Document:

EXHIBIT 4.1

 

EXECUTION
VERSION

 

 

 

$100,000,000

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of March 23, 2022,

 

by and among

 

SHOE CARNIVAL, INC.,

as Borrower,

 

the Lenders referred to herein,

as Lenders,

 

and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

Swingline Lender and Issuing Lender

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Sole Lead Arranger and Sole Bookrunner

 

 

 

     

     

    

 

Table
of Contents

 

Page

 

	Article I
    Definitions		1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Other
    Definitions and Provisions	33
	Section 1.3	Accounting
    Terms	34
	Section 1.4	UCC
    Terms	34
	Section 1.5	Rounding	34
	Section 1.6	References
    to Agreement and Laws	34
	Section 1.7	Times
    of Day	35
	Section 1.8	Guarantees/Earn-Outs	35
	Section 1.9	Covenant
    Compliance Generally	35
	Section 1.10	[Reserved]	35
	Section 1.11	Rates	35
	Section 1.12	Divisions	36
	 	 	 
	Article II Revolving Credit Facility 	36
	 	 	 
	Section 2.1	Revolving
    Credit Loans	36
	Section 2.2	Swingline
    Loans	36
	Section 2.3	Procedure
    for Advances of Revolving Credit Loans and Swingline Loans	38
	Section 2.4	Repayment
    and Prepayment of Revolving Credit and Swingline Loans	39
	Section 2.5	Permanent
    Reduction of the Revolving Credit Commitment	40
	Section 2.6	Termination
    of Revolving Credit Facility	40
	 	 	 
	Article III Letter of Credit Facility 	40
	 	 	 
	Section 3.1	L/C
    Facility	41
	Section 3.2	Procedure
    for Issuance and Disbursement of Letters of Credit	42
	Section 3.3	Commissions
    and Other Charges	42
	Section 3.4	L/C
    Participations	43
	Section 3.5	Reimbursement	44
	Section 3.6	Obligations
    Absolute	45
	Section 3.7	Effect
    of Letter of Credit Documents	46
	Section 3.8	[Reserved]	46
	Section 3.9	Reporting
    of Letter of Credit Information and L/C Commitment	46
	Section 3.10	Letters
    of Credit Issued for Subsidiaries	47
	Section 3.11	Letter
    of Credit Amounts	47
	Section 3.12	[Reserved]	47
	 	 	 
	Article IV [RESERVED] 	47
	Article V General Loan Provisions 	47
	 	 	 
	Section 5.1	Interest	47
	Section 5.2	Notice
    and Manner of Conversion or Continuation of Loans	49
	Section 5.3	Fees	49
	Section 5.4	Manner
    of Payment	50
	Section 5.5	Evidence
    of Indebtedness	50

 

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Table
of Contents

(continued)

 

Page

 

	Section 5.6	Sharing
    of Payments by Lenders	51
	Section 5.7	Administrative
    Agent’s Clawback	51
	Section 5.8	Changed
    Circumstances	52
	Section 5.9	Indemnity	54
	Section 5.10	Increased
    Costs	55
	Section 5.11	Taxes	56
	Section 5.12	Mitigation
    Obligations; Replacement of Lenders	59
	Section 5.13	Incremental
    Increases	60
	Section 5.14	Cash
    Collateral	62
	Section 5.15	Defaulting
    Lenders	63
	 	 	 
	Article VI Conditions of Closing and Borrowing 	65
	 	 	 
	Section 6.1	Conditions
    to Closing and Initial Extensions of Credit	65
	Section 6.2	Conditions
    to All Extensions of Credit	68
	 	 	 
