Section 2.01(d)(A) (as in effect immediately prior to the Fourth Amendment
Effective Date).

 

“2018 Replacement
Term B Loan Conversion Election” shall mean, as to any 2018 Converting Replacement Term B Loan Lender, its request
to have all of its 2016 Replacement Term B-1 Loans converted into 2018 Converted Replacement Term B Loans as set forth in the signature
page of such 2018 Converting Replacement Term B Loan Lender to the Third Amendment.

 

“2018 Replacement
Term B Loan Lender” shall mean, on and after the Third Amendment Effective Date (after giving effect to the 2018
Replacement Term B Loan Conversion), each Lender with an outstanding 2018 Replacement Term B Loan.

 

    4

     

    

 

“2018 Replacement
Term B Loans” shall mean, collectively, at all times, (i) the 2018 Converted Replacement Term B Loans and (ii) the
2018 New Replacement Term B Loans.

 

“2020
Converted Refinancing Term B Loans” shall mean the Loans resulting from the 2020 Refinancing Term B Loan Conversion.

 

“2020
Converting Refinancing Term B Loan Lender” shall mean, as of the Fourth Amendment Effective Date, each Lender with a
2018 Replacement Term B Loan immediately prior to the Fourth Amendment Effective Date that has executed and delivered a counterpart
of the Fourth Amendment, together with a 2020 Refinancing Term B Loan Conversion Election, to the Administrative Agent in accordance
with the terms thereof.

 

“2020
New Refinancing Term B Loan Commitment” shall mean, with respect to each 2020 New Refinancing Term B Loan Lender, the
commitment of such 2020 New Refinancing Term B Loan Lender to make 2020 New Refinancing Term B Loans pursuant to Section 2.01(e)(B)
as set forth on Schedule 1 to the Fourth Amendment, as the same may be reduced from time to time pursuant to Section 2.06.

 

“2020
New Refinancing Term B Loan Lender” shall mean a Lender with a 2020 New Refinancing Term B Loan Commitment.

 

“2020
New Refinancing Term B Loans” shall mean term loans made by the 2020 New Refinancing Term B Loan Lenders to the Borrower
pursuant to Section 2.01(e)(B).

 

“2020
Non-Converting Replacement Term B Loan Lender” shall mean each Lender holding 2018 Replacement Term B Loans party hereto
immediately prior to the occurrence of the Fourth Amendment Effective Date and which is not a 2020 Converting Refinancing Term
B Loan Lender.

 

“2020
Refinancing Term B Loan Conversion” shall mean the conversion of 2018 Replacement Term B Loans to 2020 Converted Refinancing
Term B Loans as described in Section 2.01(e)(A).

 

“2020
Refinancing Term B Loan Conversion Election” shall mean, as to any 2020 Converting Refinancing Term B Loan Lender, its
request to have all of its 2018 Replacement Term B Loans converted into 2020 Converted Refinancing Term B Loans as set forth in
the signature page of such 2020 Converting Refinancing Term B Loan Lender to the Fourth Amendment.

 

“2020
Refinancing Term B Loan Lender” shall mean, on and after the Fourth Amendment Effective Date (after giving effect to
the 2020 Refinancing Term B Loan Conversion), each Lender with an outstanding 2020 Refinancing Term B Loan.

 

“2020
Refinancing Term B Loans” shall mean, collectively, at all times, (i) the 2020 Converted Refinancing Term B Loans and
(ii) the 2020 New Refinancing Term B Loans.

 

“20202027
Senior SubordinatedSecured
Notes” means, collectively, (i) the $260,000,000 $375,000,000
in aggregate principal amount of the Borrower’s 5-7/84.750%
senior subordinatedsecured notes due 20202027
issued on December 19, 2013 and (iiOctober 1, 2020
(as may be reduced by any prepayment, redemption or retirement thereof) the.

 

“2027
Senior Secured Notes Collateral Agent” has the meaning set forth in the definition of “2027 Senior Secured Notes
Indenture.”

 

    5

     

    

 

“2027
Senior Secured Notes Collateral Documents” shall mean the “Security Documents” as defined in the 2027 Senior
Secured Notes Indenture, or comparable term as used in the 2027 Senior Secured Notes Indenture. 

 

“2027
Senior Secured Notes Indenture” means the Indenture for the 2027 Senior Secured Notes, dated as of October 1, 2020, by
and among the Borrower, as issuer, the Guarantors (under and as defined therein) and U.S. Bank National Association, as trustee
(including any successor thereto in such capacity, the “2027 Senior Secured Notes Trustee”) and as collateral
agent (including any successor thereto in such capacity, the “2027 Senior Secured Notes Collateral Agent”),
as amended, supplemented or modified from time to time. 

 

“2027
Senior Secured Notes Trustee” has the meaning set forth in the definition of “2027 Senior Secured Notes Indenture.”

 

$250,000,000“2027
Senior Unsecured Notes” means $500,000,000 in aggregate principal amount of the Borrower’s 5-7/88.000%
senior subordinatedunsecured notes due
20202027 issued on June
16July 8, 20142019
(as each may be reduced by any prepayment, redemption or retirement thereof).

 

“20202027
Senior SubordinatedUnsecured
Notes Indenture” means the Indenture for the 20202027
Senior SubordinatedUnsecured Notes, dated
as of December 19, 2013July 8, 2019, by and among
the Borrower, as issuer, the Guarantors (under and as defined therein), and U.S. Bank National Association, as trustee (or any
successor thereto in such capacity), as amended, supplemented or modified from time to time.

 

“ABL Collateral
Agent” shall mean the “Collateral Agent” as defined in the ABL Credit Agreement, or Person performing
comparable functions under the ABL Credit Agreement.

 

“ABL Collateral
Documents” shall mean the “Security Documents” as defined in the ABL Credit Agreement, or comparable
term as used in the ABL Credit Agreement.

 

“ABL
Credit Agreement” shall mean the Third Amended and Restated Credit Agreement, dated as of May 27, 2016, among the
Borrower, as the lead borrower, the other borrowers named therein, the facility guarantors identified therein, Wells Fargo Bank,
National Association, as administrative agent and as collateral agent, and the lenders identified therein, as the same may be amended,
restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced from time to time in one or more agreements
or indentures (in each case with the same or new lenders,  institutional investors
or, agents or
otherwise), including any agreement or indenture extending the maturity thereof or otherwise restructuring all or any
portion of the Indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the maturity thereof (so
long as, in the case of any replacement or refinancing, all commitments under the agreements or indentures so replaced or refinanced
shall have been terminated, all unpaid amounts thereunder (other than indemnities) shall have been paid in full and all parties
to any replacement or refinancing agreements or indentures, or a trustee or agent on their behalf, shall have become party to the
Intercreditor Agreement as of the applicable date of replacement or refinancing, as the case may be).

 

“ABL Lenders”
shall mean the “Lenders” as defined in the ABL Credit Agreement.

 

“ABL Loan
Documents” shall mean the ABL Credit Agreement and the related guaranties, pledge agreements, security agreements,
mortgages, notes and other agreements and instruments entered into in connection with the ABL Credit Agreement.

 

    6

     

    

 

“ABL Loans”
shall mean the “Revolving Loans” as defined in the ABL Credit Agreement, or other loans borrowed under the ABL Credit
Agreement.

 

“ABL Priority
Collateral” means, collectively, all “ABL Priority Collateral” as defined in the Intercreditor Agreement.

 

“Acceptable
Discount” has the meaning specified in Section 2.05(a)(iii)(D)(2).

 

“Acceptable
Prepayment Amount” has the meaning specified in Section 2.05(a)(iii)(D)(3).

 

“Acceptance
and Prepayment Notice” means a notice of the Borrower’s acceptance of the Acceptable Discount in substantially
the form of Exhibit Q attached hereto.

 

“Acceptance
Date” has the meaning specified in Section 2.05(a)(iii)(D)(2).

 

“ACH”
means automated clearing house transfers.

 

“Acquired
Indebtedness” means, with respect to any specified Person, (a) Indebtedness of any other Person existing at the time
such other Person is merged or amalgamated with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness
incurred in connection with, or in contemplation of, such other Person merging or amalgamating with or into or becoming a Restricted
Subsidiary of such specified Person, and (b) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Acquisition”
means, with respect to a specified Person, (a) an Investment in or a purchase of a 50% or greater interest in the Capital Stock
of any other Person, (b) a purchase or acquisition of all or substantially all of the assets of any other Person, (c) a purchase
or acquisition of a real estate portfolio or Stores from any other Person or assets constituting a business unit, line of business
or division of any other Person, or (d) any merger, amalgamation or consolidation of such Person with any other Person or other
transaction or series of transactions resulting in the acquisition of all or substantially all of the assets, or a 50% or greater
interest in the Capital Stock of, any Person, in each case in any transaction or group of transactions which are part of a common
plan.

 

“Act”
has the meaning set forth in Section 10.20.

 

“Additional
Assets” means (a) any asset used or useful in a Similar Business, including any such asset acquired through any capital
expenditure, (b) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital
Stock by the Borrower or another Restricted Subsidiary or is merged or amalgamated with or into the Borrower or another Restricted
Subsidiary and that is primarily engaged in a Similar Business, (c) Capital Stock constituting a minority interest in any Person
that at such time is a Restricted Subsidiary that is primarily engaged in a Similar Business, (d) all or substantially all of the
assets of a Similar Business or (e) any other asset that replaces an asset that is the subject of an Asset Sale.

 

“Additional
First Lien Indebtedness” has the meaning specified in the definition of Additional First Lien Intercreditor Agreement.

 

    7

     

    

 

“Additional
First Lien Intercreditor Agreement” means  an(x)
the Pari Passu Intercreditor Agreement executed by the Administrative Agent, the Collateral Agent, the 2027 Senior Secured Notes
Trustee, the 2027 Senior Secured Notes Collateral Agent and the Loan Parties, substantially in the form of Exhibit T and/or (y)
any other intercreditor agreement among the Administrative Agent, the Collateral Agent and one or more Senior Representatives
for applicable holders of Permitted First Priority Refinancing Debt or any other Indebtedness permitted by Section 7.03 that is
secured by Permitted Liens on the Collateral that are pari passu (but without regard to control of remedies) with the Liens
on the Collateral securing the Obligations (“Additional First Lien Indebtedness”) providing that, inter
alia, the Liens on the Collateral as between the Collateral Agent (for the benefit of the Secured Parties) and one or more
Senior Representatives (for the benefit of any such Senior Representatives and the applicable holders of Permitted First Priority
Refinancing Debt or Additional First Lien Indebtedness, as the case may be) shall be pari passu (but without regard to control
of remedies), in each case, as such intercreditor agreement may be amended, modified, restated
and/or supplemented from time to time in accordance with the terms hereof and thereof. TheAny
Additional First Lien Intercreditor Agreement referred to in clause (y) above shall be
in a form customary for transactions of the type contemplated thereby and otherwise reasonably satisfactory to the Administrative
Agent and the Borrower and, to the extent agreed to by the Collateral Agent, one or more Senior Representatives for the applicable
holders of Permitted First Priority Refinancing Debt or Additional First Lien Indebtedness, as the case may be, and the ABL Collateral
Agent, may be in the form of an amendment and restatement of the Intercreditor Agreement.

 

“Additional
Incremental Lender” has the meaning specified in Section 2.17(c).

 

“Additional
Junior Lien Indebtedness” has the meaning specified in the definition of Additional Junior Lien Intercreditor Agreement.

 

“Additional
Junior Lien Intercreditor Agreement” means an intercreditor agreement among the Administrative Agent, the Collateral
Agent, the 2027 Senior Secured Notes Trustee, the 2027 Senior Secured Notes Collateral Agent (if applicable)
and one or more Senior Representatives for applicable holders of Permitted Junior Priority Refinancing Debt or any other Indebtedness
permitted by Section 7.03 that is secured by Permitted Liens on the Collateral that are junior to the Liens on the Collateral securing
the Obligations (“Additional Junior Lien Indebtedness”) providing that, inter alia, the Liens
on the Collateral in favor of one or more Senior Representatives (for the benefit of any such Senior Representatives and the applicable
holders of Permitted Junior Priority Refinancing Debt or Additional Junior Lien Indebtedness, as the case may be) shall be junior
to the Liens on the Collateral in favor of the Collateral Agent (for the benefit of the Secured Parties), as such intercreditor
agreement may be amended, modified, restated and/or supplemented from time to time in accordance with the terms hereof and thereof.
The Additional Junior Lien Intercreditor Agreement shall be in a form customary for transactions of the type contemplated thereby
and otherwise reasonably satisfactory to the Administrative Agent and the Borrower and, to the extent agreed to by the Collateral
Agent, one or more Senior Representatives for the applicable holders of Permitted Junior Priority Refinancing Debt or Additional
Junior Lien Indebtedness, as the case may be, and the ABL Collateral Agent, may be in the form of an amendment and restatement
of the Intercreditor Agreement.

 

“Additional
Lender” means, at any time, any bank or other financial institution or institutional lender (other than any such
bank, financial institution or institutional lender that is a Lender at such time) that agrees to provide any portion of Credit
Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with Section 2.15, provided that each
Additional Lender shall be subject to the approval of (x) the Administrative Agent,
to the extent that each such Additional Lender is not then an existing Lender, an Affiliate of a then existing Lender or an Approved
Fund and to the extent such consent, if any, would be required under Section 10.07(b) for an assignment
of Loans to such Additional Lender (such approval not to be unreasonably withheld or delayed), and (y)
the Borrower.

 

    8

     

    

 

“Administrative
Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent under any of the Loan Documents,
or any successor administrative agent. Unless the context otherwise requires, the term “Administrative Agent” as used
herein and in the other Loan Documents shall include the Collateral Agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and account as set forth on Schedule 10.02,
or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

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

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used
with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Affiliate
Transaction” has the meaning set forth in Section 7.07(a).

 

“Agent-Related
Persons” means the Agents and the Arrangers, together with their respective Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates.

 

“Agents”
means, collectively, the Administrative Agent, the Collateral Agent, the Co-Documentation Agents and the Supplemental Administrative
Agents (if any).

 

“Aggregate
Commitments” means the Commitments of all the Lenders.

 

“Agreement”
means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Agreement
Currency” has the meaning provided in Section 10.21.

 

“Allocated
2018 Replacement2020 Refinancing
Term B Loan Conversion Amount” shall mean, with respect to each Lender holding 20162018
Replacement Term B-1B Loans that is a
20182020 Converting ReplacementRefinancing
Term B Loan Lender, the amount determined by the ThirdFourth
Amendment Lead Arrangers and the Borrower as the final amount of such Lender’s 20182020
Converted ReplacementRefinancing Term
B Loans on the ThirdFourth Amendment Effective
Date and notified to each such Lender by the ThirdFourth
Amendment Lead Arrangers on or before the ThirdFourth
Amendment Effective Date. The “Allocated 2018 Replacement2020
Refinancing Term B Loan Conversion Amount” of any Lender shall not exceed (but may be less than) the aggregate
principal amount of 20162018 Replacement
Term B-1B Loans held by such Lender immediately
prior to the effectiveness of the ThirdFourth
Amendment on the ThirdFourth Amendment
Effective Date. All such determinations made by the ThirdFourth
Amendment Lead Arrangers and the Borrower shall, absent manifest error, be final, conclusive and binding on the Borrower and the
Lenders, and the ThirdFourth
Amendment Lead Arrangers shall have no liability to any Person with respect to such determination absent gross negligence or willful
misconduct by the ThirdFourth Amendment
Lead Arrangers (as determined in a final non-appealable judgment of a court of competent jurisdiction).

 

    9

     

    

 

“Ancillary
Document” has the meaning specified in Section 10.11.”

 

“Allocated
Replacement Term B-1 Loan Conversion Amount” shall mean, with respect to each Lender holding Term
B Loans that is a 2016 Converting Replacement Term B-1 Loan Lender, the amount determined by the Administrative Agent and the Borrower
as the final amount of such Lender’s 2016 Converted Replacement Term B-1 Loans on the Initial Second Amendment Effective
Date and notified to each such Lender by the Administrative Agent promptly following the Initial Second Amendment Effective Date.
The “Allocated Replacement Term B-1 Loan Conversion Amount” of any Lender shall not exceed (but may be less than) the
aggregate principal amount of Term B Loans held by such Lender immediately prior to the effectiveness of the Second Amendment on
the Initial Second Amendment Effective Date. All such determinations made by the Administrative Agent and the Borrower shall, absent
manifest error, be final, conclusive and binding on the Borrower and the Lenders and the Administrative Agent shall have no liability
to any Person with respect to such determination absent gross negligence or willful misconduct by the Administrative Agent (as
determined in a final non-appealable judgment of a court of competent jurisdiction).

 

“Allocated
Replacement Term B-2 Loan Conversion Amount” shall mean, with respect to each Lender holding Incremental
2014 Term Loans that is a 2016 Converting Replacement Term B-2 Loan Lender, the amount determined by the Administrative Agent and
the Borrower as the final amount of such Lender’s 2016 Converted Replacement Term B-2 Loans on the Initial Second Amendment
Effective Date and notified to each such Lender by the Administrative Agent promptly following the Initial Second Amendment Effective
Date. The “Allocated Replacement Term B-2 Loan Conversion Amount” of any Lender shall not exceed (but may be less than)
the aggregate principal amount of Incremental 2014 Term Loans held by such Lender immediately prior to the effectiveness of the
Second Amendment on the Initial Second Amendment Effective Date. All such determinations made by the Administrative Agent and the
Borrower shall, absent manifest error, be final, conclusive and binding on the Borrower and the Lenders and the Administrative
Agent shall have no liability to any Person with respect to such determination absent gross negligence or willful misconduct by
the Administrative Agent (as determined in a final non-appealable judgment of a court of competent jurisdiction).

 

“Applicable
Discount” has the meaning specified in Section 2.05(a)(iii)(C)(2).

 

“Applicable
Rate” means a percentage per annum equal to (a) with respect to Term B Loans, (i) for Eurocurrency
Rate Loans, 2.75%, and (ii) for Base Rate Loans, 1.75%; (b) with respect to Incremental 2014 Term Loans, (i) for Eurocurrency Rate
Loans, 3.00%, and (ii) for Base Rate Loans, 2.00%; (c) with respect to 2016 Replacement Term B-1 Loans (after giving effect to
the 2016 Replacement Term Loan Conversion), (i) for Eurocurrency Rate Loans, 2.75% and (ii) for Base Rate Loans, 1.75%; and (d)
with respect to 2018 Replacement Term B Loans (after giving effect to the 2018 Replacement Term B Loan Conversion), (i) for Eurocurrency
Rate Loans, 2.50%, and (ii) for Base Rate Loans, 1.50%. 

 

“Anti-Corruption
Laws” means the Laws of the United States and Canada from time to time in effect relating to bribery or corruption. 

 

“Anti-Money
Laundering Laws” means the Laws of the United States and Canada from time to time in effect relating to money laundering,
any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

 

    10

     

    

 

“Applicable
Rate” means a percentage per annum equal to (a) for Eurocurrency Rate Loans, 3.50%, and (b) for Base Rate Loans, 2.50%.

 

Notwithstanding the foregoing,
(x) the Applicable Rate in respect of Incremental Term Loans of any Class, Extended Term Loans of any Extension Series or Refinancing
Term Loans of any Refinancing Series shall be the applicable percentages per annum provided pursuant to the relevant Incremental
Amendment, Extension Amendment or Refinancing Amendment, as the case may be, and (y) the Applicable Rate in respect of certain
Loans shall be increased as, and to the extent, necessary to comply with the provisions of Section 2.17.

 

“Appropriate
Lender” means, at any time, with respect to Loans of any Class, the Lenders of such Class.

 

“Approved
Fund” means any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c)
an entity or an Affiliate of an entity that administers, advises or manages a Lender.

 

“Arrangers”
means (a) with respect to the Term B Loans, Deutsche Bank Securities Inc., Barclays Bank PLC, Credit Suisse Securities (USA) LLC,
Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior
Funding, Inc., and Wells Fargo Securities, LLC, each in its capacity as a Joint Bookrunner and a Co-Lead Arranger under this Agreement;
(b) with respect to the Incremental 2014 Term Loans, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Barclays Bank PLC,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding, Inc.,
Wells Fargo Securities, LLC, Guggenheim Securities Holdings, LLC and Macquarie Capital (USA) Inc., each in its capacity as a Joint
Bookrunner and a Co-Lead Arranger under the First Amendment; (c) with respect to the 2016 Replacement Term B-1 Loans, Deutsche
Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs Bank USA and SunTrust Robinson Humphrey,
Inc., each in its capacity as a Joint Bookrunner and a Co-Lead Arranger under the Second Amendment; and
(d) with respect to the 2018 Replacement Term B Loans, JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC,
Deutsche Bank Securities Inc. and Goldman Sachs Bank USA, each in its capacity as a Joint Lead Arranger and Joint Bookrunner under
the Third Amendment.; and (e) with respect to the
2020 Refinancing Term B Loans, JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, BofA Securities, Inc., Truist Bank, Bank
of Montreal, Barclays Bank, Citizens Bank, Credit Suisse Loan Funding LLC, Fifth Third Bank, National Association, Goldman Sachs
Bank USA, UBS Securities LLC and U.S. Bank National Association, each in its capacity as a Joint Lead Arranger and Joint Bookrunner
under the Fourth Amendment. 

 

“Asset Sale”
means (a) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions,
of property or assets (including by way of a Sale and Lease-Back Transaction) of the Borrower or any of its Restricted Subsidiaries
(each referred to in this definition as a “disposition”) or (b) the issuance or sale of Equity Interests of any Restricted
Subsidiary, whether in a single transaction or a series of related transactions (other than directors’ qualifying shares
and shares issued to foreign nationals as required under applicable law); in each case, other than:

 

(i)                any
disposition of Cash Equivalents or Investment Grade Securities or obsolete or worn out property or equipment in the ordinary course
of business or any disposition of inventory or goods (or other assets) held for sale in the ordinary course of business (it being
understood that the sale of inventory or goods (or other assets) in bulk in connection with the closing of any number of Stores
in the ordinary course of business shall be considered a sale in the ordinary course of business);

 

    11

     

    

 

(ii)              
the disposition of all or substantially all of the assets of the Borrower in a manner permitted pursuant to Section 7.06
or any disposition that constitutes a Change of Control;

 

(iii)             
the making of any Restricted Payment that is permitted to be made, and is made, under Section 7.02 or the making of any
Permitted Investment;

 

(iv)             
any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series
of related transactions with an aggregate fair market value of less than $25,000,000the
greater of (x) $50,000,000 and (y) 7.75% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries
for the most recently ended Test Period;

 

(v)               any
disposition of property or assets or issuance of securities by a Restricted Subsidiary of the Borrower to the Borrower or by the
Borrower or a Restricted Subsidiary of the Borrower to another Restricted Subsidiary of the Borrower;

 

(vi)             
to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use
in a Similar Business;

 

(vii)            
the lease, assignment, sublease, license or sublicense of any real or personal property in the ordinary course of business;

 

(viii)           
any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(ix)              
foreclosures on or expropriations of assets;

 

(x)               (A)
sales of accounts receivable, or participations therein, in connection with any Receivables Facility, or (B) the disposition of
an account receivable in connection with the collection or compromise thereof in the ordinary course of business and not as part
of a financing transaction;

 

(xi)             
the granting of a Lien that is a Permitted Lien;

 

(xii)            
the issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted by Section 7.03; and

 

(xiii)           
any financing transaction with respect to property built or acquired by the Borrower or any Restricted Subsidiary after
the ClosingFourth Amendment Effective
Date, including asset securitizations permitted by this Agreement and any Sale and Lease-Back Transaction.

 

“Asset Sale/Casualty
Event Offer” has the meaning set forth in Section 2.05(c)(iii).

 

“Assignees”
has the meaning specified in Section 10.07(b).

 

“Assignment
and Assumption” means an Assignment and Assumption substantially in the form of Exhibit E attached to the
Existing Credit Agreement.

 

    12

     

    

 

“Attorney
Costs” means and includes all reasonable and documented fees, expenses and disbursements of any law firm or other
external legal counsel.

 

“Auction
Agent” means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower
(whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment
pursuant to Section 2.05(a)(iii); provided that the Borrower shall not designate the Administrative Agent as the Auction
Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under
no obligation to agree to act as the Auction Agent); provided, further, that neither the Borrower nor any of its
Affiliates may act as the Auction Agent.

 

“Audited
Financial Statements” means the audited consolidated balance sheets of the Borrower and its Subsidiaries as of each
of January 28, 2012, January 29, 2011 and January 30, 2010, and the related audited consolidated statements of income, stockholders’
equity and cash flows for the Borrower and its Subsidiaries for the fiscal years ended January 28, 2012, January 29, 2011 and January
30, 2010, respectively, as any of the foregoing may have been restated.

 

“Available
Incremental Amount” has the meaning specified in Section 2.17(d)(iv).

 

“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 EEAAffected
Financial Institution.

 

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

 

“Bank Products”
means any supply chain finance services including, without limitation, trade payable services and supplier accounts receivable
and drafts/bills of exchange purchases; credit or debit cards; purchase cards or merchant account lines of credit.

 

“Base
Rate” means, for any day, a fluctuating
rate per annum equal to the highestgreatest
of (a) the Federal FundsPrime Rate plus
1/2 of 1%in effect on such day, (b) the rate
of interestNYFRB Rate in effect foron
such day as publicly announced from time to time by the Administrative Agent as its “prime
rate”plus 1⁄2 of 1% and (c) the Eurocurrency Rate for a Eurocurrency
Rate Loan denominated in Dollars with anone month Interest Period of
one month commencing on such day (or, if such day is not a Business
Day, the immediately preceding Business Day) plus 1%. The “prime rate” is a rate set
by the Administrative Agent based upon various factors including the Administrative Agent’s costs and desired return, general
economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above,
or below such announced rate. Any change in such rate announced by the Administrative Agent shall take effect at the opening of
business on the day specified in the public announcement of such change. In no event shall the Base Rate be less than 0.00%.;
provided that for the purpose of this definition, the Eurocurrency Rate for any day shall be based on the LIBO Screen Rate
(or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00
a.m. London time on such day. Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Eurocurrency
Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Eurocurrency
Rate, respectively. If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 (for the avoidance
of doubt, only until the Benchmark Replacement has been determined pursuant to Section 3.03(b)), then the Base Rate shall be the
greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt,
if the Base Rate as determined pursuant to the foregoing would be less than 1.75%, such rate shall be deemed to be 1.75% for purposes
of this Agreement.

 

    13

     

    

 

“Base Rate
Loan” means a Loan that bears interest based on the Base Rate.

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and
the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining
such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate
of interest as a replacement to the LIBO Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement
Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.00%, the Benchmark Replacement
will be deemed to be 0.00% for the purposes of this Agreement; provided further that any such Benchmark Replacement shall
be administratively feasible as determined by the Administrative Agent in its sole discretion.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted Benchmark Replacement
for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment (which
may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration
to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or
(ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the
form of a reduction to the Applicable Rate).

 

“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 “Interest Period”, timing
and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent,
in its reasonable discretion in consultation with the Borrower, 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, in consultation with the Borrower, determines that no market practice for the administration
of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent, in consultation the Borrower,
decides is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate:

 

(1)
       in the case
of clause (1) or (2) of the definition of “Benchmark Transition Event”, the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of the LIBO Rate permanently or indefinitely
ceases to provide the LIBO Rate; or 

 

    14

     

    

 

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

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect
to the LIBO Rate:

 

(1)
       a public statement
or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator has ceased
or will cease to provide the LIBO Rate, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the LIBO Rate;

 

(2)
       a public statement
or publication of information by the regulatory supervisor for the administrator of the LIBO Rate, the U.S. Federal Reserve System,
an insolvency official with jurisdiction over the administrator for the LIBO Rate, a resolution authority with jurisdiction over
the administrator for the LIBO Rate or a court or an entity with similar insolvency or resolution authority over the administrator
for the LIBO Rate, which states that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide the LIBO Rate; or

 

(3)
       a public statement
or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing that the LIBO Rate
is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier
of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication
of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication
of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the
date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative
Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by
the Required Lenders) and the Lenders.

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced
with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such
time, no Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance with Section 3.03 and (y) ending
at the time that a Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder pursuant to Section 3.03.

 

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

 

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

 

    15

     

    

 

 

“Board of
Directors” means (a) with respect to a corporation, the board of directors of the corporation, (b) with respect to
a partnership, the board of directors of the general partner of the partnership and (c) with respect to any other Person, the board
or committee of such Person serving a similar function.

 

“Borrower”
has the meaning provided in the introductory paragraph of this Agreement; provided that when used in the context of determining
the fair market value of an asset or liability under this Agreement, “Borrower” shall, unless otherwise expressly stated,
be deemed to mean the Board of Directors of the Borrower when the fair market value of such asset or liability is equal to or in
excess of $200,000,000 (unless otherwise expressly stated), in which case the determination of the Board of Directors shall be
deemed conclusive for purposes of this Agreement.

 

“Borrower
Guaranty” means the Borrower Guaranty made by the Borrower in favor of the Administrative Agent on behalf of the
Secured Parties, substantially in the form of Exhibit F-1 attached to the Existing Credit Agreement.

 

“Borrower
Offer of Specified Discount Prepayment” means the offer by any Company Party to make a voluntary prepayment of Loans
at a Specified Discount to par pursuant to Section 2.05(a)(iii)(B).

 

“Borrower
Solicitation of Discount Range Prepayment Offers” means the solicitation by any Company Party of offers for, and
the corresponding acceptance by a Lender of, a voluntary prepayment of Loans at a specified range of discounts to par pursuant
to Section 2.05(a)(iii)(C).

 

“Borrower
Solicitation of Discounted Prepayment Offers” means the solicitation by any Company Party of offers for, and the
subsequent acceptance, if any, by a Lender of, a voluntary prepayment of Loans at a discount to par pursuant to Section 2.05(a)(iii)(D).

 

“Borrowing”
means a borrowing consisting of simultaneous Loans of the same Type and Class and, in the case of Eurocurrency Rate Loans, having
the same Interest Period, made by each of the Lenders having Commitments of the respective Class pursuant to Section 2.01 or under
any Incremental Amendment, Extension Amendment or Refinancing Amendment; provided that, immediately following the incurrence
of the 20162020 New ReplacementRefinancing
Term B-1B Loans, the 2016
Converted Replacement Term B-1 Loans, the 2016 New Replacement Term B-2 Loans and the 2016 Converted Replacement Term B-2incurrence
of the 2020 Converted Refinancing Term B Loans and the consummation of the 2016 Replacement
Term B-1 Loan Conversion, the 2016 Replacement Term B-2 Loan Conversion and the 2016 Replacement Term2020
Refinancing Term B Loan Conversion, in each case, on the Initial SecondFourth
Amendment Effective Date, the term “Borrowing” shall include the consolidated “borrowing” of 20162020
New Replacement Term B-1 Loans, the 2016 Converted Replacement Term B-1 Loans, the 2016 New Replacement
Term B-2 Loans and the 2016 Converted Replacement Term B-2 Loans as described in Section 2.08(e); provided
further that, immediately following the incurrence of the 2018 New Replacement Term B Loans, the 2018 Converted
ReplacementRefinancing Term B Loans and the consummation
of the 2018 Replacement Term B Loan Conversion, in each case, on the Third Amendment Effective Date, the term “Borrowing”
shall include the consolidated “borrowing” of 2018 New Replacement Term B Loans and the 2018 Converted Replacement
Term B2020 Converted Refinancing Term B Loans as described in Section 2.08(e).

 

“Borrowing
Base” means the “Borrowing Base” as defined in, and calculated in accordance with, the ABL Credit Agreement.

 

     

     

    

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and if such day relates
to any interest rate settings as to a Eurocurrency Rate Loan, any fundings, disbursements, settlements and payments in respect
of any such Eurocurrency Rate Loan, or any other dealings to be carried out pursuant to this Agreement in respect of any such Eurocurrency
Rate Loan, means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank
eurodollar market.

 

“Canadian
Guarantee” means, collectively, (a) the Canadian Guarantee made by the Canadian
Subsidiary Guarantors in favor of the Administrative Agent on behalf of the Secured Parties, substantially in the form of Exhibit
F-2 attached to the Existing Credit Agreement and (b) each othereach
guaranty and Guaranty Supplement delivered by a Canadian Subsidiary Guarantor pursuant to Section 6.11.

 

“Canadian
Security Agreement” means, collectively, (a) the Security Agreement executed
by the Canadian Subsidiary Guarantors, substantially in the form of Exhibit G-2 attached
to the Existing Credit Agreement, and (b) any Deed of Immovable and Moveable Hypothec, together with, in each case, each other
any security agreement, security agreement supplement
or hypothec executed and delivered by a Canadian Subsidiary Guarantor pursuant to Section
6.11.

 

“Canadian
Subsidiary” means any Subsidiary that is organized under the laws of Canada or any province thereof.

 

“Canadian
Subsidiary Guarantors” means, collectively, (i) Michaels of Canada ULC and
(ii) each othereach Canadian Subsidiary of the Borrower that, in the sole
discretion of the Borrower, shall have entered into thea
Canadian Guarantee and complied with the requirements of clause (b) of the definition of “Collateral and Guarantee Requirement”.

 

“Capital
Expenditures” means, for any period, the aggregate of (a) all expenditures (whether paid in cash or accrued as liabilities)
by the Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included
as additions during such period to property, plant or equipment reflected in the consolidated balance sheet of the Borrower and
the Restricted Subsidiaries and (b) the value of all assets under (or subject to) CapitalizedFinance
Lease Obligations incurred by the Borrower and the Restricted Subsidiaries during such period; provided that the term “Capital
Expenditures” shall not include (i) expenditures made in connection with the replacement, substitution, restoration or repair
of assets to the extent financed with (x) insurance proceeds paid on account of the loss of or damage to the assets being replaced,
restored or repaired or (y) awards of compensation arising from the taking by eminent domain or condemnation of the assets being
replaced, (ii) the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment to the
extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such equipment for the equipment
being traded in at such time, (iii) the purchase of plant, property or equipment or software to the extent financed with the proceeds
of Asset Sales that are not required to be applied to prepay Loans pursuant to Section 2.05(c), (iv) expenditures that are accounted
for as capital expenditures by the Borrower or any Restricted Subsidiary and that actually are paid for by a Person other than
the Borrower or any Restricted Subsidiary, to the extent neither the Borrower nor any Restricted Subsidiary has provided or is
required to provide or incur, directly or indirectly, any consideration or obligation to such Person or any other Person (whether
before, during or after such period), (v) the book value of any asset owned by the Borrower or any Restricted Subsidiary prior
to or during such period to the extent that such book value is included as a capital expenditure during such period as a result
of such Person reusing or beginning to reuse such asset during such period without a corresponding expenditure actually having
been made in such period, provided that (A) any expenditure necessary in order to permit such asset to be reused shall be
included as a Capital Expenditure during the period in which such expenditure actually is made and (B) such book value shall have
been included in Capital Expenditures when such asset was originally acquired, (vi) expenditures that constitute Acquisitions permitted
hereunder, (vii) any expenditure which but for this clause (vii) would otherwise constitute a “Capital Expenditure”,
to the extent financed with the proceeds of the sale or issuance of any Equity Interests of the Borrower or (viii) that portion
of interest on Indebtedness incurred for Capital Expenditures which is paid in cash and capitalized in accordance with GAAP during
such period.

 

     

     

    

 

“Capitalized
Software Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities)
by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed
software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the
consolidated balance sheet of a Person and its Restricted Subsidiaries.

 

“Capital
Stock” means (a) in the case of a corporation, shares in the capital of such corporation; (b) in the case of an association
or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital
stock; (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited);
and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person.

 

“Capitalized
Lease Obligation” means, at the time any determination
thereof is to be made, the amount of the liability in respect of a capital lease that
would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP; provided,
that all obligations of any Person that are or would be characterized as operating lease obligations in accordance with GAAP immediately
prior to the Subsequent Second Amendment Effective Date (whether or not such operating lease obligations were in effect on such
date) shall continue to be accounted for as operating lease obligations (and not as Capitalized Lease Obligations) for purposes
of this Agreement regardless of any change in GAAP following the Subsequent Second Amendment Effective Date that would otherwise
require such obligations to be recharacterized as Capitalized Lease Obligations.

 

“Cash Collateral
Account” means a blocked account at JPMorgan Chase Bank, N.A. (or another commercial bank selected in compliance
with Section 9.09) in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent,
and otherwise established in a manner reasonably satisfactory to the Administrative Agent.

 

“Cash Equivalents”
means:

 

(a)            
United States dollars and Canadian dollars;

 

(b)            
(i) euro or any national currency of any participating member state of the EMU; or

 

    (ii)       in
the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary
course of business;

 

(c)            
securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or
instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government
with maturities of 24 months or less from the date of acquisition;

 

     

     

    

 

(d)            
certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any
commercial bank having capital and surplus of not less than $250,000,000 in the case of U.S. banks and, in the case of any Foreign
Subsidiary that is a Restricted Subsidiary, $100,000,000 (or the U.S. dollar equivalent as of the date of determination) in the
case of non-U.S. banks, and in each case in a currency permitted under clauses (a) or (b) above;

 

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

 

(f)             
commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months
after the date of creation thereof and in each case in a currency permitted under clauses (a) or (b) above;

 

(g)            
marketable short term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s
or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent
rating from another Rating Agency) and in each case maturing within 24 months after the date of creation thereof and in each case
in a currency permitted under clauses (a) or (b) above;

 

(h)            
readily marketable direct obligations issued by any state, commonwealth or territory of the United States or any political
subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities
of 24 months or less from the date of acquisition;

 

(i)             
Indebtedness or Preferred Stock issued by Persons with a rating of A or higher from S&P or A2 or higher from Moody’s
with maturities of 24 months or less from the date of acquisition and in each case in a currency permitted under clauses (a) or
(b) above;

 

(j)             
Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or
the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s and in each case in
a currency permitted under clauses (a) or (b) above;

 

(k)            
investment funds investing substantially all of their assets in securities of the type described in clauses (a) through
(j) above; and

 

(l)             
credit card receivables and debit card receivables so long as same are payable by a financial institution and are considered
“cash equivalents” in accordance with GAAP and are so reflected on the Borrower’s balance sheet.

 

Notwithstanding the foregoing,
Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (a) and (b) above, provided
that such amounts are converted into any currency listed in clauses (a) and (b) as promptly as practicable and in any event within
ten Business Days following the receipt of such amounts.

 

“Cash Management
Services” means any cash management services or foreign exchange facilities, including, without limitation: (a) ACH
transactions; (b) controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer services; (c)
credit or debit cards; (d) credit card processing services; and (e) purchase cards.

 

     

     

    

 

“Casualty
Event” means any event that gives rise to the receipt by the Borrower or any Restricted Subsidiary of any insurance
proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon)
to replace or repair such equipment, fixed assets or real property.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as subsequently amended.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental
Protection Agency.

 

“CFC”
means a “controlled foreign corporation” within the meaning of Section 957(a) of the Code.

 

“Change in
Law” means the occurrence, after the Restatement Effective Date, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty (excluding the taking effect after the Restatement Effective Date of a law, rule,
regulation or treaty adopted prior to the Restatement Effective Date), (b) any change in any law, rule, regulation or treaty or
in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any
request, guideline or directive (whether or not having the force of law) by any Governmental Authority. It is understood and agreed
that (i) the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173), all Laws relating thereto,
all interpretations and applications thereof and any compliance by a Lender with any request or directive relating thereto and
(ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant
to Basel III, shall, in each case, for the purposes of this Agreement, be deemed to be adopted and taking effect subsequent to
the Restatement Effective Date.

 

“Change
of Control” means the occurrence of any of the following after the RestatementFourth
Amendment Effective Date:

 

(a)            
the sale, lease or transfer, in one or a series of related transactions (other than by way of merger or consolidation),
of all or substantially all of the assets of the Borrower and its Subsidiaries, taken as a whole, to any Person other than one
or more Permitted Holders; or

 

(b)            
the Borrower becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) the acquisition by (i) any Person (other than any Holding Company
or one or more Permitted Holders) or (ii) Persons (other than any Holding Company or
one or more Permitted Holders) that together are (1) a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act, or any successor provision), or (2) acting for the purpose of acquiring, holding or disposing of securities (within
the meaning of Rule 13d-5(b)(1) under the Exchange Act) as a group in a single transaction or in a related series of transactions,
by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act, or any successor provision) of 50% or more of the total voting power of the Voting Stock of the Borrower
or any of its direct or indirect parent companiesParent
Companies holding directly or indirectly 100% of the total voting power of the Voting Stock of the Borrower,
in each case, other than in connection with any transaction or series of transactions in which Holdco shall become the Wholly-Owned
Subsidiary of a Holding Company; or

 

     

     

    

 

(c)            
any “Change of Control” (or any comparable term) in any document pertaining to (i) the ABL Credit Agreement,
(ii) the 2027 Senior Unsecured Notes, the 20202027
Senior SubordinatedSecured Notes, Incremental
Equivalent Debt, Credit Agreement Refinancing Indebtedness (except to the extent incurred pursuant to a Refinancing Amendment),
other Indebtedness (other than any Loan) or any Refinancing Indebtedness in respect of the foregoing, in each case with an aggregate
outstanding principal amount in excess of the Threshold Amount or (iii) any Disqualified Stock with an aggregate liquidation preference
in excess of the Threshold Amount.;

 

provided
that (x) for purposes of this definition the phrase “Person” or “group” shall exclude
any employee benefit plan of such “Person” or “group” and its subsidiaries and any Person acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan and (y) notwithstanding anything to the contrary
in this definition or any provision of the Exchange Act, (A) if any group includes one or more Permitted Holders or any Holding
Company, the issued and outstanding Equity Interests of the Borrower, directly or indirectly owned by any Permitted Holder or Holding
Company that is part of such group shall not be treated as being beneficially owned by such group or any other member of such group
for purposes of this definition, (B) a Person or group shall be deemed not to beneficially own securities subject to an equity
or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or
similar agreement related thereto) until the consummation of the acquisition of the securities in connection with the transactions
contemplated by such agreement and (C) a Person or group will be deemed not to beneficially own the Equity Interests of another
Person as a result of its ownership of Equity Interests or other securities of such other Person’s parent (or related contractual
rights) unless it owns 50% or more of the Voting Stock of such Person’s parent.

 

“Civil Code”
means the Civil Code of Quebec and all regulations thereunder, as amended from time to time, and any successor statutes.

 

“Class”
(a) when used with respect to Lenders, refers to whether such Lenders have Loans or Commitments with respect to a particular Class
of Loans or Commitments; (b) when used with respect to Commitments, refers to whether such Commitments are Term
B Commitments, 2016 New Replacement Term B-1 Loan Commitments, 2016 New Replacement Term B-2 Loan Commitments, 2018 New Replacement2020
New Refinancing Term B Loan Commitments, Incremental Term Commitments of a given Incremental Series, Extended Term Commitments
of a given Extension Series, Refinancing Term Commitments of a given Refinancing Series, in each case not designated part of another
existing Class; and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such
Borrowing, are 2020 New Refinancing Term B Loans, 2016
New Replacement Term B-1 Loans, 2016 Converted Replacement Term B-1 Loans, 2016 Replacement Term B-1 Loans, 2016 New Replacement
Term B-2 Loans, 2016 Converted Replacement Term B-2 Loans, 2016 Replacement Term B-2 Loans, 2018 New Replacement2020
Converted Refinancing Term B Loans, 2018 Converted Replacement2020
Refinancing Term B Loans, 2018 Replacement Term B Loans, Incremental
Term Loans, Extended Term Loans made pursuant to a given Extension Series, or Refinancing Term Loans made pursuant to a given Refinancing
Series, in each case not designated part of another existing Class; provided that, (i)
with respect to a Borrowing of 20162020
New Replacement Term B-1 Loans incurred on the Initial Second Amendment Effective Date, the 2016
New Replacement Term B-1 Loans shall constitute a separate “Class” at the time of the incurrence thereof; (ii) immediately
after the incurrence of 2016 New Replacement Term B-1 Loans and the consummation of the 2016 Replacement Term B-1 Loan Conversion
on the Initial Second Amendment Effective Date (and immediately prior to the consummation of the 2016 Replacement Term Loan Conversion),
all 2016 New Replacement Term B-1 Loans and all 2016 Converted Replacement Term B-1 Loans shall constitute a single “Class”
of 2016 Replacement Term B-1 Loans for all purposes of this Agreement and the other Loan Documents; (iii) with respect to a Borrowing
of 2016 New Replacement Term B-2 Loans incurred on the Initial Second Amendment Effective Date, the 2016 New Replacement Term B-2
Loans shall constitute a separate “Class” at the time of the incurrence thereof; (iv) immediately after the incurrence
of 2016 New Replacement Term B-2 Loans and the consummation of the 2016 Replacement Term B-2 Loan Conversion on the Initial Second
Amendment Effective Date (and immediately prior to the consummation of the 2016 Replacement Term Loan Conversion), all 2016 New
Replacement Term B-2 Loans and all 2016 Converted Replacement Term B-2 Loans shall constitute a single “Class” of 2016
Replacement Term B-2 Loans for all purposes of this Agreement and the other Loan Documents; (v) immediately after the transactions
described in preceding clauses (ii) and (iv),
all 2016 Replacement Term B-2 Loans shall convert into, and become, 2016 Replacement Term B-1 Loans pursuant to the 2016 Replacement
Term Loan Conversion and shall, together with all 2016 New Replacement Term B-1 Loans and all 2016 Converted Replacement Term B-1
Loans, constitute a single “Class” of 2016 Replacement Term B-1 Loans for all purposes of this Agreement and the other
Loan Documents; (vi) with respect to a Borrowing of 2018 New ReplacementRefinancing
Term B Loans incurred on the ThirdFourth
Amendment Effective Date, the 20182020
New ReplacementRefinancing Term B Loans
shall constitute a separate “Class” at the time of the incurrence thereof; and (viiix)
immediately after the incurrence of 20182020
New ReplacementRefinancing Term B Loans
and the consummation of the 2018 Replacement2020
Refinancing Term B Loan Conversion on the ThirdFourth
Amendment Effective Date, all 20182020
New ReplacementRefinancing Term B Loans
and all 20182020 Converted ReplacementRefinancing
Term B Loans shall constitute a single “Class” of 2018 Replacement2020
Refinancing Term B Loans for all purposes of this Agreement and the other Loan Documents. Commitments (and, in each
case, the Loans made pursuant to such Commitments) that have different terms and conditions shall be construed to be in different
Classes. Commitments (and, in each case, the Loans made pursuant to such Commitments) that have the same terms and conditions shall
be construed to be in the same Class.

 

     

     

    

 

“Closing
Date” means October 31, 2006.

 

“Closing
Date Transaction” means the “Transaction” as defined in the Existing Credit Agreement.

 

“Closing
Date Transaction Expenses” means the “Transaction Expenses” as defined in the Existing Credit Agreement.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended, and rules and regulations related thereto.

 

“Co-Documentation
Agent” means Barclays Bank PLC, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, J.P. Morgan Securities
LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc., and Wells Fargo Securities, LLC,
each as a Co-Documentation Agent under this Agreement.

 

“Collateral”
means all the “Collateral” as defined in any Collateral Document and shall include the Mortgaged Properties.

 

“Collateral
Access Agreement” means an agreement reasonably satisfactory in form and substance to the Collateral Agent executed
by (a) a bailee or other Person in possession of Collateral, and (b) each landlord of real property leased by any Loan Party, pursuant
to which such Person (i) acknowledges the Collateral Agent’s Lien on the Collateral, (ii) releases or subordinates such Person’s
Liens in the Collateral held by such Person or located on such real property, (iii) agrees to furnish the Collateral Agent with
access to the Collateral in such Person’s possession or on the real property for the purposes of conducting a liquidation
and (iv) makes such other agreements with the Collateral Agent as the Collateral Agent may reasonably require.

 

     

     

    

 

“Collateral
Agent” means the Administrative Agent, in its capacity as collateral agent under any of the Loan Documents, or any
successor collateral agent.

 

“Collateral
and Guarantee Requirement” means, at any time, the requirement that:

 

(a)            
the Administrative Agent shall have received (v) each Collateral Document required to be delivered on the Closing Date pursuant
to Section 4.01(a)(iii) of the Existing Credit Agreement, pursuant to Section 4.01 of this Agreement,
or pursuant to Section 6.11 at such time as is designated therein, (w) the Intercreditor Agreement, (x) the Additional First Lien
Intercreditor Agreement (if then in effect), (y) the Additional Junior Lien Intercreditor Agreement (if then in effect), and (z)
any other intercreditor agreement entered into pursuant to the terms of this Agreement (if then in effect), in each case duly executed
by each Loan Party thereto;

 

(b)            
all Obligations shall have been unconditionally guaranteed by the Borrower (in the case of Obligations under clause (y)
of the first sentence of the definition thereof), each Restricted Subsidiary that is a Domestic Subsidiary and not an Excluded
Subsidiary and, after the formation thereof, Holdco;

 

(c)            
all guarantees issued or to be issued in respect of the 2020 Senior Subordinated Notes
shall be subordinated to the Guaranties to the same extent that the 2020 Senior Subordinated Notes are subordinated to the Obligations[reserved];

 

(d)            
the Obligations and the Guaranties shall have been secured by a first priority security interest (subject to the terms of
the Intercreditor Agreement, the Additional First Lien Intercreditor Agreement (if then in effect), the Additional Junior Lien
Intercreditor Agreement (if then in effect) and any other intercreditor agreement entered into pursuant to the terms of this Agreement
(if then in effect)) in all Equity Interests (other than Equity Interests of Unrestricted Subsidiaries and any Equity Interest
of any Restricted Subsidiary pledged to secure Indebtedness permitted under Section 7.03(b)(xix)) of each Wholly Owned Subsidiary
directly owned by any Guarantor; provided that pledges of voting Equity Interests of each Foreign Subsidiary (including
each Foreign Subsidiary held by a Canadian Subsidiary Guarantor (if any)) and each Domestic
Subsidiary that is described in clause (e)(ii) of the definition of Excluded Subsidiary shall be limited to 65% of the total combined
voting power of all Equity Interests of such Foreign Subsidiary at any time; provided further that in the case of any
Canadian Subsidiary Guarantor that owns Equity Interests in a Foreign Subsidiary, the pledge of voting Equity Interests of such
Canadian Subsidiary Guarantor shall be limited to 65% of the total combined voting power of all Equity Interests of such Canadian
Subsidiary Guarantor (or, if such Canadian Subsidiary Guarantor is an unlimited liability company, such lesser percentage as is
acceptable to the Collateral Agent);

 

(e)            
except to the extent otherwise permitted hereunder or under any Collateral Document, the Obligations and the Guaranties
shall have been secured by a security interest in, and mortgages on, substantially all tangible and intangible assets of the Borrower
and each other Guarantor (including accounts, inventory, equipment, investment property, contract rights, intellectual property,
other general intangibles, owned real property and proceeds of the foregoing), in each case, with the priority required by the
Collateral Documents, the Intercreditor Agreement, the Additional First Lien Intercreditor Agreement (if then in effect), the Additional
Junior Lien Intercreditor Agreement (if then in effect) and any other intercreditor agreement entered into pursuant to the terms
of this Agreement (if then in effect); provided that security interests in real property shall be limited to the Mortgaged
Properties;

 

     

     

    

 

(f)             
none of the Collateral shall be subject to any Liens other than Liens permitted by Section 7.04; and

 

 

(g)            
the Collateral Agent shall have received (i) counterparts of a Mortgage with respect to each owned property required to
be delivered pursuant to Section 6.11 (the “Mortgaged Properties”) duly executed and delivered by the
record owner of such property, (ii) a policy or policies of title insurance issued by a nationally recognized title insurance company
insuring the Lien of each such Mortgage as a valid first priority Lien on the property described therein (subject to the applicable
provisions of the Intercreditor Agreement, the Additional First Lien Intercreditor Agreement (if then in effect), the Additional
Junior Lien Intercreditor Agreement (if then in effect) and any other intercreditor agreement entered into pursuant to the terms
of this Agreement (if then in effect)), free of any other Liens except as expressly permitted by Section 7.04, together with such
endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request, (iii) such existing surveys, existing
abstracts, existing appraisals and other documents as the Administrative Agent may reasonably request with respect to any such
Mortgaged Property and (iv) to the extent required by applicable law, flood certificates covering each Mortgaged Property in form
and substance reasonably acceptable to the Collateral Agent, certified to the Collateral Agent in its capacity as such and certifying
whether or not such Mortgaged Property is located in a flood hazard zone by reference to the applicable FEMA map.

 

The foregoing definition
shall not require the creation or perfection of pledges of or security interests in, or the obtaining of title insurance or surveys
with respect to, particular assets if and for so long as, in the reasonable judgment of the Collateral Agent (confirmed in writing
by notice to the Borrower), the cost of creating or perfecting such pledges or security interests in such assets or obtaining title
insurance or surveys in respect of such assets shall be excessive in view of the benefits to be obtained by the Lenders therefrom.
The Collateral Agent may grant extensions of time for the perfection of security interests in or the obtaining of title insurance
with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the
assets of the Loan Parties on such date) where it reasonably determines, in consultation with the Borrower, that perfection cannot
be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement
or the Collateral Documents.

 

Notwithstanding the foregoing
provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, Liens required to be granted
from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth
in the Collateral Documents as in effect on the Restatement Effective Date and, to the extent appropriate in the applicable jurisdiction,
as agreed between the Collateral Agent and the Borrower.

 

“Collateral
Documents” means, collectively, the Security Agreement, the Mortgages, the Canadian Security Agreement (if
any), each of the mortgages, collateral assignments, Security Agreement Supplements, Guarantor Consent and Reaffirmation,
security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent and the Lenders pursuant to
Section 6.11 or Section 6.13 and each of the other agreements, instruments or documents that creates or purports to create or affirm
a Lien or Guaranty in favor of the Collateral Agent for the benefit of
the Secured Parties.

 

     

     

    

 

“Commercial
Letter of Credit Facility” means, with respect to the Borrower or any of its Restricted Subsidiaries, a facility
or other arrangement with any ABL Lender or any Affiliate of any such ABL Lender (or any Person that was an ABL Lender or an Affiliate
of any such ABL Lender at the time the applicable agreement providing for such facility or other arrangement was entered into)
providing for the issuance of commercial letters of credit, including any instruments and agreements executed in connection therewith,
and any amendments, supplements, modifications, extensions, renewals or restatements thereof and any facility or arrangement with
any ABL Lender or any Affiliate of any such ABL Lender (or any Person that was an ABL Lender or an Affiliate of any such ABL Lender
at the time the applicable agreement providing for such facility or other arrangement was entered into) that replaces all or any
part of such facility or arrangement, including any such facility or arrangement that increases the aggregate face value of commercial
letters of credit to be issued thereunder, whether by the same or any other issuing bank which is an ABL Lender or an Affiliate
of any such ABL Lender (or any Person that was an ABL Lender or an Affiliate of any such ABL Lender at the time the applicable
agreement providing for such facility or other arrangement was entered into).

 

“Commitment”
means a Term B Commitment, a 2016 New Replacement Term B-1 Loan Commitment, a 2016 New
Replacement Term B-2 Loan Commitment, a 2018 New Replacement2020 New Refinancing
Term B Loan Commitment, an Incremental Term Commitment of a given Incremental Series, an Extended Term Commitment of a given Extension
Series, or a Refinancing Term Commitment of a given Refinancing Series, as the context may require.

 

“Committed
Loan Notice” means a notice of (a) a Borrowing with respect to a given Class of Loans, (b) a conversion of Loans
of a given Class from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which,
if in writing, shall be substantially in the form of Exhibit A attached hereto.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Company
Parties” means the collective reference to any Holdco (after the formation thereof), the Borrower and their Subsidiaries,
and “Company Party” means any one of them.

 

“Compensation
Period” has the meaning specified in Section 2.12(c)(ii).

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit D attached hereto.

 

“Consolidated
Depreciation and Amortization Expense” means, with respect to any Person
for any period, the total amount of depreciation and amortization expense of such Person and its Restricted
Subsidiaries, including the amortization of intangible assets, deferred financing
fees, debt issuance costs, commissions, fees and expenses and the amortization of Capitalized Software
Expenditures of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined
in accordance with GAAP.

 

     

     

    

 

“Consolidated
Interest Expense” means, with respect to any Person for any period, without duplication, the sum of:

 

(a)               
consolidated interest expense of such Person and its Restricted Subsidiaries forpaid
or payable in respect of such period, to the extent such expense was deducted (and not added back) in computing Consolidated
Net Income (including (i) amortization of original issue discount resulting from the issuance of Indebtedness at less than par,;
(ii) all commissions, discounts and other fees and charges owed with respect to letters of credit or,
bank guarantees, bankers acceptances, or
any similar facility or financing and hedging agreements; (iii) non-cash interest payments (but excluding any non cash
interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments
pursuant to GAAP),; (iv) the interest
component of CapitalizedFinance Lease
Obligations, and (v) net payments, if any, made (less net payments, if any, received)
pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (A) penalties and interest related to
taxes,; (B) any
additional interest with respect to any Indebtedness due to the failure to comply with any registration rights agreement relating
to such Indebtedness, (C) amortization of deferred financing fees, debt issuance costs, discounted liabilities,
commissions, fees and expenses,; (DC)
any expensing of bridge, commitment and other financing fees,;
(E) any prepayment premium or penalty, and (FD)
commissions, discounts, yield and other fees and charges (including any interest expense) related to any Receivables Facility;
(E) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization accounting
or, if applicable, purchase accounting); (F) any prepayment premium or penalty; (G) agency and trustee fees paid to any agent or
trustee under any credit facilities or other debt instruments or documents, (H) fees and costs associated with obtaining Hedging
Obligations and breakage costs in respect of Hedging Obligations related to interest rates and (I) any lease, rental or other expense
in connection with a Non-Finance Lease Obligation); plus

 

(b)               
consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
less

 

(c)               
interest income of such Person and its Restricted Subsidiaries for such period.

 

For
purposes of this definition, interest on a CapitalizedFinance
Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Personthe
Borrower to be the rate of interest implicit in such CapitalizedFinance
Lease Obligation in accordance with GAAP.

 

“Consolidated
Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and
its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided,
however, that, without duplication,

 

(a)            
any after-tax effect of extraordinary, non–recurring or unusual gains or,
income, losses, expenses or charges (less all fees and expenses relating thereto)
or expenses, Closing Date Transaction Expenses to the extent incurred on or prior to December
31, 2007,Fourth Amendment Transaction Expenses, severance costs, relocation
costs, costs related to the Perfect Store Initiative, Hybrid Distribution Network Costs, pre-opening, opening, consolidation and
closing costs for any facilities (including Stores), signing, retention or completion bonuses or recruiting costs, transition costs,
costs incurred in connection with acquisitions after the Closing Date(whether
or not consummated), restructuring costs, Specified Legal Expenses, integration
and systems establishment costs, and curtailments or modifications to pension and post–retirement employee benefit plans
shall be excluded,

 

(b)            
the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such
period,

 

(c)            
any net after-tax gains or losses on disposal of disposed, abandoned or discontinued operations shall be excluded,

 

     

     

    

 

(d)            
any after–tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions
other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded,

 

(e)            
the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted
for by the equity method of accounting, shall be excluded; provided that Consolidated Net Income of the Borrower shall be
increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted
into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period by such Person,

 

(f)             
solely for the purpose of determining the amount available for Restricted Payments under clause (iii)(A) of Section
7.02(a) hereof, the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary
Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted
Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not
been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such
restriction with respect to the payment of dividends or similar distributions has been legally waived,;
provided that Consolidated Net Income of the Borrower will be increased by the amount of dividends or other distributions or
other payments actually paid in cash (or to the extent converted into cash) to the Borrower or a Restricted Subsidiary thereof
in respect of such period, to the extent not already included therein,

 

(g)            
effects of adjustments (including the effects of such adjustments pushed down to the Borrower and its Restricted Subsidiaries)
resulting from the application of purchase accounting (including, but not limited to, adjustments
in the merchandise inventory, property and equipment, intangible assets, goodwill, deferred revenue and debt line items in
such Person’s consolidated financial statements pursuant to GAAP resulting from the application of purchase
accounting in relation to the Closing Date Transaction or any consummated acquisition
or investment) or the amortization or write-off of any amounts thereof, net of taxes, shall
be excluded,

 

(h)            
any after–tax effect of income (loss) from the early extinguishment or conversion of Indebtedness or Hedging Obligations
or other derivative instruments shall be excluded,

 

(i)             
any impairment charge or asset write-off or write-down, in each case, pursuant to GAAP and the amortization of intangibles
arising pursuant to GAAP shall be excluded,

 

(j)             
any non-cash compensation charge or expense including any such charge or expense arising from the grant of stock appreciation
or similar rights, stock options, restricted stock or other equity-incentive programs shall be excluded,

 

(k)            
any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition,
Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests (including
in any initial public offering of the Borrower or Holdco), refinancing transaction or amendment or modification
of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction
undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such
transaction shall be excluded,

 

     

     

    

 

(l)
accruals and reserves that are established within twelve months after the Closing Date that are so required
to be established as a result of the Transaction in accordance with GAAP shall be excluded,

 

(l)     
(m) any unrealized net gain or loss (after any offset) resulting in such
period from currency transaction or translation gains or losses including those related to currency remeasurements of Indebtedness
(including any net loss or gain resulting from (i) Swap Contracts for currency exchange risk and (ii) resulting from intercompany
indebtedness) and any other foreign currency transaction or translation gains and losses, to the extent such gains or losses are
non-cash items, shall be excluded, and

 

(n)       any
unrealized net gains and losses (after any offset) resulting from Swap Contracts or embedded derivatives that require similar accounting
treatment and the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging shall be excluded.

 

In
addition, to the extent not already included in the Net Income of such Person and its Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business
interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement
provisions in connection with any Permitted Investment or any sale, conveyance, transfer
or other disposition of assets permitted hereunder.

 

Notwithstanding the foregoing,
for the purpose of Section 7.02 only (other than Section 7.02(a)(iii)(D)), there shall be excluded from Consolidated Net Income
any income arising from any sale or other disposition of Restricted Investments made by the Borrower and its Restricted Subsidiaries,
any repurchases and redemptions of Restricted Investments from the Borrower and its Restricted Subsidiaries, any repayments of
loans and advances which constitute Restricted Investments by the Borrower or any of its Restricted Subsidiaries, any sale of the
stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent
such amounts increase the amount of Restricted Payments permitted pursuant to Section 7.02(a)(iii)(D).

 

“Consolidated
Secured Debt Ratio” means, as of any date of determination, the ratio of (a) (i)
Consolidated Total Indebtedness of the Borrower and its Restricted Subsidiaries that is secured by Liens as at the last day of
the Relevant Reference Period minus (ii) the aggregate amount of Unrestricted cash and
Cash Equivalents included on the consolidated balance sheet of the Borrower and any Restricted Subsidiaries as of such date
to (b) the Borrower’s EBITDA for the Relevant Reference Period. Notwithstanding anything to the contrary herein, for purposes
of the calculation of the Consolidated Secured Debt Ratio used in determining the availability of Incremental Facilities or Incremental
Equivalent Debt, (i) any Incremental Facilities or Incremental Equivalent Debt that are
or is unsecured and any refinancing thereofthat
is incurred under clause (C) of “Available Incremental Amount” and any refinancings thereof pursuant to Section 7.03(b)(xxii)(B),
(xxiii) or (xxiv) shall nevertheless be deemed to be secured on a pari passu basis with the 2018
Replacement2020 Refinancing Term B Loans and (ii) any cash proceeds of
any Incremental Facility or Incremental Equivalent Debt then being incurred will not be netted for purposes of determining compliance
with the Consolidated Secured Debt Ratio.

 

     

     

    

 

“Consolidated
Total Indebtedness” means, as at any date of determination, an amount equal to the remainder
of (i) the sum of, without duplication, (a) the aggregate amount of all outstanding Indebtedness of the Borrower
and its Restricted Subsidiaries on a consolidated basis consisting only of Indebtedness
for borrowed money, Obligations in respect of CapitalizedFinance
Lease Obligations and debt obligations evidenced by promissory notes, bonds, debentures, letters
of credit, bankers’ acceptances and similar instrumentspurchase money Indebtedness
(and excluding, for the avoidance of doubt, (x) any undrawn letters of credit,
bank guarantees and bankers’ acceptances and reimbursement obligations thereunder,
except to the extent of reimbursement obligations in respect of commercial and tradedrawn
standby letters of credit andwhich have
not been reimbursed within three Business Days, (y) all obligations relating to Receivables Facilities),
and (z) Hedging Obligations) and (b) the aggregate amount of all outstanding Disqualified
Stock of the Borrower and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified
Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum
fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP,
and (c) any Contingent Obligations of the Borrower and its Restricted Subsidiaries in respect of the obligations described in clauses
(a) and (b) above, less(ii) the aggregate amount of Unrestricted cash
and Cash Equivalents included on the consolidated balance sheet of the Borrower and any Restricted Subsidiaries as of such date.
For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock
that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred
Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall
be required to be determined pursuant to this Agreement, and if such price is based upon, or measured by, the fair market value
of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by the Borrower.

 

“Consolidated
Total Leverage Ratio” means, as of any date of determination, the ratio of (a)
(i) Consolidated Total Indebtedness of the Borrower and its Restricted Subsidiaries as at the last day of the Relevant
Reference Period minus(ii)
the aggregate amount of Unrestricted cash and Cash Equivalents included on the consolidated balance sheet of the Borrower and
any Restricted Subsidiaries as of such date to (b) the Borrower’s EBITDA for the Relevant Reference Period.

 

“Consolidated
Working Capital” means, at any date, the excess of (a) the sum of all amounts (other than cash and Cash Equivalents)
that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption)
on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries at such date over (b) the sum of all amounts that
would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption)
on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries on such date, including deferred revenue but excluding
in each case, without duplication, (i) the current portion of any Funded Debt, (ii) all Indebtedness consisting of Loans, ABL Loans
and CapitalizedFinance Lease Obligations,
to the extent otherwise included therein, (iii) the current portion of interest and (iv) the current portion of current and deferred
income taxes.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends
or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person
(the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation,
any obligation of such Person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation,
or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
of the primary obligor, or (c) to purchase property, securities or services primarily for the purpose of assuring the owner of
any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect
thereof.

 

“Contract
Consideration” has the meaning set forth in the definition of “Excess Cash Flow”.

 

     

     

    

 

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

 

“Control”
has the meaning specified in the definition of “Affiliate.”

 

“Controlled
Investment Affiliate” means, as to any Person, any other Person, other than any Investor, which directly or indirectly
is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person
controlling such Person) primarily for making direct or indirect equity or debt investments in the Borrower and/or other companies.

 

“Corrective
Extension Amendment” has the meaning provided in Section 2.16.

 

“Covered
Entity” means any of the following:

 

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

 

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

 

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

 

“Covered
Party” has the meaning provided in Section 10.27.

 

“Credit
Agreement Refinancing Indebtedness” means any (a) Permitted First Priority Refinancing Debt, (b) Permitted Junior
Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness incurred pursuant to a Refinancing
Amendment, in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of existing
Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or refinance, in whole or part, then existing Loans
of a given Class (including any successive Credit Agreement Refinancing Indebtedness) (“Refinanced Debt”);
provided that (i) such exchanging, extending, renewing, replacing, repurchasing, retiring or refinancing Indebtedness
is in an original aggregate principal amount (or accreted value, if applicable) not greater than the aggregate principal amount
(or accreted value, if applicable) of the Refinanced Debt except by an amount equal to unpaid accrued interest and premium (including
tender premiums) and penalties thereon plus other reasonable amounts paid,
and fees, expenses and original issue discount reasonably incurred, in connection with such exchanging, extending, renewing, replacing,
repurchasing, retiring or refinancing Indebtedness, (ii) such Indebtedness has an equal or
a later maturity and a Weighted Average Life to Maturity equal to or greater than that of the Refinanced Debt (other than due to
prior scheduled amortization or prepayments of the Refinanced Debt), and (iii) unless such Credit Agreement Refinancing Indebtedness
is incurred solely by means of extending or renewing then existing Indebtedness described in clause (a), (b) or (c) above without
resulting in any Net Proceeds, such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged
with 100% of the Net Proceeds from any Credit Agreement Refinancing Indebtedness, and all accrued interest, fees and premiums (if
any) in connection therewith shall be paid, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained.

 

“Debt Prepayment”
means the prepayment by the Borrower on the Closing Date of any and all Indebtedness outstanding under the Prior Credit Agreement.

 

     

     

    

 

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, the Companies’ Creditors Arrangement Act of Canada, the
Bankruptcy and Insolvency Act of Canada, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States,
Canada or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Declined
Excess Proceeds” has the meaning specified in Section 2.05(c)(v).

 

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

 

“Default
Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to
Base Rate Loans plus (c) 2.0% per annum; provided that with respect to a Eurocurrency Rate Loan, the Default Rate
shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus
2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

 

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

 

“Defaulting
Lender” means any Lender that (a) has failed to fund any portion of the Loans required to be funded by it hereunder
within one (1) Business Day of the date required to be funded by it hereunder, unless the subject of a good faith dispute or subsequently
cured, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid
by it hereunder within one (1) Business Day of the date when due, unless the subject of a good faith dispute or subsequently cured,
or (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding.

 

“Designated
Non-cash Consideration” means the fair market value of non-cash consideration received by the Borrower or a Restricted
Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation, executed by the principal financial officer of the Borrower, less the amount
of Cash Equivalents received in connection with a subsequent sale, redemption, repurchase of or collection or payment on, such
Designated Non-cash Consideration.

 

“Designated
Preferred Stock” means Preferred Stock of the Borrower or any parent company thereof (in each case other than Disqualified
Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established
by the Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s
Certificate executed by the principal financial officer of the Borrower or the applicable parent company thereof, as the case may
be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in Section 7.02(a)(iii).

 

“Designation
Effective Date” has the meaning specified in the definition of “Disqualified Institution”. 

 

“Discount
Prepayment Accepting Lender” has the meaning specified in Section 2.05(a)(iii)(B)(2).

 

“Discount
Range” has the meaning specified in Section 2.05(a)(iii)(C)(1).

 

    31

     

    

 

“Discount
Range Prepayment Amount” has the meaning specified in Section 2.05(a)(iii)(C)(1).

 

“Discount
Range Prepayment Notice” means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made
pursuant to Section 2.05(a)(iii)(C) substantially in the form of Exhibit M attached hereto.

 

“Discount
Range Prepayment Offer” means the irrevocable written offer by a Lender, substantially in the form of Exhibit N
attached hereto, submitted in response to an invitation to submit offers following the Auction Agent’s receipt of a Discount
Range Prepayment Notice.

 

“Discount
Range Prepayment Response Date” has the meaning specified in Section 2.05(a)(iii)(C)(1).

 

“Discount
Range Proration” has the meaning specified in Section 2.05(a)(iii)(C)(3).

 

“Discounted
Prepayment Determination Date” has the meaning specified in Section 2.05(a)(iii)(D)(3).

 

“Discounted
Prepayment Effective Date” means in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation
of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five (5) Business Days following the
Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment
Response Date, as applicable, in accordance with Section 2.05(a)(iii)(B)(1), Section 2.05(a)(iii)(C)(1) or Section 2.05(a)(iii)(D)(1),
respectively, unless a shorter period is agreed to between the Borrower and the Auction Agent.

 

“Discounted
Term Loan Prepayment” has the meaning specified in Section 2.05(a)(iii)(A).

 

“Disposition”
has the meaning set forth in the definition of “Excess Cash Flow”.

 

“Disqualified
Institutions” means (a) any banks, financial institutions or other Persons separately identified in writing by the Borrower
to the Fourth Amendment Lead Arrangers prior to September 9, 2020 or as mutually agreed between the Borrower and the Administrative
Agent on and after the Fourth Amendment Effective Date, or to any affiliates of such banks, financial institutions or other Persons
that are readily identifiable as affiliates solely by virtue of their names or that are identified to the Administrative Agent
in writing by the Borrower from time to time (it being understood that no such identification after the Fourth Amendment Effective
Date shall apply retroactively to disqualify any parties that have previously acquired a valid assignment or participation interest
in the 2020 Refinancing Term B Loans), (b) any competitors of the Borrower or any of its Subsidiaries identified in writing by
the Borrower to the Administrative Agent from time to time (and affiliates of such Persons that are readily identifiable as affiliates
solely by virtue of their names or that are identified to the Administrative Agent in writing by the Borrower from time to time
(other than bona fide diversified debt funds primarily investing in commercial loans, notes, bonds or similar extensions of credit
or securities in the ordinary course of business and whose managers have fiduciary duties to the investors therein independent
of or in addition to their duties to such competitor or any of its Affiliates)) (it being understood that no such identification
after the date hereof shall apply retroactively to disqualify any parties that have previously acquired a valid assignment or participation
interest in the 2020 Refinancing Term B Loans) or (c) to Excluded Affiliates; provided that, notwithstanding anything herein
to the contrary, (i) “Disqualified Institution” shall exclude any Person identified by the Borrower as no longer being
a “Disqualified Institution” by written notice to the Administrative Agent, and (ii) in no event shall the designation
of any Person as a Disqualified Institution apply (x) to disqualify any Person until three (3) Business Days after such Person
shall have been identified in writing to the Administrative Agent via electronic mail submitted to JPMDQ_Contact@jpmorgan.com
(or to such other address as the Administrative Agent may designate to the Borrower from time to time) (the “Designation
Effective Date”), or (y) retroactively to disqualify any Person that, prior to the Designation Effective Date, has acquired
an assignment or participation interest under this Agreement.

 

    32

     

    

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of
any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, (a) matures
or is mandatorily redeemable (other than solely as a result of a change of control or asset sale, so long as any rights of the
holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full
of the Loans and all other Obligations that are accrued and payable) pursuant to a sinking fund obligation or otherwise, or is
redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale, so long as
any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior
repayment in full of the Loans and all other Obligations that are accrued and payable), in whole or in part, or (b) provides for
the scheduled payments of dividends in cash, in each case prior to the date 91 days after the earlier of the Latest Maturity Date
at the time such Disqualified Stock is first issued or the date Loans are no longer outstanding; provided, however, that
if such Capital Stock is issued to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan
to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased
by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

 

“Disposition”
has the meaning set forth in the definition of “Excess Cash Flow”.

 

“Disqualified
Institutions” means any banks, financial institutions or other Persons separately identified by
the Borrower to the Arrangers in writing prior to the Restatement Effective Date.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Domestic
Subsidiary” means (i) any Subsidiary that is organized under the Laws of the United States, any state thereof or
the District of Columbia and (ii) unless otherwise expressly provided herein, each Canadian Subsidiary that, in the sole discretion
of the Borrower, elects to become (and, upon such election, becomes) a Canadian Subsidiary Guarantor.

 

“Domestic
Subsidiary Guarantors” means, collectively, each Domestic Subsidiary of the Borrower that is not a Canadian Subsidiary
and that shall have entered into the Subsidiary Guaranty and complied with the requirements of clause (b) of the definition of
“Collateral and Guarantee Requirement”.

 

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

 

		(1)	(i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders
to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated
syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 3.03 are
being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

    33

     

    

 

		(2)	(i) the election by the Administrative Agent or (ii) the election by the Required Lenders to
declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice
of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative
Agent.

 

“EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of such Person and its
Restricted Subsidiaries for such period.:

 

(a)            
increased (without duplication) by:

 

(i)                
provision for taxes based on income or profits or capital (including pursuant to any tax sharing
or tax distribution arrangements), including, without limitation federal,
state, local, provincial, foreign, excise, franchise, property
and similar taxes (such as the Pennsylvania capital tax and Texas margin tax) and foreign withholding taxes ofand
foreign unreimbursed value added taxes (including, in each case, penalties and interest related to such taxes or arising from tax
examinations) of or with respect to such Person paid or accrued during such period deducted (and not added back) in
computing Consolidated Net Income; plus

 

(ii)              
Fixed Charges of such Person for such period plus bank fees and costs of surety bonds in connection with financing
activities, plus amounts excluded from Consolidated Interest Expense as set forth in clauses (A), (B), (C), (D), (E) and,
(F), (G) and (H) in the definition thereof, to the extent the same were deducted (and not
added back) in calculating such Consolidated Net Income; plus

 

(iii)            
Consolidated Depreciation and Amortization Expense of such Person for such period to the extent the same was deducted (and
not added back) in computing Consolidated Net Income; plus

 

(iv)             
any expenses or charges (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment,
acquisition, disposition, recapitalization or any other transaction, including the incurrence
of Indebtedness permitted to be incurrednot prohibited
by this Agreement (including any refinancing or amendment thereof) (in each case, whether or not successful) (including
any such transaction occurring prior to, on, or after, the Fourth Amendment Effective Date), including (A) such fees,
expenses or charges related to this Agreement andthe
Previous Transactions or the Transactions, including with respect to the ABL Credit Agreement,
the 2027 Senior Unsecured Notes, the 2027 Senior Secured Notes and this Agreement, and (B) any amendment or other modification
of theany documentation related to the ABL Credit
Agreement, the other ABL Loan Documents, the 2027 Senior Unsecured Notes, the
20202027 Senior SubordinatedSecured
Notes, this Agreement, the other Loan Documents, the ABL Credit Agreement and
theany other ABL
Loan Documentspermitted Indebtedness, in each case, deducted (and not added
back) in computing Consolidated Net Income; plus

 

    34

     

    

 

(v)               
the amount of any restructuring charge or reserve deducted (and not added back) in such
period in computing Consolidated Net Incomecosts, charges, accruals, reserves or expenses
attributable to the undertaking and/or implementation of cost savings (including sourcing), operating expense reductions, operating
improvements, product margin synergies and product cost and other synergies and similar initiatives, integration, transition, reconstruction,
decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, restructuring costs (including those
related to tax restructurings), charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of
cost savings initiatives, operating expense reductions, business optimization and other restructuring costs, charges, accruals,
reserves and expenses (including, without limitation, inventory optimization programs, software development costs, the opening,
closure, relocation and/or consolidation of facilities and plants, unused warehouse space costs, costs related to entry into new
markets, and consulting and other professional fees, signing or retention costs, retention or completion charges or bonuses, relocation
expenses, severance payments, curtailments and modifications to or losses on settlement of pension and post-retirement employee
benefit plans, excess pension charges, pension related charges under FASB ASC 715, accretion of asset retirement obligations in
accordance with FASB ASC 410, contract termination costs, future lease commitments, new system design and implementation costs
and project startup costs and expenses attributable to the implementation of cost savings initiatives and professional and consulting
fees incurred in connection with any of the foregoing); plus

 

(vi)             
any other non cash charges, expenses or losses, including (v) any write-offs or
write-downs, (w) equity-based awards compensation expense, (x) losses on sales, disposals or abandonment of, or any impairment
charge or asset write off related to, intangible assets, long-lived assets and investments in debt and equity securities, (y) all
losses from investments recorded using the equity method, and (z) other non-cash charges, non-cash expenses or non-cash losses,
in each case reducing Consolidated Net Income for such period (provided that if any such non-cash charges,
expenses or losses represent an accrual or reserve for potential cash items in any future period, (1) the Borrower may
determine not to add back such non-cash charge in the current period and (2) to the extent the Borrower does decide to add back
such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent),
and excluding amortization of a prepaid cash item that was paid in a prior period);
plus

 

(vii)           
the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity or
non-controlling interests of third parties in any non-Wholly Owned Subsidiary deducted (and not added back) in such
period in calculating Consolidated Net Income; plus

 

(viii)         
the amount of management, monitoring, consulting, transaction, advisory and other
fees (including termination fees) and related indemnities and expenses paid or accrued in such period to the Investors to the extent
otherwise permitted under Section 7.07 and to the extent deducted (and not added
back) in such period in computing Consolidated Net Income; plus

 

    35

     

    

 

(ix)             
the amount of “run rate” net cost savings, synergies and operating expense reductions projected by the Borrower
in good faith to be realized as a result of specified actions taken, committed to be taken or with respect to which substantial
steps have been taken or are expected in good faith to be taken no later than eighteen (18) months after the end of the period
(calculated on a pro forma basis as though such cost savings, operating expense reductions and/or synergies had been realized on
the first day of such period and as if such cost savings, operating expense reductions and/or synergies were realized during the
entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that
(x) such cost savings, synergies and operating expense
reductions are reasonably identifiable and factually supportable (it is understood and agreed that “run-rate”
means the full recurring benefit for a period that is associated with any action taken, committed to be taken or with respect to
which substantial steps have been taken or are expected to be taken) and (y);
provided that the aggregate amount of cost savings added pursuant to this clause (ix) shall not exceed 10.025.0%
of EBITDA determined on a pro forma basis for any four consecutive quarter period (which adjustments may be incremental to pro
forma adjustments made pursuant to Section 1.10); plus

 

(x)               
the amount of loss on sale of receivables and related assets to the Receivables Subsidiary in connection with a Receivables
Facility; plus

 

(xi)             
(i) any charges, costs or
expense, expenses, accruals or reserves incurred by the Borrower or a Restricted
Subsidiary pursuant to any management equity plan, profits interest or stock option plan
or any other management or employee benefit plan or agreement or,
pension plan or other long-term or post-employment benefit, any stock subscription or shareholder agreement, or
any distributor equity plan or agreement, including any fair value adjustments that may be required under liquidity puts for such
arrangements and (ii) any charges, costs, expenses, accruals or reserves in connection with the rollover, acceleration or
payout of Capital Stock held by management of the Borrower, any Parent Company and/or any of its subsidiaries, in each case
to the extent that such cost orcharges, costs,
expenses, accruals or reserves are funded with cash proceeds contributed to the capital
of the Borrower or net cash proceeds of anas a result
of capital contribution or as a result of the sale or issuance of Equity Interests
of the BorrowerCapital Stock (other than Disqualified Stock) of
the Borrower solely to the extent that such net cash proceeds are excluded from the calculation set forth in Section
7.02(a)(iii); plus

 

(xii)           
any net loss from disposed or discontinued operations; plus

 

(xiii)         
cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing EBITDA or Consolidated
Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant
to clause (b) below for any previous period and not added back; andplus

 

(xiv)         earn-out
and contingent consideration obligations incurred or accrued in connection with any acquisition or other Permitted Investment
and paid or accrued during such period and on similar acquisitions and Permitted Investments completed prior to the Fourth Amendment
Effective Date; plus

 

(xv)           with
respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the proportion of those items described in
clauses (i) to (iii) above relating to such joint venture corresponding to such Person’s and its Restricted Subsidiaries’
proportionate share of such joint venture’s Consolidated Net Income (determined as if such joint venture were a Restricted
Subsidiary); plus

 

    36

     

    

 

(xvi)         at
the option of the Borrower, (A) the excess of GAAP rent expense over actual cash rent paid, including the benefit of lease
incentives (in the case of a charge) during such period due to the use of straight line rent or the application of fair value
adjustments made as a result of recapitalization or purchase accounting, in each case, for GAAP purposes, (B) the non-cash
amortization of tenant allowances and (C) the cash portion of sublease rentals received by such Person; provided that,
in each case, if any such non-cash charge represents an accrual or reserve for potential cash items in any future period, such
Person may determine not to add back such non-cash charge in the current period; plus

 

(xvii)       the
amount of travel expenses, payroll taxes, indemnification payments, director’s fees and any other charges, costs, expenses,
accruals or reserves incurred in connection with, or amounts payable to, any director of the Board of Directors of the Borrower
or its parent entities in connection with such director serving as a member of such board of directors and performing his or her
duties in respect thereof; and

 

(b)            
decreased (without duplication), in each case to the extent included in arriving at such Consolidated Net Income, by:

 

(i)                
non–cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to
the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced EBITDA in any prior period
and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase EBITDA in
such prior period, plus

 

(ii)              
any net income from disposed or discontinued operations; and

 

(c)            
increased or decreased by (without duplication), as applicable, any adjustments resulting from the application of FASB Interpretation
No. 45 (Guarantees).

 

For
purposes of calculating EBITDA for any period, the impact of changes in estimates for inventory cost capitalization and the initial
adoption of an accounting policy for gift card breakage made in the fourth quarter of fiscal year 2005 shall be excluded.

 

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

 

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

 

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

 

“Effective
Date Refinancing” has the meaning specified in Section 10.23.

 

    37

     

    

 

“Effective
Yield” means, as to any Loans of any Class, the effective yield on such Loans as determined by the Administrative
Agent, taking into account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including
upfront or similar fees or original issue discount (amortized over the shorter of (x) the remaining
life of such Loans and (y) the four years following the date of incurrence thereof) payable generally to Lenders making
such Loansor other institutions providing such Indebtedness, but excluding
(i) any arrangement, underwriting, structuring,
commitment or other similarunused line, success,
advisory, ticking and commitment fees payable in connection therewith (regardless of whether shared or paid, in whole or in part,
with or to any or all lenders), (ii) other fees payable in connection therewith that are not generally shared
with thepaid to all relevant Lenders and
customarylenders providing such Indebtedness of such type and (iii) if applicable,
consent or waiver fees for an amendment paid generally
to consenting or waiving Lenders. For purposes of calculating the Effective Yield of the
2016 Replacement Term B-1 Loans pursuant to Section 2.17(e)(ii), the original issue discount of
the 2016 Replacement Term B-1 Loans shall be deemed to be 0.075%. For purposes of calculating the Effective Yield of the 2018 Replacement2020
Refinancing Term B Loans pursuant to Section 2.17(e)(iii)ii)
or determining whether a “Repricing Transaction” has occurred, the original issue discount of the 2018
Replacement2020 Refinancing Term B Loans shall be deemed to be 0.001.50%.

 

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

 

“Eligible
Assignee” means any Assignee permitted by and consented to in accordance with Section 10.07(b); provided that
in any event, “Eligible Assignee” shall not include any natural person.

 

“EMU”
means the economic and monetary union as contemplated in the Treaty on European Union.

 

“Environmental
Laws” means any and all Federal, state, provincial, local, and foreign statutes, Laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating
to pollution, the protection of the environment, natural resources, or, to the extent relating to exposure to Hazardous Materials,
human health or to the release of any materials into the environment, including those related to Hazardous Materials, air emissions
and discharges to waste or public systems.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly
or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened
release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant
to which liability is assumed or imposed with respect to any of the foregoing.

 

“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.

 

“Equity Contributions”
means the contribution on the Closing Date of cash in an aggregate amount of not less than $1,630,000,000 to the MergerCos as common
equity and/or preferred equity.

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock.

 

    38

     

    

 

“Equity
Offering” means any public or private sale of common stock or Preferred Stock of the Borrower or any of its direct
or indirect parent companiesParent Companies (excluding Disqualified Stock),
other than (a) public offerings with respect to the Borrower’s or any direct or indirect
parent company’sParent Company’s common stock registered on
Form S-8; (b) issuances to any Subsidiary of the Borrower; and (c) any such public or private sale that constitutes an Excluded
Contribution.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that is
under common control, together with any Loan Party within
the meaning of, is treated as a single employer under Section 414 of the
Code or Section 4001 of ERISA.

 

“ERISA
Event” means, in the case of a Plan or Multiemployer Plan subject to ERISA,
(a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete
or partial withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan or;
(d) the receipt by any Loan Party or any ERISA Affiliate of written notification that a Multiemployer Plan is in
reorganization, or is expected to be, “insolvent” (within the meaning
of Section 4245 of ERISA) or in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of
ERISA); (de) the filing of
a written notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan
amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings in writing by the PBGC to
terminate a Pension Plan or Multiemployer Plan; (ef)
an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee
to administer, any Pension Plan or Multiemployer Plan; (fg)
the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon any Loan Party or any ERISA Affiliate or (gh)
the failure of any Pension Plan to satisfy the minimum funding standard required for any plan year or part thereof under SectionSections
412 or 430 of the Code or Section 302 of ERISA or a waiver of such standard or extension
of any amortization period is sought or granted under Section 412 of the Code or Section 302 or
303 or 304 of ERISA.

 

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

 

“euro”
means the single currency of participating member states of the EMU.

 

“Eurocurrency”
when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at
a rate determined by reference to the Eurocurrency Rate.

 

    39

     

    

 

“Eurocurrency
Rate” means, for any Interest Period with respect to any Eurocurrency Rate Loan, the
rate per annum determined by the Administrative Agent, at approximately 11:00 a.m. (London time) on the date which is two Business
Days prior to the beginning of such Interest Period by reference to the ICE Benchmark Administration Interest Settlement Rates
for deposits in Dollars (as set forth by any service selected by the Administrative Agent which has been nominated by the ICE Benchmark
Administration as an authorized information vendor for the purpose of displaying such rates) for a period equal to such Interest
Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provision of this
definition, the “Eurocurrency Rate” shall be the interest rate per annum, determined by the Administrative Agent to
be a rate at which the Administrative Agent could borrow funds in the London interbank market in London, England at approximately
11:00 a.m. (London time) on the date which is two Business Days prior to the beginning of such Interest Period, were it to do so
by asking for and then accepting offers in Dollars of amounts in same day funds comparable to the principal amount of the applicable
Loans for which the Eurocurrency Rate is then being determined and with maturities comparable to such Interest Periodan
interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period
multiplied by (b) the Statutory Reserve Rate; provided, further, that, (i) solely with respect to the
2016 Replacement Term B-1 Loans and the 2018 Replacement2020
Refinancing Term B Loans, the Eurocurrency Rate shall be deemed to not be less than 1.000.75%
per annum and (ii) in no event shall the Eurocurrency Rate be less than 0.00%.

 

“Eurocurrency
Rate Loan” means a Loan that bears interest at a rate based on the Eurocurrency Rate.

 

“Event of
Default” has the meaning specified in Section 8.01.

 

“Excess Cash
Flow” means, for any period, an amount equal to the excess of:

 

(a)            
the sum, without duplication, of:

 

(i)                
Consolidated Net Income for such period,

 

(ii)              
an amount equal to the amount of all non-cash charges incurred during such period, to the extent deducted in arriving at
such Consolidated Net Income, but excluding any such non-cash charges and expenses representing an accrual or reserve for potential
items in any future period and excluding amortization of a prepaid cash item that was paid in a prior period,

 

(iii)            
decreases in Consolidated Working Capital and long-term account receivables for such period (other than any such decreases
arising from Acquisitions by the Borrower and the Restricted Subsidiaries completed during such period), and

 

(iv)             
an amount equal to the aggregate net non-cash loss on the sale, lease, transfer or other disposition (each, a “Disposition”)
of assets by the Borrower and its Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of
business) to the extent deducted in arriving at such Consolidated Net Income; over

 

(b)            
the sum, without duplication, of:

 

(i)                
an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income and cash losses,
charges and expenses added back to Consolidated Net Income pursuant to clauses (a) through (n) of the definition thereof,

 

(ii)              
without duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the amount of Capital Expenditures
made in cash during such period, except to the extent that such Capital Expenditures were financed with the proceeds of Indebtedness
of the Borrower or the Restricted Subsidiaries,

 

    40

     

    

 

(iii)            
the aggregate amount of all principal payments of Indebtedness of the Borrower and the Restricted Subsidiaries (including
(A) the principal component of payments in respect of CapitalizedFinance
Lease Obligations, (B) the amount of any mandatory prepayment of Loans pursuant to Section 2.05(c) with the proceeds of an Asset
Sale, to the extent such Asset Sale resulted in an increase to Consolidated Net Income and not in excess of the amount of such
increase and (C) the amount of all voluntary prepayments of Loans made pursuant to Section 2.05(a)(iii), in an amount equal to
the discounted amount actually paid in cash in respect of the principal amount of such Loans, but excluding all other prepayments
of Loans) made during such period (other than (x) in respect of any revolving credit facility
to the extent there is not an equivalent permanent reduction in commitments thereunder and (y) in
respect of any Other Applicable Indebtedness, to the extent such principal payment reduces the amount owing to the Lenders under
Section 2.05(b)(i) pursuant to the proviso set forth therein), except to the extent financed with the proceeds of other
Indebtedness of the Borrower or the Restricted Subsidiaries,

 

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

 

(v)               
increases in Consolidated Working Capital and long-term account receivables for such period (other than any such increases
arising from Acquisitions by the Borrower and the Restricted Subsidiaries during such period),

 

(vi)             
cash payments by the Borrower and the Restricted Subsidiaries during such period in respect of long-term liabilities of
the Borrower and the Restricted Subsidiaries other than Indebtedness,

 

(vii)           
the amount of Investments and Acquisitions made during such period pursuant to clauses (c), (e), (h) and (m) of the definition
of Permitted Investments to the extent such Investments and Acquisitions were financed with internally generated cash flow of the
Borrower and the Restricted Subsidiaries,

 

(viii)         
the amount of Restricted Payments paid during such period pursuant to Sections 7.02(a), 7.02(b)(iv), (x), (xi), (xiii),
(xv), (xix) and (xx) to the extent such Restricted Payments were financed with internally generated cash flow of the Borrower and
the Restricted Subsidiaries; provided, however, that in the case of Restricted Payments made pursuant to Section 7.02(a),
the deduction pursuant to this clause (viii) shall not exceed an amount equal to Consolidated Net Income for such period,

 

(ix)             
the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries in cash during such period
(including expenditures for the payment of financing fees), to the extent that such expenditures were not expensed during such
period,

 

(x)               
the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and the Restricted
Subsidiaries during such period that are required to be made in connection with any prepayment of Indebtedness,

 

    41

     

    

 

(xi)             
without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration (to the extent
to be funded by internally generated cash) required to be paid in cash by the Borrower or any of the Restricted Subsidiaries pursuant
to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating
to Acquisitions or Capital Expenditures to be consummated or made during the period of four consecutive fiscal quarters of the
Borrower following the end of such period, provided that to the extent the aggregate amount of internally generated cash
actually utilized to finance such Acquisitions or Capital Expenditures during such period of four consecutive fiscal quarters is
less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the
end of such period of four consecutive fiscal quarters,

 

(xii)           
the amount of cash taxes paid and, without duplication, cash distributions for payment of taxes, in such period, to the
extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period, and

 

(xiii)         
cash expenditures made in respect of Swap Contracts to the extent not reflected in the computation of Consolidated Net Income
for such period.

 

“Excess
Cash Flow Period” shall mean each fiscal year of the Borrower, commencing with the fiscal year of the Borrower ending
on January 2729, 20142022.

 

“Excess Proceeds”
has the meaning set forth in Section 2.05(c)(ii).

 

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

 

“Excluded
Affiliate” means any members of any deal team of any Agent or Affiliates of such Agent that are engaged as principals
primarily in private equity, mezzanine financing or venture capital, other than a limited number of senior employees who are required,
in accordance with industry regulations or such Agent’s or Affiliate’s internal policies and procedures to act in a
supervisory capacity and the Agents’ and Affiliates’ respective internal legal, compliance, risk management, credit
or investment committee members.

 

“Excluded
Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by the Borrower from
(a) contributions to its common equity capital, and (b) the sale (other than to a Subsidiary of the Borrower or to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement of the Borrower) of Capital Stock
(other than Disqualified Stock and Designated Preferred Stock) of the Borrower, in each case designated as Excluded Contributions
pursuant to an Officer’s Certificate executed by the principal financial officer of the Borrower on the date such capital
contributions are made or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation
set forth in Section 7.02(a)(iii).

 

    42

     

    

 

“Excluded
Subsidiary” means (a) any Subsidiary that is not a Wholly-Owned Subsidiary, (b) any Receivables Subsidiary, (c) each
Subsidiary listed on Schedule 1.01E hereto, (d) any Subsidiary that is prohibited by applicable Law or Contractual Obligation existing
on the Restatement Effective Date (or, in the case of any Subsidiary acquired after the Restatement Effective Date, any Contractual
Obligation in existence at the time of the acquisition of such Subsidiary but not entered into in contemplation thereof) from guaranteeing
the Obligations, (e) any Domestic Subsidiary that is (i) a Subsidiary of a Foreign Subsidiary that is a CFC or (ii) a Foreign Subsidiary
Holding Company, (f) any Restricted Subsidiary acquired pursuant to an Acquisition permitted hereunder financed with Secured Indebtedness
incurred pursuant to Section 7.03(b)(xix) and each Restricted Subsidiary thereof that guarantees such Indebtedness; provided
that each such Restricted Subsidiary shall cease to be an Excluded Subsidiary under this clause (f) if such Secured Indebtedness
is repaid or becomes unsecured or if such Restricted Subsidiary ceases to guarantee such Secured Indebtedness, as applicable, (g)
any Immaterial Subsidiary and (h) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative
Agent (confirmed in writing by notice to the Borrower), the cost or other consequences (including any adverse tax consequences)
of providing a Guaranty shall be excessive in view of the benefits to be obtained by the Lenders therefrom.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guaranty thereof or obligations thereunder) is or becomes illegal under the Commodity Exchange Act or any rule, regulation
or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of
such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the Guaranty of such Guarantor or the grant of such security interest becomes
effective with respect to such 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 Guaranty, obligations
or security interest is or becomes illegal.

 

“Executive
Order” means Executive Order No. 13224 of September 23, 2001, entitled Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)).

 

“Existing
Credit Agreement” has the meaning specified in the preliminary statements to this Agreement.

 

“Existing
Term Loan Tranche” has the meaning provided in Section 2.16.

 

“Extended
Term Commitments” means one or more commitments hereunder to convert Loans under an Existing Term Loan Tranche to
Extended Term Loans of a given Extension Series pursuant to an Extension Amendment.

 

“Extended
Term Loans” has the meaning provided in Section 2.16.

 

“Extending
Term Lender” has the meaning provided in Section 2.16. 

 

“Extension”
means any establishment of Extended Term Commitments and Extended Term Loans pursuant to Section 2.16 and the applicable Extension
Amendment.

  

“Extension
Amendment” has the meaning provided in Section 2.16.

 

“Extension
Election” has the meaning provided in Section 2.16.

  

“Extension
Minimum Condition” means a condition to consummating any Extension that a minimum amount (to be determined and specified
in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes of Loans be submitted
for Extension.

  

“Extension
Request” has the meaning provided in Section 2.16.

 

    43

     

    

 

“Extension
Series” has the meaning provided in Section 2.16.

  

“Facility”
or “Facilities” means the Loans made pursuant to Section 2.01, a given Class of Incremental Term Loans,
a given Extension Series of Extended Term Loans, or a given Refinancing Series of Refinancing Term Loans, as the context may require.

  

“Fair Market
Value” means, with respect to any asset or liability, the fair market value of such asset or liability as determined
by the Borrower in good faith; provided that if the fair market value is equal to or exceeds $200,000,000, such determination
shall be made by the Board of Directors of the Borrower, in which case the determination of the Board of Directors shall be deemed
conclusive for purposes of this Agreement.

 

“FATCA”
means sections 1471, 1472, 1473 and 1474 of the Code, as of the date of this Agreement (or
any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current
or future regulations promulgated thereunder and published guidance with respect thereto and any agreements entered into pursuant
to Section 1471(b)(1) of the Code or otherwise pursuant to any of the foregoing.

 

“Federal
Funds Effective Rate” means, for any period, a
fluctuating interest rate equal for each day during such period to the weighted average of the rates on overnight Federal Funds
transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published for such day (or, if such
day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the
Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent.the
rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in
such manner as shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business
Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined would
be less than 0.00%, such rate shall be deemed to be 0.00% for the purposes of this Agreement. 

 

“Finance
Lease” shall mean, 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 is required to be, accounted for as a finance lease on the balance sheet of that
Person.

 

“Finance
Lease Obligation” shall mean, at the time any determination thereof is to be
made, the amount of the liability in respect of a Finance Lease that
would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP; provided that Finance Lease Obligations shall, for the avoidance
of doubt, exclude all Non-Finance Lease Obligations. 

 

“Financial
Incurrence Test” has the meaning set forth in Section 1.10(g).

 

“First Amendment”
means that certain First Amendment to Amended and Restated Credit Agreement, dated as of June 10, 2014, by and among the Borrower,
the Guarantors party thereto, the various Lenders party thereto and the Administrative Agent.

 

“First Amendment
Effective Date” has the meaning provided in the First Amendment.

 

“Fixed
Amounts” has the meaning set forth in Section 1.10(g).

 

    44

     

    

 

“Fixed
Basket” has the meaning set forth in Section 1.10(g).

 

“Fixed Charge
Coverage Ratio” means, with respect to any Person for any Relevant Reference Period, the ratio of EBITDA of such
Person for such Relevant Reference Period to the Fixed Charges of such Person for such Relevant Reference Period.

 

“Fixed
Charge Coverage Ratio Incurrence Test” means, at a given date of determination, that the Fixed Charge Coverage Ratio
for the Relevant Reference Period would have been at least 2.00 to 1.00, determined on a pro forma basis after
giving effect to the incurrence of $1.00 of additional Indebtedness or the issuance of Disqualified Stock or Preferred Stock with
a liquidation preference of $1.00 (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued,
as the case may be, and the application of the proceeds therefrom had occurred at the beginning of such Relevant Reference Period..

 

“Fixed Charges”
means, with respect to any Person for any period, the sum, without duplication, of (a) Consolidated Interest Expense of such Person
for such period; (b) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series
of Preferred Stock during such period; and (c) all cash dividends or other distributions paid (excluding items eliminated in consolidation)
on any series of Disqualified Stock during such period.

 

“Foreign
Lender” has the meaning specified in Section 10.15(a).

 

“Foreign
Subsidiary” means any direct or indirect Restricted Subsidiary of the Borrower which (a) is not a Domestic Subsidiary
or (b) is set forth on Schedule 1.01F.

 

“Foreign
Subsidiary Holding Company” means any Restricted Subsidiary substantially
all of whose assets consist of (a) Equity Interests or (b) Equity Interests and Indebtedness, in either case, of one or
more Foreign Subsidiaries that are CFCs (or one or more Domestic Subsidiaries that are Foreign Subsidiary Holding Companies).

 

“Fourth
Amendment” means that certain Fourth Amendment to Amended and Restated Credit Agreement, dated as of October 1, 2020,
by and among the Borrower, the Guarantors party thereto, the various Lenders (including each 2020 New Refinancing Term B Loan Lender
and each 2020 Converting Refinancing Term B Loan Lender) party thereto, the Administrative Agent and the Fourth Amendment Lead
Arrangers.

 

“Fourth
Amendment Effective Date” has the meaning provided in the Fourth Amendment.

 

“Fourth
Amendment Lead Arranger” means, collectively, JPMorgan Chase Bank, N.A. Wells Fargo Securities, LLC, BofA Securities,
Inc., Truist Bank, Bank Of Montreal, Barclays Bank, Citizens Bank, Credit Suisse Loan Funding LLC, Fifth Third Bank, National Association,
Goldman Sachs Bank USA, UBS Securities LLC and U.S. Bank National Association.

 

“Fourth
Amendment Transactions” means the transactions related to or incidental to, consisting of or in connection with (a)the execution and delivery of the Fourth Amendment, (b) the refinancing of the 2018 Replacement
Term B Loans, (c) the making of the 2020 Refinancing Term B Loans on the Fourth Amendment Effective
Date and (d) the payment of any fees or expenses incurred or paid by the Borrower or any Restricted Subsidiary in connection therewith.

 

    45

     

    

 

 

“Fourth
Amendment Transaction Expenses” means any fees or expenses incurred or paid by the Borrower or any Restricted Subsidiary
in connection with the Fourth Amendment Transactions.

 

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

 

“Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course.

 

“Funded Debt”
means all Indebtedness of the Borrower and the Restricted Subsidiaries for borrowed money that matures more than one year from
the date of its creation or matures within one year from such date that is renewable or extendable, at the option of such Person,
to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or
lenders to extend credit during a period of more than one year from such date, including Indebtedness in respect of the Loans.

 

“GAAP”
means generally accepted accounting principles in the United States which are in effect (a) for purposes of Sections 5.05(a)(i),
6.01 and 6.09 only, for the accounting period in respect of which reference to GAAP is being made, and (b) for all other purposes,
on the ClosingFourth Amendment Effective
Date.

 

“Governmental
Authority” means any nation or government, any state, provincial, municipal 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.

 

“Granting
Lender” has the meaning specified in Section 10.07(h).

 

“guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct
or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of
any Indebtedness or other obligations.

 

“Guarantor
Consent and Reaffirmation” means, collectively, (a) the Guarantor
Consent and Reaffirmation executed by each Subsidiary Guarantor, substantially in the form of Exhibit R attached hereto
and (b) the Canadian Guarantor Consent and Reaffirmation executed by the Canadian Subsidiary Guarantors,
substantially in the form of Exhibit S attached hereto.

 

“Guarantors”
means the Borrower, each Subsidiary Guarantor and, on and after the execution and delivery
of the Holdco Guaranty, Holdco.

 

“Guaranty”
means, collectively, the Borrower Guaranty, the Subsidiary Guaranty, the Canadian Guarantee and,
on and after the execution and delivery thereof,(if any) and the Holdco
Guaranty.

 

“Guaranty
Supplement” has the meaning provided in the respective Guaranty.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

    46

     

    

 

“Hedge Bank”
means any Person that is a Lender or an Affiliate of a Lender at the time it enters into a Secured Hedge Agreement, in its capacity
as a party thereto, and such Person’s successors and assigns.

 

“Hedging
Obligations” means, with respect to any Person, the obligations of such Person under any interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar
agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer or mitigation of
interest rate, commodity price or currency risks either generally or under specific contingencies.

 

“Highfields”
means Highfields Capital I LP, Highfields Capital II LP and Highfields Capital III LP and each Affiliate thereof (excluding portfolio
companies of any of the foregoing).

 

“Holdco”
means a holding company to be formed as the direct parent company of the Borrower, the
primary purpose of which is to own the Capital Stock of the Borrower.Michaels Funding,
Inc., a Delaware corporation, or any successor thereto that guarantees the Obligations.

 

“Holdco
Guaranty” means the guaranty to be made (or, after execution and delivery,
made)made by Holdco in favor of the Administrative Agent on behalf of the
Secured Parties substantially in the form of Exhibit F-1 attached to the Existing Credit Agreement (with appropriate modifications
to reference Holdco) and otherwise in a form and substance reasonably satisfactory to the Administrative Agent.

 

“Holding
Company” means any Person so long as such Person directly or indirectly holds 100% of the total voting power of the Voting
Stock of the Borrower, and at the time such Person acquired such voting power, no (a) Person (other than a Permitted Holder) or
(b) Persons (other than any one or more Permitted Holders) constituting a “group” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act), including any such group acting for the purpose of acquiring, holding or disposing of securities
(within the meaning of Rule 13d-5(b)(1) under the Exchange Act), shall have beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act, or any successor provision), directly or indirectly, of more than 50% of the total voting power of the
Voting Stock of such Person.

 

“Hybrid Distribution
Network Costs” shall mean costs associated with the implementation of enhancements to the Borrower’s and its
Restricted Subsidiaries' distribution network intended to increase the Borrower's and its Restricted Subsidiaries' basic merchandise
inventories that are shipped through distribution centers.

 

“Identified
Participating Lenders” has the meaning specified in Section 2.05(a)(iii)(C)(3).

 

“Immaterial
Subsidiary” means a Subsidiary of the Borrower for which (a) the assets of such Subsidiary constitute less than or
equal to 1% of Total Assets and collectively with all Immaterial Subsidiaries, less than or equal to 5% of Total Assets, and (b)
the revenues of such Subsidiary account for less than or equal to 1% of Total Revenues and collectively with all Immaterial Subsidiaries,
less than or equal to 5% of Total Revenues.

 

    47

     

    

 

“Immediate
Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote
descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law,
son-in-law and daughter-in-law (including, in each case, adoptive relationships) and any trust, partnership or other bona fide
estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund
that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

 

“Impacted
Interest Period” has the meaning specified in the definition of “LIBO Rate”. 

 

“Increased
Loan” has the meaning specified in Section 10.23.

 

“incur”
has the meaning specified in Section 7.03.

 

“Incremental
2014 Term Loan” has the meaning provided in the First Amendment.

 

“Incremental
2014 Term Commitment” has the meaning provided in the First Amendment.

 

“Incremental
Amendment” has the meaning specified in Section 2.17(f).

 

“Incremental
Equivalent Debt” has the meaning specified in Section 7.03(b)(xxii).

 

“Incremental
Facility” means any Facility consisting of a given Class of Incremental Term Loans and/or Incremental Term Loan Commitments.

 

“Incremental
Facility Closing Date” has the meaning specified in Section 2.17(d).

 

“Incremental
Loan Request” has the meaning specified in Section 2.17(a).

 

“Incremental
Series” means all Incremental Term Loans and Incremental Term Commitments that are established pursuant to the same
Incremental Amendment (or any subsequent Incremental Amendment to the extent that such Incremental Amendment expressly provides
that the Incremental Term Loans or Incremental Commitments provided for therein are intended to be a part of any previously established
“Incremental Series”) and that provide for the same interest margins, “floor” and amortization schedule.

 

“Incremental
Term Commitments” has the meaning specified in Section 2.17(a).

 

“Incremental
Term Lenders” has the meaning specified in Section 2.17(c).

 

“Incremental
Term Loan” has the meaning specified in Section 2.17(b).

 

“Indebtedness”
means, with respect to any Person at a particular time, without duplication:

 

(a)            
any indebtedness (including principal and premium) of such Person, whether or not contingent:

 

(i)                
in respect of borrowed money;

 

(ii)              
evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without
duplication, reimbursement agreements in respect thereof);

 

    48

     

    

 

(iii)            
representing the balance deferred and unpaid balance
of the purchase price of any property or services (including CapitalizedFinance
Lease Obligations) due more than 12 months after such property is acquired, except (A)
any such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation
to a trade creditor, in each case accrued in the ordinary course of business andor
consistent with industry practice, (B) any earn-out obligations until such obligation becomesis
reflected as a liability on the balance sheet (excluding any footnotes thereto)
of such Person in accordance with GAAP and is not paid within 60 days after becoming due
and payable and (C) accruals for payroll and other liabilities accrued in the ordinary course of business;
or

 

(iv)             
representing the net obligations under any Hedging Obligations;

 

if and to the extent that any
of the foregoing Indebtedness (other than obligations
in respect of letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet (excluding
the footnotes thereto) of such Person prepared in accordance with GAAP; provided,
that Indebtedness of any Parent Company appearing upon the balance sheet of the Borrower solely
by reason of push-down accounting under GAAP will be excluded;

 

(b)            
to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, on the obligations of the type referred to in clause (a) of a third Person (whether or not such items would appear upon
the balance sheet of the such obligor or guarantor), other than by endorsement
of negotiable instruments for collection in the ordinary course of business or consistent with industry
practice; and

 

(c)            
to the extent not otherwise included, the obligations of the type referred to in clause (a) of a third Person secured by
a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person and
whether or not such obligations would appear upon the balance sheet of such Person;;
provided that the amount of such Indebtedness will be the lesser of (i)
the fair market value of such asset at thesuch
date of determination and (ii)
the amount of such
Indebtedness so securedof
such other Person; and 

 

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

 

provided,
however, that
notwithstanding the foregoing, Indebtedness shall be deemed not to include (x1)
Contingent Obligations incurred in the ordinary course of business or consistent with industry practice,
(y2) obligations under or in respect of
Receivables Facilities or, (z3)
reimbursement obligations under or in respect of commercial letters of credit.,
(4) accrued expenses, (5) deferred or prepaid revenues, (6) asset retirement obligations and obligations in respect of reclamation
and workers’ compensation (including pensions and retiree medical care) and (7) Non-Finance Lease Obligations; provided,
further, that Indebtedness will be calculated without giving effect to the effects of Accounting Standards Codification
Topic No. 815, Derivatives and Hedging, and related interpretations to the extent such effects would otherwise increase
or decrease an amount of Indebtedness for any purpose under this Agreement as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness.

 

“Indemnified
Liabilities” has the meaning set forth in Section 10.05.

 

“Indemnitees”
has the meaning set forth in Section 10.05.

 

“Indemnified
Taxes” means all Taxes and all Other Taxes.

 

    49

     

    

 

“Independent
Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar
Businesses of nationally recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task
for which it has been engaged.

 

“Information”
has the meaning specified in Section 10.08.

 

“Initial
Second Amendment Effective Date” has the meaning specified in the Second Amendment.

 

“Intercompany
Note” means the Intercompany Note, substantially in the form attached as Exhibit J attached to the Existing
Credit Agreement,
as amended, supplemented or otherwise modified from time to time.

 

“Intercreditor
Agreement” means the Amended and Restated Intercreditor Agreement executed
by the Collateral Agent, the ABL Collateral Agent and the 2027 Senior Secured Notes Collateral Agent
and acknowledged by the Loan Parties, substantially in the form of Exhibit H attached to the
Existing Creditthis Agreement after giving
effect to the Fourth Amendment.

 

“Interest
Payment Date” means, (a) as to any Loan of any Class other than a Base Rate Loan, the last day of each Interest Period
applicable to such Loan and the applicable Maturity Date of the Facility under which such Loan was made; provided that if
any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after
the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan of any Class, the
last Business Day of each January, April, July and October and the applicable Maturity Date of the Facility under which such Loan
was made.

 

“Interest
Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is
disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter,
or to the extent agreed to by each Lender of such Eurocurrency Rate Loan,  nine or twelve
months thereafter, or to the extent agreed to by the Administrative Agent, less than one month thereafter, as selected by the Borrower
in its Committed Loan Notice; provided that:

 

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

 

(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 end on the last Business Day of the calendar
month at the end of such Interest Period; and

 

(c)            
no Interest Period shall extend beyond the applicable Maturity Date for the Class of Loans of which such Eurocurrency Rate
Loan is a part.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB– (or
the equivalent) by S&P, or, in either case, an equivalent rating by any other Rating Agency.

 

    50

     

    

 

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

 

“Investment
Grade Securities” means (a) securities issued or directly and fully guaranteed or insured by the United States government
or any agency or instrumentality thereof (other than Cash Equivalents), (b) debt securities or debt instruments with an Investment
Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Borrower and its Subsidiaries,
(c) investments in any fund that invests exclusively in investments of the type described in clauses (a) and (b) which fund may
also hold immaterial amounts of cash pending investment or distribution, and (d) corresponding instruments in countries other than
the United States customarily utilized for high quality investments.

 

“Investments”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans
(including guarantees), advances or capital contributions (excluding accounts receivable, credit card and debit card receivables
constituting Cash Equivalents, trade credit, advances to customers, commission, travel and similar advances to officers and employees,
in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance
sheet (excluding the footnotes) of the Borrower in the same manner as the other investments included in this definition to the
extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted
Subsidiary” and Section 7.02, (a) “Investments” shall include the portion (proportionate to the Borrower’s
equity interest in such Subsidiary) of the fair market value of the net assets of a Subsidiary of the Borrower at the time that
such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary
as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to (i) the Borrower’s “Investment” in such Subsidiary at the time
of such redesignation less (ii) the portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the fair
market value of the net assets of such Subsidiary at the time of such redesignation; and (b) any property transferred to or from
an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in
good faith by the Borrower.

 

“Investors”
means Bain Capital, LLC and The Blackstone Group LP, each of their respective Affiliates and any investment funds advised or managed
by any of the foregoing, but not including, however, any portfolio companies of any of the foregoing; provided,
that, for purposes of the definitions of “EBITDA” and “Sponsor Management Agreement” only, the term “Investors”
shall include Highfields.

 

The amount
of any Investment outstanding at any time will be the original cost of such Investment, reduced by any dividend, distribution,
interest payment, return of capital, repayment or other amount received in cash by the Borrower or a Restricted Subsidiary in respect
of such Investment (provided that, with respect to amounts received other than in the form of cash or Cash Equivalents, such amount
shall be equal to the Fair Market Value of such consideration). 

 

“Investor”
means any of (a) Bain Capital Private Equity, LP and/or any of its Affiliates (including, as applicable, investment vehicles,
related funds, general partners thereof and limited partners thereof, but solely to the extent any such limited partners are directly
or indirectly participating as investors pursuant to a side-by-side investing arrangement, but excluding, however, any portfolio
company of any of the foregoing) and (b) The Blackstone Group LP and/or any of its Affiliates (including, as applicable, investment
vehicles, related funds, general partners thereof and limited partners thereof, but solely to the extent any such limited partners
are directly or indirectly participating as investors pursuant to a side-by-side investing arrangement, but excluding, however,
any portfolio company of
any of the foregoing).

 

    51

     

    

 

“IP Rights”
has the meaning set forth in Section 5.15.

 

“IRS”
means the United States Internal Revenue Service.

 

“ITA”
means the Income Tax Act (Canada) and the regulations promulgated thereunder, as amended from time to time.

 

“Judgment
Currency” has the meaning provided in Section 10.21.

 

“Junior
Financing Documentation” shall mean the 2020 Senior Subordinated Notes, the
2020 Senior Subordinated Notes Indenture and the documentation governing any other
Subordinated Indebtedness of the Borrower or any of its Restricted Subsidiaries.

 

“Latest Maturity
Date” means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder
at such time, including the latest maturity date of any Incremental Term Loan, any Incremental Term Commitment, any Refinancing
Term Loan, any Refinancing Term Commitment, any Extended Term Loan or any Extended Term Commitment, in each case as extended in
accordance with this Agreement from time to time.

 

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

 

“LCT Test
Date” has the meaning specified in Section 1.10(g).

 

“Lender”
or “Term Lender” means each lender from time to time party hereto, including (i) each lender that has
a Term B Commitment, 2016 New Replacement Term B-1 Loan Commitment, 2016 New Replacement
Term B-2 Loan Commitment, 2018 New Replacement2020 New Refinancing Term
B Commitment, Incremental Term Commitment pursuant to a given Incremental Series, Refinancing Term Commitment pursuant to a given
Refinancing Series or Extended Term Commitment pursuant to a given Extension Series; (ii) each lender that has an outstanding Loan
at such time; (iii) each 2016 Replacement Term B-1 Loan Lender and each 2016 Replacement Term
B-2 Loan Lender; (iv) each 2018 Replacement2020 Refinancing Term B Loan
Lender, (vvi) each Replacement Lender
and its respective successors and assigns as permitted hereunder and (vivii)
each Person that shall become a party hereto pursuant to an Incremental Amendment or a Refinancing Amendment and its respective
successors and assigns as permitted hereunder, each of which is referred to herein as a “Lender”.

 

    52

     

    

 

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

 

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

 

“LIBO
Screen Rate” means, for any day and time, with respect to any Eurocurrency Borrowing for any Interest Period, the London
interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration
of such rate for U.S. Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01
or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen,
on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided
that if the LIBO Screen Rate as so determined would be less than 0.00%, such rate shall be deemed to be 0.00% for the purposes
of this Agreement.

 

“Lien”
means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest,
preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected
under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code or registration statement under the PPSA (or equivalent statutes) of any jurisdiction, including the
Civil Code; provided that in no event shall an operating lease (or other lease in respect of
Non-Finance Lease Obligation) be deemed to constitute a Lien.

 

“Limited
Condition Transaction” shall mean (i) any permitted Acquisition or,
other permitted acquisition or other permitted Investment (in each case including any such
transaction that is subject to a letter of intent or purchase agreement) whose consummation is not conditioned on the
availability of, or on obtaining, third party financing and,
(ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment, in each
case, of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction
and discharge or repayment, (iii) any disposition or other sale or conveyance of assets or property
and (iv) any Restricted Payment.

 

“Loan”
means the term loans made by the Lenders on the Restatement Effective Date, the Initial
Second Amendment Effective Date or the ThirdFourth Amendment Effective
Date to the Borrower pursuant to Section 2.01, any Extended Term Loan, any Incremental Term Loan, any Refinancing Term Loan (including
the 2020 Refinancing Term B Loans) or any Replacement Term Loan (including the 2016
Replacement Term B-1 Loans and, prior to the 2016 Replacement Term Loan Conversion, the 2016 Replacement Term B-2 Loans and the
2018 Replacement Term Loans), as the context may require.

 

“Loan
Documents” means, collectively, (a) this Agreement, (b) the First Amendment, (c) the Second Amendment, (d) the Third
Amendment, (e) the NotesFourth Amendment,
(f) the GuarantyNotes, (g)
the Guaranty, (h) any Refinancing Amendment, Incremental Amendment or Extension Amendment, (hi)
the Intercreditor Agreement, (i) the Collateral Documents, (j) on and after the execution and
delivery thereof,j) the Additional First Lien Intercreditor Agreement,
and (k) the Collateral Documents, and (l)
on and after the execution and delivery thereof, the Additional Junior Lien Intercreditor Agreement.

 

    53

     

    

 

“Loan Parties”
means, collectively, the Borrower and each Guarantor.

 

“LTM
Determination Notification” shall mean a written notification delivered to the Administrative Agent, at the Borrower’s
option, no later than two (2) Business Days (or such shorter period of time as agreed by the Administrative Agent in its reasonable
discretion) prior to any LCT Test Date (a) informing the Administrative Agent that the Borrower intends to make the calculations
of the ratios, tests or baskets set forth in Section 1.10(f) on the basis of the Borrower’s financial performance over the
last twelve fiscal months and not on the basis of the Borrower’s financial performance over the last four fiscal quarters
and (b) if not previously delivered to the Administrative Agent, including monthly financials for each fiscal month in such twelve
month period.

 

“Management
Stockholders” means any members of management (and their Controlled Investment Affiliates and Immediate Family Members)
of the Borrower (or any Parent Company thereof) who are holders of Equity Interests of any Parent
Company of the Borrower on the Fourth Amendment Effective Date.

 

“Master Agreement”
has the meaning specified in the definition of “Swap Contract.”

 

“Material
Adverse Effect” means (a) a material adverse effect on the business, operations, assets, liabilities (actual or contingent)
or financial condition of the Borrower and its Restricted Subsidiaries, taken as a whole, (b) a material adverse effect on the
validity or enforceability of this Agreement or any other Loan Document, taken as a whole, or (c) a material adverse effect on
the rights and remedies of the Lenders under any Loan Document.

 

“Maturity
Date” means (a) with respect to the 2018 Replacement2020
Refinancing Term B Loans, January 28, 2023October
1, 2027; provided, however, that the “Maturity Date” of the 2020 Refinancing Term B Loans will automatically become
April 15, 2027 (the “Springing Maturity Date”) if as of April 15, 2027 the then aggregate outstanding principal
amount of all of the Borrower’s 2027 Senior Unsecured Notes (and Refinancing Indebtedness in respect thereof that, in any
case, has a final scheduled maturity date or requires scheduled amortization or payments of principal (other than with respect
to a change of control, asset sale and event of loss mandatory offers to purchase or
mandatory prepayments or customary acceleration rights after an event of default) prior to December
31, 2027) exceeds $100,000,000, (b) with respect to any Class of Extended Term Loans, the final maturity date as specified
in the applicable Extension Request accepted by the respective Lender or Lenders, (c) with respect to any Class of Refinancing
Term Loans, the final maturity date as specified in the applicable Refinancing Amendment and (d) with respect to any Class of
Incremental Term Loans, the final maturity date as specified in the applicable Incremental Amendment; provided that, in
each case, if such day is not a Business Day, the applicable Maturity Date shall be the Business Day immediately succeeding such
day.

  

“Maximum
Rate” has the meaning specified in Section 10.10.

 

“Merger Consideration”
means the total funds required to consummate the Recapitalization.

 

“MergerCos”
has the meaning set forth in the preliminary statements to this Agreement.

 

    54

     

    

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Mortgage”
means, collectively, the deeds of trust, trust deeds, hypothecs, charges and mortgages of real property or interests therein made
by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties in form and substance
reasonably satisfactory to the Collateral Agent (taking account of relevant local Law matters), and any other mortgages executed
and delivered pursuant to Section 6.11.

 

“Mortgage
Policies” has the meaning specified in Section 6.13(b)(ii).

 

“Mortgaged
Properties” has the meaning specified in paragraph (g) of the definition of “Collateral and Guarantee Requirement”.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Loan Party
or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated
to make contributions.

 

“Net Income”
means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction
in respect of Preferred Stock dividends.

 

“Net Proceeds”
means:

 

(a)            
with respect to any Asset Sale or Casualty Event, the aggregate cash proceeds received by the Borrower or any of its Restricted
Subsidiaries in respect of such Asset Sale or Casualty Event, including any cash received upon the sale or other disposition of
any Designated Non-cash Consideration received in respect of such Asset Sale or Casualty Event, net of the direct costs relating
to such Asset Sale or Casualty Event and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting
and investment banking fees, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, taxes paid
or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements),
amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness that is secured by
the asset subject to such Asset Sale or Casualty Event and that is required to be repaid (and is timely repaid) in connection with
such Asset Sale or Casualty Event (other than as required by Section 2.05(c)) and any deduction of appropriate amounts to be provided
by the Borrower or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with
the asset disposed of in such transaction and retained by the Borrower or any of its Restricted Subsidiaries after such sale or
other disposition thereof, including pension and other post–employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with such transaction provided, however, that, upon the reversal
(without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described above, or if
such liabilities have not been satisfied in cash and such reserve is not reversed within three hundred and sixty five (365) days
after such Asset Sale or Casualty Event, “Net Proceeds” shall include the amount of such reserve; and

 

(b)            
with respect to the incurrence or issuance of any Indebtedness or Capital Stock by the Borrower
or any Restricted Subsidiary, the excess, if any, of (i) the sum of the cash received in connection with such incurrence or issuance
over (ii) the investment banking fees, underwriting discounts, commissions, costs and other out-of-pocket expenses and other customary
expenses, incurred by the Borrower or such Restricted Subsidiary in connection with such incurrence or issuance. 

 

    55

     

    

 

“Non-Consenting
Lenders” has the meaning specified in Section 3.07(c).

 

“Non-Finance
Lease Obligation” means a lease obligation that is not required to be accounted
for as a finance lease on both the balance sheet and the income statement for financial reporting
purposes in accordance with GAAP. For the avoidance of doubt, a straight-line or operating lease shall be considered a Non-Finance
Lease Obligation.

 

“Non-Fixed
Basket” has the meaning set forth in Section 1.10(g).

 

“Note”
means a promissory note of the Borrower payable to any Lender or its registered assigns, in substantially the form of Exhibit
C attached hereto (with such modifications thereto as may be necessary to reflect differing Classes of Loans), evidencing the
aggregate Indebtedness of the Borrower to such Lender resulting from the Loans of a given Class made by such Lender.

 

“NPL”
means the National Priorities List under CERCLA.

 

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

 

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

 

“NYFRB
Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight
Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day);
provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the
rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds
broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined be less than
0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement.

 

“Obligations”
means all (x) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party and its Subsidiaries arising
under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising, and (y) obligations of any Loan Party and its
Subsidiaries arising under any Secured Hedge Agreement, in each of clauses (x) and (y) including interest and fees that accrue
after the commencement by or against any Loan Party or Subsidiary of any proceeding under any Debtor Relief Laws naming such Person
as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided,
however, that the Obligations shall not include any Excluded Swap Obligations. Without limiting the generality of the foregoing,
the Obligations of the Loan Parties under the Loan Documents (and of their Subsidiaries to the extent they have obligations under
the Loan Documents) include (a) the obligation (including guarantee obligations) to pay principal, interest, reimbursement obligations,
charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party or its Subsidiaries under any
Loan Document and (b) the obligation of any Loan Party or any of its Subsidiaries to reimburse any amount in respect of any of
the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party or such Subsidiary.

 

“Offered
Amount” has the meaning specified in Section 2.05(a)(iii)(D)(1).

 

“Offered
Discount” has the meaning specified in Section 2.05(a)(iii)(D)(1).

 

    56

     

    

 

“Officer”
means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer,
any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Borrower.

 

“Officer’s
Certificate” means a certificate signed on behalf of the Borrower by an Officer of the Borrower, who must be the
principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Borrower,
that meets any applicable requirements set forth in this Agreement.

 

“Opinion
of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Administrative Agent.
The counsel may be an employee of or counsel to the Borrower or the Administrative Agent.

 

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

 

“Original
Eurocurrency Borrowing” has the meaning specified in Section 2.08(e).

 

“Other Applicable
Indebtedness” has the meaning specified in Section 2.05(c)(i)(A)(I).

 

“Other Taxes”
has the meaning specified in Section 3.01(b).

 

“Outstanding
Amount” means with respect to the Loans of any Class, on any date, the outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments of Loans of such Class occurring on such date.

 

“Outstanding
Term Loans” has the meaning set forth in the preliminary statements to this Agreement.

  

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

 

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

 

“Participant”
has the meaning specified in Section 10.07(e).

 

“Participating
Lender” has the meaning specified in Section 2.05(a)(iii)(C)(2).

 

    57

     

    

 

“PBA”
means the Pension Benefits Act (Ontario) or similar legislation of any other Canadian federal or provincial jurisdiction, and the
regulations promulgated thereunder, as amended from time to time.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any Governmental Authority of another jurisdiction exercising similar functions
in respect of any Pension Plan of a Loan Party (including the Pension Benefit
Guarantee Fund of Ontario).

 

“Pension
Event” means (a) the whole or partial withdrawal of a Loan Party or any Subsidiary from a Pension Plan during a Pension
Plan year; or (b) the filing of a notice of interest to terminate in whole or in part a Pension Plan or the treatment of a Pension
Plan amendment as a termination or partial termination; or (c) the institution of proceedings by any Governmental Authority to
terminate in whole or in part or have a trustee appointed to administer a Pension Plan; or (d) any other event or condition which
might constitute grounds for the termination of, winding up or partial termination or winding up or the appointment of trustee
to administer, any Pension Plan.

 

“Pension
Plan” means (a) any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to SectionSections
412 and 430 of the Code or Section 302 or Title IV of ERISA, or (b) Pension
Planany defined benefit pension plan covered by any other Laws (including
the PBA and the ITA) and, in either case, that
is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes
or has an obligation to contribute, or in the case of a multiple employer or other planplan
with two or more contributing sponsors described in SectionSections
4063 or 4064(a) of ERISA, has made contributions at any time during
the immediately preceding five (5) plan years.

 

“Perfect
Store Initiative” shall mean the initiative related to the Borrower'sBorrower’s
and its Restricted Subsidiaries'’
store standardization and remodeling program, pursuant to which retail store layouts will be modified into a configuration intended
to enhance the customer in-store experience.

 

“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related
Business Assets and Cash Equivalents between the Borrower or any of its Restricted Subsidiaries and another Person; provided
that any Net Proceeds received must be applied in accordance with Section 2.05(c).

 

“Permitted
Debt” has the meaning specified in Section 7.03(b).

  

“Permitted
First Priority Refinancing Debt” means any secured Indebtedness incurred by the Borrower in the form of one or more
series of senior secured notes or loans; provided that (i) such Indebtedness is secured by (A) the TL Priority Collateral
on a pari passu first-lien basis (but without regard to the control of remedies) with the Secured Obligations and (B) the ABL Priority
Collateral on a pari passu second-lien basis (but without regard to the control of remedies) with the Secured Obligations, and
is not secured by any property or assets of the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes
Credit Agreement Refinancing Indebtedness in respect of any Class of Loans (including portions of any Class of Loans), (iii) such
Indebtedness (and the Liens securing the same) are permitted by the terms of the ABL Credit Agreement and the Intercreditor Agreement
(in each case, to the extent the ABL Credit Agreement and the Intercreditor Agreement are then in effect),[reserved],
(iv) such Indebtedness does not mature or have scheduled amortization or payments of principal (other than customary offers to
purchase and prepayment events upon a change of control, asset sale or event of loss and a customary acceleration right after an
event of default) prior to the date that is ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness is
incurred, (v) the security agreements relating to such Indebtedness are substantially the same as the Collateral Documents (with
such differences as are reasonably satisfactory to the Administrative Agent), (vi) such Indebtedness is not guaranteed by any Subsidiaries
other than the Subsidiary Guarantors, and (vii) a Senior Representative acting on behalf of the holders of such Indebtedness shall
have become party to the Additional First Lien Intercreditor Agreement, provided that if such
Indebtedness is the initial Permitted First Priority Refinancing Debt incurred by the Borrower, then the Borrower, the Subsidiary
Guarantors, the Administrative Agent, the Collateral Agent and the Senior Representative for such Indebtedness shall have executed
and delivered the Additional First Lien Intercreditor Agreement. Permitted First Priority Refinancing Debt will
include any Registered Equivalent Notes issued in exchange therefor.

 

    58

     

    

 

“Permitted
Holder” means any of (i) any Investor and the Management Stockholders and any group (within the meaning of Section
13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing or any Holding Company
are members (provided that, in the case of such group and without giving effect to the existence of such group or any other group,
the Investors, the Investors’ Affiliates and the Management Stockholders, collectively, have beneficial ownership of more
than 50.0% of the aggregate ordinary voting power of the outstanding Voting Stock of the Borrower or any Parent Company thereof),
(ii)  any Person who is acting solely as an underwriter in connection with a public or private offering of Capital Stock of
any Parent Company of the Borrower, acting in such capacity and (iii) any Holding Company. 

 

“Permitted
Foreign Restructuring” means the transfer or other Disposition of the Capital Stock of certain Foreign
Subsidiaries (as elected by the Borrower) by the Borrower or its Subsidiaries to a Foreign Subsidiary of the Borrower and, in the
case of Michaels of Canada, ULC, the re-designation by the Borrower of Michaels of Canada, ULC as a Foreign Subsidiary (which may
occur only if no Event of Default then exists or would arise therefrom). For the avoidance of doubt, upon consummation of the Permitted
Foreign Restructuring, Michaels of Canada, ULC shall be an Excluded Subsidiary hereunder and shall no longer be required to be
a Loan Party hereunder and shall be released from the Canadian Guarantee and the Canadian Security Agreement shall be terminated.

 

“Permitted
Holder” means any of the Investors and members of management of the Borrower (or its direct parent)
who are holders of Equity Interests of the Borrower (or any of its direct or indirect parent companies) on the Restatement Effective
Date.

 

“Permitted
Investments” means:

 

(a)            
any Investment in the Borrower or any of its Restricted Subsidiaries;

 

(b)            
any Investment in cash and Cash Equivalents or Investment Grade Securities;

 

(c)            
any Investment by the Borrower or any of its Restricted Subsidiaries in a Person that is engaged in a Similar Business if
as a result of such Investment:

 

(i)                
such Person becomes a Restricted Subsidiary; or

 

(ii)              
such Person, in one transaction or a series of related transactions, is merged, amalgamated or consolidated with or into,
or transfers or conveys substantially all of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary,

 

and, in each case, any Investment
held by such Person; provided that such Investment was not acquired by such Person in contemplation of such acquisition,
merger, consolidation or transfer;

 

    59

     

    

 

(d)            
any Investment in securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and
received in connection with an Asset Sale made pursuant to Section 7.01 or any other disposition of assets not constituting an
Asset Sale;

 

(e)            
any Investment existing on the RestatementFourth
Amendment Effective Date and any extension, modification, replacement or renewal of any such Investment, but only to
the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof
other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities,
in each case, pursuant to the terms of such Investment as in effect on the RestatementFourth
Amendment Effective Date (or as subsequently amended or otherwise modified in a manner not disadvantageous to the Lenders
in any material respect);

 

(f)             
any Investment acquired by the Borrower or any of its Restricted Subsidiaries (i) in exchange for any other Investment or
accounts receivable held by the Borrower or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or accounts receivable, or (ii) as a result of a foreclosure
by the Borrower or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default;

 

(g)            
Hedging Obligations permitted under Section 7.03(b)(x);

 

(h)            
any Investment in a Similar Business having an aggregate fair market value, taken together with all other Investments made
pursuant to this clause (h) that are at that time outstanding, not to exceed the greater of (x) $125,000,000
and (y) 6.50 % of Total Assets300,000,000 and (y) 47% of EBITDA (calculated on a pro
forma basis) of the Borrower and the Restricted Subsidiaries for the most recently ended Test Period (with the fair
market value of each Investment being measured at the time made and without giving effect to subsequent changes in value);

 

(i)             
Investments the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Borrower or any
of its direct or indirect parent companiesParent
Companies; provided, however, that such Equity Interests will not increase the amount available for Restricted
Payments under Section 7.02(a)(iii);

 

(j)             
guarantees of Indebtedness of the Borrower or any Restricted Subsidiary permitted under Section 7.03, performance guarantees
and Contingent Obligations in the ordinary course of business and the creation of liens on the assets of the Borrower or any of
its Restricted Subsidiaries in compliance with the covenant described in Section 7.04;

 

(k)            
any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions
of Section 7.07(b) (except transactions described in clauses (ii), (v) and (ix) thereof);

 

(l)             
Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment;

 

    60

     

    

 

 

(m)          
additional Investments having an aggregate fair market value, taken together with all other Investments made pursuant to
this clause (m) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent
the proceeds of such sale do not consist of, or have not been subsequently sold or transferred for cash or marketable securities),
not to exceed the greater of (x) $150,000,000 and (y) 7.90% of Total Assets300,000,000
and (y) 47% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries for the most recently ended
Test Period (in each case, with the fair market value of each Investment being measured at the time made and without
giving effect to subsequent changes in value);

 

(n)            
Investments relating to a Receivables Subsidiary that, in the good faith determination of the Borrower are necessary or
advisable to effect any Receivables Facility;

 

(o)            
advances to, or guarantees of Indebtedness of, employees not in excess of the greater of (x)
$15,000,000 and (y) 2.5% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted
Subsidiaries for the most recently ended Test Period outstanding at any one time, in the aggregate;

 

(p)            
loans and advances to officers, directors and employees for business-related travel expenses, moving expenses and other
similar expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s
purchase of Equity Interests of the Borrower or any direct or indirect parent companyParent
Company thereof; and

 

(q)            
Investments consisting of licensing of intellectual property pursuant to joint marketing arrangements with other Persons.

 

“Permitted
Junior Priority Refinancing Debt” means any secured Indebtedness incurred by the Borrower in the form of one or more
series of secured notes or loans; provided that (i) such Indebtedness is secured by Liens on the Collateral that are junior
to the Liens securing the Secured Obligations and is not secured by any property or assets of the Borrower or any Subsidiary other
than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of any Class of Loans
(including portions of any Class of Loans), (iii) such Indebtedness (and the Liens securing
the same) are permitted by the terms of the ABL Credit Agreement, the Intercreditor Agreement and the Additional First Lien Intercreditor
Agreement (in each case, to the extent the ABL Credit Agreement, the Intercreditor Agreement and the Additional First Lien Intercreditor
Agreement are then in effect),[reserved], (iv) such Indebtedness does not
mature or have scheduled amortization or payments of principal (other than customary offers to purchase and prepayment events upon
a change of control, asset sale or event of loss and a customary acceleration right after an event of default) prior to the date
that is ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness is incurred, (v) the security agreements
relating to such Indebtedness are substantially the same as the Collateral Documents (with such differences as are reasonably satisfactory
to the Administrative Agent), (vi) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors,
and (vii) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to the Additional
Junior Lien Intercreditor Agreement, provided that if such Indebtedness is the initial Permitted Junior Priority Refinancing Debt
incurred by the Borrower, then the Borrower, the Subsidiary Guarantors, the Administrative Agent, the Collateral Agent and the
Senior Representative for such Indebtedness shall have executed and delivered the Additional Junior Lien Intercreditor Agreement.
Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

 

“Permitted
Liens” means, with respect to any Person:

 

(a)            
pledges, deposits or security by such Person under workmen’s compensation laws, unemployment insurance, employers’
health tax and other social security or statutory laws or similar legislation, or good faith deposits in connection with bids,
tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure
public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds to
which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent or deposits,
in each case incurred in the ordinary course of business;

 

    61

     

    

 

(b)            
Liens imposed by law, such as landlords’, carriers’, warehousemen’s, materialmen’s, repairmen’s
and mechanics’ Liens, in each case for sums not yet overdue for a period of more than 30 days or being contested in good
faith by appropriate actions or other Liens arising out of judgments or awards against such Person with respect to which such Person
shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained
on the books of such Person in accordance with GAAP;

 

(c)            
Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or that remain
payable without penalty or which are being contested in good faith by appropriate actions diligently conducted, if adequate reserves
with respect thereto are maintained on the books of such Person in accordance with GAAP, or for property taxes on property that
the Borrower or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or
claim is to such property;

 

(d)            
Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect
to other regulatory requirements or letters of credit or bankers’ acceptances issued, and completion guarantees provided
for, in each case pursuant to the request of and for the account of such Person in the ordinary course of its business or consistent
with past practice prior to the RestatementFourth
Amendment Effective Date;

 

(e)            
minor survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights of others for, licenses,
rights–of–way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas
and oil pipelines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor
defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental, to the conduct
of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and
which do not in the aggregate materially impair their use in the operation of the business of such Person;

 

(f)             
Liens securing Indebtedness permitted to be incurred pursuant to Section 7.03(b)(iv), (xviii) or (xix); provided
that (x) Liens securing
Indebtedness permitted to be incurred pursuant to Section 7.03(b)(iv) extend only to the property or equipment (or assets affixed
or appurtenant thereto and additions and accessions) being financed or refinanced under such clause (b)(iv), replacements of such
property, equipment or assets, and additions and accessions and in the case of multiple financings of assets provided by any lender,
other assets financed by such lender and in each case, proceeds and products thereof, (y) Liens securing Indebtedness
permitted to be incurred pursuant to Section 7.03(b)(xviii) extend only to the assets of Foreign Subsidiaries and (z)
Liens securing Indebtedness permitted to be incurred pursuant to Section 7.03(b)(xix) are solely on acquired property
or the assets of the acquired entity, as the case may be;

 

(g)            
Liens existing on the RestatementFourth Amendment
Effective Date and set forth in Schedule 7.04;

 

    62

     

    

 

(h)            
Liens existing on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however,
such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;
provided, further, however, that such Liens may not extend to any other property owned by the Borrower or
any of its Restricted Subsidiaries;

 

(i)             
Liens existing on property at the time the Borrower or a Restricted Subsidiary acquired the property, including any acquisition
by means of a merger, amalgamation or consolidation with or into the Borrower or any of its Restricted Subsidiaries; provided,
however, that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, merger,
amalgamation or consolidation; provided, further, however, that the Liens may not extend to any other property
owned by the Borrower or any of its Restricted Subsidiaries;

 

(j)             
Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Borrower or another Restricted
Subsidiary permitted to be incurred in accordance with Section 7.03;

 

(k)            
Liens securing Hedging Obligations so long as the related Indebtedness is permitted to be incurred under this Agreement;

 

(l)             
Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations
in respect of bankers’ acceptances or letters of credit issued or created for the account of such Person to facilitate the
purchase, shipment or storage of such inventory or other goods;

 

(m)           
leases, subleases, licenses or sublicenses granted to others in the ordinary course of business which do not materially
interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries and do not secure any
Indebtedness;

 

(n)            
Liens arising from Uniform Commercial Code (or equivalent statutes) financing statements or PPSA registration statements
or recordation filings regarding operating leases or consignments entered into by the Borrower and its Restricted Subsidiaries
in the ordinary course of business;

 

(o)            
Liens in favor of the Borrower or any Subsidiary Guarantor;

 

(p)            
Liens on equipment of the Borrower or any of its Restricted Subsidiaries granted in the ordinary course of business to the
Borrower’s clients at which such equipment is located;

 

(q)            
Liens on accounts receivable and related assets incurred in connection with a Receivables Facility;

 

(r)             
Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions,
renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses
(f), (g), (h) and (i); provided, however, that (i) such new Lien shall be limited to all or part of the same property that
secured the original Lien (plus improvements on such property), and (ii) the Indebtedness secured by such Lien at such time
is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of
the Indebtedness described under clauses (f), (g), (h) and (i) at the time the original Lien became a Permitted Lien under this
Agreement, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding,
extension, renewal or replacement;

 

    63

     

    

 

(s)            
deposits made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance arrangements
in the ordinary course of business;

 

(t)             
other Liens securing obligations not exceeding $50,000,000the
greater of (x) $325,000,000 and (y) 50% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries
for the most recently ended Test Period at any one time outstanding;

 

(u)            
Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h), so long as
such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such
judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired;

 

(v)            
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;

 

(w)           
Liens (i) of a collection bank arising under Section 4–210 of the Uniform Commercial Code on items in the course of
collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course
of business, and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking industry;

 

(x)             
Liens deemed to exist in connection with Investments in repurchase agreements or other Cash Equivalents permitted under
Section 7.03; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase
agreement or other Cash Equivalent;

 

(y)            
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(z)            
Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given
in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its
Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
of the Borrower and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers
of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;

 

(aa)          
(i) Liens securing the Obligations, (ii) Liens securing obligations in respect of Bank Products and (iii) Liens securing
obligations in respect of Cash Management Services;

 

(bb)          
Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection
with any letter of intent or purchase agreement permitted under this Agreement;

 

    64

     

    

 

(cc)          
the rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Borrower
or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit,
or to require annual or periodic payments as a condition to the continuance thereof;

  

(dd)          
restrictive covenants affecting the use to which real property may be put, provided, however, that the covenants
are complied with;

 

(ee)          
security given to a public utility or any municipality or Governmental Authority when required by such utility or authority
in connection with the operations of that Person in the ordinary course of business;

 

(ff)            
zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements
and contract zoning agreements;

 

(gg)          
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into
by the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(hh)          
[Reserved];

 

(ii)             
rights of a seller of unpaid goods in respect of such goods at common law or under the Bankruptcy and Insolvency Act (Canada)
and other applicable legislation;

 

(jj)            
the reservations, limitations, provisos and conditions, if any, expressed in any original grants from the crown under Canadian
law and any statutory exceptions to title under Canadian law;

 

(kk)          
customary transfer restrictions and purchase options in joint venture and similar agreements;

 

(ll)            
 (x) Liens created pursuant to the ABL Collateral Documents securing (i) Indebtedness incurred pursuant to Section 7.03(b)(i)(x)
and (ii) obligations in respect of any Commercial Letter of Credit Facility, in each case, so long as the same is at all times
subject to the Intercreditor Agreement and (y) Liens securing obligations in respect of any Receivables Facilities;

 

(mm)        
(x) Liens incurred to secure any Indebtedness or any obligation in respect thereof permitted to be incurred pursuant to
Section 7.03; provided that, with respect to Liens securing obligations permitted under this clause (mm), at the time of
incurrence and after giving pro forma effect thereto, (i) to the extent secured by the Collateral, such obligations are secured
on either a pari passu or junior basis with the Obligations, and
(ii) no Event of Default shall have occurred and be continuing and (iii) the Consolidated
Secured Debt Ratio would be no greater than 3.25 to 1.00 as of the last day of the Relevant Reference Period and (y) Liens securing
obligations in respect of any Refinancing Indebtedness in respect of Indebtedness described in sub-clause (x) of this clause (mm);
provided, that in the case of any Additional First Lien Indebtedness, such Indebtedness shall be subject to the Additional
First Lien Intercreditor Agreement and, in the case of any Additional Junior Lien Indebtedness, such Indebtedness shall be subject
to the Additional Junior Lien Intercreditor Agreement; and

 

    65

     

    

 

(nn)             Liens
on the Collateral securing obligations in respect of (i) Permitted First Priority Refinancing Debt (and Permitted Refinancings
thereof), (ii) Permitted Junior Priority Refinancing Debt (and Permitted Refinancings thereof), and (iii) Incremental Equivalent
Debt (and Permitted Refinancings thereof).,
in each case in this clause (nn), so long as the same is at all times subject to the Additional First Lien Intercreditor Agreement,
the Additional Junior Lien Intercreditor Agreement and/or the Intercreditor Agreement, as applicable; and

 

(oo)             (x)
Liens on Collateral created pursuant to the 2027 Senior Secured Notes Collateral Documents, securing Indebtedness incurred pursuant
to Section 7.03(b)(i)(z) and (y) Liens on Collateral securing any Permitted Refinancing thereof incurred pursuant to Section 7.03(b)(i)(z),
in each case in this clause (oo), so long as the same is at all times subject to the Additional First Lien Intercreditor Agreement
and/or the Additional Junior Lien Intercreditor Agreement, as applicable.

 

For purposes of this definition, the term
“Indebtedness” shall be deemed to include interest and other amounts payable
on such Indebtedness.

 

“Permitted
Refinancing” means, with respect to any Person, any modification, replacement, refinancing, refunding, renewal or
extension of any Indebtedness (“Refinanced Indebtedness”) of such Person
(including, for the avoidance of doubt, any one or more successive modifications, replacements, refinancings, refundings, renewals
or extensions); provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness so modified, replaced, refinanced, refunded, renewed or extended
except by an amount equal to unpaid accrued interest and premium (including tender premiums) thereon plus other reasonable
amounts paid (including original issue discount and upfront fees), and fees and expenses reasonably incurred, in
connection with such modification, replacement, refinancing, refunding, renewal or extension and by an amount equal to any existing
commitments unutilized thereunder,; (b)
such modification, replacement, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the
final maturity date of, and has (except by virtue of prior scheduled amortization or prepayments of the Indebtedness being modified,
replaced, refinanced, refunded, renewed or extended) a Weighted Average Life to Maturity equal to or greater than the Weighted
Average Life to Maturity of, the Indebtedness being modified, replaced, refinanced, refunded, renewed or extended,;
(c) at the time thereof, no Event of Default shall have occurred and be continuing, (d) if
such Indebtedness being modified, replaced, refinanced, refunded, renewed or extended is subordinated in right of payment to the
Obligations, such modification, replacement, refinancing, refunding, renewal or extension is subordinated in right of payment to
the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness
being modified, replaced, refinanced, refunded, renewed or extended, (e) the terms and conditions
(including, if applicable, as to collateral but excluding as to subordination, interest rate and redemption premium) of any such
modified, replaced, refinanced, refunded, renewed or extended Indebtedness, taken as a whole, are not materially less favorable
to the Loan Parties or the Lenders than the terms and conditions of the Indebtedness being modified, replaced, refinanced, refunded,
renewed or extended; provided that a certificate of a Responsible Officer delivered to the Administrative Agent at least
five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined
in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and
conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day
period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees), (f);
(d) [reserved]; (e) any such modification, replacement, refinancing, refunding, renewal or extension is incurred by
the Person who is the obligor of the Indebtedness being modified, refinanced, refunded, renewed or extended,;
(gf) in the case of a “Permitted
Refinancing” of Permitted First Priority Refinancing Debt, or
of Indebtedness incurred pursuant to Section 7.03(b)(i)(z), such Indebtedness meets the requirements of clauses (i),
(iii), (v), (vi) and (vii) of the definition of “Permitted First Priority Refinancing Debt” (or if
such Indebtedness is to be secured on a junior basis to the Obligations or to be unsecured, the requirements of succeeding clause
(hg) or (ih)
below, as applicable),; (hg)
in the case of a “Permitted Refinancing” of Permitted Junior Priority Refinancing Debt, such Indebtedness meets the
requirements of clauses (i), (iii), (v), (vi) and (vii) of the definition of “Permitted
FirstJunior Priority Refinancing Debt”
(or if such Indebtedness is to be unsecured, the requirements of succeeding clause (ih)
below) and, (ih)
in the case of a “Permitted Refinancing” of Permitted Unsecured Refinancing Debt or of
Indebtedness incurred pursuant to Section 7.03(b)(ii), such Indebtedness meets the requirements of clauses (iviii)
and (viv) of the definition of “Permitted
Unsecured Refinancing Debt” and (i) in the case of a “Permitted Refinancing” of
Incremental Equivalent Debt, such Indebtedness meets the requirements of clauses (4) through (9) and clause (13) of Section 7.03(b)(xxii).

 

    66

     

    

 

“Permitted
Unsecured Refinancing Debt” means unsecured Indebtedness incurred by the Borrower in the form of one or more series
of unsecured notes or loans; provided that (i) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect
of any Class of Loans (including portions of any Class of Loans), (iiiii)
such Indebtedness does not mature or have scheduled amortization or payments of principal (other than customary offers to purchase
and prepayment events upon a change of control, asset sale or event of loss and a customary acceleration right after an event of
default) prior to the date that is ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness is incurred,
(iviii) such Indebtedness is not guaranteed
by any Subsidiaries other than the Subsidiary Guarantors, and (viv)
such Indebtedness is not secured by any Lien on any property or assets of the CompanyBorrower
or any Subsidiary. Permitted Unsecured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

 

“Person”
means any natural person, corporation, limited liability company, unlimited liability company, trust, joint venture, association,
company, partnership, joint stock company, trust, unincorporated organization, Governmental Authority or other entity.

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by any Loan Party
or, with respect to any such plan that is subject to Section 412 of the Code or Section 302 or Title IV of ERISA, any ERISA Affiliate.

 

“Pledged
Debt” has the meaning specified in the Security Agreement.

 

“Pledged
Equity” has the meaning specified in the Security Agreement.

 

“PPSA”
means the Personal Property Security Act of Ontario (or any successor statute) or similar legislation of any other Canadian jurisdiction,
including, without limitation, the Civil Code of Quebec, the laws of which are required by such legislation to be applied in connection
with the issue, perfection, enforcement, opposability, validity or effect of security interests.

 

“Preferred
Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution,
or winding up.

 

“Previous
Transactions” means the execution and delivery of the 2027 Senior Unsecured Notes Indenture (including any supplements
thereto), the issuance of the 2027 Senior Unsecured Notes, and the transactions contemplated by or in furtherance of the issuance
of the 2027 Senior Unsecured Notes (including the use of proceeds thereof, including any refinancing Indebtedness).

 

    67

     

    

 

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

 

“Prior Credit
Agreement” means the “Existing Credit Agreement” as defined in the Existing Credit Agreement.

 

“Pro
Rata Share” means, with respect to each Lender, (i) at or prior to the funding
on the Restatement Effective Date, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator
of which is the amount of the Commitment of such Lender at such time and the denominator of which is the amount of the Aggregate
Commitments of all Lenders at such time; (ii) on the Firston the Fourth
Amendment Effective Date (immediately prior to the funding of the Incremental 2014 Term Loans
and the termination of the Incremental 2014 Term Commitments on such date) and for purposes of Section 2.02(b) only, a fraction
(expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Incremental 2014
Term Commitment of such Lender at such time and the denominator of which is the aggregate amount of all Incremental 2014 Term Commitments
of all Lenders at such time; (iii) on the Initial Second Amendment Effective Date (immediately prior to the funding of the 2016
New Replacement Term B-1 Loans and the termination of the 2016 New Replacement Term B-1 Loan Commitments on such date) and for
purposes of Section 2.02(b) only, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator
of which is the amount of the 2016 New Replacement Term B-1 Loan Commitment of such Lender at such time and the denominator of
which is the aggregate amount of all 2016 New Replacement Term B-1 Loan Commitments of all Lenders at such time, (iv) on the Initial
Second Amendment Effective Date (immediately prior to the funding of the 2016 New Replacement Term B-2 Loans and the termination
of the 2016 New Replacement Term B-2 Loan Commitments on such date) and for purposes of Section 2.02(b) only, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the 2016 New Replacement Term
B-2 Loan Commitment of such Lender at such time and the denominator of which is the aggregate amount of all 2016 New Replacement
Term B-2 Loan Commitments of all Lenders at such time; (v) on the Third Amendment Effective Date (immediately prior to the funding
of the 2018 New Replacement2020 New Refinancing Term B Loans and the termination
of the 20182020 New ReplacementRefinancing
Term B Loan Commitments on such date) and for purposes of Section 2.02(b) only, a fraction (expressed as a percentage, carried
out to the ninth decimal place), the numerator of which is the amount of the 20182020
New ReplacementRefinancing Term B Loan
Commitment of such Lender at such time and the denominator of which is the aggregate amount of all 20182020
New ReplacementRefinancing Term B Loan
Commitments of all Lenders at such time; and (viii)
at any other time and for all other purposes, a fraction (expressed as a percentage, carried out to the ninth decimal place), the
numerator of which is the principal amount of the Loans of the applicable Class of such Lender at such time and the denominator
of which is the aggregate principal amount of the Loans of the applicable Class of all Lenders at such time.

 

“Proceeds
of Crime Act” means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and the regulations
promulgated thereunder, as amended from time to time.

 

“Projections”
shall have the meaning set forth in Section 6.01(c).

 

    68

     

    

 

“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.

 

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

 

“QFC
Credit Support” has the meaning provided in Section 10.27.

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000
at the time the relevant Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act 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.

 

“Qualifying
Lender” has the meaning specified in Section 2.05(a)(iii)(D)(3).

 

“Qualified
Proceeds” means assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business;
provided that the fair market value of any such assets or Capital Stock shall be determined by the Borrower in good faith.

 

“Rating Agencies”
means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the Loans publicly available,
a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Borrower which shall be substituted
for Moody’s or S&P or both, as the case may be.

 

“Recapitalization”
has the meaning set forth in the preliminary statements to this Agreement.

 

“Recapitalization
Agreement” means the Agreement and Plan of Merger, dated as of June 30, 2006, between the MergerCos, Bain Paste Finco,
LLC, Blackstone Paste Finco, LLC, and the Borrower, as amended by that certain First Amendment to Agreement and Plan of Merger,
dated as of September 1, 2006.

 

“Receivables
Facility” means any of one or more receivables financing facilities as amended, supplemented, modified, extended,
renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations,
warranties, covenants and indemnities made in connection with such facilities) to the Borrower or any of its Restricted Subsidiaries
(other than a Receivables Subsidiary) pursuant to which the Borrower or any of its Restricted Subsidiaries sells its accounts receivable
to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable
to a Person that is not a Restricted Subsidiary.

 

“Receivables
Fees” means distributions or payments made directly or by means of discounts with respect to any accounts receivable
or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary
in connection with, any Receivables Facility.

 

“Receivables
Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in one or more Receivables
Facilities and other activities reasonably related thereto.

 

    69

     

    

 

“Refinanced
Indebtedness” has the meaning specified in the definition of “Permitted Refinancing” set forth herein.

 

“Refinanced
Term Loans” has the meaning specified in Section 10.01.

 

“Refinancing
Amendment” means an amendment to this Agreement in form and substance reasonably
satisfactory to the Administrative Agent and the Borrower executed by each of (a) the Borrower, (b) the Administrative
Agent and (c) each Additional Lender and Lender that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness
being incurred pursuant thereto, in accordance with Section 2.15.

 

“Refinancing
Facility Closing Date” has the meaning set forth in Section 2.15.

 

“Refinancing
Indebtedness” has the meaning set forth in Section 7.03(b)(xiii).

 

“Refinancing
Series” shall mean all Refinancing Term Loans or Refinancing Term Commitments that are established pursuant to the
same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides
that the Refinancing Term Loans or Refinancing Term Commitments provided for therein are intended to be a part of any previously
established Refinancing Series) and that provide for the same interest margins and amortization schedule.

 

“Refinancing
Term Commitments” means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable
Refinancing Series hereunder pursuant to a Refinancing Amendment.

 

“Refinancing
Term Lenders” means, at any time, any Lender that has a Refinancing Term Commitment of a given Refinancing Series
or a Refinancing Term Loan of a given Refinancing Series at such time.

 

“Refinancing
Term Loans” means one or more term loans hereunder that result from a Refinancing Amendment.

 

“Refunding
Capital Stock” has the meaning set forth in Section 7.02(b)(ii)(A).

 

“Register”
has the meaning set forth in Section 10.07(d).

 

“Registered
Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement transaction
under the Securities Act of 1933, substantially identical notes (having the same guarantees) issued in a dollar for dollar exchange
therefor pursuant to an exchange offer registered with the SEC.

 

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

 

“Related
Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business, provided
that any assets received by the Borrower or a Restricted Subsidiary in exchange for assets transferred by the Borrower or a Restricted
Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of
the securities of such Person, such Person would become a Restricted Subsidiary.

 

    70

     

    

 

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

 

“Relevant
Reference Period” means (i) in the case of any determination of EBITDA and,
Consolidated Total Indebtedness and Unrestricted cash and Cash Equivalents (and any component
definitions used therein) for purposes of computing (x) the Consolidated Secured Debt Ratio for
the purposes of the definition of "Applicable Rate", the then most recently ended period for which financial statements
have been delivered pursuant to Section 6.01(a) or (b), as applicable, and (y) the Consolidated Total Leverage
Ratio for purposes of Section 2.05(b)(i) and the definition of “Required Percentage” of Excess Cash Flow, the
Excess Cash Flow Period then most recently ended for which financial statements have been delivered pursuant to Section 6.01(a)
and (ii) in the case of any determination of (1) the Fixed Charge Coverage Ratio, (2) the Fixed Charge Coverage Ratio Incurrence
Test, (3) the Consolidated Secured Debt Ratio, or (4) the Consolidated Total Leverage Ratio (other than as used in the definition
of “Required Percentage”), (and the component definitions used in
any of the foregoing), the Test Period then most recently ended for which internal financial statements are available immediately
preceding the date on which the Specified Transaction for which such calculation is being made shall occur.

 

“Replacement
Term Loans” has the meaning specified in Section 10.01.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other
than events for which the thirty (30) day notice period has been waived, and includes a
Pension Event.

 

“Repricing
Transaction” (a) any prepayment, repayment, refinancing, conversion, substitution or replacement of all or a portion
of the Loans of a given Class with the incurrence by the Borrower of any Indebtedness (including any ReplacementRefinancing
Term Loans (including, for the avoidance of doubt, the 2016 Replacement Term B-1 Loans and the
2018 Replacement Term B Loans)) that is broadly marketed or syndicated to banks and other institutional investors
in financings similar to the facilities provided for in this Agreement, the primary purpose of which is to reduce the Effective
Yield of such Indebtedness relative to the Effective Yield of such Loans of a given Class so prepaid, repaid, refinanced, converted,
substituted or replaced and (b) any amendment to this Agreement the primary purpose of which is to reduce the Effective Yield applicable
to the Loans of a given Class; but excluding, in any such case, any refinancing of Loans of a given Class in connection with a
Change of Control and any prepayment, refinancing, conversion, substitution or replacement of such Loans in connection with a Transformative
Acquisition, Transformative Disposition or dividend recapitalization. Any such determination
by the Administrative Agent as contemplated by preceding clauses (a) and (b) shall be conclusive and binding on all Lenders holding
Loans of the applicable Class.

 

“Required
Facility Lenders” means, as of any date of determination, with respect to one or more Facilities, Lenders having
more than 50% of the sum of (a) the Total Outstandings under such Facility or Facilities and (b) the aggregate unused Commitments
under such Facility or Facilities; provided that the unused Commitments of, and the portion of the Total Outstandings under
such Facility or Facilities held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of the Required Facility Lenders.

 

“Required
Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of the (a) Total Outstandings
and (b) aggregate unused Commitments; provided that the unused Commitment of, and the portion of the Total Outstandings
held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 

    71

     

    

 

“Required
Percentage” shall mean, with respect to any Excess Cash Flow Period, 50%; provided, that (a) if the Consolidated
Total Leverage Ratio at the end of the applicable Excess Cash Flow Period is less than 6.00:1.00 but greater than or equal to 5.00:1.00,
such percentage shall be 25%, and (b) if the Consolidated Total Leverage Ratio at the end of the applicable Excess Cash Flow Period
is less than 5.00:1.00, such percentage shall be 0%.

 

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

 

“Responsible
Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer or assistant
treasurer or other similar officer of a Loan Party and, as to any document delivered on the RestatementFourth
Amendment Effective Date, any secretary or assistant secretary of a Loan Party. Any document delivered hereunder that
is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have
acted on behalf of such Loan Party.

 

“Restatement
Effective Date” means January 28, 2013, the date on which all of the conditions precedent to the amendment and restatement
of the Existing Credit Agreement shall have been satisfied.

 

“Restricted”
shall mean, when referring to cash or Cash Equivalents of the Borrower or any of its Subsidiaries, that such cash or Cash Equivalents
(i) appears (or would be required to appear) as “restricted”
on a consolidated balance sheet of the Borrower or of any such Subsidiary (unless such appearance
is related to the Loan Documents or Liens created thereunder), (ii) are subject to any Lien in favor of any Person other than the
Collateral Agent for the benefit of the Secured Parties (except for those Liens in favor of the ABL Collateral Agent for the benefit
of the ABL Lenders, nonconsensual Liens described in the definition of Permitted Liens and Liens described in clauses (w) and (z)(i)
and (z)(ii) of the definition of Permitted Liens, and Liens securing Permitted First Priority Refinancing Debt, Permitted Junior
Priority Refinancing Debt or any Additional First Lien Indebtedness or Additional Junior Lien Indebtedness permitted by this Agreement)
or (iii) are not otherwise generally available for use by the Borrower or such Subsidiary..

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Payments” has the meaning specified in Section 7.02(a).

 

“Restricted
Subsidiary” means, at any time, any direct or indirect Subsidiary of the Borrower (including any Foreign Subsidiary)
that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing
to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary”.

 

“S&P”
means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
Rating Services, a Standard & Poor’s Financial Services LLC business, and any
successor to its rating agency business.

 

“Sale and
Lease-Back Transaction” means any arrangement providing for the leasing by the Borrower or any of its Restricted
Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Borrower
or such Restricted Subsidiary to a third Person in contemplation of such leasing.

 

    72

     

    

 

“Same Day
Funds” means, with respect to disbursements and payments, immediately available funds in Dollars.

 

“Sanctions
Laws and Regulations” means any sanctions or requirements imposed by, or based upon the obligations
or authorities set forth in, the Act, the Executive Order, the U.S. International Emergency Economic Powers Act (50 U.S.C. §§
1701 et seq.), the U.S. Trading with the Enemy Act (50 U.S.C. App. §§ 1 et seq.), the U.S. Syria Accountability and Lebanese
Sovereignty Act, the U.S. Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 or the Iran Sanctions Act, Section
1245 of the National Defense Authorization Act of 2012, all as amended, or any of the foreign assets control regulations (including
but not limited to 31 C.F.R., Subtitle B, Chapter V, as amended) or any other law or executive order relating thereto administered
by the U.S. Department of the Treasury Office of Foreign Assets Control, and any similar law, regulation, or executive order enacted
in the United States after the date of this Agreement.

 

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

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the
Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations
Security Council, the European Union or, any European Union member state, or Her Majesty’s Treasury of the United Kingdom,
(b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person
or Persons described in the foregoing clauses (a) or (b).

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) United States
Governmental Authorities (including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury
or the United States Department of State and the United States Department of Commerce), (b) the United Nations Security Council,
the European Union, any European Union member state or, Her Majesty’s Treasury of the United Kingdom or (c) Canadian Governmental
Authorities.

 

“Sanctions
Target” means any target of Sanctions, including: (a) Persons on any list of targets identified or designated pursuant
to any Sanctions, (b) Persons, countries, or territories that are the target of any territorial or country-based Sanctions program,
(c) Persons that are a target of Sanctions due to their ownership or control by any Sanctions Target(s), or (d) vessels and aircraft
that are designated under any Sanctions program.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Second Amendment”
shall mean that certain Second Amendment to Amended and Restated Credit Agreement, dated as of September 28, 2016, among the Borrower,
the Guarantors party thereto, the Administrative Agent, the Collateral Agent and certain of the Lenders (including each 2016 New
Replacement Term B-1 Loan Lender, each 2016 Converting Replacement Term B-1 Loan Lender, each 2016 New Replacement Term B-2 Loan
Lender and each 2016 Converting Replacement Term B-2 Loan Lender).

 

“Secured
Hedge Agreement” means any Swap Contract permitted under Article VII that is entered into by and between any Loan
Party or any Restricted Subsidiary and any Hedge Bank and with respect to which, at or prior to the time that such Swap Contract
is entered into, the Borrower (or another Loan Party) and the Hedge Bank party thereto (except in the case of the Administrative
Agent) shall have delivered written notice to the Administrative Agent that such Swap Contract has been entered into and that it
constitutes a “Secured Hedge Agreement” entitled to the benefits of the Collateral Documents, the Intercreditor Agreement,
the Additional First Lien Intercreditor Agreement (if then in effect), and the Additional Junior Lien Intercreditor Agreement (if
then in effect).

 

    73

     

    

 

“Secured
Indebtedness” means any Indebtedness of the Borrower or any of its Restricted Subsidiaries secured by a Lien.

 

“Secured
Obligations” has the meaning specified in the Security Agreement.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, the Hedge Banks, the Supplemental
Administrative Agent and each Supplemental Administrative Agent appointed by the Administrative Agent from time to time pursuant
to Section 9.13.

 

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

 

“Security
Agreement” means, collectively, the Security Agreement executed by the Loan Parties, substantially in the form of
Exhibit G-1 attached to the Existing Credit Agreement, together with each other security agreement supplement executed and
delivered pursuant to Section 6.11.

 

“Security
Agreement Supplement” has the meaning specified in the Security Agreement or the Canadian Security Agreement, as
applicable.

 

“Senior
Notes” means $1,000,000,000 in aggregate principal amount of the Borrower’s 73⁄4% senior
unsecured notes due 2018 (as reduced by any prepayment, redemption or retirement thereof).

 

“Senior
Notes Indenture” means the Indenture for the Senior Notes, dated as of October 21, 2010, providing
for the issuance by the Borrower of $800,000,000 aggregate principal amount of its 73⁄4% senior unsecured notes due 2018,
as amended by that certain Supplemental Indenture, dated as of September 27, 2012, providing for the issuance by the Borrower of
an additional $200,000,000 aggregate principal amount of its 73⁄4% senior unsecured notes due 2018, and as otherwise amended,
supplemented or modified from time to time.

 

“Senior Representative”
means, with respect to any series of Permitted First Priority Refinancing Debt, Permitted Junior Priority Refinancing Debt, secured
Incremental Equivalent Debt or other secured Indebtedness permitted to be incurred under Section 7.03, the trustee, administrative
agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is
issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

 

“Similar
Business” means any business conducted or proposed to be conducted by the Borrower and its Restricted Subsidiaries
on the RestatementFourth Amendment
Effective Date or any business that is a reasonable extension, development or expansion of any of the foregoing or is similar,
reasonably related, incidental or ancillary thereto (including, for avoidance of doubt, any sourcing companies created in connection
with any of the foregoing).

 

“Solicited
Discounted Prepayment Amount” has the meaning specified in Section 2.05(a)(iii)(D)(1).

 

    74

     

    

 

“Solicited
Discounted Prepayment Notice” means a written notice of the Borrower of Solicited Discounted Prepayment Offers made
pursuant to Section 2.05(a)(iii)(D) substantially in the form of Exhibit O attached hereto.

 

“Solicited
Discounted Prepayment Offer” means the irrevocable written offer by each Lender, substantially in the form of Exhibit
P attached hereto, submitted following the Administrative Agent’s receipt of a Solicited Discounted Prepayment Notice.

 

“Solicited
Discounted Prepayment Response Date” has the meaning specified in Section 2.05(a)(iii)(D)(1).

 

“Solicited
Discount Proration” has the meaning specified in Section 2.05(a)(iii)(D)(3).

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the
fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of
such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend
to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities
as they mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at
any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents
the amount that can reasonably be expected to become an actual or matured liability.

 

“SPC”
has the meaning specified in Section 10.07(h).

 

“Specified
Discount” has the meaning specified in Section 2.05(a)(iii)(B)(1).

 

“Specified
Discount Prepayment Amount” has the meaning specified in Section 2.05(a)(iii)(B)(1).

 

“Specified
Discount Prepayment Notice” means a written notice of the Borrower Offer of Specified Discount Prepayment made pursuant
to Section 2.05(a)(iii)(B) substantially in the form of Exhibit K attached hereto.

 

“Specified
Discount Prepayment Response” means the irrevocable written response by each Lender, substantially in the form of
Exhibit L attached hereto, to a Specified Discount Prepayment Notice.

 

“Specified
Discount Prepayment Response Date” has the meaning specified in Section 2.05(a)(iii)(B)(1).

 

“Specified
Discount Proration” has the meaning specified in Section 2.05(a)(iii)(B)(3).

 

    75

     

    

 

 

“Specified
Legal Expenses” means all attorneys' and experts' fees and expenses and all other costs and expenses
paid or payable in connection with investigating or defending or preparing to investigate or defend any threatened, pending, completed
or future claim, demand, action, suit, proceeding, inquiry or investigation (whether civil, criminal, administrative or investigative)
arising out of or related to (i) the Borrower’s compensation practices (including option grants) prior to the Closing Date,
(ii) any disclosure or alleged lack of disclosure on the part of the Borrower or any of its directors or officers regarding the
beneficial ownership of any securities of the Borrower prior to the Closing Date by any such director or officer (or any trust
established for the benefit of any such director or officer or any family member thereof), (iii) any transaction prior to the Closing
Date involving any securities of the Borrower alleged to have been engaged in by any such Person, (iv) any alleged deficiencies
in the Borrower’s financial reporting, internal control over financial reporting or disclosure controls prior to the Closing
Date and procedures relating to any of the foregoing, and (v) any alleged bad faith, breach of fiduciary duty or other act or omission
on the part of any director or officer of the Borrower relating to any of the foregoing, together in each case with all damages,
losses, liabilities, judgments, fines, penalties and amounts paid in settlement arising out of or incurred in connection with any
of the foregoing (including all amounts paid to or on behalf of other Persons in connection with any of the foregoing pursuant
to any indemnification agreements, arrangements or obligations).

 

“Specified
Representations” means the representations and warranties set forth in Sections 5.01(a) (with respect to organizational
existence only), 5.02 (a), 5.04, 5.13, 5.16, 5.17 and 5.19.

 

“Specified
Transaction” means, with respect to any period, (i) any Investment that results in a Person becoming a Restricted
Subsidiary; (ii) any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary; (iii) any permitted
Acquisition; (iv) any Disposition that results in a Restricted Subsidiary ceasing to be a Subsidiary; (v) any Investment in, Acquisition
of or Disposition of assets constituting a business unit, line of business or division of, or all or substantially all of the
assets of, another Person or all or substantially all of the Capital Stock of another Person, in each case, whether by merger,
consolidation, amalgamation or otherwise; (vi) any Restricted Payment; (vii) any borrowing of any Incremental Term Loan or any
Loan pursuant to a Term Loan Increase; or (viii) any other transaction that by the terms of this Agreement requires pro forma
compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a pro forma
basis or giving pro forma effect to any such transaction.

 

“Sponsor
Management Agreement” means the management agreements between certain of the management companies
associated with the Investors and the Borrower, as in effect on the Closing Date and as amended, supplemented, amended and restated,
replaced or otherwise modified from time to time after the date hereof, provided, however, that the terms of any such amendment,
supplement, amendment and restatement or replacement agreement are not, taken as a whole, less favorable to the Lenders in any
material respect than the agreement in effect on the Closing Date.

 

“Springing
Maturity Date” has the meaning set forth in the definition of “Maturity Date”.

 

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

 

“Store”
means any retail store (which includes any real property, fixtures, equipment, inventory and other property related thereto) operated,
or to be operated, by any Loan Party.

 

    76

     

    

 

“Submitted
Amount” has the meaning specified in Section 2.05(a)(iii)(C)(1).

 

“Submitted
Discount” has the meaning specified in Section 2.05(a)(iii)(C)(1).

 

“Subordinated
Indebtedness” means, with respect to the Obligations, any Indebtedness of the Borrower or any Guarantor which is
by its terms subordinated in right of payment to the Obligations (including, in the case of a Guarantor, Obligations of such Guarantor
under its Guaranty).

 

“Subsequent
Second Amendment Effective Date” has the meaning specified in the Second Amendment.

 

“Subsidiary”
means, with respect to any Person (a) any corporation, association, unlimited liability company, or other business entity (other
than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one
or more of the other Subsidiaries of that Person or a combination thereof or is consolidated under GAAP with such Person at such
time; and (b) any partnership, joint venture, limited liability company or similar entity of which (x) more than 50% of the capital
accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof whether in the form of membership, general, special or limited partnership or otherwise, and (y) such Person or any Subsidiary
of such Person is a controlling general partner or otherwise controls such entity. Unless otherwise specified, all references herein
to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Subsidiary
Guarantors” means, collectively, the Domestic Subsidiary Guarantors and the Canadian Subsidiary Guarantors (if
any).

 

“Subsidiary
Guaranty” means, collectively, (a) the Subsidiary Guaranty made by the Domestic Subsidiary Guarantors in favor of
the Administrative Agent on behalf of the Secured Parties, substantially in the form of Exhibit F-1 attached to the Existing
Credit Agreement and (b) each other guaranty and Guaranty Supplement delivered pursuant to Section 6.11.

 

“Successor
Borrower” has the meaning set forth in Section 7.06(a)(i).

 

“Successor
Guarantor” has the meaning set forth in Section 7.06(c)(i)(A).

 

“Supplemental
Administrative Agent” has the meaning specified in Section 9.13 and “Supplemental Administrative Agents”
shall have the corresponding meaning.

 

“Supported
QFC” has the meaning provided in Section 10.27.

 

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

 

    77

     

    

 

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

 

“Taxes”
has the meaning specified in Section 3.01(a).

 

“Term
B Commitments” means, as to each Term Lender, its obligation to make a Term B Loan to the Borrower
pursuant to Section 2.01(a) in an aggregate amount not to exceed the amount specified opposite such Lender’s name in Schedule
2.01 hereto under the caption “Term B Loan Commitment” as of the Restatement Effective Date or in the Assignment and
Assumption Agreement pursuant to which such Term Lender becomes a party hereto, as applicable, as such commitment may be (a) reduced
from time to time pursuant to Section 2.05 and (b) reduced or increased from time to time pursuant to (i) assignments by or to
such Term Lender pursuant to an Assignment and Assumption Agreement, (ii) an Incremental Amendment, (iii) a Refinancing Amendment
or (iv) an Extension Amendment. The initial amount of each Term Lender’s Term B Commitment is specified in Schedule 2.01
hereto under the caption “Term Commitment” as of the Restatement Effective Date or, otherwise, in the Assignment and
Assumption Agreement, Incremental Amendment, Refinancing Amendment or Extension Amendment, pursuant to which such Lender shall
have assumed its Commitment, as the case may be. The initial aggregate amount of the Term B Commitments is $1,640,000,000. 

 

“Term B Loan”
means the term loans made by the Lenders on the Restatement Effective Date to the Borrower pursuant to Section 2.01(a) (as
in effect immediately prior to the Fourth Amendment Effective Date).

 

“Term Loan
Increase” has the meaning specified in Section 2.17(a).

 

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

 

“Third Amendment”
means that certain Third Amendment to Amended and Restated Credit Agreement, dated as of May 23, 2018, by and among the Borrower,
the Guarantors party thereto, the various Lenders (including each 2018 New Replacement Term B Loan Lender and each 2018 Converting
Replacement Term B Loan Lender) party thereto, the Administrative Agent and the Third Amendment Lead Arrangers.

 

“Third Amendment
Effective Date” has the meaning provided in the Third Amendment.

 

“Third Amendment
Lead Arranger” has the meaning provided in the Third Amendment.

 

“Threshold
Amount” means $75,000,000, on
any date of determination, the greater of (x) $100,000,000 and (y) 15.5% of EBITDA (calculated on a pro forma basis) of the Borrower
and the Restricted Subsidiaries for the most recently ended Test Period.

 

    78

     

    

 

“TL Priority
Collateral” means all “Term Loan Priority Collateral” as defined in the Intercreditor Agreement.

 

“Total Assets”
means the total assets of the Borrower and its Restricted Subsidiaries on a consolidated basis, as shown on the most recent balance
sheet of the Borrower or such other Person as may be expressly stated and calculated on a pro forma basis in
respect of any test or covenant hereunder.

 

“Total Outstandings”
means, at any time, the aggregate Outstanding Amount of all Loans or all Loans under a given Facility, as applicable.

 

“Total Revenues”
means, at any time, the total revenues of the Borrower and its Restricted Subsidiaries on a consolidated basis for the most recently
ended Test Period, calculated on a pro forma basis in respect of any test or covenant hereunder.