	Article VII Representations and Warranties of the Credit Parties 	69
	 	 	 
	Section 7.1	Organization;
    Power; Qualification	69
	Section 7.2	Ownership	70
	Section 7.3	Authorization;
    Enforceability	70
	Section 7.4	Compliance
    of Agreement, Loan Documents and Borrowing with Laws, Etc.	70
	Section 7.5	Compliance
    with Law; Governmental Approvals	70
	Section 7.6	Tax
    Returns and Payments	71
	Section 7.7	Intellectual
    Property Matters	71
	Section 7.8	Environmental
    Matters	71
	Section 7.9	Employee
    Benefit Matters	72
	Section 7.10	Margin
    Stock	73
	Section 7.11	Government
    Regulation	73
	Section 7.12	Material
    Contracts	73
	Section 7.13	Employee
    Relations	74
	Section 7.14	Financial
    Statements	74
	Section 7.15	No
    Material Adverse Change	74
	Section 7.16	Solvency	74
	Section 7.17	Title
    to Properties	74
	Section 7.18	Litigation	74
	Section 7.19	Anti-Corruption
    Laws; Anti-Money Laundering Laws and Sanctions	74
	Section 7.20	Absence
    of Defaults	75
	Section 7.21	Senior
    Indebtedness Status	75
	Section 7.22	Disclosure	75
	 	 	 
	Article VIII Affirmative Covenants 	76
	 	 	 
	Section 8.1	Financial
    Statements and Budgets	76
	Section 8.2	Certificates;
    Other Reports	77
	Section 8.3	Notice
    of Litigation and Other Matters	78
	Section 8.4	Preservation
    of Corporate Existence and Related Matters	79

 

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Table
of Contents

(continued)

 

Page

 

	Section 8.5	Maintenance
    of Property and Licenses	79
	Section 8.6	Insurance	80
	Section 8.7	Accounting
    Methods and Financial Records	80
	Section 8.8	Payment
    of Taxes and Other Obligations	80
	Section 8.9	Compliance
    with Laws and Approvals	80
	Section 8.10	Environmental
    Laws	80
	Section 8.11	Compliance
    with ERISA	81
	Section 8.12	Compliance
    with Material Contracts	81
	Section 8.13	Visits
    and Inspections	81
	Section 8.14	Additional
    Guarantors and Collateral	81
	Section 8.15	[Reserved]	82
	Section 8.16	Use
    of Proceeds	82
	Section 8.17	[Reserved]	83
	Section 8.18	Compliance
    with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions	83
	Section 8.19	[Reserved]	83
	Section 8.20	[Reserved]	83
	Section 8.21	Further
    Assurances	83
	Section 8.22	[Reserved]	83
	 	 	 
	Article IX Negative Covenants 	83
	 	 	 
	Section 9.1	Indebtedness	84
	Section 9.2	Liens	85
	Section 9.3	Investments	87
	Section 9.4	Fundamental
    Changes	88
	Section 9.5	Asset
    Dispositions	89
	Section 9.6	Restricted
    Payments	89
	Section 9.7	Transactions
    with Affiliates	90
	Section 9.8	Accounting
    Changes; Organizational Documents	90
	Section 9.9	Payments
    and Modifications of Junior Indebtedness	91
	Section 9.10	No
    Further Negative Pledges; Restrictive Agreements	91
	Section 9.11	Nature
    of Business	92
	Section 9.12	[Reserved]	92
	Section 9.13	Sale
    Leasebacks	92
	Section 9.14	[Reserved]	92
	Section 9.15	Financial
    Covenants	92
	Section 9.16	Disposal
    of Subsidiary Interests	93
	 	 	 
	Article X Default and Remedies 	93
	 	 	 
	Section 10.1	Events
    of Default	93
	Section 10.2	Remedies	95
	Section 10.3	Rights
    and Remedies Cumulative; Non-Waiver; Etc.	96
	Section 10.4	Crediting
    of Payments and Proceeds	96
	Section 10.5	Administrative
    Agent May File Proofs of Claim	97
	Section 10.6	Credit
    Bidding	97

 

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Table
of Contents

(continued)

 

Page

 

	Article XI The Administrative Agent 	98
	 	 	 
	Section 11.1	Appointment
    and Authority	98
	Section 11.2	Rights
    as a Lender	99
	Section 11.3	Exculpatory
    Provisions	99
	Section 11.4	Reliance
    by the Administrative Agent	100
	Section 11.5	Delegation
    of Duties	100
	Section 11.6	Resignation
    of Administrative Agent	101
	Section 11.7	Non-Reliance
    on Administrative Agent and Other Lenders	102
	Section 11.8	No
    Other Duties, Etc.	103
	Section 11.9	Collateral
    and Guaranty Matters	103
	Section 11.10	Secured
    Hedge Obligations and Secured Cash Management Obligations	104
	Section 11.11	Certain
    ERISA Matters	104
	Section 11.12	Erroneous
    Payments	105
	 	 	 
	Article XII Miscellaneous 	107
	 	 	 
	Section 12.1	Notices	107
	Section 12.2	Amendments,
    Waivers and Consents	109
	Section 12.3	Expenses;
    Indemnity	111
	Section 12.4	Right
    of Setoff	113
	Section 12.5	Governing
    Law; Jurisdiction, Etc.	114
	Section 12.6	Waiver
    of Jury Trial	114
	Section 12.7	Reversal
    of Payments	115
	Section 12.8	Injunctive
    Relief	115
	Section 12.9	Successors
    and Assigns; Participations	115
	Section 12.10	Treatment
    of Certain Information; Confidentiality	119
	Section 12.11	Performance
    of Duties	120
	Section 12.12	All
    Powers Coupled with Interest	120
	Section 12.13	Survival	120
	Section 12.14	Titles
    and Captions	120
	Section 12.15	Severability
    of Provisions	120
	Section 12.16	Counterparts;
    Integration; Effectiveness; Electronic Execution	120
	Section 12.17	Term
    of Agreement	121
	Section 12.18	USA
    PATRIOT Act; Anti-Money Laundering Laws	122
	Section 12.19	Independent
    Effect of Covenants	122
	Section 12.20	No
    Advisory or Fiduciary Responsibility	122
	Section 12.21	Amendment
    and Restatement; No Novation	123
	Section 12.22	Inconsistencies
    with Other Documents	123
	Section 12.23	Acknowledgement
    and Consent to Bail-In of Affected Financial Institutions	123
	Section 12.24	Acknowledgement
    Regarding Any Supported QFCs	124

 

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	EXHIBITS	 	 
	Exhibit A-1	-	Form of Revolving Credit Note
	Exhibit A-2	-	Form of Swingline Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Notice of Account Designation
	Exhibit D	-	Form of Notice of Prepayment
	Exhibit E	-	Form of Notice of Conversion/Continuation
	Exhibit F	-	Form of Compliance Certificate
	Exhibit G	-	Form of Assignment and Assumption
	Exhibit H-1	-	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
	Exhibit H-2	-	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants)
	Exhibit H-3	-	Form of U.S. Tax Compliance Certificate (Foreign Participant Partnerships)
	Exhibit H-4	-	Form of U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
	Exhibit I	-	Form of Joinder Agreement

 

	SCHEDULES	 	 
	Schedule 1.1	-	Commitments and Commitment Percentages
	Schedule 7.1	-	Jurisdictions of Organization and Qualification and Subsidiary Guarantors
	Schedule 7.2	-	Subsidiaries and Capitalization
	Schedule 7.9	-	ERISA Plans
	Schedule 7.13	-	Labor and Collective Bargaining Agreements
	Schedule 7.18	-	Litigation
	Schedule 9.1	-	Existing Indebtedness
	Schedule 9.2	-	Existing Liens
	Schedule 9.3	-	Existing Loans, Advances and Investments
	Schedule 9.7	-	Transactions with Affiliates

 

     v

     

    

 

 

CREDIT AGREEMENT, dated as
of March 23, 2022, by and among SHOE CARNIVAL, INC., an Indiana corporation, as Borrower, the lenders who are party to this
Agreement and the lenders who may become a party to this Agreement pursuant to the terms hereof, as Lenders, and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as Administrative Agent for the Lenders.