 

“Transaction”
means the transactions related to or incidental to, consisting of or in connection with (a) the refinancing of the Existing Credit
Agreement and the other transactions contemplated thereby, (b) the making of the Borrowings hereunder on the Restatement Effective
Date, (c) the execution and delivery by the Loan Parties of the Loan Documents to which they are a party, (d) the redemption of
a portion of the 2016 Senior Subordinated Notes and (e) the payment of the Transaction Expenses.

 

“Transaction
Expenses” means any fees or expenses incurred or paid by the Borrower or any Restricted Subsidiary in connection
with the Transaction, including payments to officers, employees and directors as change of control payments, severance payments,
special or retention bonuses and charges for repurchase or rollover of, or modifications to, stock options in connection therewith.

 

“Transformative
Acquisition” means any acquisition by the Borrower or any of its Restricted Subsidiaries of an unrelated third party
that  is either (a) is not permitted
by the terms of the Loan Documents immediately prior to the consummation of such acquisition or,
(b) if permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition, would not provide
the Borrower and its Restricted Subsidiaries with adequate flexibility under the Loan Documents for the continuation and/or expansion
of their combined operations following such consummation (as determined by the Borrower acting in good faith) or
(c) in connection with which the Borrower upsizes the 2020 Refinancing Term B Loans (including through an increase in the Class
of the 2020 Refinancing Term B Loans or through the incurrence of another Class of Loans).

 

“Transformative
Disposition” shall mean a sale or other disposition of assets (or series of sales or other dispositions of assets) (including
Equity Interests, and including by way of a merger or consolidation) accounting for greater than or equal to 30% of EBITDA (calculated
on a pro forma basis) of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period.

 

“Treasury
Capital Stock” has the meaning set forth in Section 7.02(b)(ii)(A).

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurocurrency Rate Loan.

 

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

 

    79

     

    

 

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

 

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

 

“Unaudited
Financial Statements” has the meaning set forth in Section 4.01(c).

 

“Unfunded
Pension Liability” means, at a point in time, the excess of a Pension Plan’s benefit liabilities, over the
current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan
pursuant to applicable laws for the applicable plan year and includes any unfunded liability or solvency deficiency as determined
for the purposes of the PBA.

 

“Uniform
Commercial Code” means the Uniform Commercial Code as the same may from time to time be in effect in the State of
New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required
to apply to any item or items of Collateral.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unrestricted”
shall mean, when referring to cash or Cash Equivalents of the Borrower or any of its Subsidiaries, that such cash or Cash Equivalents
are not Restricted.

 

“Unrestricted
Subsidiary” means (a) any Subsidiary of the Borrower which at the time of determination is an Unrestricted Subsidiary
(as designated by the Borrower, as provided below) and (b) any Subsidiary of an Unrestricted Subsidiary. The Borrower may designate
any Subsidiary of the Borrower (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns
or holds any Lien on, any property of, the Borrower or any Subsidiary of the Borrower (other than solely any Subsidiary of the
Subsidiary to be so designated); provided that

 

(i)                
any Unrestricted Subsidiary must be an entity of which the Equity Interests entitled to cast at least a majority of the
votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing
a similar function are owned, directly or indirectly, by the Borrower;

 

(ii)              
such designation complies with the covenant described under Section 7.02;

 

(iii)            
each of (A) the Subsidiary to be so designated and (B) its Subsidiaries has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Borrower or any Restricted Subsidiary; and

 

(iv)             
immediately after giving effect to such designation, no Default shall have occurred and be continuing.

 

    80

     

    

 

The Borrower may designate
any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation,
(I) no Default shall have occurred and be continuing and (II) either (A) the Borrower could satisfy the Fixed Charge Coverage
Ratio Incurrence Test, on a pro forma basis taking into account such designation or (B) immediately after giving pro forma
effect to such designation, as if such designation had occurred at the beginning of the applicable four-quarter period, the
Fixed Charge Coverage Ratio for the Borrower and its Restricted Subsidiaries would be greater than the Fixed Charge Coverage Ratio
for the Borrower and its Restricted Subsidiaries immediately prior to such transaction.

 

Any such designation
by the Borrower shall be notified by the Borrower to the Administrative Agent by promptly filing with the Administrative Agent
a copy of the resolution of the Board of Directors of the Borrower or any committee thereof giving effect to such designation and
an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

 

“U.S.
Special Resolution Regimes” has the meaning provided in Section 10.27.

 

“Voting Stock”
of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the
Board of Directors of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the
case may be, at any date, the quotient obtained by dividing (a) the sum of the products of the number of years from the date of
determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment
with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment; by (b) the sum of all such
payments.

 

“Wholly–Owned
Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other
than directors’ qualifying shares and shares issued to foreign nationals as required under applicable law) shall at the time
be owned by such Person or by one or more Wholly–Owned Subsidiaries of such Person or by such Person and one or more Wholly–Owned
Subsidiaries of such Person.

 

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

 

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

 

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

 

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

 

    81

     

    

 

(ii)            
Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 

(iii)           
The term “including” is by way of example and not limitation. The word “or”
is not exclusive.

 

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

 

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

 

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

 

(e)           
For purposes of any Collateral located in the Province of Quebec or charged by any deed of hypothec (or any other Loan Document)
and for all other purposes pursuant to which the interpretation or construction of a Loan Document may be subject to the laws of
the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Québec, (q) “personal property”
shall be deemed to include “movable property”, (r) “real property” shall be deemed to include “immovable
property”, (s) “tangible property” shall be deemed to include “corporeal property”, (t) “intangible
property” shall be deemed to include “incorporeal property”, (u) “security interest” and “mortgage”
shall be deemed to include a “hypothec”, (v) all references to filing, registering or recording under the UCC or the
PPSA shall be deemed to include publication under the Civil Code of Québec, (w) all references to “perfection”
of or “perfected” Liens shall be deemed to include a reference to the “opposability” of such Liens to third
parties, (x) any “right of offset”, “right of setoff” or similar expression shall be deemed to include
a “right of compensation”, (y) “goods” shall be deemed to include “corporeal movable property”
other than chattel paper, documents of title, instruments, money and securities, and (z) an “agent” shall be deemed
to include a “mandatary”.

 

SECTION
1.03. Accounting Terms. (a) All accounting
terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial
ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with,
GAAP, except as otherwise specifically prescribed herein.

 

(b)               
[Reserved].Notwithstanding anything in this
Agreement to the contrary, unless the Borrower has notified the Administrative Agent in writing that this clause (b) shall not
apply with respect to an applicable Test Period on or prior to the delivery of financial statements for such Test Period pursuant
to Section 6.01, each provision under this Agreement, shall, in each case, be determined without giving effect to ASC 842 (Leases),
except that financial statements delivered pursuant to Section 6.01 may be prepared in accordance with GAAP (including giving effect
to ASC 842 (Leases)) as in effect at the time of such delivery). 

 

(c)               
The principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof
that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP.

 

    82

     

    

 

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

 

SECTION
1.05. References to Agreements, Laws, Etc..
Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan
Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements
and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other
modifications are permitted by any Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions
consolidating, amending, replacing, supplementing or interpreting such Law.

 

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

 

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

 

SECTION
1.08. Currency Equivalents Generally. Any
amount specified in this Agreement (other than in Articles II, IX and X) or any of the other Loan Documents to be in Dollars shall
also include the equivalent of such amount in any currency other than Dollars, such equivalent amount to be determined at the rate
of exchange quoted by the Reuters World Currency Page for the applicable currency at 11:00 a.m. (London time) on such day (or,
in the event such rate does not appear on any Reuters World Currency Page, by reference to such other publicly available service
for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the absence of such agreement,
such rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where
its foreign currency exchange operations in respect of such currency are then being conducted, at or about 10:00 a.m. (New York
City time) on such date for the purchase of Dollars for delivery two Business Days later). For purposes of calculating the Consolidated
Secured Debt Ratio and Consolidated Total Leverage Ratio, the equivalent in Dollars of any Indebtedness denominated in a currency
other than Dollars will reflect the currency translation effects, determined in accordance with GAAP, of Swap Contracts for currency
exchange risks with respect to the applicable currency in effect on the date of determination of the Dollar equivalent of such
other Indebtedness.

 

SECTION
1.09. Change of Currency. Each provision
of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify with the Borrower’s consent to appropriately reflect a change in currency of any country and any relevant market
conventions or practices relating to such change in currency.

 

SECTION
1.10. Pro Forma and Other Calculations.

 

(a)          
Notwithstanding anything to the contrary herein, financial ratios and tests, including the Consolidated Secured Debt Ratio,
the Consolidated Total Leverage Ratio, Fixed Charge Coverage Ratio, and compliance with covenants determined by reference to EBITDA
or Total Assets, shall be calculated in the manner prescribed by this Section 1.10; provided, however, that notwithstanding
anything to the contrary in clauses (b), (c), (d), (e) or (f) of this Section 1.10, when
calculating (i) the Consolidated Total Leverage Ratio for purposes of Section 2.05(b)(i) and determining the Required Percentage
of Excess Cash Flow or (ii) the Consolidated Secured Debt Ratio for purposes of the definition of “Applicable Rate”,
the events described in this Section 1.10 that occurred subsequent to the end of the applicable Excess Cash Flow Period or applicable
Relevant Reference Period, respectively, shall not be given pro forma effect.

 

    83

     

    

 

(b)          
For purposes of calculating any financial ratio or test or compliance with any covenant determined by reference to EBITDA
or Total Assets, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject
to clause (d) of this Section 1.10) that have been made (i) during the applicable Relevant Reference Period or (ii) other
than as described in the proviso to clause (a) above, subsequent to such Relevant Reference Period and prior to or simultaneously
with the event for which the calculation of any such ratio or test, or any such calculation of EBITDA or Total Assets, is made
shall be calculated on a pro forma basis assuming that all such Specified Transactions (and any increase or decrease in
EBITDA and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first
day of the applicable Relevant Reference Period (or, in the case of Total Assets, on the last day of the applicable Relevant Reference
Period). If since the beginning of any applicable Relevant Reference Period any Person that subsequently became a Restricted Subsidiary
or was merged, amalgamated or consolidated with or into the Borrower or any of the Restricted Subsidiaries since the beginning
of such Relevant Reference Period shall have made any Specified Transaction that would have required adjustment pursuant to this
Section 1.10, then such financial ratio or test (or EBITDA or Total Assets) shall be calculated to give pro forma effect
thereto in accordance with this Section 1.10.

 

(c)          
Whenever pro forma effect is to be given to a Specified Transaction, the pro forma calculations shall be
made in good faith by a Responsible Officer of the Borrower and may include, for the avoidance of doubt, the amount of “run-rate”
cost savings, synergies and operating expense reductions projected by the Borrower in good faith to be realized as a result of
specified actions taken or with respect to which substantial steps have been taken or are expected in good faith to be taken (calculated
on a pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first
day of such period and as if such cost savings, operating expense reductions and synergies were realized during the entirety of
such period and such that “run-rate” means the full recurring benefit for a period that is associated with any action
taken or for which substantial steps have been taken or are expected to be taken (including any savings expected to result from
the elimination of a public target’s compliance costs with public company requirements) net of the amount of actual benefits
realized during such period from such actions), and any such adjustments shall be included in the initial pro forma calculations
of such financial ratios or tests relating to such Specified Transaction (and in respect of any subsequent pro forma calculations
in which such Specified Transaction or cost savings, operating expense reductions and synergies are given pro forma effect)
and during any applicable subsequent Relevant Reference Period for any subsequent calculation of such financial ratios and tests;
provided that (A) such amounts are reasonably identifiable and factually supportable in the good faith judgment of the
Borrower, (B) such actions are taken or substantial steps with respect to such actions are or are expected to be taken no later
than eighteen (18) months after the date of such Specified Transaction and (C) no amounts shall be added to the extent duplicative
of any amounts that are otherwise added back in computing EBITDA (or any other components thereof), whether through a pro forma
adjustment or otherwise, with respect to such period.

 

    84

     

    

 

(d)         
In the event that (w) the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays
(including by repurchase, redemption, repayment, retirement, discharge, defeasance or extinguishment) any Indebtedness (in each
case, other than Indebtedness incurred or repaid under any revolving credit facility or line of credit in the ordinary course
of business for working capital purposes) or (x) the Borrower or any Restricted Subsidiary issues, repurchases or redeems Disqualified
Stock, (i) during the applicable Relevant Reference Period or (ii) subject to clause (a) above, subsequent to the end of the applicable
Relevant Reference Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then
such financial ratio or test shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, repurchase,
redemption, repayment, retirement, discharge, defeasance or extinguishment of Indebtedness, or such issuance, repurchase or redemption
of Disqualified Stock, in each case to the extent required, as if the same had occurred on the last day of the applicable Relevant
Reference Period (except in the case of the Fixed Charge Coverage Ratio (or similar ratio), in which case such incurrence, assumption,
guarantee, repurchase, redemption, repayment, retirement, discharge, defeasance or extinguishment of Indebtedness or such issuance,
repurchase or redemption of Disqualified Capital Stock will be given effect as if the same had occurred on the first day of the
applicable Relevant Reference Period).

 

(e)          
If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness
shall be calculated as if the rate in effect on the date of the event for which the calculation of the Fixed Charge Coverage Ratio
(or similar ratio) is made had been the applicable rate for the applicable entire period (taking into account any interest hedging
arrangements applicable to such Indebtedness). Interest on a Capitalized Lease shall be deemed to accrue at an interest rate reasonably
determined in good faith by a Responsible Officer of the Borrower to be the rate of interest implicit in such Capitalized Lease
in accordance with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of
a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the
rate actually chosen, or if none, then based upon such optional rate chosen as the Borrower or any applicable Restricted Subsidiary
may designate.

 

(f)           
In connection with any action being taken in connection with the consummation of a Limited Condition Transaction, for purposes
of:

 

(i)               
determining pro forma compliance with any provision of this Agreement which requires the calculation of any financial
ratio or test, including the Consolidated Secured Debt Ratio, the Fixed Charge Coverage Ratio and the Consolidated Total Leverage
Ratio; orFinancial Incurrence Test; 

 

(ii)              
testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of EBITDA or
Total Assets); or

 

(iii)             
determining the accuracy or compliance of any representation or warranty or the existence of any Default or Event of
Default,

 

    85

     

    

 

in
each case under this
clause (f), at the option of the Borrower (the
Borrower’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”),
the date of determination of whether any such action is permitted hereunder shall be deemed to be either
(x) the date that the definitive agreement or
irrevocable notice, as applicable, for such Limited Condition Transaction is entered into or (y)
the date that such Limited Condition Transaction is consummated (any such date selected by the Borrower, anotherwise
effective (the “LCT Test Date”), and if, after giving pro forma effect to the applicable
Limited Condition Transaction and the other transactions to be entered into in
connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof), the,
the Borrower or any of its Restricted Subsidiaries would have been permitted to take such action on the relevant
LCT Test Date in compliance with such ratio, test or basket, such ratio, test or basket shall be deemed to have been complied
with; provided that
(x) the Borrower may, in lieu of calculating any ratio, test or basket for purposes of clause (f)(i) or (f)(ii) above in connection
with a Limited Condition Transaction, elect to calculate such ratio, test or basket for purposes of clauses (f)(i) and (f)(ii)
above in respect of the last twelve fiscal months of the Borrower for which monthly financial statements are internally available
by delivering an LTM Determination Notification) and (y) if financial statements for one or more subsequent fiscal quarters (or,
if the Borrower has delivered an LTM Determination Notification, subsequent fiscal months) or fiscal years, as applicable, shall
have become available prior to the consummation of the applicable Limited Condition Transaction, the Borrower may elect, in its
sole discretion, to re-determine availability under any applicable ratio, test or basket for purposes of clause (f)(i) and (f)(ii)
above on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be
the applicable LCT Test Date of such ratio, test or basket for purposes of clause (f)(i) and (f)(ii) above. For the
avoidance of doubt, (i)
if the Borrower has electedmade
an LCT Test Date that is the date that the definitive agreement for a Limited Condition
Transaction is entered intoElection
and any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would
have failed to have been satisfied as a result of fluctuations in any such ratio, test or basket, including due to fluctuations
in EBITDA, Consolidated
Interest Expense or Total Assets, at or prior to the consummation of the relevant Limited
Condition Transactiontransaction
or action, such baskets, tests or ratios will not be deemed not
to have failed to have been satisfied as a result of such fluctuations solely for
purposes of determining whether the relevantand
(ii) such ratios, tests or baskets shall not be tested at the time of consummation of such Limited Condition Transaction, unless
the Borrower elects in its sole discretion to test such ratio, test or basket on the date such Limited Condition Transaction
is permitted to be consummated under this Agreementinstead
of the LCT Test Date. If the Borrower has electedmade
an LCT Test Date that is the date that the definitive agreement for aElection
for any Limited Condition Transaction is entered into, then in connection
with any calculation of any ratio, test or basket with respect to any subsequent event or transaction occurring after the
relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the
date that the definitive agreement for
such Limited Condition Transaction is terminated or expires or date for redemption, repurchase, defeasance, satisfaction
and discharge or repayment or
otherwise specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes,
as applicable, without consummation of such Limited Condition Transaction (a “Subsequent Transaction”)
in connection with which a ratio, test or basket availability calculation must be made on a pro forma basis or giving pro forma
effect to such Subsequent Transaction, for purposes of determining whether such ratio, test or basket availability has been complied
with under this Agreement (and whether such Subsequent Transaction is permitted under this Agreement
or any Loan Document), any such ratio, test or basket shall be required to be satisfied on a pro forma basis (x)
assuming such Limited Condition Transaction and other transactions in connection therewith (including
any incurrence of Indebtedness and the use of proceeds thereof) have been consummated and
(y) assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness
and the use of proceeds thereof) have not been consummated.

 

(g)              
With respect to (x) any amounts incurred or transactions entered into (or consummated) in reliance on a basket (any such
basket, a “Fixed Basket”) of this Agreement (including any revolving loan and, to the extent established or
incurred under clause (A) or (B) of “Available Incremental Amount”, Incremental Term Loans and Incremental Equivalent
Debt) that does not require compliance with a Financial Incurrence Test (any such amounts, including for the avoidance of doubt,
any grower component based on EBITDA or Total Assets, the “Fixed Amounts”), in each case under this clause (x),
substantially concurrently with (y) any amounts incurred or transactions entered into (or consummated) in reliance on a basket
(any such basket, a “Non-Fixed Basket”) of this Agreement (including Incremental Term Loans and Incremental
Equivalent Debt incurred or established under clause (C) of “Available Incremental Amount” that requires compliance
with a financial ratio or test (including the Consolidated Total Leverage Ratio, the Consolidated Secured Debt Ratio and the Fixed
Charge Coverage Ratio) (any such financial ratio or test, a “Financial Incurrence Test”), it is understood and
agreed that the amounts in clause (x) shall be disregarded in the calculation of the Financial Incurrence Test applicable to the
amounts in clause (y); provided that, notwithstanding anything else provided herein, any amounts incurred or transactions
entered into (or consummated) in reliance on a basket of this Agreement that is expressly limited by a fixed-dollar limitation
(including any grower component based on a percentage of EBITDA or Total Assets) and that includes, as a condition to incurring
(or consummating) applicable amounts or transactions, in reliance on such basket limited by a fixed-dollar limitation, a requirement
of compliance with a Financial Incurrence Test shall constitute a “Fixed Amount” hereunder.

 

    86

     

    

 

(h)               For
purposes of determining compliance with the covenants set forth in Article VII, in the event that any Lien, Investment,
Indebtedness, Disqualified Stock or preferred Capital Stock, disposition or other sale or transfer of assets, Restricted
Payment, Affiliate transaction, Contractual Requirement, or prepayment or redemption of Indebtedness (or, in each case of any
of the foregoing, any portion thereof) meets the criteria of one, or more than one, of the applicable baskets of the
applicable covenant (including within any sub-clauses, sub-categories or sub-items under this Agreement) then permitted
pursuant to any clause of subsection of Article VII, as applicable, such transaction (or portion thereof) at any time shall
be permitted under one or more of such baskets of such covenant (including within any sub-clauses, sub-categories or
sub-items under this Agreement) at the time of such transaction or incurrence thereof or at any later time from time to time,
in each case, as determined by the Borrower in its sole discretion at such time, and the Borrower may, in its sole
discretion, classify and reclassify and, from time to time, later divide, classify or reclassify, such Lien, Investment,
Indebtedness, Disqualified Stock or preferred Capital Stock, disposition or other sale or transfer of assets, Restricted
Payment, Affiliate transaction, Contractual Requirement, or prepayment or redemption of Indebtedness (or, in each case of any
of the foregoing, any portion thereof) among such applicable baskets of such covenant (including any sub-clauses,
sub-categories or sub-items under this Agreement), as applicable, in any manner not expressly prohibited by this Agreement
(and, for the avoidance of doubt, will only be required to include such transaction or incurrence in such of the applicable
baskets of such covenant (including any sub-clauses, sub-categories or sub-items under this Agreement) as determined by
Borrower at such time); provided that, notwithstanding the foregoing (x) all Indebtedness outstanding under the ABL
Loan Documents incurred in reliance on Section 7.03(b)(i) will at all times be deemed to be outstanding in reliance on
Section 7.03(b)(i), (y) all Indebtedness outstanding under the 2027 Senior Unsecured Notes Indenture on the Fourth Amendment
Effective Date will at all times be deemed to be outstanding in reliance on Section 7.03(b)(ii) and (z) all Indebtedness
outstanding under the 2027 Senior Secured Notes Indenture on the Fourth Amendment
Effective Date will at all times be deemed to be outstanding in reliance on Section 7.03(b)(i).

 

(i)                
If any Lien, Investment, Indebtedness, Disqualified Stock or preferred Capital Stock, disposition or other sale or transfer
of assets, Restricted Payment, Affiliate transaction, Contractual Requirement, prepayment or redemption of Indebtedness or other
transaction or action is incurred, issued or consummated in reliance on a Basket measured by reference to a percentage of EBITDA
or Total Assets, and any such Lien, Investment, Indebtedness, Disqualified Stock or preferred Capital Stock, disposition or other
sale or transfer of assets, Restricted Payment, Affiliate transaction, Contractual Requirement, prepayment or redemption of Indebtedness
or other transaction or action would subsequently exceed the applicable percentage of EBITDA or Total Assets, as applicable, under
such basket if calculated based on the EBITDA or Total Assets, as applicable, on a later date (including the date of any refinancing),
such percentage of EBITDA or Total Assets, as applicable, will be deemed not to be exceeded; provided that, in the case
of refinancing any Indebtedness, Disqualified Stock or preferred Capital Stock (and any related Lien) in reliance on this clause
(i), the principal amount of such refinancing Indebtedness, Disqualified Stock or preferred Capital Stock does not exceed the aggregate
outstanding principal amount, accreted value or liquidation preference of the refinanced Indebtedness, Disqualified Stock or preferred
Capital Stock, plus the amount of any unused commitments thereunder, plus accrued interest, fees, expenses, defeasance costs and
premium (including call and tender premiums), if any, under the refinanced Indebtedness, Disqualified Stock or preferred Capital
Stock, plus underwriting discounts, fees, commissions and expenses (including original issue discount, upfront fees and similar
items) in connection with the refinancing of such Indebtedness, Disqualified Stock or preferred Capital Stock and the incurrence
or issuance of such refinancing Indebtedness, Disqualified Stock or preferred Capital Stock.

 

    87

     

    

 

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

 

SECTION
1.12.  Interest Rates; LIBOR Notification. The interest rate on Eurocurrency Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered
rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings
from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end
of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration
(together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting
the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no
longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency
Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. Section 3.03(b) and (c) provide a mechanism for (a) determining
an alternative rate of interest if the LIBO Rate is no longer available or in the other circumstances set forth in Section 3.03(b)
and (b) modifying this Agreement to give effect to such alternative rate of interest. However, the Administrative Agent does not
warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any
other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect
to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether any such alternative,
successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate
or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

 

ARTICLE
II

The Commitments and Credit Extensions

 

SECTION
2.01. The Loans. Subject to the terms and
conditions set forth herein, or in the First Amendment, the Second Amendment or the ThirdFourth
Amendment, as applicable:

 

(a)           On
the Restatement Effective Date, each Lender severally agrees to make to the Borrower Term B Loans denominated in Dollars in a principal
amount equal to such Lender’s Term B Commitment on (and as of) the Restatement Effective Date.

 

(b)           On
the First Amendment Effective Date, each Lender severally agrees to make to the Borrower Incremental 2014 Term Loans denominated
in Dollars in a principal amount equal to such Lender’s Incremental 2014 Term Commitment on (and as of) the First Amendment
Effective Date.

 

    88

     

    

 

(c)           On
the Initial Second Amendment Effective Date, (A) each Lender holding Term B Loans that is a 2016 Converting Replacement Term B-1
Loan Lender severally agrees that, without further action by any party to this Agreement, a portion of such Lender’s Term
B Loans equal to such Lender’s Allocated Replacement Term B-1 Loan Conversion Amount shall automatically be converted into
a 2016 Converted Replacement Term B-1 Loan to the Borrower in Dollars and in like principal amount, (B) each 2016 New Replacement
Term B-1 Loan Lender severally agrees to make a 2016 New Replacement Term B-1 Loan to the Borrower on the Initial Second Amendment
Effective Date denominated in Dollars in a principal amount not to exceed its 2016 New Replacement Term B-1 Loan Commitment, (C)
each Lender holding Incremental 2014 Term Loans that is a 2016 Converting Replacement Term B-2 Loan Lender severally agrees that,
without further action by any party to this Agreement, a portion of such Lender’s Incremental 2014 Term Loans equal to such
Lender’s Allocated Replacement Term B-2 Loan Conversion Amount shall automatically be converted into a 2016 Converted Replacement
Term B-2 Loan to the Borrower in Dollars and in like principal amount and (D) each 2016 New Replacement Term B-2 Loan Lender severally
agrees to make a 2016 New Replacement Term B-2 Loan to the Borrower on the Initial Second Amendment Effective Date denominated
in Dollars in a principal amount not to exceed its 2016 New Replacement Term B-2 Loan Commitment. Immediately following the incurrence
of the 2016 Replacement Term B-1 Loans and the 2016 Replacement Term B-2 Loans, in each case, on the Initial Second Amendment Effective
Date (and the application of the proceeds thereof as provided in Section 4(a)(vi) of the
Second Amendment), all such 2016 Replacement Term B-2 Loans shall be converted into 2016 Replacement Term B-1 Loans pursuant to
the 2016 Replacement Term Loan Conversion.

 

(a)           [Reserved].

 

(b)           [Reserved].

 

(c)           [Reserved].

 

(d)           [Reserved].

 

(de)         On
the ThirdFourth Amendment Effective Date,
(A) each Lender holding 20162018 Replacement
Term B-1B Loans that is a 20182020
Converting ReplacementRefinancing Term
B Loan Lender severally agrees that, without further action by any party to this Agreement, a portion of such Lender’s 20162018
Replacement Term B-1B Loans equal to such
Lender’s Allocated 2018 Replacement2020 Refinancing
Term B Loan Conversion Amount shall automatically be converted into a 20182020
Converted ReplacementRefinancing Term
B Loan to the Borrower in Dollars and in like principal amount and (B) each 20182020
New ReplacementRefinancing Term B Loan
Lender severally agrees to make a 20182020
New ReplacementRefinancing Term B Loan
to the Borrower on the ThirdFourth Amendment
Effective Date denominated in Dollars in a principal amount not to exceed its 20182020
New ReplacementRefinancing Term B Loan
Commitment.

 

(ef)          Amounts
borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. Loans may be Base Rate Loans or Eurocurrency Rate
Loans, as further provided herein.

 

    89

     

    

 

SECTION
2.02. Borrowings, Conversions and Continuations of Loans.
(a) Each Borrowing, each conversion of Loans of a given Class from one Type to the other, and each continuation of Eurocurrency
Rate Loans shall be made upon the Borrower’s delivery of an irrevocable noticeCommitted
Loan Notice to the Administrative Agent,
which may be given by telephone. Each such noticeCommitted
Loan Notice must be received by the Administrative Agent not
later than 12:30 p.m. (New York, New York time) (i) three (3) Business Days prior to the requested date of any Borrowing or continuation
of Eurocurrency Rate Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans, and (ii) one (1) Business Day before
the requested date of any Borrowing of Base Rate Loans or conversion of any Eurocurrency Rate Loans to Base Rate Loans. Each telephonic
notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by deliveryCommitted
Loan Notice must be delivered to the Administrative Agent
of a written Committed Loan Notice,
appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof, or such
other amount as requested by the Borrower from time to time and agreed to by Administrative Agent in its sole discretion. Each
Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess
thereof, or such other amount as requested by the Borrower from time to time and agreed to by Administrative Agent in its sole
discretion. Each Committed Loan Notice (whether telephonic or written) shall
specify (i) whether the Borrower is requesting a Borrowing (and the applicable Class thereof), a conversion of Loans of a given
Class from one Type to the other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion
or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted
or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the
duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice
or fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted
to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period
then in effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to,
or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will
be deemed to have specified an Interest Period of one (1) month.

 

(a)              
Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount
of its Pro Rata Share of the applicable Class of Loans or Commitments, and if no timely notice of a conversion
or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic
conversion to Base Rate Loans or continuation described in Section 2.02(a). In the case of each Borrowing, each Appropriate Lender
shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s
Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the
applicable conditions set forth in Section 4.01 (or in any applicable Extension Amendment, Incremental Amendment or Refinancing
Amendment) and Section 4.02, the Administrative Agent shall make all funds so received available to the Borrower in like funds
as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Administrative Agent
with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and
reasonably acceptable to) the Administrative Agent by the Borrower.

 

(b)               
Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest
Period for such Eurocurrency Rate Loan unless the Borrower pays the amount due, if any, under Section 3.05 in connection therewith.
During the existence of an Event of Default, the Administrative Agent or the Required Lenders may require by written notice to
the Borrower that no Loans may be converted to or continued as Eurocurrency Rate Loans.

 

(c)               
The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest
Period for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the
Administrative Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the
Administrative Agent shall notify the Borrower and the Lenders of any change in the Administrative Agent’s prime rate used
in determining the Base Rate promptly following the public announcement of such change.

 

    90

     

    

 

 

(d)               
After giving effect to all Borrowings, all conversions of Loans of a given Class from one Type to the other, and all continuations
of Loans of a given Class as the same Type, there shall not be more than eight (8) Interest Periods in effect (or such greater
number as may be acceptable to the Administrative Agent); provided that after the establishment of any new Class of Loans
pursuant to an Incremental Amendment, Refinancing Amendment or Extension Amendment, the number of Interest Periods otherwise permitted
by this Section 2.02(e) shall increase by three (3) Interest Periods for each applicable Class so established.

 

(e)               
The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender
of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the
failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing.

 

(f)                
No conversion of (i) outstanding 2018 Replacement
Term B Loans into 2016 Converted Replacement Term B-1 Loans pursuant to the 2016 Replacement Term
B-1 Loan Conversion, (ii) outstanding Incremental 2014 Term Loans into 2016 Converted Replacement Term B-2 Loans pursuant to the
2016 Replacement Term B-2 Loan Conversion, (iii) outstanding 2016 Replacement Term B-2 Loans into 2016 Replacement Term B-1 Loans
pursuant to the 2016 Replacement Term Loan Conversion or (iv) outstanding 2016 Replacement Term B-1 Loans into 2018 Converted Replacement2020
Converted Refinancing Term B Loans pursuant to the 2018 Replacement2020
Refinancing Term B Loan Conversion shall, in any case, constitute a
voluntary or mandatory payment, prepayment or commitment reduction for purposes of this Agreement.

 

SECTION
2.03. [RESERVED].

 

SECTION
2.01. [RESERVED].

 

    91 

     

    

 

SECTION
2.02. Prepayments. (a) Optional.
(i) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay any Class or
Classes of Loans in whole or in part without premium or penalty; provided that (1) such notice must be received by the Administrative
Agent not later than 12:30 p.m. (New York, New York time) (A) three (3) Business Days prior to any date of prepayment of Eurocurrency
Rate Loans and (B) one (1) Business Day prior to any date of prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency
Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof; (3) any prepayment of
Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case,
if less, the entire principal amount thereof then outstanding; and (4) any prepayment of
Term B Loans made prior to the first anniversary of the Restatement Effective Date in connection
with a Repricing Transaction shall be accompanied by the payment of the fee described in Section 2.09(b); (5) any prepayment of
Incremental 2014 Term2020 Refinancing Term B Loans made on or prior to
the six-month anniversary of the FirstFourth
Amendment Effective Date in connection with a Repricing Transaction shall be accompanied by the payment of the fee required by
Section 2.09(c); (6) any prepayment of 2016 Replacement Term B-1 Loans made on or prior to the
six-month anniversary of the Initial Second Amendment Effective Date in connection with a Repricing Transaction shall be accompanied
by the payment of the fee required by Section 2.09(d) and (7) any prepayment of 2018 Replacement Term B Loans made on or prior
to the six-month anniversary of the Third Amendment Effective Date in connection with a Repricing Transaction shall be accompanied
by the payment of the fee required by Section 2.09(eb).
Each such notice shall specify the date and amount of such prepayment, the Class(es) and Type(s) of Loans to be prepaid
(such Class(es) and Type(s) of Loans to be selected by the Borrower) and
the manner in which the Borrower elects to have such prepayment applied to scheduled repayments of Loans of a given Class required
pursuant to Section 2.07; provided that in the event such notice fails to specify the manner in which the respective prepayment
shall be applied to scheduled repayments of such Class of Loans required pursuant to Section 2.07, such prepayment of such Class
of Loans shall be applied in direct order of maturity to scheduled repayments thereof required pursuant to Section 2.07. The Administrative
Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender’s
Pro Rata Share of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and
the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency
Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section
3.05. Each prepayment of the Loans of a given Class pursuant to this Section 2.05(a) shall be paid to the Appropriate Lenders in
accordance with their respective Pro Rata Shares; provided that, notwithstanding anything to the contrary
herein, (x) 20162020 Converted ReplacementRefinancing
Term B-1B Loans outstanding on the Initial
SecondFourth Amendment Effective Date immediately after the 2016
Replacement2020 Refinancing Term B-1B
Loan Conversion and immediately prior to the prepayment of 2018 Replacement Term B Loans
not subject to the 2016 Replacement2020 Refinancing
Term B-1B Loan Conversion with the Net
Proceeds of 20162020 New ReplacementRefinancing
Term B-1B Loans shall not be subject to
ratable prepayment on the Initial SecondFourth
Amendment Effective Date with Term B Loans, (y) 2016 Converted Replacement Term B-2 Loans outstanding
on the Initial Second Amendment Effective Date immediately after the 2016 Replacement Term B-2 Loan Conversion and immediately
prior to the prepayment of Incremental 2014 Term Loans not subject to the 2016 Replacement Term B-2 Loan Conversion with the Net
Proceeds of 2016 New Replacement Term B-2 Loans shall not be subject to ratable prepayment on the Initial Second Amendment Effective
Date with Incremental 2014 Term Loans and (z) 2018 Converted Replacement Term B Loans outstanding on the Third Amendment Effective
Date immediately after the 2018 Replacement Term B Loan Conversion and immediately prior to the prepayment of 2016 Replacement
Term B-1 Loans not subject to the 2018 Replacement Term B Loan Conversion with the Net Proceeds of 2018 New Replacement Term B
Loans shall not be subject to ratable prepayment on the Third Amendment Effective Date with 2016 Replacement Term B-12018
Replacement Term B Loans. Notwithstanding anything to the contrary
herein, no notice contemplated by this Section 2.05(a) shall be required in connection with any voluntary prepayment of Term
B Loans and Incremental 2014 Term Loans contemplated by the Second Amendment or any voluntary prepayment of 2016 Replacement Term
B-12018 Replacement Term B
Loans contemplated by the ThirdFourth
Amendment.

 

(ii)       Notwithstanding
anything to the contrary contained in this Agreement, the Borrower may rescind any notice of prepayment under Section 2.05(a)(i)
if such prepayment would have resulted from a refinancing of all or a portion of the outstanding Loans of a given Class, which
refinancing shall not be consummated or shall otherwise be delayed.

 

    92

     

    

 

(iii)      Notwithstanding
anything in any Loan Document to the contrary, so long as (x) no Event of Default has occurred and is continuing and (y) no proceeds
of ABL Loans or Incremental Term Loans are used for this purpose, any Company Party may prepay the outstanding Loans (which shall,
for the avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or any Holdco, the Borrower
or any of its Subsidiaries may purchase such outstanding Loans and immediately cancel them) on the following basis:

 

(A)      Any
Company Party shall have the right to make a voluntary prepayment of Loans at a discount to par pursuant to a Borrower Offer of
Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted
Prepayment Offers (any such prepayment, the “Discounted Term Loan Prepayment”), in each case made in
accordance with this Section 2.05(a)(iii); provided that no Company Party shall initiate any action under this Section
2.05(a)(iii) in order to make a Discounted Term Loan Prepayment unless (I) at least ten (10) Business Days shall have passed since
the consummation of the most recent Discounted Term Loan Prepayment as a result of a prepayment made by a Company Party on the
applicable Discounted Prepayment Effective Date; or (II) at least three (3) Business Days shall have passed since the date the
Company Party was notified that no Term Lender was willing to accept any prepayment of any Term Loan at the Specified Discount,
within the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted
Prepayment Offers, the date of any Company Party’s election not to accept any Solicited Discounted Prepayment Offers.

 

(B)       (1)
Subject to the proviso to subsection (A) above, any Company Party may from time to time offer to make a Discounted Term Loan Prepayment
by providing the Auction Agent with five (5) Business Days’ notice in the form of a Specified Discount Prepayment Notice;
provided that (I) any such offer shall be made available, at the sole discretion of the Company Party, to (x) each Term
Lender and/or (y) each Term Lender with respect to any Class of Loans on an individual tranche basis, (II) any such offer shall
specify the aggregate principal amount offered to be prepaid (the “Specified Discount Prepayment Amount”)
with respect to each applicable tranche, the tranche or tranches of Loans subject to such offer and the specific percentage discount
to par (the “Specified Discount”) of such Loans to be prepaid (it being understood that different Specified
Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Loans and, in such
event, each such offer will be treated as a separate offer pursuant to the terms of this Section 2.05(a)(iii)(B)), (III) the Specified
Discount Prepayment Amount shall be in an aggregate amount not less than $5,000,000 and whole increments of $1,000,000 in excess
thereof and (IV) each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction
Agent will promptly provide each Appropriate Lender with a copy of such Specified Discount Prepayment Notice and a form of the
Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate)
by no later than 5:00 p.m., on the third Business Day after the date of delivery of such notice to such Lenders (which date may
be extended for a period not exceeding three (3) Business Days upon notice by the Company Party to the Auction Agent) (the “Specified
Discount Prepayment Response Date”).

 

(2)       Each
Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response
Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Loans at the Specified Discount
and, if so (such accepting Lender, a “Discount Prepayment Accepting Lender”), the amount and the tranches
of such Lender’s Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a
Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not
received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the
applicable Borrower Offer of Specified Discount Prepayment.

 

    93

     

    

 

(3)       If
there is at least one (1) Discount Prepayment Accepting Lender, the relevant Company Party will make a prepayment of outstanding
Loans pursuant to this paragraph (B) to each Discount Prepayment Accepting Lender on the Discounted Prepayment Effective Date in
accordance with the respective outstanding amount and tranches of Loans specified in such Lender’s Specified Discount Prepayment
Response given pursuant to subsection (2) above; provided that, if the aggregate principal amount of Loans accepted for
prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall
be made pro rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to
be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (in consultation with such Company Party and
subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the “Specified
Discount Proration”). The Auction Agent shall promptly, and in any case within three (3) Business Days following
the Specified Discount Prepayment Response Date, notify (I) the relevant Company Party of the respective Term Lenders’ responses
to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment
and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal
amount and the tranches of Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting
Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Loans of such
Term Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated
in the foregoing notices to the Company Party and such Term Lenders shall be conclusive and binding for all purposes absent manifest
error. The payment amount specified in such notice to the Company Party shall be due and payable by such Company Party on the Discounted
Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below).

 

(C)       (1)
Subject to the proviso to subsection (A) above, any Company Party may from time to time solicit Discount Range Prepayment Offers
by providing the Auction Agent with five (5) Business Days’ notice in the form of a Discount Range Prepayment Notice; provided
that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x) each Term Lender and/or
(y) each Term Lender with respect to any Class of Loans on an individual tranche basis, (II) any such notice shall specify the
maximum aggregate principal amount of the relevant Loans (the “Discount Range Prepayment Amount”), the
tranche or tranches of Loans subject to such offer and the maximum and minimum percentage discounts to par (the “Discount
Range”) of the principal amount of such Loans with respect to each relevant tranche of Loans willing to be prepaid
by such Company Party (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered
with respect to different tranches of Loans and, in such event, each such offer will be treated as a separate offer pursuant to
the terms of this Section 2.05(a)(iii)(C)), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less
than $5,000,000 and whole increments of $1,000,000 in excess thereof and (IV) each such solicitation by a Company Party shall
remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each Appropriate
Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted
by a responding Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., on the third Business Day after the
date of delivery of such notice to such Lenders (which date may be extended for a period not exceeding three (3) Business Days
upon notice by the Company Party to the Auction Agent) (the “Discount Range Prepayment Response Date”).
Each Term Lender’s Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount
Range (the “Submitted Discount”) at which such Term Lender is willing to allow prepayment of any or
all of its then outstanding Loans of the applicable tranche or tranches and the maximum aggregate principal amount and tranches
of such Lender’s Loans (the “Submitted Amount”) such Term Lender is willing to have prepaid at
the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount
Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Loans
at any discount to their par value within the Discount Range.

 

    94

     

    

 

(2)       The
Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment
Response Date and shall determine (in consultation with such Company Party and subject to rounding requirements of the Auction
Agent made in its sole reasonable discretion) the Applicable Discount and Loans to be prepaid at such Applicable Discount in accordance
with this subsection (C). The relevant Company Party agrees to accept on the Discount Range Prepayment Response Date all Discount
Range Prepayment Offers received by the Auction Agent within the Discount Range by the Discount Range Prepayment Response Date,
in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount
to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted
Discount that is the smallest discount to par within the Discount Range being referred to as the “Applicable Discount”)
which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment
Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept
prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented
to prepayment of Loans equal to its Submitted Amount (subject to any required proration pursuant to the following subsection (3))
at the Applicable Discount (each such Term Lender, a “Participating Lender”).

 

(3)       If
there is at least one (1) Participating Lender, the relevant Company Party will prepay the respective outstanding Loans of each
Participating Lender on the Discounted Prepayment Effective Date in the aggregate principal amount and of the tranches specified
in such Lender’s Discount Range Prepayment Offer at the Applicable Discount; provided that if the Submitted Amount
by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds the Discount Range Prepayment
Amount, prepayment of the principal amount of the relevant Loans for those Participating Lenders whose Submitted Discount is a
discount to par greater than or equal to the Applicable Discount (the “Identified Participating Lenders”)
shall be made pro rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified
Participating Lender and the Auction Agent (in consultation with such Company Party and subject to rounding requirements of the
Auction Agent made in its sole reasonable discretion) will calculate such proration (the “Discount Range Proration”).
The Auction Agent shall promptly, and in any case within five (5) Business Days following the Discount Range Prepayment Response
Date, notify (I) the relevant Company Party of the respective Term Lenders’ responses to such solicitation, the Discounted
Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and
the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the
aggregate principal amount and tranches of Loans to be prepaid at the Applicable Discount on such date, (III) each Participating
Lender of the aggregate principal amount and tranches of such Term Lender to be prepaid at the Applicable Discount on such date,
and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction
Agent of the amounts stated in the foregoing notices to the relevant Company Party and Term Lenders shall be conclusive and binding
for all purposes absent manifest error. The payment amount specified in such notice to the Company Party shall be due and payable
by such Company Party on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection
(J) below).

 

    95

     

    

 

(D)       (1)
Subject to the proviso to subsection (A) above, any Company Party may from time to time solicit Solicited Discounted Prepayment
Offers by providing the Auction Agent with five (5) Business Days’ notice in the form of a Solicited Discounted Prepayment
Notice; provided that (I) any such solicitation shall be extended, at the sole discretion of such Company Party, to (x)
each Term Lender and/or (y) each Term Lender with respect to any Class of Loans on an individual tranche basis, (II) any such
notice shall specify the maximum aggregate amount of the Loans (the “Solicited Discounted Prepayment Amount”)
and the tranche or tranches of Loans the applicable Company Party is willing to prepay at a discount (it being understood that
different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Loans and, in such event,
each such offer will be treated as a separate offer pursuant to the terms of this Section 2.05(a)(iii)(D)), (III) the Solicited
Discounted Prepayment Amount shall be in an aggregate amount not less than $5,000,000 and whole increments of $1,000,000 in excess
thereof and (IV) each such solicitation by a Company Party shall remain outstanding through the Solicited Discounted Prepayment
Response Date. The Auction Agent will promptly provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment
Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to the Auction Agent (or
its delegate) by no later than 5:00 p.m., on the third Business Day after the date of delivery of such notice to such Term Lenders
(which date may be extended for a period not exceeding three (3) Business Days upon notice by the Company Party to the Auction
Agent) (the “Solicited Discounted Prepayment Response Date”). Each Term Lender’s Solicited Discounted
Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date, and (z) specify both a discount to
par (the “Offered Discount”) at which such Term Lender is willing to allow prepayment of its then outstanding
Loan and the maximum aggregate principal amount and tranches of such Loans (the “Offered Amount”) such
Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is
not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment
of any of its Loans at any discount.

 

(2)       The
Auction Agent shall promptly provide the relevant Company Party with a copy of all Solicited Discounted Prepayment Offers received
on or before the Solicited Discounted Prepayment Response Date. Such Company Party shall review all such Solicited Discounted Prepayment
Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted
Prepayment Offers that is acceptable to the Company Party in its sole discretion (the “Acceptable Discount”),
if any. If the Company Party elects, in its sole discretion, to accept any Offered Discount as the Acceptable Discount, then in
no event later than by the third Business Day after the date of receipt by such Company Party from the Auction Agent of a copy
of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this subsection (2) (the “Acceptance
Date”), the Company Party shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the
Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Company Party by the
Acceptance Date, such Company Party shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

 

    96

     

    

 

(3)       Based
upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted
Prepayment Response Date, within three (3) Business Days after receipt of an Acceptance and Prepayment Notice (the “Discounted
Prepayment Determination Date”), the Auction Agent will determine (in consultation with such Company Party and subject
to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches
of Loans (the “Acceptable Prepayment Amount”) to be prepaid by the relevant Company Party at the Acceptable
Discount in accordance with this Section 2.05(a)(iii)(D). If the Company Party elects to accept any Acceptable Discount, then the
Company Party agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted
Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable
Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater
than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Loans equal to its Offered
Amount (subject to any required pro-rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender,
a “Qualifying Lender”). The Company Party will prepay outstanding Loans pursuant to this subsection (D)
to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender’s Solicited Discounted
Prepayment Offer at the Acceptable Discount; provided that if the aggregate Offered Amount by all Qualifying Lenders whose
Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment
of the principal amount of the Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable
Discount (the “Identified Qualifying Lenders”) shall be made pro rata among the Identified Qualifying
Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (in consultation
with such Company Party and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will
calculate such proration (the “Solicited Discount Proration”). On or prior to the Discounted Prepayment
Determination Date, the Auction Agent shall promptly notify (I) the relevant Company Party of the Discounted Prepayment Effective
Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each
Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Loans
and the tranches to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal
amount and the tranches of such Term Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable, each
Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated
in the foregoing notices to such Company Party and Term Lenders shall be conclusive and binding for all purposes absent manifest
error. The payment amount specified in such notice to such Company Party shall be due and payable by such Company Party on the
Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below).

 

(E)       In
connection with any Discounted Term Loan Prepayment, the Company Parties and the Term Lenders acknowledge and agree that the Auction
Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary and documented fees and out-of-pocket
expenses from a Company Party in connection therewith.

 

    97

     

    

 

(F)       If
any Loan is prepaid in accordance with paragraphs (B) through (D) above, a Company Party shall prepay such Loans on the Discounted
Prepayment Effective Date, without premium or penalty. The relevant Company Party shall make such prepayment to the Administrative
Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable,
at the Administrative Agent’s Office in immediately available funds not later than 11:00 a.m. on the Discounted Prepayment
Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Loans
on a pro-rata basis across such installments. The Loans so prepaid shall be accompanied by all accrued and unpaid interest on
the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the
outstanding Loans pursuant to this Section 2.05(a)(iii) shall be paid to the Discount Prepayment Accepting Lenders, Participating
Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Term Lenders in accordance with
their respective Pro Rata Share or other applicable share hereunder. The aggregate principal amount of the
tranches and installments of the relevant Loans outstanding shall be deemed reduced by the full par value of the aggregate principal
amount of the tranches of Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment.

 

(G)       To
the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures
consistent with the provisions in this Section 2.05(a)(iii), established by the Auction Agent acting in its reasonable discretion
and as reasonably agreed by the applicable Company Party.

 

(H)      Notwithstanding
anything in any Loan Document to the contrary, for purposes of this Section 2.05(a)(iii), each notice or other communication required
to be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have been given upon the Auction
Agent’s (or its delegate’s) actual receipt during normal business hours of such notice or communication; provided
that any notice or communication actually received outside of normal business hours shall be deemed to have been given as of the
opening of business on the next Business Day.

 

(I)        Each
of the Company Parties and the Term Lenders acknowledge and agree that the Auction Agent may perform any and all of its duties
under this Section 2.05(a)(iii) by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation
of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory
provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection
with any Discounted Term Loan Prepayment provided for in this Section 2.05(a)(iii) as well as activities of the Auction Agent.

 

(J)        Each
Company Party shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make
a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice
or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount
Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Company Party to
make any prepayment to a Lender, as applicable, pursuant to this Section 2.05(a)(iii) shall not constitute a Default or Event
of Default under Section 8.01 or otherwise).

 

(iv)      In
connection with the incurrence of 2016 New Replacement Term B-1 Loans pursuant to Section 2.01(c)(B) and the repayment of Term
B Loans with the proceeds thereof, the Lenders and the Borrower hereby agree that, notwithstanding anything to the contrary contained
in this Agreement, the Borrower shall be obligated to pay to each 2016 Non-Converting Replacement Term B-1 Loan Lender all breakage
or other costs of the type referred to in Section 3.05 (if any) incurred or suffered in connection with the repayment of the outstanding
Term B Loans of such 2016 Non-Converting Replacement Term B-1 Loan Lender with the proceeds of 2016 New Replacement Term B-1 Loans
(it being understood that breakage or other costs of the type referred to in Section 3.05 (if any) shall not be payable to 2016
Converting Replacement Term B-1 Loan Lenders in connection with (x) the 2016 Replacement Term B-1 Loan Conversion or (y) any Term
B Loans of such 2016 Converting Replacement Term B-1 Loan Lender which are not subject to the 2016 Replacement Term B-1 Loan Conversion
and which are prepaid with the proceeds of the 2016 New Replacement Term B-1 Loans).

 

    98

     

    

 

(v)       In
connection with the incurrence of 2016 New Replacement Term B-2 Loans pursuant to Section 2.01(c)(D) and the repayment of Incremental
2014 Term Loans with the proceeds thereof, the Lenders and the Borrower hereby agree that, notwithstanding anything to the contrary
contained in this Agreement, the Borrower shall be obligated to pay to each 2016 Non-Converting Replacement Term B-2 Loan Lender
all breakage or other costs of the type referred to in Section 3.05 (if any) incurred or suffered in connection with the repayment
of the outstanding Incremental 2014 Term Loans of such 2016 Non-Converting Replacement Term B-2 Loan Lender with the proceeds of
2016 New Replacement Term B-2 Loans (it being understood that breakage or other costs of the type referred to in Section 3.05 (if
any) shall not be payable to 2016 Converting Replacement Term B-2 Loan Lenders in connection with (x) the 2016 Replacement Term
B-2 Loan Conversion or (y) any Incremental 2014 Term Loans of such 2016 Converting Replacement Term B-2 Loan Lender which are not
subject to the 2016 Replacement Term B-2 Loan Conversion and which are prepaid with the proceeds of the 2016 New Replacement Term
B-2 Loans).

 

(viiv)   In
connection with the incurrence of 20182020
New ReplacementRefinancing Term B Loans
pursuant to Section 2.01(de)(B) and the
repayment of 20162018 Replacement Term
B-1B Loans with the proceeds thereof,
the Lenders and the Borrower hereby agree that, notwithstanding anything to the contrary contained in this Agreement, the Borrower
shall be obligated to pay to each 20182020
Non-Converting ReplacementRefinancing
Term B Loan Lender all breakage or other costs of the type referred to in Section 3.05 (if any) incurred or suffered in connection
with the repayment of the outstanding 2016 Replacement Term B-1 Loans of such 2018 Non-Converting2018
Replacement Term B Loans of such 2020 Non-Converting Refinancing Term B Loan Lender with
the proceeds of 20182020 New ReplacementRefinancing
Term B Loans (it being understood that breakage or other costs of the type referred to in Section 3.05 (if any) shall not be payable
to 20182020 Converting ReplacementRefinancing
Term B Loan Lenders in connection with (x) the 2018 Replacement2020
Refinancing Term B Loan Conversion or (y) any 20162018
Replacement Term B-1B Loans of such 20182020
Converting ReplacementRefinancing Term
B Loan Lender which are not subject to the 2018 Replacement2020
Refinancing Term B Loan Conversion and which are prepaid with the proceeds of the 20182020
New ReplacementRefinancing Term B Loans).

 

    99 

     

    

 

(b)               
(a) Mandatory. (i) Within five (5) Business Days after financial
statements have been delivered pursuant to Section 6.01(a) and the related Compliance Certificate has been delivered pursuant to
Section 6.02(b), the Borrower shall cause to be prepaid an aggregate principal amount of Loans in an amount equal to (A) the Required
Percentage of Excess Cash Flow, if any, for the Excess Cash Flow Period covered by such financial statements minus (B) the
aggregate amount of all voluntary prepayments of Loans (excluding prepayments pursuant to Section
2.05(a)(iii)with respect to any such prepayments or repurchases below par, with credit
given for the actual amount of the cash payment) or other Indebtedness permitted hereunder that is secured on a pari passu basis
with the Obligations (with corresponding commitment reductions in the case of any such Indebtedness that is revolving Indebtedness)
during such Excess Cash Flow Period to the extent such prepayments are not funded with the proceeds of Indebtedness.;
provided however, that the Borrower may use a portion of such Excess Cash Flow to prepay or repurchase any Other Applicable
Indebtedness to the extent the documents governing such Indebtedness require such a prepayment or repurchase thereof with Excess
Cash Flow, in each case in an amount not to exceed the lesser of (i) the amount required under the documents governing such Indebtedness
and (ii) a pro rata payment amount based on the outstanding principal amounts of such Indebtedness and the Loans.

 

(ii)              
(A) If the Borrower or any Restricted Subsidiary incurs or issues any Indebtedness not expressly permitted to be incurred
or issued pursuant to Section 7.03, the Borrower shall cause to be prepaid an aggregate principal amount of Loans in an amount
equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five (5) Business Days after the receipt
of such Net Proceeds.

 

(B) If the
Borrower incurs or issues any Credit Agreement Refinancing Indebtedness (other than solely by means of extending or renewing then
existing Credit Agreement Refinancing Indebtedness of the type described in clause (a), (b) or (c) of the definition thereof without
resulting in any Net Proceeds), the Borrower shall prepay an aggregate principal amount of Loans in an amount equal to 100% of
the Net Proceeds of such Credit Agreement Refinancing Indebtedness on the date such Credit Agreement Refinancing Indebtedness is
incurred or issued. Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of
prepayment under Section 2.05(b)(ii)(B) if such prepayment would have resulted from the incurrence of issuance of Credit Agreement
Refinancing Indebtedness, which incurrence or issuance shall not be consummated or shall otherwise be delayed.

 

(iii)              
The amount of each principal repayment of Loans made as required by this Section 2.05(b) shall be applied pro rata
to each Class of Loans (based upon the then outstanding principal amounts of the respective Classes of Loans); provided,
that (A) any prepayment of Loans with the Net Proceeds of, or in exchange for, Credit Agreement Refinancing Indebtedness may be
applied to the applicable Class or Classes of Refinanced Debt selected by the Borrower, and (B) at the request of the Borrower,
in lieu of such application on a pro rata basis among all Classes of Loans, such prepayment may be applied to any Class
of Loans so long as the Maturity Date of such Class of Loans (or such Classes of Loans) precedes the Maturity Date of each other
Class of Loans then outstanding or, in the event more than one Class of Loans shall have an identical Maturity Date, to such Classes
on a pro rata basis. Each prepayment of Loans of a given Class
pursuant to this Section 2.05(b) shall be applied in direct order of maturity to scheduled repayments of such Loans required pursuant
to Section 2.07 and each such prepayment shall be paid to the Appropriate Lenders in accordance with their respective Pro Rata
Shares.

 

    100

     

    

 

(iv)             
The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Loans required to be made pursuant
to clauses (i) and (ii) of this Section 2.05(b) at least three (3) Business Days prior to the date of such prepayment. Each such
notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment
and shall specify the Class(es) and Type(s) of Loans to be prepaid (such Class(es) and Type(s) of Loans to be selected by the Borrower
in accordance with Section 2.05(b)(iii)). The Administrative Agent will promptly notify each Appropriate Lender of the contents
of the Borrower’s prepayment notice and of such Appropriate Lender’s Pro Rata Share of the prepayment.

 

(c)               
(b) Asset Sale/Casualty Event Offer to Purchase. (i) Within 450
days after the receipt of any Net Proceeds of any Asset Sale or Casualty Event in respect of TL Priority
Collateral, the Borrower or the applicableany
Restricted Subsidiary, at its option, may apply cash in an amount equal to the Net Proceeds from such Asset Sale or Casualty Event
(A) (I) if the assets subject to the respective Asset Sale or Casualty Event constituted TL Priority
Collateral (x) to make an offer to the Appropriate Lenders to prepay Loans in accordance with the procedures set
forth below for an Asset Sale/Casualty Event Offer, with each such prepayment pursuant to this Section 2.05(c) to be applied ratably
to each Class of Loans then outstanding; provided that, at the request of the Borrower, in lieu of such application on a
pro rata basis among all Classes of Loans, such prepayment may be applied to any Class of Loans so long as the Maturity
Date of such Class of Loans (or such Classes of Loans) precedes the Maturity Date of each other Class of Loans then outstanding
or, in the event more than one Class of Loans shall have an identical Maturity Date, to such Classes on a pro rata basis, or (y)
to prepay, purchase, redeem or permanently reduce (or make an offer to purchase, prepay,
redeem or permanently reduce) Permitted First Priority Refinancing Debt, the
2027 Senior Secured Notes, Incremental Equivalent Debt that is secured by a Lien on the
Collateral that ranks on a pari passu basis (without regard to control of remedies) with the Obligations or other
Indebtedness permitted by Section 7.03 that is secured by a Lien on the Collateral that ranks
on a pari passu basis (without regard to control of remedies) with the Obligations (or, in each case, any Indebtedness pursuant
to a Permitted Refinancing in respect thereof that is secured by a Lien on the Collateral that ranks
on a pari passu basis (without regard to control of remedies) with the Obligations) pursuant
to the terms of the documentation governing such Indebtedness, in each case under
this clause (y), with such Net Proceeds from such Asset Sale or Casualty Event (such Permitted
First Priority Refinancing Debt, Incremental Equivalent Debt or other Indebtedness permitted by Section 7.03 that is incurred after
the Restatement Effective Date or, in each case, any Indebtedness pursuant to a Permitted Refinancing in respect thereof and secured
by a Permitted Lien on a pari passu basis (without regard to control of remedies) with the Obligations (Indebtedness
set forth under this clause (y), collectively, “Other Applicable Indebtedness”)); provided,
however, that in connection with any prepayment, redemption, reduction, repayment or
purchase of Indebtedness pursuant to clause (I)(y), (1) the Borrower or such Restricted
Subsidiary shall permanently retire such Indebtedness and, in the case of obligations under revolving credit facilities or other
similar Indebtedness, shall correspondingly permanently reduce commitments with respect thereto (other than obligations owed to
the Borrower or a Restricted Subsidiary) and (2) the Borrower or such Restricted Subsidiary will equally and ratably reduce the
amount of Indebtedness outstanding under this Agreement by, at its option, prepaying Loans in accordance with Section 2.05(a) or
making an offer to all Appropriate Lenders to prepay their Loans in accordance with the procedures set forth below for an Asset
Sale/Casualty Event Offer, or (II) if the assets subject to the respective Asset Sale or Casualty
Event constituted ABL Priority Collateral, to repay outstanding ABL Loans as, and to the extent, required by any “cash sweep”
provisions in the ABL Credit Agreement, or (B) so long as no Event of Default then exists, to acquire Additional Assets; provided,
however, that, if the assets subject to the respective Asset Sale or Casualty Event constituted TL Priority Collateral, any
such Additional Assets so acquired shall constitute TL Priority Collateral and concurrently with their acquisition shall be added
to the Collateral securing the Secured Obligations in accordance with the provisions of Section 6.11 and the Collateral Documents,
and provided, further, that to the extent such Additional Assets constitute the Capital Stock of any Person that
is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement and Section 6.11, the assets of such Person
that may be used or useful in a Similar Business are, in accordance with the provisions of Section 6.11 and the Collateral Documents,
concurrently with the acquisition added to the Collateral securing the Secured Obligations. Notwithstanding the foregoing, if during
such 450-day period (provided that (X) if an offer to purchase, prepay, redeem or
permanently reduce any Loan or Other Applicable Indebtedness is made, whether or not accepted by the holders of such Indebtedness,
the amount of such offer shall be deemed not to be Net Proceeds for purposes of determining Excess Proceeds following such offer
and (Y) if the holder of any Loan or Other Applicable Indebtedness declines the prepayment, redemption or purchase of such Indebtedness
owed to it from such Net Proceeds, such declined amount will be deemed not to be Net Proceeds for purposes of determining Excess
Proceeds; provided, further, that any such declined amounts under this sub-clause (Y), together with any offered amounts not accepted
for purchase pursuant to sub-clause (X) above shall constitute “Declined Amounts”); or (B) to acquire Additional
Assets; provided that in the case of this clause (B), a binding commitment or a binding letter of intent will be treated
as a permitted application of the Net Proceeds from the date of such commitment or binding letter of intent so long as
the Borrower or a Restricted Subsidiary enters into a definitivesuch
commitment or binding agreement committing it to applyletter
of intent with the good faith expectation that such Net Proceeds of any Asset Sale
or Casualty Event to acquire Additional Assets pursuant to clause (B) of this Section 2.05(c), then, so long as no Event of Default
then exists, such 450-day period will be extended with respect to the amount of Net Proceeds so committed untilwill
be applied to satisfy such commitment or binding letter of intent within 180 days of such commitment or binding letter of intent
(or, if later, 450 days after the receipt of such Net Proceeds are required to be applied
in accordance with such agreement (but such extension will in no event be for a period longer than 180 days) (or, if earlier, the
date of termination of such agreement).) (an “Acceptable Commitment”)
and, in the event that any Acceptable Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied
in connection therewith, then such Net Proceeds will constitute Excess Proceeds.

 

    101 

     

    

 

(ii)               
Any Net Proceeds from the Asset Sale or the Casualty Event, as the case may be, that are not invested or applied as provided
and within the time period set forth in Section 2.05(c)(i) will be deemed to constitute “Excess Proceeds”. When
the aggregate amount of Excess Proceeds exceeds $100,000,000, the Borrower shall (x) make an offer within ten (10) Business Days
after the date that Excess Proceeds exceed $100,000,000 to all Appropriate Lenders in accordance with the procedures set forth
below for an Asset Sale/Casualty Event Offer, to prepay the maximum aggregate principal amount of Loans that is an integral multiple
of $1,000 that may be purchased out of the Excess Proceeds at a prepayment price in cash equal to 100% of the principal amount
thereof, plus accrued and unpaid interest to the date of prepayment in accordance with the terms contemplated in this Section
2.05(c); and (y) prepay all the Loans of such Lenders properly accepting such offer of prepayment in accordance with such Asset
Sale/Casualty Event Offer (subject to the proration provisions set forth in paragraph (v) of this Section 2.05(c)). The Borrower
may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale or a Casualty Event, as the case may
be, by making an Asset Sale/Casualty Event Offer with respect to such Net Proceeds prior to the expiration of the relevant 450-day
period or with respect to Excess Proceeds of $100,000,000 or less.

 

(iii)              
An “Asset Sale/Casualty Event Offer” means a notice delivered to the Administrative Agent (which
will promptly furnish such notice to the Appropriate Lenders) stating:

 

(I)        that
an Asset Sale/Casualty Event Offer is being made pursuant to this Section 2.05(c) and that such Lender has the right to require
the Borrower to prepay all or a portion of such Lender’s applicable Class(es) of Loans (subject to the proration provisions
set forth in paragraph (v) of this Section 2.05(c)) at a purchase price in cash equal to 100% of the principal amount thereof,
plus accrued and unpaid interest to the date of prepayment; and

 

(II)       the
prepayment date (which shall be no earlier than thirty (30) days nor later than sixty (60) days from the date such notice is mailed).

 

    102

     

    

 

(iv)             
On the prepayment date, the Borrower (subject to the proration provisions set forth in paragraph (v) of this Section 2.05(c))
shall prepay the applicable Class(es) of Loans of all Appropriate Lenders who accept the Asset Sale/Casualty Event Offer at a purchase
price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the date of prepayment.
If at the time of any prepayment pursuant to this Section 2.05(c) there shall be outstanding Borrowings of different Types or Eurocurrency
Rate Loans with different Interest Periods, and if some but not all Lenders shall have accepted such Asset Sale/Casualty Event
Offer, then the aggregate amount of such prepayment shall be allocated ratably to each outstanding Borrowing that comprises the
Loans of the accepting Lenders. All prepayments of Loans under this Section 2.05(c) shall be subject to Section 2.05(d).

 

(v)               
To the extent that the aggregate amount of the Loans accepted pursuant to an Asset Sale/Casualty Event Offer is less than
the Excess Proceeds, the Borrower may use any remaining Excess Proceeds, together with any Declined
Amounts, for general corporate purposes (any such remaining Excess Proceeds, together with
any Declined Amounts, collectively, “Declined Excess Proceeds”), subject to the terms of this Agreement.
If the aggregate principal amount of the Loans accepted in an Asset Sale/Casualty Event Offer exceeds the amount of Excess Proceeds,
the prepayment shall be applied against such Loans on a pro rata basis based on the principal amount of the Loans tendered
for acceptance. Upon completion of any such Asset Sale/Casualty Event Offer, the amount of Excess Proceeds related to such Asset
Sale/Casualty Event Offer shall be reset to zero (regardless of whether or not there are any remaining Excess Proceeds upon such
completion).

 

(vi)             
Pending the final application of any Net Proceeds pursuant to this Section 2.05(c), the Borrower or the applicable Restricted
Subsidiary may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise
invest such Net Proceeds in any manner not prohibited by this Agreement.

 

(vii)             
Each prepayment of Loans pursuant to this Section 2.05(c) shall be applied in direct order of maturity to scheduled repayments
of Loans required pursuant to Section 2.07.

 

(d)               
(c) Funding Losses, Etc. All prepayments under this Section 2.05
shall be made together with, in the case of any such prepayment of a Eurocurrency Rate Loan on a date prior to the last day of
an Interest Period therefor, any amounts owing in respect of such Eurocurrency Rate Loan pursuant to Section 3.05. Notwithstanding
any of the other provisions of Section 2.05, so long as no Event of Default shall have occurred and be continuing, if any prepayment
of Eurocurrency Rate Loans is required to be made under this Section 2.05, prior to the last day of the Interest Period therefor,
in lieu of making any payment pursuant to this Section 2.05 in respect of any such Eurocurrency Rate Loan prior to the last day
of the Interest Period therefor, the Borrower may, in its sole discretion, deposit the amount of any such prepayment otherwise
required to be made thereunder into a Cash Collateral Account until the last day of such Interest Period, at which time the Administrative
Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such
amount to the prepayment of such Loans in accordance with this Section 2.05. Upon the occurrence and during the continuance of
any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the
Borrower or any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant
provisions of this Section 2.05.

 

    103

     

    

 

SECTION
2.03. Termination of Commitments. The Term
B Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the making of such Lender’s Term
B Loan pursuant to Section 2.01(a). The Incremental 2014 Term Commitment of each Term Lender shall be automatically and permanently
reduced to $0 upon the making of such Term Lender’s Incremental 2014 Term Loan pursuant to the First Amendment on the First
Amendment Effective Date. The 2016 New Replacement Term B-1 Loan2020 New Refinancing
Term B Loan Commitment of each 20162020
New ReplacementRefinancing Term B-1B
Loan Lender shall be automatically and permanently reduced to $0 upon the making of such 20162020
New Replacement Term B-1 Loan Lender’s 2016 New Replacement Term B-1 Loan pursuant to the
Second Amendment on the Initial Second Amendment Effective Date. The 2016 New Replacement Term B-2 Loan Commitment of each 2016
New Replacement Term B-2 Loan Lender shall be automatically and permanently reduced to $0 upon the making of such 2016 New Replacement
Term B-2 Loan Lender’s 2016 New Replacement Term B-2 Loan pursuant to the Second Amendment on the Initial Second Amendment
Effective Date. The 2018 New Replacement Term B Loan Commitment of each 2018 New Replacement Term B Loan Lender shall be automatically
and permanently reduced to $0 upon the making of such 2018 New ReplacementRefinancing
Term B Loan Lender’s 20182020 New
ReplacementRefinancing Term B Loan pursuant
to the ThirdFourth Amendment on the ThirdFourth
Amendment Effective Date.

 

SECTION
2.04. Amortization of Loans.

 

(a)               
The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders holding 2018
Replacement2020 Refinancing Term B Loans (i) on the last Business Day of
each July, October, January and April, an aggregate amount equal to 0.25% of (A) the
aggregate initial principal amount of 2020 Refinancing Term B Loans outstanding on the
Restatement Effective Date plus (B) the aggregate initial principal amount of Incremental
2014 Term Loans outstanding on the FirstFourth Amendment Effective Date
(as such scheduled amortization amounts shall be reduced as a result of the application of prepayments
in accordance with the order of priority set forth in Section 2.05 or in connection with any Extension as provided in Section 2.16)
and (ii) on the Maturity Date for 2018 Replacement2020
Refinancing Term B Loans, the aggregate principal amount of all such 2018 Replacement2020
Refinancing Term B Loans outstanding on such date.

 

(b)              
The amount of any such payment set forth in clause (a) above shall be adjusted to account for the addition of any Incremental
Term Loans, Extended Term Loans or Refinancing Term Loans to contemplate (i) the reduction in the aggregate principal amount of
any Loans that were paid down in connection with the incurrence of such Incremental Term Loans, Extended Term Loans or Refinancing
Term Loans, and (ii) any increase to payments to the extent and as required pursuant to the terms of any applicable Incremental
Amendment, Extension Amendment or Refinancing Amendment.

 

SECTION
2.05. Interest(a). (a) Subject to the provisions
of Section 2.08(b), (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest
Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate; and (ii) each
Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per
annum equal to the Base Rate plus the Applicable Rate.

 

(b)               
(a) The Borrower shall pay interest on past due amounts hereunder at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

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

 

    104

     

    

 

(d)               
(c) All computations of interest hereunder shall be made in accordance
with Section 2.10.

 

(e)               
(d) Notwithstanding anything to the contrary contained in the definition
of “Interest Period” or elsewhere in this Agreement, (i) each Eurocurrency Borrowing of 20162018
Replacement Term B-1B Loans existing on
the ThirdFourth Amendment Effective Date
immediately prior to the 2018 Replacement2020 Refinancing
Term B Loan Conversion (each, an “Original Eurocurrency Borrowing”), shall, upon the occurrence of the 2018
Replacement2020 Refinancing Term B Loan Conversion be deemed to be a new
Eurocurrency Borrowing of 2018 Replacement2020 Refinancing
Term B Loans for all purposes of this Agreement; (ii) each such newly-deemed Eurocurrency Borrowing of 2018
Replacement2020 Refinancing Term B Loans shall be subject to the same Interest
Period (and Eurocurrency Rate) as the Original Eurocurrency Borrowing to which it relates (as if no new Eurocurrency Borrowing
had in fact occurred); (iii) the 20182020
New ReplacementRefinancing Term B Loans
shall be initially incurred pursuant to a single Borrowing of Eurocurrency Loans which shall be added to (and thereafter be deemed
to constitute a part of) each such newly-deemed Eurocurrency Borrowing of 2018 Replacement2020
Refinancing Term B Loans described in preceding subclause (i) on a pro rata basis (based on the relative sizes of such
newly-deemed Eurocurrency Borrowings of 2018 Replacement2020
Refinancing Term B Loans), which such Borrowing shall be subject to (x) an Interest Period that commences on the ThirdFourth
Amendment Effective Date and ends on the last day of the Interest Period of the applicable Original Eurocurrency Borrowing to which
it is added as contemplated above by this clause (iii) and (y) the same Eurocurrency Rate applicable to the Original Eurocurrency
Borrowing to which it is added as contemplated above by this clause (iii); and (iv) in connection with the 2018
Replacement2020 Refinancing Term B Loan Conversion and the incurrence of
20182020 New ReplacementRefinancing
Term B Loans pursuant to Section 2.01(de)(B),
the Administrative Agent shall (and is hereby authorized to) take all appropriate actions to ensure that all Lenders with outstanding
2018 Replacement2020 Refinancing Term
B Loans (after giving effect to the 2018 Replacement2020
Refinancing Term B Loan Conversion and the incurrence of 20182020
New ReplacementRefinancing Term B Loans
pursuant to Section 2.01(de)(B)
participate in each newly-deemed Eurocurrency Borrowing of 2018 Replacement2020
Refinancing Term B Loans based on their respective pro rata shares.

 

SECTION
2.06. Fees. (a) The Borrower shall pay
to the Agents such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such
fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between
the Borrower and the applicable Agent).

 

(b)               At
the time of the effectiveness of any Repricing Transaction that is consummated on or prior to the first anniversary of the Restatement
Effective Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with outstanding
Term B Loans that are either prepaid, refinanced, substituted, replaced or otherwise subjected to a repricing reduction in connection
with such Repricing Transaction (including each Lender that withholds its consent to such Repricing Transaction and is replaced
as a Non-Consenting Lender under Section 3.07), a fee in an amount equal to 1.0% of (x) in the case of a Repricing Transaction
of the type described in clause (a) of the definition thereof, the aggregate principal amount of all Term B Loans prepaid, refinanced,
substituted or replaced (or converted) in connection with such Repricing Transaction and (y) in the case of a Repricing Transaction
described in clause (b) of the definition thereof, the aggregate principal amount of all Term B Loans outstanding on such date
that are subject to an effective pricing reduction pursuant to such Repricing Transaction. Such fees shall be due and payable upon
the date of the effectiveness of such Repricing Transaction.

 

    105 

     

    

 

 

(c)       At
the time of the effectiveness of any Repricing Transaction that is consummated on or prior to the six-month anniversary of the
First Amendment Effective Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender
with outstanding Incremental 2014 Term Loans that are either prepaid, refinanced, substituted, replaced, converted or otherwise
subjected to a pricing reduction in connection with such Repricing Transaction (including each Lender that withholds its consent
to such Repricing Transaction and is replaced as a Non-Consenting Lender under Section 3.07), a fee in an amount equal to 1.0%
of (x) in the case of a Repricing Transaction of the type described in clause (a) of the definition thereof, the aggregate principal
amount of all such Incremental 2014 Term Loans prepaid, refinanced, substituted, replaced or converted in connection with, or otherwise
subject to, such Repricing Transaction and (y) in the case of a Repricing Transaction of the type described in clause (b) of the
definition thereof, the aggregate principal amount of all such Incremental 2014 Term Loans outstanding on such date that are subject
to an effective pricing reduction pursuant to such Repricing Transaction. Such fees shall be earned, due and payable upon the date
of the effectiveness of such Repricing Transaction.

 

(d)       At
the time of the effectiveness of any Repricing Transaction that is consummated on or prior to the six-month anniversary of the
Initial Second Amendment Effective Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each
Lender with outstanding 2016 Replacement Term B-1 Loans that are either prepaid, refinanced, substituted, replaced, converted or
otherwise subjected to a pricing reduction in connection with such Repricing Transaction (including each Lender that withholds
its consent to such Repricing Transaction and is replaced as a Non-Consenting Lender under Section 3.07), a fee in an amount equal
to 1.0% of (x) in the case of a Repricing Transaction of the type described in clause (a) of the definition thereof, the aggregate
principal amount of all such 2016 Replacement Term B-1 Loans prepaid, refinanced, substituted, replaced or converted in connection
with, or otherwise subject to, such Repricing Transaction and (y) in the case of a Repricing Transaction of the type described
in clause (b) of the definition thereof, the aggregate principal amount of all such 2016 Replacement Term B-1 Loans outstanding
on such date that are subject to an effective pricing reduction pursuant to such Repricing Transaction. Such fees shall be earned,
due and payable upon the date of the effectiveness of such Repricing Transaction.

 

(eb)       At
the time of the effectiveness of any Repricing Transaction that is consummated on or prior to the six-month anniversary of the
ThirdFourth Amendment Effective Date,
the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with outstanding 2018
Replacement2020 Refinancing Term B Loans that are either prepaid, refinanced,
substituted, replaced, converted or otherwise subjected to a pricing reduction in connection with such Repricing Transaction (including
each Lender that withholds its consent to such Repricing Transaction and is replaced as a Non-Consenting Lender under Section 3.07),
a fee in an amount equal to 1.0% of (x) in the case of a Repricing Transaction of the type described in clause (a) of the definition
thereof, the aggregate principal amount of all such 2018 Replacement2020
Refinancing Term B Loans prepaid, refinanced, substituted, replaced or converted in connection with, or otherwise subject
to, such Repricing Transaction and (y) in the case of a Repricing Transaction of the type described in clause (b) of the definition
thereof, the aggregate principal amount of all such 2018 Replacement2020
Refinancing Term B Loans outstanding on such date that are subject to an effective pricing reduction pursuant to such
Repricing Transaction. Such fees shall be earned, due and payable upon the date of the effectiveness of such Repricing Transaction.

 

    106

     

    

 

SECTION
2.07. Computation of Interest and Fees. All computations
of interest for Base Rate Loans when the Base Rate is determined by the Administrative Agent’s “prime rate”
shall be made on the basis of a year of three hundred and sixty-five (365) days or three hundred and sixty-six (366) days, as
applicable, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a three hundred
and sixty (360) day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and
shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that
any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one (1) day.
Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error.

 

SECTION
2.08. Evidence of Indebtedness. (a) The Loans made by each Lender shall be evidenced by
one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the
Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrower, in each
case in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall
be prima facie evidence absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts
and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender
made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent)
a Note or Notes payable to such Lender, which shall evidence such Lender’s Loans of the applicable Class or Classes in addition
to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount and maturity of its Loans and payments with respect thereto.

 

(a)               
On and after the Initial SecondFourth
Amendment Effective Date, each 20162020
Converting ReplacementRefinancing Term
B-1B Loan Lender which holds a promissory
note with respect to 2018 Replacement Term B Loans shall be entitled to surrender such
promissory note to the Borrower against delivery of a new promissory note with respect to its 20162020
Converted ReplacementRefinancing Term
B-1B Loans, completed in conformity with
this Section 2.11; provided that if any such promissory note is not so surrendered, then from and after the Initial
SecondFourth Amendment Effective Date, such promissory note shall be deemed
to evidence the 20162020 Converted ReplacementRefinancing
Term B-1B Loans into which the 2018
Replacement Term B Loans theretofore evidenced by such promissory note have been converted pursuant to the 2016
Replacement2020 Refinancing Term B-1B
Loan Conversion.

 

(b)
               On and after the Initial Second Amendment Effective Date, each 2016 Converting Replacement Term B-2 Loan
Lender which holds a promissory note with respect to Incremental 2014 Term Loans shall be entitled to surrender such promissory
note to the Borrower against delivery of a new promissory note with respect to its 2016 Converted Replacement Term B-2 Loans, completed
in conformity with this Section 2.11; provided that if any such promissory note is not
so surrendered, then from and after the Initial Second Amendment Effective Date, such promissory note shall be deemed to evidence
the 2016 Converted Replacement Term B-2 Loans into which the Incremental 2014 Term Loans theretofore evidenced by such promissory
note have been converted pursuant to the 2016 Replacement Term B-2 Loan Conversion.

 

(e)
               On and after the Third Amendment Effective Date, each 2018 Converting Replacement Term B Loan Lender which
holds a promissory note with respect to 2016 Replacement Term B-1 Loans shall be entitled to surrender such promissory note to
the Borrower against delivery of a new promissory note with respect to its 2018 Converted Replacement Term B Loans, completed in
conformity with this Section 2.11; provided that if any such promissory note is not so
surrendered, then from and after the Third Amendment Effective Date, such promissory note shall be deemed to evidence the 2018
Converted Replacement Term B Loans into which the 2016 Replacement Term B-1 Loans theretofore evidenced by such promissory note
have been converted pursuant to the 2018 Replacement Term B Loan Conversion.

 

     

     

    

 

(b)              
 (d) Entries made in good faith by the Administrative Agent in the Register pursuant to Section 2.11(a), and by each Lender in
its account or accounts pursuant to Sections 2.11(a), shall be prima facie evidence of the amount of principal and
interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in
the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; provided
that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in
the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this
Agreement and the other Loan Documents.

 

SECTION
2.09. Payments Generally. (a) All payments to be made by the Borrower shall be made without
condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all
payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which
such payment is owed, at the applicable Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00
p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending
Office. All payments received by the Administrative Agent after 2:00 p.m. on the relevant date shall be deemed received on the
next succeeding Business Day and any applicable interest or fee shall continue to accrue.

 

(a)               
If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the
next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided
that, if such extension would cause payment of interest on or principal of Eurocurrency Rate Loans to be made in the next succeeding
calendar month, such payment shall be made on the immediately preceding Business Day.

 

(b)               
Unless the Borrower or any Lender has notified the Administrative Agent, prior to the date any payment is required to be
made by it to the Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make such payment,
the Administrative Agent may assume that the Borrower or such Lender, as the case may be, has timely made such payment and may
(but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If
and to the extent that such payment was not in fact made to the Administrative Agent in Same Day Funds, then:

 

(i)                
if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the
portion of such assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect
of each day from and including the date such amount was made available by the Administrative Agent to such Lender to the date such
amount is repaid to the Administrative Agent in Same Day Funds at the Federal Funds Effective
Rate from time to time in effect; and

 

     

     

    

 

(ii)              
if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount
thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative
Agent to the Borrower to the date such amount is recovered by the Administrative Agent (the “Compensation Period”)
at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.
When such Lender makes payment to the Administrative Agent (together with all accrued interest thereon), then such payment amount
(excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such
Lender’s Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative
Agent’s demand therefor, the Administrative Agent may make a demand therefor upon the Borrower, and the Borrower shall pay
such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to
the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation
to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender
as a result of any default by such Lender hereunder.

 

A notice of the Administrative
Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.12(c) shall be conclusive, absent manifest
error.

 

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

 

(d)               
The obligations of the Lenders hereunder to make Loans are several and not joint. The failure of any Lender to make any
Loan on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and
no Lender shall be responsible for the failure of any other Lender to so make its Loan.

 

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

 

(f)                
Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient
to pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and
the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative
Agent and the Lenders in the order of priority set forth in Section 8.04. If the Administrative Agent receives funds for application
to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents
do not specify the manner in which such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect
to distribute such funds to each of the Lenders ratably in accordance with such Lender’s pro rata share of the Outstanding
Amount of all Classes of Loans outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Obligations
then owing to such Lender.

 

    107

     

    

 

SECTION
2.10. Sharing of Payments. If, other than as
expressly provided elsewhere herein, any Lender shall obtain on account of the Loans made by it, any payment (whether voluntary,
involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated
hereunder) thereof, such Lender shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the
other Lenders such participations in the Loans made by them as shall be necessary to cause such purchasing Lender to share the
excess payment in respect of such Loans pro rata with each of them; provided that if all or any portion of such
excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including
pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded
and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to
such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required
repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by
the purchasing Lender in respect of the total amount so recovered, without further interest thereon. The Borrower agrees that
any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by applicable Law, exercise
all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such participation as
fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent
will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this
Section 2.13 and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a
participation pursuant to this Section 2.13 shall from and after such purchase have the right to give all notices, requests, demands,
directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same
extent as though the purchasing Lender were the original owner of the Obligations purchased.

 

SECTION
2.11. Provisions Applicable to Canadian Loan Parties.
(a) For the purposes of the Interest Act (Canada), to the extent applicable, whenever any interest payable by a Canadian Subsidiary
Guarantor is calculated on the basis of a period of time other than a year of 365 or 366 days, as applicable, the annual rate
of interest to which each rate of interest utilized pursuant to such calculation is equivalent is such rate so utilized multiplied
by the actual number of days in the calendar year in which the same is to be ascertained and divided by the number of days in
such calculation.

 

(a)               
Notwithstanding any provision herein to the contrary, in no event will the aggregate “interest” (as defined
in section 347 of the Criminal Code (Canada)) payable by a Canadian Loan Party under any Loan Document exceed the maximum effective
annual rate of interest on the “credit advanced” (as defined in that section 347) permitted under that section and,
if any payment, collection or demand pursuant to such Loan Document in respect of “interest” (as defined in that section
347) is determined to be contrary to the provisions of such section 347, such payment, collection or demand will be deemed to have
been made by mutual mistake of such Canadian Loan Party, the Administrative Agent and the applicable Lender or Lenders and the
amount of such payment or collection will be refunded to such Canadian Loan Party only to the extent of the amount which is greater
than the maximum effective annual rate permitted by such laws. For purposes of determining compliance with such section 347, the
effective annual rate of interest will be determined in accordance with generally accepted actuarial practices and principles over
the term of this Agreement and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed
by the Administrative Agent will be prima facie evidence for the purposes of such determination.

 

(b)               
For the purposes of the Interest Act (Canada), to the extent applicable, the principle of deemed reinvestment of interest
will not apply to any interest calculation under the Loan Documents, and the rates of interest stipulated in this Agreement are
intended to be nominal rates and not effective rates or yields.

 

    108

     

    

 

SECTION 2.12. Refinancing
Amendments At any time after the RestatementFourth
Amendment Effective Date, the Borrower may obtain from any Lender or any Additional Lender Credit Agreement Refinancing
Indebtedness in respect of all or any portion of any Class(es) of the Loans then outstanding under this Agreement (which for this
purpose will be deemed to include any then outstanding Class(es) of Loans, Extended Term Loans, Refinancing Term Loans or Incremental
Term Loans), in the form of Refinancing Term Loans or Refinancing Term Commitments, in each case pursuant to a Refinancing Amendment;
provided that,
(i) the terms, provisions and documentation of the Refinancing Term Loans and Refinancing Term Loan Commitments of any Class
shall be as agreed
between the Borrower and the applicable Lender or Additional Lender providing such Refinancing
Term Commitments, and except as otherwise set forth herein, to the extent not identical to (or
constituting a part of) any Class of Term Loans existing on the closing date of such Credit Agreement Refinancing Indebtedness
(i)the
“Refinancing Facility Closing Date”), shall either, at the option of the Borrower, (x) reflect market terms
and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower) or (y) if not consistent
with the terms of the corresponding Class of Term Loans not be materially more restrictive to the Borrower (as determined by the
Borrower), when taken as a whole, than the terms of the applicable Class of Term Loans being refinanced or replaced (except (1)
covenants or other provisions applicable only to periods after the Maturity Date of the 2020 Refinancing Term B Loans (as of the
applicable Refinancing Facility Closing Date) of such Class being refinanced and (2) pricing (as to which any “most-favored
nation” provision shall not apply), fees, rate floors, premiums, optional prepayment or redemption terms (which shall be
determined by the Borrower)) unless the Lenders under the Term Loans existing on the Refinancing Facility Closing Date, receive
the benefit of such more restrictive terms in such Credit Agreement Refinancing Indebtedness, (ii) will rank pari
passu in right of payment and of security with the other Loans and Commitments hereunder,
(ii) have such pricing and optional prepayment terms as may be agreed by the Borrower and the Lenders thereof,
and (iii)
except as otherwise provided in Sections 2.05(a)(i), 2.05(b)(iii) and 2.05(c)(i) or as may be agreed to by the Lenders and Additional
Lenders providing such Credit Agreement Refinancing Indebtedness in the respective Refinancing Amendment, each Class of Refinancing
Term Loans shall be prepaid and repaid (or offered to be repaid in the case of Section 2.05(c)) on a pro rata basis with all voluntary
prepayments and mandatory prepayments (other than amortization payments) of the other Classes of Loans and
(iv) otherwise be treated hereunder no more favorably, including with respect to covenants and events of default, than the Refinanced
Debt; provided further that the terms and conditions applicable to such Credit Agreement Refinancing Indebtedness may provide
for any additional or different financial or other covenants or other provisions that are agreed between the Borrower and the
Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect on the date such Credit Agreement
Refinancing Indebtedness is issued, incurred or obtained. The effectiveness of any Refinancing Amendment shall
be subject to the satisfaction on the date thereof of each of the conditions set forth in such Refinancing Amendment and Section
4.02 and, to the extent reasonably requested by the Administrative Agent, receipt by the Administrative
Agent of (i) customary legal opinions, board resolutions and officers’ certificates consistent with those delivered on the
Restatement Effective Date (conformed as appropriate) other than changes to such legal opinions resulting from a change in law,
change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent and (ii) reaffirmation
agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Collateral Agent (including
Mortgage amendments) in order to ensure that the Credit Agreement Refinancing Indebtedness is provided with the benefit of the
applicable Loan Documents. Each tranche of Credit Agreement Refinancing Indebtedness incurred under this Section
2.15 shall be in an aggregate principal amount that is not less than $50,000,000. The Administrative Agent shall promptly notify
each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that this Agreement
and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to
the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness
incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing
Term Loans and/or Refinancing Term Commitments), (ii) provide certain class protection to the Lenders and Additional Lenders providing
such Credit Agreement Refinancing Indebtedness with respect to voluntary prepayments and mandatory prepayments, (iii) make such
other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the second paragraph
of Section 10.01 and (iv) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate,
in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section, and the Required
Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.