 

STATEMENT OF PURPOSE

 

WHEREAS, the Borrower, certain
financial institutions party thereto and Wells Fargo Bank, National Association, as administrative agent, are parties to that certain
Credit Agreement dated as of January 20, 2010 (as amended by that certain First Amendment to Credit Agreement dated as of April 10,
2013, as amended by that certain Second Amendment to Credit Agreement dated as of March 27, 2017, as amended by that certain Third
Amendment to Credit Agreement dated as of April 16, 2020, as amended by that certain Fourth Amendment to Credit Agreement dated as
of July 20, 2020, as amended by that certain Fifth Amendment to Credit Agreement dated as of November 30, 2021, and as the same
may have been further amended, modified, restated or supplemented immediately prior to the date hereof, the “Existing Credit
Agreement”). The Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Administrative
Agent and the Lenders have agreed, to amend and restate the Existing Credit Agreement pursuant to the terms hereof.

 

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

 

Article I

 

Definitions

 

Section 1.1     Definitions.
The following terms when used in this Agreement shall have the meanings assigned to them below:

 

“Acquired
EBIT” means, with respect to any Person or business acquired pursuant to an Acquisition for any period, the amount for such
period of Consolidated EBIT of any such Person or business so acquired (determined using such definitions as if references to the
Borrower and its Subsidiaries therein were to such Person or business), as calculated by the Borrower in good faith and which shall be
factually supported by historical financial statements; provided, that, notwithstanding the foregoing to the contrary, in determining
Acquired EBIT for any Person or business that does not have historical financial accounting periods which coincide with that of the financial
accounting periods of the Borrower and its Subsidiaries (a) references to Reference Period in any applicable definitions shall be
deemed to mean the same relevant period as the applicable period of determination for the Borrower and its Subsidiaries and (b) to
the extent the commencement of any such Reference Period shall occur during a fiscal quarter of such acquired Person or business (such
that only a portion of such fiscal quarter shall be included in such Reference Period), Acquired EBIT for the portion of such fiscal quarter
so included in such Reference Period shall be deemed to be an amount equal to (x) Acquired EBIT otherwise attributable to the entire
fiscal quarter (determined in a manner consistent with the terms set forth above) multiplied by (y) a fraction, the numerator of
which shall be the number of months of such fiscal quarter included in the relevant Reference Period and the denominator of which shall
be actual months in such fiscal quarter.

 

“Acquired
EBITDA” means, with respect to any Person or business acquired pursuant to an Acquisition for any period, the amount for such
period of Consolidated EBITDA of any such Person or business so acquired (determined using such definitions as if references to the
Borrower and its Subsidiaries therein were to such Person or business), as calculated by the Borrower in good faith and which shall be
factually supported by historical financial statements; provided, that, notwithstanding the foregoing to the contrary, in determining
Acquired EBITDA for any Person or business that does not have historical financial accounting periods which coincide with that of the
financial accounting periods of the Borrower and its Subsidiaries (a) references to Reference Period in any applicable definitions
shall be deemed to mean the same relevant period as the applicable period of determination for the Borrower and its Subsidiaries and (b) to
the extent the commencement of any such Reference Period shall occur during a fiscal quarter of such acquired Person or business (such
that only a portion of such fiscal quarter shall be included in such Reference Period), Acquired EBITDA for the portion of such fiscal
quarter so included in such Reference Period shall be deemed to be an amount equal to (x) Acquired EBITDA otherwise attributable
to the entire fiscal quarter (determined in a manner consistent with the terms set forth above) multiplied by (y) a fraction, the
numerator of which shall be the number of months of such fiscal quarter included in the relevant Reference Period and the denominator
of which shall be actual months in such fiscal quarter.

 

     

     

    

 

“Acquisition”
means any acquisition, or any series of related acquisitions, consummated on or after the First Restatement Effective Date, by which any
Credit Party or any of its Subsidiaries (a) acquires any business or all or substantially all of the assets of any Person, or business
unit, line of business or division thereof, whether through purchase of assets, exchange, issuance of stock or other equity or debt securities,
merger, reorganization, amalgamation, division or otherwise or (b) directly or indirectly acquires (in one transaction or as the
most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which
have ordinary voting power for the election of members of the board of directors or the equivalent governing body (other than securities
having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership
interests of a partnership or limited liability company.

 

“Adjusted Term SOFR”
means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the
Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term
SOFR shall be deemed to be the Floor.

 

“Administrative Agent”
means Wells Fargo, in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant to Section 11.6.

 

“Administrative Agent’s
Office” means the office of the Administrative Agent specified in or determined in accordance with the provisions of Section 12.1(c).

 

“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”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified.

 

“Agent Parties”
has the meaning assigned thereto in Section 12.1(e).

 

“Agreement”
means this Credit Agreement.

 

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

 

    2

     

    

 

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

 

“Applicable Law”
means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals,
interpretations and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators.

 

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

 
	Pricing 
 Level	 	Consolidated Total
 Leverage Ratio	 	Commitment Fee	 	 	Applicable
 Margin for SOFR
 Loans	 	 	Applicable
 Margin for Base
 Rate Loans	 
	I	 	Greater than 1.50 to 1.00	 	 	0.30	%	 	 	1.90	%	 	 	1.00	%
	II	 	Greater than or equal to 1.00 to 1.00, but less than or equal to 1.50 to 1.00	 	 	0.25	%	 	 	1.40	%	 	 	0.50	%
	III	 	Less than 1.00 to 1.00	 	 	0.20	%	 	 	0.90	%	 	 	0.00	%

 

The Applicable Margin shall be determined and
adjusted quarterly on the date on which the Borrower provides a Compliance Certificate pursuant to Section 8.2(a) for
the most recently completed fiscal quarter of the Borrower (each such date, a “Calculation Date”); provided
that (a) the Applicable Margin shall be based on Pricing Level III until the first Calculation Date occurring after the First Restatement
Effective Date and, thereafter the Pricing Level shall be determined by reference to the Consolidated Total Leverage Ratio as of the last
day of the most recently completed fiscal quarter of the Borrower preceding the applicable Calculation Date for the four fiscal quarters
then ending, and (b) if the Borrower fails to provide a Compliance Certificate when due as required by Section 8.2(a) for
the most recently completed fiscal quarter of the Borrower preceding the applicable Calculation Date, the Applicable Margin from the date
on which such Compliance Certificate was required to have been delivered shall be based on Pricing Level I until such time as such Compliance
Certificate is delivered, at which time the Pricing Level shall be determined by reference to the Consolidated Total Leverage Ratio as
of the last day of the most recently completed fiscal quarter of the Borrower preceding such Calculation Date for the four fiscal quarters
then ending. The applicable Pricing Level shall be effective from one Calculation Date until the next Calculation Date. Any adjustment
in the Pricing Level shall be applicable to all Extensions of Credit then existing or subsequently made or issued.

 

Notwithstanding the foregoing, in the event that
any financial statement or Compliance Certificate delivered pursuant to Section 8.1 or 8.2(a) is shown to be inaccurate
and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable
Period”) than the Applicable Margin applied for such Applicable Period, then (A) the Borrower shall promptly (and in any
case within five (5) Business Days) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Period,
(B) the Applicable Margin for such Applicable Period shall be determined as if the Consolidated Total Leverage Ratio in the corrected
Compliance Certificate were applicable for such Applicable Period, and (C) the Borrower shall promptly (and in any case within five
(5) Business Days) and retroactively be obligated to pay to the Administrative Agent the accrued additional interest and fees owing
as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative
Agent in accordance with Section 5.4. Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders
with respect to Sections 5.1(b) and 10.2 nor any of their other rights under this Agreement or any other Loan
Document.