 

    109

     

    

 

SECTION 2.13. Extended
Term Loans.

 

(a)            
The Borrower may at any time and from time to time request that all or a portion of the Loans of a given Class (each, an
“Existing Term Loan Tranche”) be amended to extend the scheduled maturity date(s) of any payment of principal
with respect to all or a portion of any principal amount of such Loans (any such Loans which have been so amended, “Extended
Term Loans”) and to provide for other terms consistent with this Section 2.16. In order to establish any Extended
Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of
the Lenders under the applicable Existing Term Loan Tranche) (each, an “Extension Request”) setting forth
the proposed terms of the Extended Term Loans to be established, which shall (x) be identical
as offered to each Lender under such Existing Term Loan Tranche (including as to the proposed interest rates and fees payable,
but excluding any arrangement, structuring or other fees payable in connection therewith that are not generally shared with all
relevant Lenders) and offered pro rata to each Lender under such Existing Term Loan Tranche and (y) be identical to the Loans undereither,
at the option of the Borrower, (A) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance
(as determined in good faith by the Borrower) or (B) if not consistent with the terms of the applicable Existing Term
Loan Tranche to which such amended Extended Term Loans relate, except that: (i),
shall not be materially more restrictive to the Loan Parties (as determined in good faith by the Borrower), when taken as a whole,
than the terms of the Term Loans of the Existing Term Loan Tranche unless (x) the Lenders of the Term Loans of such applicable
Existing Term Loan Tranche receive the benefit of such more restrictive terms or (y) any such provisions only apply after
the Maturity Date of the 2020 Refinancing Term B Loans; provided, however, that (1) the scheduled final maturity date
shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may
be delayed to later dates than the scheduled amortization payments of principal
of the Term Loans of such Existing Term Loan Tranche,
to the extent provided in the applicable (with any such delay resulting in a corresponding
adjustment to the scheduled amortization payments reflected in Section 2.07 or in the Extension Amendment;
(ii), as the Effective Yieldcase
may be, with respect to the Extended Term Loans (whether in the form of interest rate
margin, upfront fees, original issue discount or otherwise) may be different than the Effective Yield for the Loans of such Existing
Term Loan Tranche, in each case, to the extent provided in the applicable Extension Amendment
; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period
after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment
of such Extended Term Loans); and (iv) Extended Term Loans may have optional prepayment terms (including call protection) as
may be agreed by the Borrower and the Lenders thereof; provided, however, that (A)
no Event of Default shall have occurred and be continuing at the time a Term Loan Extension Request is delivered to Lenders, (B)
in no event shall the Maturity Date of any Extended Term Loans of a given Extension Series at the time of establishment thereof
be earlier than the then Latest Maturity Date of any other Loans then outstanding hereunder, (C)from
which such Extended Term Loans were converted) (it being understood that the Weighted Average Life to Maturity of any
Extended Term Loans of a given Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted
Average Life to Maturity of any otherthe
Existing Term Loan Tranche (as originally in effect prior to any amortization or prepayments thereto) and
(D) anyfrom which such Extended Term Loans (and
the Liens securing the same) shall be permitted by the terms of the ABL Credit Agreement and the Intercreditor Agreement (in each
case, to the extent the ABL Credit Agreement and the Intercreditor Agreement are then in effect)were
converted), (2)(A) pricing, fees, optional prepayment or redemption terms shall be determined in good faith by the Borrower and
the interest margins and floors with respect to the Extended Term Loans may be higher or lower than the interest margins and floors
for the Term Loans of such Existing Term Loan Tranche and/or (B) additional fees, premiums or AHYDO payments may be payable
to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins and floors contemplated by
the preceding clause (A), in each case, to the extent provided in the applicable Extension
Amendment, (3) the Extended Term Loans may participate on a pro rata basis, greater than pro rata
basis or less than pro rata basis in any voluntary prepayment of any Class of Term Loans hereunder and may participate on a pro
rata basis or less than pro rata basis (but, except as otherwise permitted by this Agreement, not on a greater than pro rata basis,
except for prepayments with the proceeds of Credit Agreement Refinancing Indebtedness) in any mandatory prepayments of any Class
of Term Loans hereunder, (4) Extended Term Loans may have call protection and redemption terms as
may be agreed by the Borrower and the Lenders thereof, (5) no consent shall be required by the
Administrative Agent or any of the Lenders. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing
Term Loan Tranche converted into Extended Term Loans pursuant to any Extension Request and (6) any such request shall be made by
the Borrower to all of the Lenders with Term Loans of the applicable Class on a pro rata basis. Any Extended Term Loans
amended pursuant to any Extension Request shall be designated a series (each, an “Extension Series”)
of Extended Term Loans for all purposes of this Agreement; provided that any Extended Term Loans amended from an Existing
Term Loan Tranche may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously
established Extension Series with respect to such Existing Term Loan Tranche (in which case scheduled amortization with respect
thereto shall be proportionately increased). Each Extension Series of Extended Term Loans incurred under this Section 2.16 shall
be in an aggregate principal amount that is not less than $50,000,000 and the Borrower may impose an Extension Minimum Condition
with respect to any Extension Request, which may be waived by the Borrower in its sole discretion.

 

     

     

    

 

(b)            
The Borrower shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders
under the Existing Term Loan Tranche are requested to respond (or such shorter period as shall be acceptable to the Administrative
Agent in any given case), and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative
Agent, in each case acting reasonably to accomplish the purposes of this Section 2.16. No Lender shall have any obligation to agree
to have any of its Loans of any Existing Term Loan Tranche amended (and converted into Extended Term Loans) pursuant to any Extension
Request. Any Lender (each, an “Extending Term Lender”) wishing to have all or a portion of its Loans
under the Existing Term Loan Tranche subject to such Extension Request amended and converted into Extended Term Loans shall notify
the Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Extension
Request of the amount of its Loans under the Existing Term Loan Tranche which it has elected to request be amended and converted
into Extended Term Loans (subject to any minimum denomination requirements imposed by the Administrative Agent). In the event that
the aggregate principal amount of Loans under the Existing Term Loan Tranche subject to Extension Elections exceeds the amount
of Extended Term Loans requested pursuant to the Extension Request, Loans subject to Extension Elections shall be amended and converted
to Extended Term Loans on a pro rata basis based on the aggregate principal amount of Loans included in each such Extension Election.

 

     

     

    

 

(c)            
Extended Term Loans shall be established pursuant to an amendment (each, an “Extension Amendment”)
to this Agreement among the Borrower, the Administrative Agent and each Extending Term Lender providing an Extended Term Loan thereunder
which shall be consistent with the provisions set forth in Section 2.16(a) above (but which shall not require the consent of any
other Lender). The effectiveness of any Extension Amendment shall be subject to the satisfaction on the date thereof of each of
the conditions set forth in Section 4.02 and such other conditions as may be specified in the applicable Extension Amendment, the
Extension Minimum Condition (unless waived by the Borrower) and, to the extent reasonably requested by the Administrative Agent,
receipt by the Administrative Agent of (i) customary legal opinions, board resolutions and officers’ certificates consistent
with those delivered on the Restatement Effective Date (conformed as appropriate) other than changes to such legal opinions resulting
from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative
Agent and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the
Collateral Agent in order to ensure that the Extended Term Loans are provided with the benefit of the applicable Loan Documents.
The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties
hereto hereby (x) agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without
the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the
Extended Term Loans incurred pursuant thereto, (ii) modify the scheduled repayments set forth in Section 2.07 with respect to any
Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal amount of the Loans thereunder
in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension (with
such amount to be applied ratably to reduce scheduled repayments of such Loans required pursuant to Section 2.07), (iii) make such
other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the second paragraph
of Section 10.01 and (iv) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate,
in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section, and the Required
Lenders hereby expressly authorize the Administrative Agent to enter into any such Extension Amendment and (y) consent to the transactions
contemplated by this Section 2.16 (including, for the avoidance of doubt, payment of interest, fees or premiums in respect of any
Extended Term Loans on such terms as may be set forth in the relevant Extension Amendment).

 

(d)            
No conversion, amendment or extension of Loans pursuant to any Extension Amendment in accordance with this Section 2.16
shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement.

 

(e)            
This Section 2.16 shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

(f)             
In the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans
of a given Extension Series to a given Lender was incorrectly determined as a result of manifest administrative error in the receipt
and processing of an Extension Election timely submitted by such Lender in accordance with the procedures set forth in the applicable
Extension Amendment, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in
their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Loan
Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of such
Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension
of Loans under the applicable Existing Term Loan Tranche in such amount as is required to cause such Lender to hold Extended Term
Loans of the applicable Extension Series into which such other Loans were initially amended, as the case may be, in the amount
such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the
applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment in the absence of such error,
(ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree (including
conditions of the type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.16(c)),
and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in clause (i),
(ii), (iii) and (iv) of the last sentence of Section 2.16(c).

 

     

     

    

 

SECTION 2.14. Incremental
Borrowings.

 

(a)            
Incremental Term Commitments. The Borrower may at any time or from time to time after the RestatementFourth
Amendment Effective Date, by notice to the Administrative Agent (an “Incremental Loan Request”),
request one or more new commitments which may be of the same Class as any outstanding Loans (a “Term Loan Increase”)
or a new Class of term loans (collectively with any Term Loan Increase, the “Incremental Term Commitments”),
whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders.

 

(b)            
Incremental Term Loans. Any Incremental Term Loans (other than Term Loan Increases) made on an Incremental Facility
Closing Date shall be designated a separate Incremental Series and Class of Incremental Term Loans for all purposes of this Agreement.
On any Incremental Facility Closing Date on which any Incremental Term Commitments of any Class are effected (including through
any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.17, (i) each Incremental Term
Lender of such Class shall make a Loan to the Borrower (an “Incremental Term Loan”) in an amount equal
to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become a Lender hereunder
with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto.
Notwithstanding the foregoing, Incremental Term Loans may have identical terms to any of the Loans and be treated as the same Incremental
Series and same Class as any of such Loans.

 

(c)            
Incremental Loan Request. Each Incremental Loan Request from the Borrower pursuant to this Section 2.17 shall set
forth the requested amount and proposed terms of the relevant Incremental Term Loans. Incremental Term Loans may be made by any
existing Lender (but no existing Lender will have an obligation to make any Incremental Term Commitment, nor will the Borrower
have any obligation to approach any existing Lenders to provide any Incremental Term Commitment) or by any other bank or other
financial institution or other institutional lenders (any such other bank, other financial institution or other institutional lenders
being called an “Additional Incremental Lender”) (each such existing Lender or Additional Incremental
Lender providing such Commitment or Loan, collectively, the “Incremental Term Lenders”); provided
that the Administrative Agent shall have consented (not to be unreasonably withheld or delayed) to such Additional Incremental
Lender’s making such Incremental Term Loans to the extent such consent, if any, would be required under Section 10.07(b)
for an assignment of Loans to such Additional Incremental Lender.

 

     

     

    

 

(d)            
Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment, and the Incremental Term
Commitments thereunder, shall be subject to the satisfaction on the date thereof (the “Incremental Facility Closing
Date”) of each of the following conditions:

 

(i)                
no Event of Default shall exist after giving effect to such Incremental Term Commitments; provided that, with respect
to any Incremental Amendment the primary purpose of which is to finance an Acquisition
or any other Investment permitted by this Agreement constituting an acquisition of assets constituting a business unit, line of
business or division of, or all or substantially all of the Equity Interests of, another Person, this clause (i) may be waived
or omitted by Incremental Term Lenders holding more than 50% of the aggregate Incremental Term Commitments under such Incremental
Amendment;

 

(ii)              
the representations and warranties of each Loan Party set forth in Article V and in each other Loan Document shall be true
and correct in all material respects on and as of the Incremental Facility Closing Date with the same effect as though made on
and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case
they shall be true and correct in all material respects as of such earlier date; provided that any representation and warranty
that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and
correct (after giving effect to any qualification therein) in all respects on such respective dates; provided further that,
with respect to any Incremental Amendment the primary purpose of which is to finance
an Acquisition or any other Investment permitted by this Agreement constituting an acquisition of assets constituting a business
unit, line of business or division of, or all or substantially all of the Equity Interests of, another Person, this clause (ii)
(other than with respect to the Specified Representations) may be waived or omitted (or the scope or content of any representation
and warranty modified) by Incremental Term Lenders holding more than 50% of the aggregate Incremental Term Commitments under such
Incremental Amendment; provided further that the accuracy of the Specified Representations may not be waived without the
consent of the Required Lenders;

 

     

     

    

 

(iii)            
each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $25,000,000 and shall be
in an increment of $1,000,000 (provided that such amount may be less than $25,000,000 if such amount represents all remaining
availability under the limit set forth in the next sentence);

 

(iv)             
the aggregate principal amount of the Incremental Term Loans shall not exceed the sum of
(A) $750,000,000the greater of (x) $650,000,000 and
(y) 100% of EBITDA (calculated on a pro forma basis) of the Borrower and its Restricted Subsidiaries for the most recently ended
Test Period in the aggregate pursuant to this clause (A) or (Bminus,
the aggregate principal amount of Incremental Equivalent Debt incurred (including any unused commitments obtained) prior to such
date in reliance on this clause (A), plus (B) without duplication, the aggregate amount of (w) voluntary prepayments of
2020 Refinancing Term B Loans (including open market purchases of 2020 Refinancing Term B Loans (in the principal amount of the
Indebtedness subject thereto) by the Borrower or any of its Restricted Subsidiaries at or below par and payments through Dutch
auction procedures (in the principal amount of the Indebtedness subject thereto) and payments of 2020 Refinancing Term B Loans
utilizing Section 3.07(c) or any other “yank-a-bank” provision hereunder), (x) permanent commitment reductions in respect
of any revolving facility that is secured on a pari passu basis with the Obligations, (y) voluntary prepayments, redemptions and
repurchases of Incremental Term Loans, Incremental Equivalent Debt or other permitted Indebtedness (with corresponding commitment
reductions in the case of any such revolving Indebtedness) that, in each case, is either secured on a pari passu basis with the
Obligations or was incurred in reliance on clause (A) above or this clause (B) (including open market purchases and payments through
Dutch auction procedures, in each case, at or below par (in the principal amount of the Indebtedness subject thereto) by the Borrower
or any of its Restricted Subsidiaries) and (z) voluntary prepayments, redemptions and repurchases of Refinancing Term Loans or
other Credit Agreement Refinancing Indebtedness, the proceeds of which were applied to the prepayment, redemption, repurchase or
(in the case of any revolving Indebtedness), commitment reduction, as applicable, of any of the foregoing set forth under clause
(w), (x) or (y) above (with corresponding commitment reductions in the case of any such revolving Indebtedness) (including open
market purchases and payments through Dutch auction procedures, in each case, at or below par (in the principal amount of the Indebtedness
subject thereto) by the Borrower or any of its Restricted Subsidiaries), in the case of each of clauses (w), (x), (y) and (z),
except to the extent funded with the proceeds of long term Indebtedness (excluding, for the avoidance of doubt, proceeds of any
revolving credit facility and intercompany loans), plus (C) at the Borrower’s option, up to an amount of
Incremental Term Loans so long as the Consolidated Secured Debt Ratio is no more than 3.25 to 1.00 as of the last day of the Relevant
Reference Period, after giving effect to any such incurrence on a pro forma basis (such amounts under this
clauseclauses (A) and,
(B) and (C), the “Available Incremental Amount”); provided
that any Indebtedness incurred in reliance on clause (A) or (B) may be reclassified, as
the Borrower may elect from time to time, as having been incurred under clause (BC)
if the Borrower meets the Consolidated Secured Debt Ratio set forth in clause (BC)
at such time on a pro forma basis); and provided, further, that if amounts incurred under clause (BC)
are incurred substantially concurrently with the incurrence of Indebtedness in reliance
on clause (A) or (B) above or the incurrence of any other
Indebtedness incurred under a Fixed Basket, the Consolidated Secured Debt Ratio shall be calculated without giving effect
to such amounts incurred in reliance on the foregoing clause (A) or (B) or in reliance on a Fixed
Basket; and

 

(v)               
(A) to the extent reasonably requested by the Administrative Agent, the receipt by the Administrative Agent of (i) customary
legal opinions, board resolutions and officers’ certificates consistent with those delivered on the Restatement Effective
Date (conformed as appropriate) (other than changes to such legal opinions resulting from a change in law, change in fact or change
to counsel’s form of opinion reasonably satisfactory to the Administrative Agent) and (ii) reaffirmation agreements and/or
such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that
the Incremental Term Loans are provided with the benefit of the applicable Loan Documents, and (B) to the extent provided in the
applicable Incremental Amendment, such other conditions as the Borrower and the Lenders providing such Incremental Term Commitments
may agree.

 

     

     

    

 

(e)            
Required Terms. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term Commitments
of any Class shall be as agreed between the Borrower and the applicable Incremental Term Lenders providing such Incremental Term
Commitments, and except as otherwise set forth herein, to the extent not identical to the
Loans existing on the Incremental Facility Closing Date, shall be consistent with clauses (i) and (ii) below, as
applicable, and otherwise as reasonably satisfactory to the Administrative Agent (it being understood
that covenants and other provisions that are only applicable after the Latest Maturity Date at the time of such Incremental Facility
Closing Date shall be as agreed between the Borrower and the applicable Incremental
Term Lenders and need not be reasonably satisfactory to the Administrative Agent); provided that in the
case of a Term Loan Increase, the terms, provisions and documentation of such Term Loan Increase shall be identical (other than
with respect to upfront fees, original issue discount or similar fees and subject to clause (f))
to the applicable Loans being increased, as existing on the Incremental Facility Closing Date. In any event:

 

(i)                
the Incremental Term Loans:

 

(A)        shall
rank (I) pari passu in right of payment and (II) pari passu or junior in right of security with the Loans (and shall
be subject to an Additional Junior Lien Intercreditor Agreement or an Additional First Lien Intercreditor Agreement, as applicable)
or be unsecured;

 

(B)       as
of the Incremental Facility Closing Date, shall not have a Maturity Date earlier than the Latest Maturity Date with respect to
any Loans as of the Incremental Facility Closing Date;

 

(C)       subject
to clause (e)(i)(B) above, shall have an amortization schedule as determined by the Borrower and the applicable Incremental Term
Lenders, provided that, as of the Incremental Facility Closing Date, such Incremental Term Loans shall have a Weighted Average
Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the Loans (as originally in effect prior to
any scheduled amortization or prepayments thereto) on the date of incurrence of such Incremental Term Loans,

 

(D)       shall
have an Applicable Rate subject to clause (e)(ii) below, determined by the Borrower and the applicable Incremental Term Lenders;

 

(E)       shall
have fees determined by the Borrower and the applicable Incremental Term Loan arranger(s);

 

(F)       may
participate on a pro rata basis or less than or greater than a pro rata basis in any voluntary repayments or prepayments of principal
of the Loans hereunder and on a pro rata basis or less than a pro rata basis (but not on a greater than pro rata basis except for
prepayments with the proceeds of Credit Agreement Refinancing Indebtedness) in any mandatory repayments or prepayments of principal
of the Loans hereunder (or, if junior in right of payment or security, shall be on a junior basis with respect thereto); and

 

(G)       may
not be (x) secured by any assets other than Collateral or (y) guaranteed by any Person other than a Guarantor.;
and

 

(H)       may
have terms and provisions that otherwise differ from the terms of the 2020 Refinancing Term B Loans if satisfactory to the Borrower
and the lender(s) providing such Incremental Term Loans.

 

     

     

    

 

(ii)              
the Effective Yield applicable to the Incremental Term Loans of each Class shall be determined by the Borrower and the applicable
Incremental Term Lenders and shall be set forth in each applicable Incremental Amendment; provided, however, that
with respect to any broadly syndicated Incremental Term Loans made under Incremental Term
Commitments and incurred on or prior to the date that is 12 months after the Fourth Amendment Effective
Date initially in reliance on clause (C) of the definition of “Available Incremental Amount” (and, for the avoidance
of doubt, not through re-classification under such clause (C)), in each case, that are secured by
the Collateral on a pari passu basis with the Obligations, the Effective Yield applicable to such Incremental
Term Loans shall not be greater than the applicable Effective Yield payable pursuant to the terms of this Agreement as amended
through the date of such calculation with respect to 2018 Replacement2020
Refinancing Term B Loans plus 50 basis points per annum unless the interest rate (together with, as provided in the
proviso below, the Eurocurrency Rate or Base Rate floor) with respect to the 2018 Replacement2020
Refinancing Term B Loans is increased so as to cause the then applicable Effective Yield under this Agreement on the
2018 Replacement2020 Refinancing Term
B Loans to equal the Effective Yield then applicable to the Incremental Term Loans minus 50 basis points; provided that
any increase in the Effective Yield to the 2018 Replacement2020
Refinancing Term B Loans due to the application or imposition of a Eurocurrency Rate or Base Rate floor on any Incremental
Term Loan shall be effected solely through an increase in (or implementation of, as applicable) any Eurocurrency Rate or Base Rate
floor applicable to the 2018 Replacement2020 Refinancing
Term B Loans.

 

(f)             
Incremental Amendment. Commitments in respect of Incremental Term Loans shall become Commitments under this Agreement
pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other
Loan Documents, executed by the Borrower, each Incremental Term Lender providing such Commitments and the Administrative Agent.
The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, (x)
effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion
of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.17, including amendments as deemed necessary
by the Administrative Agent in its reasonable judgment to effect any lien subordination and associated rights of the applicable
Lenders to the extent any Incremental Term Loans are to rank junior in right of security, or (y) at
the option of the Borrower in consultation with the Administrative Agent, incorporate terms that would be favorable to existing
Lenders of the applicable Class or Classes for the benefit of such existing Lenders of the applicable Class or Classes including,
for the avoidance of doubt, any increase in the applicable yield relating to any existing Class of Term Loans to achieve fungibility
for U.S. federal income tax purposes with any existing Class of Term Loans. The Borrower will use the proceeds of the
Incremental Term Loans, if any, for any purpose not prohibited by this Agreement. No Lender
shall be obligated to provide any Incremental Term Loans unless it so agrees.

 

(g)            
This Section 2.17 shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

     

     

    

 

ARTICLE III

Taxes, Increased Costs Protection and Illegality

 

SECTION 3.01. Taxes.
(a) Except as provided in this Section 3.01 or Section 10.15, any and all payments by the Loan Parties to or for the account of
any Agent or any Lender under any Loan Document shall be made free and clear of and without deduction or withholding for any and
all present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all
liabilities (including additions to tax, penalties and interest) with respect thereto, excluding, in the case of each Agent and
each Lender, taxes imposed on or measured by its net income or net profits (including branch profits), franchise (and similar)
taxes imposed on it in lieu of net income taxes by any jurisdiction (or any political subdivision thereof) under the Laws of which
such Agent or such Lender, as the case may be, is organized, maintains a Lending Office or with which such Agent or such Lender
otherwise has a present or former connection (other than any such connection arising solely from such Agent or such Lender having
executed, delivered, become party to, received or perfected a security interest hereunder or performed its obligations or received
a payment hereunder, enforced, sold or assigned its interest in, any Loan Document), and any U.S. federal withholding taxes imposed
pursuant to FATCA, and all liabilities (including additions to tax, penalties and interest) with respect thereto (all such non-excluded
taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities with respect thereto
being hereinafter referred to as “Taxes”). If any Loan Party shall be required by any Laws to deduct
or withhold any Taxes or Other Taxes from or in respect of any sum payable under any Loan Document to any Agent or any Lender,
(i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions
and withholdings applicable to additional sums payable under this Section 3.01), each of such Agent and such Lender receives an
amount equal to the sum it would have received had no such deductions and withholdings been made, (ii) such Loan Party shall make
such deductions and withholdings, (iii) such Loan Party shall pay the full amount deducted and withheld to the relevant taxation
authority or other authority in accordance with applicable Laws, and (iv) within thirty (30) days after the date of such payment
(or, if receipts or evidence are not available within thirty (30) days, as soon as reasonably possible thereafter), such Loan
Party shall furnish to such Agent or Lender (as the case may be) the original or a certified copy of a receipt evidencing payment
thereof to the extent such a receipt is issued therefor, or other written proof of payment thereof that is reasonably satisfactory
to the Administrative Agent. If any Loan Party fails to pay any Taxes or Other Taxes when due to the appropriate taxing authority
or fails to remit to any Agent or any Lender the required receipts or other required documentary evidence, such Loan Party shall
indemnify such Agent and such Lender for any incremental taxes, interest or penalties that may become payable by such Agent or
such Lender arising out of such failure.

 

(a)               
In addition, each Loan Party agrees to pay any and all present or future stamp, court or documentary taxes and any other
excise, property, intangible or mortgage recording taxes or charges or similar levies which arise from any payment made under any
Loan Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan
Document other than, for the avoidance of doubt, any excluded taxes or other similar excluded amounts described in Section 3.01(a)
above (all such taxes payable pursuant to this Section 3.01(b) hereinafter referred to as “Other Taxes”).

 

(b)               
Subject to Section 10.15, each Loan Party agrees to indemnify each Agent and each Lender for (i) the full amount of Taxes
and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section
3.01) paid by such Agent and such Lender and (ii) any liability (including additions to tax, penalties, interest and expenses)
arising therefrom or with respect thereto, in each case whether or not such Taxes or Other Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority; provided such Agent or Lender, as the case may be, provides such Loan
Party with a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts. Payment under
this Section 3.01(c) shall be made within thirty (30) days after the date such Lender or such Agent makes a demand therefor. The
obligations of the Loan Parties under this Section 3.01(c) shall be joint and several. Notwithstanding anything to the contrary
in this Agreement, the obligations of the Loan Parties under this Section 3.01(c) shall survive the payment in full of principal,
interest, fees and any other amounts payable hereunder and the termination of this Agreement.

 

(c)               
No Loan Party shall be required pursuant to this Section 3.01 to pay any additional amount to, or to indemnify, any Lender
or Agent, as the case may be, to the extent that such Lender or such Agent becomes subject to Taxes subsequent to the Closing Date
(or, if later, the date such Lender or Agent becomes a party to this Agreement) as a result of a change in the place of organization
of such Lender or Agent or a change in the lending office of such Lender, except to the extent that any such change is requested
or required in writing by the Borrower (and provided that nothing in this clause (d) shall be construed as relieving the
Borrower from any obligation to make such payments or indemnification in the event of a change in lending office or place of organization
that precedes a Change in Law to the extent such Taxes result from a Change in Law).

 

    110

     

    

 

 

(d)               
If at the date of the Assignment and Assumption pursuant to which a Lender becomes a party to this Agreement, the Lender
assignor was entitled to payments under clause (a) of this Section 3.01 in respect of withholding tax with respect to interest
paid at such date, then, to such extent, the term Taxes shall include (in addition to withholding taxes that may be imposed in
the future or other amounts otherwise includable in Taxes) withholding tax, if any, applicable with respect to the Lender assignee
on such date.

 

(e)               
If any Lender or Agent determines, in its reasonable discretion, that it has received a refund in respect of any Taxes or
Other Taxes as to which indemnification or additional amounts have been paid to it by any Loan Party pursuant to this Section 3.01,
it shall promptly remit such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan
Party under this Section 3.01 with respect to the Taxes or Other Taxes giving rise to such refund plus any interest included
in such refund by the relevant taxing authority attributable thereto) to such Loan Party, net of all out-of-pocket expenses of
the Lender or Agent, as the case may be and without interest (other than any interest paid by the relevant taxing authority with
respect to such refund); provided that such Loan Party, upon the request of the Lender or Agent, as the case may be, agrees
promptly to return such refund to such party in the event such party is required to repay such refund to the relevant taxing authority.
Such Lender or Agent, as the case may be, shall, at such Loan Party’s request, provide such Loan Party with a copy of any
notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (provided
that such Lender or Agent may delete any information therein that such Lender or Agent deems confidential). Nothing herein contained
shall interfere with the right of a Lender or Agent to arrange its tax affairs in whatever manner it thinks fit nor oblige any
Lender or Agent to claim any tax refund or to make available its tax returns or disclose any information relating to its tax affairs
or any computations in respect thereof or require any Lender or Agent to do anything that would prejudice its ability to benefit
from any other refunds, credits, reliefs, remissions or repayments to which it may be entitled.

 

(f)                
Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 3.01(a) or (c) with respect
to such Lender it will, if requested by the Borrower, use commercially reasonable efforts (subject to such Lender’s overall
internal policies of general application and legal and regulatory restrictions) to designate another Lending Office for any Loan
affected by such event; provided that such efforts are made on terms that, in the sole judgment of such Lender, cause such
Lender and its Lending Office(s) to suffer no economic, legal or regulatory disadvantage, and provided further, that nothing
in this Section 3.01(g) shall affect or postpone any of the Obligations of any Loan Party or the rights of such Lender pursuant
to Section 3.01(a) or (c).

 

SECTION
3.02. Illegality. If any Lender reasonably
determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender
or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans, or to determine or charge interest rates based
upon the Eurocurrency Rate, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation
of such Lender to make or continue Eurocurrency Rate Loans or to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended
until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, the Borrower shall upon demand from such Lender (with a copy to the Administrative Agent),
prepay or, if applicable, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly,
if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the
Borrower shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with
such prepayment or conversion under Section 3.05. Each Lender agrees to designate a different Lending Office if such designation
will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous
to such Lender.

 

     

     

    

 

SECTION
3.03. Alternate Rate of Interest.
(a) Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 3.03, if prior to the commencement of any Interest Period
for a Eurocurrency Borrowing:

 

(i)                SECTION
3.03. Inability to Determine Rates. If the Required
Lenders determine that (i) for any reason the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that adequate
and reasonable means do not exist for determiningascertaining
the Eurocurrency Rate for
any requestedor
the LIBO Rate, as applicable (including because the LIBO Screen Rate is not available or published on a current basis), for such
Interest Period with
respect to a proposed Eurocurrency Rate Loan;
 or

 

(ii)              
(ii)the
Administrative Agent is advised by the Required Lenders that the Eurocurrency Rate for
any requestedor
the LIBO Rate, as applicable, for such Interest Period with respect to a proposed
Eurocurrency Rate Loan doeswill
not adequately and fairly reflect the cost to such Lenders of funding such Loan, or
that Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and the
Interest Period of such Eurocurrency Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.
Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended until the Administrative
Agent (upon the instruction of the Required Lenders) revokes such notice.(or
Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period;

 

then the Administrative
Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such
notice no longer exist, (A) any Committed Loan Notice that requests the conversion of any Borrowing to, or continuation of any
Borrowing as, a Eurocurrency Borrowing shall be ineffective, (B) if any Committed Loan Notice requests a Eurodollar Borrowing,
such Borrowing shall be made as a Base Rate Borrowing; provided that if the circumstances giving rise to such notice affect only
one Type of Borrowings, then the other Type of Borrowings shall be permitted.

 

(b)
Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event
or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower, may amend this Agreement to replace the
LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at
5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and
the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment
from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective
on the date that the Required Lenders have delivered to the Administrative Agent written notice that the Required Lenders accept
such amendment. No replacement of the LIBO Rate with a Benchmark Replacement pursuant to this Section 3.03(b) will occur prior
to the applicable Benchmark Transition Start Date. 

 

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

 

     

     

    

 

(d)
The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii)
the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv)
the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made
by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to Section 3.03(b) or (c), including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this Section 3.03.

 

(e)
Upon the Borrower’s receipt of such notice
of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending
request for a Eurocurrency Borrowing of, conversion to or continuation
of Eurocurrency Rate Loans orto
be made, converted or continued during any Benchmark Unavailability Period and, failing that, the
Borrower will be deemed to have converted any such request into a request for
a Borrowing of or conversion to Base Rate Loans in the
amount specified therein. During any Benchmark Unavailability Period, the component
of Base Rate based upon the LIBO Rate will not be used in any determination of the Base Rate.

 

SECTION
3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans.
(a) If any Lender reasonably determines that as a result of a Change in Law, in each case after the Restatement Effective Date,
or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making,
funding or maintaining Eurocurrency Rate Loans, or a reduction in the amount received or receivable by such Lender in connection
with any of the foregoing (excluding for purposes of this Section 3.04(a) any such increased costs or reduction in amount resulting
from (i) Taxes or Other Taxes (as to which Section 3.01 shall govern), (ii) changes in taxation of overall net income or overall
gross income (including branch profits), and franchise (and similar) taxes imposed in lieu of net income taxes, by the United States
or any foreign jurisdiction or any political subdivision of either thereof under the Laws of which such Lender is organized or
maintains a Lending Office, (iii) reserve requirements contemplated by Section 3.04(c), and (iv) any taxes, duties, levies, imposts,
deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto that are excluded from
the definition of “Taxes” pursuant to Section 3.01(a)), then from time to time within fifteen (15) days after receipt
of such demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative
Agent given in accordance with Section 3.06), the Borrower shall pay to such Lender such additional amounts as will compensate
such Lender for such increased cost or reduction. 

 

(a)               
If any Lender reasonably determines that any Change in Law affecting such Lender or any Lending Office of such Lender or
such Lender’s holding company, if any, in each case after the Restatement Effective Date, regarding capital requirements
has the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company,
if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by it, to a level below that which
such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and such Lender’s
desired return on capital), then from time to time upon demand of such Lender setting forth in reasonable detail the charge and
the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent given in accordance with
Section 3.06), the Borrower will pay to such Lender, as the case may be, within fifteen (15) days after demand by such Lender setting
forth in reasonable detail the particulars of such reduction, such additional amount or amounts as will compensate such Lender
or such Lender’s holding company for any such reduction suffered.

 

     

     

    

 

(b)               
The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to
liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount
of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined
by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such
Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or
financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate
Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal
places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which
interest is payable on such Loan, provided the Borrower shall have received at least fifteen (15) days’ prior notice (with
a copy to the Administrative Agent) of such additional interest or cost from such Lender. If a Lender fails to give notice fifteen
(15) days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable fifteen (15) days
from receipt of such notice. Notwithstanding anything to the contrary contained above in this clause (c), the Borrower shall not
be obligated to pay any additional amounts pursuant to this clause (c) to the extent such amounts are already included in the calculation
of the Eurocurrency Rate pursuant to clause (b) of the definition thereof.

 

(c)               
Failure or delay on the part of any Lender to demand compensation pursuant to this Section 3.04 shall not constitute a waiver
of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate
a Lender pursuant to Section 3.04(a), (b) or (c) for any such increased cost or reduction incurred more than one hundred and eighty
(180) days prior to the date that such Lender demands, or notifies the Borrower of its intention to demand, compensation therefor,
provided further, that, if the circumstance giving rise to such increased cost or reduction is retroactive, then such 180-day
period referred to above shall be extended to include the period of retroactive effect thereof.

 

(d)               
If any Lender requests compensation under this Section 3.04, then such Lender will, if requested by the Borrower, use commercially
reasonable efforts to designate another Lending Office for any Loan affected by such event; provided that such efforts are
made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material
economic, legal or regulatory disadvantage, and provided further, that nothing in this Section 3.04(e) shall affect or postpone
any of the Obligations of the Borrower or the rights of such Lender pursuant to Section 3.04(a), (b), (c) or (d).

 

     

     

    

 

SECTION
3.05. Funding Losses. Upon written demand
of any Lender (with a copy to the Administrative Agent) from time to time, which demand shall set forth in reasonable detail the
basis for requesting such amount, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any
loss, cost or expense (but excluding any loss of anticipated profit) actually incurred by it as a result of:

 

(a)            
any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan prior to the last day of the
Interest Period for such Loan; or

 

(b)            
any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

including any loss or expense arising from
the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from
which such funds were obtained.

 

For purposes of calculating
amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency
Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar
market for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded.

 

SECTION
3.06. Matters Applicable to All Requests for Compensation.
(a)  (a)
Any Agent or any Lender claiming compensation under this Article III shall
deliver a certificate to the Borrower setting forth the additional amount or amounts to be paid to it hereunder which shall be
conclusive in the absence of manifest error. In determining such amount, such Agent or such Lender may use any reasonable averaging
and attribution methods.

 

(b)               
(a) With respect to any Lender’s claim for compensation under Section
3.01, 3.02, 3.03 or 3.04, the Borrower shall not be required to compensate such Lender for any amount incurred more than one hundred
and eighty (180) days prior to the date that such Lender notifies the Borrower of the event that gives rise to such claim; provided
that, if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended
to include the period of retroactive effect thereof. If any Lender requests compensation by the Borrower under Section 3.04, the
Borrower may, by notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to make
or continue from one Interest Period to another Eurocurrency Rate Loans, or to convert Base Rate Loans into Eurocurrency Rate Loans,
until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of Section 3.06(d)
shall be applicable); provided that such suspension shall not affect the right of such Lender to receive the compensation
so requested.

 

(c)               
(b) If the obligation of any Lender to make or continue from one Interest
Period to another any Eurocurrency Rate Loan, or to convert Base Rate Loans into Eurocurrency Rate Loans shall be suspended, such
Lender’s Eurocurrency Rate Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current
Interest Period(s) for such Eurocurrency Rate Loans (or, in the case of an immediate conversion required by Section 3.02, on such
earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified
in Section 3.01, 3.02, 3.03 or 3.04 hereof that gave rise to such conversion no longer exist:

 

(i)                
to the extent that such Lender’s Eurocurrency Rate Loans have been so converted, all payments and prepayments of principal
that would otherwise be applied to such Lender’s Eurocurrency Rate Loans shall be applied instead to its Base Rate Loans;
and

 

(ii)              
all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency Rate
Loans shall be made or continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be converted
into Eurocurrency Rate Loans shall remain as Base Rate Loans.

 

     

     

    

 

(d)               
(c) If any Lender gives notice to the Borrower (with a copy to the Administrative
Agent) that the circumstances specified in Section 3.01, 3.02, 3.03 or 3.04 hereof that gave rise to the conversion of such Lender’s
Eurocurrency Rate Loans pursuant to this Section 3.06 no longer exist (which such Lender agrees to do promptly upon such circumstances
ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders are outstanding, such Lender’s Base Rate Loans
shall be automatically converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Eurocurrency
Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans of a given Class held by the Lenders holding
Eurocurrency Rate Loans and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods)
in accordance with their respective Commitments.

 

SECTION
3.07. Replacement of Lenders under Certain Circumstances.

 

(a) If at any time (i)
the Borrower becomes obligated to pay additional amounts or indemnity payments described in Section 3.01 or 3.04 as a result of
any condition described in such Sections or any Lender ceases to make Eurocurrency Rate Loans as a result of any condition described
in Section 3.02 or Section 3.04, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender,
then the Borrower may, on five (5) Business Days’ prior written notice to the Administrative Agent and such Lender, replace
such Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to Section 10.07(b) (with the assignment
fee to be paid by the Borrower in such instance) all of its rights and obligations under this Agreement to one or more Eligible
Assignees; provided that neither the Administrative Agent nor any Lender shall have any obligation to the Borrower to find
a replacement Lender or other such Person; provided further, that (A) in the case of any such assignment resulting from
a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result
in a reduction in such compensation or payments and (B) in the case of any such assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable Eligible Assignees shall have agreed to, and shall be sufficient (together with all other consenting Lenders)
to cause the adoption of, the applicable departure, waiver or amendment of the Loan Documents.

 

(a)               
Any Lender being replaced pursuant to Section 3.07(a) above shall (i) execute and deliver an Assignment and Assumption with
respect to all of such Lender’s Commitments and outstanding Loans (or, with respect to clause (a)(iii) above, all of its
applicable Commitments and outstanding Loans with respect to the Class of Loans or Commitments that is the subject of the related
consent, waiver or amendment), and (ii) deliver any Notes evidencing such Loans to the Borrower or Administrative Agent (or a lost
or destroyed note indemnity reasonably satisfactory to the Borrower and the Administrative Agent in lieu thereof); provided
that the failure of any such Lender to execute an Assignment and Assumption or deliver such Notes shall not render such sale and
purchase (and the corresponding assignment) invalid and such assignment shall be recorded in the Register and the Notes shall be
deemed to be canceled upon such failure. Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all
or a portion, as the case may be, of the assigning Lender’s Commitment and outstanding Loans, (B) all obligations of the
Borrower owing to the assigning Lender relating to the Loans so assigned shall be paid in full by the assignee Lender to such assigning
Lender concurrently with such Assignment and Assumption and (C) upon such payment and, if so requested by the assignee Lender,
delivery to the assignee Lender of the appropriate Note or Notes executed by the Borrower, the assignee Lender shall become a Lender
hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans and Commitments,
except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender. In connection
with any such replacement, (i) if the Lender to be replaced is a Non-Consenting Lender, the Borrower shall pay to each Non-Consenting
Lender, concurrently with the effectiveness of the respective assignment, the fee set forth in Section 2.09(b), Section
2.09(c), Section 2.09(d) or Section 2.09(e), in each case, to the extent applicable and (ii) if any such Non-Consenting
Lender or Defaulting Lender does not execute and deliver to the Administrative Agent a duly executed Assignment and Assumption
Agreement reflecting such replacement within five (5) Business Days of the date on which the assignee Lender executes and delivers
such Assignment and Assumption Agreement to such Non-Consenting Lender or Defaulting Lender, then such Non-Consenting Lender or
Defaulting Lender shall be deemed to have executed and delivered such Assignment and Assumption Agreement without any action on
the part of the Non-Consenting Lender or Defaulting Lender.

 

     

     

    

 

(b)               
In the event that (i) the Borrower or the Administrative Agent has requested that the Lenders consent to a departure or
waiver of any provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question
requires the agreement of all affected Lenders, all adversely affected Lenders or all Lenders
in accordance with the terms of Section 10.01 or all affected Lenders, all adversely affected Lenders
or all Lenders with respect to a certain Class of Loans and (iii) the Required Lenders (or, in the case of a consent, waiver or
amendment involving a certain Facility, the Required Facility Lenders) have agreed to such consent, waiver or amendment, then any
Lender who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting Lender”.

 

SECTION
3.08. Survival. All of the Borrower’s
obligations under this Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations
hereunder.

 

ARTICLE
IV

 

Conditions Precedent to Credit Extensions

 

SECTION
4.01. Conditions to Making of Term B Loans.
The obligation of each Lender to make its Term B Loans hereunder is subject to satisfaction of the following conditions precedent:

 

(a)               
The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each in form
and substance reasonably satisfactory to the Administrative Agent and its legal counsel:

 

(i)                
executed counterparts of (A) this Agreement and (B) the Guarantor Consent and Reaffirmation;

 

(ii)              
a Note executed by the Borrower in favor of each Lender that has requested a Note at least two (2) Business Days in advance
of the Restatement Effective Date;

 

(iii)            
evidence that all documents, actions, recordings and filings (including lien searches and the filing of UCC or PPSA financing
statements) that the Administrative Agent may deem reasonably necessary to satisfy the Collateral and Guarantee Requirement shall
have been taken, completed or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent;

 

(iv)             
such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers
of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which
such Loan Party is a party or is to be a party on the Restatement Effective Date and attaching copies of the Organization Documents
of each Loan Party, certified by the Secretary of State of its jurisdiction of organization, together with a good standing certificate
from the Secretary of State of its jurisdiction of organization, each dated as of a recent date prior to the Restatement Effective
Date;

 

     

     

    

 

(v)               
(a) opinion from Ropes & Gray LLP, counsel to the Loan Parties substantially in the form of Exhibit I attached
heretoto the Existing Credit Agreement
and (b) opinions of local counsel to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent
to the extent reasonably requested by the Administrative Agent;

 

(vi)             
a certificate signed by a Responsible Officer of the Borrower certifying that there has been no change, effect, event or
occurrence since January 28, 2012, that has had or could reasonably be expected to result in a Material Adverse Effect;

 

(vii)           
a certificate attesting to the Solvency of the Loan Parties (taken as a whole) on the Restatement Effective Date after giving
effect to the Transaction, from the Chief Financial Officer of the Borrower;

 

(viii)         
evidence that all insurance (including title insurance) required to be maintained pursuant to the Loan Documents has been
obtained and is in effect and that the Administrative Agent has been named as loss payee or as additional insured, as applicable,
under each insurance policy with respect to such insurance as to which the Administrative Agent shall have reasonably requested
to be so named;

 

(ix)             
a copy of the irrevocable notice of redemption being delivered on the Restatement Effective Date in connection with the
redemption of approximately $137,000,000 of the 2016 Senior Subordinated Notes pursuant to, and in accordance with the terms of,
the 2016 Senior Subordinated Notes Indenture; and

 

(x)               
all accrued but unpaid interest on the Outstanding Term Loans under the Existing Credit Agreement prior to but excluding
the Restatement Effective Date shall have been paid in full on the Restatement Effective Date.

 

(b)               
All fees and expenses required to be paid hereunder and invoiced at least three (3) Business Days before the Restatement
Effective Date shall have been paid in full in cash.

 

(c)               
The Arrangers and the Lenders shall have received (i) the Audited Financial Statements and the audit report for such financial
statements and (ii) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash
flows of the Borrower and its Subsidiaries for each subsequent fiscal quarter ended after January 28, 2012 and at least forty-five
(45) days before the Restatement Effective Date (collectively, the “Unaudited Financial Statements”),
which financial statements described in clauses (i) and (ii) shall be prepared in accordance with GAAP.

 

(d)               
The Arrangers and the Lenders shall have received a certificate from a Responsible Officer of the Borrower certifying compliance
with Sections 4.02(a) and (b).

 

(e)               
The Administrative Agent’s shall have received all documentation and other information about the Borrower and the
Guarantors required under applicable “know your customer” and anti-money laundering
rules and regulationsAnti-Money Laundering Laws, including the PATRIOT
Act and the Proceeds of Crime Act, that has been requested by the Administrative Agent in writing prior to the
Restatement Effective Date.

 

     

     

    

 

SECTION
4.02. Conditions to All Credit Extensions.

 

The
obligation of each Lender to honor any request for Borrowing (other than (x) in connection
with any Limited Condition Transaction, (y) the Borrowing of any Incremental Term Loan to
finance an Acquisition or any other Investment permitted by this Agreement constituting an acquisition of assets constituting a
business unit, line of business or division of, or all or substantially all of the Equity Interests of, another Person,
and, (z) for the avoidance of doubt, any
conversion or continuation of any Loan pursuant to Section 2.02) is subject to the following conditions precedent:

 

(a)              
The representations and warranties of the Borrower and each other Loan Party contained in Article V shall be true and correct
in all material respects on and as of the date of the Borrowing; provided that, to the extent that such representations
and warranties described in this clause (a) specifically refer to an earlier date, they shall be true and correct in all material
respects as of such earlier date; provided further, that, any representation and warranty described in this clause (a) that
is qualified as to “materiality,” “Material Adverse Effect”, or similar language shall be true and correct
in all respects on such respective dates.

 

(b)              
No Default shall exist, or would result from the proposed Borrowing or from the application of the proceeds therefrom.

 

(c)              
The Administrative Agent shall have received a Committed Loan Notice in accordance with the requirements hereof.

 

Each Committed Loan Notice
submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a)
and (b) have been satisfied on and as of the date of the applicable Borrowing.

 

ARTICLE
V

 

Representations and Warranties

 

The Borrower represents
and warrants to the Agents and the Lenders that:

 

SECTION
5.01. Existence, Qualification and Power; Compliance with Laws.
Each Loan Party and each of its Restricted Subsidiaries (a) is a Person duly organized or formed, validly existing and in good
standing (to the extent such concept exists under applicable Law) under the Laws of the jurisdiction of its incorporation or organization,
(b) has all requisite organizational power and authority to (i) own or lease its assets and carry on its business and (ii) execute,
deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification, (d) is in compliance with all Laws, orders, writs, injunctions and orders and (e) has all requisite governmental
licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case referred to
in clause (c), (d) or (e), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.02. Authorization; No Contravention.
The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, and the consummation
of the Transaction, are within such Loan Party’s corporate or other powers, have been duly authorized by all necessary corporate
or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents;
(b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section
7.01), or require any payment to be made under (i) (x) any indenture, mortgage, deed of trust or loan agreement evidencing Indebtedness
in an aggregate principal amount in excess of the Threshold Amount or (y) any other Contractual Obligation to which such Person
is a party or affecting such Person or the properties of such Person or any of its Restricted Subsidiaries or (ii) any material
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject;
or (c) violate any material Law; except with respect to any conflict, breach or contravention or payment (but not creation of Liens)
referred to in clause (b)(i), to the extent that such conflict, breach, contravention or payment could not reasonably be expected
to have a Material Adverse Effect.

 

     

     

    

 

SECTION
5.03. Governmental Authorization; Other Consents.
No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority
or any other Person is necessary or required in connection with (a) the
execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or
for the consummation of the TransactionTransactions,
(b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance
of the Liens created under the Collateral Documents (including the priority thereof) or (d) the exercise by the Administrative
Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral
Documents, except for (i) filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the
Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained,
taken, given or made and are in full force and effect and (iii) those approvals, consents, exemptions, authorizations or other
actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse
Effect.

 

SECTION
5.04. Binding Effect. This Agreement and
each other Loan Document has been duly executed and delivered by each Loan Party that is party thereto. This Agreement and each
other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party
that is party thereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws, by general
principles of equity and an implied covenant of good faith and fair dealing.

 

SECTION
5.05. Financial Statements; No Material Adverse Effect.

 

(a)            
The Audited Financial Statements and the Unaudited Financial Statements(x)
audited consolidated balance sheets of the Borrower and its Subsidiaries as of each of
February 1, 2020, February 2, 2019 and February 3, 2018, and the related audited consolidated statements of income, stockholders’
equity and cash flows for the Borrower and its Subsidiaries for the fiscal years ended February 1, 2020, February 2, 2019 and February
3, 2018 and (y) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows
of the Borrower and its Subsidiaries for the fiscal quarters ended May 2, 2020 and August 1, 2020, fairly
present in all material respects the financial position of the Borrower and
its Subsidiaries as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the periods covered thereby,
except as otherwise expressly noted therein or in Schedule 5.05 hereto. 

 

(b)            
Since January 28February 1, 20122020,
there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

 

(c)            
The forecasts of consolidated balance sheets, income statements and cash flow statements
of the Borrower and its Subsidiaries delivered to the Administrative Agent prior to the Restatement Effective Date in connection
with the Transaction have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed
to be reasonable at the time of preparation of such forecasts, it being understood that actual results may vary from such forecasts
and that such variations may be material.[Reserved.]

 

     

     

    

 

(d)            
As of the RestatementFourth Amendment
Effective Date, neither the Borrower nor any Subsidiary has any Indebtedness or other obligations or liabilities, direct or contingent
(other than (i) such liabilities as are set forth in the financial statements described in clause (a) of this Section 5.05, (ii)
obligations arising under this Agreement, the ABL Loan Documents, the 2027 Senior Unsecured
Notes Indenture and the 20162027 Senior
SubordinatedSecured Notes Indenture and
(iii) liabilities incurred in the ordinary course of business) that, either individually or in the aggregate, have had or could
reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.06. Litigation. There are no actions,
suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity,
in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against
any of their properties or revenues that either individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect.

 

SECTION
5.07. No Default. Neither the Borrower
nor any Restricted Subsidiary is in default under or with respect to, or a party to, any Contractual Obligation that could, either
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.08. Ownership of Property; Liens. Each
Loan Party and each of its Restricted Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests
in, or easements or other limited property interests in, all real property necessary in the ordinary conduct of its business, free
and clear of all Liens except (i) for minor defects in title that do not materially interfere with its ability to conduct its business
or to utilize such assets for their intended purposes, (ii) for Liens permitted by Section 7.01 and (iii) where the failure to
have such title could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

SECTION
5.09. Environmental Compliance.
(a)  (a)
There are no claims, actions, suits, or proceedings alleging potential
liability or responsibility for violation of, or otherwise relating to, any Environmental Law that could, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)               
(a) Except as could not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect, (i) none of the properties currently or formerly owned, leased or operated by any
Loan Party or any of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign,
state, provincial or local list or is adjacent to any such property; (ii) to the knowledge of the Loan Parties or any of their
Restricted Subsidiaries, there are no and never have been any underground or aboveground storage tanks or any surface impoundments,
septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed of on any
property currently owned, leased or operated by any Loan Party or any of its Subsidiaries or, to its knowledge, on any property
formerly owned or operated by any Loan Party or any of its Subsidiaries; (iii) to the knowledge of the Loan Parties or any of their
Restricted Subsidiaries, there is no asbestos or asbestos-containing material on any property currently owned or operated by any
Loan Party or any of its Subsidiaries; and (iv) Hazardous Materials have not been released, discharged or disposed of by any Person
on any property currently or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries and Hazardous Materials
have not otherwise been released, discharged or disposed of by any of the Loan Parties and their Subsidiaries at any other location.

 

     

     

    

 

(c)               
(b) The properties owned, leased or operated by the Borrower and the Subsidiaries
do not contain any Hazardous Materials in amounts or concentrations which (i) constitute, or constituted a violation of, (ii) require
remedial action under, or (iii) could give rise to liability under, Environmental Laws, which violations, remedial actions and
liabilities, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

(d)               
(c) Neither the Borrower nor any of its Subsidiaries is undertaking, and
has not completed, either individually or together with other potentially responsible parties, any investigation or assessment
or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any
site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any
Environmental Law except for such investigation or assessment or remedial or response action that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

(e)               
(d) All Hazardous Materials generated, used, treated, handled or stored
at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries
have been disposed of in a manner not reasonably expected to result, individually or in the aggregate, in a Material Adverse Effect.

 

(f)                
(e) Except as would not reasonably be expected to result, individually
or in the aggregate, in a Material Adverse Effect, none of the Loan Parties and their Subsidiaries has contractually assumed any
liability or obligation under or relating to any Environmental Law.

 

SECTION
5.10. Taxes. Except as set forth in Schedule
5.10 or as could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the
Borrower and its Subsidiaries have filed all Federal, state, provincial and other material tax returns and reports required to
be filed, and have paid all material Federal, state, provincial and other taxes, assessments, fees and other governmental charges
levied or imposed upon them or their properties, income or assets otherwise due and payable, except those (a) which are not overdue
by more than thirty (30) days or (b) which are being contested in good faith by appropriate actions diligently conducted and for
which adequate reserves have been provided in accordance with GAAP.

 

SECTION
5.11. ERISA Compliance. (a)
 (a) Except
as could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan
is in compliance with the applicable provisions of ERISA, the Code, the PBA and other Federal, state or provincial Laws.

 

(b)               
(a) (i) No ERISA Event has occurred
during the five year period prior to the date on which this representation is made or deemed made with respect to any Pension Plan;
(ii) no Pension Plan has an “accumulated funding deficiency” (as defined in Section
412 of the Code), whether or not waived; (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or
reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and
not delinquent under Section 4007 of ERISA); (iviii)
neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred
which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA
with respect to a Multiemployer Plan; and (viv)
neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of
ERISA, except, with respect to each of the foregoing clauses of this Section 5.11(b), as could not reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect.

 

(c)               
(b) Each Canadian Subsidiary is in compliance with the requirements of
the PBA and other federal, provincial or state laws with respect to each Pension Plan, except where the failure to so comply would
not reasonably be expected to have a Material Adverse Effect. No fact or situation that may reasonably be expected to result in
a Material Adverse Effect exists in connection with any Pension Plan. No Canadian Subsidiary has any withdrawal liability in connection
with a Pension Plan which could reasonably be expected to result in a Material Adverse Effect. No Pension Event has occurred which
could reasonably be expected to result in a Material Adverse Effect. No lien has arisen, choate or inchoate, in respect of a Canadian
Subsidiary or its property in connection with any Pension Plan (save for contribution amounts not yet due), except such liens as
would not reasonably be expected to result in a Material Adverse Effect.

 

     

     

    

 

SECTION
5.12. Subsidiaries; Equity Interests. As
of the RestatementFourth Amendment
Effective Date, no Loan Party has any Subsidiaries other than those specifically disclosed in Schedule 5.12, and all of the outstanding
Equity Interests in their respective Subsidiaries have been validly issued, are fully paid and nonassessable and all Equity Interests
owned by a Loan Party are owned free and clear of all Liens except (i) those created under the Collateral Documents and,
the ABL Collateral Documents and the 2027 Senior Secured Notes Collateral Documents and
(ii) any nonconsensual Lien that is permitted under Section 7.04. As of the RestatementFourth
Amendment Effective Date, Schedule 5.12 (a) sets forth the name and jurisdiction of each Subsidiary, (b) sets forth
the ownership interest of the Borrower and any other Subsidiary in each Subsidiary, including the percentage of such ownership
and (c) identifies each Subsidiary the Equity Interests of which are required to be pledged on the RestatementFourth
Amendment Effective Date pursuant to the Collateral and Guarantee Requirement.

 

SECTION
5.13. Margin Regulations; Investment Company Act.
(i) The Borrower is not engaged nor will it engage, principally or as one of its important activities, in the business of purchasing
or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing
or carrying margin stock, and no proceeds of any Borrowings will be used for any purpose that violates Regulation U. The value
of the margin stock (within the meaning of Regulation U) owned by the Borrower and its Subsidiaries at any time the extensions
of credit hereunder constitute “purpose” credit (within the meaning of Regulation U) does not exceed 25% of the value
of the assets of the Borrower and its Subsidiaries taken as a whole.

 

(ii)       None
of the Borrower or any Subsidiary Guarantor is required to be registered as an “investment company” under the Investment
Company Act of 1940.

 

SECTION
5.14. Disclosure. No report, financial
statement, certificate or other written information furnished by or on behalf of any Loan Party to any Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or any other Loan Document (as modified or supplemented by other information so furnished) when taken
as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to
projected financial information and pro forma financial information, the Borrower represents only that such information was prepared
in good faith based upon assumptions believed by the Borrower to be reasonable at the time of preparation; it being understood
that such projections may vary from actual results and that such variances may be material.

 

SECTION
5.15. Intellectual Property; Licenses, Etc.
Each of the Loan Parties and their Restricted Subsidiaries own, license or possess the right to use, all of the trademarks, service
marks, trade names, domain names, copyrights, patents, patent rights, licenses, technology, software, know-how database rights,
rights of privacy and publicity and other intellectual property rights (collectively, “IP Rights”) that
are reasonably necessary for the operation of their respective businesses as currently conducted, and, without conflict with the
rights of any Person, except to the extent such failure to own, license or possess or such conflicts, either individually or in
the aggregate, could not reasonably be expected to have a Material Adverse Effect. The operation of the businesses of any Loan
Party or Restricted Subsidiary as currently conducted does not infringe upon, misuse, misappropriate or violate any rights held
by any Person except for such infringements, misuses, misappropriations or violations, individually or in the aggregate, which
could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any IP Rights, is pending
or, to the knowledge of the Borrower, threatened against any Loan Party or Restricted Subsidiary, which, either individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

     

     

    

 

SECTION
5.16. Solvency. On the RestatementFourth
Amendment Effective Date after giving effect to the TransactionFourth
Amendment Transactions, the Loan Parties, on a consolidated basis, are Solvent.

 

SECTION
5.17. [Reserved]. 

 

SECTION
5.17. Subordination of Junior Financing.
The Obligations are “Senior Debt”, “Senior Indebtedness”, “Guarantor Senior Debt” or “Senior
Secured Financing” (or any comparable term) under, and as defined in, the 2020 Senior Subordinated Notes Indenture and under
any other Junior Financing Documentation. The Obligations are “Designated Senior Indebtedness” under and as defined
in the 2020 Senior Subordinated Notes Indenture.

 

ARTICLE
VI Labor Matters

 

Labor
Matters. Except as, in the aggregate, could
not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against any of
the Borrower or its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and
payment made to employees of each of the Borrower or its Restricted Subsidiaries have not been in violation of the Fair Labor
Standards Act or any other applicable Laws dealing with such matters; and (c) all payments due from any of the Borrower or its
Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books
of the relevant party.

 

SECTION
5.19. Anti-Terrorism Laws; OFAC 

 

Anti-Terrorism
Laws. Except as could not reasonably be expected to result
in a Material Adverse Effect, to the extent applicable, the Borrower and each of its Subsidiaries is in compliance, in all material
respects, with the Sanctions Laws and Regulations.

 

(b)
OFAC. Except as could not reasonably be expected to result in a Material Adverse
Effect, none of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any director, manager, officer,
agent or employee of the Borrower or any of its Subsidiaries (i) is a person whose property or interest in property is blocked
or subject to blocking pursuant to Section 1 of the Executive Order, (ii) engages in any dealings or transactions prohibited by
Section 2 of the Executive Order, or is otherwise associated with any such person in any manner that violates Section 2 of the
Executive Order or (iii) is a person on the list of “Specially Designated Nationals and Blocked Persons” or subject
to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation
or executive order.

 

SECTION
6.01. OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws; Patriot Act.(a) No part of the proceeds of the Loans will be used by Holdco, any Loan Party or any Subsidiary of the Borrower, directly or,
to the knowledge of the Loan Parties, indirectly, (i) for any payments to any governmental official or employee, political party,
official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to retain
or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws; (ii) in violation of Anti-Money
Laundering Laws, or (iii) for financing the activities of any Person currently subject to any Sanctions or in any Sanctioned Country
or otherwise in any manner that would result in violation of Sanctions or Anti-Corruption Laws by any Lender or any other party
to any Loan Document.

 

     

     

    

 

(b)            The Borrower has implemented and maintains in effect procedures designed to promote compliance by the Borrower and its
directors, officers, employees, and agents with Anti-Corruption Laws of the United States and Sanctions imposed, administered or
enforced by the United States Governmental Authorities. None of Holdco, any Loan Party or any Subsidiary of the Borrower, nor,
to the knowledge of the Loan Parties, any director, officer or employee of Holdco, any Loan Party or any Subsidiary of the Borrower,
is a Sanctions Target. To the knowledge of the Loan Parties, no agent of Holdco, any Loan Party or any Subsidiary of the Borrower
is a Sanctioned Person.

 

(c)            To the extent applicable, Holdco, any Loan Party or any Subsidiary of the Borrower, directly and, to the knowledge of
the Loan Parties, each director, officer and employee of Holdco, any Loan Party or any Subsidiary of the Borrower is in compliance
(i) with all Sanctions, and (ii) in all material respects, with all Anti-Corruption Laws and Anti-Money Laundering Laws. To the
extent applicable, to the knowledge of the Loan Parties, each agent of Holdco, any Loan Party or any Subsidiary of the Borrower
is in compliance (i) with all Sanctions, and (ii) in all material respects, with all Anti-Corruption Laws and Anti-Money Laundering
Laws. 

 

SECTION
6.02. EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

 

ARTICLE
VII

Affirmative Covenants

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder which is accrued and payable shall remain unpaid or
unsatisfied (other than contingent indemnity obligations with respect to then unasserted claims), the Borrower shall, and shall
(except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.03) cause each Restricted Subsidiary to:

 

SECTION
7.01. Financial Statements. Deliver to
the Administrative Agent for prompt further distribution to each Lender:

 

(a)           
within ninety (90) days after the end of each fiscal year of the Borrower beginning with the fiscal year ending January
28, 2013, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related
consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth
in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, audited and accompanied by a report and opinion of Ernst & Young, LLP or any other independent registered public
accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted
auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification
or exception as to the scope of such audit (except as may be required as a result of the impending maturity of any Indebtedness,
including the Loans hereunder, the ABL Loans, the 2027 Senior Unsecured
Notes or the 20202027 Senior SubordinatedSecured
Notes);

 

     

     

    

 

(b)          
within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower,
a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related (i) consolidated
statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated
statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures
for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all
in reasonable detail and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial
position, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with
GAAP, subject only to normal year-end adjustments and the absence of footnotes;

 

(c)
no later than ninety (90) days after the end of each fiscal year of the Borrower beginning with the fiscal
year ending January 27, 2014, a detailed consolidated budget for the following fiscal year (including a projected consolidated
balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements
of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto), and, as soon
as available, significant revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the
“Projections”), which Projections shall in each case be accompanied
by a certificate of a Responsible Officer stating that such Projections are based on estimates, information and assumptions believed
by the Borrower to be reasonable and that such Responsible Officer has no reason to believe that such Projections are incorrect
or misleading in any material respect; and 

 

(c)            
[Reserved]; and 

 

(d)            
simultaneously with the delivery of each set of consolidated financial statements referred to in Sections 6.01(a) and 6.01(b)
above, the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted
Subsidiaries (if any) from such consolidated financial statements.

 

Notwithstanding
the foregoing, the obligations in paragraphs (a) and (b) of this Section 6.01 may be satisfied with respect to financial information
of the Borrower and the Restricted Subsidiaries by furnishing (A) the applicable financial statements of any direct
or indirect parentParent Company of the Borrower or (B) the Borrower’s
(or any direct or indirect parentParent Company
thereof) Form 10-K or 10-Q, as applicable, filed with the SEC; provided that with respect to each of clauses (A) and (B),
(i) to the extent such information relates to a direct or indirect parentParent
Company of the Borrower, such information is accompanied by consolidating information that explains in reasonable detail
the differences between the information relating to such parent of the Borrower, on the one hand, and the information relating
to the Borrower and the Restricted Subsidiaries on a stand-alone basis, on the other hand and (ii) to the extent such information
is in lieu of information required to be provided under Section 6.01(a), such materials are accompanied by a report and opinion
of Ernst & Young, LLP or any other independent registered public accounting firm of nationally recognized standing, which report
and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit (except as may
be required as a result of the impending maturity of any Indebtedness, including the Loans hereunder, the ABL Loans, the 2027
Senior Unsecured Notes or the 20202027
Senior SubordinatedSecured Notes).

 

     

     

    

 

SECTION
7.02. Certificates; Other Information.
Deliver to the Administrative Agent for prompt further distribution to each Lender:

 

(a)
no later than five (5) days after the delivery of the financial statements referred to in Section 6.01(a),
a certificate of its independent registered public accounting firm certifying such financial statements (which certificate may
be limited to the extent required by accounting rules or guidelines);

 

(a)            
[reserved];

 

(b)            
no later than five (5) days after the delivery of the financial statements referred to in Section 6.01(a) and (b), a duly
completed Compliance Certificate signed by a Responsible Officer of the Borrower;

 

(c)            
promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration
statements which the Borrower files with the SEC or with any Governmental Authority that may be substituted therefor (other than
amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered),
exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise
required to be delivered to the Administrative Agent pursuant hereto;

 

(d)            
promptly after the furnishing thereof, copies of any material requests or material notices received by any Loan Party (other
than in the ordinary course of business) or material statements or material reports furnished to any holder of debt securities
of any Loan Party or of any of its Restricted Subsidiaries pursuant to the terms of the 2027
Senior Unsecured Notes Indenture, the 20202027
Senior SubordinatedSecured Notes Indenture
or any other Indebtedness in a principal amount greater than the Threshold Amount (but excluding material statements or material
reports relating to the “borrowing base” or the determination thereof (including appraisals and collateral audits)
furnished to any ABL Lender) and not otherwise required to be furnished to the Lenders pursuant to any other clause of this Section
6.02;

 

(e)            
together with the delivery of each Compliance Certificate pursuant to Section 6.02(b), (i) a report setting forth the information
required by Section 3.03(c) of the Security Agreement or confirming that there has been no change in such information since the
RestatementFourth Amendment Effective
Date or the date of the last such report, (ii) a description of each event, condition or circumstance during the last fiscal quarter
covered by such Compliance Certificate requiring a mandatory prepayment or offer to purchase under Section 2.05(b) or (c) and (iii)
a list of each Subsidiary that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date
of delivery of such Compliance Certificate (or confirming that there has been no change in such information since the RestatementFourth
Amendment Effective Date or the date of the last such update);

 

(f)             
promptly, a copy of any final “management letter” received from the Borrower’s
independent public accountants to the extent such independent public accountants have consented to the delivery of such management
letter to the Administrative Agent upon the request of the Borrower;[reserved];

 

(g)            
promptly following the Administrative Agent’s request therefor, all documentation and other information that the Administrative
Agent reasonably requests on its behalf or on behalf of any Lender in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the Act;

 

(h)            
[reserved]; and

 

     

     

    

 

(i)             
promptly, such additional information regarding the business, legal, financial or corporate affairs of any Loan Party or
any Restricted Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through
the Administrative Agent may from time to time reasonably request.

 

Documents required to
be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) or (d) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet
at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency
or another relevant 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: (i) upon written request by the Administrative
Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender
until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify
(which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything
contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance Certificates required
by Section 6.02(b) to the Administrative Agent. Each Lender shall be solely responsible for timely accessing posted documents or
requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.
For purposes of this Section 6.02, paper copies shall include copies delivered by facsimile transmission or electronically (such
as “tif”, “pdf” or similar file formats delivered by email).

 

SECTION
7.03. Notices. (a)
 (a) Promptly after obtaining knowledge thereof, notify the Administrative
Agent of:

 

(i)                
the occurrence of any Default;

 

(ii)              
any loss, damage, or destruction to the Collateral in the amount of $20,000,00050,000,000
or more, whether or not covered by insurance; and

 

(iii)            
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including arising out
of or resulting from (A) breach or non-performance of, or any default or event of default under, a Contractual Obligation of any
Loan Party or any Restricted Subsidiary, (B) any dispute, litigation, investigation, proceeding or suspension between any Loan
Party or any Restricted Subsidiary and any Governmental Authority, (C) the commencement of, or any material development in, any
litigation or proceeding affecting any Loan Party or any Restricted Subsidiary, including pursuant to any applicable Environmental
Laws or in respect of IP Rights or the assertion or occurrence of any noncompliance by any Loan Party or as any of its Restricted
Subsidiaries with, or liability under, any Environmental Law or Environmental Permit, or (D) the occurrence of any ERISA Event
or any Pension Event;

 

(b)               
Furnish contemporaneously to the Administrative Agent, a copy of any notice sent to the administrative agent or collateral
agent under Sections 5.02(g) and 5.03(a) of the ABL Credit Agreement, if such notice is not otherwise required to be delivered
hereunder.

 

Each notice pursuant
to this Section shall be accompanied by a written statement of a Responsible Officer of the Borrower (x) that such notice is being
delivered pursuant to Section 6.03(a)(i), (ii) or (iii) or 6.03(b) (as applicable) and (y) setting forth details of the occurrence
referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto.

 

     

     

    

 

SECTION
7.04. Payment of Obligations. Pay, discharge
or otherwise satisfy as the same shall become due and payable, all its material obligations and liabilities in respect of material
taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property,
except in each case, (a) to the extent the failure to pay or discharge the same, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect and (b) that are being contested in good faith and by proper actions
if it has maintained adequate reserves with respect thereto in accordance with GAAP.

 

SECTION
7.05. Preservation of Existence, Etc.
(a) Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 7.01 or 7.06 and (b) take all reasonable action to maintain all rights, privileges
(including its good standing), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except
(i) to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect or (ii) pursuant to
a transaction permitted by Section 7.01 or 7.06.

 

SECTION
7.06. Maintenance of Properties. Except
if the failure to do so could not reasonably be expected to have a Material Adverse Effect, (a) maintain, preserve and protect
all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition,
ordinary wear and tear excepted and casualty or condemnation excepted, and (b) make all necessary renewals, replacements, modifications,
improvements, upgrades, extensions and additions thereof or thereto in accordance with prudent industry practice.

 

SECTION
7.07. Maintenance of Insurance. (a)
 (a) Maintain with financially sound and reputable insurance companies,
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons
engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable
and customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and the Restricted Subsidiaries)
as are customarily carried under similar circumstances by such other Persons. The Loan Parties shall furnish to the Administrative
Agent, upon written request, full information as to the insurance carried.

 

(b)               
(a) Fire and extended coverage policies maintained with respect to any
Collateral shall be endorsed or otherwise amended to include (i) a non-contributing mortgage clause (regarding improvements to
real property) and a lenders’ loss payable clause (regarding personal property), in form and substance reasonably satisfactory
to the Administrative Agent, which endorsements or amendments shall provide that the insurer shall pay all proceeds otherwise payable
to the Loan Parties under the policies directly to the Administrative Agent, (ii) a provision to the effect that none of the Loan
Parties, Secured Parties (in their capacity as such), or any other Affiliate of a Loan Party shall be a co-insurer (the foregoing
not being deemed to limit the amount of self-insured retention or deductibles under such policies, which self-insured retention
or deductibles shall be consistent with business practices in effect on the Restatement Effective Date or as otherwise determined
by the Responsible Officers of the Loan Parties acting reasonably in their business judgment), and (iii) such other provisions
as the Administrative Agent may reasonably require from time to time to protect the interests of the Secured Parties. Commercial
general liability policies shall be endorsed to name the Administrative Agent as an additional insured. The Loan Parties shall
use commercially reasonable efforts to obtain endorsements to each such casualty or liability policy referred to in this Section
6.07(b) providing that it shall not be canceled, modified in any manner that would cause this Section 6.07 to be violated, or not
renewed (i) by reason of nonpayment of premium except upon not less than ten (10) days’ prior written notice thereof by the
insurer to the Administrative Agent (giving the Administrative Agent the right to cure defaults in the payment of premiums) or
(ii) for any other reason except upon not less than thirty (30) days’ prior written notice thereof by the insurer to the
Administrative Agent. The Borrower shall deliver to the Administrative Agent, prior to the cancellation, modification or non-renewal
of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously
delivered to the Administrative Agent, including an insurance binder) together with evidence satisfactory to the Administrative
Agent of payment of the premium therefor.

 

     

     

    

 

(c)               
(b) The Agents acknowledge that the insurance policies described on Schedule
6.07 are satisfactory to them as of the RestatementFourth
Amendment Effective Date and are in compliance with the provisions of this Section 6.07.

 

SECTION
7.08. Compliance with Laws. Comply in all
material respects with the requirements of all Laws (including, but not limited to, the
ActAnti-Corruption Laws and Anti-Money Laundering Laws) and all orders,
writs, injunctions and decrees applicable to it or to its business or property, except if the failure to comply therewith could
not reasonably be expected to have a Material Adverse Effect.

 

SECTION
7.09. Books and Records. Maintain proper
books of record and account, in which entries that are full, true and correct in all material respects and permit financial statements
to be prepared in conformity with GAAP consistently applied shall be made
of all material financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the
case may be (it being understood and agreed that certain Foreign Subsidiaries may maintain individual books and records in conformity
with generally accepted accounting principles in their respective countries of organization and that such maintenance shall not
constitute a breach of the representations, warranties or covenants hereunder).

 

SECTION
7.10. Inspection Rights. Permit representatives
and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine
its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and (subject to customary access agreements) independent public accountants all at the
reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably
desired, upon reasonable advance notice to the Borrower; provided that, excluding any such visits and inspections during
the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative
Agent and the Lenders under this Section 6.10 and the Administrative Agent shall not exercise such rights more often than two (2)
times during any calendar year absent the existence of an Event of Default and only one (1) such time shall be at the Borrower’s
expense; provided further, that when an Event of Default exists, the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during
normal business hours and upon reasonable advance notice. The Administrative Agent and the Lenders shall give the Borrower the
opportunity to participate in any discussions with the Borrower’s independent public accountants. Notwithstanding anything
to the contrary in this Section 6.10, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose,
permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter
that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to
the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or any binding
agreement or (c) is subject to attorney-client or similar privilege or constitutes attorney work product.

 

     

     

    

 

SECTION
7.11. Covenant to Guarantee Obligations and Give Security.
At the Borrower’s expense, take all action necessary or reasonably requested by the Administrative Agent to ensure that the
Collateral and Guarantee Requirement continues to be satisfied, including:

 

(a)               
(x) upon the formation or acquisition of any new direct or indirect Wholly Owned Subsidiary that is a Domestic Subsidiary
(in each case, other than an Unrestricted Subsidiary or an Excluded Subsidiary) by any Loan Party or the designation of any “Unrestricted
Subsidiary” as a Restricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary”, to the
extent such Subsidiary is (or will become) a Domestic Subsidiary and a Wholly-Owned Subsidiary (other than an Excluded Subsidiary)
or (y) the formation of Holdco:

 

(i)                
in the case of any such Restricted Subsidiary that is required (or has elected) to become a Subsidiary Guarantor under the
Collateral and Guaranty Requirement, within thirty (30) days after such formation, acquisition or designation or such longer period
as the Administrative Agent may agree in its discretion:

 

(A) cause each
such Restricted Subsidiary that is required (or has elected) to become a Subsidiary Guarantor under the Collateral and Guarantee
Requirement to furnish to the Administrative Agent a description of the real properties owned by such Restricted Subsidiary that
have a Fair Market Value in excess of $10,000,000 in detail reasonably satisfactory to the Administrative Agent;

 

(B) cause (x)
each such Restricted Subsidiary that is required (or has elected) to become a Subsidiary Guarantor pursuant to the Collateral and
Guarantee Requirement to duly execute and deliver to the Administrative Agent or the Collateral Agent (as appropriate) Guaranty
Supplements, Mortgages with respect to the owned real properties which are identified to the Administrative Agent pursuant to Section
6.11(a)(i)(A), Security Agreement Supplements, a counterpart of the Intercompany Note, a counterpart of the Intercreditor Agreement
and other guaranties, security agreements and documents (including, with respect to such Mortgages, the documents listed in Section
6.13(b)), as reasonably requested by and in form and substance reasonably satisfactory to the Administrative Agent (consistent,
where applicable, with the Mortgages, Security Agreement, Canadian Security Agreement, relevant Guaranty and other security agreements
in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement and (y) each direct
or indirect parent of each such Restricted Subsidiary that is required (or has elected) to be a Subsidiary Guarantor pursuant to
the Collateral and Guarantee Requirement to duly execute and deliver to the Administrative Agent such Security Agreement Supplements
and other security agreements as reasonably requested by and in form and substance reasonably satisfactory to the Administrative
Agent (consistent, where applicable, with the Security Agreements and Canadian Security Agreement as in effect on the Closing Date),
in each case granting Liens required by the Collateral and Guarantee Requirement;

 

(C) (x) cause
each such Restricted Subsidiary that is required (or has elected) to become a Subsidiary Guarantor pursuant to the Collateral and
Guarantee Requirement to deliver any and all certificates representing Equity Interests (to the extent certificated) that are required
to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments
of transfer executed in blank and instruments evidencing the intercompany Indebtedness held by such Restricted Subsidiary and required
to be pledged pursuant to the Collateral Documents, indorsed in blank to the Collateral Agent and (y) cause each direct or indirect
parent of such Restricted Subsidiary that is required (or has elected) to be a Subsidiary Guarantor pursuant to the Collateral
and Guarantee Requirement to deliver any and all certificates representing the outstanding Equity Interests (to the extent certificated)
of such Restricted Subsidiary that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied
by undated stock powers or other appropriate instruments of transfer executed in blank and instruments evidencing the intercompany
Indebtedness issued by such Restricted Subsidiary and required to be pledged in accordance with the Collateral Documents, indorsed
in blank to the Collateral Agent; and

 

     

     

    

 

(D) take and
cause such Restricted Subsidiary and each direct or indirect parent of such Restricted Subsidiary that is required (or has elected)
to become a Subsidiary Guarantor pursuant to the Collateral and Guaranty Requirement to take whatever action (including the recording
of Mortgages, the filing of Uniform Commercial Code financing statements or PPSA registration statements or recordations and delivery
of stock and membership interest certificates) may be necessary in the reasonable opinion of the Administrative Agent to vest in
the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid Liens required by the Collateral
and Guarantee Requirement, enforceable against all third parties in accordance with their terms, except as such enforceability
may be limited by Debtor Relief Laws, by general principles of equity and an applied covenant of good faith and fair dealing,

 

(ii)              
in the case of Holdco, within thirty (30) days after such formation, cause Holdco to enter into the Holdco Guaranty and
cause Holdco to take all such actions contemplated by subclauses (A), (B), (C) and (D) of Section 6.11(a)(i) above as if Holdco
were a “Restricted Subsidiary” and a “direct or indirect parent of a Restricted Subsidiary”,

 

(iii)            
within thirty (30) days after the request therefor by the Administrative Agent, deliver to the Administrative Agent a signed
copy of an opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably
acceptable to the Administrative Agent as to such matters set forth in this Section 6.11(a) as the Administrative Agent may reasonably
request, and

 

(iv)             
as promptly as practicable after the request therefor by the Administrative Agent, deliver to the Administrative Agent any
existing title reports, surveys or environmental assessment reports with respect to each parcel of real property that is owned
by such Restricted Subsidiary and has a Fair Market Value in excess of $10,000,000.

 

(b)               
After the Closing Date, concurrently with (x) the acquisition of any material personal property by any Loan Party or (y)
the acquisition of any owned real property by any Loan Party with a Fair Market Value in excess of $10,000,000 if such personal
property or owned real property shall not already be subject to a perfected Lien pursuant to the Collateral and Guarantee Requirement,
the Borrower shall give notice thereof to the Administrative Agent and promptly thereafter shall cause such assets to be subjected
to a Lien to the extent required by the Collateral and Guarantee Requirement and will take, or cause the relevant Loan Party to
take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such
Lien, including, as applicable, the actions referred to in Section 6.13(b) with respect to real property.

 

(c)               
If, at any time and from time to time after the Closing Date, any Domestic Subsidiary ceases to constitute an Immaterial
Subsidiary in accordance with the definition of “Immaterial Subsidiary”, then the Borrower shall cause such Subsidiary
to become an additional Loan Party and take all the actions contemplated by Section 6.11(a) as if such Subsidiary were a newly-formed
Domestic Subsidiary of the Borrower.

 

     

     

    

 

(d)               
If, at any time after the Closing Date, any Restricted Subsidiary becomes an obligee or obligor of any intercompany Indebtedness,
then the Borrower shall cause such Restricted Subsidiary to authorize, execute and deliver a counterpart of the Intercompany Note.

 

(e)               
Use commercially reasonable efforts to obtain a Collateral Access Agreement from any Person from whom a Loan Party enters
into a lease after the Closing Date for a warehouse or distribution center prior to entering into such lease, to the extent required
by the ABL Collateral Agent pursuant to the terms of ABL Credit Agreement.

 

SECTION
7.12. Compliance with Environmental Laws.
Except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, comply, and take all reasonable actions to cause all lessees and other Persons operating
or occupying its properties to comply with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental
Permits necessary for its operations and properties; and, in each case to the extent required by Environmental Laws, conduct any
investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and
clean up all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws.

 

SECTION
7.13. Further Assurances and Post-Closing Conditions.
(a)  (a) Promptly upon reasonable
request by the Administrative Agent (i) correct any material defect or error that may be discovered in the execution, acknowledgment,
filing or recordation of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute,
acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates,
assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to carry out more
effectively the purposes of the Collateral Documents.

 

(b)               
(a) In the case of any real property referred to in Section 6.11(a)(i)(A)
or 6.11(b), provide the Administrative Agent with Mortgages with respect to such owned real property within thirty (30) days (or
such longer period as shall be acceptable to the Administrative Agent in any given case) of the acquisition of such real property,
in each case together with:

 

(i)                
evidence that counterparts of the Mortgages have been duly executed, acknowledged and delivered and are in form suitable
for filing or recording in all filing or recording offices that the Administrative Agent may deem reasonably necessary or desirable
in order to create a valid and subsisting perfected Lien on the property and/or rights described therein in favor of the Administrative
Agent or the Collateral Agent (as appropriate) for the benefit of the Secured Parties and that all filing and recording taxes and
fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent;

 

(ii)              
fully paid American Land Title Association Lender’s Extended Coverage title insurance policies or the equivalent or
other form available in each applicable jurisdiction (the “Mortgage Policies”) in form and substance,
with endorsements and in amount, reasonably acceptable to the Administrative Agent (not to exceed the value of the real properties
covered thereby), issued, coinsured and reinsured by title insurers reasonably acceptable to the Administrative Agent, insuring
the Mortgages to be valid subsisting Liens on the property described therein, free and clear of all defects and encumbrances, subject
to Liens permitted by Section 7.04, and providing for such other affirmative insurance (including endorsements for future advances
under the Loan Documents) and such coinsurance and direct access reinsurance as the Administrative Agent may reasonably request;

 

     

     

    

 

(iii)            
opinions of local counsel for the Loan Parties in states in which such real properties are located, with respect to the
enforceability and perfection of the Mortgages and any related fixture filings in form and substance reasonably satisfactory to
the Administrative Agent;

 

(iv)             
to the extent required by applicable law, flood certificates covering each Mortgaged Property in form and substance reasonably
acceptable to the Collateral Agent, certified to the Collateral Agent in its capacity as such and certifying whether or not each
such Mortgaged Property is located in a flood hazard zone by reference to the applicable FEMA map; and

 

(v)               
such other evidence that all other actions that the Administrative Agent may reasonably deem necessary or desirable in order
to create valid and subsisting Liens on the property described in the Mortgages have been taken.

 

SECTION
7.14. OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws.
Each Loan Party will, and will cause each of its Subsidiaries to comply (i) with all applicable Sanctions, and (ii) in all material
respects, with all Anti-Corruption Laws and Anti-Money Laundering Laws. The Borrower shall implement and maintain in effect procedures
designed to promote compliance by the Borrower and its directors, officers, employees, and agents with Anti-Corruption Laws of
the United States and Sanctions imposed, administered or enforced by the United States Governmental Authorities. 

 

SECTION
6.14. [Reserved].

 

ARTICLE
VIIIPension Plans

 

Pension
Plans. Each
Loan Party and its ERISA Affiliates
shall cause each of its Pension Plans to be duly qualified
and administered in all respects in compliance with, as applicable, the PBA and all Laws (including regulations, orders and directives),
and the terms of the Pension Plans and any agreements relating thereto, except for such non-compliance as would not reasonably
be expected to have a Material Adverse Effect. Each Loan Party and each of its SubsidiariesERISA
Affiliates shall ensure that it, except
where failure to do so wouldcould
not reasonably be expected to have
a Material Adverse Effect,
(a) has no Unfunded Pension Liability
in respect of any Pension Plan, including any Pension Plan to be established and administered by it or them; and (b) does not
engage in a prohibited transaction or violation of the fiduciary responsibility rules with respect to any Pension Plan that
could reasonably be expected to result in liability.

 

SECTION
8.01. Maintenance of Rating The Borrower
shall use commercially reasonable efforts to maintain (i) a public corporate credit rating (but not any specific rating) from S&P
and a public corporate family rating (but not any specific rating) from Moody’s, in each case in respect of the Borrower,
and (ii) a public rating (but not any specific rating) in respect of the Loans from each of S&P and Moody’s.

 

SECTION
6.17. Redemption of 2016 Senior Subordinated Notes

 

Within thirty (30)
days following the Restatement Effective Date, Borrower shall redeem 2016 Senior Subordinated Notes in an aggregate principal amount
of approximately $137,000,000 pursuant to, and in accordance with the terms of, the notice of redemption delivered to the Administrative
Agent under Section 4.01(a)(ix) of this Agreement and the 2016 Senior Subordinated Notes Indenture. 

 

     

     

    

 

ARTICLE
IX

Negative Covenants

 

SoFrom
and after the Fourth Amendment Effective Date, so long as any Lender shall have any Commitment hereunder, any Loan or
other Obligation hereunder which is accrued and payable shall remain unpaid or unsatisfied (other than contingent indemnity obligations
with respect to then unasserted claims):

 

SECTION
9.01. Asset Sales. The Borrower shall not,
and shall not permit any of its Restricted Subsidiaries to consummate an Asset Sale, unless:

 

(a)            
the Borrower or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at
least equal to the Fair Market Value of the assets sold or otherwise disposed of; and

 

(b)            
except in the case of a Permitted Asset Swap, at least 7575.0%
of the consideration therefor received by the Borrower or sucha
Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of (i) any liabilities
(as shown on the Borrower’s or suchany
Restricted Subsidiary’s most recent balance sheet or in the footnotes thereto or, if incurred
or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Borrower’s
or a Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or
prior to the date of such balance sheet, as determined in good faith by the Borrower) of the Borrower or suchany
Restricted Subsidiary, other than liabilities that are by their terms subordinated in right of payment
to the Obligations, that are (A) assumed by the transferee of any such assets and
for which(or a third party in connection with such transfer) or (B) otherwise
cancelled or terminated in connection with the transaction with such transferee (other than intercompany debt owed to
the Borrower and all of itsor a Restricted
Subsidiaries have been validly released by all creditors in writing,Subsidiary
(other than any Restricted Subsidiary subject to such Asset Sale)); (ii) any securities,
notes or other obligations or assets received by the Borrower or sucha
Restricted Subsidiary from such transferee or in connection with such Asset Sale (including earnouts
and similar obligations) that are converted by the Borrower or sucha
Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied
for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents
received) within 180 days following the closing of such Asset Sale, and;
(iii) any Designated Non-cashNon-Cash
Consideration received by the Borrower or sucha
Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cashNon-Cash
Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed 7.510%
of Total Assets at the time of the receipt of such Designated Non-cashNon-Cash
Consideration, with the Fair Market Value of each item of Designated Non-cashNon-Cash
Consideration being measured, at the Borrower’s option, either at the time of contractually
agreeing to such Asset Sale or at the time received and, in either case, without
giving effect to subsequent changes in value,; (iv)
Indebtedness of any Restricted Subsidiary that ceases to be a Restricted Subsidiary as a result of such Asset Sale (other than
intercompany debt owed to the Borrower or a Restricted Subsidiary), to the extent that the Borrower and each other Restricted Subsidiary
are released from any guarantee of payment of the principal amount of such Indebtedness in connection with such Asset Sale; and
(v) any Investment, Capital Stock, assets, property or capital or Additional Assets shall be deemed to be Cash Equivalents
for purposes of this provision and for no other purpose; and

 

     

     

    

 

(c)            
an amount equal to 100% of the Net Proceeds of such Asset Sale are applied in accordance with the requirements of (and to
the extent required by) Section 2.05(c).

 

SECTION
9.02. Limitation on Restricted Payments.
(a) The Borrower shall not, nor shall permit any of its Restricted Subsidiaries to, directly or indirectly, (w) declare or pay
any dividend or make any
payment having the effect thereof or any distribution
on account of the Borrower’s, or any Restricted Subsidiary’s, Equity Interests, including any dividend or distribution
payable in connection with any merger or consolidation, other than (A) dividends or distributions
by the Borrower payable solely in Equity Interests (other than Disqualified Stock) of the Borrower or (B) dividends or distributions
by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series
of securities issued by a Restricted Subsidiary other than a Wholly-Owned Subsidiary, the Borrower or a Restricted Subsidiary receives
at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of
securities, (x) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Borrower or any
direct or indirect parentParent
Company of the Borrower, including in connection with any merger,
amalgamation or consolidation, (y) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire
for value, in each case prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other
than: (A) Indebtedness permitted under Section 7.03(b)(vii) or (viii), except to the extent prohibited by the subordination provisions
contained in any Intercompany Note or (B) the purchase, repurchase or other acquisition of Subordinated Indebtedness purchased
in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year
of the date of purchase, repurchase or acquisition, or (z) make any Restricted Investment (all such payments and other actions
set forth in clauses (w) through (z) above being collectively referred to as “Restricted Payments”),
unless at the time of such Restricted Payment:

 

(i)                
no Event of Default shall have occurred and be continuing or would occur as a consequence
thereof;

 

(ii)              
immediately after giving effect to such transaction on a pro forma basis, the Borrower could satisfy the Fixed Charge
Coverage Ratio Incurrence Test; and

 

(iii)            
such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Borrower and its
Restricted Subsidiaries after the RestatementFourth
Amendment Effective Date (including Restricted Payments permitted by Sections 7.02(b)(i),
and 7.02(b)(vi)(C), (ix) and (xiv), but
excluding all other Restricted Payments permitted by Section 7.02(b)), is less than the sum of (without duplication):

 

(A)       50%
of the Consolidated Net Income of the Borrower for the period (taken as one accounting period) beginning October
28, 2012May 5, 2019 to the end of the Borrower’s most recently ended
fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such
Consolidated Net Income for such period is a deficit, minus 100% of such deficit; plus

 

     

     

    

 

(B)       100%
of the aggregate net cash proceeds and the Fair Market Value, as determined in good faith by the Borrower, of marketable securities
or other property received by the Borrower since immediately after the ClosingFourth
Amendment Effective Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur
Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 7.03(b)(xii)(A)) from the issue or sale of:

 

(I) (1) Equity
Interests of the Borrower, including Treasury Capital Stock, but excluding cash proceeds and the Fair Market Value of marketable
securities or other property received from the sale of:

 

(x)       Equity
Interests to members of management, directors or consultants of the Borrower, any direct
or indirect parent companyParent Company of the Borrower and the Borrower’s
Subsidiaries after the ClosingFourth Amendment Effective
Date to the extent such amounts have been applied to Restricted Payments made in accordance with Section 7.02(b)(iv); and

 

(y)       Designated
Preferred Stock; and

 

(2)       to
the extent such net cash proceeds are actually contributed to the Borrower, Equity Interests of the Borrower’s direct
or indirect parent companiesParent Companies (excluding contributions of
the proceeds from the sale of Designated Preferred Stock of such companies or contributions to the extent such amounts have been
applied to Restricted Payments made in accordance with Section 7.02(b)(iv)); or

 

(II)       debt
securities of the Borrower that have been converted into or exchanged for Equity Interests of the Borrower;

 

provided,
however, that this clause (B) shall not include the proceeds from (W) Refunding Capital Stock (as defined below), (X)
Equity Interests or convertible debt securities of the Borrower sold to a Restricted Subsidiary, (Y) Disqualified Stock or debt
securities that have been converted into Disqualified Stock or (Z) Excluded Contributions; plus

 

(C)       100%
of the aggregate amount of cash and the Fair Market Value of marketable securities or other property contributed to the capital
of the Borrower following the ClosingFourth
Amendment Effective Date (other than (y) by a Restricted Subsidiary and (z) from any Excluded Contributions); plus

 

(D)       100%
of the aggregate amount received in cash and the Fair Market Value of marketable securities or other property received by means
of:

 

(I)       the
sale or other disposition (other than to the Borrower or a Restricted Subsidiary) of Restricted Investments made by the Borrower
or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Borrower or its Restricted
Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments by the Borrower
or its Restricted Subsidiaries, in each case after the ClosingFourth
Amendment Effective Date; or

 

(II)       the
sale (other than to the Borrower or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a distribution from
an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the
Borrower or a Restricted Subsidiary pursuant to Section 7.02(b)(vii) or to the extent such Investment constituted a Permitted Investment)
or a dividend from an Unrestricted Subsidiary after the ClosingFourth
Amendment Effective Date; plus

 

     

     

    

 

(E)       in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation
of an Unrestricted Subsidiary into the Borrower or a Restricted Subsidiary or the transfer of all or substantially all of the assets
of an Unrestricted Subsidiary to the Borrower or a Restricted Subsidiary after the ClosingFourth
Amendment Effective Date, the Fair Market Value of the Investment in such Unrestricted Subsidiary (or the assets transferred),
or if such Fair Market Value may exceed $125,000,000, as determined in writing by an Independent Financial Advisor, at the time
of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation
or transfer of assets other than to the extent the Investment in such Unrestricted Subsidiary was made by the Borrower or a Restricted
Subsidiary pursuant to Section 7.02(b)(vii) or to the extent such Investment constituted a Permitted Investment.,
plus

 

(F)       100.00%
of the aggregate amount of Declined Excess Proceeds.

 

(b)               
The provisions of Section 7.02(a) will not prohibit:

 

(i)                
the payment of any dividend within 60 days after the date of declaration thereof, if at the date of declaration such payment
would have complied with the provisions of this Agreement;

 

(ii)              
(A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Treasury Capital Stock”)
of the Borrower or any Equity Interests of any direct or indirect parent companyParent
Company of the Borrower or any Subordinated Indebtedness of the Borrower or a Restricted Subsidiary, in exchange for,
or out of the proceeds of, the substantially concurrent sale or issuance (other than to a Restricted Subsidiary) of, Equity Interests
of the Borrower or any direct or indirect parent company of theParent
Company of the Borrower to the extent contributed to the Borrower (in each case, other than any Disqualified Stock)
(“Refunding Capital Stock”), (B) the declaration and payment of dividends on Treasury Capital Stock out
of the proceeds of the substantially concurrent sale or issuance (other than to a Subsidiary of the Borrower or to an employee
stock ownership plan or any trust established by the Borrower or any of its Subsidiaries) of Refunding Capital Stock, and (C) if
immediately prior to the retirement of Treasury Capital Stock, the declaration and payment of dividends thereon was permitted under
sub-clause (vi) of this Section 7.02(b), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding
Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct
or indirect parent companyParent Company of the Borrower) in an aggregate
amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital
Stock immediately prior to such retirement;

 

     

     

    

 

(iii)            
the redemption, repurchase or other acquisition or retirement of Subordinated Indebtedness of the Borrower or a Subsidiary
Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Borrower
or a Subsidiary Guarantor, as the case may be, which is incurred in compliance with Section 7.03 so long as (A) the principal amount
(or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable),
plus any accrued and unpaid interest on, the Subordinated Indebtedness being so redeemed, repurchased, exchanged, acquired
or retired for value, plus the amount of any premium required to be paid under the terms of the instrument governing the
Subordinated Indebtedness being so redeemed, repurchased, exchanged, acquired or retired and any reasonable fees and expenses incurred
in connection with such redemption, repurchase, exchange, acquisition or retirement and the issuance of such new Indebtedness,
(B) such new Indebtedness is subordinated to the Obligations at least to the same extent as such Subordinated Indebtedness so repurchased,
exchanged, redeemed, acquired or retired for value, (C) such new Indebtedness has a final scheduled maturity date equal to or later
than the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, exchanged, acquired or
retired, and (D) such new Indebtedness has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted
Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, exchanged, acquired or retired;

 

(iv)             
a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests
(other than Disqualified Stock) of the Borrower or any of its direct or indirect parent companiesParent
Companies held by any future, present or former employee, director or consultant of the Borrower, any of its Subsidiaries
or any of its direct or indirect parent companiesParent
Companies, or any of their respective estates, spouses or former spousesImmediate
Family Members, pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Borrower
or any direct or indirect parent companyParent Company
in connection with any such repurchase, retirement or other acquisition or retirement); provided, however, that the aggregate
Restricted Payments made under this clause (iv) do not exceed in any calendar year $30,000,000
(which shall increase to $60,000,000 subsequent to the consummation of an underwritten public Equity Offering by the Borrower or
any direct or indirect parent company of the Borrower)the greater of (x) $60,000,000
and (y) 9.00% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries for the most recently
ended Test Period with unused amounts in any calendar year being carried over to succeeding calendar years subject to
a maximum (without giving effect to the following proviso) of $60,000,000 in any calendar year
(which shall increase to $120,000,000 subsequent to the consummation of an underwritten public Equity Offering by the Borrower
or any direct or indirect parent company of the Borrower);the greater of (x) $120,000,000
and (y) 18.00% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries for the most recently
ended Test Period; provided further, that such amount in any calendar year may be increased by an amount not
to exceed (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Borrower and, to the extent
contributed to the Borrower, Equity Interests of any of the Borrower’s direct or indirect
parent companiesParent Companies, in each case to members of management,
directors or consultants of the Borrower, any of its Subsidiaries or any of its direct or indirect
parent companiesParent Companies that occurs after the ClosingFourth
Amendment Effective Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise
been applied to the payment of Restricted Payments by virtue of Section 7.02(a)(iii), plus, in respect of any sale of Equity
Interests in connection with an exercise of stock options, an amount equal to the amount required to be withheld by the Borrower
or any of its direct or indirect parent companiesParent
Companies in connection with such exercise under applicable law to the extent such amount is repaid to the Borrower
or its direct or indirect parent companyParent Company,
as applicable, constituted a Restricted Payment and has not otherwise been applied to the payment of Restricted Payments by virtue
of Section 7.02(a)(iii), plus (B) the cash proceeds of key man life insurance policies received by the Borrower or its Restricted
Subsidiaries after the ClosingFourth Amendment Effective
Date, less (C) the amount of any Restricted Payments previously made with the cash proceeds described in clauses (A) and (B) of
this clause (iv); and provided further, that cancellation of Indebtedness owing to the Borrower from employees, directors
or consultants of the Borrower, any of the Borrower’s direct or indirect parent companiesParent
Companies or any of the Borrower’s Restricted Subsidiaries in connection with a repurchase of Equity Interests
of the Borrower or any of its direct or indirect parent companiesParent
Companies will not be deemed to constitute a Restricted Payment for purposes of this Section 7.02 or any other provision
of this Agreement;

 

     

     

    

 

(v)               
the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Borrower or any
of its Restricted Subsidiaries issued in accordance with Section 7.03 to the extent such dividends are included in the definition
of “Fixed Charges”;

 

(vi)             
(A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) issued by the Borrower after the ClosingFourth
Amendment Effective Date, (B) the declaration and payment of dividends to a direct
or indirect parent companyParent Company of the Borrower, the proceeds
of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) of such parent company issued after the ClosingFourth
Amendment Effective Date, provided that the amount of dividends paid pursuant to this clause (B) shall not exceed
the aggregate amount of cash actually contributed to the Borrower from the sale of such Designated Preferred Stock, or (C) the
declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable and
payable thereon pursuant to Section 7.02(b)(ii); provided, however, in the case of each of Sections 7.02(b)(vi)(A), (B)
and (C), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock
that is Preferred Stock, after giving effect to such issuance or declaration on a pro forma basis, the Borrower and its
Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00;

 

(vii)           
Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments
made pursuant to this clause (vii) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary
to the extent the proceeds of such sale do not consist of, or have not been subsequently sold or transferred for, cash or marketable
securities, not to exceed the greater of (x) $100,000,000 and
(y) 15.5% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries for the most recently ended
Test Period (with the Fair Market Value of each Investment being measured at the time made and without giving effect
to subsequent changes in value); provided that immediately after giving effect to such Investment, no Event of Default shall
have occurred and be continuing;

 

     

     

    

 

(viii)         
repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent
a portion of the exercise price of such options or warrants;

 

(ix)             
the declaration and payment of dividends on the Borrower’s common stock (or the payment of dividends to any direct
or indirect parent entityParent Company to fund a payment of dividends
on such entity’s common stock), following the first public offering of the Borrower’s
common stock or the common stock of any of its direct or indirect parent companies after the Closing Date, of up
to 6% per annum of the net cash proceeds received by or contributed to the Borrower in or from any public offering, other than
public offerings with respect to the Borrower’s common stock registered on Form S-8 and other than any public sale constituting
an Excluded Contribution;

 

(x)               
Restricted Payments that are made with Excluded Contributions;

 

(xi)             
other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this
clause (xi) that are at the time outstanding, without giving effect to the sale of an Investment to the extent the proceeds of
such sale do not consist of, or have not been subsequently sold or transferred for, cash or marketable securities, not to exceed
$100,000,000the
greater of (x) $200,000,000 and (y) 31% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries
for the most recently ended Test Period (with the Fair Market Value of each Investment being measured at the time made
and without giving effect to subsequent changes in value);

 

(xii)           
distributions or payments of Receivables Fees;

 

(xiii)         
any Restricted Payment used to fund the Closing Date Transaction and the fees and expenses
related thereto or owed to Affiliates, in each case with respect to any Restricted Payment to or owed to an Affiliate to the extent
permitted by the covenant described under Section 7.07;[reserved];

 

(xiv)         
the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to a “change
of control” offer to purchase or provisions similar to those described under Section 2.05(c); provided that, prior
to such repurchase, redemption or other acquisition, the Borrower (or a third party to the extent permitted by this Agreement)
shall have (x) in the case of a “change of control”, repaid in full all then outstanding Loans or (y) in the case of
an asset sale, made an Asset Sale/Casualty Event Offer with respect to the outstanding Loans of the applicable Class and repaid
all such Loans validly tendered for prepayment and not withdrawn in connection with such Asset Sale/Casualty Event Offer;

 

(xv)           
the declaration and payment of dividends or distributions by the Borrower to, or the making of loans to, any direct
or indirect parent companyParent Company in amounts required for any direct
or indirect parent companiesParent Companies to pay, in each case without
duplication,

 

(A) franchise
taxes and other fees, taxes and expenses required to maintain their corporate existence;

 

     

     

    

 

(B) federal,
state, provincial and local income taxes, to the extent such income taxes are attributable to the income of the Borrower and its
Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted Subsidiaries, in amounts required
to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries; provided that in each case
the amount of such payments in any fiscal year does not exceed the excess (if any) of (I) the amount that the Borrower and its
Restricted Subsidiaries would be required to pay in respect of federal, state provincial, municipal and local income taxes for
such fiscal year were the Borrower, its Restricted Subsidiaries and its Unrestricted Subsidiaries (to the extent described above)
to pay such taxes separately from any such parent company over (II) the aggregate federal, state, provincial, municipal and local
income taxes paid by the Borrower and its Restricted Subsidiaries;

 

(C)
customary salary, bonus and other benefits payable to officers and employees of any direct
or indirect parent companyParent Company of the Borrower to the extent
such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

 

(D)
general corporate operating and overhead costs and expenses of any direct or indirect parent
companyParent Company of the Borrower to the extent such costs and expenses
are attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries; and

 

(E) fees
and expenses other than to Affiliates of the Borrower related to any unsuccessful equity or debt offering of such parent company;

 

(xvi)         
the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Borrower or a Restricted
Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are Cash Equivalents);

 

(xvii)       
cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Capital Stock of the Borrower or any direct or
indirect parent companyParent Company of the Borrower; provided,
that any such cash payment shall not be for the purpose of evading the limitation of this covenant;

 

(xviii)     
the payment of dividends and other distributions in an amount equal to any reduction in taxes actually realized by the Borrower
and its Restricted Subsidiaries in the form of refunds or credits or from deductions when applied to offset income or gain as a
direct result of (I) transaction fees and expenses, or (II) commitment and other financing
fees or (III) severance, change in control and other compensation expense incurred in connection
with the exercise, repurchase, rollover or payout of stock options or bonuses, in each case in connection with the Closing Date
Transaction;

 

(xix)         
Restricted Payments made in connection with the redemption, repurchase, defeasance or other
acquisition for value of the 2016 Senior Subordinated Notes, so long as no Event of Default then exists or would result therefrom[Reserved];
and

 

     

     

    

 

(xx)           
Restricted Payments so long as (x) no Event of Default shall have occurred and be continuing and (y) immediately after giving
pro forma effect to such Restricted Payment(s) and the application of proceeds therefrom, the Consolidated Total Leverage
Ratio is less than or equal to 3.75 to 1.00;

 

provided,
however, that at the time of, and after giving effect to, any Restricted Payment under
clause (w), (x) or (y) of the definition thereof that is permitted under Sections 7.02(b)(xi), (xvi) and (xviii), no
Event of Default shall have occurred and be continuing or would occur as a consequence
thereof.

 

(c)               
The Borrower shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate
sentence of the definition of “Unrestricted Subsidiary”. For purposes of designating any Restricted Subsidiary as an
Unrestricted Subsidiary, all outstanding Investments by the Borrower and the Restricted Subsidiaries (except to the extent repaid)
in the Subsidiary so designated shall be deemed to be Investments in an amount determined as set forth in the last sentence of
the definition of “Investment”. Such designation shall be permitted only if a Restricted Payment in such amount would
be permitted at such time, whether pursuant to Section 7.02(a) or under Sections 7.02(b)(vii), (x), (xi), (xvi) or (xx), or pursuant
to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an “Unrestricted
Subsidiary”.

 

SECTION
9.03. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.
(a)  (a)
      The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur”
and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness)
and the Borrower will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares
of Disqualified Stock or Preferred Stock; provided, however, that the Borrower may incur Indebtedness (including
Acquired Indebtedness) or issue shares of Disqualified Stock, and any of its Restricted Subsidiaries may incur Indebtedness (including
Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred Stock, if (i)
no Event of Default shall have occurred and be continuing or would exist immediately after giving effect to such incurrence or
issuance and (ii) the Fixed Charge Coverage Ratio on a consolidated basis for the Borrower and its Restricted Subsidiaries’
most recently ended four fiscal quarters for which internal financial statements are available immediately preceding the date on
which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been at least
2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom),
as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case
may be, and the application of the proceeds therefrom had occurred at the beginning of such four-quarter period; provided
that the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred
or issued, as applicable, pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors shall not exceed $250,000,000
millionthe greater of (x) $300,000,000 and (y) 47% of EBITDA (calculated on a pro
forma basis) of the Borrower and the Restricted Subsidiaries for the most recently ended Test Period at any one time
outstanding.

 

(b)               
(a) The limitations set forth in Section 7.03(a) shall not apply to any
of the following items (collectively with the Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred
Stock permitted pursuant to Section 7.03(a), “Permitted Debt”):

 

     

     

    

 

(i)                
(x) Indebtedness incurred pursuant to the ABL Loan Documents by the Borrower or any Restricted Subsidiary; provided
that immediately after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under
this clause (x) and then outstanding does not exceed the greater of (A) $1,200,000,000 less up
to $150,000,000 in the aggregate of all principal payments with respect to such
Indebtedness made following the Closing Date pursuant to Section 2.05(c)(i) (provided that commitments are correspondingly
reduced in connection therewith) less the aggregate principal amount of outstanding obligations under or
in respect of Receivables Facilities less the aggregate face amount of outstanding commercial letters of credit issued under
any Commercial Letter of Credit Facility and (B) (i) 90.0% of the eligible credit card and debit
card receivables of the Borrower and its Restricted Subsidiaries plus (ii) 90% of the net appraised orderly liquidation
value of the eligible inventory of the Borrower and its Restricted Subsidiaries andthe
Borrowing Base as of, at the option of the Borrower at any time and from time to time, the date of execution of the documentation
governing such Indebtedness or the date of the incurrence of such Indebtedness or, in the case of any Limited Condition Transaction,
the date of execution of the commitment letter in respect of such Indebtedness and measured on a pro forma basis after giving
effect to any increase in the Borrowing Base that will result from such acquisition, (y) Indebtedness incurred pursuant
to the Loan Documents by the Borrower or any Restricted Subsidiary (including any Indebtedness incurred pursuant to Sections 2.15,
2.16 and 2.17) and (z) (A) Indebtedness in respect of the 2027 Senior Secured Notes in an aggregate
principal amount under this clause (z) not to exceed $375,000,000 at any one time outstanding and (B) any Permitted Refinancing
thereof;

 

(ii)
the incurrence by the Borrower or any Subsidiary Guarantor of Indebtedness represented by (a) the Senior
Notes issued prior to the Restatement Effective Date that are outstanding as of the Restatement Date (including any guarantees
thereof) and the exchange notes and related guarantees issued in exchange for the Senior Notes (other than any Additional Notes
(as defined in the Senior Notes Indenture) issued after the Restatement Effective Date) and (b) the 2016 Senior Subordinated Notes
issued prior to the Restatement Effective Date (including any guarantees thereof) and the exchange notes and related guarantees
issued in exchange for the 2016 Senior Subordinated Notes (other than any Additional Notes (as defined in the 2016 Senior Subordinated
Notes Indenture));

 

(ii)              
(A) Indebtedness in respect of the 2027 Senior Unsecured Notes in an aggregate principal amount under this clause (ii)
not to exceed $500,000,000 at any one time outstanding and (B) any Permitted Refinancing thereof;

 

(iii)            
Indebtedness existing on the RestatementFourth
Amendment Effective Date and set forth in Schedule 7.03 (other than Indebtedness described in clauses (i) and (ii) above
of this Section 7.03);

 

(iv)             
(x) Indebtedness (including CapitalizedFinance
Lease Obligations) incurred, or Disqualified Stock and Preferred Stock issued, by the Borrower or any of its Restricted Subsidiaries,
to finance the purchase, lease or improvement of property (real or personal) or equipment that is used or useful in a Similar Business,
whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and (y) any Indebtedness incurred
or Disqualified Stock or Preferred Stock issued to refund, refinance or replace any other Indebtedness incurred or Disqualified
Stock or Preferred Stock issued pursuant to this clause (iv); provided that the aggregate amount of Indebtedness incurred
and Disqualified Stock and Preferred Stock issued pursuant to clauses (x) and (y) of this clause (iv) does not exceed the greater
of (A) $125,000,000200,000,000 and (B)
6.5031% of Total
AssetsEBITDA (calculated on a pro forma basis), at any one time outstanding;

 

     

     

    

 

(v)               
Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’
compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance,
or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; provided,
however, that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed
within 30 days following such drawing or incurrence;

 

(vi)             
Indebtedness arising from agreements of the Borrower or its Restricted Subsidiaries providing for indemnification, adjustment
of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business,
assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business,
assets or a Subsidiary for the purpose of financing such acquisition; provided, however, that

 

(A) such Indebtedness
is not reflected on the balance sheet of the Borrower or any of its Restricted Subsidiaries prepared in accordance with GAAP (contingent
obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed
to be reflected on such balance sheet for purposes of this clause (vi)(A)); and

 

(B) the maximum
assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including non-cash proceeds
(the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent
changes in value) actually received by the Borrower and its Restricted Subsidiaries in connection with such disposition;

 

(vii)           
Indebtedness of the Borrower to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted
Subsidiary that is not a Subsidiary Guarantor is expressly subordinated in right of payment to the Obligations; provided further,
that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary ceasing
to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Borrower or another Restricted
Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence
of such Indebtedness not permitted by this clause (vii);

 

(viii)         
Indebtedness of a Restricted Subsidiary to the Borrower or another Restricted Subsidiary; provided that if a Subsidiary
Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Subsidiary Guarantor, such Indebtedness is expressly
subordinated in right of payment to the obligations of such Subsidiary Guarantor under its Guaranty; provided further, that
any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing
to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to the Borrower or another Restricted
Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence
of such Indebtedness not permitted by this clause (viii);

 

(ix)             
shares of Preferred Stock of a Restricted Subsidiary issued to the Borrower or another Restricted Subsidiary, provided
that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary
ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Borrower
or another of its Restricted Subsidiaries or any pledge of such Capital Stock constituting a Permitted Lien) shall be deemed in
each case to be an issuance of such shares of Preferred Stock not permitted by this clause (ix);

 

     

     

    

 

(x)               
(x) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) for the purpose of limiting
interest rate risk, exchange rate risk or commodity pricing risk and (y) Indebtedness in respect of any Bank Products or Cash Management
Services provided by any Lender or any ABL Lender or any affiliate of any such lender (or any Person that was a Lender, an ABL
Lender or an affiliate of any such lender at the time the applicable agreement pursuant to which such Bank Products or Cash Management
Services are provided was entered into);

 

(xi)             
obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees or obligations
in respect of letters of credit related thereto provided by the Borrower or any of its Restricted Subsidiaries in the ordinary
course of business;

 

(xii)           
(A) Indebtedness or Disqualified Stock of the Borrower and Indebtedness, Disqualified Stock or Preferred Stock of the Borrower
or any Restricted Subsidiary equal to 100.0% of the net cash proceeds received by the Borrower since immediately after the ClosingFourth
Amendment Effective Date from the issue or sale of Equity Interests of the Borrower or cash contributed to the capital
of the Borrower (in each case, other than proceeds of Disqualified Stock or sales of Equity Interests to the Borrower or any of
its Subsidiaries) as determined in accordance with clauses (iii)(B) and (iii)(C) of Section 7.02(a) hereof to the extent such net
cash proceeds or cash have not been applied pursuant to such clauses (or the corresponding clauses
of the Existing Credit Agreement prior to the Restatement Effective Date) to make Restricted Payments or to make
other Investments, payments or exchanges pursuant to Section 7.02(b) hereof (or the corresponding
section of the Existing Credit Agreement prior to the Restatement Effective Date) or to make Permitted Investments
since the ClosingFourth Amendment Effective
Date (other than Permitted Investments specified in clauses (a) and (c) of the definition thereof) and (B) Indebtedness or Disqualified
Stock of the Borrower and Indebtedness, Disqualified Stock or Preferred Stock of the Borrower or any Restricted Subsidiary not
otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the principal
amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred
pursuant to this clause (xiiB), does not
at any one time outstanding exceed $200,000,000the
greater of (x) $325,000,000 and (y) 50% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries
for the most recently ended Test Period;

 

     

     

    

 

(xiii)         
the incurrence by the Borrower or any Restricted Subsidiary of Indebtedness or issuance by the Borrower or any Restricted
Subsidiary of Disqualified Stock or Preferred Stock which serves to refund or refinance any Indebtedness incurred or Disqualified
Stock or Preferred Stock issued as permitted under Sections 7.03(a) and 7.03(b) (ii) and (iii)
above, this clause (xiii) and Section 7.03(b)(xiv) below or any Indebtedness incurred or Disqualified Stock or Preferred Stock
issued to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock including additional Indebtedness incurred
or Disqualified Stock or Preferred Stock issued to pay premiums (including tender premiums), defeasance
costs thereon plus other amounts paid (including original issue discount and upfront
fees), and fees and expenses reasonably incurred in connection therewith (the
“Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing
Indebtedness (A) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less
than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded
or refinanced (as originally in effect prior to any scheduled amortization or prepayments thereto),
(B) to the extent such Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu to the Obligations or the
Guaranty of any Subsidiary Guarantor, such Refinancing Indebtedness is subordinated or pari passu to the Obligations or such Guaranty,
as the case may be, at least to the same extent as the Indebtedness being refinanced or refunded or (ii) Disqualified Stock or
Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively, and (C) shall not include
(I) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Borrower that is not a Subsidiary Guarantor that
refinances Indebtedness, Disqualified Stock or Preferred Stock of the Borrower, (II) Indebtedness, Disqualified Stock or Preferred
Stock of a Subsidiary of the Borrower that is not a Subsidiary Guarantor that refinances Indebtedness, Disqualified Stock or Preferred
Stock of a Subsidiary Guarantor, or (III) Indebtedness, Disqualified Stock or Preferred Stock of the Borrower or a Restricted Subsidiary
that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary, and provided further,
that subclause (A) of this clause (xiii) will not apply to any refunding or refinancing of any Indebtedness outstanding under the
ABL Credit Agreement;

 

(xiv)         
Indebtedness, Disqualified Stock or Preferred Stock of (x) the Borrower or a Restricted Subsidiary incurred or issued to
finance an acquisition or (y) Persons that are acquired by the Borrower or any Restricted Subsidiary or merged into or amalgamated
or consolidated with the Borrower or a Restricted Subsidiary in accordance with the terms of this Agreement; provided that
after giving effect to such acquisition, merger, amalgamation or consolidation, either (A) the Borrower could satisfy the Fixed
Charge Coverage Ratio Incurrence Test, or (B) the Fixed Charge Coverage Ratio of the Borrower and its Restricted Subsidiaries is
greater than immediately prior to such acquisition, merger, amalgamation or consolidation;

 

(xv)           
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within
five Business Days of its incurrence;

 

(xvi)         
Indebtedness of the Borrower or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to the
ABL Credit Agreement, in a principal amount not in excess of the stated amount of such letter of credit;

 

(xvii)       
(A) any guarantee by the Borrower or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary,
so long as the incurrence of such Indebtedness by such Restricted Subsidiary is permitted under the terms of this Agreement or
(B) any guarantee by a Restricted Subsidiary of Indebtedness of the Borrower permitted to be incurred under the terms of this Agreement;
provided that such guarantee is incurred in accordance with Section 7.09;

 

(xviii)     
Indebtedness of ForeignRestricted
Subsidiaries of the Borrower that are not Guarantors incurred not to exceed, together with
any other Indebtedness incurred under this clause (xviii), at any time outstanding the greater of (x) $125,000,000300,000,000
and (y) 6.5047% of Total
AssetsEBITDA (calculated on a pro forma basis);

 

     

     

    

 

(xix)         
(A) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary incurred or issued to finance or assumed
in connection with an acquisition, and (B) Indebtedness incurred to refund, refinance or replace any other Indebtedness, Disqualified
Stock or Preferred Stock permitted under this clause (xix), in each case in an aggregate principal amount not to exceed, together
with all other Indebtedness, Disqualified Stock and/or Preferred Stock issued under this clause (xix), the
greater of (x) $150,000,000 and (y) 25.00% of EBITDA (calculated on a pro forma basis)
of the Borrower and the Restricted Subsidiaries for the most recently ended Test Period in the aggregate at any one
time outstanding; provided that any Indebtedness incurred pursuant to preceding clause (B) shall satisfy the requirements
of “Refinancing Indebtedness” set forth in the proviso appearing in Section 7.03(b)(xiii) to the same extent as if
such proviso were set forth in its entirety in this clause (xix);

 

(xx)           
Indebtedness of the Borrower or any of its Restricted Subsidiaries consisting of (x) the financing of insurance premiums
or (y) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business;

 

(xxi)         
Indebtedness consisting of Indebtedness issued by the Borrower or any of its Restricted Subsidiaries to current or former
officers, directors, employees and consultants thereof, their respective estates, spouses or
former spousesImmediate
Family Members, in each case to finance the purchase or redemption of Equity Interests of the Borrower or any direct
or indirect parent companyParent
Company of the Borrower to the extent described in Section 7.02(b)(iv);

 

     

     

    

 

(xxii)       
(A) Indebtedness of the Borrower (other than loans to the extent secured on a pari passu
basis with the 2018 Replacement Term B Loans), which Indebtedness (I) may rank pari passu or junior in right
of security with the Obligations or be unsecured and (II) shall be pari passu or
junior in right of payment to the Obligations, that is incurred or issued or made in lieu of Incremental Term Commitments (the
“Incremental Equivalent Debt”); provided that (1) the aggregate principal amount of all Incremental
Equivalent Debt issued pursuant to this Section 7.03(b)(xxii) shall not, together with any Incremental Term Commitments, exceed
the Available Incremental Amount (and, prior to the incurrence of such Incremental Equivalent Debt, the Borrower shall notify the
Administrative Agent in writing whether such Incremental Equivalent Debt is being incurred under Section 2.17(d)(iv)(A)
or Section 2.17(d)(iv)(B)), (2) no Event of Default shall have occurred and be continuing or would exist immediately after giving
effect to such incurrenceclause (A), (B) or (C) of “Available Incremental Amount”);
(2) [reserved], (3) as of the date of determination, such Incremental Equivalent Debt shall not mature earlier than
the Latest Maturity Date with respect to the Loans at the time of incurrence of such Indebtedness,;
(4) the documentation with respect to any such Incremental Equivalent Debt contains noshall
not provide for any mandatory prepayment, repurchase orrepayment
(except scheduled principal amortization payments), redemption provisionsor
sinking fund payment obligations prior to the Latest Maturity Date with respect to
the Loans then in effect except with respect to, as determined at the time of issuance
or incurrence of the Incremental Equivalent Debt (other than, in each case, customary offers or obligations to repurchase, redeem
or repay upon a change of control, asset sale and event of loss or other mandatory
offers to purchase or mandatory prepayments and, casualty or condemnation event or
similar events; AHYDO payments; customary acceleration rights after an event of default that
are customary for financings of this type, (5) such; solely with respect to any
Incremental Equivalent Debt may participatesecured
by a Lien ranking junior to the Obligations, any payment obligations solely with respect to prepayment amounts declined by any
Lender under this Agreement and/or any lender(s) in respect of any other obligations secured by a Lien on the Collateral ranking
pari passu with the Obligations or that constitute a customary prepayment provision with respect to Refinancing Indebtedness
in connection with such prepayment in accordance with this Agreement; and solely with respect to any Incremental Equivalent Debt
secured by a Lien on the Collateral ranking pari passu to the Liens securing the Obligations (but without regard to control
of remedies), any payment obligations that will also be applied to the 2020 Refinancing Term B Loans hereunder on a
pro rata basis or less than pro rata basis (but not on aor
greater than pro rata basis) in any voluntary repayments or prepayments of principal of
the Loans hereunder and on a pro rata basis or less than a pro rata basis (but not on a greater than pro rata basis) in any mandatory
repayments or prepayments of principal of the Loans hereunder (or, if junior in right of payment or security, shall be on a junior
basis with respect thereto), or that constitute a customary prepayment provision with
respect to Refinancing Indebtedness); (5) [reserved]; (6) such Incremental Equivalent Debt shall not be subject to any
guarantee by any Person other than a Loan Party,;
(7) such Incremental Equivalent Debt shall not be secured by any Lien on any asset of the Borrower, Holdco or any Restricted Subsidiary
other than any asset constituting Collateral,;
(8) if secured, the security agreements relating to such Incremental Equivalent Debt shall
be substantially the same as the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative
Agent),; (9) if such Incremental Equivalent
Debt is (x) secured on a pari passu basis with the Obligations, then such Incremental Equivalent Debt shall be subject to
an Additional First Lien Intercreditor Agreement or (y) secured on a junior basis to the Obligations, then such Incremental Equivalent
Debt shall be subject to an Additional Junior Lien Intercreditor Agreement,;
(10) if such Incremental Equivalent Debt is junior in right of payment, then such Incremental Equivalent Debt shall be subject
to subordination terms reasonably acceptable to the Administrative Agent,;
(11) as of the date such Incremental Equivalent Debt is incurred, such Incremental Equivalent Debt shall have a Weighted Average
Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the Loans (as originally in effect prior to
any scheduled amortization or prepayments thereto) on the date such Incremental Equivalent Debt is incurred and;
(12) if such Incremental Equivalent Debt is in the form of broadly syndicated term loans secured by
the Collateral on a pari passu basis with the Obligations, then such Incremental Equivalent Debt shall be subject to the
“most favored nation” provisions under Section 2.17(e)(ii) (including any exceptions specified therein) and (13)
the documentation with respect to any Incremental Equivalent Debt shall contain terms and conditions (other than with respect to
pricing, fees, premiums and optional prepayment or redemption terms) not materially more restrictive (taken as a whole) in respect
of the Borrower and the Restricted Subsidiaries than those set forth in this Agreement (except for covenants or other provisions
applicable only to periods after the Latest Maturity Date at the time of incurrence of such Indebtedness); provided, however,
that such Incremental Equivalent Debt may be incurred in the form of a customary “bridge” or other interim credit facility
intended to be refinanced or replaced with long-term indebtedness which does not satisfy the requirements of clauses (3), (4),
(11) and (1213) above so long as, subject
to customary conditions, it would either be automatically converted into or required to be exchanged for permanent financing which
satisfies the requirements of clauses (3), (4), (11) and (1213)
above and (B) any Permitted Refinancing of any of the foregoing;

 

(xxiii) (A)
Permitted First Priority Refinancing Debt and any Permitted Refinancing thereof and (B) Permitted Junior Priority Refinancing Debt
and any Permitted Refinancing thereof; and

 

(xxiv)       Permitted
Unsecured Refinancing Debt and any Permitted Refinancing thereof.

 

(c)          
[reserved].

 

(b)
For purposes of determining compliance with this covenant:

 

(i)
in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of
more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in Section 7.03(a)
and Sections 7.03(b)(i) above, 7.03(b)(iv) through (xxi) above, 7.03(b)(xxiii) above and 7.03(b)(xxiv) above, the Borrower, in
its sole discretion, will classify and may subsequently reclassify such item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock
or Preferred Stock in one of the above clauses; provided that all Indebtedness outstanding under the ABL Loan Documents
and the Loan Documents on the Restatement Effective
Date will at all times be deemed to be outstanding in reliance on Section 7.03(b)(i);
and

 

     

     

    

 

(ii)
at the time of incurrence, the Borrower will be entitled (subject to the proviso in preceding subclause
(i)) to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in Sections 7.03(a)
and Sections 7.03(b)(i) above, 7.03(b)(iv) through (xxi) above, 7.03(b)(xxiii) above and 7.03(b)(xxiv) above.

 

(d)               
(c) The accrual of interest, the accretion of accreted value and the payment
of interest in the form of additional Indebtedness, Disqualified Stock or Preferred Stock will not be deemed to be an incurrence
of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 7.03.

 

(e)               
(d) For purposes of determining compliance with any Dollar-denominated
restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign
currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred,
in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness
is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such
refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of
such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced.

 

 

(f)                
(e) The principal amount of any Indebtedness incurred to refinance other
Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency
exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date
of such refinancing.

 

SECTION
9.04. Liens. The Borrower will not, and
will not permit any Subsidiary Guarantor to, directly or indirectly, create, incur, assume or suffer to exist any Lien that
secures obligations under any Indebtedness, on any asset or property of the Borrower or any Subsidiary Guarantor now
owned or hereafter acquired, or any income or profits therefrom, or assign or convey any right to receive income therefrom, except
Permitted Liens. 

 

SECTION
9.05. [RESERVED].

 

SECTION
9.06. Merger, Amalgamation, Consolidation or Sale of All or Substantially All Assets.
(a) The Borrower may not consolidate, merge or amalgamate with or into or wind up into (whether or not the Borrower is the surviving
corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets,
in one or more related transactions, to any Person unless:

 

(i)                
the Borrower is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other
than the Borrower) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a
Person organized or existing under the laws of the jurisdiction of organization of the Borrower or the laws of the United States,
any state thereof or the District of Columbia (or any territory thereof) (the Borrower or such Person, as the case may be, being
herein called the “Successor Borrower”);

 

     

     

    

 

(ii)              
the Successor Borrower, if other than the Borrower, expressly assumes all the obligations of the Borrower under this Agreement
and the other Loan Documents pursuant to supplements to the Loan Documents or other documents or instruments, in each case in a
form reasonably satisfactory to the Administrative Agent;

 

(iii)            
immediately after such transaction, no Default exists;

 

(iv)             
immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-quarter period, either (1) the Successor Borrower could satisfy
the Fixed Charge Coverage Ratio Incurrence Test or (2) the Fixed Charge Coverage Ratio for the Successor Borrower would be greater
than the Fixed Charge Coverage Ratio for the Borrower and its Restricted Subsidiaries immediately prior to such transaction;

 

(v)               
each Restricted Subsidiary that is a Subsidiary Guarantor, unless it is the other party to the transactions described above,
in which case Section 7.06(c)(i)(B) shall apply, shall have by supplement to the Loan Documents confirmed that its Guaranty shall
apply to such Person’s obligations under the Loan Documents and the Loans; and

 

(vi)             
the Borrower shall have delivered to the Administrative Agent an Officer’s Certificate and an Opinion of Counsel,
each stating that such consolidation, merger or transfer and such supplements to the Loan Documents, if any, comply with this Agreement
and the other Loan Documents.

 

(b)               
The Successor Borrower will succeed to, and be substituted for the Borrower, as the case may be, under this Agreement and
the other Loan Documents. The foregoing clauses (iii), (iv), (v) and (vi) of Section 7.06(a) shall
not apply to the merger contemplated by the Recapitalization Agreement. Notwithstanding Section 7.06(a)(iii) and
(iv), (i) any Restricted Subsidiary may consolidate with or merge into or transfer all or part of its properties and assets to
the Borrower, and (ii) the Borrower may merge with an Affiliate of the Borrower, as the case may be, solely for the purpose of
reincorporating the Borrower in a State of the United States, so long as the amount of Indebtedness of the Borrower and its Restricted
Subsidiaries is not increased thereby.

 

(c)               
No Guarantor will, and the Borrower will not permit any Guarantor (other than the Borrower)
to, consolidate, merge or amalgamate with or into or wind up into (whether or not the Borrower or a Guarantor is
the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties
or assets, in one or more related transactions, to any Person unless:

 

(i)                
(A) such Guarantor is the surviving corporationPerson
or the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment,
transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the jurisdiction
of organization of such Guarantor, as the case may be, or the laws of the United States, any state thereof or the District of Columbia
or any territory thereof or, in the case of a Canadian Subsidiary Guarantor, a province or territory of Canada (such Guarantor
or such Person, as the case may be, being herein called the “Successor Guarantor”);

 

(B) the Successor
Guarantor, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under the Guaranty and the other
Loan Documents pursuant to a joinder agreement and/or supplements to the Loan Documents or other documents or instruments, in each
case in a form reasonably satisfactory to the Administrative Agent;

 

     

     

    

 

(C) immediately
after such transaction, no Default exists;

 

(D) the Borrower
shall have delivered to the Administrative Agent an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such joinder agreement, supplements and/or other documents or instruments, if any, comply
with this Agreement and the other Loan Documents; and

 

(E) if a
consolidation, merger or amalgamation includes any Canadian Subsidiary and such Canadian Subsidiary is not the surviving entity,
such transaction shall be on terms conditions reasonably satisfactory to the Administrative Agent (whose consent shall not be unreasonably
withheld); or

 

(ii)              
the transaction is made in compliance with Section 7.01.

 

(d)               
In the case of Section 7.06(c)(i), the Successor Guarantor will succeed to, and be substituted for, such Guarantor under
such Guarantor’s Guaranty and the other Loan Documents. Notwithstanding the foregoing, any Subsidiary
Guarantor may merge or amalgamate into or with or wind up into or transfer all or part of its properties and assets
to another Subsidiary Guarantor or the Borrower.

 

SECTION
9.07. Transactions with Affiliates.
(a)  (a)     The
Borrower will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the
Borrower (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration
in excess of $10,000,000the greater of (x)
$25,000,000 and (y) 4.0% of EBITDA (calculated on a pro forma basis) of the Borrower and the Restricted Subsidiaries for the most
recently ended Test Period, unless: (i) such Affiliate Transaction
is on terms that are not materially less favorable to the Borrower or its relevant Restricted Subsidiary than those that would
have been obtained in a comparable transaction by the Borrower or such Restricted Subsidiary with an unrelated Person on an arm’s-length
basis, and (ii) the Borrower delivers to the Administrative Agent with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate payments or consideration in excess of $30,000,00075,000,000,
a resolution adopted by the majority of the Board of Directors of the Borrower approving such Affiliate Transaction and set forth
in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) above.

 

(b)               
(a) The limitations set forth in Section 7.07(a) will not apply to the
following:

 

(i)                
transactions between or among the Borrower or any of its Restricted Subsidiaries;

 

(ii)              
Restricted Payments permitted by the provisions of Section 7.02 and Investments constituting “Permitted Investments”;

 

(iii)            
the payment of management, consulting, monitoring and advisory fees and termination fees
and related indemnities and expenses pursuant to the Sponsor Management Agreement;indemnification
and similar amounts to, and reimbursement of expenses to, the Investors and their officers, directors and employees, in each case,
approved by, or pursuant to arrangements approved by, the Board of Directors of the Borrower;

 

     

     

    

 

(iv)             
the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements provided on behalf
of, officers, directors, employees or consultants of Borrower, any of its direct or indirect parent
companiesParent Companies or any of its Restricted Subsidiaries;

 

(v)               
transactions in which the Borrower or any of its Restricted Subsidiaries, as the case may be, delivers to the Administrative
Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary
from a financial point of view or stating that the terms are not materially less favorable to the Borrower or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Borrower or such Restricted Subsidiary with
an unrelated Person on an arm’s-length basis;

 

(vi)             
any agreement as in effect as of the RestatementFourth
Amendment Effective Date, or any amendment thereto (so long as any such amendment is not disadvantageous in any material
respect to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the RestatementFourth
Amendment Effective Date);

 

(vii)           
the existence of, or the performance by the Borrower or any of its Restricted Subsidiaries of its obligations under the
terms of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which
it is a party as of the RestatementFourth Amendment
Effective Date and any similar agreements which it may enter into thereafter; provided, however, that the existence of,
or the performance by the Borrower or any of its Restricted Subsidiaries of obligations under any future amendment to any such
existing agreement or under any similar agreement entered into after the RestatementFourth
Amendment Effective Date shall only be permitted by this clause (vii) to the extent that the terms of any such amendment
or new agreement are not otherwise disadvantageous in any material respect to the Lenders when taken as a whole as compared to
the original agreement in effect on the RestatementFourth
Amendment Effective Date;

 

(viii)         
the Transaction and the payment of all fees and expenses related to the Transaction, including
Transaction Expenses;transactions permitted by, and complying with, the provisions
in Section 7.06 solely for the purpose of (a) forming a holding company or (b) reincorporating the Borrower in a new
jurisdiction;

 

(ix)             
transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary
course of business and otherwise in compliance with the terms of this Agreement which are fair to the Borrower and its Restricted
Subsidiaries, in the reasonable determination of the Board of Directors of the Borrower or the senior management thereof, or are
on terms at least as favorable as would reasonably have been obtained at such time from an unaffiliated party;

 

(x)               
the issuance of Equity Interests (other than Disqualified Stock) of the Borrower to any direct
or indirect parentParent Company of the Borrower or to any Permitted Holder
or to any director, officer, employee or consultant of the Borrower, any Subsidiary or any direct
or indirect parentParent Company of the Borrower;

 

(xi)             
sales of accounts receivable, or participations therein, in connection with any Receivables Facility;

 

     

     

    

 

(xii)           
payments by the Borrower or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory,
financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation,
in connection with acquisitions or divestitures which payments are approved by a majority of the Board of Directors of the Borrower
in good faith or which are otherwise permitted by this Agreement;

 

(xiii)         
payments or loans (or cancellation of loans) to employees or consultants of the Borrower, any of its direct
or indirect parent companiesParent Companies or any of its Restricted Subsidiaries
and employment agreements, stock option plans and other similar arrangements with such employees or consultants which, in each
case, are approved by the Borrower in good faith; and

 

(xiv)         
investments by the Investors in securities of the Borrower or any of its Restricted Subsidiaries, so long as (A) the investment
is being offered generally to other investors on the same or more favorable terms and (B) the investment constitutes less than
5% of the proposed or outstanding issue amount of such class of securities.;

 

(xv)           payments
to or from, and transactions with, any joint venture or Unrestricted Subsidiary in the ordinary course of business or consistent
with past practice, industry practice or industry norms (including, any cash management activities related thereto);

 

(xvi)         (a) transactions
with a Person that is an Affiliate of the Borrower (other than an Unrestricted Subsidiary) solely because the Borrower or any
Restricted Subsidiary owns Equity Interests in, or otherwise controls, such Person and (b) transactions with any Person that
is an Affiliate solely because a director or officer of such Person is a director or officer of the Borrower, any Restricted Subsidiary
or any Parent Company; 

 

(xvii)       
(a) pledges and other transfers of Equity Interests in Unrestricted Subsidiaries and (b) any transactions
with an Affiliate in which the consideration paid consists solely of Equity Interests of the Issuer or a Parent Company; and

 

(xviii)     
payments on the 2027 Senior Secured Notes in accordance with the 2027 Senior Secured Notes Indenture, payments on
the 2027 Senior Unsecured Notes in accordance with the 2027 Senior Unsecured Notes Indenture, payments of the Obligations, payments
of obligations under the ABL Credit Agreement and payments in respect of obligations under other Indebtedness, Disqualified Stock
or Preferred Stock of the Borrower and its Subsidiaries held by Affiliates.

 

SECTION
9.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.
The Borrower will not, and will not permit any of its Restricted Subsidiaries that are not Subsidiary Guarantors to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction
on the ability of any such Restricted Subsidiary to:

 

(x)       (A)
pay dividends or make any other distributions to the Borrower or any of its Restricted Subsidiaries that
are Guarantors on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits,
or (B) pay any Indebtedness owed to the Borrower or any of its Restricted Subsidiaries that are Guarantors;

 

(y)       make
loans or advances to the Borrower or any of its Restricted Subsidiaries that are Guarantors;
or

 

     

     

    

 

(z)              sell,
lease or transfer any of its properties or assets to the Borrower or any of its Restricted Subsidiaries that
are Guarantors,

 

provided
that the foregoing limitations shall not apply (in each case) to such encumbrances or restrictions existing under or by reason
of:

 

(i)              
contractual encumbrances or restrictions in effect on the RestatementFourth
Amendment Effective Date, including pursuant to the 2027 Senior Unsecured
Notes Indenture, the 20162027 Senior SubordinatedSecured
Notes Indenture and the ABL Loan Documents;

 

(ii)             
the Loan Documents;

 

(iii)            
purchase money obligations for property acquired in the ordinary course of business that impose restrictions of the nature
described in clause (z) of this Section 7.08 above on the property so acquired;

 

(iv)           
applicable law or any applicable rule, regulation or order;

 

(v)            
any agreement or other instrument of a Person acquired by the Borrower or any of its Restricted Subsidiaries,
or of an Unrestricted Subsidiary that is designated as a Restricted Subsidiary, in existence at the time of such acquisition
or re-designation as a Restricted Subsidiary, as the case may be (but not created in contemplation
thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than
the Person so acquired or designated and its Subsidiaries, or the property or assets of
the Person so acquired or designated and its Subsidiaries;

 

(vi)           
contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Borrower pursuant
to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets
of such Subsidiary;

 

(vii)          
Secured Indebtedness otherwise permitted to be incurred pursuant to Section 7.03 that limits the right of the debtor to
dispose of the assets securing such Indebtedness;

 

(viii)         
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course
of business;

 

(ix)            
other Indebtedness, Disqualified Stock or Preferred Stock of ForeignRestricted
Subsidiaries that are not Guarantors permitted to be incurred or issued subsequent to the
ClosingFourth Amendment Effective Date
pursuant to the provisions of Section 7.03;

 

(x)             
customary provisions in any joint venture agreement and other similar agreement relating solely to such joint venture;

 

(xi)            
customary provisions contained in leases, subleases, licenses or sublicenses and other agreements, in each case, entered
into in the ordinary course of business;

 

(xii)          
any encumbrances or restrictions of the type referred to in clauses (x), (y) and (z) of this Section 7.08 above imposed
by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the
contracts, instruments or obligations referred to in clauses (i) through (xi) above; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the
Borrower, no more restrictive in any material respect with respect to such encumbrances and other restrictions taken as a whole
than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing;

 

     

     

    

 

 

(xiii)          
any other agreement governing Indebtedness entered into after the RestatementFourth
Amendment Effective Date that contains encumbrances and other restrictions that (x)
are, in the good faith judgment of the Borrower, no more restrictive in any material respect taken as a whole with respect to any
Restricted Subsidiary than those encumbrances and other restrictions that are in effect on the RestatementFourth
Amendment Effective Date with respect to that Restricted Subsidiary pursuant to agreements in effect on the RestatementFourth
Amendment Effective Date or (y) will not materially impair the Borrower’s ability
to make payments on the Obligations when due, in each case in the good faith judgment of the Borrower; and

 

(xiv)          
restrictions created in connection with any Receivables Facility that, in the good faith determination of the Borrower are
necessary or advisable to effect such Receivables Facility.

 

SECTION
9.09. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.
The Borrower will not permit any of its Wholly-Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries
if such non-Wholly-Owned Subsidiaries guarantee other capital markets debt securities), other than a Subsidiary Guarantor or a
Foreign Subsidiary, to guarantee the payment of any Indebtedness of the Borrower or any other Subsidiary Guarantor unless:

 

(a)            
such Restricted Subsidiary within 30 days executes and delivers a joinder agreement for the relevant Guaranty, except that
with respect to a guarantee of Indebtedness of the Borrower or any Subsidiary Guarantor, if such Indebtedness is by its express
terms subordinated in right of payment to the Obligations (including such Subsidiary Guarantor’s Guaranty), any such guarantee
by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to the relevant Guaranty
substantially to the same extent as such Indebtedness is subordinated to the Obligations;

 

(b)            
such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights
of reimbursement, indemnity or subrogation or any other rights against the Borrower or any other Restricted Subsidiary as a result
of any payment by such Restricted Subsidiary under its Guaranty; and

 

(c)            
such Restricted Subsidiary shall deliver to the Administrative Agent an Opinion of Counsel to the effect that:

 

(i)                
such Guaranty has been duly executed and authorized; and

 

(ii)              
such Guaranty constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement
thereof may be limited by bankruptcy, insolvency or similar laws (including, without limitation, all laws relating to fraudulent
transfers) and except insofar as enforcement thereof is subject to general principles of equity;

 

provided
that this Section 7.09 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person
became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted
Subsidiary.

 

    167

     

    

 

SECTION
9.10. Change in Nature of Business. The
Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any material line of business substantially
different from those lines of business conducted by the Borrower and the Restricted Subsidiaries on the RestatementFourth
Amendment Effective Date or any business reasonably related or ancillary thereto or a reasonable extension thereof.

 

SECTION
9.11. [RESERVED].

 

SECTION
9.12. Use of Proceeds. The Borrower
shall not, and shall not permit any of its Restricted Subsidiaries to, use the proceeds of thea
Borrowing of 2020 New Refinancing Term B Loans on the Restatement
Effective Date, whether directly or indirectly, in a manner inconsistent with the uses set forth in the preliminary statements
to this Agreement. The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, use the proceeds of the
Borrowing of Incremental 2014 Term Loans on the First Amendment Effective Date, whether directly or indirectly, for any purpose
other than to finance (i) the satisfaction and discharge of the outstanding Senior Notes (and related obligations), including premium
and accrued and unpaid interest thereon to, but not including, the applicable redemption date, pursuant to, and in accordance with
the terms of, the Senior Notes Indenture as contemplated by Section 5(viii) of Part II of the First Amendment, and (ii) fees and
expenses incurred in connection with the First Amendment and the incurrence of the Incremental 2014 Term Loans; provided,
that any excess proceeds of the Borrowing of Incremental 2014 Term Loans on the First Amendment Effective Date not required for
the purposes described in clauses (i) and (ii) may be used for any purpose not prohibited by this Agreement. The Borrower shall
not, and shall not permit any of its Restricted Subsidiaries to, use the proceeds of a Borrowing of 2016 New Replacement Term B-1
Loans on the Initial SecondFourth Amendment Effective Date, whether directly
or indirectly, for any purpose other than the repayment of principal on the 2018 Replacement
Term B Loans not subject to the 2016 Replacement Term B-1 Loan Conversion and the payment of accrued
but unpaid interest on all Term B Loans (with such repayment of principal to be applied as provided in Section
2.05(a)(i)), and the payment of fees and expenses incurred in connection with the Second Amendment and the
incurrence of the 2016 Replacement Term B-1 Loans (including pursuant to the 2016 Replacement Term B-1 Loan Conversion and the
2016 Replacement Term Loan Conversion). The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, use
the proceeds of a Borrowing of 2016 New Replacement Term B-2 Loans on the Initial Second Amendment Effective Date, whether directly
or indirectly, for any purpose other than the repayment of principal on the Incremental 2014 Term Loans not subject to the 2016
Replacement Term B-2 Loan Conversion and the payment of accrued but unpaid interest on all Incremental 2014 Term Loans (with such
repayment of principal to be applied as provided in Section 2.05(a)(i)), and the payment
of fees and expenses incurred in connection with the Second Amendment, the incurrence of the 2016 Replacement Term B-2 Loans (including
pursuant to the 2016 Replacement Term B-2 Loan Conversion) and the incurrence of the 2016 Replacement Term B-1 Loans (including
pursuant to the 2016 Replacement Term Loan Conversion). The Borrower shall not, and shall not permit any of its Restricted Subsidiaries
to, use the proceeds of a Borrowing of 2018 New Replacement Term B Loans on the Third Amendment Effective Date, whether directly
or indirectly, for any purpose other than the repayment of principal on the 2016 Replacement Term B-1 Loans not subject to the
2018 Replacement2020 Refinancing Term B Loan Conversion.

 

SECTION
9.13. Accounting Changes. The Borrower
shall not, and shall not permit any of its Restricted Subsidiaries to, make any change in its fiscal year,
fiscal quarter or fiscal month; provided, however, that the Borrower may, upon written notice to the Administrative
Agent, change its fiscal year, fiscal quarter or fiscal month to any other fiscal
year, fiscal quarter or fiscal month, as the case may be, reasonably acceptable
to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders
to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year,
fiscal quarter or fiscal month, as the case may be.

 

    168

     

    

 

SECTION
7.14. Amendments of Indebtedness, Etc. (a)
Without the consent of the Required Lenders, the Borrower will not amend, modify or alter (i) the subordination provisions of the
2020 Senior Subordinated Notes Indenture and any other Junior Financing Documentation (and the component definitions as used therein),
or (ii) any other term or condition of the 2020 Senior Subordinated Notes Indenture and any other Junior Financing Documentation,
in the case of this clause (ii), in a manner materially adverse to the interests of the Lenders.

 

(a)
The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, designate any Indebtedness
(or related interest obligations) as “Designated Senior Indebtedness” (as defined in the 2020 Senior Subordinated Notes
Indenture) or any similar term (as defined in any Junior Financing Documentation), in each case, except for Obligations of the
type described in clause (x) of the definition of “Obligations” and ABL Loans (and related obligations). 

 

ARTICLE
X

Events Of Default and Remedies

 

SECTION
10.01. Events of Default. Any of the following
shall constitute an Event of Default:

 

(a)            
Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount
of principal of any Loan, or (ii) within five (5) Business Days after the same becomes due, any interest on any Loan or any other
amount payable hereunder or with respect to any other Loan Document; or

 

(b)            
Specific Covenants. The Borrower fails to perform or observe any term, covenant or agreement contained in any of
Sections 6.03(a)(i) or 6.05(a) (solely with respect to the Borrower) or Article VII; or

 

(c)            
Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section
8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty
(30) days after notice thereof by the Administrative Agent to the Borrower; or

 

(d)            
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made
by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document required to be delivered
in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or

 

    169

     

    

 

(e)            
Cross-Default. Any Loan Party or any Restricted Subsidiary (i) fails to make any payment beyond the applicable grace
period with respect thereto, if any (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in
respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate principal amount of not less than the Threshold
Amount, or (ii) fails to observe or perform any other agreement or condition relating to any such Indebtedness, or any other event
occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant
to the terms of such Swap Contracts), the effect of which default or other event is to cause, or to permit the holder or holders
of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with
the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity;
provided that, any such failure or the occurrence of any such other event referred to in sub-clauses (i) and (ii) relating
to Indebtedness under the ABL Credit Agreement shall constitute an Event of Default under this Section 8.01(e) only after the earliest
to occur of (x) expiration of a 60-day period following the commencement of such failure or the date of such occurrence, (y) any
acceleration of the ABL Obligations (as defined in the Intercreditor Agreement) or (z) the commencement of the Exercise of Any
Secured Creditor Remedies (as defined in the Intercreditor Agreement) by the ABL Collateral Agent or any ABL Lender as a result
of such failure or occurrence; provided further, that preceding sub-clause (ii) shall not apply to secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale
or transfer is permitted hereunder and under the documents providing for such Indebtedness; or

 

(f)             
Insolvency Proceedings, Etc. Any Loan Party or any of the Restricted Subsidiaries institutes or consents to the institution
of any proceeding under any Debtor Relief Law (or any Canadian Subsidiary Guarantor institutes or consents to the institution of
any proposal or notice of intent to file a proposal), or makes an assignment for the benefit of creditors; or applies for or consents
to the appointment of any receiver, trustee, custodian, conservator, monitor, liquidator, rehabilitator, administrator, administrative
receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator,
monitor, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed without the application
or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding
under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the
consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in
any such proceeding; or

 

(g)            
Inability to Pay Debts; Attachment. (i) Any Loan Party or any Restricted Subsidiary becomes unable or admits in writing
its inability or fails generally to pay its debts in excess of the Threshold Amount as they become due, or (ii) any writ or warrant
of attachment or execution or similar process is issued or levied against all or any material part of the property of the Loan
Parties, taken as a whole, and is not released, vacated or fully bonded within forty-five (45) days after its issue or levy; or

 

(h)            
Judgments. There is entered against any Loan Party or any Restricted Subsidiary a final judgment or order for the
payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance
as to which the insurer has been notified of such judgment or order and has not denied coverage) and such judgment or order shall
not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of forty-five (45) consecutive
days; or

 

(i)             
(A) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of any Loan Party or
any ERISA Affiliate in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect,
or (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment
payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in
an aggregate amount which could reasonably be expected to result in a Material Adverse Effect; or

 

    170

     

    

 

(B)
Pension Plans. Except as could not reasonably be expected to result in a Material Adverse Effect, (i) a Pension Event shall
occur which, in Collateral Agent'sAgent’s
determination, constitutes grounds for the termination under any Laws, of any Pension Plan or (ii) the appointment by the appropriate
Governmental Authority of a trustee for any Pension Plan, or (iii) if any Pension Plan shall be terminated or any such trustee
shall be requested or appointed, or (iv) if a Loan Party is in default with respect to payments to a Pension Plan resulting from
their complete or partial withdrawal from such Pension Plan or (v) any event that may reasonably be expected to have a Material
Adverse Effect or any Lien arises (save for contribution amounts not yet due) in connection with any Pension Plan.

 

(j)             
Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery
and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted
under Section 7.01 or 7.06) or as a result of acts or omissions by the Administrative Agent or any Lender or the satisfaction in
full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability
of any provision of any Loan Document or any Lien created under any Loan Document; or any Loan Party denies in writing that it
has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations
and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document; or

 

(k)            
Collateral Documents. Any Collateral Document after delivery thereof pursuant to Section 4.01 of the Existing Credit
Agreement or Sections 4.01 or 6.11 of this Agreement, or otherwise pursuant to any Loan Document,
shall for any reason (other than pursuant to the terms thereof, including as a result of a transaction permitted under Section
7.01 or 7.06) cease to create a valid and perfected lien, with the priority required by the Collateral Documents, the Intercreditor
Agreement, the Additional First Lien Intercreditor Agreement (if then in effect), and the Additional Junior Lien Intercreditor
Agreement (if then in effect) (or other security purported to be created on the applicable Collateral), on and security interest
in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under Section 7.04, except
to the extent that any such loss of perfection or priority results from (i) the failure of the Administrative Agent or the Collateral
Agent to maintain possession of certificates or notes actually delivered to it representing securities or instruments pledged under
the Collateral Documents, (ii) to file Uniform Commercial Code or PPSA continuation statements in the applicable filing offices
properly notified by the relevant Loan Party and (iii) any other failure of the Administrative Agent or the Collateral Agent to
maintain perfection in circumstances where such failure does not result from the breach or non-compliance by a Loan Party with
the Loan Documents, and except as to Collateral consisting of real property to the extent that such losses are covered by a lender’s
title insurance policy and such insurer has not denied coverage; or

 

(l)             
Change of Control. A Change of Control shall occur; or.

 

(m)
Junior Financing Documentation. (i) Any of the Obligations of the Loan Parties under the Loan Documents
for any reason shall cease to be “Senior Indebtedness” (or any comparable term) or “Senior Secured Financing”
(or any comparable term) under, and as defined in any Junior Financing Documentation or (ii) the subordination provisions set forth
in any Junior Financing Documentation shall, in whole or in part, cease to be effective or cease to be legally valid, binding and
enforceable against the holders of any Subordinated Indebtedness, if applicable.

 

    171

     

    

 

SECTION
10.02. Remedies Upon Event of Default.
If any Event of Default occurs and is continuing, the Administrative Agent may and, at the request of the Required Lenders, shall
take any or all of the following actions:

 

(i)                
declare the commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be
terminated;

 

(ii)              
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrower; and

 

(iii)            
exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents
or applicable Law, subject to the terms of the Intercreditor Agreement, the Additional First Lien Intercreditor Agreement (if then
in effect) and the Additional Junior Lien Intercreditor Agreement (if then in effect);

 

provided
that upon the occurrence of an Event of Default under Section 8.01(f) with respect to the Borrower, the obligation of each Lender
to make Loans shall automatically terminate, and the unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or
any Lender.

 

SECTION
10.03. Exclusion of Immaterial Subsidiaries.
Solely for the purpose of determining whether a Default has occurred under Section 8.01(f) or,
(g) or (h), any reference in any such clause to any Restricted Subsidiary or Loan Party
shall be deemed not to include any Restricted Subsidiary affected by any event or circumstances referred to in any such clause
that did not, as of the last day of the most recent completed fiscal quarter of the Borrower, have assets with a value in excess
of 5.0% of Total Assets and did not, as of the four quarter period ending on the last day of such fiscal quarter, have revenues
exceeding 5.0% of Total Revenues (it being agreed that all Restricted Subsidiaries affected by any event or circumstance referred
to in any such clause shall be considered together, as a single consolidated Restricted Subsidiary, for purposes of determining
whether the condition specified above is satisfied).

 

SECTION
10.04. Application of Funds. Subject in
all respects to the provisions of the Intercreditor Agreement, the Additional First Lien Intercreditor Agreement (if then in effect)
and the Additional Junior Lien Intercreditor Agreement (if then in effect), after the exercise of remedies provided for in Section
8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any
amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal
and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III) payable to each of
the Administrative Agent and the Collateral Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders (including Attorney Costs payable under Sections 10.04 and 10.05 and amounts payable under Article III),
ratably among them in proportion to the amounts described in this clause Second payable to them;

 

    172

     

    

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, ratably among the Lenders
in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans and the termination value under Secured
Hedge Agreements, ratably among the Lenders and the other Secured Parties in proportion to the respective amounts described in
this clause Fourth held by them;

 

Fifth,
to the payment of all other Obligations of the Loan Parties that are due and payable to the Administrative Agent and the other
Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative
Agent and the other Secured Parties on such date; and

 

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

 

ARTICLE
XI

Administrative Agent and Other Agents

 

SECTION
11.01. Appointment and Authorization of Agents.
(a) Each Lender hereby irrevocably appoints, designates and authorizes the Administrative Agent to take such action on its behalf
under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are
expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, the
Administrative Agent shall have no duties or responsibilities, except those expressly set forth herein, nor shall the Administrative
Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise
exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market
custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

 

(b)               
(a) The Administrative Agent shall also act as the “collateral agent”
under the Loan Documents, and each of the Lenders (in its capacities as a Lender and a potential Hedge Bank) hereby irrevocably
appoints and authorizes the Administrative Agent to act as the agent of (and to hold any security interest created by the Collateral
Documents for and on behalf of or on trust for) such Lender for purposes of acquiring, holding and enforcing (subject to the Intercreditor
Agreement, the Additional First Lien Intercreditor Agreement (if then in effect), and the Additional Junior Lien Intercreditor
Agreement (if then in effect)) any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured
Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative
Agent, as “collateral agent” (and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent
pursuant to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under
the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall
be entitled to the benefits of all provisions of this Article IX (including, Section 9.07, as though such co-agents, sub-agents
and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect
thereto.

 

    173

     

    

 

SECTION
11.02. Delegation of Duties. The Administrative
Agent may execute any of its duties under this Agreement or any other Loan Document (including for purposes of holding or enforcing
any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any rights and remedies
thereunder) by or through agents, employees or attorneys-in-fact, such sub-agents as shall be deemed necessary by the Administrative
Agent and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties.
The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact
that it selects in the absence of gross negligence or willful misconduct (as determined in the final judgment of a court of competent
jurisdiction).

 

SECTION
11.03. Liability of Agents. No Agent-Related
Person shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement
or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct,
as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein),
or (b) be responsible in any manner to any Lender or Participant for any recital, statement, representation or warranty made by
any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement
or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement
or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any
other Loan Document (including, for the avoidance of doubt, in connection with the Administrative
Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page), or the perfection or priority of any Lien or security interest created
or purported to be created under the Collateral Documents, or for any failure of any Loan Party or any other party to any Loan
Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender
or Participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party or any Affiliate
thereof.

 

SECTION
11.04. Reliance by Agents. (a) Each Agent
shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation,
notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement
or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants
and other experts selected by such Agent. Each Agent shall be fully justified in failing or refusing to take any action under any
Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if
it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected
in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent
of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders.

 

    174

     

    

 

(b)               
(a) For purposes of determining compliance with the conditions specified
in Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Effective
Date specifying its objection thereto.

 

SECTION
11.05. Notice of Default. The Administrative
Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except with respect to defaults in the
payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless
the Administrative Agent shall have received written notice from a Lender or the Borrower referring to this Agreement, describing
such Default and stating that such notice is a “notice of default”. The Administrative Agent will notify
the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to any Event of Default
as may be directed by the Required Lenders in accordance with Article VIII; provided that unless and until the Administrative
Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain
from taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest of the Lenders.

 

SECTION
11.06. Credit Decision; Disclosure of Information by Agents.
Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent
hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate
thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter,
including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to each
Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial
and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other
regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to
extend credit to the Borrower and the other Loan Parties hereunder. Each Lender also represents that it will, independently and
without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and
the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of the Borrower and the other Loan Parties. Except for
notices, reports and other documents expressly required to be furnished to the Lenders by any Agent herein, such Agent shall not
have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates
which may come into the possession of any Agent-Related Person.

 

    175

     

    

 

SECTION
11.07. Indemnification of Agents. Whether
or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person
(to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so),
pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it;
provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities
resulting from such Agent-Related Person’s own gross negligence or willful misconduct, as determined by the final judgment
of a court of competent jurisdiction; provided that no action taken in accordance with the directions of the Required Lenders
(or such other number or percentage of the Lenders as shall be required by the Loan Documents) shall be deemed to constitute gross
negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation, litigation or proceeding
giving rise to any Indemnified Liabilities, this Section 9.07 applies whether any such investigation, litigation or proceeding
is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse the Administrative
Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative
Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether
through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative
Agent is not reimbursed for such expenses by or on behalf of the Borrower. The undertaking in this Section 9.07 shall survive termination
of the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent.

 

SECTION
11.08. Agents in their Individual Capacities.
The Person serving as the Administrative Agent and its Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with each of the Loan Parties and their respective Affiliates as though the the Person serving as the Administrative
Agent were not the Administrative Agent hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that,
pursuant to such activities, the Person serving as the Administrative Agent or its Affiliates may receive information regarding
any Loan Party or its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan
Party or such Affiliate) and acknowledge that the Person serving as the Administrative Agent shall be under no obligation to provide
such information to them. With respect to its Loans, the Person serving as the Administrative Agent shall have the same rights
and powers under this Agreement as any other Lender and may exercise such rights and powers as though such Person were not the
Administrative Agent, and the terms “Lender” and “Lenders” include such Person
in its individual capacity.

 

SECTION
11.09. Successor Agents. The Administrative
Agent may resign as the Administrative Agent upon thirty (30) days’ notice to the Lenders and the Borrower. If the Administrative
Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders,
which successor agent shall be consented to by the Borrower at all times other than during the existence of an Event of Default
under Section 8.01(f) or (g) (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor agent
is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint,
after consulting with the Lenders and the Borrower, a successor agent from among the Lenders. Upon the acceptance of its appointment
as successor agent hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the
retiring Administrative Agent and the term “Administrative Agent”, shall mean such successor administrative
agent and/or supplemental administrative agent, as the case may be, and the retiring Administrative Agent’s appointment,
powers and duties as the Administrative Agent shall be terminated. After the retiring Administrative Agent’s resignation
hereunder as the Administrative Agent, the provisions of this Article IX and Sections 10.04 and 10.05 shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. If no successor
agent has accepted appointment as the Administrative Agent by the date which is thirty (30) days following the retiring Administrative
Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become
effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the
Required Lenders appoint a successor agent as provided for above. Upon the acceptance of any appointment as the Administrative
Agent hereunder by a successor and upon the execution and filing or recording of such financing statements, or amendments thereto,
and such amendments or supplements to the Mortgages, and such other instruments or notices, as may be necessary or desirable, or
as the Required Lenders may request, in order to (a) continue the perfection of the Liens granted or purported to be granted by
the Collateral Documents or (b) otherwise ensure that the Collateral and Guarantee Requirement is satisfied, the Administrative
Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring
Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under the Loan
Documents. After the retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of
this Article IX shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it
was acting as the Administrative Agent.

 

    176

     

    

 

SECTION
11.10. Administrative Agent May File Proofs of Claim.
In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any
Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)            
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans 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 and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the
Lenders and the Administrative Agent under Sections 2.09 and 10.04) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.09 and 10.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

SECTION
11.11. Collateral and Guaranty Matters.
The Lenders irrevocably agree, subject to the terms of the Intercreditor Agreement, the Additional First Lien Intercreditor Agreement
(if then in effect), and the Additional Junior Lien Intercreditor Agreement (if then in effect):

 

(a)            
that any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document
shall be automatically released (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other
than (x) obligations under Secured Hedge Agreements not yet due and payable, and (y) contingent indemnification obligations not
yet accrued and payable), (ii) at the time the property subject to such Lien is transferred or to be transferred as part of or
in connection with any transfer permitted hereunder or under any other Loan Document to any Person other than the Borrower or any
other Subsidiary Guarantor, (iii) subject to Section 10.01, if the release of such Lien is approved, authorized or ratified in
writing by the Required Lenders, (iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon release of
such Subsidiary Guarantor from its obligations under its Guaranty pursuant to clause (c) below or (v) as required pursuant to the
terms of the Intercreditor Agreement;

 

    177

     

    

 

(b)            
to release or subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent
under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.04 to the extent required by
law or the terms of this Agreement (other than Liens securing the 2027 Senior Secured Notes,
Permitted First Priority Refinancing Debt, Additional First Lien Indebtedness, Permitted Junior Priority Refinancing Debt or any
Additional Junior Lien Indebtedness); and

 

(c)            
that any Restricted Subsidiary that is a Subsidiary Guarantor shall be automatically released from its obligations under
its Guaranty (i) if such Person ceases to be a Restricted Subsidiary as a result
of a transaction or designation permitted hereunder (including as a result of a Restricted Subsidiary that is a Subsidiary Guarantor
being redesignated as an Unrestricted Subsidiary); provided that no such release shall occur if such Subsidiary Guarantor
continues to be a guarantor in respect of the 2027 Senior Unsecured
Notes, the 20202027 Senior SubordinatedSecured
Notes, any Subordinated Indebtedness, the ABL Credit Agreement, any Credit Agreement Refinancing Indebtedness (other than Refinancing
Term Loans), any Incremental Equivalent Debt or any other Indebtedness (other than Loans) in excess of the Threshold Amount (and
Permitted Refinancings in respect of the foregoing) or (ii) in connection with any Permitted Foreign
Restructuring.

 

Upon request by the Administrative
Agent at any time, the Required Lenders (or such greater number of Lenders as may be required under Section 10.01) will confirm
in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property,
or to release any Subsidiary Guarantor from its obligations under its Guaranty pursuant to this Section 9.11. In each case as specified
in this Section 9.11, the Administrative Agent will (and each Lender irrevocably authorizes the Administrative Agent to), at the
Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request
to evidence the release or subordination of such item of Collateral from the assignment and security interest granted under the
Collateral Documents, or to evidence the release of such Subsidiary Guarantor from its obligations under its Guaranty, in each
case in accordance with the terms of the Loan Documents and this Section 9.11.

 

SECTION
11.12. Other Agents; Arrangers and Managers.
None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “co-documentation
agent”, “joint bookrunner” or “arranger” shall have any right, power, obligation, liability, responsibility
or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders
or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges
that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this
Agreement or in taking or not taking action hereunder.

 

    178

     

    

 

SECTION
11.13. Appointment of Supplemental Administrative Agents.
(a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction
denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction.
It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case
of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future
Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents
or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized
to appoint an additional individual or institution selected by the Administrative Agent in its sole discretion as a separate trustee,
co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional individual
or institution being referred to herein individually, as a “Supplemental Administrative Agent” and collectively,
as “Supplemental Administrative Agents”).

 

(a)               
In the event that the Administrative Agent appoints a Supplemental Administrative Agent with respect to any Collateral,
(i) each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to
be exercised by or vested in or conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by and
vest in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to enable such Supplemental Administrative
Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties with respect to
such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance
thereof by such Supplemental Administrative Agent shall run to and be enforceable by either the Administrative Agent or such Supplemental
Administrative Agent, and (ii) the provisions of this Article IX and of Sections 10.04 and 10.05 that refer to the Administrative
Agent shall inure to the benefit of such Supplemental Administrative Agent and all references therein to the Administrative Agent
shall be deemed to be references to the Administrative Agent and/or such Supplemental Administrative Agent, as the context may
require.

 

(b)               
Should any instrument in writing from the Borrower or any other Loan Party be required by any Supplemental Administrative
Agent so appointed by the Administrative Agent for more fully and certainly vesting in and confirming to him or it such rights,
powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and
all such instruments promptly upon request by the Administrative Agent. In case any Supplemental Administrative Agent, or a successor
thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental
Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment
of a new Supplemental Administrative Agent.

 

    179

     

    

 

SECTION
11.14. Solidary Interests/Quebec Liens (Hypothecs).
Without limiting the generality of the foregoing, for the purposes of creating a solidarité active in accordance with Article
1541 of the Civil Code of Quebec, between each Secured Party, taken individually, on the one hand, and the Administrative Agent,
on the other hand, the Borrower, the Guarantors and each such Secured Party acknowledge and agree with the Administrative Agent
that such Secured Party and the Administrative Agent are hereby conferred the legal status of solidary creditors of the Borrower
and the Guarantors in respect of all Obligations, present and future, owed by the Borrowers or the Guarantors to each such Secured
Party and the Administrative Agent (collectively, the “Solidary Claim”). Accordingly, but subject (for
the avoidance of doubt) to Article 1542 of the Civil Code of Quebec, the Borrower and the Guarantors are irrevocably bound towards
the Administrative Agent and each Secured Party in respect of the entire Solidary Claim of the Administrative Agent and such Secured
Party. As a result of the foregoing, the parties hereto acknowledge that the Administrative Agent and each Secured Party shall
at all times have a valid and effective right of action for the entire Solidary Claim of the Administrative Agent and such Secured
Party and the right to give full acquittance for it. Accordingly, without limiting the generality of the foregoing, the Administrative
Agent, as solidary creditor with each Secured Party, shall at all times have a valid and effective right of action in respect of
all Obligations, present and future, owed by the Borrower or the Guarantors to the Administrative Agent and to the Secured Parties
or any of them and the right to give a full acquittance for same. For greater certainty, the foregoing provisions of this paragraph,
and the rights of the Secured Parties, shall at all times be subject to the provisions of this Agreement. In addition, and without
limiting any of the foregoing, for the purposes of holding any security granted by any Loan Party pursuant to the laws of the Province
of Quebec to secure payment of any bond issued by any Loan Party, each of the Secured Parties hereby irrevocably appoints and authorizes
the Administrative Agent and, to the extent necessary, ratifies the appointment and authorization of the Administrative Agent,
to act as the person holding the power of attorney (i.e. “fondé de pouvoir”) (in such capacity, the “Attorney”)
of the Secured Parties as contemplated under Article 2692 of the Civil Code, and to enter into, to take and to hold on its behalf,
and for its benefit, any hypothec, and to exercise such powers and duties that are conferred upon the Attorney under any hypothec.
Moreover, without prejudice to such appointment and authorization to act as the person holding the power of attorney as aforesaid,
each of the Secured Parties hereby irrevocably appoints and authorizes the Administrative Agent (in such capacity, the “Custodian”)
to act as agent and custodian for and on behalf of the Secured Parties to hold and be the sole registered holder of any bond which
may be issued under any hypothec, the whole notwithstanding Section 32 of An Act respecting the special powers of legal persons
(Quebec) or any other applicable law, and to execute all related documents. Each of the Attorney and the Custodian shall: (a)
have the sole and exclusive right and authority to exercise, except as may be otherwise specifically restricted by the terms hereof,
all rights and remedies given to the Attorney and the Custodian (as applicable) pursuant to any hypothec, bond, pledge, applicable
laws or otherwise, (b) benefit from and be subject to all provisions hereof with respect to the Administrative Agent mutatis
mutandis, including, without limitation, all such provisions with respect to the liability or responsibility to and indemnification
by the Secured Parties, and (c) be entitled to delegate from time to time any of its powers or duties under any hypothec, bond,
or pledge on such terms and conditions as it may determine from time to time. Any person who becomes a Secured Party shall, by
its execution of an Assignment and Acceptance, be deemed to have consented to and confirmed: (i) the Attorney as the person holding
the power of attorney as aforesaid and to have ratified, as of the date it becomes a Secured Party, all actions taken by the Attorney
in such capacity, and (ii) the Custodian as the agent and custodian as aforesaid and to have ratified, as of the date it becomes
a Secured Party, all actions taken by the Custodian in such capacity. The substitution of the Collateral Agent pursuant to the
provisions of this Article IX shall also constitute the substitution of the Attorney and the Custodian.

 

SECTION
11.15. Certain ERISA Matters.
..
(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and its respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Loan Party, that at least one of the following is and will be true:

 

(i)
such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42)
of ERISA or otherwise) of one or more Benefit Plans in
connection withwith respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans or,
the Commitments or this Agreement,

 

(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 Commitments and this Agreement, and the conditions for exemptive
relief thereunder are and will continue to be satisfied in connection therewith,

 

    180

     

    

 

 

(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 Commitments and this Agreement,
(C) the entrance into, participation in, administration of and performance of the Loans, 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, administrati on
of and performance of the Loans, 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.

 

(b)
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has
not provided another representation, warranty and covenant as
provided inin accordance with sub-clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for
the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that:

 

(i)
none of the Administrative Agent or any of their
respectiveits Affiliates
is not a
fiduciary with respect to the assets of such Lender involved
in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any
Loan Document or any documents related to 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 Commitments and this Agreement is
independent (within the meaning of 29 CFR § 2510.3-21, as amended from time to time) 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 million, 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 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 Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect
to the Loans, 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 Administrative Agent, or any Arranger or any their respective Affiliates
for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement.

 

     

     

    

 

(c)
The Administrative Agent 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 Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans,
or the Commitments for an amount less than the amount being paid for an interest in the Loans, or the Commitments by such Lender
or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan 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, processing fees, term out premiums, banker’s acceptance fees, breakage
or other early termination fees or fees similar to the foregoing.

 

ARTICLE
XII

Miscellaneous

 

SECTION
12.01. Amendments, Etc. Except as otherwise
set forth in this Agreement, and subject to Section 3.03(b) and (c), no amendment, modification,
supplement or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower
or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect
to any amendment or waiver contemplated in clause (g) (to the extent permitted by Section 2.17) below, which shall only require
the consent of the Required Facility Lenders under the applicable Facility or Facilities and other
than with respect to any amendment, modification or waiver contemplated in clauses (a), (b) and (c) below, which, in each case,
shall only require the consent of the Lenders expressly set forth therein and not Required Lenders) and the Borrower
or the applicable Loan Party, as the case may be, and each such waiver, amendment, modification, supplement or consent shall be
effective only in the specific instance and for the specific purpose for which given; provided that, no such amendment,
modification, supplement, waiver or consent shall:

 

(a)            
extend or increase the Commitment of any Lender without the written consent of such Lender (it being understood that a waiver
of any condition precedent set forth in Section 4.01 or the waiver of any Default or mandatory prepayment or offer to purchase
of the Loans shall not constitute an extension or increase of any Commitment of any Lender);

 

(b)            
postpone any date scheduled for (excluding any extension, amendment or waiver of the Springing Maturity Date or the financial
definitions used therein), or reduce or forgive the amount of, any payment of principal or interest under Section 2.07 or 2.08
without the written consent of each Lender directly and adversely affected thereby, it being understood that the waiver of (or
amendment to the terms of) any mandatory prepayment or offer to purchase of the Loans shall not constitute a postponement of any
date scheduled for the payment of principal or interest;

 

(c)            
reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (i) of the first “provided
further” of this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without
the written consent of each Lender directly and adversely affected thereby, it being understood that any change to the definition
of Consolidated Secured Debt Ratio or in the component definitions thereof shall not constitute a reduction in the rate; provided
that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive
any obligation of the Borrower to pay interest at the Default Rate;

 

     

     

    

 

(d)            
change any provision of this Section 10.01, the definition of “Required Lenders”, “Required Facility Lenders”,
or “Pro Rata Share” or Section 2.12(a) and (g), 2.13 or 8.04 without the written consent of each Lender directly
and adversely affected thereby;

 

(e)            
other than in connection with a transaction permitted under Section 7.01 or 7.06, release all or substantially all of the
Collateral in any transaction or series of related transactions, without the written consent of each Lender;

 

(f)             
other than in connection with a transaction permitted under Section 7.01 or 7.06, release all or substantially all of the
aggregate value of the Guaranties, without the written consent of each Lender; or

 

(g)            
amend, waive or otherwise modify any term or provision which directly affects Lenders of one or more Series of Incremental
Term Loans and does not directly affect Lenders under any other Facility, in each case, without the written consent of the Required
Facility Lenders under such applicable Series of Incremental Term Loans (and in the case of multiple Facilities which are affected,
such Required Facility Lenders shall consent together as one Facility); provided, however, that, to the extent permitted
under Section 2.17, the waivers described in this clause (g) shall only require the consent of the Required Facility Lenders under
such applicable Series of Incremental Term Loans and shall not require the consent of the Required Lenders;

 

and provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required
above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent under this Agreement or
any other Loan Document (including in its capacity as Collateral Agent) and (ii) Section 10.07(h) may not be amended, waived or
otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the
time of such amendment, waiver or other modification. Any such waiver and any such amendment, modification or supplement in accordance
with the terms of this Section 10.01 shall apply equally to each of the Lenders and shall be binding on the Loan Parties, the Lenders,
the Agents and all future holders of the Loans and the Commitments. Notwithstanding anything to the contrary herein, no Defaulting
Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of
such Lender may not be increased or extended without the consent of such Lender (it being understood that any Commitments or Loans
held or deemed held by any Defaulting Lender shall be excluded for a vote of the Lenders hereunder requiring any consent of the
Lenders).

 

No
Lender consent is required to effect any amendment, modification, joinder or supplement to the Intercreditor Agreement, the Additional
First Lien Intercreditor Agreement, the Additional Junior Lien Intercreditor Agreement or other intercreditor agreement or arrangement
permitted under this Agreement (a) that is for the purpose of adding the holders of Permitted First Priority Refinancing Debt,
Permitted Junior Priority Refinancing Debt, secured Incremental Equivalent Debt or other secured Indebtedness permitted to be incurred
under Section 7.03 (or a Senior Representative with respect thereto) as parties thereto,
as expressly contemplated by the terms of the Intercreditor Agreement, such Additional First Lien Intercreditor Agreement, such
Additional Junior Lien Intercreditor Agreement or such other intercreditor agreement or arrangement permitted under this Agreement,
as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable
intercreditor agreement as, in the good faith determination of the Administrative Agent in consultation
with the Borrower, are required to effectuate the foregoing and;
provided, that such other changes are not adverse, in any material respect, to the interests of the Lenders (taken
as a whole) or (b) to the extent not in conflict with, and permitted by, this Agreement, any amendment, modification,
joinder or supplement thereto that is expressly contemplated by the Intercreditor Agreement, the Additional First Lien Intercreditor
Agreement, the Additional Junior Lien Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this
Agreement; provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties
of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative
Agent. In addition, no Lender consent is required for the Administrative Agent and the Collateral Agent to enter into the Intercreditor
Agreement, the Additional First Lien Intercreditor Agreement, the Additional Junior Lien Intercreditor Agreement or
other intercreditor agreement or arrangement permitted by this Agreement.

 

     

     

    

 

Notwithstanding the foregoing,
this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent
and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from
time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this
Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and (b) to include appropriately
the Lenders holding such credit facilities in any determination of the Required Lenders.

 

In addition, notwithstanding
the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders
providing the relevant Replacement Term Loans to permit the refinancing of all outstanding Loans of a given Class (“Refinanced
Term Loans”) with a replacement term loan tranche denominated in Dollars (“Replacement Term Loans”)
hereunder; provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate
principal amount of such Refinanced Term Loans, (b) the Applicable Rate for such Replacement Term Loans shall not be higher than
the Applicable Rate for such Refinanced Term Loans, (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall
not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans at the time of such refinancing (except
to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the Loans)
and (d) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the
Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the extent necessary
to provide for covenants and other terms applicable to any period after the latest final maturity of the Loans in effect immediately
prior to such refinancing. Notwithstanding anything to the contrary contained in this Section 10.01, the Borrower and the Administrative
Agent may, without the input or consent of the Lenders, effect amendments to this Agreement and the other Loan Documents as may
be necessary or appropriate in the opinion of the Borrower and the Administrative Agent to effect the provisions of this paragraph.