 

The Applicable Margins set forth above shall be
increased as, and to the extent, required by Section 5.13.

 

    3

     

    

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.

 

“Arranger”
means Wells Fargo Bank, National Association, in its capacity as sole lead arranger and sole bookrunner.

 

“Asset Disposition”
means the sale, transfer, license, lease or other disposition of any Property (including any sale and leaseback transaction, division,
merger or disposition of Equity Interests), whether in a single transaction or a series of related transactions, by any Credit Party or
any Subsidiary thereof.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required
by Section 12.9), and accepted by the Administrative Agent, in substantially the form attached as Exhibit G
or any other form approved by the Administrative Agent.

 

“Attributable Indebtedness”
means, on any date of determination, (a) in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic
Lease, the capitalized amount or principal amount of the remaining lease payments under the relevant lease that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease Obligation.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a
term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period
pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component
thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark,
in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of “Interest Period” pursuant to Section 5.8(c)(iv).

 

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

 

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

 

    4

     

    

 

“Bankruptcy Code”
means 11 U.S.C. §§ 101 et seq.

 

“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) Adjusted Term
SOFR for a one-month tenor in effect on such day plus 1.00%; each change in the Base Rate shall take effect simultaneously with
the corresponding change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable (provided that
clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable).
Notwithstanding the foregoing, in no event shall the Base Rate be less than 0%.

 

“Base Rate Loan”
means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 5.1(a).

 

“Benchmark”
means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the
Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the
extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 5.8(c)(i).

 

“Benchmark Replacement”
means with respect to any Benchmark Transition Event, 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 benchmark
rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities
and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would
be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan
Documents.

 

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

 

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

 

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

 

    5

     

    

 

(b)            in
the case of clause (c) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark
(or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator
of such Benchmark (or such component thereof) to be non-representative; provided, that such non-representativeness will be determined
by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such
Benchmark (or such component thereof) continues to be provided on such date.

 

For the avoidance of doubt,
the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect
to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

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

 

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

 

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

 

(c)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not,
or as of a specified future date will not be, representative.

 

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

 

“Benchmark
Transition Start Date” means in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark
Replacement Date and (b) 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).

 

    6

     

    

 

“Benchmark
Unavailability Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has
occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan
Document in accordance with Section 5.8(c)(i) and (b) ending at the time that a Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 5.8(c)(i).

 

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

 

“Beneficial Ownership
Regulation” means 31 CFR § 1010.230.

 

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

 

“Borrower”
means Shoe Carnival, Inc., an Indiana corporation.

 

“Borrower Materials”
has the meaning assigned thereto in Section 8.2.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which the Federal Reserve Bank of New York is closed.

 

“Calculation Date”
has the meaning assigned thereto in the definition of Applicable Margin.

 

“Capital Expenditures”
means, with respect to the Borrower and its Subsidiaries on a Consolidated basis, for any period, (a) the additions to property,
plant and equipment and other capital expenditures that are (or would be) set forth in a Consolidated statement of cash flows of such
Person for such period prepared in accordance with GAAP and (b) Capital Lease Obligations during such period.

 

“Capital Lease”
means, subject to Section 1.3(b), any lease of (or other arrangement conveying the right to use) real or personal property,
or a combination thereof, which are required to be classified and accounted for as finance leases on a balance sheet of such Person under
GAAP.