 

Notwithstanding anything
to the contrary contained in this Section 10.01, guarantees, collateral security documents and related documents executed by any
Guarantor in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be amended
with the consent of the Administrative Agent at the request of the Borrower without the need to obtain the consent of any other
Lender if such amendment is delivered in order (a) to comply with local Law or advice of local counsel, (b) to cure ambiguities
or defects as set forth in the paragraph below or (c) to cause such guarantee, collateral security document or other document to
be consistent with this Agreement and the other Loan Documents.

 

If the Administrative
Agent and the Borrower shall have jointly identified an obvious error (including, but not limited to, an incorrect cross-reference)
or any error or omission of a technical or immaterial nature, in each case, in any provision of this Agreement or any other Loan
Document (including, for the avoidance of doubt, any exhibit, schedule or other attachment to any Loan Document), then the Administrative
Agent (acting in its sole discretion) and the Borrower or any other relevant Loan Party shall be permitted to amend such provision
and such amendment shall become effective without any further action or consent of any other party to any Loan Document. Notification
of such amendment shall be made by the Administrative Agent to the Lenders promptly upon such amendment becoming effective.

 

     

     

    

 

SECTION
12.02. Notices and Other Communications; Facsimile Copies.
(a) General. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any
other Loan Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed
or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)               
if to the Borrower or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone
number specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone
number as shall be designated by such party in a notice to the other parties; and

 

(ii)             
if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to the Borrower, and the Administrative Agent.

 

All such notices and other communications
shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if
delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4)
Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed
by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section 10.02(c)),
when delivered; provided that notices and other communications to the Administrative Agent pursuant to Article II shall
not be effective until actually received by such Person. In no event shall a voice mail message be effective as a notice, communication
or confirmation hereunder.

 

(b)              
Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile,
..pdf or other electronic imaging means. The effectiveness of any such documents and signatures shall, subject to applicable Law,
have the same force and effect as manually signed originals and shall be binding on all Loan Parties, the Agents and the Lenders.

 

(c)              
Reliance by Agents and Lenders. The Administrative Agent and the Lenders shall be entitled
to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly
given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were
not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient,
varied from any confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower
in the absence of gross negligence or willful misconduct (as
determined by the final non-appealable judgment of a court of competent jurisdiction).
All telephonic notices to the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto
hereby consents to such recording.

 

SECTION
12.03. No Waiver; Cumulative Remedies.
No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other
Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

 

     

     

    

 

SECTION
12.04. Attorney Costs and Expenses. The
Borrower agrees (a) to pay or reimburse the Administrative Agent, the Collateral Agent, the Co-Documentation Agents and the Arrangers
for all reasonable and documented out-of-pocket costs and expenses incurred (promptly following written demand therefor, together
with reasonable backup documentation supporting such reimbursement request to the extent such backup documentation is requested
by the Borrower) in connection with the preparation, negotiation, syndication and execution of this Agreement and the other Loan
Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions
contemplated thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby,
including all Attorney Costs of Simpson Thacher & Bartlett LLP, as counsel to the Agents on
and after the Third Amendment Effective Date, and White & Case LLP, as counsel to the Agents on and prior to the Third Amendment
Effective Date, and, for the avoidance of doubt, all Attorney Costs of each of the foregoing in connection with the Third Amendment,
and local counsel in any other relevant jurisdiction (but excluding all other Attorney Costs), and (b) to pay or reimburse the
Administrative Agent, the Collateral Agent, the Co-Documentation Agents, the Arrangers and each Lender for all reasonable and documented
out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or
the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding
under any Debtor Relief Law, and including all Attorney Costs, which shall be limited to Attorney Costs of Simpson Thacher &
Bartlett LLP, as counsel to the Agents on and after the Third Amendment Effective Date
and the Third Amendment Left Lead Arranger (as defined in the Engagement Letter (as defined in the Third Amendment)),
and White & Case LLP, as counsel to the Agents on and prior to the Third Amendment
Effective Date, and, for the avoidance of doubt, all Attorney Costs of each of the foregoing in connection with the Third Amendment,
as applicable, the Attorney Costs of a single law firm
acting as counsel to the other Agents and the Lenders taken as a whole (and, if necessary, one firm of local counsel to
the Administrative Agent and one firm of local counsel to the other Agents and the Lenders taken as a whole in any relevant jurisdiction
and, solely in the event of any actual or potential conflict of interest, one additional counsel in each relevant jurisdiction
to each group of similarly situated affected persons taken as a whole)).
The foregoing costs and expenses shall include all reasonable search, filing, recording and title insurance charges and fees and
taxes related thereto, and other (reasonable, in the case of Section 10.04(a)) out-of-pocket expenses incurred by any Agent. The
agreements in this Section 10.04 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations.
All amounts due under this Section 10.04 shall be paid within ten (10) Business Days of receipt by the Borrower of an invoice relating
thereto setting forth such expenses in reasonable detail. If any Loan Party fails to pay when due any costs, expenses or other
amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party by the Administrative
Agent in its sole discretion. This Section 10.04 shall not apply to Indemnified Taxes or Excluded
Taxesany excluded taxes or other similar excluded amounts described in Section 3.01(a),
which, in each case, shall be governed by Section 3.01. This Section 10.04 also shall not apply to taxes covered by Section 3.04.

 

SECTION
12.05. Limitation of Liability; Indemnification by the Borrower. (a) No
Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through
IntraLinks or other similar information transmission systems in connection with this Agreement (except for damages resulting from
the gross negligence, bad faith or willful misconduct of any such Indemnitee (as determined
by the final non-appealable judgment of a court of competent jurisdiction)), nor shall any Indemnitee
or any Loan Party have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or
any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Fourth
Amendment Effective Date) (other than, in the case of any Loan Party, in respect of any such
damages incurred or paid by an Indemnitee to a third party).

 

     

     

    

 

(b)            
SECTION 10.05. Indemnification by the Borrower.
Whether or not the transactions contemplated hereby are consummated, the
Borrower shall indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors,
officers, employees, counsel, agents, trustees, investment advisors and attorneys-in-fact (collectively, the “Indemnitees”)
from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits,
costs, expenses and disbursements (including Attorney Costs, but limited, in the case of legal fees and expenses, to the reasonable
and documented out-of-pocket fees, disbursements and other charges of Simpson Thacher & Bartlett LLP, as counsel to the Agents
on and after the Third Amendment Effective Date and the Third Amendment Left
Lead Arranger (as defined in the Engagement Letter (as defined in the Third Amendment)), and
White & Case LLP, as counsel to the Agents on and prior to the Third Amendment Effective Date, and, for the avoidance of doubt,
all Attorney Costs of each of the foregoing in connection with the Third Amendment, as applicable, and one counsel
to all other Indemnitees taken as a whole and, if reasonably necessary, one firm of local counsel to the Administrative Agent
and one firm of local counsel to all other Indemnitees taken as a whole in each relevant jurisdiction, and solely in the case
of an actual or potential conflict of interest, one additional counsel in each relevant jurisdiction to each group of similarly
situated affected Indemnitees) of any kind or nature whatsoever (other than Taxes and Other Taxes, which are governed by Sections
3.01 and 10.15 herein) which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating
to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration of any Loan
Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the
consummation of the transactions contemplated thereby, (b) any Commitment, Loan or the use or proposed use of the proceeds therefrom,
or (c) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or
operated by the Borrower, any Subsidiary or any other Loan Party, or any Environmental Liability related in any way to the Borrower,
any Subsidiary or any other Loan Party, or (d) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for,
or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee
is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”), in all cases, whether
or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims,
demands, actions, judgments, suits, costs, expenses or disbursements (x) resulted from the gross negligence, bad faith or willful
misconduct of such Indemnitee or of any Affiliate, director, officer, employee, counsel, agent or attorney-in-fact of such Indemnitee,
and (y) resulted from a breach by such Indemnitee of its obligations to a Loan Party. No
Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through
IntraLinks or other similar information transmission systems in connection with this Agreement (except for damages resulting from
the gross negligence, bad faith or willful misconduct of any such Indemnitee), nor shall any Indemnitee or any Loan Party have
any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document
or arising out of its activities in connection herewith or therewith (whether before or after the Closing
Date) (other than, in the case of any Loan Party, in respect of any such damages incurred or
paid by an Indemnitee to a third party(in
each case, as
determined by the final non-appealable judgment of a court of competent jurisdiction).
In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 10.05 applies, such indemnity
shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, its directors, stockholders
or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not
any of the transactions contemplated hereunder or under any of the other Loan Documents is consummated. All amounts due under
this Section 10.05 shall be paid within ten (10) Business Days after demand therefor; provided, however, that such Indemnitee
shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee
was not entitled to indemnification or contribution rights with respect to such payment pursuant to the express terms of this
Section 10.05. The agreements in this Section 10.05 shall survive the resignation of the Administrative Agent, the replacement
of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

     

     

    

 

SECTION
12.06. Payments Set Aside. To the extent
that any payment by or on behalf of the Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right
of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally
agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent,
plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal
Funds Effective Rate from time to time in effect.

 

SECTION
12.07. Successors and Assigns. (a) The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (except as expressly permitted by Sections 7.06(a) and (b)) and no Lender may
assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee and in the case of any
Assignee that is, after the formation thereof, Holdco, the Borrower or any of its Subsidiaries, in accordance with Section 10.07(j),
(ii) by way of participation in accordance with the provisions of Section 10.07(e), (iii) by way of pledge or assignment of a security
interest subject to the restrictions of Section 10.07(g) and (h) or
(iv) to an SPC in accordance with the provisions of Section 10.07(h) (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other
than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section
10.07(e) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

 

(b)             
(a)  (i) Subject to the conditions set forth in paragraph (b)(ii) below,
any Lender may assign to one or more assignees (other than to Disqualified Institutions and Defaulting Lenders) (“Assignees”)
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans
at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, delayed or conditioned)
of:

 

(A)       the
Borrower, provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to the Administrative Agent within 15 Business Days after having received notice thereof; and provided, further,
that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or,
if an Event of Default under Section 8.01(a), (f) or (g) (in the case of (f) or (g), solely with respect to any
Loan Partythe Borrower) has occurred and is continuing, an assignment to
any Assignee; and

 

     

     

    

 

(B)        the
Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment (i) of all
or any portion of a Loan to a Lender, an Affiliate of a Lender or an Approved Fund, (ii) of all or a portion of the Loans pursuant
to Section 10.07(j) or (iii) to an Agent or an Affiliate of an Agent.

 

(ii)              
Assignments shall be subject to the following additional conditions:

 

(A)       except
in the case of an assignment to a Lender or an Affiliate of a Lender or Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative
Agent otherwise consents, provided that (1) no such consent of the Borrower shall be required if an Event of Default under
Section 8.01(a), (f) or (g) (in the case of (f) or (g), solely with respect to any Loan
Partythe Borrower) has occurred and is continuing and (2) such amounts
shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

 

(B)        the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500, unless waived or reduced by the Administrative Agent in its sole discretion; provided
that only one such fee shall be payable in the event of simultaneous assignments from any Lender or its Approved Funds to one or
more other Approved Funds; and

 

(C)        the
Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

This paragraph (b)
shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes of Loans or
Commitments on a non-pro rata basis.

 

Notwithstanding
the foregoing, no such assignment shall be made to a natural Person, Excluded Affiliate, Disqualified Institution or Defaulting
Lender. For the avoidance of doubt, the Administrative Agent shall have no obligation with respect to, and shall bear no responsibility
or liability for, the monitoring or enforcing of the list of Persons who are Disqualified Institutions (or any provisions relating
thereto) at any time, except to the extent arising or resulting from the willful misconduct, bad faith or gross negligence of the
Administrative Agent as determined by a final non appealable judgment of a court of competent jurisdiction; provided that
the list of Disqualified Institutions may be made available to any Lender upon request (provided that such Lender agrees to keep
such list confidential in accordance with the terms of this Agreement). Any assignment to a Disqualified Institution in violation
of this Section 10.7 shall not be void, but the provisions of Section 10.7(l) shall apply. 

 

(c)           
(b) Subject to acceptance and recording thereof by the Administrative Agent
pursuant to Section 10.07(d), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee
thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease
to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 with respect
to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning
Lender of its Note, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this clause (c) shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.07(e).

 

     

     

    

 

(d)           
(c) The Administrative Agent, acting solely for this purpose as an agent
of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to
it, each notice of cancellation of any Loans delivered by the Borrower pursuant to subsection (j) below, and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts)
of the Loans owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any Agent and any Lender,
at any reasonable time and from time to time upon reasonable prior notice. Notwithstanding anything to the contrary contained in
this Agreement, the Loans are intended to be treated as registered obligations for U.S. federal income tax purposes and this Section
10.07 shall be construed so that the they are at all times maintained in “registered form” within the meaning of Sections
163(f), 871(h)(2) and 881(c)(2) of the Code, Section 5f.103-1(c) of the United States Treasury Regulation and any other related
regulations (or any successor provisions of the Code or such regulations).

 

(e)            
(d) Any Lender may at any time, without the consent of, or notice to, the
Borrower or the Administrative Agent, sell participations to any Person (other than a natural person,
Excluded Affiliate, Disqualified Institution or Defaulting Lender) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii)
the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents
and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan Documents; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
waiver or other modification described in the first proviso to Section 10.01 that directly and adversely affects such Participant.
Subject to Section 10.07(f), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04
and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.07(c) but
shall not be entitled to recover greater amounts under such Sections than the selling Lender would be entitled to recover. To the
extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.09 as though it were
a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that
sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in
the Loans or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant'sParticipant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except (i)
that the portion of the Participant Register relating to a Participant shall be made available to the Borrower and Administrative
Agent to the extent the benefits of this Agreement are claimed with respect to such Participant (including under Section 3.01,
3.04 and 3.05), or (ii) otherwise to the extent that such disclosure is necessary to establish that such commitment, loan or other
obligation is in registered form under Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and Section 5f.103-1(c) of the United
States Treasury Regulations and any other related regulations (or any successor provisions of the Code or such regulations). The
entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any
notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have
no responsibility for maintaining a Participant Register.

 

     

     

    

 

(f)             
(e) A Participant shall not be entitled to receive any greater payment
under Section 3.01, 3.04 or 3.05 than the applicable Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 10.15 as though it
were a Lender.

 

(g)            
(f) Any Lender, without the consent of the Borrower or the Administrative
Agent, may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(h)            
(g) Notwithstanding anything to the contrary contained herein, any Lender
(a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from
time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option
to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement;
provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not
to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make
such Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise
by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower
under this Agreement (including its obligations under Section 3.01, 3.04 or 3.05), (ii) no SPC shall be liable for any indemnity
or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for
all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain
the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to
the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein,
any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of
a processing fee of $3,500 (unless waived or reduced by the Administrative Agent in its sole discretion), assign all or any portion
of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public
information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee
or credit or liquidity enhancement to such SPC.

 

     

     

    

 

(i)             
(h) Notwithstanding anything to the contrary contained herein, (1) any
Lender, without the consent of the Borrower or the Administrative Agent, may in accordance with applicable Law create a security
interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund, without
the consent of the Borrower or the Administrative Agent, may create a security interest in all or any portion of the Loans owing
to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security
for such obligations or securities; provided that unless and until such trustee actually becomes a Lender in compliance
with the other provisions of this Section 10.07, (i) no such pledge shall release the pledging Lender from any of its obligations
under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents
even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.

 

(j)             
(i) Any Lender may, so long as no Default has occurred and is continuing,
at any time, assign all or a portion of its rights and obligations with respect to Loans under this Agreement to, after the formation
thereof, Holdco, or the Borrower or any of their Restricted Subsidiaries through
open market purchases or Dutch auctions or other offers to purchase open to all Lenders
on a pro rata basis in accordance with procedures of the type described in Section 2.05(a)(iii); provided, that:

 

(i)                
(x) if the assignee is, after the formation thereof, Holdco, or a Restricted Subsidiary
of Borrower, upon such assignment, transfer or contribution, the applicable assignee shall automatically be deemed to have contributed
or transferred the principal amount of such Loans, plus all accrued and unpaid interest thereon, to the Borrower; or (y) if the
assignee is the Borrower (including through contribution or transfers set forth in clause (x)), (A) the principal amount of such
Loans, along with all accrued and unpaid interest thereon, so contributed, assigned or transferred to the Borrower shall be deemed
automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (B) the aggregate outstanding
principal amount of Loans of the remaining Lenders shall reflect such cancellation and extinguishment of the Loans then held by
the Borrower and (C) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, assignment or
transfer of such Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable
Loans in the Register; provided that, in the case of each of clause (x) and clause (y) above, such assignee does not use
the proceeds of any ABL Loans or Incremental Term Loans to acquire such Loans; and

 

(ii)              
each Person that purchases any Loans pursuant to this subsection (j) shall represent and
warrant to the selling Lender that it does not possessin connection with each assignment
pursuant to this Section 10.07(j), none of Holdings, the Borrower or any Subsidiary purchasing any Lender’s Term Loans shall
be required to make a representation that it is not in possession of material non-public information with respect to
Holdings, the Borrower and its Subsidiaries or thetheir
respective securities of any of them that has not been disclosed to the Term Lenders
generally (other than Term Lenders who elect not to receive such information) or shall make a statement that such representation
cannot be made., and all parties to such transaction may render customary “big
boy” letters to each other (or to the Auction Agent, if applicable).

 

     

     

    

 

(k)            
(j) The aggregate outstanding principal amount of the Loans of the applicable
Class shall be deemed reduced by the full par value of the aggregate principal amount of the Loans purchased by, or contributed
to (in each case, and subsequently cancelled hereunder), by Holdco (after the formation thereof), the Borrower or their Subsidiaries
pursuant to Section 10.07(j) and each principal repayment installment with respect to the Loans of such Class pursuant to Section
2.07 shall be reduced pro rata by the par value of the aggregate principal amount of Loans so purchased or contributed (and subsequently
cancelled).

 

(l)         
 (i)                If any assignment or participation is made
to any Disqualified Institution in violation of this Section 10.07, the Borrower may, at its sole expense and effort, upon notice
to the applicable Disqualified Institution and the Administrative Agent, (A) purchase or prepay such Term Loan by paying the lowest
of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such Term Loans, in each
case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and/or (B)
require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained
in this Section 10.07), all of its interest, rights and obligations under this Agreement to one or more Eligible Assignees at the
lowest of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests,
rights and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable
to it hereunder.

 

(ii)               
Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions will not (i) be entitled
to any of the rights or privileges enjoyed by the other Lenders with respect to voting, information and lender meetings, (ii) be
entitled to any expense reimbursement or indemnification under the Loan Documents, and nothing in the Loan Documents shall restrict
the rights and remedies of the Loan Parties against such Disqualified Institution, (iii) receive any information or reporting provided
by the Borrower, the Administrative Agent or any other Lender, (iv) attend or participate in meetings attended by the Lenders and
the Administrative Agent or (v) access any electronic site established for Lenders or confidential communications from counsel
to or financial advisors of the Administrative Agent or the Lenders. 

 

SECTION
12.08. Confidentiality. Each of the Agents
and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its
Affiliates and its and its Affiliates’ directors, officers, employees, trustees, investment advisors and agents, including
accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested
by any Governmental Authority; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal
process; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions substantially the same as
those of this Section 10.08 (or as may otherwise be reasonably acceptable to the Borrower), to any pledgee referred to in Section
10.07(g), counterparty to a Swap Contract, Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant
in, any of its rights or obligations under this Agreement; (f) with the written consent of the Borrower; (g) to the extent such
Information becomes publicly available other than as a result of a breach of this Section 10.08; (h) to any Governmental Authority
or examiner (including the National Association of Insurance Commissioners or any other similar organization) regulating any Lender
or its Affiliates; or (i) to any rating agency when required by it (it being understood that, prior to any such disclosure, such
rating agency shall undertake to preserve the confidentiality of any Information relating to the Loan Parties received by it from
such Lender). In addition, the Agents and the Lenders may disclose the existence of this Agreement and information about this Agreement
to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders
in connection with the administration and management of this Agreement, the other Loan Documents, the Commitments, and the Loans.
For the purposes of this Section 10.08, “Information” means all information received from any Loan Party
relating to any Loan Party or its business, other than any such information that is publicly available to any Agent or any Lender
prior to disclosure by any Loan Party other than as a result of a breach of this Section 10.08;
provided that, in the case of information received from a Loan Party after the Restatement Effective Date, such information
is clearly identified at the time of delivery as confidential or (ii) is delivered pursuant to Section 6.01, 6.02 or 6.03 hereof..

 

     

     

    

 

SECTION
12.09. Setoff. In addition to any rights
and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender
and its Affiliates is authorized at any time and from time to time, without prior notice to the Borrower or any other Loan Party,
any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party and its Subsidiaries) to the fullest
extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final) at any time held by, and other Indebtedness at any time owing by, such Lender and its Affiliates to or for the credit
or the account of the respective Loan Parties and their Subsidiaries against
any and all Obligations owing to such Lender and its Affiliates hereunder or under any other Loan Document, now or hereafter existing,
irrespective of whether or not such Agent or such Lender or Affiliate shall have made demand under this Agreement or any other
Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of
the applicable deposit or Indebtedness. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any
such set off and application made by such Lender; provided that the failure to give such notice shall not affect the validity
of such setoff and application. The rights of the Administrative Agent and each Lender under this Section 10.09 are in addition
to other rights and remedies (including other rights of setoff) that the Administrative Agent and such Lender may have.

 

SECTION
12.10. Interest Rate Limitation. Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).
If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied
to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest
contracted for, charged, or received by an Agent or a Lender exceeds the Maximum 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.

 

     

     

    

 

SECTION
12.11. Counterparts. This Agreement and
each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Delivery by telecopier, .pdf or
other electronic imaging means of an executed counterpart of a signature page to (x)
this Agreement and each, (y) any other
Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including,
for the avoidance of doubt, any notice delivered pursuant to Section 10.02), certificate, request, statement, disclosure or authorization
related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary
Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page shall be effective as delivery of an
originala manually executed counterpart of this Agreement and,
such other Loan Document or such Ancillary Document, as applicable. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement,
any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping
of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be;
provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without
its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to
the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders
shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party
without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature
and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually
executed counterpart. Without limiting the generality of the foregoing, the Borrower and each Loan Party hereby (i) agrees that,
for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy
proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the Loan Parties, Electronic Signatures
transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page
and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal
effect, validity and enforceability as any paper original, (ii) the Administrative Agent and each of the Lenders may, at its option,
create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic
record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original
paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal
effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect,
validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of
paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with
respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any losses, claims (including
intraparty claims), demands, damages or liabilities of any kind arising solely from the Administrative Agent’s and/or any
Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic
means that reproduces an image of an actual executed signature page, including any losses, claims (including intraparty claims),
demands, damages or liabilities of any kind arising as a result of the failure of the Borrower and/or any Loan Party to use any
available security measures in connection with the execution, delivery or transmission of any Electronic Signature.
The Agents may also require that any such documents and signatures delivered by telecopier, .pdf or other electronic imaging means
be confirmed by a manually signed original thereof; provided that the failure to request or deliver the same shall not limit
the effectiveness of any document or signature delivered by telecopier, .pdf or other electronic imaging means.

 

SECTION
12.12. Integration. This Agreement, together
with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and
thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the
provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; provided
that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not
be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties
thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

 

     

     

    

 

SECTION
12.13. Survival of Representations and Warranties.
All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations
and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent
or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default
at the time of any Loan, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied (other than Obligations under Secured Hedge Agreements or contingent indemnification obligations,
in any such case, not then due and payable).

 

SECTION
12.14. Severability. If any provision of
this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, the legality, validity and enforceability
of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby. The invalidity
of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION
12.15. Tax Forms. (a) Each Lender and Agent
that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code (each, a “Foreign
Lender”) shall deliver to the Borrower and the Administrative Agent, on or prior to the date which is ten (10) Business
Days after the RestatementFourth Amendment
Effective Date (or upon accepting an assignment of an interest herein),
two duly signed, properly completed copies of either IRS Form W-8BEN or W-8BEN-E, as applicable, or any successor thereto (relating
to such Foreign Lender and entitling it to an exemption from, or reduction of, United States withholding tax on all payments to
be made to such Foreign Lender by the Borrower or any other Loan Party pursuant to this Agreement or any other Loan Document) or
IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender by the Borrower or any other
Loan Party pursuant to this Agreement or any other Loan Document) or such other evidence reasonably satisfactory to the Borrower
and the Administrative Agent that such Foreign Lender is entitled to an exemption from, or reduction of, United States withholding
tax, including any exemption pursuant to Section 871(h) or 881(c) of the Code, and in the case of a Foreign Lender claiming such
an exemption under Section 881(c) of the Code, a certificate that establishes in writing to the Borrower and the Administrative
Agent that such Foreign Lender is not (i) a “bank” as defined in Section 881(c)(3)(A) of the Code, (ii) a 10-percent
shareholder within the meaning of Section 881(c)(3)(B) of the Code, or (iii) a controlled foreign corporation related to the Borrower
with the meaning of Section 881(c)(3) of the Code. Thereafter and from time to time, each such Foreign Lender shall (A) promptly
submit to the Borrower and the Administrative Agent such additional duly completed and signed copies of one or more of such forms
or certificates (or such successor forms or certificates as shall be adopted from time to time by the relevant United States taxing
authorities) as may then be available under then current United States Laws and regulations to avoid, or such evidence as is reasonably
satisfactory to the Borrower and the Administrative Agent of any available exemption from, or reduction of, United States withholding
taxes in respect of all payments to be made to such Foreign Lender by the Borrower or other Loan Party pursuant to this Agreement,
or any other Loan Document, in each case, (1) on or before the date that any such form, certificate or other evidence expires or
becomes obsolete (including, without limitation, by operation of law), (2) after the occurrence of any event requiring a change
in the most recent form, certificate or evidence previously delivered by it to the Borrower and the Administrative Agent and (3)
from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent, and (B) promptly notify the Borrower
and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction.
In the event that a payment will be made to a Lender or Agent under the Canadian Guarantee, such Lender or Agent agrees to use
reasonable efforts (consistent with legal and regulatory restrictions and subject to overall policy considerations of such Lender
or Agent), if requested by a Loan Party, to deliver such other information prescribed by applicable laws or reasonably requested
by the Loan Party as will enable such Loan Party to determine whether such Lender or Agent is subject to Canadian withholding tax,
is entitled to an exemption from Canadian withholding tax or is eligible for a reduced rate of Canadian withholding tax; provided,
however, that nothing in this Section 10.15(a) shall require a Lender or Agent to disclose any confidential information (including,
without limitation, its tax returns or its calculations).

 

    1

     

    

 

(b)               
(a) Each Foreign Lender, to the extent it does not act or ceases to act
for its own account with respect to any portion of any sums paid or payable to such Foreign Lender under any of the Loan Documents
(for example, in the case of a typical participation by such Foreign Lender), shall deliver to the Borrower and the Administrative
Agent on the date when such Foreign Lender ceases to act for its own account with respect to any portion of any such sums paid
or payable, and at such other times as may be necessary in the determination of the Borrower or the Administrative Agent (in either
case, in the reasonable exercise of its discretion), (A) two duly signed completed copies of the forms or statements required to
be provided by such Foreign Lender as set forth above, to establish the portion of any such sums paid or payable with respect to
which such Foreign Lender acts for its own account that is not subject to United States withholding tax, and (B) two duly signed
properly completed copies of IRS Form W-8IMY (or any successor thereto), together with any information such Foreign Lender chooses
to transmit with such form, and any other certificate or statement of exemption required under the Code, to establish that such
Foreign Lender is not acting for its own account with respect to a portion of any such sums payable to such Foreign Lender.

 

 (c)               
(b) Each Lender and Agent that is a “United States person”
within the meaning of Section 7701(a)(30) of the Code (each, a “U.S. Lender”) shall deliver to the Administrative
Agent and the Borrower two duly signed, properly completed copies of IRS Form W-9 (or any successor form) on or prior to the RestatementFourth
Amendment Effective Date (or on or prior to the date it becomes a party to this Agreement), certifying that such U.S.
Lender is entitled to an exemption from United States backup withholding tax.

 

 (d)              
(c) If a payment made to any Lender would be subject to U.S. federal withholding
tax imposed by FATCA if such Lender fails to comply with the applicable reporting requirements of FATCA, such Lender shall deliver
to the Administrative Agent and Borrower any documentation under any requirement of Law or reasonably requested by the Administrative
Agent and the Borrower sufficient for the Administrative Agent and the Borrower to comply with their respective obligations under
FATCA and to determine whether such Lender has complied with such applicable reporting requirements.

 

 (e)              
(d) Notwithstanding anything to the contrary in this Agreement, no Loan
Party shall be required to pay any additional amount or any indemnity payment under Section 3.01 to (A) any Lender to the extent
Taxes would not be due but for the failure of such Lender to satisfy the foregoing provisions of this Section 10.15 or (B) any
Lender to the extent such amounts are United States withholding taxes imposed on amounts payable to such Lender at the time such
Lender becomes a party to this Agreement, except to the extent such Lender’s assignor (if any) was entitled, at the time
of the assignment, to receive additional amounts from the Borrower with respect to such Taxes pursuant to Section 3.01 of this
Agreement; provided that (i) if such Lender shall have satisfied the requirement of this Section 10.15 on the date required
in this Section 10.15, nothing in this Section 10.15 shall relieve the Borrower of its obligation to pay any amounts pursuant to
Section 3.01 in the event that, as a result of any change in any applicable Law, treaty or governmental rule, regulation or order,
or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver
forms, certificates or other evidence at a subsequent date establishing the fact that such Lender or other Person for the account
of which such Lender receives any sums payable under any of the Loan Documents is not subject to withholding or is subject to withholding
at a reduced rate and (ii) nothing in this Section 10.15 shall relieve the Borrower of its obligation to pay any amounts pursuant
to Section 3.01 in the event that the requirements of 10.15(b) have not been satisfied if the Borrower is entitled, under applicable
Law, to rely on any applicable forms and statements required to be provided under this Section 10.15 by the Foreign Lender that
does not act or has ceased to act for its own account under any of the Loan Documents, including in the case of a typical participation.

 

     

     

    

 

 (f)                
(e) The Administrative Agent may deduct and withhold any taxes required
by any Laws to be deducted and withheld from any payment under any of the Loan Documents.

 

SECTION
12.16. GOVERNING LAW. (a) THIS AGREEMENT
AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED,
HOWEVER, THAT IF THE LAWS OF ANY JURISDICTION OTHER THAN NEW YORK SHALL GOVERN IN REGARD TO THE VALIDITY, PERFECTION OR EFFECT
OF PERFECTION OF ANY LIEN OR IN REGARD TO PROCEDURAL MATTERS AFFECTING ENFORCEMENT OF ANY LIENS IN COLLATERAL, SUCH LAWS OF SUCH
OTHER JURISDICTIONS SHALL CONTINUE TO APPLY TO THAT EXTENT.

 

 (b)              
(a) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT,
OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE
STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH
STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT
OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION, IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT
RELATED THERETO.

 

SECTION
12.17. WAIVER OF RIGHT TO TRIAL BY JURY.
EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR
ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 10.17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

     

     

    

 

SECTION
12.18. Binding Effect. This Agreement shall
become effective when it shall have been executed by the Borrower and the Administrative Agent shall have been notified by each
Lender that each such Lender has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, each
Agent and each Lender and their respective successors and assigns, except that the Borrower shall not have the right to assign
its rights hereunder or any interest herein without the prior written consent of the Lenders, except as permitted by Section 7.06.

 

SECTION
12.19. Lender Action. Each Lender agrees
that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against any Loan
Party or any other obligor under any of the Loan Documents or the Secured Hedge Agreements (including the exercise of any right
of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any actions
or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any other property of any such
Loan Party, without the prior written consent of the Administrative Agent. The provisions of this Section 10.19 are for the sole
benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party. 

 

SECTION
12.20. USA PATRIOT Act; Canadian Anti-Money Laundering Legislation.

 

(a)           Each
Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will
allow such Lender to identify the Loan Parties in accordance with the Act.

 

(b)           Each
Loan Party acknowledges that, pursuant to the Proceeds of Crime Act and other applicable anti-money laundering, anti-terrorist
financing, government sanction and “know your client” laws (collectively, including any guidelines or orders thereunder,
“AML Legislation”), the Lenders may be required to obtain, verify and record information regarding the Loan
Parties and their respective directors, authorized signing officers, direct or indirect shareholders or other Persons in control
of the Loan Parties, and the transactions contemplated hereby. Each Loan Party shall promptly provide all such information, including
supporting documentation and other evidence, as may be reasonably requested by any Lender or any prospective assignee or participant
of a Lender or any Agent, in order to comply with any applicable AML Legislation, whether now or hereafter in existence.

 

(c)           If
the Administrative Agent has ascertained the identity of any Loan Party or any authorized signatories of the Loan Parties for the
purposes of applicable AML Legislation, then the Administrative Agent:

 

		(i)	shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute
a “written agreement” in such regard between each Lender and the Administrative Agent within the meaning of the applicable
AML Legislation; and

 

		(ii)	shall provide to each Lender copies of all information obtained in such regard without any representation
or warranty as to its accuracy or completeness.

 

     

     

    

 

Notwithstanding the preceding sentence
and except as may otherwise be agreed in writing, each of the Lenders agrees that neither the Administrative Agent nor any other
Agent has any obligation to ascertain the identity of the Loan Parties or any authorized signatories of the Loan Parties on behalf
of any Lender, or to confirm the completeness or accuracy of any information it obtains from any Loan Party or any such authorized
signatory in doing so.

 

SECTION
12.21. Judgment Currency. If, for the purposes
of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into
another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative
Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is
given. The obligation of each Loan Party in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”) be discharged only to the extent that on the Business Day following receipt by the Administrative Agent
of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures
purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the
sum originally due to the Administrative Agent from any Loan Party in the Agreement Currency, such Loan Party agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was
owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative
Agent in such currency, the Administrative Agent agrees to return the amount of any excess to such Loan Party (or to any other
Person who may be entitled thereto under Applicableapplicable
Law).

 

SECTION
12.22. Other Liens on Collateral; Terms of Intercreditor Agreement; Etc..
(i) THE LOAN PARTIES, THE AGENTS, THE LENDERS AND THE OTHER PARTIES HERETO ACKNOWLEDGE THAT THE EXERCISE OF CERTAIN OF THE AGENTS’
RIGHTS AND REMEDIES HEREUNDER MAY BE SUBJECT TO, AND RESTRICTED BY, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT, THE ADDITIONAL
FIRST LIEN INTERCREDITOR AGREEMENT, THE ADDITIONAL JUNIOR LIEN INTERCREDITOR AGREEMENT AND/OR ANY OTHER INTERCREDITOR AGREEMENT
(IF ANY) ENTERED INTO PURSUANT TO THE TERMS HEREOF. EXCEPT AS SPECIFIED HEREIN, NOTHING CONTAINED IN THE INTERCREDITOR AGREEMENT,
THE ADDITIONAL FIRST LIEN INTERCREDITOR AGREEMENT OR THE ADDITIONAL JUNIOR LIEN INTERCREDITOR AGREEMENT (OR ANY SUCH OTHER INTERCREDITOR
AGREEMENT) SHALL BE DEEMED TO MODIFY ANY OF THE PROVISIONS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL REMAIN IN FULL
FORCE AND EFFECT. EACH LENDER PARTY HERETO UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT LIENS WERE CREATED ON THE COLLATERAL PURSUANT
TO THE ABL CREDIT AGREEMENT AND THE ABL LOAN DOCUMENTS, WHICH LIENS (x) TO THE EXTENT CREATED WITH RESPECT TO ABL PRIORITY COLLATERAL,
SHALL BE SENIOR TO THE LIENS CREATED UNDER THIS AGREEMENT AND THE RELATED LOAN DOCUMENTS (WITH THE LIENS SO CREATED HEREUNDER AND
UNDER THE OTHER LOAN DOCUMENTS ON ABL PRIORITY COLLATERAL BEING SUBORDINATED TO SUCH LIENS PURSUANT TO THE TERMS OF THE INTERCREDITOR
AGREEMENT) AND (y) TO THE EXTENT CREATED WITH RESPECT TO TL PRIORITY COLLATERAL, are JUNIOR
to the Liens created under this Agreement and the related Loan Documents. THE INTERCREDITOR AGREEMENT, THE ADDITIONAL FIRST
LIEN INTERCREDITOR AGREEMENT OR THE ADDITIONAL JUNIOR LIEN INTERCREDITOR AGREEMENT (AND ANY SUCH OTHER INTERCREDITOR AGREEMENT)
ALSO HAVE OR MAY HAVE OTHER PROVISIONS WHICH ARE BINDING UPON THE LENDERS AND THE HEDGE BANKS PURSUANT TO THIS AGREEMENT. PURSUANT
TO THE EXPRESS TERMS OF SECTION 7.17 OF THE INTERCREDITOR AGREEMENT OR ANY COMPARABLE PROVISION OF ANY ADDITIONAL FIRST LIEN INTERCREDITOR
AGREEMENT OR ADDITIONAL JUNIOR LIEN INTERCREDITOR AGREEMENT (OR ANY SUCH OTHER INTERCREDITOR AGREEMENT), IN THE EVENT OF ANY CONFLICT
BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND ANY OF THE LOAN DOCUMENTS, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL
GOVERN AND CONTROL.

 

     

     

    

 

(ii)       EACH
LENDER AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT, THE
ADDITIONAL FIRST LIEN INTERCREDITOR AGREEMENT AND THE ADDITIONAL JUNIOR LIEN INTERCREDITOR AGREEMENT OR SUCH OTHER INTERCREDITOR
AGREEMENTS ON BEHALF OF SUCH LENDER, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL DOCUMENTS) REQUIRED (OR DEEMED ADVISABLE) BY IT IN
ACCORDANCE WITH THE TERMS OF THE INTERCREDITOR AGREEMENT, THE ADDITIONAL FIRST LIEN INTERCREDITOR AGREEMENT, THE ADDITIONAL JUNIOR
LIEN INTERCREDITOR AGREEMENT OR SUCH OTHER INTERCREDITOR AGREEMENTS, AS THE CASE MAY BE.

 

(iii)       THE
PROVISIONS OF THIS SECTION 10.22 ARE NOT INTENDED TO SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT, THE ADDITIONAL
FIRST LIEN INTERCREDITOR AGREEMENT, THE ADDITIONAL JUNIOR LIEN INTERCREDITOR AGREEMENT OR SUCH OTHER INTERCREDITOR AGREEMENTS.
REFERENCE MUST BE MADE TO THE INTERCREDITOR AGREEMENT, THE ADDITIONAL FIRST LIEN INTERCREDITOR AGREEMENT OR THE ADDITIONAL JUNIOR
LIEN INTERCREDITOR AGREEMENT OR SUCH OTHER INTERCREDITOR AGREEMENTS TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER
IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF EACH OF THE INTERCREDITOR AGREEMENT, THE ADDITIONAL FIRST LIEN INTERCREDITOR
AGREEMENT, THE ADDITIONAL JUNIOR LIEN INTERCREDITOR AGREEMENT AND SUCH OTHER INTERCREDITOR AGREEMENTS AND THE TERMS AND PROVISIONS
THEREOF, AND NO AGENT (AND NONE OF ITS AFFILIATES) MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY
OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT, THE ADDITIONAL FIRST LIEN INTERCREDITOR AGREEMENT, THE ADDITIONAL JUNIOR
LIEN INTERCREDITOR AGREEMENT OR SUCH OTHER INTERCREDITOR AGREEMENTS.

 

SECTION
12.23. Effect of the Amendment and Restatement of the Existing Credit Agreement; Amendments to Security Agreement on
the Subsequent Second Amendment Effective Date.

 

(a)            Effect
of the Amendment and Restatement of the Existing Credit Agreement. On the Restatement Effective Date, the Existing Credit Agreement
shall be amended, restated and superseded in its entirety by this Agreement. The parties hereto acknowledge and agree that (i)
the Term B Loan made on the Restatement Effective Date shall, in part, constitute a Refinancing Term Loan with respect to
the Outstanding Term Loans and that this Agreement shall constitute a Refinancing Amendment entered into under Section 2.15 of
the Existing Credit Agreement (such refinancing transaction, the “Effective Date Refinancing”), (ii) the amendments
related to such Refinancing Term Loan shall be effective concurrently with the making of such Refinancing Term Loans, (iii) the
Term B Loan, to the extent in excess of the amount necessary to refinance the Outstanding Term Loans pursuant to Section 2.15 of
the Existing Credit Agreement (such excess portion of the Term B Loan, the “Increased Loan”), and the amendments
reflecting such Increased Loan or otherwise amending the Existing Credit Agreement, shall be made (and shall be effective) subject
to consummation of the Effective Date Refinancing and (iv) except to the extent refinanced or increased as set forth in clause
(i) and (iii) above, the “Obligations” outstanding under the Existing Credit Agreement are in all respects continuing
(as amended and restated hereby) with the terms thereof being modified solely as provided in this Agreement.

 

     

     

    

 

(b)           Amendments
to Security Agreement on Subsequent Second Amendment Effective Date. Section 2.03(c) of the Security Agreement is hereby deleted
and replaced in its entirety with the following:

 

“(c)           except
for the security interests granted hereunder and security interests granted to the ABL Agent, each of the Grantors (i) is and,
subject to any transfers made, and Liens granted, in compliance with the Credit Agreement, will continue to be the direct owner,
beneficially and of record, of the Pledged Securities indicated on Schedule II as owned by such Grantors, (ii) as of the Subsequent
Second Amendment Effective Date, holds the same free and clear of all Liens, other than (A) Liens created by the Collateral Documents
and the ABL Collateral Documents (as defined in the Intercreditor Agreement) and (B) nonconsensual Liens expressly permitted
pursuant to Section 7.04 of the Credit Agreement, (iii) will make no assignment, pledge, hypothecation or transfer of, or
create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than (A) Liens created by the
Collateral Documents and the ABL Collateral Documents (as defined in the Intercreditor Agreement) and (B) other Liens expressly
permitted pursuant to Section 7.04 of the Credit Agreement, and (iv) will defend its title or interest thereto or therein
against any and all Liens (other than the Liens expressly permitted pursuant to this Section 2.03(c)), however, arising, of
all Persons whomsoever;”

 

SECTION
12.24. No Advisory or Fiduciary Responsibility.

 

In connection with
all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof
or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Agents and the Arrangers are arm’s-length
commercial transactions between the Borrower and its respective Affiliates, on the one hand, and the Administrative Agent and the
Arrangers, on the other hand, (B) the Borrower and has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks
and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Agents, the Arrangers and
each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has
not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its respective Affiliates,
or any other Person and (B) none of the Agents, the Arrangers nor any Lender has any obligation to the Borrower or any of its respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (iii) the Agents, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of the Borrower and its respective Affiliates, and none of
the Agents, the Arrangers nor any Lender has any obligation to disclose any of such interests to the Borrower or any of its respective
Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against
the Agents, the Arrangers or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby.

 

     

     

    

 

SECTION
12.25. Acknowledgement and Consent to Bail-In of EEAAffected
Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any EEAAffected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEAthe applicable
Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)               
the application of any Write-Down and Conversion Powers by an EEAthe
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto
that is an EEAAffected 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 EEAAffected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and
that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or

 

(iii)            
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
any EEAthe applicable Resolution Authority.

 

SECTION
12.26. Keepwell. 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 each other Loan Party to honor all of its obligations under the Guaranty in respect of Swap Obligations
(provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.26 for the maximum amount of such
liability that can be hereby incurred without rendering its obligations under this Section 10.26, or otherwise under the Guaranty
or this Agreement in respect of the Obligations, voidable under applicable Law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full
force and effect until payment in full of the Obligations and termination of the Aggregate Commitments. Each Qualified ECP Guarantor
intends that this Section 10.26 constitute, and this Section 10.26 shall be deemed to constitute, a “keepwell, support, or
other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act. 

 

SECTION
12.27. Acknowledgement Regarding Any Supported QFCs. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise,
for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and
each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

 

In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK.]

 

    3

     

    

 

ANNEX B

EXHIBITS A, D and E TO

THE AMENDED CREDIT AGREEMENT

 

     

     

    

 

 

EXHIBIT A

 

 

FORM OF COMMITTED LOAN NOTICE

 

[Date]

 

JPMorgan Chase Bank, N.A., as Administrative Agent

JPM Loan & Agency Services

10 S. Dearborn St

Chicago, IL 60603

Attention: Pastell Jenkins

 

Ladies and Gentlemen:

 

Reference is made to
the Amended and Restated Credit Agreement dated as of January 28, 2013 (as amended, supplemented, restated and/or otherwise modified
from time to time, the “Credit Agreement”), among Michaels Stores, Inc., (the “Borrower”),
the lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent
(in such capacity, the “Administrative Agent”) and Collateral Agent. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The Borrower hereby requests (select one):

 

		─	A Borrowing of new Loans

 

		─	A conversion of Loans from one Type to the other

 

		─	A continuation of Eurocurrency Rate Loans

 

to be made on the terms set forth below:

 

	(A)	Date
    of Borrowing,	 	 
	 	conversion or continuation	 	 
	 	(which is a Business
    Day)	 	 
	(B)	Principal amount1	 	 
	(C)	Type of Loan2	 	 
	(D)	Interest Period3	 	 

 

 

1
Eurocurrency Rate Loans shall be in a principle amount of $2,500,000 or a whole multiple of $500,000 in excess thereof.
Base Rate Loans shall be in a principle amount of $500,000 or a whole multiple of $100,000 in excess thereof. 

		2	Specify
                                         Eurocurrency Rate or Base Rate. 

		3	Applicable
                                         for Eurocurrency Rate/Loans only.

 

    

     

    

 

[The
Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Committed Loan Notice
and on the date of the related Borrowing, the conditions to lending specified in paragraphs (a) and (b) of Section 4.02 of the
Credit Agreement have been satisfied.]4

 

	 	MICHAELS STORES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

4 Insert bracketed language
if the Borrower is requesting a Borrowing of new Loans (other than in connection with any Limited Condition Transaction or the
Borrowing of any Incremental Term Loan to finance an Acquisition or any other Investment permitted by this Agreement constituting
an acquisition of assets constituting a business unit, line of business or division of, or all or substantially all of the Equity
Interests of, another Person).

 

    

     

    

 

EXHIBIT
D

 

FORM OF COMPLIANCE
CERTIFICATE5

 

Reference
is made to the Amended and Restated Credit Agreement dated as of January 28, 2013 (as amended, supplemented, restated and/or otherwise
modified from time to time, the “Credit Agreement”), among Michaels Stores, Inc., (the “Borrower”),
the lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent
(in such capacity, the “Administrative Agent”) and Collateral Agent (capitalized terms used herein have the
meanings attributed thereto in the Credit Agreement unless otherwise defined herein). Pursuant to Sections 6.01(a), 6.01(b) and
6.02(b) of the Credit Agreement, the undersigned, in [his/her] capacity as a Responsible Officer of the Borrower, certifies as
follows:

 

		1.	[Attached
                                         hereto as Exhibit [__] is the consolidated balance sheet of the Borrower and its
                                         Subsidiaries as of [_____], 20[ ] and related consolidated statements of income or operations,
                                         stockholders’ equity and cash flows for the fiscal year then ended, setting forth
                                         in each case in comparative form the figures for the previous fiscal year, all in reasonable
                                         detail and prepared in accordance with GAAP, audited and accompanied by a report and
                                         opinion of [________], prepared in accordance with generally accepted auditing standards
                                         in the United States and not subject to any “going concern” or like qualification
                                         or exception or any qualification or exception as to the scope of such audit (except
                                         as may be required as a result of the impending maturity of any Indebtedness, including
                                         the Loans under the Credit Agreement, the ABL Loans, the 2027 Senior Unsecured Notes
                                         or the 2027 Senior Secured Notes).]6

 

		2.	[Attached
                                         hereto as Exhibit [__] is the consolidated balance sheet of the Borrower and its
                                         Subsidiaries as of [__] and the related (i) consolidated statements of income or operations
                                         for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated
                                         statements of cash flows for the portion of the fiscal year then ended, setting forth
                                         in each case in comparative form the figures for the corresponding fiscal quarter of
                                         the previous fiscal year and the corresponding portion of the previous fiscal year, all
                                         in reasonable detail. These present fairly in all material respects the financial position,
                                         results of operations, stockholders’ equity and cash flows of the Borrower and
                                         its Subsidiaries in accordance with GAAP, subject only to normal year-end adjustments
                                         and the absence of footnotes.]7

  

 

 

5 
To be delivered within five (5) days after the delivery of the annual financial statements of the Borrower and its Subsidiaries
in accordance with Section 6.01(a) of the Credit Agreement or the quarterly financial statements of the Borrower and its Subsidiaries
in accordance with Section 6.01(b) of the Credit Agreement. 

 

6
Within ninety (90) days after the end of each fiscal year of the Borrower. 

 

7 
Within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower.

 

    

     

    

 

Exhibit D

 

		3.	To my knowledge, except as otherwise disclosed to the Administrative Agent in writing pursuant
to the Credit Agreement, at no time during the period between [__] and [__] (the “Certificate Period”) did a
Default or an Event of Default exist. [If unable to provide the foregoing certification, fully describe the reasons therefor and
circumstances thereof and any action taken or proposed to be taken with respect thereto on Annex A attached hereto.]

 

		4.	Attached hereto as Exhibit [__] is a reasonably detailed calculation of the Consolidated Secured
Debt Ratio (with adjustments consistent with the definition of Consolidated Secured Debt Ratio), as of the last day of the Certificate
Period.

 

		5.	[Attached hereto as Exhibit [__] is a report setting forth the information required by Section
3.03(c) of the Security Agreement][There has been no change in the information required by Section 3.03(c) of the Security Agreement
since the [Fourth Amendment Effective Date][date of the last Compliance Certificate]].

 

		6.	[Attached hereto as Exhibit [__] is a description of each event, condition or circumstance during
the last fiscal quarter covered by this Compliance Certificate requiring a mandatory prepayment or offer to purchase under Section
2.05(b) or (c) of the Credit Agreement][During the last fiscal quarter covered by this Compliance Certificate, there has been no
event, condition or circumstance requiring a mandatory prepayment or offer to purchase under Section 2.05(b) or (c) of the Credit
Agreement].

 

		7.	[Attached hereto as Exhibit [__] is a list of each Subsidiary of the Borrower identifying each
Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date hereof][There has been no change in Restricted
Subsidiaries and Unrestricted Subsidiaries since the [Fourth Amendment Effective Date] [the date of the last Compliance Certificate]].

 

    

     

    

 

Exhibit D

 

IN WITNESS WHEREOF,
the undersigned, in his/her capacity as a Responsible Officer of the Borrower, has executed this certificate for and on behalf
of the Borrower and has caused this certificate to be delivered this ____ day of _____________.

 

	 	Michaels Stores, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

Exhibit D

 

[Exhibit __]

 

[Consolidated Balance Sheet of the Borrower and its Subsidiaries
as of [______], 20[__]]

 

    

     

    

 

Exhibit D

 

[Exhibit __]

 

[Consolidated Balance Sheet of the Borrower and its Subsidiaries
as of [__]]

 

    

     

    

 

Exhibit D

 

[Exhibit __]

 

Calculation of Consolidated Secured Debt Ratio

 

    

     

    

 

Schedule 2

To Exhibit D

 

[Exhibit __]

 

[Information Required by Section 3.03(c) of the Security
Agreement]

 

    

     

    

 

Schedule 2

To Exhibit D

 

[Exhibit __]

 

[Mandatory Prepayment Events]

 

    

     

    

 

Schedule 2

To Exhibit D

 

[Exhibit __]

 

[Subsidiaries]

 

    

     

    

 

Exhibit E

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by
and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used in this Assignment and
Assumption and not otherwise defined herein have the meanings specified in the Amended and Restated Credit Agreement, dated as
of January 28, 2013 (as amended, supplemented, restated and/or otherwise modified from time to time, the “Credit Agreement”),
among Michaels Stores, Inc., the lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank,
N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), receipt of a copy of which is
hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to
and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its
capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor
under the facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits,
causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown,
arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the
loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii)
above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty
by the Assignor.

 

1.     Assignor (the “Assignor”):

 

2.     Assignee (the “Assignee”):

 

i.      Assignee is an Affiliate of: [Name of Lender]

 

ii.    Assignee is an Approved Fund of: [Name of Lender]

 

3.     Borrower:

 

4.     Administrative Agent:

 

5.     Assigned Interest:

 

    

     

    

 

Exhibit E

 

	Facility	Aggregate
    Amount of	Amount
    of	Percentage
    Assigned
	Assigned	Commitment/Loans
    of	Commitment/Loans	of
    Commitment/
	 	all
    Lenders	Assigned	Loans8
	 	$	$	%

 

Effective Date: _____________ ___, 20___ [TO BE INSERTED
BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The Assignee agrees to deliver to the Administrative
Agent a completed Administrative Questionnaire in which the Assignee designates one or more Credit Contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrower, the Loan Parties, their respective Affiliates
and the respective directors, officers, employees, agents and advisors of any of the foregoing, or any of their respective securities)
will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable
laws, including Federal and state securities laws.

 

The terms set forth in this Assignment and Assumption
are hereby agreed to:

 

	 	[NAME OF ASSIGNOR], as Assignor,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[NAME OF ASSIGNEE], as Assignee,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

8 Set forth, to at least 8 decimals, as a percentage
of the Commitment/Loans of all Lenders thereunder.

 

    

     

    

 

Exhibit E

 

	[Consented to and]9
    Accepted:	 
	 	 
	JPMORGAN CHASE BANK, N.A.	 
	as Administrative Agent	 
	 	 
	By:	               	 
	 	Name:	 
	 	Title:	 
	 	 
	Consented to:	 
	 	 
	MICHAELS STORES, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:]10	 

 

 

9   
No consent of the Administrative Agent shall be required for (i) an assignment to an Agent or an Affiliate of an Agent or
(ii) an assignment of a Loan to a Lender, an Affiliate of a Lender or an Approved Fund. 

10    No
consent of the Borrower shall be required (1) for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or,
(2) if the Borrower has not objected to such assignment within 15 Business Days after having received notice thereof in
accordance with Section 10.07(b)(i)(A) or (3) if an Event of Default under Section 8.01(a), (f) or (g) of the Credit
Agreement (in the case of clause (f) or (g), solely with respect to the Borrower) has occurred and is continuing.

 

    

     

    

 

CREDIT
AGREEMENT11

 

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT
AND ASSUMPTION

 

1. Representations and Warranties.

 

1.1 Assignor. The Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest
is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby;
and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement
or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of the Credit Agreement, (iv) any requirements under applicable law for the Assignee to become a lender
under the Credit Agreement or to charge interest at the rate set forth therein from time to time or (v) the performance or observance
by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit
Agreement.

 

1.2.
Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement and under applicable
law that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after
the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the
Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision
to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement,
together with copies of the most recent financial statements delivered pursuant to Section 6.01
thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made
such analysis and decision independently and without reliance on any Agent, the Assignor or any other Lender or any of their respective
Related Parties (as defined below), and (vi) attached to the Assignment and Assumption is any documentation required to be delivered
by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Assignor, any Agent or any other Lender or any of their respective Related Parties,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. For purposes of
this Section “Related Parties” shall mean, with
respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors
of such Person and such Person’s Affiliates.

 

 

11
Capitalized terms used in this Assignment and Assumption and not otherwise defined herein have the meanings specified in
the Amended and Restated Credit Agreement dated of January 28, 2013 (as amended, supplemented, restated and/or otherwise modified
from time to time, the “Credit Agreement”), among Michaels Stores, Inc. the lenders from time to time party
thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”) and Collateral Agent.

 

    

     

    

 

Exhibit E

 

1.2, 

 

2.   
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to
but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.   
General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts,
which together shall constitute one instrument. Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee
and the Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this Assignment and Assumption
by IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be
its electronic transmission system shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.
This Assignment and Assumption shall be construed in accordance with and governed by the law of the State of New York.

 

    

     

    

 

ANNEX C

FORM OF AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

[See attached]

 

    

     

    

 

 

Execution Version

 

AMENDED AND RESTATED INTERCREDITOR
AGREEMENT

 

by and between

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

as ABL Agent,

 

and

 

JPMORGAN CHASE BANK, N.A.,

 

as Original Term Agent

 

Dated as of October 31, 2006,

 

as amended and restated as of October 1, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page No.
	 	 
	ARTICLE 1 DEFINITIONS	3
	 	 
	Section 1.1	UCC Definitions	3
	Section 1.2	Other Definitions	3
	Section 1.3	Rules of Construction	18
	 	 	 
	ARTICLE 2 LIEN PRIORITY	18
	 	 
	Section 2.1	Priority of Liens	18
	Section 2.2	Waiver of Right to Contest Liens	20
	Section 2.3	Remedies Standstill	20
	Section 2.4	Exercise of Rights	22
	Section 2.5	No New Liens	23
	Section 2.6	Waiver of Marshalling	24
	 	 	 
	ARTICLE 3 ACTIONS OF THE PARTIES	24
	 	 
	Section 3.1	Certain Actions Permitted	24
	Section 3.2	Agent for Perfection	25
	Section 3.3	Sharing of Information and Access	26
	Section 3.4	Insurance	26
	Section 3.5	No Additional Rights For the Credit Parties Hereunder	26
	Section 3.6	Inspection and Access Rights	27
	Section 3.7	Tracing of and Priorities in Proceeds	28
	Section 3.8	Payments Over	28
	 	 	 
	ARTICLE 4 APPLICATION OF PROCEEDS	29
	 	 
	Section 4.1	Application of Proceeds	29
	Section 4.2	Specific Performance	31
	 	 	 
	ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS	31
	 	 
	Section 5.1	Notice of Acceptance and Other Waivers	31
	Section 5.2	Modifications to ABL Documents and Term Documents	33
	Section 5.3	Reinstatement and Continuation of Agreement	35
	 	 	 
	ARTICLE 6 INSOLVENCY PROCEEDINGS	36
	 	 
	Section 6.1	DIP Financing	36
	Section 6.2	Relief From Stay	37
	Section 6.3	No Contest; Adequate Protection	38
	Section 6.4	Asset Sales	39
	Section 6.5	Separate Grants of Security and Separate Classification	39
	Section 6.6	Enforceability	40
	Section 6.7	ABL Obligations Unconditional	40
	Section 6.8	Term Obligations Unconditional	40
	Section 6.9	Adequate Protection	41

 

    i

     

    

 

	ARTICLE 7 MISCELLANEOUS	41
	 	 
	Section 7.1	Rights of Subrogation	41
	Section 7.2	Further Assurances	42
	Section 7.3	Representations	42
	Section 7.4	Amendments	42
	Section 7.5	Addresses for Notices	43
	Section 7.6	No Waiver; Remedies	43
	Section 7.7	Continuing Agreement, Transfer of Secured Obligations	43
	Section 7.8	Governing Law; Entire Agreement	44
	Section 7.9	Counterparts	44
	Section 7.10	No Third Party Beneficiaries	45
	Section 7.11	Headings	45
	Section 7.12	Severability	45
	Section 7.13	Attorneys’ Fees	45
	Section 7.14	VENUE; JURY TRIAL WAIVER	45
	Section 7.15	Intercreditor Agreement	46
	Section 7.16	No Warranties or Liability	47
	Section 7.17	Conflicts	47
	Section 7.18	Information Concerning Financial Condition of the Credit Parties	47

 

    ii

     

    

 

 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

THIS AMENDED AND RESTATED
INTERCREDITOR AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time pursuant to the terms hereof,
this “Agreement”) is entered into as of October 1, 2020 among (x) WELLS FARGO BANK, NATIONAL ASSOCIATION
(“Wells Fargo”), in its capacities as administrative agent and collateral agent (together with its
successors and assigns in such capacities, the “ABL Agent”) for (i) the financial institutions, lenders
and investors party from time to time to the ABL Credit Agreement referred to below (such financial institutions, lenders and
investors, together with their respective successors, assigns and transferees, the “ABL Lenders”) and
(ii) any ABL Bank Product Affiliates and ABL Cash Management Affiliates (each as defined below) (such ABL Bank Product Affiliates
and ABL Cash Management Affiliates, together with the ABL Agent and the ABL Lenders, the “ABL Secured Parties”),
(y) JPMORGAN CHASE BANK, N.A. in its capacities as administrative agent and collateral agent (together with its successors
and assigns in such capacities, the “Original Term Agent”) for (i) the financial institutions, lenders
and investors party from time to time to the Term Credit Agreement referred to below (such financial institutions, lenders and
investors, together with their respective successors, assigns and transferees, the “Original Term Lenders”),
and (ii) any Term Hedging Affiliates (as defined below) (such Term Hedging Affiliates, together with the Original Term Agent,
the Original Term Lenders and any other secured parties under the Term Credit Agreement, the “Original Term Secured
Parties”) and (z) on and after the date hereof, each Term Class Debt Representative for the applicable Term Class
Debt Parties (such Term Class Debt Parties, together with their respective successors, assigns and transferees, and the Original
Term Lenders, the “Term Lenders”) party from time to time to the applicable Additional Term Debt Agreement
(as defined below) (the Original Term Secured Parties and any such Term Class Debt Parties and any other secured parties under
any Term Credit Agreement or any Additional Term Debt Agreement, collectively, the “Term Secured Parties”).

 

RECITALS

 

A.               
Pursuant to that certain Third Amended and Restated Credit Agreement dated as of May 27, 2016 by and among Michaels Stores, Inc.,
Aaron Brothers, Inc., Michael Stores Procurement Company, Inc., and Artistree, Inc., the ABL Lenders and the ABL Agent (as amended
as of August 30, 2019 and as such agreement may have been or may in the future be amended, supplemented, restated or otherwise
modified from time to time, the “ABL Credit Agreement”), the ABL Lenders have agreed to make certain
loans and other financial accommodations to or for the benefit of the ABL Borrowers.

 

B.                
Pursuant to that certain Amended and Restated Guarantee Agreement dated as of September 17, 2012 (as supplemented as of August
21, 2013 and as of March 25, 2016 and as the same may have been or may in the future be amended, supplemented, restated and/or
otherwise modified, collectively, the “ABL Guaranty”) by the ABL Guarantors (as hereinafter defined)
in favor of the ABL Secured Parties, the ABL Guarantors have agreed to guarantee, inter alia, the payment and performance of the
obligations under the ABL Documents (as hereinafter defined).

 

C.                
As a condition to the effectiveness of the ABL Credit Agreement and to secure the obligations of the ABL Borrowers and the
ABL Guarantors (the ABL Borrowers, the ABL Guarantors and each other direct or indirect subsidiary or parent of the ABL
Borrowers or any of their affiliates that is now or hereafter becomes a party to any ABL Document, collectively, the
“ABL Credit Parties”) under and in connection with the ABL Documents, the ABL Credit Parties have
granted to the ABL Agent (for the benefit of the ABL Secured Parties) Liens on the Collateral.

 

     

     

    

 

D.               
Pursuant to that certain Amended and Restated Credit Agreement dated as of January 28, 2013 by and among Michaels Stores, Inc.
(the “Term Borrower” or “Company”), the Original Term Lenders and the Original
Term Agent (as amended as of June 10, 2014, as further amended as of September 28, 2016, as further amended as of May 23, 2018,
as further amended as of the date hereof and as such agreement may be amended, supplemented, restated or otherwise modified from
time to time, the “Term Credit Agreement”), the Original Term Lenders have agreed to make certain loans
to the Term Borrower.

 

E.                
Pursuant to certain guaranties dated as of (i) October 31, 2006 (as supplemented as of March 25, 2016 and as the same has been
and may in the future be amended, supplemented, restated and/or otherwise modified, the “Subsidiary Term Guaranty”)
and (ii) August 21, 2013 (as the same has been and may in the future be amended, supplemented, restated and/or otherwise modified,
the “Holdco Term Guaranty” and, together with the Subsidiary Term Guaranty, collectively, the “Term
Guaranty”) by the Term Guarantors (as hereinafter defined) in favor of the Original Term Secured Parties, the Term
Guarantors have agreed to guarantee, inter alia, the payment and performance of the obligations under the Original Term Documents
(as hereinafter defined).

 

F.                 
As a condition to the effectiveness of the Term Credit Agreement and to secure the obligations of the Term Borrower and the Term
Guarantors (the Term Borrower, the Term Guarantors and each other direct or indirect subsidiary or parent of the Term Borrower
or any of its affiliates that is now or hereafter becomes a party to any Term Document, collectively, the “Term Credit
Parties”) under and in connection with the Original Term Documents, the Term Credit Parties have granted to the Original
Term Agent (for the benefit of the Original Term Secured Parties) Liens on the Collateral.

 

G.               
Pursuant to this Agreement, the Company may, from time to time, designate certain additional Indebtedness of the Company as “Additional
Term Debt” by complying with the procedures set forth in Section 7.19 hereof, and the holders of such Additional Term Debt
shall thereafter constitute “Term Secured Parties,” and any Term Class Debt Representative for any such Term Secured
Parties shall thereafter constitute a “Term Agent,” for all purposes under this agreement.

 

H.               
Each of the ABL Agent (on behalf of the ABL Secured Parties) and the Original Term Agent (on behalf of the Original Term Secured
Parties) and, by their acknowledgment hereof, the ABL Credit Parties and the Term Credit Parties, desire to agree to the relative
priority of Liens on the Collateral and certain other rights, priorities and interests as provided herein.

 

I.                   
The ABL Agent and the Original Term Agent are parties to that certain Intercreditor Agreement, dated as of October 31, 2006 (including
all supplements, ratifications, acknowledgements and updates thereto and as amended, supplemented, restated and/or otherwise modified
through but not including the date hereof, the “Original Intercreditor Agreement”).

 

    2

     

    

 

The parties hereto wish to amend and restate the Original Agreement
in its entirety in the form of this Agreement.

 

NOW THEREFORE, in consideration of
the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree
as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.1 UCC Definitions.
The following terms which are defined in the Uniform Commercial Code are used herein as so defined: Accounts, Chattel Paper, Commercial
Tort Claims, Deposit Accounts, Documents, Electronic Chattel Paper, Financial Assets, Fixtures, General Intangibles, Instruments,
Inventory, Investment Property, Letter-of-Credit Rights, Money, Payment Intangibles, Promissory Notes, Records, Securities Accounts,
Security Entitlements, Supporting Obligations and Tangible Chattel Paper.

 

Section 1.2 Other Definitions.
Subject to Section 1.1, as used in this Agreement, the following terms shall have the meanings set forth below:

 

“ABL Agent”
shall have the meaning assigned to that term in the introduction to this Agreement and shall include any successor thereto as well
as any Person designated as the “Agent”, “Administrative Agent” or “Collateral Agent” under
any ABL Credit Agreement.

 

“ABL Bank
Products Affiliate” shall mean any ABL Lender or any Affiliate of any ABL Lender that has entered into a Bank Products
Agreement with an ABL Credit Party with the obligations of such ABL Credit Party thereunder being secured by one or more ABL Collateral
Documents, together with their respective successors, assigns and transferees (even if such ABL Lender subsequently ceases to be
a lender under the ABL Credit Agreement for any reason).

 

“ABL Borrowers”
shall mean the borrowers from time to time party to the ABL Credit Agreement.

 

“ABL Cash
Management Affiliate” shall mean any ABL Lender or any Affiliate of an ABL Lender that provides Cash Management Services
to any of the ABL Credit Parties with the obligations of such ABL Credit Parties thereunder being secured by one or more ABL Collateral
Documents, together with their respective successors, assigns and transferees (even if such ABL Lender subsequently ceases to be
a lender under the ABL Credit Agreement for any reason).

 

“ABL Collateral
Documents” shall mean all “Security Documents” as defined in the ABL Credit Agreement, and all other
security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with the ABL
Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time.

 

“ABL Credit
Agreement” shall have the meaning assigned to such term in the recitals to this Agreement and shall include any other
agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the
ABL Obligations, whether by the same or any other agent, lender or group of lenders and whether or not increasing the amount of
any Indebtedness that may be incurred thereunder.

 

    3

     

    

 

“ABL Credit
Parties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“ABL Documents”
shall mean the ABL Credit Agreement, the ABL Guaranty, the ABL Collateral Documents, all Bank Products Agreements between any ABL
Credit Party and any ABL Bank Products Affiliate, all Cash Management Services Agreements between any ABL Credit Party and any
ABL Cash Management Affiliate, those other ancillary agreements as to which any ABL Secured Party is a party or a beneficiary and
all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any ABL Credit Party
or any of its respective Subsidiaries or Affiliates, and delivered to the ABL Agent or any other ABL Secured Party, in connection
with any of the foregoing or any ABL Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise
modified from time to time.

 

“ABL Guarantors”
shall mean the collective reference to (i) the Parent and each direct or indirect Subsidiary of the Parent other than any Excluded
Subsidiary (but including any direct or indirect Canadian Subsidiary of Michaels Stores, Inc. which becomes an ABL Guarantor),
and (ii) any other Person who becomes a guarantor under any ABL Guaranty.

 

“ABL Guaranty”
shall have the meaning assigned to that term in the recitals to this Agreement and shall also include any further guaranty made
by an ABL Guarantor guaranteeing, inter alia, the payment and performance of the ABL Obligations.

 

“ABL Lenders”
shall have the meaning assigned to that term in the introduction to this Agreement, as well as any Person designated as a “Lender”
under any ABL Credit Agreement.

 

“ABL Obligations”
shall mean all obligations of every nature of each ABL Credit Party from time to time owed to the ABL Secured Parties, or any of
them, under any ABL Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy
with respect to such ABL Credit Party, would have accrued on any ABL Obligation, whether or not a claim is allowed against such
ABL Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under letters of credit,
payments for early termination of Swap Contracts, fees, expenses, indemnification or otherwise, and all other amounts owing or
due under the terms of the ABL Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or
in part from time to time.

 

“ABL Priority
Collateral” shall mean all Collateral (other than Shared Collateral) consisting of the following (including for the
avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision
of any foreign Debtor Relief Laws), would be ABL Priority Collateral):

 

(1)              
all Accounts, other than Accounts which constitute identifiable proceeds of Term Priority Collateral;

 

(2)              
all Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper), other than Chattel Paper which constitutes identifiable
proceeds of Term Priority Collateral;

 

    4

     

    

 

(3)              
(x) all Deposit Accounts (other than Term Loan Priority Accounts) and money and all cash, checks, other negotiable instruments,
funds and other evidences of payments held therein, and (y) Securities Accounts (other than Term Loan Priority Accounts), Security
Entitlements and Securities credited to such a Securities Account, and, in each case, all cash, checks and other property held
therein or credited thereto; provided, however, that to the extent that identifiable proceeds of Term Priority Collateral
are deposited in any such Deposit Accounts or Securities Accounts, such identifiable proceeds shall be treated as Term Priority
Collateral;

 

(4)              
all Inventory;

 

(5)              
to the extent relating to, evidencing or governing any of the items referred to in the preceding clauses (1) through (4) constituting
ABL Priority Collateral, all Documents, General Intangibles (other than any Intellectual Property), Instruments (including Promissory
Notes) and Commercial Tort Claims; provided that to the extent any of the foregoing also relates to Term Priority Collateral,
only that portion related to the items referred to in the preceding clauses (1) through (4) shall be included in the ABL Priority
Collateral;

 

(6) 
to the extent relating to any of the items referred to in the preceding clauses (1) through (5) constituting ABL Priority Collateral,
all Supporting Obligations and Letter-of-Credit Rights; provided that to the extent any of the foregoing also relates to
Term Priority Collateral only that portion related to the items referred to in the preceding clauses (1) through (5) shall be included
in the ABL Priority Collateral;

 

(7)              
all books and Records relating to the items referred to in the preceding clauses (1) through (6) constituting ABL Priority Collateral
(including all books, databases, customer lists, engineer drawings, and Records, whether tangible or electronic, which contain
any information relating to any of the items referred to in the preceding clauses (1) through (6)); and

 

(8)              
all collateral security and guarantees with respect to any of the foregoing and all cash, Money, insurance proceeds, Instruments,
Securities, Financial Assets and Deposit Accounts received as proceeds of any of the foregoing (such proceeds, “ABL
Priority Proceeds”); provided, however, that no proceeds of ABL Priority Proceeds will constitute ABL
Priority Collateral unless such proceeds of ABL Priority Proceeds would otherwise constitute ABL Priority Collateral.

 

“ABL Recovery” shall have
the meaning set forth in Section 5.3(a).

 

“ABL Secured
Parties” shall have the meaning to that term in the introduction to this Agreement.

 

“Additional
Term Debt” shall mean any Indebtedness (other than any Indebtedness incurred under any Term Credit Agreement) of
any Term Credit Party (including the guarantees thereof by any Term Credit Party) that:

 

    5

     

    

 

(1) is permitted to be
(x) incurred and guaranteed and (y) secured by a Lien on the Collateral ranking (I) pari passu with, or junior to, the Lien
on the Term Priority Collateral securing the Term Obligations then outstanding and (II) junior to the Lien on the ABL Priority
Collateral securing the ABL Obligations then outstanding, in each case by:

 

(a) 
prior to the Discharge of ABL Obligations, any negative covenants restricting Indebtedness and Liens contained in the ABL Credit
Agreement then in effect; and

 

(b) 
prior to the Discharge of Term Obligations, any negative covenants restricting Indebtedness and Liens contained in any Term Credit
Agreement and any Additional Term Debt Agreement, as applicable, then in effect; and

 

(2) is
designated as “Term Obligations” by the Company pursuant to the officer’s certificate delivered under, and
in compliance with the procedures described in, Section 7.19 and the representative or agent for the holders of such
Indebtedness shall have (x) become a party to this Agreement pursuant to, and by satisfying the conditions set forth in,
Section 7.19 hereof and (y) become a party to the Pari Passu Intercreditor Agreement pursuant to, and by satisfying the
conditions set forth in, Section 5.12 thereof.

 

“Additional
Term Debt Agreement” shall mean (a) any agreement, instrument and document executed and delivered by any Term Credit
Party under which any Additional Term Debt is or may be incurred or issued, including without limitation any credit agreement,
loan agreement, indenture or other financing agreement, in each case as the same may be amended, restated, amended and restated,
extended, supplemented or otherwise modified from time to time, and (b) any one or more agreements, indentures or facilities entered
into by any Term Credit Party extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all
or any portion of the Term Obligations or facilities under any Additional Term Debt Agreement, whether by the same or any other
agent, trustee, lender, group of lenders, creditor or group of creditors and whether or not increasing the amount of any Indebtedness
that may be incurred or issued thereunder, to the extent permitted by the provisions of the ABL Documents and the then extant Term
Documents.

 

“Affiliate”
shall mean, with respect to a specified Person, any other Person that directly or indirectly through one or more intermediaries
Controls, is Controlled by or is under common Control with the Person specified.

 

“Agent(s)”
means individually the ABL Agent or a Term Agent and collectively means both the ABL Agent and the Term Agents.

 

“Agreement”
shall have the meaning assigned to that term in the introduction to this Agreement.

 

“Bank Products” shall have
the meaning provided in the ABL Credit Agreement.

 

“Bank Products
Agreement” shall mean any agreement pursuant to which an ABL Bank Products Affiliate agrees to provide Bank Products.

 

    6

     

    

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code , as now or hereafter in effect or any successor thereto.

 

“Borrower” shall mean any
of the ABL Borrowers and the Term Borrower.

 

“Business
Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in Boston, Massachusetts
or New York, New York are authorized or required by law to remain closed (or are in fact closed).

 

“Capital
Stock” shall mean, as to any Person that is a corporation, the authorized shares of such Person’s capital stock,
including all classes of common, preferred, voting and nonvoting capital stock, and, as to any Person that is not a corporation
or an individual, the membership or other ownership interests in such Person, including the right to share in profits and losses,
the right to receive distributions of cash and other property, and the right to receive allocations of items of income, gain, loss,
deduction and credit and similar items from such Person, whether or not such interests include voting or similar rights entitling
the holder thereof to exercise Control over such Person, collectively with, in any such case, all warrants, options and other rights
to purchase or otherwise acquire, and all other instruments convertible into or exchangeable for, any of the foregoing.

 

“Cash Management
Services” shall have the meaning provided in the ABL Credit Agreement.

 

“Cash Management
Services Agreement” shall mean any agreement pursuant to which an ABL Cash Management Affiliate agrees to provide
Cash Management Services.

 

“Collateral”
shall mean all Property now owned or hereafter acquired by any Borrower or any Guarantor in or upon which a Lien is granted or
purported to be granted to the ABL Agent or any Term Agent under any of the ABL Collateral Documents or any of the Term Collateral
Documents, together with all rents, issues, profits, products and Proceeds thereof.

 

“Company” shall have the
meaning assigned to that term in the recitals to this Agreement.

 

“Control”
shall mean the possession, directly or indirectly, of the power (a) to vote 50% or more of the securities having ordinary voting
power for the election of directors (or any similar governing body) of a Person, or (b) to direct or cause the direction of the
management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling”
and “Controlled” have meanings correlative thereto.

 

“Control
Collateral” shall mean any Collateral consisting of any Certificated Security (as defined in Section 8-102 of the
Uniform Commercial Code), Investment Property, Deposit Account, Instruments and any other Collateral as to which a Lien may be
perfected through possession or control by the secured party or any agent therefor.

 

“Controlling
Term Agent” means (i) so long as no Additional Term Debt is outstanding, the Original Term Agent, and (ii)
thereafter, the Controlling Collateral Agent, as defined in the Pari Passu Intercreditor Agreement and designated in a notice
to the Borrower and the ABL Agent; provided, however, that the failure to give such notice shall not affect the validity of
this definition and the rights related thereto.

 

    7

     

    

 

“Copyright
Licenses” shall mean any written agreement, now or hereafter in effect, granting any right to any third party under
any Copyright now or hereafter owned by any Credit Party or that such Credit Party otherwise has the right to license, or granting
any right to any Credit Party under any Copyright now or hereafter owned by any third party, and all rights of such Credit Party
under any such agreement.

 

“Copyrights”
shall mean all of the following now owned or hereafter acquired by or assigned to any Credit Party: (a) all copyright rights in
any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise,
whether registered or unregistered and whether published or unpublished, (b) all registrations and applications for registration
of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations
and pending applications for registration in the United States Copyright Office, including those listed on Schedule IV to the
Security Agreements from the Credit Parties in favor of the ABL Agent and the applicable Term Agent, respectively, and all (i)
rights and privileges arising under applicable law with respect to such Credit Party’s use of such copyrights, (ii) reissues,
renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments
now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements
thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements
thereof.

 

“Credit Documents” shall
mean the ABL Documents and the Term Documents.

 

“Credit Parties” shall mean
the ABL Credit Parties and the Term Credit Parties.

 

“Debtor
Relief Laws” shall mean the Bankruptcy Code and for Canadian purposes, the Bankruptcy and Insolvency Act (Canada),
the Companies’ Creditor Arrangement Act (Canada) and the Winding-up Act (Canada), each as now or hereafter in effect or any
successor thereto, as well as all other liquidation, conservatorship, bankruptcy, assignment for benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States federal or state law
or of any applicable foreign law from time to time in effect affecting the rights of creditors generally.

 

“DIP Financing” shall have
the meaning set forth in Section 6.1(a).

 

“Discharge
of ABL Obligations” shall mean (a) the payment in full in cash of all outstanding ABL Obligations excluding contingent
indemnity obligations with respect to then unasserted claims but including, with respect to amounts available to be drawn under
outstanding letters of credit issued thereunder (or indemnities or other undertakings issued pursuant thereto in respect of outstanding
letters of credit), the cancellation of such letters of credit or the delivery or provision of money or backstop letters of credit
in respect thereof in compliance with the terms of any ABL Credit Agreement (which shall not exceed an amount equal to 101.5% of
the aggregate undrawn amount of such letters of credit) and (b) the termination of all commitments to extend credit under the ABL
Documents.

 

    8

     

    

 

“Discharge
of Term Obligations” shall mean the payment in full in cash of all outstanding Term Obligations (other than contingent
indemnity obligations with respect to then unasserted claims).

 

“Domain
Names” means all Internet domain names and associated URL addresses in or to which any Credit Party now or hereafter
has any right, title or interest.

 

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

 

“Enforcement
Notice” shall mean a written notice delivered by either the ABL Agent or the Controlling Term Agent to the other
announcing that an Enforcement Period has commenced.

 

“Enforcement
Period” shall mean the period of time following the receipt by either the ABL Agent or the Controlling Term Agent
of an Enforcement Notice from the other and continuing until the earliest of (a) in case of an Enforcement Period commenced by
the Controlling Term Agent, the Discharge of Term Obligations, (b) in the case of an Enforcement Period commenced by the ABL Agent,
the Discharge of ABL Obligations, or (c) the ABL Agent or the Controlling Term Agent (as applicable) terminate, or agree in writing
to terminate, the Enforcement Period.

 

“Equipment”
shall mean (x) any “equipment” as such term is defined in Article 9 of the Uniform Commercial Code, and in any event,
shall include, but shall not be limited to, all machinery, equipment, furnishings, appliances, furniture, fixtures, tools, and
vehicles now or hereafter owned by any Credit Party in each case, regardless of whether characterized as equipment under the Uniform
Commercial Code (but excluding any such items which constitute Inventory), and (y) and any and all additions, substitutions and
replacements of any of the foregoing and all accessions thereto, wherever located, whether or not at any time of determination
incorporated or installed therein or attached thereto, and all replacements therefor, together with all attachments, components,
parts, equipment and accessories installed thereon or affixed thereto.

 

“Event
of Default” shall mean an Event of Default as defined in the ABL Credit Agreement, any Term Credit Agreement or any
Additional Term Debt Agreement, as applicable.

 

“Exercise
of Any Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” shall mean,
except as otherwise provided in the final sentence of this definition:

 

(a)              
the taking by any Secured Party of any action to enforce or realize upon any Lien, including the institution of any foreclosure
proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code or under the provisions
of the PPSA or other applicable law;

 

(b)              
the exercise by any Secured Party of any right or remedy provided to a secured creditor on account of a Lien under any of the Credit
Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral
in satisfaction of a Lien;

 

    9

     

    

 

(c)               
the taking of any action by any Secured Party or the exercise of any right or remedy by any Secured Party in respect of the collection
on, set off against, marshaling of, injunction respecting or foreclosure on the Collateral or the Proceeds thereof;

 

(d)              
the appointment on the application of a Secured Party, of a receiver, receiver and manager or interim receiver of all or part of
the Collateral;

 

(e)              
the sale, lease, license, or other disposition of all or any portion of the Collateral by private or public sale conducted by a
Secured Party or any other means at the direction of a Secured Party permissible under applicable law;

 

(f)               
the exercise of any other right of a secured creditor under Part 6 of Article 9  of the Uniform Commercial Code or under
provisions of similar effect under the PPSA or other applicable law; and

 

(g)              
the exercise by a Secured Party of any voting rights relating to any Capital Stock included in the Collateral.

 

For the avoidance of doubt, none of the
following shall be deemed to constitute an Exercise of Any Secured Creditor Remedies or an Exercise of Secured Creditor Remedies:
(i) the filing of a proof of claim in any Insolvency Proceeding or seeking adequate protection, (ii) the exercise of rights by
the ABL Agent upon the occurrence of a Cash Dominion Event (as defined in the ABL Credit Agreement), including, without limitation,
the notification of account debtors, depository institutions or any other Person to deliver proceeds of Collateral to the ABL Agent,
(iii) the consent by the ABL Agent to a store closing sale, going out of business sale or other disposition by any Credit Party
of any of the ABL Priority Collateral, (iv) the consent by the Controlling Term Agent to disposition by any Credit Party of any
Term Priority Collateral, (v) the reduction of advance rates or sub-limits by the ABL Agent and the ABL Lenders, or (vi) the imposition
of Reserves (as defined in the ABL Credit Agreement) by the ABL Agent.

 

“Financing
Lease” shall mean any lease of property, real or personal, the obligations of the lessee in respect of which are
required in accordance with GAAP (as defined in the ABL Credit Agreement as in effect on the date hereof, but subject to Section
1.03(e) of the ABL Credit Agreement) to be capitalized on a balance sheet of the lessee.

 

“Foreign
Subsidiary” shall mean any Subsidiary of the Parent that is organized under the laws of a jurisdiction other than
the United States of America or any State thereof or the District of Columbia, or any of its territories or possessions, provided,
that the term “Foreign Subsidiary” shall not include any such Subsidiary which is a Guarantor.

 

“Governmental
Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

“Guarantor” shall mean any
of the ABL Guarantors or Term Guarantors.

 

“Indebtedness”
shall mean (i) all obligations of a Person for borrowed money and all obligations of such Person evidenced by bonds,
debentures, notes, loan agreements or other similar instruments; (ii) the maximum amount (after giving effect to any prior
drawings which may have been reimbursed or reductions) of all letters of credit, bankers’ acceptances, bank guaranties,
surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; (iii)
obligations of such Person under any Swap Contract or hedge agreement; (iv) indebtedness secured by a Lien on property owned
or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements
and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness
shall have been assumed by such Person or is limited in recourse, and (v) any guarantees of the foregoing.

 

    10

     

    

 

“Insolvency
Proceeding” shall mean (a) any case, action or proceeding before any court or other Governmental Authority relating
to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any
general assignment for the benefit of creditors, composition, marshalling of assets for creditors or other similar arrangement
in respect of its creditors generally or any substantial portion of its creditors; in each case covered by clauses (a) and (b)
undertaken under any Debtor Relief Laws.

 

“Intellectual
Property” shall mean all intellectual and similar property of every kind and nature now owned or hereafter acquired
by any Credit Party, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, Trade Secrets, confidential or proprietary
technical and business information, know how, show how or other data or information, software, databases, all other proprietary
information, including but not limited to Domain Names, and all embodiments or fixations thereof and related documentation, registrations
and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection with,
any of the foregoing.

 

“Lender(s)”
means individually, the ABL Lenders or the Term Lenders and collectively means all of the ABL Lenders and the Term Lenders.

 

“License”
means any Patent License, Trade Secret License, Trademark License, Copyright License or other license or sublicense agreement to
which any Credit Party is a party.

 

“Lien”
shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, encumbrance,
collateral assignment, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement (or any Financing Lease having substantially the same economic
effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar
right of a third party with respect to such securities.

 

“Lien Priority”
shall mean with respect to any Lien of the ABL Secured Parties or the Term Secured Parties in the Collateral, the order of priority
of such Lien as specified in Section 2.1.

 

“Original
Term Agent” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Original
Term Documents” shall mean the Term Credit Agreement, the Original Term Guaranty, the Term Collateral Documents
relating to any Term Credit Agreement, any Term Hedging Agreements between any Term Credit Party and any Term Hedging
Affiliate, those other ancillary agreements as to which any Original Term Secured Party is a party or a beneficiary and all
other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Term Credit Party
or any of its respective Subsidiaries or Affiliates, and delivered to the Original Term Agent, in connection with any of the
foregoing or any Term Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified
from time to time.

 

    11

     

    

 

“Original
Term Guaranty” shall have the meaning assigned to that term in the recitals to this Agreement and shall also include
any other guaranty made by a Term Guarantor guaranteeing, inter alia, the payment and performance of any Term Obligations under
any Original Term Document.

 

“Original
Term Lenders” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Original
Term Secured Parties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Parent” shall mean Holdco
(as such term is defined in the ABL Credit Agreement.

 

“Pari Passu
Intercreditor Agreement” shall mean the Pari Passu Intercreditor Agreement, dated as of the date hereof, by and among
the Term Credit Parties, JPMorgan Chase Bank, N.A., as Collateral Agent for the Credit Agreement Secured Parties (as defined therein)
and U.S. Bank National Association, as the Initial Additional Authorized Representative and Initial Additional Pari Collateral
Agent (each as defined therein), as amended, restated, amended and restated, extended, supplemented or otherwise modified from
time to time.

 

“Party”
shall mean the ABL Agent or any Term Agent, and “Parties” shall mean both the ABL Agent and the Term
Agents.

 

“Patent
License” shall mean any written agreement, now or hereafter in effect, granting to any third party any right to make,
use or sell any invention on which a Patent, now or hereafter owned by any Credit Party or that any Credit Party otherwise has
the right to license, is in existence, or granting to any Credit Party any right to make, use or sell any invention on which a
Patent, now or hereafter owned by any third party, is in existence, and all rights of any Credit Party under any such agreement.

 

“Patents”
shall mean all of the following now owned or hereafter acquired by any Credit Party: (a) all letters patent of the United
States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for
letters patent of the United States or the equivalent thereof in any other country, including registrations, recordings and
pending applications in the United States Patent and Trademark Office or any similar offices in any other country, including
those listed on Schedule IV to the Security Agreements from the Credit Parties in favor of the ABL Agent and the applicable
Term Agent, respectively, and (b)(i) rights and privileges arising under applicable law with respect to such Credit
Party’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions,
continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties,
damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and
payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi)
rights to sue for past, present or future infringements thereof.

 

    12

     

    

 

“Person”
shall mean an individual, partnership, corporation, limited liability company, unlimited liability company, business trust, joint
stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

 

“PPSA”
shall mean the Personal Property Security Act of Ontario (or any successor thereto) or similar legislation of any other
Canadian jurisdiction, including, without limitation, the Civil Code of Quebec, the laws of which are required by such legislation
to be applied in connection with the issue, perfection, enforcement, opposability, validity or effect of security interests.

 

“Priority
Collateral” shall mean the ABL Priority Collateral or the Term Priority Collateral, as applicable.

 

“Proceeds”
shall mean (a) all “proceeds,” as defined in Article 9 of the Uniform Commercial Code, with respect to the Collateral,
and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily
or involuntarily.

 

“Property”
shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Pro Rata”
shall mean with respect to the ABL Secured Parties and the Term Secured Parties, the percentage obtained by dividing (i) the aggregate
amount of the then outstanding ABL Obligations plus any then unused commitments therefor or Term Obligations, as applicable, by
(ii) the sum of the ABL Obligations plus any then unused commitments therefor and the Term Obligations provided, however,
that if any such commitment of an ABL Lender has been terminated, then in calculating “Pro Rata” the unused commitments
of the ABL Lender shall not be included.

 

“Real Property”
shall mean any right, title or interest in and to real property, including any fee interest, leasehold interest, easement, or license
and any other right to use or occupy real property.

 

“Secured Parties” shall
mean the ABL Secured Parties and the Term Secured Parties.

 

“Security”
shall mean any “security” as such term is defined in Article 8 of the Uniform Commercial Code, any stock, shares, partnership
interests, voting trust certificates, certificates of interest or participation in any profit sharing agreement or 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.

 

    13

     

    

 

“Shared
Collateral” means all amounts paid by the holder of Subordinated Indebtedness to any Party pursuant to the subordination
provisions of the instruments, documents and agreements evidencing such Subordinated Indebtedness.

 

“Subordinated
Indebtedness” shall mean Indebtedness which is expressly subordinated in right of payment to the prior payment in
full of the ABL Obligations and the Term Obligations on terms reasonably acceptable to the Agents.

 

“Subsidiary”
shall mean with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, association or other entity (a) of which Capital Stock representing more than 50% of the ordinary voting power or,
in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held,
or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent
and one or more subsidiaries of the parent.

 

“Swap Contract” has the
meaning set forth in the ABL Credit Agreement.

 

“Term Agent”
shall mean any of (a) the Original Term Agent and any successor thereto as well as any Person designated as the “Agent”,
“Administrative Agent” or “Collateral Agent” under any Term Credit Agreement and (b) any Term Class Debt
Representative and any successor thereto as well as any Person designated as the “Agent”, “Administrative Agent”,
“Collateral Agent”, “Trustee”, “Collateral Trustee” or similar term under any Additional Term
Debt Agreement.

 

“Term Borrower”
shall have the meaning assigned to that term in the introduction to this Agreement.

 

“Term Class Debt” shall
have the meaning set forth in Section 7.19.

 

“Term Class Debt Parties”
shall have the meaning set forth in Section 7.19.

 

“Term Class Debt Representative”
shall have the meaning set forth in Section 7.19.

 

“Term Collateral
Documents” shall mean all “Collateral Documents” or similar term as defined in any Term Credit Agreement
or Additional Term Debt Agreement, as applicable, and all other security agreements, mortgages, deeds of trust and other collateral
documents executed and delivered in connection with any Term Credit Agreement or any Additional Term Debt Agreement, as applicable,
in each case as the same may be amended, supplemented, restated or otherwise modified from time to time.

 

“Term Credit
Agreement” shall have the meaning assigned to that term in the recitals to this Agreement and, unless the Borrower
determines in its sole discretion that any such other agreement shall constitute an Additional Term Debt Agreement, shall include
any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion
of the Term Obligations in respect of any Term Credit Agreement, whether by the same or any other agent, lender or group of lenders
and whether or not increasing the amount of any Indebtedness that may be incurred thereunder.

 

    14

     

    

 

“Term Credit
Parties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Term Documents”
shall mean any Term Credit Agreement, any Additional Term Debt Agreement, any Term Guaranty, any Term Collateral Documents, any
Term Hedging Agreements between any Term Credit Party and any Term Hedging Affiliate, those other ancillary agreements as to which
any Term Secured Party is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter
executed by or on behalf of any Term Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the relevant
Term Agent or any other Term Secured Party, in connection with any of the foregoing or any Term Credit Agreement or any Additional
Term Debt Agreement, as applicable, in each case as the same may be amended, supplemented, restated or otherwise modified from
time to time.

 

“Term Guarantors”
shall mean the collective reference to (i) the Parent and each Subsidiary of the Parent, other than any Excluded Subsidiary (but
including any direct or indirect Canadian Subsidiary of Michaels Stores, Inc. which becomes a Term Guarantor), and (ii) any other
Person who becomes a guarantor under any Term Guaranty (including any “Guarantors” as defined in any Additional Term
Debt Agreement).

 

“Term Guaranty”
shall mean the Original Term Guaranty and any other guaranty made by a Term Guarantor guaranteeing, inter alia, the payment and
performance of any Term Obligations.

 

“Term Hedging
Affiliate” shall mean any Original Term Lender or any affiliate of any Original Term Lender that has entered into
a Term Hedging Agreement with a Term Credit Party with the obligations of such Term Credit Party thereunder being secured by one
or more Term Collateral Documents, together with their respective successors, assigns and transferees (even if such Original Term
Lender subsequently ceases to be a lender under the Term Credit Agreement for any reason).

 

“Term Hedging
Agreement” means any “Secured Hedge Agreement” as defined in the Term Credit Agreement.

 

“Term Lenders”
shall have the meaning assigned to that term in the introduction to this Agreement, as well as any Person designated as a “Lender”
or similar term under any Term Credit Agreement or any Additional Term Debt Agreement.

 

“Term Loan
Priority Accounts” means any Deposit Accounts or Securities Accounts that are intended to solely contain identifiable
proceeds of the Term Priority Collateral (it being understood that any property in such Deposit Accounts or Securities Accounts
which is not identifiable proceeds of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being
on deposit in any such Deposit Account or Securities Account).

 

“Term
Obligations” shall mean all obligations of every nature of each Term Credit Party from time to time owed to the
Term Secured Parties or any of them, under any Term Document, including, without limitation, all “Obligations” or
similar term as defined in any Term Credit Agreement or any Additional Debt Agreement, as applicable, whether for principal,
interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Term Credit Party,
would have accrued on any Term Obligation, whether or not a claim is allowed against such Term Credit Party for such interest
in the related bankruptcy proceeding), payments for early termination of Term Hedging Agreements, fees, expenses,
indemnification or otherwise, and all other amounts owing or due under the terms of the Term Documents, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.

 

    15

     

    

 

 

“Term Priority
Collateral” shall mean all Collateral other than ABL Priority Collateral and Shared Collateral consisting of the
following (including for the avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy
Code (or any similar provision of any foreign Debtor Relief Laws) would be Term Priority Collateral):

 

(1)           all Equipment,
Fixtures, Real Property, Intellectual Property and Investment Property (other than any Investment Property described in clauses
3(y) and 8 of the definition of ABL Priority Collateral);

 

(2)          
except to the extent constituting ABL Priority Collateral, all Instruments, Commercial Tort Claims, Documents and General Intangibles,

 

(3)          
all other Collateral, other than the ABL Priority Collateral (including ABL Priority Proceeds) and Shared Collateral, and

 

(4)          
all collateral security and guarantees with respect to the foregoing, and all cash, Money, insurance proceeds, Instruments, Securities,
Financial Assets and Deposit Accounts received as proceeds of any Collateral, other than the Shared Collateral and the ABL Priority
Collateral (including ABL Priority Proceeds) (such proceeds, “Term Priority Proceeds”).

 

“Term Recovery” shall have
the meaning set forth in Section 5.3(b).

 

“Term Secured
Parties” shall have the meaning assigned to that term in the introduction to this Agreement.

 

“Trade
Secret Licenses” shall mean any and all agreements, whether written or oral, providing for the grant by or to any
Credit Party of any right in or to Trade Secrets, to the extent that a grant of a security interest in such Trade Secret License
is not prohibited by applicable law or the applicable Trade Secret License.

 

“Trade
Secrets” shall mean with respect to any Credit Party, all of such Credit Party’s right, title and interest
in and to all United States and foreign trade secrets, including know how, processes, formulae, compositions, designs, and confidential
business and technical information, and all rights of any kind whatsoever accruing thereunder or pertaining thereto, including
(a) all income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including payments under
all licenses, non disclosure agreements and memoranda of understanding entered into in connection therewith, and damages and payments
for past or future misappropriations thereof, and (b) the right to sue or otherwise recover for past, present or future misappropriations
thereof.

 

    16

     

    

 

“Trademark
License” shall mean any written agreement, now or hereafter in effect, granting to any third party any right to use
any Trademark now or hereafter owned by any Credit Party or that any Credit Party otherwise has the right to license, or granting
to any Credit Party any right to use any Trademark now or hereafter owned by any third party, and all rights of any Credit Party
under any such agreement.

 

“Trademarks”
shall mean all of the following now owned or hereafter acquired by any Credit Party: (a) all trademarks, service marks, trade
names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other
source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted, acquired
or assigned to, all registrations and recordings thereof, and all registration and recording applications filed in connection
therewith, including registrations and registration applications in the United States Patent and Trademark Office or any
similar offices in any State of the United States or any other country or any political subdivision thereof, and all
extensions or renewals thereof, including those listed on Schedule IV to the Security Agreements from the Credit Parties in
favor of the ABL Agent and the applicable Term Agent, respectively, and (b) any and all (i) rights and privileges arising
under applicable law with respect to such Credit Party’s use of any trademarks, (ii) reissues, continuations,
extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments now and hereafter
due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future
infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present and
future infringements thereof.

 

“Uniform
Commercial Code” shall mean the Uniform Commercial Code as the same may, from time to time, be in effect in the State
of New York; provided that to the extent that the Uniform Commercial Code is used to define any term in any security document
and such term is defined differently in differing Articles of the Uniform Commercial Code, the definition of such term contained
in Article 9 shall govern; provided, further, that, to the extent that personal property security laws as enacted
and in effect in any foreign jurisdiction (including, without limitation, the PPSA) contains and is used to define terms which
are defined in the Uniform Commercial Code and mentioned in Section 1.1 hereof, and such term is defined differently in such foreign
personal property security laws, the definition of such term contained in the Uniform Commercial Code shall govern to the extent
of any conflict or inconsistency; and provided further that in the event that, by reason of mandatory provisions of law,
any or all of the attachment, perfection, publication or priority of, or remedies with respect to, Liens of any Party is governed
by the Uniform Commercial Code or foreign personal property security laws as enacted and in effect in a jurisdiction other than
the State of New York, the term “Uniform Commercial Code” will mean the Uniform Commercial Code or such foreign personal
property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating
to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.

 

“Use
Period” means the period commencing on the date that the ABL Agent (or an ABL Credit Party acting with the
consent of the ABL Agent) commences the liquidation and sale of the ABL Priority Collateral in a manner as provided in
Section 3.6 (having theretofore furnished the Controlling Term Agent with an Enforcement Notice) and ending 180 days
thereafter. If any stay or other order that prohibits any of the ABL Agent, the other ABL Secured Parties or any ABL Credit
Party (with the consent of the ABL Agent) from commencing and continuing to Exercise Any Secured Creditor Remedies or to
liquidate and sell the ABL Priority Collateral has been entered by a court of competent jurisdiction, such 180-day period
shall be tolled during the pendency of any such stay or other order and the Use Period shall be so extended.

    17

     

    

 

“Wells
Fargo” shall have the meaning assigned to that term in the introduction to this Agreement.

 

Section 1.3           Rules of Construction.
Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the
singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the phrase
“without limitation,” and the term “or” has, except where otherwise indicated, the inclusive meaning represented
by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,”
and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Article,
section, subsection, clause, schedule and exhibit references herein are to this Agreement unless otherwise specified. Any reference
in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, restatements, extensions,
modifications, renewals, replacements, substitutions, joinders, and supplements thereto and thereof, as applicable (subject to
any restrictions on such alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements set forth herein). Any reference herein to any Person shall be construed to include such Person’s
successors and assigns. Any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of
such obligation, or in such other manner as may be approved in writing by the requisite holders or representatives in respect of
such obligation.

 

ARTICLE 2

LIEN PRIORITY

 

Section 2.1           Priority of Liens.

 

(a)           Subject to the provisos in
subclauses (b) and (c) of Section 4.1, notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or
perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted
to the ABL Secured Parties in respect of all or any portion of the Collateral or of any Liens granted to any Term Secured
Parties in respect of all or any portion of the Collateral and regardless of how any such Lien was acquired (whether by
grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any document
or instrument for perfecting the Liens in favor of the ABL Agent or any Term Agent (or ABL Secured Parties or any Term
Secured Parties) in any Collateral, (iii) any provision of the Uniform Commercial Code, the PPSA, Debtor Relief Laws or any
other applicable law, or of any ABL Documents or any Term Documents, (iv) whether the ABL Agent or any Term Agent, in each
case, either directly or through agents, holds possession of, or has control over, all or any part of the Collateral, (v) the
date on which the ABL Obligations or any Term Obligations are advanced or made available to the Credit Parties, (vi) the fact
that any such Liens in favor of the ABL Agent or the ABL Lenders or any Term Agent or any Term Lenders securing any of the
ABL Obligations or Term Obligations, respectively, are (x) subordinated to any Lien securing any obligation of any Credit
Party other than the Term Obligations or the ABL Obligations, respectively, or (y) otherwise subordinated, voided, avoided,
invalidated or lapsed, or (vii) any other circumstance of any kind or nature whatsoever, the ABL Agent, on behalf of itself
and the ABL Secured Parties, and each of the Term Agents, on behalf of itself and the Term Secured Parties represented by it,
hereby agree that:

 

    18

     

    

 

(1)           any Lien in respect of all
or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of any Term Agent or any Term Secured Party
that secures all or any portion of the Term Obligations shall in all respects be junior and subordinate to all Liens granted to
the ABL Agent and the ABL Secured Parties in the ABL Priority Collateral to secure all or any portion of the ABL Obligations;

 

(2)          any Lien in respect of all
or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Secured Party that
secures all or any portion of the ABL Obligations shall in all respects be senior and prior to all Liens granted to any Term Agent
or any Term Secured Party in the ABL Priority Collateral to secure all or any portion of the Term Obligations;

 

(3)          any Lien in respect of all
or any portion of the Term Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Secured Party
that secures all or any portion of the ABL Obligations shall in all respects be junior and subordinate to all Liens granted to
any Term Agent and any Term Secured Parties in the Term Priority Collateral to secure all or any portion of the Term Obligations;
and

 

(4)          any Lien in respect of all
or any portion of the Term Priority Collateral now or hereafter held by or on behalf of any Term Agent or any Term Secured Party
that secures all or any portion of the Term Obligations shall in all respects be senior and prior to all Liens granted to the ABL
Agent or any ABL Secured Party in the Term Priority Collateral to secure all or any portion of the ABL Obligations.

 

(b)          Notwithstanding any failure by any ABL
Secured Party or Term Secured Party to perfect its security interests in the Collateral or any avoidance, invalidation, priming
or subordination by any third party or court of competent jurisdiction of the security interests in the Collateral granted to the
ABL Secured Parties or the Term Secured Parties but, for the avoidance of doubt, subject to the provisos in subclauses (b) and
(c) of Section 4.1, the priority and rights as between the ABL Secured Parties and the Term Secured Parties with respect to the
Collateral shall be as set forth herein.

 

(c)           The Parties
agree that their respective rights in the Shared Collateral are of equal priority. Any amounts received on account of the Shared
Collateral shall be distributed as provided in Section 4.1(d).

 

(d)
          Each Term Agent, for and on behalf of itself and the Term Secured
Parties represented by it, acknowledges and agrees that, prior hereto and concurrently herewith, the ABL Agent, for the
benefit of itself and the ABL Secured Parties, has been, or may be, granted Liens upon all of the Collateral in which each
Term Agent has been granted Liens and each Term Agent hereby consents thereto. The ABL Agent, for and on behalf of itself and
the ABL Secured Parties, acknowledges and agrees that, prior hereto and concurrently herewith, each Term Agent, for the
benefit of itself and the Term Secured Parties represented by it, has been, or may be, granted Liens upon all of the
Collateral in which the ABL Agent has been granted Liens and the ABL Agent hereby consents thereto. The subordination of
Liens by the Term Agents and the ABL Agent in favor of one another as set forth herein shall not be deemed to subordinate any
Term Agent’s Liens or the ABL Agent’s Liens to the Liens of any other Person nor be affected by the subordination
of such Liens to any other Lien.

 

    19

     

    

 

Section 2.2           Waiver of Right to Contest Liens.

 

(a)           Each Term Agent, for and on behalf of
itself and the Term Secured Parties represented by it, agrees that it and the Term Secured Parties represented by it shall not
(and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or
challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity,
priority, enforceability, or perfection of the Liens of the ABL Agent and the ABL Secured Parties in respect of the Collateral
or the provisions of this Agreement. Each Term Agent, for itself and on behalf of the Term Secured Parties represented by it, agrees
that neither it nor any Term Secured Parties represented by it will take any action that would interfere with any Exercise of Secured
Creditor Remedies undertaken by the ABL Agent or any ABL Secured Party under the ABL Documents with respect to the ABL Priority
Collateral. Each Term Agent, for itself and on behalf of the relevant Term Secured Parties represented by it, hereby waives any
and all rights it or the Term Secured Parties represented by it may have as a junior lien creditor or otherwise to contest, protest,
object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority
Collateral. The foregoing shall not be construed to prohibit any Term Agent from enforcing the provisions of this Agreement.

 

(b)           The ABL Agent, for and on behalf
of itself and the ABL Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest
or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any
proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of any
Term Agent or any Term Secured Parties in respect of the Collateral or the provisions of this Agreement. Except to the extent expressly
set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Secured Parties, agrees that none of the ABL Agent
or the ABL Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken
by any Term Agent or any Term Secured Party under any Term Documents with respect to the Term Priority Collateral. The ABL Agent,
for itself and on behalf of the ABL Secured Parties, hereby waives any and all rights it or the ABL Secured Parties may have as
a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which any Term Agent or any
Term Secured Party seeks to enforce its Liens in any Term Priority Collateral. The foregoing shall not be construed to prohibit
the ABL Agent from enforcing the provisions of this Agreement.

 

    20

     

    

 

Section 2.3           Remedies Standstill.

 

(a)           Each Term Agent, on behalf of
itself and the Term Secured Parties represented by it, agrees that, from the date hereof until the date upon which the Discharge
of ABL Obligations shall have occurred, no Term Agent nor any Term Secured Party will Exercise Any Secured Creditor Remedies with
respect to any of the ABL Priority Collateral without the written consent of the ABL Agent, and will not take, receive or accept
any Proceeds of ABL Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of ABL Priority
Collateral in a Deposit Account controlled by any Term Agent shall not constitute a breach of this Agreement so long as such Proceeds
are promptly (but in no event later than five Business Days after receipt) remitted to the ABL Agent. From and after the date upon
which the Discharge of ABL Obligations shall have occurred (or prior thereto upon obtaining the written consent of the ABL Agent),
the Controlling Term Agent on behalf of the Term Secured Parties may Exercise Any Secured Creditor Remedies under any Term Documents
or applicable law as to any ABL Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies
with respect to any Collateral by the Controlling Term Agent or the Term Secured Parties is at all times subject to the provisions
of this Agreement.

 

(b)          The ABL Agent, on behalf of itself and
the ABL Secured Parties, agrees that, from the date hereof until the date upon which the Discharge of Term Obligations shall have
occurred, neither the ABL Agent nor any ABL Secured Party will Exercise Any Secured Creditor Remedies with respect to the Term
Priority Collateral without the written consent of the Controlling Term Agent, and will not take, receive or accept any Proceeds
of the Term Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of Term Priority Collateral
in a Deposit Account controlled by the ABL Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly
(but in no event later than five Business Days after receipt) remitted to the Controlling Term Agent. From and after the date upon
which the Discharge of Term Obligations shall have occurred (or prior thereto upon obtaining the written consent of the Controlling
Term Agent), the ABL Agent or any ABL Secured Party may Exercise Any Secured Creditor Remedies under the ABL Documents or applicable
law as to any Term Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect
to any Collateral by the ABL Agent or the ABL Secured Parties is at all times subject to the provisions of this Agreement.

 

(c)
          Notwithstanding the provisions of Sections 2.3(a), 2.3(b) or any
other provision of this Agreement, nothing contained herein shall be construed to prevent any Agent or any Secured Party from
(i) filing a claim or statement of interest with respect to the ABL Obligations or Term Obligations owed to it in any
Insolvency Proceeding commenced by or against any Credit Party, (ii) taking any action (not adverse to the priority status of
the Liens of the other Agent or other Secured Parties on the Collateral in which such other Agent or other Secured Party has
a priority Lien or the rights of the other Agents or any of the other Secured Parties to Exercise Any Secured Creditor
Remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce its Lien) on any Collateral,
(iii) filing any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed
by any Person objecting to or otherwise seeking disallowance of the claim or Lien of such Agent or Secured Party, (iv) filing
any pleadings, objections, motions, or agreements which assert rights available to unsecured creditors of the Credit Parties
arising under any Insolvency Proceeding or applicable non-bankruptcy law, (v) voting on any plan of reorganization or file
any proof of claim in any Insolvency Proceeding of any Credit Party, or (vi) objecting to the proposed retention of
Collateral by any other Agent or any other Secured Party in full or partial satisfaction of any ABL Obligations or Term
Obligations due to such other Agent or Secured Party, in each case (i) through (vi) above to the extent not inconsistent with
the terms of this Agreement.

 

    21

     

    

 

Section 2.4           Exercise of Rights.

 

(a)           No Other Restrictions. Except as
expressly set forth in this Agreement, each Term Secured Party and each ABL Secured Party shall have any and all rights and remedies
it may have as a creditor under applicable law, including the right to the Exercise of Secured Creditor Remedies; provided,
however, that the Exercise of Secured Creditor Remedies with respect to the Collateral shall be subject to the Lien Priority
and to the provisions of this Agreement. The ABL Agent may enforce the provisions of the ABL Documents, each Term Agent may enforce
the provisions of the relevant Term Documents and each may Exercise Any Secured Creditor Remedies, all in such order and in such
manner as each may determine in the exercise of its sole discretion, consistent with the terms of this Agreement, mandatory provisions
of applicable law and, as between the Term Agents only, the terms of any intercreditor agreement between the Term Agents; provided,
however, that each of the ABL Agent and the Controlling Term Agent agrees to provide to the other (x) an Enforcement Notice
prior to the commencement of an Exercise Any Secured Creditor Remedies and (y) copies of any notices that it is required under
applicable law to deliver to any Borrower or any Guarantor; provided further, however, that the ABL Agent’s
failure to provide any such copies to any of the Term Agents (but not the Enforcement Notice) shall not impair any of the ABL Agent’s
rights hereunder or under any of the ABL Documents and the Controlling Term Agent’s failure to provide any such copies to
the ABL Agent (but not the Enforcement Notice) shall not impair any Term Agent’s rights hereunder or under any of the Term
Documents. Each of the Term Agents, each Term Secured Party, the ABL Agent and each ABL Secured Party agrees (i) that it will not
institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim, in the case
of each Term Agent and each Term Secured Party, against either the ABL Agent or any other ABL Secured Party, and in the case of
the ABL Agent and each other ABL Secured Party, against any Term Agent or any other Term Secured Party, seeking damages from or
other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken
by such Person with respect to the Collateral which is consistent with the terms of this Agreement, and none of such Parties shall
be liable for any such action taken or omitted to be taken, or (ii) it will not be a petitioning creditor or otherwise assist in
the filing of an involuntary Insolvency Proceeding.

 

(b)           Release
of Liens.

 

(i)           
In the event of (A) any private or public sale of all or any portion of the ABL Priority Collateral in connection with any
Exercise of Secured Creditor Remedies by the ABL Agent or with the consent of the ABL Agent (other than in connection with a
refinancing as described in Section 5.2(c)), or (B) any sale, transfer or other disposition of all or any portion of the ABL
Priority Collateral (other than in connection with a refinancing as described in Section 5.2(c)), so long as such sale,
transfer or other disposition is then permitted by the ABL Documents or consented to by the requisite ABL Lenders,
irrespective of whether an Event of Default has occurred, each Term Agent agrees, on behalf of itself and the Term Secured
Parties represented by it that such sale, transfer or other disposition will be free and clear of the Liens on such ABL
Priority Collateral securing the Term Obligations, and each of the Term Agents’ and the Term Secured Parties’
Liens with respect to the ABL Priority Collateral so sold, transferred, or disposed shall terminate and be automatically
released without further action concurrently with, and to the same extent as, the release of the ABL Secured Parties’
Liens on such ABL Priority Collateral. In furtherance of, and subject to, the foregoing, each Term Agent agrees that it will
promptly execute any and all Lien releases or other documents reasonably requested by the ABL Agent in connection therewith.
Each Term Agent hereby appoints the ABL Agent and any officer or duly authorized person of the ABL Agent, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of such
Term Agent and in the name of such Term Agent or in the ABL Agent’s own name, from time to time, in the ABL
Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate
action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the
purposes of this paragraph, including any financing statements, endorsements, assignments, releases or other documents or
instruments of transfer (which appointment, being coupled with an interest, is irrevocable).

 

    22

     

    

 

(ii)          In the event of (A) any private or
public sale of all or any portion of the Term Priority Collateral in connection with any Exercise of Secured Creditor Remedies
by or with the consent of the Controlling Term Agent (other than in connection with a refinancing as described in Section 5.2(c)),
or (B) any sale, transfer or other disposition of all or any portion of the Term Priority Collateral (other than in connection
with a refinancing as described in Section 5.2(c)), so long as such sale, transfer or other disposition is then permitted by the
Term Documents or consented to by the requisite Term Lenders, irrespective of whether an Event of Default has occurred, the ABL
Agent agrees, on behalf of itself and the ABL Lenders, that such sale, transfer or disposition will be free and clear of the Liens
on such Term Priority Collateral securing the ABL Obligations and the ABL Agent’s and the ABL Secured Parties’ Liens
with respect to the Term Priority Collateral so sold, transferred, or disposed shall terminate and be automatically released without
further action concurrently with, and to the same extent as, the release of the Term Secured Parties’ Liens on such Term
Priority Collateral. In furtherance of, and subject to, the foregoing, the ABL Agent agrees that it will promptly execute any and
all Lien releases or other documents reasonably requested by the Controlling Term Agent in connection therewith. The ABL Agent
hereby appoints the Controlling Term Agent and any officer or duly authorized person of the Controlling Term Agent, with full power
of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the
ABL Agent and in the name of the ABL Agent or in the Controlling Term Agent’s own name, from time to time, in the Controlling
Term Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate
action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes
of this paragraph, including any financing statements, endorsements, assignments, releases or other documents or instruments of
transfer (which appointment, being coupled with an interest, is irrevocable).

 

Section
2.5           No New Liens. (a) Until the date upon which the
Discharge of ABL Obligations shall have occurred, the parties hereto agree that no Term Secured Party shall acquire or hold
any Lien on any assets of any Credit Party securing any Term Obligation which assets are not also subject to the Lien of the
ABL Agent under the ABL Documents. If any Term Secured Party shall (nonetheless and in breach hereof) acquire or hold any
Lien on any assets of any Credit Party securing any Term Obligation which assets are not also subject to the Lien of the ABL
Agent under the ABL Documents, then the Controlling Term Agent (or the relevant Term Secured Party) shall, without the need
for any further consent of any other Term Secured Party, any Term Borrower or any Term Guarantor and notwithstanding anything
to the contrary in any other Term Document, be deemed to also hold and have held such Lien as agent or bailee for the benefit
of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly
notify the ABL Agent in writing of the existence of such Lien.

 

    23

     

    

 

(b)          Until the date upon which the
Discharge of Term Obligations shall have occurred, the parties hereto agree that no ABL Secured Party shall acquire or hold any
Lien on any assets of any Credit Party securing any ABL Obligation which assets are not also subject to the Lien of the Term Agents
under the Term Documents. If any ABL Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets
of any Credit Party securing any ABL Obligation which assets are not also subject to the Lien of the Term Agents under the Term
Documents, then the ABL Agent (or the relevant ABL Secured Party) shall, without the need for any further consent of any other
ABL Secured Party, any ABL Borrower or any ABL Guarantor and notwithstanding anything to the contrary in any other ABL Document
be deemed to also hold and have held such Lien as agent or bailee for the benefit of each Term Agent as security for the applicable
Term Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify each Term Agent in writing of
the existence of such Lien.

 

Section 2.6           Waiver of Marshalling.

 

(a)           Until the Discharge of ABL Obligations,
each Term Agent, on behalf of itself and the Term Secured Parties represented by it, agrees not to assert and hereby waives, to
the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of,
any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect
to the ABL Priority Collateral or any other similar rights a junior secured creditor may have under applicable law.

 

(b)           Until the Discharge of Term Obligations,
the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted
by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal,
valuation or other similar right that may otherwise be available under applicable law with respect to the Term Priority Collateral
or any other similar rights a junior secured creditor may have under applicable law.

 

ARTICLE 3

ACTIONS
OF THE PARTIES

 

Section
3.1           Certain Actions Permitted. Each Term Agent and the
ABL Agent may make such demands or file such claims in respect of the Term Obligations or the ABL Obligations, as applicable,
as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes,
court orders, or rules of procedure at any time. Nothing in this Agreement shall prohibit the receipt by any Term Agent or
any Term Secured Party of the required payments of interest, principal and other amounts owed in respect of the Term
Obligations so long as such receipt is not the direct or indirect result of the exercise by such Term Agent or any Term
Secured Party of rights or remedies as a secured creditor (including set-off) with respect to ABL Priority Collateral or
enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement shall prohibit the
receipt by the ABL Agent or any ABL Secured Party of the required payments of interest, principal and other amounts owed in
respect of the ABL Obligations so long as such receipt is not the direct or indirect result of the exercise by the ABL Agent
or any ABL Secured Party of rights or remedies as a secured creditor (including set-off) with respect to Term Priority
Collateral or enforcement in contravention of this Agreement of any Lien held by any of them.

 

    24

     

    

 

Section 3.2           Agent for Perfection.
The ABL Agent, for and on behalf of itself and each ABL Secured Party, and the Controlling Term Agent, for and on behalf of itself
and each Term Secured Party, as applicable, each agree to hold all Collateral in their respective possession, custody, or control
(or in the possession, custody, or control of agents or bailees for either) as agent for the other solely for the purpose of perfecting
the security interest granted to each in such Collateral, subject to the terms and conditions of this Section 3.2. In furtherance
of the foregoing, the Credit Parties hereby grant a security interest in the Deposit Accounts constituting Collateral to the ABL
Agent for the benefit of the Term Secured Parties. Each of the Original Term Agent and each Term Class Debt Representative hereby
appoints (or, by execution of a joinder agreement pursuant to Section 7.19(a), shall be deemed to have appointed) the ABL Agent
as non-fiduciary agent for purposes of perfecting the security interest in the Deposit Accounts constituting Collateral and the
ABL Agent hereby accepts any such appointment and hereby agrees to act as non-fiduciary agent for purposes of perfecting such Deposit
Accounts. None of the ABL Agent, the ABL Secured Parties, the Term Agents, or the Term Secured Parties, as applicable, shall have
any obligation whatsoever to the others to assure that the Collateral is genuine or owned by any Borrower, any Guarantor, or any
other Person or to preserve rights or benefits of any Person. The duties or responsibilities of the ABL Agent and the Controlling
Term Agent under this Section 3.2 are and shall be limited solely to holding or maintaining control of the Control Collateral as
agent for the other Party for purposes of perfecting the Lien held by the Controlling Term Agent or the ABL Agent, as applicable.
The ABL Agent is not and shall not be deemed to be a fiduciary of any kind for the Term Secured Parties or any other Person. Without
limiting the generality of the foregoing, the ABL Secured Parties shall not be obligated to see to the application of any Proceeds
of the Term Priority Collateral deposited into any Deposit Account or be answerable in any way for the misapplication thereof.
The Term Agents are not and shall not be deemed to be fiduciaries of any kind for the ABL Secured Parties or any other Person.
Without limiting the generality of the foregoing, the Term Secured Parties shall not be obligated to see to the application of
any Proceeds of the ABL Priority Collateral deposited into any Deposit Account or be answerable in any way for the misapplication
thereof.

 

(b)         
In the event that the Discharge of Term Obligations occurs and (x) the applicable Credit Party shall not have delivered
control agreements or other third-party documents in respect of any Deposit Account required to be pledged in accordance with
the terms of the security documents relating to any Additional Term Debt and subject to the terms of this Agreement and (y)
the Original Term Agent or any applicable agent or representative with respect to any other Additional Term Debt shall be a
party to any control agreements or other third-party agreements with respect to such Deposit Account, such agent or
representative shall act as gratuitous bailee for the benefit of the then Controlling Term Agent with respect to such control
agreements or third-party documents until such time as such Grantor shall have delivered control agreements or other
third-party documents to which the then Controlling Term Agent is a party for the benefit of the holders of the Additional
Term Debt.

 

    25

     

    

 

Section 3.3           Sharing of Information
and Access. In the event that the ABL Agent shall, in the exercise of its rights under the ABL Collateral Documents or
otherwise, receive possession or control of any books and records of any Term Credit Party which contain information identifying
or pertaining to the Term Priority Collateral, the ABL Agent shall, upon request from the Controlling Term Agent and as promptly
as practicable thereafter, either make available to the Controlling Term Agent such books and records for inspection and duplication
or provide to the Controlling Term Agent copies thereof. In the event that any Term Agent shall, in the exercise of its rights
under any of the Term Collateral Documents or otherwise, receive possession or control of any books and records of any ABL Credit
Party which contain information identifying or pertaining to any of the ABL Priority Collateral, such Term Agent shall, upon request
from the ABL Agent and as promptly as practicable thereafter, either make available to the ABL Agent such books and records for
inspection and duplication or provide the ABL Agent copies thereof.

 

Section 3.4           Insurance.
Proceeds of Collateral include insurance proceeds and, therefore, the Lien Priority shall govern the ultimate disposition of casualty
insurance proceeds. The ABL Agent and the Term Agents shall each be named as additional insured or loss payee, as applicable, with
respect to all insurance policies relating to the Collateral. The ABL Agent shall have the sole and exclusive right, as against
the Term Agents, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of ABL Priority
Collateral. The Controlling Term Agent shall have the sole and exclusive right, as against the ABL Agent, to adjust settlement
of insurance claims in the event of any covered loss, theft or destruction of Term Priority Collateral. If any insurance claim
includes both ABL Priority Collateral and Term Priority Collateral, the insurer will not settle such claim separately with respect
to ABL Priority Collateral and Term Priority Collateral, and if the Parties are unable after negotiating in good faith to agree
on the settlement for such claim, either Party may apply to a court of competent jurisdiction to make a determination as to the
settlement of such claim, and the court’s determination shall be binding upon the Parties. All proceeds of such insurance
shall be remitted to the ABL Agent or the Controlling Term Agent, as the case may be, and each Term Agent and the ABL Agent shall
cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1 hereof.

 

Section 3.5           No Additional
Rights For the Credit Parties Hereunder. Except as provided in Section 3.6, if any ABL Secured Party or Term Secured Party
shall enforce its rights or remedies in violation of the terms of this Agreement, the Credit Parties shall not be entitled to use
such violation as a defense to any action by any ABL Secured Party or Term Secured Party, nor to assert such violation as a counterclaim
or basis for set off or recoupment against any ABL Secured Party or Term Secured Party.

 

    26

     

    

 

Section 3.6           Inspection and Access
Rights. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable
law or by agreement, in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor
Remedies by the ABL Agent) and whether or not any Term Agent or any other Term Secured Party has commenced and is continuing to
Exercise Any Secured Creditor Remedies of any Term Agent, the ABL Agent or any other Person (including any ABL Credit Party) acting
with the consent, or on behalf, of the ABL Agent, shall have the right (a) during normal business hours on any Business Day, to
access ABL Priority Collateral that (i) is stored or located in or on, (ii) has become an accession with respect to (within the
meaning of Section 9-335 of the Uniform Commercial Code), or (iii) has been commingled with (within the meaning of Section 9-336
of the Uniform Commercial Code), Term Priority Collateral, and (b) during the Use Period, shall have the right to use the Term
Priority Collateral (including, without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Property),
each of the foregoing in order to assemble, inspect, copy or download information stored on, take actions to perfect its Lien on,
complete a production run of Inventory involving, take possession of, move, prepare and advertise for sale, sell (by public auction,
private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or
to customers in the ordinary course of business or otherwise and which sale may include augmented Inventory of the same type sold
in the any ABL Credit Party’s business), store or otherwise deal with the ABL Priority Collateral, in each case without notice
to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party. In the event that any
ABL Secured Party has commenced and is continuing the Exercise of Any Secured Creditor Remedies with respect to any ABL Priority
Collateral or any other sale or liquidation of the ABL Priority Collateral has been commenced by an ABL Credit Party (with the
consent of the ABL Agent), the Term Agents may not sell, assign or otherwise transfer the related Term Priority Collateral prior
to the expiration of the Use Period, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions
of this Section 3.6.

 

(b)          
During the period of actual occupation, use and/or control by the ABL Secured Parties and/or the ABL Agent (or their
respective employees, agents, advisers and representatives) of any Term Priority Collateral, the ABL Secured Parties and the
ABL Agent shall be obligated to repair at their expense any physical damage (but not any diminution in value) to such Term
Priority Collateral resulting from such occupancy, use or control, and to leave such Term Priority Collateral in
substantially the same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear
excepted. Notwithstanding the foregoing, in no event shall the ABL Secured Parties or the ABL Agent have any liability to the
Term Secured Parties and/or to the Term Agents pursuant to this Section 3.6 as a result of any condition (including any
environmental condition, claim or liability) on or with respect to the Term Priority Collateral existing prior to the date of
the exercise by the ABL Secured Parties (or the ABL Agent, as the case may be) of their rights under Section 3.6 and the ABL
Secured Parties shall have no duty or liability to maintain the Term Priority Collateral in a condition or manner better than
that in which it was maintained prior to the use thereof by the ABL Secured Parties, or for any diminution in the value of
the Term Priority Collateral that results from ordinary wear and tear resulting from the use of the Term Priority Collateral
by the ABL Secured Parties in the manner and for the time periods specified under this Section 3.6. Without limiting the
rights granted in this Section 3.6, the ABL Secured Parties and the ABL Agent shall cooperate with the Controlling Term Agent
in connection with any efforts made by the Controlling Term Agent on behalf of the Term Secured Parties to sell the Term
Priority Collateral.

 

    27

     

    

 

(c)           The ABL Agent and the ABL Secured
Parties shall not be obligated to pay any amounts to the Term Agents or the Term Secured Parties (or any person claiming by, through
or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Credit Parties, for or
in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral.

 

(d)           The ABL Secured Parties shall
(i) use the Term Priority Collateral in accordance with applicable law; (ii) insure for damage to property and liability to persons,
including property and liability insurance for the benefit of the Term Secured Parties; and (iii) indemnify the Term Secured Parties
from any claim, loss, damage, cost or liability arising from the ABL Secured Parties’ use of the Term Priority Collateral
(except for those arising from the gross negligence or willful misconduct of any Term Secured Party).

 

(e)           The Term Agents and the other
Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured
Parties from exercising the rights described in Section 3.6(a) hereof.

 

(f)           Subject to the terms hereof, the Controlling
Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as
required by applicable law) to any ABL Secured Party, the involvement of or interference by any ABL Secured Party or liability
to any ABL Secured Party as long as, in the case of an actual sale, the respective purchaser assumes and agrees to the obligations
of the Term Agents and the Term Secured Parties under this Section 3.6.

 

Section 3.7           Tracing of and
Priorities in Proceeds. The ABL Agent, for itself and on behalf of the ABL Secured Parties, and each Term Agent, for itself
and on behalf of the Term Secured Parties represented by it, further agree that prior to an issuance of any notice of Exercise
of Any Secured Creditor Remedies by such Secured Party (unless a bankruptcy or insolvency Event of Default then exists), any proceeds
of Collateral, whether or not deposited under control agreements, which are used by any Credit Party to acquire other property
which is Collateral shall not (solely as between the Agents and the Secured Parties) be treated as Proceeds of Collateral for purposes
of determining the relative priorities in the Collateral which was so acquired.

 

Section 3.8           Payments Over.

 

(a)          
So long as the Discharge of Term Obligations has not occurred, any Term Priority Collateral or Proceeds thereof not
constituting ABL Priority Collateral received by the ABL Agent or any other ABL Secured Party in connection with the exercise
of any right or remedy (including set off) relating to the Term Priority Collateral in contravention of this Agreement shall
be segregated and held in trust and forthwith paid over to the Controlling Term Agent for the benefit of the Term Secured
Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise
direct. The Controlling Term Agent is hereby authorized to make any such endorsements as agent for the ABL Agent or any such
other ABL Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this
Agreement is terminated in accordance with its terms.

 

    28

     

    

 

(b)          So long as the Discharge
of ABL Obligations has not occurred, any ABL Priority Collateral or Proceeds thereof not constituting Term Priority Collateral
received by any Term Agent or any Term Secured Parties in connection with the exercise of any right or remedy (including set off)
relating to the ABL Priority Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith
paid over to the ABL Agent for the benefit of the ABL Secured Parties in the same form as received, with any necessary endorsements
or as a court of competent jurisdiction may otherwise direct. The ABL Agent is hereby authorized to make any such endorsements
as agent for any such Term Agent or any such Term Secured Parties. This authorization is coupled with an interest and is irrevocable
until such time as this Agreement is terminated in accordance with its terms.

 

ARTICLE 4

APPLICATION
OF PROCEEDS

 

Section 4.1            Application of Proceeds.

 

(a)           Revolving Nature of ABL Obligations.
Each Term Agent, for and on behalf of itself and the Term Secured Parties represented by it, expressly acknowledges and agrees
that (i) the ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business the ABL Agent and the
ABL Lenders will apply payments and make advances thereunder, and that no application of any Collateral or the release of any Lien
by the ABL Agent upon any portion of the Collateral in connection with a permitted disposition by the ABL Credit Parties under
any ABL Credit Agreement shall constitute the Exercise of Secured Creditor Remedies under this Agreement; (ii) the amount of the
ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed,
and that the terms of the ABL Obligations may be modified, extended or amended from time to time, and that the aggregate amount
of the ABL Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Term Secured
Parties and without affecting the provisions hereof; and (iii) all Collateral received by the ABL Agent may be applied, reversed,
reapplied, credited, or reborrowed, in whole or in part, to the ABL Obligations at any time; provided, however, that
from and after the date on which the ABL Agent (or any ABL Secured Party) or any Term Agent (or any Term Secured Party) commences
the Exercise of Any Secured Creditor Remedies, all amounts received by the ABL Agent or any ABL Lender shall be applied as specified
in this Section 4.1. The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement,
extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the ABL Obligations or
the Term Obligations, or any portion thereof.

 

(b)          Application of Proceeds of
ABL Priority Collateral. The ABL Agent and each of the Term Agents hereby agree that all ABL Priority Collateral, ABL Priority
Proceeds and all other Proceeds thereof, received by either of them in connection with any Exercise of Secured Creditor Remedies
with respect to the ABL Priority Collateral shall be applied,

 

    29

     

    

 

first,
to the payment of costs and expenses of the ABL Agent in connection with such Exercise of Secured Creditor Remedies,

 

second,
to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL Obligations shall have occurred,

 

third, to the payment of the Term Obligations,
and

 

fourth,
the balance, if any, to the Credit Parties or as a court of competent jurisdiction may direct.

 

provided that if in connection
with an Insolvency Proceeding, the Lien granted in favor of the ABL Agent or the ABL Secured Parties in respect of such ABL Priority
Collateral has been voided, avoided, subordinated, or otherwise invalidated by a court of competent jurisdiction and the provisions
of Section 5.3 would not be effective, the proceeds received with respect to the ABL Priority Collateral subject to avoidance,
subordination or invalidation shall be applied, to the extent permitted under applicable law, to the payment of the Term Obligations
in accordance with the Term Documents until Discharge of Term Obligations shall have occurred.

 

(c)           Application of Proceeds of
Term Priority Collateral. The ABL Agent and each of the Term Agents hereby agree that all Term Priority Collateral, Term Priority
Proceeds and all other Proceeds thereof, received by either of them in connection with any Exercise of Secured Creditor Remedies
with respect to the Term Priority Collateral shall be applied,

 

first,
to the payment of costs and expenses of the Controlling Term Agent in connection with such Exercise of Secured Creditor Remedies,

 

second,
to the payment of the Term Obligations in accordance with the Term Documents until the Discharge of Term Obligations shall have
occurred,

 

third, to the payment of the ABL Obligations;
and

 

fourth,
the balance, if any, to the Credit Parties or as a court of competent jurisdiction may direct.

 

provided that if in
connection with an Insolvency Proceeding, the Lien granted in favor of any Term Agent or any Term Secured Parties in respect
of such Term Priority Collateral has been voided, avoided, subordinated, or otherwise invalidated by a court of competent
jurisdiction with respect to all such Term Agents and Term Secured Parties and the provisions of Section 5.3 would not be
effective, the proceeds received with respect to the Term Priority Collateral subject to avoidance, subordination or
invalidation shall be applied, to the extent permitted under applicable law, to the payment of the ABL Obligations in
accordance with the ABL Documents until Discharge of ABL Obligations shall have occurred.

 

    30

     

    

 

 

(d)          Application of
Proceeds of Shared Collateral. The ABL Agent and each of the Term Agents hereby agree that all Shared Collateral and all
Proceeds thereof, received by any of them shall be applied,

 

first, to the payment of
costs and expenses of the Agents in connection with the enforcement and realization upon such Shared Collateral, and

 

second, to the payment of the Term Obligations
and the ABL Obligations

 

Pro Rata.

 

(e)          Limited Obligation or Liability.
In exercising remedies, whether as a secured creditor or otherwise, the ABL Agent shall have no obligation or liability to any
Term Agent or to any Term Secured Party, and no Term Agent shall have any obligation or liability to the ABL Agent or any ABL Secured
Party, regarding the adequacy of any Proceeds or for any action or omission, except solely for an action or omission that breaches
the express obligations undertaken by such Party under the terms of this Agreement. Notwithstanding anything to the contrary herein
contained, none of the Parties hereto waives any claim that it may have against a Secured Party on the grounds that any sale, transfer
or other disposition by the Secured Party was not commercially reasonable in every respect as required by the Uniform Commercial
Code or the PPSA, as applicable.

 

(f)            Turnover
of Collateral After Discharge. Upon the Discharge of ABL Obligations, the ABL Agent shall deliver to the Controlling Term
Agent or shall execute such documents as the Controlling Term Agent may reasonably request (at the expense of the Term Borrower)
to enable the Controlling Term Agent to have control over any Control Collateral still in the ABL Agent’s possession, custody,
or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise
direct. Upon the Discharge of Term Obligations, each Term Agent shall deliver to the ABL Agent or shall execute such documents
as the ABL Agent may reasonably request (at the expense of the ABL Borrowers) to enable the ABL Agent to have control over any
Control Collateral still in such Term Agent’s possession, custody or control in the same form as received with any necessary
endorsements, or as a court of competent jurisdiction may otherwise direct.

 

Section 4.2           Specific Performance.
Each of the ABL Agent and each of the Term Agents is hereby authorized to demand specific performance of this Agreement, whether
or not any Borrower or any Guarantor shall have complied with any of the provisions of any of the Credit Documents, at any time
when any other Party shall have failed to comply with any of the provisions of this Agreement applicable to it. Each of the ABL
Agent, for and on behalf of itself and the ABL Secured Parties, and each of the Term Agents, for and on behalf of itself and the
Term Secured Parties represented by it, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might
be asserted as a bar to such remedy of specific performance.

 

    31

     

    

 

ARTICLE 5

INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS

 

Section 5.1            Notice of Acceptance and Other Waivers.

 

(a)           All ABL Obligations at any time
made or incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement,
and each Term Agent, on behalf of itself and the Term Secured Parties represented by it, hereby waives notice of acceptance, or
proof of reliance by the ABL Agent or any ABL Secured Party of this Agreement, and notice of the existence, increase, renewal,
extension, accrual, creation, or non-payment of all or any part of the ABL Obligations. All Term Obligations at any time made or
incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the
ABL Agent, on behalf of itself and the ABL Secured Parties, hereby waives notice of acceptance, or proof of reliance, by any Term
Agent or any Term Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation,
or non-payment of all or any part of the Term Obligations.

 

(b)           None of the ABL Agent, any ABL Secured
Party, or any of their respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand,
collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation
to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral
or any part or Proceeds thereof, except as specifically provided in this Agreement. If the ABL Agent or any ABL Secured Party honors
(or fails to honor) a request by any Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other
ABL Documents, whether the ABL Agent or any ABL Secured Party has knowledge that the honoring of (or failure to honor) any such
request would constitute a default under the terms of any Term Credit Agreement, any Additional Term Debt Agreement or any other
Term Document or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute
such a default, or if the ABL Agent or any ABL Secured Party otherwise should exercise any of its contractual rights or remedies
under any ABL Documents (subject to the express terms and conditions hereof), neither the ABL Agent nor any ABL Secured Party shall
have any liability whatsoever to any Term Agent or any Term Secured Party as a result of such action, omission, or exercise (so
long as any such exercise does not breach the express terms and provisions of this Agreement). The ABL Agent and the ABL Secured
Parties shall be entitled to manage and supervise their loans and extensions of credit under any ABL Credit Agreement and any of
the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit
without regard to any rights or interests that any Term Agent or any of the Term Secured Parties have in the Collateral, except
as otherwise expressly set forth in this Agreement. Each Term Agent, on behalf of itself and the Term Secured Parties represented
by it, agrees that neither the ABL Agent nor any ABL Secured Party shall incur any liability as a result of a sale, lease, license,
application, or other disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so
long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions
of this Agreement.

 

    32

     

    

 

(c)          
No Term Agent, or any Term Secured Party or any of their respective Affiliates, directors, officers, employees, or agents
shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in
doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any
other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in
this Agreement. If any Term Agent or any Term Secured Party honors (or fails to honor) a request by any Borrower for an
extension of credit pursuant to any Term Credit Agreement, any Additional Term Debt Agreement or any of the other Term
Documents, whether any Term Agent or any Term Secured Party has knowledge that the honoring of (or failure to honor) any such
request would constitute a default under the terms of any ABL Credit Agreement or any other ABL Document or an act,
condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if
any Term Agent or any Term Secured Party otherwise should exercise any of its contractual rights or remedies under any of the
Term Documents (subject to the express terms and conditions hereof), neither any Term Agent nor any Term Secured Party shall
have any liability whatsoever to the ABL Agent or any ABL Secured Party as a result of such action, omission, or exercise (so
long as any such exercise does not breach the express terms and provisions of this Agreement). The Term Agents and the Term
Secured Parties shall be entitled to manage and supervise their loans and extensions of credit under the applicable Term
Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit
without regard to any rights or interests that the ABL Agent or any ABL Secured Party has in the Collateral, except as
otherwise expressly set forth in this Agreement. The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that
none of the Term Agents or the Term Secured Parties shall incur any liability as a result of a sale, lease, license,
application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the applicable Term
Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not
breach the provisions of this Agreement.

 

Section 5.2           Modifications to ABL Documents and
Term Documents.

 

(a)           Each Term Agent, on behalf of
itself and the Term Secured Parties represented by it, hereby agrees that, without affecting the obligations of the Term Agents
and the Term Secured Parties hereunder, the ABL Agent and the ABL Secured Parties may, at any time and from time to time, in their
sole discretion without the consent of or notice to any Term Agent or any Term Secured Party (except to the extent such notice
or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to any Term Agent
or any Term Secured Party or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace,
refinance, extend, consolidate, restructure, or otherwise modify any of the ABL Documents in any manner whatsoever (other than
in a manner which would contravene the provisions of this Agreement), including, without limitation, to:

 

(i)         change the manner, place,
time, or terms of payment or renew, alter or increase, all or any of the ABL Obligations or otherwise amend, restate, supplement,
or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the ABL Obligations or any
of the ABL Documents;

 

(ii)        subject
to Section 2.5, retain or obtain a Lien on any Property of any Person to secure any of the ABL Obligations, and in connection therewith
to enter into any additional ABL Documents;

 

(iii)       amend, or grant any waiver,
compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated
in any manner under or in respect of the ABL Obligations;

 

    33

     

    

 

 (iv)       release its Lien on any Collateral or other Property;

 

(v)        exercise
or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)       subject to Section 2.5,
retain or obtain the primary or secondary obligation of any other Person with respect to any of the ABL Obligations; and

 

(vii)      otherwise manage and supervise
the ABL Obligations as the ABL Agent shall deem appropriate.

 

(b)           The ABL Agent, on behalf of itself and
the ABL Secured Parties, hereby agrees that, without affecting the obligations of the ABL Agent and the ABL Secured Parties hereunder,
the Term Agents and the Term Secured Parties may, at any time and from time to time, in their sole discretion without the consent
of or notice to the ABL Agent or any ABL Secured Party (except to the extent such notice or consent is required pursuant to the
express provisions of this Agreement), and without incurring any liability to the ABL Agent or any ABL Secured Party or impairing
or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure,
or otherwise modify any of the Term Documents in any manner whatsoever (other than in a manner which would contravene the provisions
of this Agreement), including, without limitation, to:

 

(i)         change the manner, place,
time, or terms of payment or renew, alter or increase, all or any of the Term Obligations or otherwise amend, restate, supplement,
or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Term Obligations or any
of the Term Documents;

 

(ii)        subject
to Section 2.5, retain or obtain a Lien on any Property of any Person to secure any of the Term Obligations, and in connection
therewith to enter into any additional Term Documents;

 

(iii)       amend, or grant any waiver,
compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated
in any manner under or in respect of any of the Term Obligations;

 

(iv)       exercise or refrain from
exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(v)       subject to Section 2.5, retain or obtain the primary or secondary obligation of any other Person with respect to any of the
Term Obligations; and

 

(vi)       release its Lien on any Collateral or other Property;

 

(vii)      otherwise
manage and supervise any of the Term Obligations as each Term Agent shall deem appropriate.

 

    34

     

    

 

(c)
          The ABL Obligations and any of the Term Obligations may be
refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is required
to permit the refinancing transaction under any ABL Document or any Term Document) of the ABL Agent, the ABL Secured Parties,
the Term Agents or the Term Secured Parties, as the case may be, all without affecting the Lien Priorities provided for
herein or the other provisions hereof, provided, however, that the holders of such refinancing Indebtedness (or
an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such
documents or agreements (including amendments or supplements to this Agreement) as the ABL Agent or any Term Agent, as the
case may be, shall reasonably request and in form and substance reasonably acceptable to the ABL Agent or such Term Agent, as
the case may be, and any such refinancing transaction shall be in accordance with any applicable provisions of both the ABL
Documents and the Term Documents (to the extent such documents survive the refinancing).

 

Section 5.3           Reinstatement and Continuation of
Agreement.

 

(a)           If the ABL Agent or any ABL Secured Party
is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor,
or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL Recovery”),
then the ABL Obligations shall be reinstated to the extent of such ABL Recovery. If this Agreement shall have been terminated prior
to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the event of such ABL Recovery, and such prior
termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of
reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agents, the ABL Secured Parties, and
the Term Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement
of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or any Guarantor
or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Guarantor
in respect of the ABL Obligations or any of the Term Obligations. No priority or right of the ABL Agent or any ABL Secured Party
shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor
or by the noncompliance by any Person with the terms, provisions, or covenants of any of the ABL Documents, regardless of any knowledge
thereof which the ABL Agent or any ABL Secured Party may have.

 

(b)
          If any Term Agent or any Term Secured Party is required in any
Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other
Person any payment made in satisfaction of all or any portion of the Term Obligations (a “Term
Recovery”), then the Term Obligations shall be reinstated to the extent of such Term Recovery. If this
Agreement shall have been terminated prior to such Term Recovery, this Agreement shall be reinstated in full force and effect
in the event of such Term Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise
affect the obligations of the Parties from such date of reinstatement. All rights, interests, agreements, and obligations of
the ABL Agent, the Term Agents, the ABL Secured Parties, and the Term Secured Parties under this Agreement shall remain in
full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or
dismissal of, any Insolvency Proceeding by or against any Borrower or any Guarantor or any other circumstance which otherwise
might constitute a defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations or
any of the Term Obligations. No priority or right of any Term Agent or any Term Secured Party shall at any time be prejudiced
or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by
any Person with the terms, provisions, or covenants of any of the Term Documents, regardless of any knowledge thereof which
any Term Agent or any Term Secured Party may have.

 

    35

     

    

 

ARTICLE 6

INSOLVENCY PROCEEDINGS

 

Section 6.1           DIP Financing.

 

(a)           If any Borrower or any Guarantor shall
be subject to any Insolvency Proceeding at any time prior to the Discharge of ABL Obligations, and the ABL Agent or the ABL Secured
Parties shall seek to provide any Borrower or any Guarantor with, or consent to a third party providing, any financing under Section
364 of the Bankruptcy Code or consent to any order for the use of cash collateral constituting ABL Priority Collateral under Section
363 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws or under a court order in respect of measures
granted with similar effect under any foreign Debtor Relief Laws) (each, a “DIP Financing”), with such
DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section
552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be Collateral), then each Term Agent,
on behalf of itself and the Term Secured Parties represented by it, agrees that it will raise no objection and will not support
any objection to such DIP Financing or use of cash collateral or to the Liens securing the same on the grounds of a failure to
provide “adequate protection” for the Liens of the Term Agents securing the Term Obligations or on any other grounds
(and will not request any adequate protection solely as a result of such DIP Financing or use of cash collateral that is ABL Priority
Collateral except as permitted by Section 6.3(c)(i)), so long as (i) such Term Agent retains its Lien on the Collateral to secure
the applicable Term Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the
any Debtor Relief Laws) and, as to the Term Priority Collateral only, such Lien has the same priority as existed prior to the commencement
of the case under the subject Debtor Relief Laws and any Lien on the Term Loan Priority Collateral securing such DIP Financing
is junior and subordinate to the Lien of the Term Agents on the Term Priority Collateral, (ii) all Liens on ABL Priority Collateral
securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the ABL Secured Parties securing
the ABL Obligations on ABL Priority Collateral and (iii) the foregoing provisions of this Section 6.1(a) shall not prevent the
Term Agents and the Term Secured Parties from objecting to any provision in any DIP Financing relating to any provision or content
of a plan of reorganization or other plan of similar effect under any Debtor Relief Laws. In connection with the approval of any
DIP Financing, without limitation (i) the ABL Agent and the ABL Secured Parties may consent, in their commercially reasonable discretion,
to the use of cash collateral or use of DIP Financing proceeds to pay “Section 503(b)(9)” claims, “stub rent”
claims, claims of creditors having or claiming to have Liens having priority over the Liens securing the ABL Obligations and Term
Obligations, and other similar types of claims that may be customarily required to be paid in order for such DIP Financing to be
approved.

 

    36

     

    

 

(b)          If any Borrower or any Guarantor
shall be subject to any Insolvency Proceeding at any time prior to the Discharge of Term Obligations, and any Term Agent or any
Term Secured Parties shall seek to provide any Borrower or any Guarantor with, or consent to a third party providing, any DIP Financing,
with such DIP Financing to be secured by all or any portion of the Term Priority Collateral (including assets that, but for the
application of Section 552 of the Bankruptcy Code would be Term Priority Collateral) (it being understood that no Term Agent nor
any Term Secured Parties shall propose any DIP Financing with respect to the ABL Priority Collateral in competition with the ABL
Agent and the ABL Secured Parties without the consent of the ABL Agent), then the ABL Agent, on behalf of itself and the ABL Secured
Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing
the same on the grounds of a failure to provide “adequate protection” for the Liens of the ABL Agent securing the ABL
Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing), so
long as (i) the ABL Agent retains its Lien on the Collateral to secure the ABL Obligations (in each case, including Proceeds thereof
arising after the commencement of the case under any Debtor Relief Law) and, as to the ABL Priority Collateral only, such Lien
has the same priority as existed prior to the commencement of the case under the subject Debtor Relief Laws and any Lien on ABL
Priority Collateral securing such DIP Financing furnished by the Term Agents or Term Secured Parties is junior and subordinate
to the Lien of the ABL Agent on the ABL Priority Collateral, (ii) all Liens on Term Priority Collateral securing any such DIP Financing
furnished by any Term Agent or any Term Secured Parties shall be senior to or on a parity with the Liens of the Term Agents and
the Term Secured Parties securing the Term Obligations on Term Priority Collateral and (iii) if any Term Agent receives an adequate
protection Lien on post-petition assets of the debtor to secure the Term Obligations, the ABL Agent also may seek to obtain an
adequate protection Lien on such post-petition assets of the debtor to secure the ABL Obligations, provided that (x) such
Liens in favor of the Term Agents and the ABL Agent shall be subject to the provisions of Section 6.1(c) hereof and (y) the foregoing
provisions of this Section 6.1(b) shall not prevent the ABL Agent and the ABL Secured Parties from objecting to any provision in
any DIP Financing relating to any provision or content of a plan of reorganization or other plan of similar effect under any Debtor
Relief Laws.

 

(c)           All Liens granted to the ABL Agent
or any Term Agent in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended by the Parties to be
and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement.

 

Section 6.2
          Relief From Stay. Until the Discharge of ABL
Obligations has occurred, each Term Agent, on behalf of itself and the Term Secured Parties represented by it, agrees not to
seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL
Priority Collateral without the ABL Agent’s express written consent. Until the Discharge of Term Obligations has
occurred, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to seek relief from the automatic stay
or any other stay in any Insolvency Proceeding in respect of any portion of the Term Priority Collateral without each Term
Agent’s express written consent. In addition, none of the Term Agents nor the ABL Agent shall seek any relief from the
automatic stay with respect to any Collateral without providing three (3) days’ prior written notice to the others,
unless such period is agreed by the ABL Agent and the Term Agents to be modified or unless the ABL Agent or any Term Agent,
as applicable, makes a good faith determination that either (A) the ABL Priority Collateral or the Term Priority Collateral,
as applicable, will decline speedily in value or (B) the failure to take any action will have a reasonable likelihood of
endangering the ABL Agent’s or such Term Agent’s ability to realize upon its Collateral.

 

    37

     

    

 

Section 6.3            No Contest; Adequate
Protection. Each Term Agent, on behalf of itself and the Term Secured Parties represented by it, agrees that, prior to
the Discharge of ABL Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the ABL
Agent or any ABL Secured Party for adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(b)
above), (ii) any proposed provision of DIP Financing by the ABL Agent and the ABL Secured Parties (or any other Person proposing
to provide DIP Financing with the consent of the ABL Agent) or (iii) any objection by the ABL Agent or any ABL Secured Party to
any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL Secured Party that its interests in the
Collateral (unless in contravention of Section 6.1(b) above) are not adequately protected (or any other similar request under any
law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as adequate protection of its interests
are subject to this Agreement.

 

(b)           The ABL Agent, on behalf of itself
and the ABL Secured Parties, agrees that, prior to the Discharge of Term Obligations, none of them shall contest (or support any
other Person contesting) (i) any request by any Term Agent or any Term Secured Party for adequate protection of its interest in
the Collateral (unless in contravention of Section 6.1(a) above), (ii) any proposed provision of DIP Financing by any Term Agent
or any Term Secured Parties (or any other Person proposing to provide DIP Financing with the consent of any Term Agent) or (iii)
any objection by any Term Agent or any Term Secured Party to any motion, relief, action or proceeding based on a claim by any Term
Agent or any Term Secured Party that its interests in the Collateral (unless in contravention of Section 6.1(a) above) are not
adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens
granted to any Term Agent as adequate protection of its interests are subject to this Agreement.

 

(c)           Notwithstanding the foregoing
provisions in this Section 6.3, in any Insolvency Proceeding:

 

(i)         if the ABL Secured Parties (or
any subset thereof) are granted adequate protection with respect to the ABL Priority Collateral in the form of additional collateral
(even if such collateral is not of a type which would otherwise have constituted ABL Priority Collateral), then the ABL Agent,
on behalf of itself and the ABL Secured Parties, agrees that each Term Agent, on behalf of itself or any of the Term Secured Parties
represented by it, may seek or request (and the ABL Secured Parties will not oppose such request) adequate protection with respect
to its interests in such Collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated to
the Liens securing the ABL Obligations on the same basis as the other Liens of such Term Agent on ABL Priority Collateral; and

 

(ii)        
in the event any Term Agent, on behalf of itself or any of the Term Secured Parties represented by it, are granted adequate
protection in respect of Term Priority Collateral in the form of additional collateral (even if such collateral is not of a
type which would otherwise have constituted Term Priority Collateral), then such Term Agent, on behalf of itself and any of
the Term Secured Parties represented by it, agrees that the ABL Agent on behalf of itself or any of the ABL Secured Parties,
may seek or request (and such Term Secured Parties will not oppose such request) adequate protection with respect to its
interests in such Collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated to the
Liens securing the Term Obligations on the same basis as the other Liens of the ABL Agent on Term Priority Collateral.

 

    38

     

    

 

(iii)       Except as otherwise expressly
set forth in Section 6.1 or in connection with the exercise of remedies with respect to (A) the ABL Priority Collateral, nothing
herein shall limit the rights of any Term Agent or any Term Secured Parties from seeking adequate protection with respect to their
rights in the Term Priority Collateral in any Insolvency Proceeding (including adequate protection in the form of a cash payment,
periodic cash payments or otherwise) or (B) the Term Priority Collateral, nothing herein shall limit the rights of the ABL Agent
or the ABL Secured Parties from seeking adequate protection with respect to their rights in the ABL Priority Collateral in any
Insolvency Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise).

 

Section 6.4           Asset Sales. Each
Term Agent agrees, on behalf of itself and the Term Secured Parties represented by it, that it will not oppose any sale consented
to by the ABL Agent of any ABL Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision
under the law applicable to any Insolvency Proceeding or under a court order in respect of measures granted with similar effect
under any foreign Debtor Relief Laws) so long as the proceeds of such sale are applied in accordance with this Agreement. The ABL
Agent agrees, on behalf of itself and the ABL Secured Parties, that it will not oppose any sale consented to by any Term Agent
of any Term Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable
to any Insolvency Proceeding or under a court order in respect of measures granted with similar effect under any foreign Debtor
Relief Laws) so long as the proceeds of such sale are applied in accordance with this Agreement. If such sale of Collateral includes
both ABL Priority Collateral and Term Priority Collateral, the ABL Secured Parties shall be entitled to receive net proceeds from
such sale in an amount at least equal to the maximum amounts available to be borrowed under the ABL Credit Agreement with respect
to the Inventory and Accounts included in such sale; as to the balance of the net proceeds, if the Parties are unable after negotiating
in good faith to agree on the allocation of the purchase price between the ABL Priority Collateral and Term Priority Collateral,
either Party may apply to the court in such Insolvency Proceeding to make a determination of such allocation, and the court’s
determination shall be binding upon the Parties.

 

Section
6.5           Separate Grants of Security and Separate Classification. Each Term Secured Party and each ABL Secured Party
acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Collateral Documents and the Term Collateral
Documents constitute two separate and distinct grants of Liens and (ii) because of, among other things, their differing
rights in the Collateral, the Term Obligations are fundamentally different from the ABL Obligations and must be separately
classified in any plan of reorganization (or other plan of similar effect under any Debtor Relief Laws) proposed or adopted
in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding
sentence, if it is held that the claims of the ABL Secured Parties and the Term Secured Parties in respect of the Collateral
constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the ABL Secured
Parties and the Term Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were
separate classes of ABL Obligation claims and Term Obligation claims against the Credit Parties, with the effect being that,
to the extent that the aggregate value of the ABL Priority Collateral or Term Priority Collateral is sufficient (for this
purpose ignoring all claims held by the other Secured Parties), the ABL Secured Parties or the Term Secured Parties,
respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition
interest and other claims, all amounts owing in respect of post-petition interest that is available from each pool of
Priority Collateral for each of the ABL Secured Parties and the Term Secured Parties, respectively, before any distribution
is made in respect of the claims held by the other Secured Parties from such Priority Collateral, with the other Secured
Parties hereby acknowledging and agreeing to turn over to the respective other Secured Parties amounts otherwise received or
receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of
reducing the aggregate recoveries.

 

    39

     

    

 

Section 6.6           Enforceability.
The provisions of this Agreement are intended to be and shall be enforceable under Section 510(a) of the Bankruptcy Code.

 

Section 6.7           ABL Obligations
Unconditional. All rights of the ABL Agent hereunder, and all agreements and obligations of the Term Agents and the Credit
Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:

 

(i)            any lack of validity or enforceability of any ABL Document;

 

(ii)           any change in the time, place or manner of payment of, or in any other term of, all or any portion of the ABL Obligations, or any
amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding
or restatement of any ABL Document;

 

(iii)          any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral or any other collateral,
or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding, restatement or increase of all or any portion of the ABL Obligations or any guarantee or guaranty thereof; or

 

(iv)          any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect
of the ABL Obligations, or of any of the Term Agents or any Credit Party, to the extent applicable, in respect of this Agreement.

 

Section 6.8            Term Obligations
Unconditional. All rights of the Term Agents hereunder, all agreements and obligations of the ABL Agent and the Credit
Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:

 

(i)            any
lack of validity or enforceability of any Term Document;

 

    40

     

    

 

(ii)           any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Term Obligations, or
any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding
or restatement of any Term Document;

 

(iii)         
any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral, or any other collateral,
or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding, restatement or increase of all or any portion of the Term Obligations or any guarantee or guaranty thereof; or

 

(iv)         
any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect
of the Term Obligations, or of any of the ABL Agent or any Credit Party, to the extent applicable, in respect of this Agreement.

 

Section 6.9           Adequate Protection.
Except to the extent expressly provided in Sections 6.1 and 6.3, nothing in this Agreement shall limit the rights of the ABL Agent
and the ABL Secured Parties, on the one hand, and the Term Agents and the Term Secured Parties, on the other hand, from seeking
or requesting adequate protection with respect to their respective interests in the applicable Collateral in any Insolvency Proceeding,
including adequate protection in the form of a cash payment, periodic cash payments, cash payments of interest, additional collateral
or otherwise; provided that (a) in the event the ABL Agent, on behalf of itself or any of the ABL Secured Parties, seeks or requests
adequate protection in respect of the ABL Obligations and such adequate protection is granted in the form of additional collateral
comprising assets of the type that constitute Term Priority Collateral, then the ABL Agent, on behalf of itself and each of the
ABL Secured Parties, agrees that each Term Agent shall have the right to seek or request a senior Lien on such collateral as security
for the relevant Term Obligations and that any Lien on such collateral securing the ABL Obligations shall be subordinate to the
Lien on such collateral securing the Term Obligations and (b) in the event that any Term Agent, on behalf of itself or any of the
Term Secured Parties represented by it, seeks or requests adequate protection in respect of any portion of the Term Obligations
and such adequate protection is granted in the form of additional collateral comprising assets of the type that constitute ABL
Priority Collateral, then such Term Agent, on behalf of itself and each of the Term Secured Parties represented by it, agrees that
the ABL Agent shall have the right to seek or request a senior Lien on such collateral as security for the ABL Obligations and
that any Lien on such collateral securing the Term Obligations shall be subordinate to the Lien on such collateral securing the
ABL Obligations.

 

 

ARTICLE 7

MISCELLANEOUS

 

Section
7.1          Rights of Subrogation. Each Term Agent, for and on behalf of itself and the Term Secured Parties represented
by it, agrees that no payment to the ABL Agent or any ABL Secured Party pursuant to the provisions of this Agreement shall
entitle such Term Agent or any Term Secured Party represented by it to exercise any rights of subrogation in respect thereof
until the Discharge of ABL Obligations shall have occurred. Following the Discharge of ABL Obligations, the ABL Agent agrees
to execute such documents, agreements, and instruments as any Term Agent or any Term Secured Party may reasonably request to
evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the
ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred
in connection therewith by the ABL Agent are paid by such Person upon request for payment thereof. The ABL Agent, for and on
behalf of itself and the ABL Secured Parties, agrees that no payment to any Term Agent or any Term Secured Party pursuant to
the provisions of this Agreement shall entitle the ABL Agent or any ABL Secured Party to exercise any rights of subrogation
in respect thereof until the Discharge of Term Obligations shall have occurred. Following the Discharge of Term Obligations,
the Term Agents agree to execute such documents, agreements, and instruments as the ABL Agent or any ABL Secured Party may
reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Term Obligations
resulting from payments to the relevant Term Agent by such Person, so long as all costs and expenses (including all
reasonable legal fees and disbursements) incurred in connection therewith by the relevant Term Agent are paid by such Person
upon request for payment thereof.

 

    41

     

    

 

Section 7.2          Further Assurances.
The Parties will, at their own expense and at any time and from time to time, promptly execute and deliver all further instruments
and documents, and take all further action, that may be necessary or desirable, or that either Party may reasonably request, in
order to protect any right or interest granted or purported to be granted hereby or to enable the ABL Agent or any Term Agent to
exercise and enforce its rights and remedies hereunder; provided, however, that no Party shall be required to pay
over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section 7.2,
to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions of
this Agreement, and in the event of a controversy or dispute, such Party may interplead any payment or distribution in any court
of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 7.2.

 

Section 7.3           Representations.
Each Term Agent represents and warrants to the ABL Agent that it has the requisite power and authority under the Term Documents
to which it is a party to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the Term
Secured Parties represented by it and that this Agreement shall be binding obligations of such Term Agent and the Term Secured
Parties represented by it, enforceable against such Term Agent and the Term Secured Parties represented by it in accordance with
its terms. The ABL Agent represents and warrants to the Term Agents that it has the requisite power and authority under the ABL
Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the ABL Secured Parties
and that this Agreement shall be binding obligations of the ABL Agent and the ABL Secured Parties, enforceable against the ABL
Agent and the ABL Secured Parties in accordance with its terms.

 

Section
7.4           Amendments. No amendment or waiver of any
provision of this Agreement nor consent to any departure by any Party hereto shall be effective unless it is in a written
agreement executed by each Term Agent and the ABL Agent and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

 

    42

     

    

 

Section 7.5          Addresses for Notices.
Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall
be in writing and may be personally served, telecopied, emailed, or sent by overnight express courier service or United States
mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or email
or five (5) days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes
hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be
as set forth below or, as to each party, at such other address as may be designated by such party in a written notice to all of
the other parties.

 

	ABL Agent:	Wells Fargo Bank, National Association

	 	125 High Street, 11th Floor
	 	Boston, Massachusetts 02110
	 	Attention: Joseph Burt
	 	Email: joseph.burt@wellsfargo.com
	 	 
	 	with a copy to:

 

	 	Reimer Braunstein LLP
	 	100 Cambridge Street, 22nd Floor
	 	Boston, Massachusetts 02114-2527
	 	Attention: Donald E Rothman
	 	Email: DRothman@riemerlaw.com

 

	Term Agent:	JPMorgan Chase Bank, N.A.
	 	JPM Loan & Agency Services
	 	10 S. Dearborn Street
	 	Chicago, IL 60603
	 	Attention: Pastell Jenkins
	 	Email: Pastell.Jenkins@jpmorgan.com

 

Section 7.6           No Waiver; Remedies.
No failure on the part of any Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise
of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

Section 7.7           Continuing
Agreement, Transfer of Secured Obligations. This Agreement is a continuing agreement and shall (a) remain in full
force and effect until the Discharge of ABL Obligations and the Discharge of Term Obligations shall have occurred, (b) be
binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties
and their respective successors, transferees and assigns. Nothing herein is intended, or shall be construed to give, any
other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral. All references to any
Credit Party shall include any Credit Party as debtor-in-possession and any receiver or trustee for such Credit Party in any
Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Agent, any ABL Secured Party, any
Term Agent, or any Term Secured Party may assign or otherwise transfer all or any portion of the ABL Obligations or the
relevant Term Obligations, as applicable, to any other Person (other than any Borrower, any Guarantor or any Affiliate of any
Borrower or any Guarantor and any Subsidiary of any Borrower or any Guarantor (except as provided in the ABL Credit
Agreement, the Term Credit Agreement or any Additional Term Debt Agreement, as applicable)), and such other Person shall
thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Agent, such Term Agent,
such ABL Secured Party, or such Term Secured Party, as the case may be, herein or otherwise. The ABL Secured Parties and the
Term Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other
financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Credit Party on the faith
hereof.

 

    43

     

    

 

Section 7.8           Governing Law;
Entire Agreement. The validity, performance, and enforcement of this Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York. This Agreement constitutes the entire agreement and understanding among the Parties with
respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto.

 

Section
7.9           Counterparts. This Agreement may be executed in
any number of counterparts, and it is not necessary that the signatures of all Parties be contained on any one counterpart
hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the same document. An
Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an
actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Agreement shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any
electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an
actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided
that nothing herein shall require the Term Agents and the ABL Agent to accept Electronic Signatures in any form or format
without its prior written consent and pursuant to procedures approved by it; provided, further, without
limiting the foregoing, (i) to the extent any Term Agent or ABL Agent has agreed to accept any Electronic Signature, such
Term Agents or ABL Agent shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of any
other party hereto without further verification thereof and without any obligation to review the appearance or form of any
such Electronic Signature and (ii) upon the request of any Term Agent or the ABL Agent, any Electronic Signature shall be
promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Credit Parties
hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring,
enforcement of remedies, bankruptcy proceedings or litigation among the Term Agents and the ABL Agent, Electronic Signatures
transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature
page and/or any electronic images of this Agreement shall have the same legal effect, validity and enforceability as any
paper original, (ii) each Term Agent and the ABL Agent may, at its option, create one or more copies of this Agreement in the
form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such
Person’s business, and destroy the original paper document (and all such electronic records shall be considered an
original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives
any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement based solely on the
lack of paper original copies of this Agreement including with respect to any signature pages thereto and (iv) waives any
claim against any Term Agent’s and the ABL Agent’s Affiliates and the respective directors, officers, employees,
agents and advisors of such Term Agents and the ABL Agent for any losses, claims (including intraparty claims), demands,
damages or liabilities of any kind arising solely from such Term Agent’s or the ABL Agent’s reliance on or use of
Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image
of an actual executed signature page, including any losses, claims (including intraparty claims), demands, damages or
liabilities of any kind arising as a result of the failure of the Credit Parties to use any available security measures in
connection with the execution, delivery or transmission of any Electronic Signature. All notices, approvals, consents,
requests and any communications hereunder must be in writing in accordance with Section 7.5 (provided that any
communication sent to any Agent hereunder must be in the form of a document that is signed manually or by way of a digital
signature provided by DocuSign (or such other digital signature provider as specified in writing to Collateral Agent by the
authorized representative), in English. Company and the other Credit Parties agree to assume all risks arising out of the use
of using digital signatures and electronic methods to submit communications to each Agent, including without limitation the
risk of such Agent acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

    44

     

    

 

Section 7.10         No Third Party
Beneficiaries. This Agreement is solely for the benefit of the ABL Agent, ABL Secured Parties, Term Agents and Term Secured
Parties. No other Person (including any Borrower, any Guarantor or any Affiliate of any Borrower or any Guarantor, or any Subsidiary
of any Borrower or any Guarantor) shall be deemed to be a third party beneficiary of this Agreement.

 

Section 7.11         Headings. The
headings of the articles and sections of this Agreement are inserted for purposes of convenience only and shall not be construed
to affect the meaning or construction of any of the provisions hereof.

 

Section 7.12         Severability.
If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the
Lien Priority or the application of Proceeds and other priorities set forth in this Agreement.

 

Section 7.13        Attorneys’
Fees. The Parties agree that if any dispute, arbitration, litigation, or other proceeding is brought with respect to the
enforcement of this Agreement or any provision hereof, the prevailing party in such dispute, arbitration, litigation, or other
proceeding shall be entitled to recover its reasonable attorneys’ fees and all other costs and expenses incurred in the enforcement
of this Agreement, irrespective of whether suit is brought.

 

    45

     

    

 

 

Section 7.14         VENUE; JURY TRIAL WAIVER.

 

(a) EACH PARTY HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK
SITTING IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE
BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, OR IN THE EVENT OF THE COMMENCEMENT BY ANY CREDIT PARTY OF AN INSOLVENCY
PROCEEDING, THE APPLICABLE COURT PRESIDING OVER THE SUBJECT INSOLVENCY PROCEEDING IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW
YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT, OR IN THE APPLICABLE COURT PRESIDING OVER ANY INSOLVENCY
PROCEEDING. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL
AFFECT ANY RIGHT THAT ANY ABL SECURED PARTY OR ANY TERM SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT, ANY TERM DOCUMENTS, OR ANY ABL DOCUMENTS AGAINST ANY CREDIT PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(b) EACH PARTY HERETO HEREBY WAIVES
ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY
CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT
TO A TRIAL BY THE COURT.

 

(c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.5. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT
OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    46

     

    

 

Section
7.15          Intercreditor Agreement. This Agreement is the Intercreditor Agreement referred to in the ABL Credit
Agreement and the Term Credit Agreement. Nothing in this Agreement shall be deemed to subordinate the obligations due to (i)
any ABL Secured Party to the obligations due to any Term Secured Party or (ii) any Term Secured Party to the obligations due
to any ABL Secured Party (in each case, whether before or after the occurrence of an Insolvency Proceeding), it being the
intent of the Parties that this Agreement shall effectuate a subordination of Liens but not a subordination of Indebtedness.
Nothing in this Agreement shall be deemed to modify the rights, remedies and obligations as between any Term Agents as set
forth in any Additional First Lien Intercreditor Agreement (as defined in the Term Credit Agreement and, for the avoidance of
doubt, including the Pari Passu Intercreditor Agreement) or Additional Junior Lien Intercreditor Agreement (as defined in the
Term Credit Agreement).

 

Section 7.16          No Warranties or Liability.
Each Term Agent and the ABL Agent acknowledge and agree that no Agent has made any representation or warranty with respect to the
execution, validity, legality, completeness, collectability or enforceability of any other ABL Document or any Term Document. Except
as otherwise provided in this Agreement, each Term Agent and the ABL Agent will be entitled to manage and supervise their respective
extensions of credit to any Credit Party in accordance with law and their usual practices, modified from time to time as they deem
appropriate.

 

Section 7.17          Conflicts.
In the event of any conflict between the provisions of this Agreement and the provisions of any ABL Document or any Term Document,
the provisions of this Agreement shall govern.

 

Section
7.18         Information Concerning Financial Condition of the Credit Parties. Each of the Term Agents and the ABL Agent
hereby assumes responsibility for keeping itself informed of the financial condition of the Credit Parties and all other
circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Term Obligations. Each Term Agent and the ABL
Agent hereby agree that no party shall have any duty to advise any other party of information known to it regarding such
condition or any such circumstances. In the event any Term Agent or the ABL Agent, in its sole discretion, undertakes at any
time or from time to time to provide any information to any other party to this Agreement, (a) it shall be under no
obligation (i) to provide any such information to such other party or any other party on any subsequent occasion, (ii) to
undertake any investigation not a part of its regular business routine, or (iii) to disclose any other information, or (b) it
makes no representation as to the accuracy or completeness of any such information and shall not be liable for any
information contained therein, and (c) the Party receiving such information hereby agrees to hold the other Party harmless
from any action the receiving Party may take or conclusion the receiving Party may reach or draw from any such information,
as well as from and against any and all losses, claims, damages, liabilities, and expenses to which such receiving Party may
become subject arising out of or in connection with the use of such information.

 

Section
7.19          Additional Debt Facilities. To the extent, but only to the extent, permitted by the provisions of the ABL
Documents and the then extant Term Documents, the Credit Parties may incur or issue and sell one or more series or classes of
Term Obligations. Any such additional class or series of Term Obligations (the “Term Class Debt”)
may be secured by (i) a junior priority, subordinated Lien on ABL Priority Collateral and (ii) a Lien on Term Priority
Collateral that is pari passu with, or junior in priority to, the Lien securing the then outstanding Term Obligations, in
each case under and pursuant to the relevant Term Collateral Documents for such Term Class Debt, if and subject to the
condition that the representative or agent of any such Term Class Debt (each, a “Term Class Debt
Representative”), acting on behalf of the holders of such Term Class Debt (such representative or agent and
holders in respect of any Term Class Debt being referred to as the “Term Class Debt Parties”),
becomes a party to this Agreement by satisfying conditions (a) through (c), as applicable of this Section 7.19. In order for
a Term Class Debt Representative to become a party to this Agreement:

 

    47

     

    

 

(a) such Term Class Debt Representative
and each Credit Party shall have executed and delivered a joinder agreement substantially in the form of Exhibit A hereto
(with such changes as may be reasonably approved by the other Agents then party hereto and such Term Class Debt Representative)
pursuant to which it becomes a “Term Agent” hereunder, and the Term Class Debt in respect of which such Term Class
Debt Representative is the Term Agent and the related Term Class Debt Parties become subject hereto and bound hereby;

 

(b) all filings, recordations and/or
amendments or supplements to the Term Class Debt necessary or desirable in the reasonable judgment of such Term Class Debt Representative
to confirm and perfect the Liens securing the relevant obligations relating to such Term Class Debt shall have been made, executed
and/or delivered (or, with respect to any such filings or recordations, acceptable provisions to perform such filings or recordations
shall have been taken in the reasonable judgment of such Term Class Debt Representative), and all fees and taxes in connection
therewith shall have been paid (or acceptable provisions to make such payments have been taken in the reasonable judgment of such
Term Class Debt Representative);

 

(c) the Company shall have delivered
to the ABL Agent and the Controlling Term Agent an officer’s certificate (w) designating such Term Class Debt as “Term
Obligations” under this Agreement, (x) certifying that such obligations are permitted to be incurred and secured on a pari
passu basis with (or, if applicable, on a junior priority basis to) the Lien securing the then outstanding Term Obligations, (y)
stating that the conditions set forth in this Section 7.19 are satisfied (or waived) with respect to such Term Class Debt and (z)
if requested, attaching true and complete copies of each of the material Term Documents, relating to such Term Class Debt, certified
as being true and correct in all material respects by a Responsible Officer (as defined in the ABL Credit Agreement) of the Company;
and

 

(d) the Term
Documents relating to such Term Class Debt shall provide that each Term Class Debt Party with respect to such Term Class Debt will
be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Term Class Debt.

 

Section 7.20 Additional
Credit Parties. In the event any Subsidiary of a Credit Party shall have granted a Lien on any of its assets to secure
any ABL Obligations or Term Obligations, such Credit Party shall cause such Subsidiary, if not already a party thereto, to acknowledge
and agree to the terms of this Agreement by executing and delivering a counterpart signature page to the acknowledgement attached
hereto. Upon the execution and delivery by any Subsidiary of a Credit Party of such acknowledgment substantially in the form attached
hereto, any such Subsidiary shall be deemed to have acknowledged the terms hereof with the same force and effect as if originally
a signatory thereto. The execution and delivery of any such instrument shall not require the consent of any other party hereto
(except to the extent obtained on or prior to such date). The rights and obligations of each party hereto shall remain in full
force and effect notwithstanding the addition of any new Credit Party as a party to such acknowledgment.

 

    48

     

    

 

Section 7.21          Amendment and Restatement.
This Agreement amends, supersedes, and replaces the Original Intercreditor Agreement and is not a novation thereof. This Agreement
is not intended as, and shall not be construed as, a release or impairment of the agreements and obligations of the parties to
the Original Intercreditor Agreement or any document executed in connection therewith. With respect to matters relating to the
period prior to the date hereof, all of the provisions of the Original Intercreditor Agreement are ratified and confirmed and shall
remain in full force and effect. All references to the “Intercreditor Agreement” or similar references to the Original
Intercreditor Agreement in any of the other ABL Documents and Term Documents shall mean and be a reference to this Agreement, as
it may be amended, supplemented, restated or otherwise modified from time to time, without any requirement to amend such ABL Documents
or Term Documents.

 

[SIGNATURE PAGES FOLLOW]

 

    49

     

    

 

IN WITNESS WHEREOF,
the ABL Agent, for and on behalf of itself and the ABL Lenders, and the Original Term Agent, for and on behalf of itself and the
Original Term Lenders, have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	     	WELLS FARGO BANK,
    NATIONAL ASSOCIATION, in its capacity as the ABL Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	JPMORGAN CHASE BANK, N.A.,
    in its capacity as the Original Term Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	By:	                
	 	 	Name:
	 	 	Title:

 

     

     

    

 

ACKNOWLEDGMENT

 

Each Borrower and each
Guarantor hereby acknowledges that it has received a copy of this Agreement and consents thereto, agrees to recognize all rights
granted thereby to the ABL Agent, the ABL Secured Parties, the Term Agents, and the Term Secured Parties and will not do any act
or perform any obligation which is not in accordance with the agreements set forth in this Agreement. Each Borrower and each Guarantor
further acknowledges and agrees that it is not an intended beneficiary or third party beneficiary under this Agreement and (i)
as between the ABL Secured Parties, the Borrowers and Guarantors, the ABL Documents remain in full force and effect as written
and are in no way modified hereby, and (ii) as between the Term Secured Parties, the Borrowers and Guarantors, the Term Documents
remain in full force and effect as written and are in no way modified hereby.

 

Without limiting the
foregoing, the Parent and the other Credit Parties consent to the performance by the Term Agents of the obligations set forth in
Section 3.6 and acknowledge and agree that no Term Agent nor any other Term Secured Party shall ever be accountable or liable for
any action taken or omitted by the ABL Agent or any other ABL Secured Party or its or any of their officers, employees, agents
successors or assigns in connection therewith or incidental thereto or in consequence thereof, including any improper use or disclosure
of any proprietary information or other Intellectual Property by the ABL Agent or any other ABL Secured Party or its or any of
their officers, employees, agents, successors or assigns or any other damage to or misuse or loss of any property of the Credit
Parties as a result of any action taken or omitted by the ABL Agent or its officers, employees, agents, successors or assigns pursuant
to Section 3.6.