 

“Capital Lease Obligations”
of any Person means, subject to Section 1.3(b), the obligations of such Person to pay rent or other amounts under any Capital
Lease, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

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

 

    7

     

    

 

“Cash Equivalents”
means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof
to the extent such obligations are backed by the full faith and credit of the United States, in each case maturing within one (1) year
from the date of acquisition thereof, (b) commercial paper maturing no more than two hundred seventy (270) days from the date
of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s (or, if at any time either
S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency),
(c) investments in certificates of deposit, banker’s acceptances, money market deposits and time deposits maturing within one
hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts
issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any
state thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and having a long-term debt
rating of “A” or better by S&P or “A2” or better from Moody’s (or, if at any time either S&P or
Moody’s are not rating the debt of such bank, an equivalent rating from another nationally recognized statistical rating agency),
and (d) investments in any money market fund or money market mutual fund that has (i) substantially all of its assets invested
in the types of investments referred to in clauses (a) through (c) above, (ii) net assets of not less than $250,000,000
and (iii) a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time either S&P or Moody’s
are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency).

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit
card (including non-card electronic payables and purchasing cards), electronic funds transfer and other cash management arrangements.

 

“CFC”
means a Foreign Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code and any Subsidiary
owned directly or indirectly by such Foreign Subsidiary.

 

“CFC
Holdco” means a Subsidiary substantially all the assets of which consist of Equity Interests in Foreign Subsidiaries that each
constitute a CFC and/or Indebtedness or accounts receivable owed by Foreign Subsidiaries that each constitute a CFC or are treated
as owed by any such Foreign Subsidiaries for U.S. federal income tax purposes.

 

“Change in Control”
means an event or series of events by which:

 

(a)            (i) any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more
than 50% percent (determined on a fully diluted basis) of the Equity Interests of the Borrower entitled to vote in the election of members
of the board of directors (or equivalent governing body) of the Borrower or (ii) a majority of the members of the board of directors
(or other equivalent governing body) of Borrower shall not constitute Continuing Directors; or

 

(b)            Borrower
shall cease to own and control, directly or indirectly, 100% (on a fully diluted basis) of the Equity Interests of each of the Subsidiary
Guarantors existing from time to time, except pursuant to any transaction permitted by this Agreement.

 

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

 

    8

     

    

 

“Code”
means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.

 

“Collateral”
means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.

 

“Commitment Fee”
has the meaning assigned thereto in Section 5.3(a).

 

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

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Compliance Certificate”
means a certificate of the chief financial officer or the treasurer of the Borrower substantially in the form attached as Exhibit F.

 

“Conforming Changes”
means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the
definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest
Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency
of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices,
the applicability and length of lookback periods, the applicability of Section 5.9 and other technical, administrative or
operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate
or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration
as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan
Documents).

 

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

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of any Person, such statements or items on a consolidated
basis in accordance with applicable principles of consolidation under GAAP.

 

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

 

(a)            net
income before taxes (excluding (i) the effect of any non-cash expenses or losses for such period classified as extraordinary, unusual
or non-recurring, including any impairment charges and non-cash losses from the sale, exchange, transfer or other disposition of Property
and the related tax effects for such period and (ii) any non-cash gains for such period which are classified as extraordinary, unusual
or non-recurring); plus

 

    9

     

    

 

(b)            Consolidated
Interest Expense; plus

 

(c)            stock
option and any other equity-based compensation expenses for such period; plus

 

(d)            any
extraordinary, unusual or non-recurring cash expenses or losses mutually agreed upon by Borrower and the Administrative Agent, for such
period; less

 

(e)            any
extraordinary, unusual or non-recurring cash income or gains for such period.

 

For purposes of this Agreement,
Consolidated EBIT shall be calculated on a Pro Forma Basis.

 

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

 

(a)            Consolidated
EBIT; plus

 

(b)            depreciation
for such period; plus

 

(c)            amortization
for such period.

 

For purposes of this Agreement,
Consolidated EBITDA shall be calculated on a Pro Forma Basis.