 

	     	MICHAELS STORES,
    INC., as Borrower and as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	MICHAELS STORES PROCUREMENT
    COMPANY, INC., as Borrower and Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	ARTISTREE, INC.,
    as Borrower and Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	     	LAMRITE
    WEST, INC., as Borrower and Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	MICHAELS
    FUNDING, INC., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	MICHAELS
    STORES CARD SERVICES, LLC, as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	MICHAELS
    FINANCE COMPANY, INC., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	DARICE,
    INC., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	DARICE
    IMPORTS, INC., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[ADDITIONAL
    CREDIT PARTIES]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT A

 

JOINDER AGREEMENT

[Date]

 

Reference
is made to the Amended and Restated Intercreditor Agreement dated as of October 1, 2020 (as amended, supplemented, restated, amended
and restated or otherwise modified from time to time pursuant to the terms thereof, the “Intercreditor Agreement”)
among WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacities as administrative agent and collateral agent (together with its
successors and assigns in such capacities, the “ABL Agent”)1
for the ABL Secured Parties, JPMORGAN CHASE BANK, N.A., in its capacities as administrative
agent and collateral agent (together with its successors and assigns in such capacities, the “Original Term Agent”)2
for the Original Term Secured Parties, and [list any previously added Term Agent and] any successors or assigns thereof.
Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement.

 

W I T N E S S E T H:

 

WHEREAS, Section 7.19 of the Intercreditor
Agreement provides that to the extent, but only to the extent, permitted by the provisions of the ABL Documents and the Term Documents,
the Credit Parties may incur or issue and sell one or more series or classes of Term Obligations secured by (i) a junior priority,
subordinated Lien on ABL Priority Collateral and (ii) a Lien on Term Priority Collateral that is pari passu with, or junior in
priority to, the Lien securing the then outstanding Term Obligations, if and subject to the condition that the Term Class Debt
Representative, acting on behalf of the holders of such Term Class Debt becomes a party to the Intercreditor Agreement, subject
to and bound by the provisions of the Intercreditor Agreement;

 

WHEREAS, on the date hereof, Michaels
Stores, Inc. (the “Company”) is [describe transaction and incurrence of indebtedness]; and

 

WHEREAS, the Company wishes to have
the [New Agent], as [collateral agent, trustee, etc.] for the holders of the new Term Class Debt, join the Intercreditor Agreement;

 

NOW, THEREFORE, the ABL Agent, the
Original Term Agent and [include any previously added Term Agent] hereby agree as follows:

 

Section 1. Joinder.
Effective upon the execution of this Joinder Agreement by the [New Agent], (i) all [Obligations] (as defined in the [New Agreement])
shall constitute Term Obligations under the Intercreditor Agreement, (ii) all [New Documents] (as defined below) shall constitute
Term Documents under the Intercreditor Agreement, (iii) the [New Secured Parties] (as defined in the [New Agreement]) shall constitute
Term Secured Parties under the Intercreditor Agreement, (iv) all [New Security Documents] (as defined in the [New Agreement]) shall constitute Term Collateral Documents
under the Intercreditor Agreement, (v) the [New Agreement] shall constitute an Additional Term Debt Agreement under the Intercreditor
Agreement, (vi) the [New Lenders] (as defined in the [New Agreement]) shall constitute Lenders and Term Lenders under the Intercreditor
Agreement for all purposes, (vii) all Liens securing the [New Obligations] vis-a-vis any Liens for the benefit of the Term Secured Parties
in respect of Term Obligations shall be governed by the priority and limitations set forth in the Pari Passu Intercreditor Agreement and
all Liens securing the [New Obligations] vis-a-vis any Liens for the benefit of the ABL Secured Parties in respect of ABL Obligations
shall be governed by the priority and limitations set forth in the Intercreditor Agreement. The “[New Documents]” shall mean
the [New Agreement], the [New Notes] (as defined in the [New Agreement]), the [New Security Documents] and all other documents evidencing
[New Obligations], now or hereafter executed by or on behalf of any Term Credit Party or any of its respective Subsidiaries or Affiliates,
and delivered to the [New Collateral Agent], in connection with any of the foregoing, in each case as the same may be amended, supplemented,
restated or otherwise modified from time to time.

 

 

 

1
Revise as appropriate for any successor ABL Agent. 

 

2
Revise as appropriate for any successor Term Agent. 

 

     

     

    

 

Section 2. Controlling Term
Agent. Following the effectiveness of this Joinder Agreement, (i) JPMorgan Chase Bank, N.A. (the “Existing
Term Agent”)] shall continue to act as the Controlling Term Agent authorized to represent all of the Term Secured
Parties under the Intercreditor Agreement, including without limitation, the [New Collateral Agent] and the other [New Secured
Parties], and to take actions on behalf of all Term Secured Parties thereunder, and (ii) for the avoidance of doubt, the [New Collateral
Agent] and any other authorized agent or trustee of any holders of Indebtedness refinancing any Term Obligations that joins the
Intercreditor Agreement pursuant to Section 7.19 thereof may succeed the Existing Term Agent as the Controlling Term Agent under
the Intercreditor Agreement pursuant to terms set forth therein.

 

Section 3. Counterparts.
This Joinder Agreement may be executed in counterparts, each of which shall constitute an original. Section 7.9 of the Intercreditor
Agreement is hereby incorporated by reference into this Joinder Agreement and shall apply to this Joinder Amendment, mutatis
mutandis.

 

Section 4. Governing Law.
THE VALIDITY, PERFORMANCE, AND ENFORCEMENT OF THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. THIS JOINDER AGREEMENT CONSTITUTES THE ENTIRE AGREEMENT AND UNDERSTANDING AMONG THE PARTIES WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

 

[SIGNATURE PAGES FOLLOW]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Joinder Agreement to be duly executed and delivered as of the date first above written.

 

	 	[NEW AGENT], in its capacity as a Term Class Debt Representative
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Address for notices:
	 	 
	 	[       ]
	 	 
	 	Acknowledged and agreed by:
	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, in its capacity as the ABL Agent
	 	 
	 	
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	JPMORGAN CHASE BANK, N.A., in its capacity as the Original Term Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	Acknowledged by:
	 	 
	 	MICHAELS STORES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[OTHER CREDIT PARTIES]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

ANNEX D

 

FORM OF PARI PASSU INTERCREDITOR AGREEMENT

 

[See attached]

 

     

     

    

 

 

Execution Version

 

PARI PASSU INTERCREDITOR AGREEMENT

 

among

 

MICHAELS FUNDING, INC.,

 

MICHAELS STORES, INC.

 

the other Grantors party hereto,

 

JPMORGAN CHASE BANK, N.A.,

as Collateral
Agent for the Credit Agreement Secured Parties,

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent for the Credit Agreement Secured
Parties,

 

U.S. BANK NATIONAL ASSOCIATION,

as the Initial
Additional Authorized Representative and Initial Additional Pari Collateral Agent,

 

and

 

each additional Authorized Representative and additional Collateral
Agent from time to time party hereto

 

dated as of October 1, 2020

 

Notwithstanding anything herein
to the contrary, any liens and security interests granted to any Collateral Agent under any Secured Credit Document and the exercise
of any right or remedy by any Authorized Representative or Collateral Agent are subject to the limitations and provisions of the
Amended and Restated Intercreditor Agreement dated as of the date hereof (as amended, restated, amended and restated, supplemented,
waived or otherwise modified from time, the “ABL Intercreditor Agreement”), among Wells Fargo Bank, National Association,
as ABL Agent (as defined therein), JPMorgan Chase Bank, N.A., as Original Term Agent (as defined therein), U.S. Bank National Association,
as a Term Agent (as defined therein), and certain other persons party or that may become party thereto from time to time. In the
event of any conflict with respect to ABL Priority Collateral (as defined in the ABL Intercreditor Agreement) between the terms
of the ABL Intercreditor Agreement and the terms of this Pari Passu Intercreditor Agreement, the terms of the ABL Intercreditor
Agreement shall govern and control. The parties party hereto hereby acknowledge that the Controlling Collateral Agent (as defined
below) shall be the initial Controlling Term Agent (as defined in the ABL Intercreditor Agreement) under the ABL Intercreditor
Agreement. This paragraph forms part of this Pari Passu Intercreditor Agreement.

 

     

     

    

 

PARI PASSU INTERCREDITOR
AGREEMENT, dated as of October 1, 2020 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time, this “Agreement”), among MICHAELS FUNDING, INC., a Delaware corporation (“Holdings”),
MICHAELS STORES, INC., a Delaware corporation (the “Company”), the other Grantors (as defined below) from time
to time party hereto, JPMORGAN CHASE BANK, N.A., as collateral agent for the Credit Agreement Secured Parties (as defined below)
(in such capacity and together with its successors in such capacity, the “Credit Agreement Collateral Agent”),
JPMORGAN CHASE BANK, N.A., as administrative agent for the Credit Agreement Secured Parties (as defined below) (in such capacity
and together with its successors in such capacity, the “Administrative Agent”), U.S. BANK NATIONAL ASSOCIATION,
as the notes collateral agent under the Initial Additional Pari Agreement (in such capacity and together with its successors in
such capacity, the “Initial Additional Pari Collateral Agent”) and U.S. BANK NATIONAL ASSOCIATION, as the Trustee
under the Initial Additional Pari Agreement, as Authorized Representative for the Initial Additional Pari Secured Parties (as defined
below) (in such capacity and together with its successors in such capacity, the “Initial Additional Authorized Representative”),
and each additional Collateral Agent and Authorized Representative from time to time party hereto for the other Additional Pari
Secured Parties of the Series (as defined below) with respect to which it is acting in such capacity.

 

In consideration of
the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Credit Agreement Collateral Agent, the Administrative Agent (for itself and on behalf of the Credit Agreement
Secured Parties), the Initial Additional Authorized Representative (in each case, for itself and on behalf of the Initial Additional
Pari Secured Parties), the Initial Additional Pari Collateral Agent, the Grantors, and each additional Collateral Agent and Authorized
Representative (for itself and on behalf of the Additional Pari Secured Parties of the applicable Series) agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.01 Certain
Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Credit Agreement
or, if defined in the New York UCC, the meanings specified therein. As used in this Agreement, the following terms have the meanings
specified below:

 

“Additional
Pari Collateral Agent” means (x) in the case of the Initial Additional Pari Obligations, the Initial Additional Pari
Collateral Agent and (y) in the case of any other Series of Additional Pari Obligations that becomes subject to this Agreement
after the date hereof, the Additional Senior Class Debt Collateral Agent for such Series named in the applicable Joinder Agreement.

 

“Additional
Pari Documents” means, with respect to the Initial Additional Pari Obligations or any Series of Additional Senior Class
Debt, the notes, indentures, credit agreements, security documents and other operative agreements evidencing or governing such
indebtedness and liens securing such indebtedness, including the Initial Additional Pari Documents and the Additional Pari Security
Documents and each other agreement entered into for the purpose of securing the Initial Additional Pari Obligations or any Series
of Additional Senior Class Debt; provided that, in each case, the Indebtedness thereunder (other than the Initial Additional
Pari Obligations) has been designated as Additional Senior Class Debt pursuant to Section 5.12 hereto.

 

“Additional
Pari Obligations” means (a) all amounts owing to any Additional Pari Secured Party (including the Initial
Additional Pari Secured Parties) pursuant to the terms of any Additional Pari Document (including the Initial Additional Pari
Documents), including, without limitation, all amounts in respect of any principal, premium, interest (including any
interest, fees and expenses accruing subsequent to the commencement of a Bankruptcy Case at the rate provided for in the
respective Additional Pari Document, whether or not such interest, fees and expenses is an allowed claim under any such
proceeding or under applicable state, federal or foreign law), penalties, fees, expenses, indemnifications, reimbursements,
damages and other liabilities, and guarantees of the foregoing amounts, (b) any Secured Hedge Obligations secured under the
Additional Pari Security Documents securing the related Series of Additional Pari Obligations and (c) any renewals or
extensions of the foregoing.

 

     

     

    

 

“Additional
Pari Secured Parties” means the holders of any Additional Pari Obligations and each Authorized Representative and Collateral
Agent with respect thereto, and shall include the Initial Additional Pari Secured Parties and the Additional Senior Class Debt
Parties.

 

“Additional
Pari Security Documents” means any collateral agreement, security agreement or any other document now existing or entered
into after the date hereof and any accessions, supplements or joinders thereto, in each case, that create Liens on any assets or
properties of any Grantor to secure any Additional Pari Obligations, and shall include the Initial Additional Pari Security Agreement.

 

“Additional Senior Class Debt”
has the meaning assigned to such term in Section 5.12.

 

“Additional
Senior Class Debt Collateral Agent” has the meaning assigned to such term in Section 5.12.

 

“Additional Senior Class Debt Parties”
has the meaning assigned to such term in Section 5.12.

 

“Additional Senior Class Debt Representative”
has the meaning assigned to such term in Section 5.12.

 

“Administrative
Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement and shall include any successor
administrative agent as provided in Section 9.09 of the Credit Agreement; provided, however, that if the Credit Agreement
is Refinanced, then all references herein to the Administrative Agent shall refer to the administrative agent (or trustee) under
the Refinancing.

 

“Agreement”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Applicable
Authorized Representative” means with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of
Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Administrative Agent and
(ii) from and after the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative
Enforcement Date, the Major Non-Controlling Authorized Representative.

 

“Authorized
Representative” means, at any time, (i) in the case of any Credit Agreement Obligations or the Credit Agreement Secured
Parties, the Administrative Agent, (ii) in the case of the Initial Additional Pari Obligations or the Initial Additional Pari Secured
Parties, the Initial Additional Authorized Representative, and (iii) in the case of any other Series of Additional Pari Obligations
or Additional Pari Secured Parties that become subject to this Agreement after the date hereof, the Additional Senior Class Debt
Representative for such Series named in the applicable Joinder Agreement.

 

“Bankruptcy Case” has the meaning
assigned to such term in Section 2.06(b).

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

 

    -2-

     

    

 

“Bankruptcy
Law” means the Bankruptcy Code and for Canadian purposes, the Bankruptcy and Insolvency Act (Canada), the Companies’
Creditor Arrangement Act (Canada) and the Winding-up Act (Canada), each as now or hereafter in effect or any successor thereto,
as well as all other liquidation, conservatorship, bankruptcy, assignment for benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar United States federal or state debtor relief laws or any similar foreign debtor
relief laws from time to time in effect affecting the rights of creditors generally.

 

“Borrower” means the Company or
any Successor Borrower (as defined in the Credit Agreement).

 

“Collateral”
means any “Collateral” (as defined in the Credit Agreement) or any other Credit Agreement Collateral Documents or any
other assets and properties subject to Liens created pursuant to any Pari Security Document to secure one or more Series of Pari
Obligations.

 

“Collateral
Agent” means (i) in the case of any Credit Agreement Obligations, the Credit Agreement Collateral Agent, (ii) in the
case of the Initial Additional Pari Obligations, the Initial Additional Pari Collateral Agent, and (iii) in the case of any other
Series of Additional Pari Obligations that become subject to this Agreement after the date hereof, the Additional Senior Class
Debt Collateral Agent for such Series named in the applicable Joinder Agreement.

 

“Company” has the meaning assigned
to such term in the introductory paragraph of this Agreement.

 

“Controlling Collateral
Agent” means, with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of Credit Agreement
Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date with respect to such Shared Collateral,
the Credit Agreement Collateral Agent; and (ii) from and after the earlier of (x) the Discharge of Credit Agreement
Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date with respect to such Shared Collateral,
the Collateral Agent for the Controlling Secured Parties (acting on the instructions of the Applicable Authorized
Representative).

 

“Controlling
Secured Parties” means, with respect to any Shared Collateral, (i) at any time when the Credit Agreement Collateral Agent
is the Controlling Collateral Agent with respect to such Shared Collateral, the Credit Agreement Secured Parties and (ii) at any
other time, the Series of Pari Secured Parties whose Authorized Representative is the Applicable Authorized Representative for
such Shared Collateral.

 

“Credit Agreement”
means that certain Amended and Restated Credit Agreement, dated as of January 28, 2013, among the Company, the lenders from time
to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (as amended as of June 10, 2014,
as further amended as of September 28, 2016, as further amended as of May 23, 2018 and as further amended as of the date hereof
and as further amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time or refunded,
refinanced, restructured, replaced, renewed, repaid, increased or extended from time to time (whether in whole or in part, whether
with the original administrative agent and lenders or other agents and lenders or otherwise, and whether provided under the original
Credit Agreement or one or more other credit agreements or otherwise, including any agreement extending the maturity thereof or
otherwise restructuring all or any portion of the Indebtedness thereunder or increasing the amount loaned or issued thereunder
or altering the maturity thereof, in each case as and to the extent permitted by the Credit Agreement unless such agreement, instrument
or document expressly provides that it is not intended to be and is not a Credit Agreement)).

 

“Credit Agreement
Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

    -3-

     

    

 

“Credit Agreement
Collateral Documents” means the Collateral Documents (as defined in the Credit Agreement, or any similar term in any
Refinancing thereof), and any accessions, supplements or joinders thereto, and each other agreement entered into in favor of the
Credit Agreement Collateral Agent for the purpose of securing any Credit Agreement Obligations, in each case as amended, restated,
amended and restated, extended, supplemented or otherwise modified from time to time.

 

“Credit Agreement
Obligations” means all “Obligations” as defined in the Credit Agreement (or any similar term in any Refinancing
thereof) and all “Secured Obligations” as defined in the Credit Agreement Collateral Documents.

 

“Credit Agreement
Secured Parties” means the “Secured Parties” as defined in the Credit Agreement (or any similar term in any
Refinancing thereof).

 

“DIP Financing” has the meaning
assigned to such term in Section 2.06(b).

 

“DIP Financing Liens” has the meaning
assigned to such term in Section 2.06(b).

 

“DIP Lenders” has the meaning assigned
to such term in Section 2.06(b).

 

“Discharge”
means, with respect to any Shared Collateral and any Series of Pari Obligations, the date on which (i) such Series of Pari Obligations
is no longer secured and no longer required to be secured by such Shared Collateral pursuant to the terms of the documentation
governing such Series of Pari Obligations or, with respect to any Secured Hedge Obligations secured by the Pari Security Documents
for such Series of Pari Obligations, either (x) such Secured Hedge Obligations have either been paid in full and are no longer
secured by the Shared Collateral pursuant to the terms of the documentation governing such Series of Pari Obligations, (y) such
Secured Hedge Obligations shall have been cash collateralized on terms satisfactory to each applicable counterparty (or other arrangements
satisfactory to the applicable counterparty shall have been made) or (z) such Secured Hedge Obligations are no longer secured and
no longer required to be secured by the Shared Collateral pursuant to the terms of the documentation governing such Series of Pari
Obligations, (ii) any letters of credit issued under the Secured Credit Documents governing such Series of Pari Obligations have
terminated or been cash collateralized or backstopped (in the amount and form required under the applicable Secured Credit Documents)
and (iii) all commitments of the Pari Secured Parties of such Series under their respective Secured Credit Documents have terminated.
The term “Discharged” shall have a corresponding meaning.

 

“Discharge
of Credit Agreement Obligations” means, with respect to any Shared Collateral, the Discharge of the Credit Agreement
Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not
be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with additional Pari Obligations
secured by such Shared Collateral under an Additional Pari Document which has been designated in writing by the Administrative
Agent (under the Credit Agreement so Refinanced) to the Additional Pari Collateral Agents and each other Authorized Representative
as the “Credit Agreement” for purposes of this Agreement.

 

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

 

“Event of
Default” means an “Event of Default” (or similarly defined term) as defined in any Secured Credit Document.

 

    -4-

     

    

 

“Grantors”
means Holdings, the Borrower and each Subsidiary or direct or indirect parent company of Holdings which has granted a security
interest pursuant to any Pari Security Document to secure any Series of Pari Obligations. The Grantors existing on the date hereof
are set forth in Annex I hereto.

 

“Holdings” has the meaning assigned
to such term in the introductory paragraph to this Agreement.

 

“Impairment” has the meaning assigned
to such term in Section 1.03.

 

“Initial Additional
Authorized Representative” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Initial Additional
Pari Agreement” means that certain Indenture, dated as of the date hereof, among the Borrower, the Guarantors as defined
and identified therein, and U.S. Bank National Association, as trustee and as notes collateral agent.

 

“Initial Additional
Pari Collateral Agent” has the meaning assigned to such term in the introductory paragraph to this Agreement.

 

“Initial Additional
Pari Documents” means the Initial Additional Pari Agreement, the loans, debt securities or promissory notes issued thereunder,
the Initial Additional Pari Security Agreement and any security documents and other operative agreements evidencing or governing
the Indebtedness thereunder, and the Liens securing such Indebtedness, including any agreement entered into for the purpose of
securing the Initial Additional Pari Obligations.

 

“Initial Additional
Pari Obligations” means the “Secured Obligations” as such term is defined in the Initial Additional Pari
Security Agreement (or similar term in any Refinancing thereof).

 

“Initial Additional
Pari Secured Parties” means the Initial Additional Pari Collateral Agent, the Initial Additional Authorized Representative
and the holders of the Initial Additional Pari Obligations issued pursuant to the Initial Additional Pari Agreement.

 

“Initial Additional
Pari Security Agreement” means the Notes Security Agreement, dated as of the date hereof, among the Borrower, the other
Grantors identified therein, the Initial Additional Pari Collateral Agent and the other parties thereto, as amended, restated,
amended and restated, extended, supplemented or otherwise modified from time to time.

 

“Insolvency
Proceeding” means with respect to the Borrower or any other Grantor (a) any case, action or proceeding before any court
or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up
or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors
or other similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case covered
by clauses (a) and (b) undertaken under any Bankruptcy Laws.

 

“Intervening Creditor” has the
meaning assigned to such term in Section 2.01(a).

 

“Joinder Agreement”
means a joinder to this Agreement substantially in the form of Annex II hereto required to be delivered by an Additional
Senior Class Debt Representative and the related Additional Senior Class Debt Collateral Agent pursuant to Section 5.12
hereof in order to establish an additional Series of Additional Senior Class Debt and add Additional Senior Class Debt Parties
hereunder.

 

    -5-

     

    

 

“Junior Lien
Intercreditor Agreement” means any “Additional Junior Lien Intercreditor Agreement” as such term is defined
in the Credit Agreement (or any similar term in any Refinancing thereof).

 

“Lien” has the meaning assigned
to such term in the Credit Agreement.

 

“Major Non-Controlling
Authorized Representative” means, with respect to any Shared Collateral, the Authorized Representative of the Series
of Additional Pari Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of Additional
Pari Obligations with respect to such Shared Collateral.

 

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

 

“Non-Controlling
Authorized Representative” means, at any time with respect to any Shared Collateral, any Authorized Representative that
is not the Applicable Authorized Representative at such time with respect to such Shared Collateral.

 

“Non-Controlling
Authorized Representative Enforcement Date” means, with respect to any Non-Controlling Authorized Representative, the
date which is 180 consecutive days (throughout which consecutive 180 day period such Non-Controlling Authorized Representative
was the Major Non-Controlling Authorized Representative) after the occurrence of both (i) an Event of Default (under and as defined
in the Additional Pari Document under which such Non-Controlling Authorized Representative is the Authorized Representative) and
(ii) each Collateral Agent’s and each other Authorized Representative’s receipt of written notice from such Non-Controlling
Authorized Representative certifying that (x) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized
Representative and that an Event of Default (under and as defined in the Additional Pari Document under which such Non-Controlling
Authorized Representative is the Authorized Representative) has occurred and is continuing and (y) the Additional Pari Obligations
of the Series with respect to which such Non-Controlling Authorized Representative is the Authorized Representative are currently
due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable
Additional Pari Document; provided that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and
shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (1) at any time the Administrative
Agent, the Applicable Authorized Representative or the Controlling Collateral Agent has commenced and is diligently pursuing any
enforcement action with respect to all or a material portion of such Shared Collateral or (2) at any time the Grantor which has
granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency
Proceeding. If the Non-Controlling Authorized Representative or any other Non-Controlling Secured Party exercises any rights or
remedies with respect to the Shared Collateral in accordance with the immediately preceding sentence of this paragraph and thereafter
the Controlling Collateral Agent or any other Controlling Secured Party commences (or attempts to commence) the exercise of any
of its rights or remedies with respect to the Shared Collateral (including seeking relief from the automatic stay or any other
stay in any Insolvency Proceeding), the Non-Controlling Authorized Representative Enforcement Date shall be deemed not to have
occurred and the Non-Controlling Authorized Representative or any other Non-Controlling Secured Party shall stop exercising any
such rights or remedies with respect to the Shared Collateral.

 

“Non-Controlling
Secured Parties” means, with respect to any Shared Collateral, the Pari Secured Parties which are not Controlling Secured
Parties with respect to such Shared Collateral.

 

    -6-

     

    

 

“Pari Obligations”
means, collectively, (i) the Credit Agreement Obligations and (ii) each Series of Additional Pari Obligations.

 

“Pari Secured
Parties” means (i) the Credit Agreement Secured Parties and (ii) the Additional Pari Secured Parties with respect to
each Series of Additional Pari Obligations.

 

“Pari Security
Documents” means, collectively, (i) the Credit Agreement Collateral Documents and (ii) the Additional Pari Security Documents.

 

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

 

“Possessory
Collateral” means any Shared Collateral in the possession of a Collateral Agent (or its agents or bailees), to the extent
that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes,
without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or
in the possession of the Collateral Agent under the terms of the Pari Security Documents.

 

“Proceeds” has the meaning assigned
to such term in Section 2.01(a).

 

“Refinance”
means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure,
refund, replace or repay such indebtedness, or to issue other indebtedness or enter alternative financing arrangements, in exchange
or replacement for such indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers
and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness
has been terminated and including, in each case, through any credit agreement, indenture or other agreement. “Refinanced”
and “Refinancing” have correlative meanings.

 

“Secured Hedge
Obligations” shall mean obligations under Secured Hedge Agreements (as defined in the Credit Agreement, or similar term
in any Refinancing thereof) that are intended under the applicable Pari Security Document to be secured by Shared Collateral.

 

“Secured Credit
Document” means (i) the Credit Agreement and each Loan Document (as defined in the Credit Agreement, or any similar term
in any Refinancing thereof), (ii) each Initial Additional Pari Document, and (iii) each Additional Pari Document.

 

“Series”
means (a) with respect to the Pari Secured Parties, each of (i) the Credit Agreement Secured Parties (in their capacities as such),
(ii) the Initial Additional Pari Secured Parties (in their capacities as such), and (iii) the Additional Pari Secured Parties (in
their capacities as such) that become subject to this Agreement after the date hereof that are represented by a common Authorized
Representative (in its capacity as such for such Additional Pari Secured Parties) and (b) with respect to any Pari Obligations,
each of (i) the Credit Agreement Obligations, (ii) the Initial Additional Pari Obligations, and (iii) the Additional Pari Obligations
incurred pursuant to any Additional Pari Document, which pursuant to any Joinder Agreement, are to be represented hereunder by
a common Authorized Representative (in its capacity as such for such Additional Pari Obligations).

 

“Shared
Collateral” means, at any time, Collateral in which the holders (or their Collateral Agent) of two or more Series
of Pari Obligations hold or purport to hold a valid security interest at such time. If more than two Series of Pari
Obligations are outstanding at any time and the holders of less than all Series of Pari Obligations hold or purport to hold a
valid security interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those
Series of Pari Obligations that hold or purport to hold a valid security interest in such Collateral at such time and shall
not constitute Shared Collateral for any Series which does not have a valid and perfected security interest in such
Collateral at such time.

 

    -7-

     

    

 

SECTION 1.02 Interpretive
Provision. The interpretive provisions contained in Article I of the Credit Agreement as in effect on the date hereof are incorporated
herein, mutatis mutandis, as if a part hereof.

 

SECTION 1.03 Impairments.
It is the intention of the Pari Secured Parties of each Series that the holders of Pari Obligations of such Series (and not the
Pari Secured Parties of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x)
any of the Pari Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations
(other than another Series of Pari Obligations), (y) any of the Pari Obligations of such Series do not have a valid and perfected
security interest in any of the Collateral securing any other Series of Pari Obligations and/or (z) any intervening security interest
exists securing any other obligations (other than another Series of Pari Obligations) on a basis ranking prior to the security
interest of such Series of Pari Obligations but junior to the security interest of any other Series of Pari Obligations or (ii)
the existence of any Collateral for any other Series of Pari Obligations that is not Shared Collateral for such Series (any such
condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Pari Obligations, an “Impairment”
of such Series); provided that the existence of a maximum claim with respect to any Mortgage (as defined in the Credit Agreement)
that applies to all Pari Obligations shall not be deemed to be an Impairment of any Series of Pari Obligations. In the event of
any Impairment with respect to any Series of Pari Obligations, the results of such Impairment shall be borne solely by the holders
of such Series of Pari Obligations, and the rights of the holders of such Series of Pari Obligations (including, without limitation,
the right to receive distributions in respect of such Series of Pari Obligations pursuant to Section 2.01) set forth herein
shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series
of such Pari Obligations subject to such Impairment. Additionally, in the event the Pari Obligations of any Series are modified
pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to such
Pari Obligations or the Pari Security Documents governing such Pari Obligations shall refer to such obligations or such documents
as so modified.

 

ARTICLE II

 

Priorities and Agreements with Respect to Shared
Collateral

 

SECTION 2.01 Priority of Claims.

 

(a)                Anything
contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section
1.03), if an Event of Default has occurred and is continuing, and the Controlling Collateral Agent or any Pari Secured
Party is taking action to enforce rights in respect of any Shared Collateral, or any distribution is made in respect of any
Shared Collateral in any Bankruptcy Case or Insolvency Proceeding of the Borrower or any other Grantor or any Pari Secured
Party receives any payment pursuant to any intercreditor agreement (other than this Agreement, but including, for the
avoidance of doubt, the ABL Intercreditor Agreement) with respect to any Shared Collateral, the proceeds of any sale,
collection or other liquidation of any such Shared Collateral by any Pari Secured Party or received by the Controlling
Collateral Agent or any Pari Secured Party pursuant to any such intercreditor agreement with respect to such Shared
Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately
following) to which the Pari Obligations are entitled under any intercreditor agreement (other than this Agreement, but
including, for the avoidance of doubt, the ABL Intercreditor Agreement) (all proceeds of any sale, collection or other
liquidation of any Shared Collateral and any payment or distribution made in respect of Shared Collateral pursuant to any
intercreditor agreement or in an Insolvency Proceeding or Bankruptcy Case being collectively referred to as
“Proceeds”), shall, subject to the ABL Intercreditor Agreement (if then in effect), be applied (i) FIRST,
to the payment of all amounts owing to each Collateral Agent and each Authorized Representative (in its capacity as such)
pursuant to the terms of any Secured Credit Document, (ii) SECOND, subject to Section 1.03, to the payment in full of
the Pari Obligations of each Series on a ratable basis, with such Proceeds to be applied to the Pari Obligations of a given
Series in accordance with the terms of the applicable Secured Credit Documents and (iii) THIRD, after payment of all Pari
Obligations, to the Borrower and the other Grantors or their successors or assigns, as their interests may appear, or to
whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. If, despite the
provisions of this Section 2.01(a), any Pari Secured Party shall receive any payment or other recovery in excess of
its portion of payments on account of the Pari Obligations to which it is then entitled in accordance with this Section
2.01(a), such Pari Secured Party shall hold such payment or recovery in trust for the benefit of all Pari Secured Parties
for distribution in accordance with this Section 2.01(a). Notwithstanding the foregoing, with respect to any Shared
Collateral for which a third party (other than a Pari Secured Party) has a lien or security interest that is junior in
priority to the security interest of any Series of Pari Obligations but senior (as determined by appropriate legal
proceedings in the case of any dispute) to the security interest of any other Series of Pari Obligations (such third party,
an “Intervening Creditor”), the value of any Shared Collateral or Proceeds allocated to such Intervening
Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be distributed in respect of
the Series of Pari Obligations with respect to which such Impairment exists.

 

    -8-

     

    

 

(b)               
It is acknowledged that the Pari Obligations of any Series may, subject to the limitations set forth in the then extant
Secured Credit Documents, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced
or otherwise amended or modified from time to time, all without affecting the priorities set forth in Section 2.01(a) or
the provisions of this Agreement defining the relative rights of the Pari Secured Parties of any Series.

 

(c)               
Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series
of Pari Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction,
or any other applicable law or the Secured Credit Documents or any defect or deficiencies in the Liens securing the Pari Obligations
of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.03), each Pari Secured Party
hereby agrees that the Liens securing each Series of Pari Obligations on any Shared Collateral shall be of equal priority.

 

(d)               
Notwithstanding anything in this Agreement or any other Pari Security Document to the contrary, prior to the Discharge of
Credit Agreement Obligations, collateral consisting of cash and cash equivalents pledged to secure Credit Agreement Obligations
consisting of reimbursement obligations in respect of letters of credit pursuant to the Credit Agreement shall be applied as specified
in the Credit Agreement and will not constitute Shared Collateral.

 

SECTION 2.02 [Reserved].

 

SECTION 2.03 Actions with Respect to Shared Collateral;
Prohibition on Contesting Liens.

 

(a)
               Only the Controlling Collateral
Agent shall act or refrain from acting with respect to any Shared Collateral (including with respect to any intercreditor
agreement with respect to any Shared Collateral, including, for the avoidance of doubt, the ABL Intercreditor Agreement). At
any time when the Credit Agreement Collateral Agent is the Controlling Collateral Agent, no Additional Pari Secured Party
shall or shall instruct any Collateral Agent to, and neither the Initial Additional Pari Collateral Agent nor any other
Collateral Agent that is not the Controlling Collateral Agent shall, commence any judicial or nonjudicial foreclosure
proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt
any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to
enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared
Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral, including, for the
avoidance of doubt, the ABL Intercreditor Agreement), whether under any Additional Pari Security Document, applicable law or
otherwise, it being agreed that only the Credit Agreement Collateral Agent (or a person authorized by it), acting in
accordance with the Credit Agreement Collateral Documents, shall be entitled to take any such actions or exercise any such
remedies with respect to Shared Collateral at such time.

 

    -9-

     

    

 

(b)               
With respect to any Shared Collateral at any time when the Credit Agreement Collateral Agent is not the Controlling Collateral
Agent with respect thereto, (i) the Controlling Collateral Agent shall act only on the instructions of the Applicable Authorized
Representative, (ii) the Controlling Collateral Agent shall not follow any instructions with respect to such Shared Collateral
(including with respect to any intercreditor agreement with respect to any Shared Collateral, including, for the avoidance of doubt,
the ABL Intercreditor Agreement) from any Non-Controlling Authorized Representative (or any other Pari Secured Party other than
the Applicable Authorized Representative) and (iii) no Non-Controlling Authorized Representative or other Pari Secured Party (other
than the Applicable Authorized Representative) shall or shall instruct the Controlling Collateral Agent to, commence any judicial
or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed
for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any
action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared
Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral, including, for the avoidance
of doubt, the ABL Intercreditor Agreement), whether under any Pari Security Document, applicable law or otherwise, it being agreed
that only the Controlling Collateral Agent (or a person authorized by it), acting on the instructions of the Applicable Authorized
Representative and in accordance with the applicable Additional Pari Security Documents, shall be entitled to take any such actions
or exercise any such remedies with respect to such Shared Collateral.

 

(c)               
Notwithstanding the equal priority of the Liens securing each Series of Pari Obligations with respect to any Shared Collateral,
the Controlling Collateral Agent with respect thereto (acting on the instructions of the Applicable Authorized Representative if
it is not the Credit Agreement Collateral Agent) may deal with such Shared Collateral as if such Controlling Collateral Agent had
a senior and exclusive Lien on such Collateral. No Non-Controlling Authorized Representative or Non-Controlling Secured Party in
respect of any Shared Collateral will contest, protest or object to any foreclosure proceeding or action brought by the Controlling
Collateral Agent, the Applicable Authorized Representative or any Controlling Secured Party or any other exercise by the Controlling
Collateral Agent, the Applicable Authorized Representative or a Controlling Secured Party of any rights and remedies relating to
such Shared Collateral, or to cause the Controlling Collateral Agent to do so. The foregoing shall not be construed to limit the
rights and priorities of any Pari Secured Party, Collateral Agent or any Authorized Representative with respect to any Collateral
not constituting Shared Collateral.

 

(d)               
Each of the Pari Secured Parties agrees that it will not (and hereby waives any right to) question or contest or support
any other Person in contesting, in any proceeding (including any Insolvency Proceeding or Bankruptcy Case), the perfection, priority,
validity, attachment or enforceability of a Lien held by or on behalf of any of the Pari Secured Parties in all or any part of
the Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent
or impair the rights of any Collateral Agent or any Authorized Representative to enforce this Agreement.

 

    -10-

     

    

 

SECTION 2.04 No Interference; Payment Over.

 

(a)               
Each Pari Secured Party agrees that (i) it will not challenge or question, or support any other Person in challenging or
questioning, in any proceeding the validity or enforceability of any Pari Obligations of any Series or any Pari Security Document
or the validity, attachment, perfection or priority of any Lien under any Pari Security Document or the validity or enforceability
of the priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not take or cause to be
taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial
proceedings or otherwise, any sale, transfer or other disposition of any Shared Collateral by the Controlling Collateral Agent,
(iii) except as provided in Section 2.03, it shall have no right to (A) direct the Controlling Collateral Agent or any other
Pari Secured Party to exercise, and shall not exercise, any right, remedy or power with respect to any Shared Collateral (including
pursuant to any intercreditor agreement, including, for the avoidance of doubt, the ABL Intercreditor Agreement) or (B) consent
to the exercise by, or object to the forbearance of exercise by, the Controlling Collateral Agent or any other Pari Secured Party
of any right, remedy or power with respect to any Shared Collateral, (iv) it will not institute any suit or assert in any suit,
bankruptcy, insolvency or other proceeding any claim against the Controlling Collateral Agent or any other Pari Secured Party seeking
damages from or other relief by way of specific performance, instructions or otherwise with respect to any Shared Collateral, and
none of the Controlling Collateral Agent, any Applicable Authorized Representative or any other Pari Secured Party shall be liable
for any action taken or omitted to be taken by the Controlling Collateral Agent, such Applicable Authorized Representative or other
Pari Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, (v) if not the Controlling
Collateral Agent, it will not seek, and hereby waives any right, to have any Shared Collateral or any part thereof marshaled upon
any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indirectly, whether by judicial
proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this
Agreement shall be construed to prevent or impair the rights of any of the Controlling Collateral Agent or any other Pari Secured
Party to enforce this Agreement.

 

(b)               
Each Pari Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or shall realize any Proceeds
or payment in respect of any such Shared Collateral, pursuant to any Pari Security Document or by the exercise of any rights available
to it under applicable law or in any Insolvency Proceeding or through any other exercise of remedies (including pursuant to any
intercreditor agreement, including, for the avoidance of doubt, the ABL Intercreditor Agreement), at any time prior to the Discharge
of each of the Pari Obligations, then it shall hold such Shared Collateral, Proceeds or payment in trust for the other Pari Secured
Parties and promptly transfer such Shared Collateral, Proceeds or payment, as the case may be, to the Controlling Collateral Agent,
to be distributed in accordance with the provisions of Section 2.01 hereof.

 

SECTION 2.05 Automatic Release of Liens;
Amendments to Pari Security Documents; Power of Attorney.

 

(a)               
If, at any time the Controlling Collateral Agent forecloses upon or otherwise exercises remedies against any Shared Collateral
resulting in a sale, transfer or disposition thereof, then (whether or not any Insolvency Proceeding is pending at the time) the
Liens in favor of each other Collateral Agent for the benefit of each Series of Pari Secured Parties upon such Shared Collateral
will automatically be released and discharged as and when, but only to the extent, such Liens of the Controlling Collateral Agent
on such Shared Collateral are released and discharged; provided that any Proceeds of any Shared Collateral realized therefrom
shall be allocated and applied pursuant to Section 2.01.

 

(b)               
Each Collateral Agent and Authorized Representative agrees to execute and deliver (at the sole cost and expense of the
Grantors) all such authorizations and other instruments as shall reasonably be requested by the Controlling Collateral Agent
to evidence and confirm any release of Shared Collateral provided for in this Section.

 

    -11-

     

    

 

(c)                Each Non-Controlling
Authorized Representative and each Collateral Agent that is not the Controlling Collateral Agent, for itself and on behalf of the
Pari Secured Parties of the Series for whom it is acting, hereby irrevocably appoints the Controlling Collateral Agent and any
officer or agent of the Controlling Collateral Agent, which appointment is coupled with an interest with full power of substitution,
as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Non-Controlling
Authorized Representative, Collateral Agent or Pari Secured Party, to take any and all appropriate action and to execute any and
all documents and instruments which may be necessary to accomplish the purposes of this Agreement, including the exercise of any
and all remedies under each Pari Security Document with respect to Shared Collateral and to evidence and confirm any release of
Shared Collateral provided for in this Section 2.05.

 

SECTION 2.06 Certain Agreements with Respect to
Bankruptcy or Insolvency Proceedings.

 

(a)               
This Agreement shall continue in full force and effect notwithstanding the commencement of any Insolvency Proceeding or
other proceeding under the Bankruptcy Code or any other Bankruptcy Law by or against Holdings, the Borrower or any of their respective
Subsidiaries. The parties hereto acknowledge that the provisions of this Agreement are intended to be and shall be enforceable
as contemplated by Section 510(a) of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law.

 

(b)               
If the Borrower and/or any other Grantor shall become subject to a case (a “Bankruptcy Case”) under the
Bankruptcy Law and shall, as debtor(s)-in-possession, move for approval of financing (the “DIP Financing”)
to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or any
equivalent provision of any other Bankruptcy Law or the use of cash collateral under Section 363 of the Bankruptcy Code or
any equivalent provision of any other Bankruptcy Law, each Pari Secured Party (other than any Controlling Secured Party or
the Authorized Representative of any Controlling Secured Party) agrees that it will raise no objection to any such financing
or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash
collateral that constitutes Shared Collateral, unless the Controlling Collateral Agent (in the case of any Collateral Agent
other than the Credit Agreement Collateral Agent, acting on the instructions of the Applicable Authorized Representative)
shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the
extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling
Secured Parties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Shared Collateral on the
same terms as the Liens of the Controlling Secured Parties (other than any Liens of any Pari Secured Parties constituting DIP
Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the
Liens on any such Shared Collateral granted to secure the Pari Obligations of the Controlling Secured Parties, each
Non-Controlling Secured Party will confirm the priorities with respect to such Shared Collateral as set forth herein), in
each case so long as (A) the Pari Secured Parties of each Series retain the benefit of their Liens on all such Shared
Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the
same priority vis-à-vis all the other Pari Secured Parties (other than any Liens of the Pari Secured Parties
constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Pari Secured Parties
of each Series are granted Liens on any additional collateral pledged to any Pari Secured Parties as adequate protection or
otherwise in connection with such DIP Financing or use of cash collateral (in each case, except to the extent a Lien on
additional collateral is granted to one Series in consideration of Collateral of such Series that is not Shared Collateral
for a Series that does not receive a Lien on such additional collateral), with the same priority vis-à-vis the Pari
Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to
repay any of the Pari Obligations, such amount is applied pursuant to Section 2.01 (in each case, except to the extent
a payment is made to one Series in consideration of Collateral of such Series that is not Shared Collateral for a Series that
does not receive such payment), and (D) if any Pari Secured Parties are granted adequate protection, including in the form of
periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection
are applied pursuant to Section 2.01 (in each case, except to the extent such adequate protection is granted to one
Series in consideration of Collateral of such Series that is not Shared Collateral for a Series that does not receive such
adequate protection); provided that the Pari Secured Parties of each Series shall have a right to object to the grant
of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the Pari Secured Parties of such
Series or its Authorized Representative that shall not constitute Shared Collateral; and provided, further,
that the Pari Secured Parties receiving adequate protection shall not object to any other Pari Secured Party receiving
adequate protection comparable to any adequate protection granted to such Pari Secured Parties (other than as a provider of
DIP Financing) in connection with a DIP Financing or use of cash collateral.

 

    -12-

     

    

 

SECTION 2.07 Reinstatement.
In the event that any of the Pari Obligations shall be paid in full and such payment or any part thereof shall subsequently, for
whatever reason (including an order or judgment for disgorgement or avoidance of a preference under the Bankruptcy Code, or any
Bankruptcy Law or other similar law, or the settlement of any claim in respect thereof), be required to be returned or repaid,
the terms and conditions of this Article II shall be fully applicable thereto until all such Pari Obligations shall again have
been paid in full in cash.

 

SECTION 2.08 Insurance.
As between the Pari Secured Parties, the Controlling Collateral Agent shall have the right to adjust or settle any insurance policy
or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any
condemnation or similar proceeding affecting the Shared Collateral.

 

SECTION 2.09 Refinancings.
The Pari Obligations of any Series may be Refinanced, in whole or in part, in each case, without notice to, or the consent (except
to the extent a consent is otherwise required to permit the Refinancing transaction under any Secured Credit Document) of any Pari
Secured Party of any other Series, all without affecting the priorities provided for herein or the other provisions hereof; provided
that the Authorized Representative and Collateral Agent of the holders of any such Refinancing indebtedness shall have executed
a Joinder Agreement on behalf of the holders of such Refinancing indebtedness.

 

    -13-

     

    

 

SECTION 2.10 Possessory Collateral Agent as Gratuitous
Bailee/Agent for Perfection.

 

(a)
               Subject to the ABL Intercreditor
Agreement (if then in effect), Possessory Collateral shall be delivered to the Controlling Collateral Agent and the
Controlling Collateral Agent agrees to hold all Possessory Collateral that is in its possession or control (or in the
possession or control of its agents or bailees) as gratuitous bailee (such bailment being intended, among other things, to
satisfy the requirements of Sections 8-106, 8-301(a)(2) and 9-313(c) of the Uniform Commercial Code, to the extent
applicable) for the benefit of each other Pari Secured Party for which such Possessory Collateral is Shared Collateral and
any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any,
pursuant to the applicable Pari Security Documents, in each case, subject to the terms and conditions of this Section
2.10. Solely with respect to any Deposit Accounts constituting Shared Collateral under the control of any Collateral
Agent (within the meaning of 9-104 of the Uniform Commercial Code), each such Collateral Agent agrees to also hold over such
Deposit Accounts as gratuitous agent for each other Pari Secured Party for which such Deposit Account is Shared Collateral
and any assignee for the purpose of perfecting the security interest in such Deposit Accounts, subject to the terms and
conditions of this Section 2.10. Each Additional Pari Collateral Agent hereby appoints (or, by execution of a joinder
agreement pursuant to Section 5.12, shall be deemed to have appointed) the Controlling Collateral Agent as non-fiduciary
agent for purposes of perfecting the security interest in the Deposit Accounts and the Controlling Collateral Agent hereby
accepts any such appointment and hereby agrees to act as non-fiduciary agent for purposes of perfecting the Deposit Accounts.
In furtherance of the foregoing, the Grantors hereby grant a security interest in such Deposit Accounts (i) to the Initial
Additional Pari Collateral Agent for the benefit of the Credit Agreement Secured Parties and each other Additional Pari
Secured Party, if any, (ii) to the Credit Agreement Collateral Agent for the benefit of the Initial Additional Pari Secured
Parties and each other Additional Pari Secured Party and (iii) to each Additional Senior Class Debt Collateral Agent, if any,
for the benefit of the Credit Agreement Secured Parties, the Initial Additional Pari Secured Parties and each other
Additional Pari Secured Party, if any. At any time a Collateral Agent ceases to be Controlling Collateral Agent with respect
to any Possessory Collateral, such former Controlling Collateral Agent shall, at the request of the new Controlling
Collateral Agent and at the cost and expense of Borrower, promptly deliver all such Possessory Collateral to such new
Controlling Collateral Agent together with any necessary endorsements (or otherwise allow such new Controlling Collateral
Agent to obtain control of such Possessory Collateral). In the event that the Discharge of Credit Agreement Obligations
occurs and (x) the applicable Grantor shall not have delivered control agreements or other third-party documents in respect
of any Deposit Accounts required to be pledged in accordance with the terms of the Additional Pari Security Documents or any
other security documents relating to any Additional Senior Class Debt and (y) the Credit Agreement Collateral Agent or any
applicable agent or representative with respect to any other Additional Pari Obligations or Additional Senior Class Debt
shall be a party to any control agreements or other third-party agreements with respect to such Deposit Account, such agent
or representative shall act as gratuitous bailee for the benefit of the then Controlling Collateral Agent and the holders of
the Additional Pari Obligations or Additional Senior Class Debt, as the case may be, with respect to such control agreements
or third-party documents until such time as such Grantor shall have delivered control agreements or other third-party
documents to which the Credit Agreement Collateral Agent or such agent or representative is a party for the benefit of the
holders of the Additional Pari Obligations or Additional Senior Class Debt. The Borrower shall take such further action as is
reasonably requested to effectuate the transfer contemplated hereby and shall indemnify each Collateral Agent for loss or
damage suffered by such Collateral Agent as a result of such transfer except for loss or damage suffered by such Collateral
Agent as a result of its own gross negligence, bad faith or willful misconduct as determined by a final non-appealable
judgment of a court of competent jurisdiction.

 

 

(b)               
Subject to the ABL Intercreditor Agreement (if then in effect), the Controlling Collateral Agent agrees to hold any Shared
Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee (such bailment being intended,
among other things, to satisfy the requirements of Sections 8-106, 8-301(a)(2) and 9-313(c) of the Uniform Commercial Code, to
the extent applicable) for the benefit of each other Pari Secured Party and any assignee, solely for the purpose of perfecting
the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Pari Security Documents, in each
case, subject to the terms and conditions of this Section 2.10.

 

(c)               
The duties or responsibilities of each Collateral Agent under this Section 2.10 shall be limited solely to holding
any Shared Collateral constituting Possessory Collateral as gratuitous bailee or constituting Deposit Accounts as gratuitous agent
(such bailment or agency being intended, among other things, to satisfy the requirements of Section 8-106, 8-301(a)(2), 9-313(c)
and 9-104 of the Uniform Commercial Code, to the extent applicable) for the benefit of each other Pari Secured Party for purposes
of perfecting the Lien held by such Pari Secured Parties thereon.

 

SECTION 2.11 Amendments to Security Documents.

 

(a)               
Without the prior written consent of the Credit Agreement Collateral Agent, each Additional Pari Secured Party agrees that no
Additional Pari Security Document may be amended, restated, amended and restated, supplemented or otherwise modified or
entered into to the extent such amendment, restatement, amendment and restatement, supplement or modification, or the terms
of any new Additional Pari Security Document would contravene any of the terms of this Agreement.

 

    -14-

     

    

 

 

(b)               
Without the prior written consent of the Additional Pari Collateral Agents, the Credit Agreement Collateral Agent agrees
that no Credit Agreement Collateral Document may be amended, restated, amended and restated, supplemented or otherwise modified
or entered into to the extent such amendment, restatement, amendment and restatement, supplement or modification, or the terms
of any new Credit Agreement Collateral Document would contravene any of the terms of this Agreement.

 

(c)               
In making determinations required by this Section 2.11, each Collateral Agent may conclusively rely on a certificate
of an Officer of the Borrower confirming compliance with this Section 2.11.

 

ARTICLE III

 

Existence and Amounts of Liens and Obligations

 

SECTION 3.01 Determinations
with Respect to Amounts of Liens and Obligations. Whenever a Collateral Agent or any Authorized Representative shall be required,
in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount
of any Pari Obligations of any Series, or the Shared Collateral subject to any Lien securing the Pari Obligations of any Series,
it may request that such information be furnished to it in writing by each other Authorized Representative or Collateral Agent
and shall be entitled to make such determination or not make any determination on the basis of the information so furnished; provided,
however, that if an Authorized Representative or a Collateral Agent shall fail or refuse reasonably promptly to provide
the requested information, the requesting Collateral Agent or Authorized Representative shall be entitled to make any such determination
by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the
Borrower. Each Collateral Agent and each Authorized Representative may rely conclusively, and shall be fully protected in so relying,
on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court
of competent jurisdiction) and shall have no liability to any Grantor, any Pari Secured Party or any other Person as a result of
such determination.

 

ARTICLE IV

 

The Controlling Collateral Agent

 

SECTION 4.01 Authority.

 

(a)               
Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose any fiduciary or other
duty on any Controlling Collateral Agent to any Non-Controlling Secured Party or give any Non-Controlling Secured Party the right
to direct any Controlling Collateral Agent, except that each Controlling Collateral Agent shall be obligated to distribute Proceeds
of any Shared Collateral in accordance with Section 2.01 hereof.

 

(b)               
In furtherance of the foregoing, each Non-Controlling Secured Party acknowledges and agrees that the Controlling Collateral
Agent shall be entitled, for the benefit of the Pari Secured Parties, to sell, transfer or otherwise dispose of or deal with
any Shared Collateral as provided herein and in the Pari Security Documents, as applicable, pursuant to which the Controlling
Collateral Agent is the collateral agent for such Shared Collateral, without regard to any rights to which the
Non-Controlling Secured Parties would otherwise be entitled as a result of the Pari Obligations held by such Non-Controlling
Secured Parties. Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Controlling
Collateral Agent, the Applicable Authorized Representative or any other Pari Secured Party shall have any duty or obligation
first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the Pari
Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other
Collateral securing any Pari Obligations), in any manner that would maximize the return to the Non-Controlling Secured
Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the
amount of Proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or
liquidation. Each of the Pari Secured Parties waives any claim it may now or hereafter have against any Collateral Agent or
the Authorized Representative of any other Series of Pari Obligations or any other Pari Secured Party of any other Series
arising out of (i) any actions in accordance with this Agreement which any Collateral Agent, Authorized Representative or the
Pari Secured Parties take or omit to take (including, actions with respect to the creation, perfection or continuation of
Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to
realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Pari
Obligations from any account debtor, guarantor or any other party) in accordance with the Pari Security Documents or any
other agreement related thereto or to the collection of the Pari Obligations or the valuation, use, protection or release of
any security for the Pari Obligations, (ii) any election in accordance with this Agreement by any Applicable Authorized
Representative or any holders of Pari Obligations, in any proceeding instituted under the Bankruptcy Code, of the application
of Section 1111(b) of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law or (iii) subject to Section
2.06, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the
Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, by the Borrower or any of its Subsidiaries, as
debtor-in-possession. Notwithstanding any other provision of this Agreement, the Controlling Collateral Agent shall not
accept any Shared Collateral in full or partial satisfaction of any Pari Obligations pursuant to Section 9-620 of the Uniform
Commercial Code of any jurisdiction, without the consent of each Authorized Representative representing holders of Pari
Obligations for whom such Collateral constitutes Shared Collateral.

 

    -15-

     

    

 

SECTION 4.01 Exculpatory
Provisions. The Controlling Collateral Agent shall not have any duties or obligations except those expressly set forth herein.
Without limiting the generality of the foregoing, the Controlling Collateral Agent:

 

(i) 
shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and
is continuing;

 

(ii) 
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby; provided that the Controlling Collateral Agent shall not be required to take any
action that, in its opinion or the opinion of its counsel, may expose the Controlling Collateral Agent to liability or that is
contrary to this Agreement or applicable law;

 

(iii) 
shall not, except as expressly set forth herein, have any duty to disclose, and shall not be liable for the failure to disclose,
any information relating to a Grantor or any of its Affiliates that is communicated to or obtained by the Person serving as the
Controlling Collateral Agent or any of its Affiliates in any capacity;

 

(iv)  
shall not be liable for any action taken or not taken by it (1) in the absence of its own gross negligence or willful
misconduct or (2) in reliance on a certificate of an Officer of the Borrower stating that such action is permitted by the
terms of this Agreement. The Controlling Collateral Agent shall be deemed not to have knowledge of any Event of Default under
any Series of Pari Obligations unless and until notice describing such Event Default and referencing applicable agreement is
given to the Controlling Collateral Agent;

 

    -16-

     

    

 

(v)  
shall not be responsible for or have any duty to ascertain or inquire into (1) any statement, warranty or representation
made in or in connection with this Agreement or any other Credit Agreement Collateral Documents, (2) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (3) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or
Event of Default, (4) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Agreement
Collateral Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported
to be created by the Credit Agreement Collateral Documents, (5) the value or the sufficiency of any Collateral for any Series of
Pari Obligations, or (6) the satisfaction of any condition set forth in any Secured Credit Document, other than to confirm receipt
of items expressly required to be delivered to the Controlling Collateral Agent; and

 

(vi)  
need not segregate money held hereunder from other funds except to the extent required by law. The Controlling Collateral
Agent shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing.

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.01 Notices.
All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile or email, as follows:

 

(a)       if
to the Borrower or any Grantor, to the Borrower, at its address at:

 

Michaels Stores, Inc.

8000 Bent Branch Drive

Irving,
Texas 75063

Attention: Jennifer Robinson

Email: robinsoj@michaels.com

 

with a copy to:

 

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Attention: Byung Choi

Telephone: (617) 951-7277

Facsimile:   (617)
235-0452

Email:          Byung.Choi@ropesgray.com

 

    -17-

     

    

 

(b)       if
to the Credit Agreement Collateral Agent or the Administrative Agent, to it at:

 

JPMorgan Chase Bank, N.A.

JPM Loan & Agency Services

10 S. Dearborn Street

Chicago, IL 60603

Attention: Pastell Jenkins

Email: Pastell.Jenkins@jpmorgan.com

 

(c) if to the Initial Additional
Authorized Representative or the Initial Additional Pari Collateral Agent, to it at:

 

U.S. Bank National Association

Corporate Trust
Services

13737 Noel Road, Suite 800

Dallas, Texas 75240

Facsimile: (972) 581-1670 Attention: Michael K. Herberger

Email:
michael.herberger@usbank.com

 

(d) if to any other Authorized
Representative or Collateral Agent, to it at the address set forth in the applicable Joinder Agreement.

 

Any party hereto may change its address,
email address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices
and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have
been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered
by hand or overnight courier service or sent by facsimile or email or on the date three Business Days after dispatch by certified
or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section
5.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 5.01.
As agreed to in writing among each Collateral Agent and each Authorized Representative from time to time, notices and other communications
may also be delivered by e-mail to the e-mail address of a representative of the applicable Person provided from time to time by
such Person.

 

SECTION 5.02 Waivers; Amendment; Joinder Agreements.

 

(a)               
No failure or delay on the part of any party hereto in exercising any right, remedy, privilege or power hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, privilege or power, or any abandonment
or discontinuance of steps to enforce such a right, remedy, privilege or power, preclude any other or further exercise thereof
or the exercise of any other right, remedy, privilege or power. The rights, powers, privileges and remedies of the parties hereto
are cumulative and are not exclusive of any rights, powers, privileges or remedies that they would otherwise have. No waiver of
any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same
shall be permitted by Section 5.02(b), and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other
or further notice or demand in similar or other circumstances.

 

(b)               
Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified (other than pursuant to any
Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Authorized Representative, each
Collateral Agent and the Grantors.

 

    -1-

     

    

 

(c)               
Notwithstanding the foregoing, without the consent of any Pari Secured Party, any Authorized Representative may become a
party hereto by execution and delivery of a Joinder Agreement in accordance with Section 5.12 and upon such execution and
delivery, such Authorized Representative and the Additional Pari Secured Parties and Additional Pari Obligations of the Series
for which such Authorized Representative is acting shall be subject to the terms hereof.

 

(d)               
Notwithstanding the foregoing, in connection with any Refinancing of Pari Obligations of any Series, or the incurrence of Additional
Pari Obligations of any Series, the Collateral Agents and the Authorized Representatives then party hereto shall enter (and are
hereby authorized to enter without the consent of any other Pari Secured Party or any Grantor), at the request of any Collateral
Agent, any Authorized Representative or the Borrower, into such amendments or modifications of this Agreement as are reasonably
necessary to reflect such Refinancing or such incurrence and are reasonably satisfactory to each such Collateral Agent and each
such Authorized Representative, provided that any Collateral Agent or Authorized Representative may condition its execution
and delivery of any such amendment or modification on a receipt of a certificate from an Officer of the Borrower to the effect
that such Refinancing or incurrence and such amendment are permitted by the then existing Secured Credit Documents.

 

SECTION 5.03 Parties
in Interest. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and
their respective successors and permitted assigns and shall inure to the benefit of and bind each of the Pari Secured Parties.
Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional,
to pay the Pari Obligations as and when the same shall become due and payable in accordance with their terms.

 

SECTION 5.04 Survival
of Agreement. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered
to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.

 

SECTION 5.05 Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts
(including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. An Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic
means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed
counterpart of this Agreement. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Agreement shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Collateral Agents
to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved
by it; provided, further, without limiting the foregoing, (i) to the extent any Collateral Agent has agreed to
accept any Electronic Signature, the Collateral Agents shall be entitled to rely on such Electronic Signature purportedly
given by or on behalf of any other party hereto without further verification thereof and without any obligation to review the
appearance or form of any such Electronic Signature and (ii) upon the request of any Collateral Agent, any Electronic
Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing,
the Grantors hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout,
restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Collateral Agents, Electronic
Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page and/or any electronic images of this Agreement shall have the same legal effect, validity and enforceability
as any paper original, (ii) each Collateral Agent may, at its option, create one or more copies of this Agreement in the form
of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s
business, and destroy the original paper document (and all such electronic records shall be considered an original for all
purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument,
defense or right to contest the legal effect, validity or enforceability of this Agreement based solely on the lack of paper
original copies of this Agreement including with respect to any signature pages thereto and (iv) waives any claim against any
Collateral Agent’s Affiliates and the respective directors, officers, employees, agents and advisors of such Collateral
Agent for any losses, claims (including intraparty claims), demands, damages or liabilities of any kind arising solely from
such Collateral Agent’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or
any other electronic means that reproduces an image of an actual executed signature page, including any losses, claims
(including intraparty claims), demands, damages or liabilities of any kind arising as a result of the failure of the Grantors
to use any available security measures in connection with the execution, delivery or transmission of any Electronic
Signature. All notices, approvals, consents, requests and any communications hereunder must be in writing in accordance with
Section 5.01 (provided that any communication sent to any Collateral Agent hereunder must be in the form of a document
that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as
specified in writing to such Collateral Agent by the applicable authorized representative), in English. The Company and the
other Grantors agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit
communications to any Collateral Agent, including without limitation the risk of such Collateral Agent acting on unauthorized
instructions, and the risk of interception and misuse by third parties.

 

    -2-

     

    

 

SECTION 5.06 Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

SECTION 5.07 GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 5.08 Submission
to Jurisdiction Waivers; Consent to Service of Process. Each Collateral Agent and each Authorized Representative, on behalf
of itself and the Pari Secured Parties of the Series for whom it is acting, irrevocably and unconditionally:

 

(a)               
submits for itself and its property in any legal action or proceeding relating to this Agreement to which it is a party
to the exclusive jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District
of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

 

(b)               
consents that any such action or proceeding may be brought in such courts and waives (to the extent permitted by applicable
law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such
action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any
such action or proceeding in any other courts;

 

(c)               
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth in Section
5.01;

 

    -3-

     

    

 

(d)               
agrees that nothing herein shall affect the right of any other party hereto (or any Secured Party) to effect service of
process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against Holdings or the Borrower
or any other Grantor in any other jurisdiction; and

 

(e)               
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 5.08 any special, exemplary, punitive or consequential damages.

 

SECTION 5.09 WAIVER
OF JURY TRIAL. EACH PARTY HERETO WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING
UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM
WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS SECTION 5.09 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR
RIGHT TO TRIAL BY JURY.

 

SECTION 5.10 Headings.
Article, Section and Annex headings used herein are included for convenience of reference only and shall not affect the interpretation
of this Agreement.

 

SECTION 5.11 Conflicts.
In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the Pari Security
Documents or any of the other Secured Credit Documents (other than the ABL Intercreditor Agreement), the provisions of this Agreement
shall control.

 

SECTION 5.12 Additional
Senior Debt. To the extent, but only to the extent, permitted by the provisions of the Credit Agreement and the Additional
Pari Documents, the Borrower may incur additional indebtedness after the date hereof that is permitted by the Credit Agreement
and the Additional Pari Documents to be incurred and secured on an equal and ratable basis by the Liens securing the Pari Obligations
(such indebtedness referred to as “Additional Senior Class Debt”). Any such Additional Senior Class Debt, together
with obligations relating thereto, may be secured by such Liens if and subject to the condition that the trustee, administrative
agent or similar representative for the holders of such Additional Senior Class Debt (each, an “Additional Senior Class
Debt Representative”), and the collateral agent, collateral trustee or similar representative for the holders of such
Additional Senior Class Debt (each, an “Additional Senior Class Debt Collateral Agent” and, together with the
holders of such Additional Senior Class Debt and the related Additional Senior Class Debt Representative, the “Additional
Senior Class Debt Parties”), in each case acting on behalf of the holders of such Additional Senior Class Debt, become
a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iv) of the immediately succeeding paragraph
and by becoming a party to the ABL Intercreditor Agreement (if then in effect) and/or any Junior Lien Intercreditor Agreement (if
then in effect), in each case in accordance with the terms thereof.

 

In order, with respect
to any Additional Senior Class Debt, for an Additional Senior Class Debt Representative and the related Additional Senior Class
Debt Collateral Agent to become a party to this Agreement,

 

    -4-

     

    

 

(i)                 
such Additional Senior Class Debt Representative and Additional Senior Class Debt Collateral Agent, each Collateral Agent, each
Authorized Representative and each Grantor shall have executed and delivered an instrument substantially in the form of Annex
II (with such changes as may be reasonably approved by such Authorized Representatives and such Additional Senior Class Debt
Representative) pursuant to which such Additional Senior Class Debt Representative becomes an “Authorized Representative”
hereunder, such Additional Senior Class Debt Collateral Agent becomes a “Collateral Agent” hereunder and such Additional
Senior Class Debt and the related Additional Senior Class Debt Parties become subject hereto and bound hereby;

 

(ii)              
the Borrower shall have (x) delivered to each Authorized Representative true and complete copies of each of the Additional
Pari Documents relating to such Additional Senior Class Debt, certified as being true and correct by an Officer of the Borrower
and (y) identified in a certificate of an Authorized Officer of the Borrower such Additional Senior Class Debt, stating the initial
aggregate principal amount or face amount thereof, and the obligations to be designated as Additional Pari Obligations and certified
that such obligations are permitted to be incurred and secured on a pari passu basis with the then-extant Pari Obligations and
by the terms of the then-extant Secured Credit Documents;

 

(iii)            
all filings, recordations and/or amendments or supplements to the Pari Security Documents necessary or desirable in the
reasonable judgment of such Additional Senior Class Debt Representative to confirm and perfect the Liens securing the relevant
obligations relating to such Additional Senior Class Debt shall have been made, executed and/or delivered (or, with respect to
any such filings or recordations, acceptable provisions to perform such filings or recordations shall have been taken in the reasonable
judgment of such Additional Senior Class Debt Representative), and all fees and taxes in connection therewith shall have been paid
(or acceptable provisions to make such payments have been taken in the reasonable judgment of such Additional Senior Class Debt
Representative); and

 

(iv)             
the Additional Pari Documents, as applicable, relating to such Additional Senior Class Debt shall provide, in a manner reasonably
satisfactory to each Collateral Agent, that each Additional Senior Class Debt Party with respect to such Additional Senior Class
Debt will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Additional Senior Class
Debt.

 

SECTION 5.13 Agent
Capacities. Except as expressly provided herein or in the Credit Agreement Collateral Documents, JPMorgan Chase Bank,
N.A. is acting in the capacities of Administrative Agent and Credit Agreement Collateral Agent solely for the Credit
Agreement Secured Parties. Except as expressly provided herein or in the Additional Pari Security Documents, U.S. Bank
National Association is acting in the capacity of Initial Additional Pari Collateral Agent and Initial Additional Authorized
Representative solely for the Initial Additional Pari Secured Parties and not individually. Except as expressly set forth
herein, none of the Administrative Agent, the Credit Agreement Collateral Agent, the Initial Additional Authorized
Representative or the Initial Additional Pari Collateral Agent shall have any duties or obligations in respect of any of the
Collateral, all of such duties and obligations, if any, being subject to and governed by the applicable Secured Credit
Documents. The Administrative Agent and the Credit Agreement Collateral Agent shall have no liability for any actions in any
role under this Agreement to anyone other than the Credit Agreement Secured Parties and only then in accordance with the
Credit Agreement Collateral Documents. The Initial Additional Pari Collateral Agent and the Initial Additional Pari
Authorized Representative shall have no liability for any actions in any role under this Agreement to anyone other than the
Initial Additional Pari Secured Parties and only then in accordance with the Initial Additional Pari Agreement. In acting
under this Agreement, the Initial Additional Pari Collateral Agent and the Initial Additional Pari Authorized Representative
shall be entitled to all of the rights, privileges, immunities and indemnities granted to them in the Initial Additional Pari
Agreement.

 

    -5-

     

    

 

SECTION 5.14 Additional
Grantors. In the event any Subsidiary of a Grantor shall have granted a Lien on any of its assets to secure any Pari Obligations,
such Grantor shall cause such Subsidiary, if not already a party hereto, to become a party hereto as a “Grantor”. Upon
the execution and delivery by any Subsidiary of a Grantor of a Grantor Joinder Agreement in substantially the form of Annex
III hereof, any such Subsidiary shall become a party hereto and a Grantor hereunder with the same force and effect as if originally
named as such herein. The execution and delivery of any such instrument shall not require the consent of any other party hereto
(except to the extent obtained on or prior to such date). The rights and obligations of each party hereto shall remain in full
force and effect notwithstanding the addition of any new Grantor as a party to this Agreement.

 

SECTION 5.15 Integration.
This Agreement together with the other Secured Credit Documents and the Pari Security Documents represents the agreement of each
of the Grantors and the Pari Secured Parties with respect to the subject matter hereof and there are no promises, undertakings,
representations or warranties by any Grantor, the Credit Agreement Collateral Agent, or any other Pari Secured Party relative to
the subject matter hereof not expressly set forth or referred to herein or in the other Secured Credit Documents or the Pari Security
Documents.

 

    -6-

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 

 	JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and as Credit Agreement Collateral Agent
	 	 
	 	By:	                          
	 	 	Name:
	 	 	Title:
	 	 
	 

 	U.S. BANK NATIONAL ASSOCIATION,
in its capacity as collateral agent under the Initial Additional Pari Agreement as Initial Additional Pari Collateral Agent
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
    in its capacity as trustee under the Initial Additional Pari Agreement and as Initial Additional Authorized Representative
	 	 
	 	By:   	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

IN WITNESS
WHEREOF, we have hereunto signed this Pari Intercreditor Agreement as of the date first written above.

 

	 	MICHAELS STORES, INC.
	 	 
	 	By:   	                                 
	 	 	Name:
	 	 	Title:
	 	 
	 	MICHAELS STORES PROCUREMENT COMPANY, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	ARTISTREE, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	LAMRITE WEST, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	MICHAELS FUNDING, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	MICHAELS STORES CARD SERVICES, LLC, as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	MICHAELS FINANCE COMPANY, INC., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	DARICE, INC., as Guarantor
	 	 
	 	By:   	                                   
	 	 	Name:
	 	 	Title:
	 	 
	 	DARICE IMPORTS, INC., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

ANNEX I

 

Grantors

 

Michaels Stores, Inc.

Michaels Stores Procurement Company, Inc.

Artistree, Inc.

LAMRITE WEST, INC.

Michaels Funding, Inc.

Michaels Stores Card Services, LLC

Michaels Finance Company, Inc.

DARICE, INC.

Darice Imports, Inc.

 

    ANNEX I-1

     

    

 

ANNEX II

 

[FORM
OF] JOINDER NO. [__] dated as of [__], 20[__] (this “Joinder Agreement”) to the PARI PASSU INTERCREDITOR AGREEMENT
dated as of October 1, 2020 (the “Pari Intercreditor Agreement”), among MICHAELS FUNDING, INC., a Delaware
corporation (“Holdings”), MICHAELS STORES, INC., a Delaware corporation (the “Company”),
certain subsidiaries and affiliates of the Company (each, a “Grantor”), JPMORGAN CHASE BANK, N.A., as Credit
Agreement Collateral Agent for the Credit Agreement Secured Parties under the Pari Security Documents (in such capacity, the “Credit
Agreement Collateral Agent”), JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Credit Agreement Secured Parties
(in such capacity, the “Administrative Agent”), U.S. BANK NATIONAL ASSOCIATION, as Initial Additional Authorized
Representative and Initial Additional Pari Collateral Agent, and the additional Authorized Representatives and Collateral Agents
from time to time a party thereto.1

 

A.                
Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Pari
Intercreditor Agreement. Section 1.02 contained in the Pari Intercreditor Agreement is incorporated herein, mutatis mutandis,
as if a part hereof.

 

B.                 
As a condition to the ability of the Borrower to incur Additional Pari Obligations and to secure such Additional Senior
Class Debt with the liens and security interests created by the Additional Pari Security Documents, the Additional Senior Class
Debt Representative in respect of such Additional Senior Class Debt is required to become an Authorized Representative, the Additional
Senior Class Debt Collateral Agent in respect of such Additional Senior Class Debt is required to become a Collateral Agent, and
such Additional Senior Class Debt and the Additional Senior Class Debt Parties in respect thereof are required to become subject
to and bound by, the Pari Intercreditor Agreement. Section 5.12 of the Pari Intercreditor Agreement provides that such Additional
Senior Class Debt Representative may become an Authorized Representative, such Additional Senior Class Debt Collateral Agent may
become a Collateral Agent, and such Additional Senior Class Debt and such Additional Senior Class Debt Parties may become subject
to and bound by the Pari Intercreditor Agreement upon the execution and delivery by the Additional Senior Debt Class Representative
and the Additional Senior Debt Class Collateral Agent of an instrument in the form of this Joinder Agreement and the satisfaction
of the other conditions set forth in Section 5.12 of the Pari Intercreditor Agreement. The undersigned Additional Senior Class
Debt Representative (the “New Representative”) and Additional Senior Class Debt Collateral Agent (the “New
Collateral Agent”) are executing this Joinder Agreement in accordance with the requirements of the Pari Intercreditor
Agreement and the Pari Security Documents and shall have, substantially contemporaneously herewith, joined the ABL Intercreditor
Agreement (if then in effect) and/or any Junior Lien Intercreditor Agreement (if then in effect), in each case in accordance with
the terms thereof.

 

Accordingly, each Collateral
Agent, each Authorized Representative, the New Representative and the New Collateral Agent agree as follows:

 

SECTION 1. In accordance
with Section 5.12 of the Pari Intercreditor Agreement, the New Representative by its signature below becomes an Authorized Representative
under, the New Collateral Agent by its signature below becomes a Collateral Agent under, and the related Additional Senior Class
Debt and Additional Senior Class Debt Parties become subject to and bound by, the Pari Intercreditor Agreement with the same force
and effect as if the New Representative had originally been named therein as an Authorized Representative and the
New Collateral Agent had originally been named therein as a Collateral Agent, and each of the New Representative and the New Collateral
Agent, on its behalf and on behalf of such Additional Senior Class Debt Parties represented by it, hereby agrees to all the terms
and provisions of the Pari Intercreditor Agreement applicable to it as Authorized Representative or Collateral Agent, as applicable,
and to the Additional Senior Class Debt Parties that it represents as Additional Pari Secured Parties. Each reference to an “Authorized
Representative” in the Pari Intercreditor Agreement shall be deemed to include the New Representative. Each reference
to a “Collateral Agent” in the Pari Intercreditor Agreement shall be deemed to include the New Collateral Agent.
The Pari Intercreditor Agreement is hereby incorporated herein by reference.

 

 

 

	1	In the event of the Refinancing of the Credit Agreement Obligations, revise
to reflect joinder by a new Credit Agreement Collateral Agent

 

    ANNEX II-1

     

    

 

SECTION 2. Each of
the New Representative and the New Collateral Agent represents and warrants to each Collateral Agent, each Authorized Representative
and the other Pari Secured Parties, individually, that (i) it has full power and authority to enter into this Joinder Agreement,
in its capacity as [trustee/administrative agent/collateral agent] under [describe new facility], (ii) this Joinder Agreement has
been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against
it in accordance with its terms and, (iii) the Additional Pari Documents relating to such Additional Senior Class Debt provide
that, upon its entry into this Joinder Agreement, the Additional Senior Class Debt Parties in respect of such Additional Senior
Class Debt will be subject to and bound by the provisions of the Pari Intercreditor Agreement as Additional Pari Secured Parties.

 

SECTION 3. This Joinder
Agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Joinder Agreement shall become effective when each Collateral Agent shall have received a counterpart
of this Joinder Agreement that bears the signatures of the New Representative and the New Collateral Agent. Section 5.05 of the
Pari Intercreditor Agreement is hereby incorporated by reference into this Joinder Agreement and shall apply to this Joinder Amendment,
mutatis mutandis.

 

SECTION 4. Except as
expressly supplemented hereby, the Pari Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5. THIS JOINDER
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 6. In case
any one or more of the provisions contained in this Joinder Agreement should be held invalid, illegal or unenforceable in any respect,
no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or
unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Pari Intercreditor
Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7. All communications
and notices hereunder shall be in writing and given as provided in Section 5.01 of the Pari Intercreditor Agreement. All communications
and notices hereunder to the New Representative or the New Collateral Agent shall be given to it at its address set forth below
its signature hereto.

 

SECTION 8. Holdings
and the Borrower agree to reimburse each Collateral Agent and each Authorized Representative for its reasonable fees and reasonable
documented out-of-pocket expenses in connection with this Joinder Agreement, including the reasonable documented fees, other charges
and disbursements of counsel to the extent reimbursable under the Secured Credit Documents of the applicable Series.

 

[Remainder of this page intentionally left blank –
signature pages follow]

 

    ANNEX II-2

     

    

 

 

IN WITNESS WHEREOF, the New
Representative and New Collateral Agent has duly executed this Joinder Agreement to the Pari Intercreditor Agreement as of the
day and year first above written.

 	 	[NAME OF NEW REPRESENTATIVE], as
	 	New Representative,
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Address for notices:
	 	 
	 	 

	 	attention of: 	 
	 	Telecopy: 	 
	 	 
	 	[NAME OF NEW COLLATERAL AGENT], as
	 	New Collateral Agent,
	 	 
	 	 

	 	By:	   
	 	 	Name:
	 	 	Title:
	 	 
	 	Address for notices:
	 	 
	 	 

	 	attention of: 	 
	 	Telecopy: 	 
	 	 

 

     ANNEX II-3

     

    

 

Acknowledged by:

 

JPMORGAN CHASE BANK, N.A.,

as the Credit Agreement Collateral Agent and as Administrative
Agent

 

	 	By:	   	 
	 	 	Name:	 
	 	 	Title:	 

 

U.S. BANK NATIONAL ASSOCIATION,

as the Initial Additional Authorized Representative and the
Initial Additional Pari Collateral Agent

 

	 	By:	   	 
	 	 	Name:	 
	 	 	Title:	 

 

[OTHER AUTHORIZED REPRESENTATIVES]

 

MICHAELS FUNDING, INC.

 

	 	By:	   	 
	 	 	Name:	 
	 	 	Title:	 

 

MICHAELS STORES, INC.

 

	 	By:	   	 
	 	 	Name:	 
	 	 	Title:	 

 

[THE OTHER GRANTORS

LISTED ON SCHEDULE I HERETO]

 

	 	By:	   	 
	 	 	Name:	 
	 	 	Title:	 

 

     ANNEX II-4

     

    

 

Schedule I to the

Supplement to the

Pari Passu Intercreditor Agreement

 

Grantors

 

[__]

 

     Schedule I-1

     

    

 

ANNEX III

 

[FORM OF] GRANTOR JOINDER
AGREEMENT NO. [__] dated as of [__] (this “Joinder Agreement”) to the PARI PASSU INTERCREDITOR AGREEMENT dated
as of October 1, 2020 (the “Intercreditor Agreement”), among MICHAELS FUNDING, INC., a Delaware corporation
(“Holdings”), MICHAELS STORES, INC., a Delaware corporation (the “Company”), certain subsidiaries
and affiliates of the Company (each, a “Grantor”), JPMORGAN CHASE BANK, N.A., as Credit Agreement Collateral
Agent for the Credit Agreement Secured Parties under the Pari Security Documents (in such capacity, the “Credit Agreement
Collateral Agent”), JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Credit Agreement Secured Parties (in such
capacity, the “Administrative Agent”), U.S. BANK NATIONAL ASSOCIATION, as Initial Additional Authorized Representative
and Initial Additional Pari Collateral Agent, and the additional Authorized Representatives and Collateral Agents from time to
time a party thereto.

 

Capitalized terms used
herein but not otherwise defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement.

 

[__], a [__] [corporation]
[limited liability company] and [a Subsidiary][an Affiliate] of the Borrower (the “Additional Grantor”), has
granted a Lien on all or a portion of its assets to secure Pari Obligations and such Additional Grantor is not a party to the Intercreditor
Agreement.

 

The Additional Grantor
wishes to become a party to the Intercreditor Agreement and to acquire and undertake the rights and obligations of a Grantor thereunder.
The Additional Grantor is entering into this Joinder Agreement in accordance with the provisions of the Intercreditor Agreement
in order to become a Grantor thereunder.

 

Accordingly, the Additional
Grantor agrees as follows, for the benefit of the Collateral Agents, the Authorized Representatives and the Pari Secured Parties:

 

SECTION 1.01 Accession
to the Intercreditor Agreement. The Additional Grantor hereby (a) accedes and becomes a party to the Intercreditor Agreement
as a “Grantor”, (b) agrees to all the terms and provisions of the Intercreditor Agreement and (c) acknowledges and
agrees that the Additional Grantor shall have the rights and obligations specified under the Intercreditor Agreement with respect
to a “Grantor”, and shall be subject to and bound by the provisions of the Intercreditor Agreement.

 

SECTION 1.02 Representations
and Warranties of the Additional Grantor. The Additional Grantor represents and warrants to the Collateral Agents, the Authorized
Representatives and the Pari Secured Parties on the date hereof that this Joinder Agreement has been duly authorized, executed
and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

SECTION 1.03 Parties
in Interest. This Joinder Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns, as well as the other Pari Secured Parties, all of whom are intended to be bound by, and to be
third party beneficiaries of, this Agreement.

 

     ANNEX III-1

     

    

 

SECTION 1.04 Counterparts.
This Joinder 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. This Joinder
Agreement shall become effective when the Authorized Representatives shall have received a counterpart of this Joinder
Agreement that bears the signature of the Additional Grantor. Section 5.05 of the Pari Intercreditor Agreement is hereby
incorporated by reference into this Joinder Agreement and shall apply to this Joinder Amendment, mutatis mutandis.

 

SECTION 1.05 Governing
Law. THIS JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 1.06 Notices.
Any notice or other communications herein required or permitted shall be in writing and given as provided in Section 5.01 of the
Intercreditor Agreement.

 

SECTION 1.07 Expenses.
The Grantor agrees to pay promptly the Collateral Agents and each of the Authorized Representatives for its reasonable fees and
reasonable documented costs and expenses incurred in connection with this Joinder Agreement, including the reasonable documented
fees, expenses and disbursements of counsel for the Collateral Agents and any of the Authorized Representatives to the extent reimbursable
under Secured Credit Documents of the applicable Series.

 

SECTION 1.08 Incorporation
by Reference. The provisions of Sections 1.02, 5.04, 5.05, 5.06, 5.08, 5.09, 5.10 and 5.11 of the Intercreditor Agreement are
hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.

 

     ANNEX III-2

     

    

 

IN WITNESS WHEREOF, the Additional Grantor
has duly executed this Joinder Agreement to the Intercreditor Agreement as of the day and year first above written.

 

	 	[ADDITIONAL GRANTOR]
	 	 	 
	 	By:	   
	 	 	Name:
	 	 	Title:

 

     ANNEX III-3

     

    

 

ANNEX E

SCHEDULES 1.01E, 5.12, 6.07, 7.03 and
7.04 TO

THE AMENDED CREDIT AGREEMENT

 

[See attached]

 

     

     

    

 

Schedule 1.01E

Excluded Subsidiary

 

Michaels Urban Renewal LLC, a New Jersey limited liability company

 

     -1-

     

    

 

Schedule 5.12

Subsidiaries and Other Equity Investments

 

	 	 	 	 	 	 	#
    of Shares	 	 	Total
    Shares	 	 	%
    of	 
	Subsidiary	 	Jurisdiction	 	Owner	 	Owned	 	 	Outstanding	 	 	Interest	 
	Michaels
    Finance Company, Inc.	 	Delaware	 	Michaels
    Stores, Inc.	 	 	100	 	 	 	100	 	 	 	100	%
    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    Stores Card Services, LLC	 	Virginia	 	Michaels
    Stores, Inc.	 	 	100	 	 	 	100	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    Stores Procurement Company, Inc.	 	Delaware	 	Michaels
    Stores, Inc.	 	 	100	 	 	 	100	 	 	 	100	%
    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Artistree,
    Inc.	 	Delaware	 	Michaels
    Stores Procurement Company, Inc.	 	 	100	 	 	 	100	 	 	 	100	%
    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Artistree
    of Canada, ULC	 	Nova
    Scotia	 	Artistree,
    Inc.	 	 	350	 	 	 	350	 	 	 	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    Stores, Inc. Inc.	 	Delaware	 	Michaels
    Funding,	 	 	100	 	 	 	100	 	 	 	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    US Holdings 1, LLC	 	Delaware	 	Michaels
    Stores, Inc.	 	 	N/A	 	 	 	N/A	 	 	 	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    of Canada Holdings LP No. 1	 	Alberta
    	 	Michaels
    Stores, Inc. (LP) 	 	 	N/A
    	 	 	 	N/A
    	 	 	 	99.99	%
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	0.01	 
	 	 	 	 	Michaels
        US Holdings

        1,
        LLC (GP)
	 	 	 	 	 	 	 	 	 %
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LAMRITE
    WEST, INC.	 	Ohio	 	Michaels
    Stores, Inc.	 	 	100	 	 	 	100	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DARICE,
    INC.	 	Ohio	 	Michaels
    Stores, Inc.	 	 	100	 	 	 	100	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darice
    Imports, Inc. INC.	 	Ohio	 	LAMRITE
    WEST,	 	 	100	 	 	 	100	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 	Darice
    Holdings I	 	 	N/A	 	 	 		 	 	 	99	%
	Darice
    International Sourcing Group	 	China	 	 	 	 	 	 	 	 	N/A 	 	 	 	 	 
		 		 	Darice
    Holdings II	 	 	N/A	 	 	 			 	 	1	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darice
    Holdings Company Limited	 	Hong
    Kong	 	Darice
    International Sourcing Group	 	 	1	 	 	 	1	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darice
    Product Development, LLC	 	Delaware	 	Darice
    International Sourcing Group	 	 	N/A	 	 	 	N/A	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    Product Development, LLC	 	Delaware	 	Darice
    International Sourcing Group	 	 	N/A	 	 	 	N/A	 	 	 	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darice
    Global Sourcing 	 	Luxembourg	 	Darice
    International Sourcing Holdings	 	 	25,000	 	 	 	25,000	 	 	 	100	%
     

 

     -2-

     

    

 

	 	 	 	 	 	 	#
    of Shares	 	 	Total
    Shares	 	 	%
    of	 
	Subsidiary	 	Jurisdiction	 	Owner	 	Owned	 	 	Outstanding	 	 	Interest	 
	Darice
    Holdings I	 
     	Luxembourg	 
     	Darice
    International Sourcing Holdings	 
     	 
     	25,000	 
     	 
     	 
     	25,000	 
     	 
     	 
     	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darice
    Holdings II	 
     	Luxembourg	 
     	Darice
    International Sourcing Holdings	 
     	 
     	25,000	 
     	 
     	 
     	25,000	 
     	 
     	 
     	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 
       	 
       	 
       	Michaels
    of Canada Holdings LP No. 1 (LP)	 
       	 
       		 
       	 
       	 
       		 
       	 
       	 
       	99.99	%
     
	Michaels
    of Canada Holdings LP No. 2	 	Alberta	 	 	 	 	N/A	 	 	 	N/A	 	 	 	 	 
	 	 	 	 	Michaels
    US Holdings 2, LLC (GP)	 	 	 	 	 	 	 	 	 	 	0.01	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    of Luxembourg S.à.r.l.	 
     	Luxembourg	 
     	Michaels
    of Canada Holdings LP No. 2	 
     	 
     	25,000	 
     	 
     	 
     	25,000	 
     	 
     	 
     	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	2,000
                                         common	 	 	 	2,000	 	 	 	100	%
	Michaels
    of Canada,ULC	 	Nova
    Scotia	 	Michaels
    of Luxembourg S.à.r.l.	 	 		 	 	 	 	 	 	 	 	 
		 		 	 	 	 	4,000
                                         Class A preferred	 	 	 	4,000	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darice
    International Sourcing Holdings	 
     	Luxembourg	 
     	Michaels
    Stores, Inc.	 
     	 
     	25,000	 
     	 
     	 
     	25,000	 
     	 
     	 
     	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    US Holdings 2, LLC	 
     	Delaware	 
     	Michaels
    US Holdings 1, LLC	 
     	 
     	N/A	 
     	 
     	 
     	N/A	 
     	 
     	 
     	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Darice
    (Ningbo) Business Consulting Company Ltd. Co. Ltd.	 
         	China	 
         	Darice
    Holdings 400,000	 
         	 
         	 
         400,000	 
         	 
         	 
         	400,000	 
         	 
         	 
         	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    International Holdings, LLC	 
     	Delaware	 
     	Darice
    International Sourcing Holdings	 
     	 
     	N/A	 
     	 
     	 
     	N/A	 
     	 
     	 
     	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    Hong Kong Holdings Limited	 
     	Hong
    Kong	 
     	Michaels
    International Holdings, LLC	 
     	 
     	1	 
     	 
     	 
     	1	 
     	 
     	 
     	100	%
     
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Michaels
    Urban Renewal LLC	 
         	New
    Jersey       	 
         	Michaels
    Stores Procurement Company, Inc.	 
         	 
         	N/A	 
         	 
         	 
         	N/A	 
         	 
         	 
         	100	%
     

 

     -3-

     

    

 

Schedule 6.07

Insurance

 

See attached.

 

     -4-

     

    

 

Schedule 7.04

Existing Liens

 

See attached.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]