 

“Consolidated
Funded Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries on a Consolidated
basis, in accordance with GAAP the sum of, without duplication, (a) all liabilities, obligations and indebtedness for borrowed money
including, but not limited to, obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person, (b) all
purchase money Indebtedness, (c) all obligations to pay the deferred purchase price of property or services of any such Person (including
all payment obligations under non-competition, earn-out or similar agreements, solely to the extent any such payment obligation under
non-competition, earn-out or similar agreements becomes a liability on the balance sheet of such Person in accordance with GAAP), except
trade payables arising in the ordinary course of business on customary terms, or that are currently being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person, (d) the
Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless
of whether accounted for as indebtedness under GAAP), (e) all drawn and unreimbursed obligations, contingent or otherwise, of any
such Person relative to letters of credit, including any Reimbursement Obligation, and banker’s acceptances issued for the account
of any such Person, (f) all obligations of any such Person in respect of Disqualified Equity Interests which shall be valued, in
the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid
dividends that are past due, (g) all Guarantees of any such Person with respect to any of the foregoing and (h) all Indebtedness
of the types referred to in clauses (a) through (g) above of any partnership or joint venture (other than a joint venture
that is itself a corporation or limited liability company) in which such Person is a general partner or joint venturer, unless such Indebtedness
is expressly made non-recourse to such Person.

 

“Consolidated Interest
Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBIT for the most recently completed
Reference Period to (b) Consolidated Interest Expense for the most recently completed Reference Period.

 

“Consolidated Interest
Expense” means, for any period, determined on a Consolidated basis for the Borrower and its Subsidiaries in accordance with
GAAP, interest expense (including interest expense attributable to Capital Lease Obligations and all net payment obligations pursuant
to Hedge Agreements) for such period.

 

    10

     

    

 

“Consolidated
Rental Expense” means, for any period, determined on a Consolidated basis for the Borrower and its Subsidiaries in accordance
with GAAP, base minimum rental expense under all real property leases for the four fiscal quarter period ending on the date of calculation.

 

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

 

“Continuing Directors”
means the directors (or equivalent governing body) of the Borrower on the First Restatement Effective Date and each other director (or
equivalent) of the Borrower, if, in each case, such other Person’s nomination for election to the board of directors (or equivalent
governing body) of the Borrower is approved by at least 51% of the then Continuing Directors.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Covered Party”
has the meaning assigned thereto in Section 12.24(a).

 

“Credit Facility”
means, collectively, the Revolving Credit Facility, the Swingline Facility and the L/C Facility.

 

“Credit Parties”
means, collectively, the Borrower and the Subsidiary Guarantors.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States of America, 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 or other applicable jurisdictions from time to time in effect.

 

“Default”
means any of the events specified in Section 10.1 which with the passage of time, the giving of notice or any other condition,
would constitute an Event of Default.

 

“Defaulting Lender”
means, subject to Section 5.15(b), any Lender that (a) has failed to (i) fund all or any portion of the Revolving
Credit Loans required to be funded by it hereunder within two Business Days of the date such Loans were required to be funded hereunder
unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default,
shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Lender,
the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of participations
in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative
Agent, the Issuing Lender or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder,
or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund
a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot
be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm
in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the FDIC or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest
in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender
under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such
Lender shall be deemed to be a Defaulting Lender (subject to Section 5.15(b)) upon delivery of written notice of such determination
to the Borrower, the Issuing Lender, the Swingline Lender and each Lender.

 

    11

     

    

 

“Disqualified Equity
Interests” means, with respect to any Person, any Equity Interests of such Person that, by their terms (or by the terms of any
security or other Equity Interest into which they are convertible or for which they are exchangeable) or upon the happening of any event
or condition, (a) mature or are mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking
fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon
the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full in cash of the Loans and all
other Obligations (other than contingent indemnification obligations not then due) and the termination of the Commitments), (b) are
redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests) (except as a result of a change of control
or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject
to the prior repayment in full in cash of the Loans and all other Obligations (other than contingent indemnification obligations not then
due) and the termination of the Commitments), in whole or in part, (c) provide for the scheduled payment of dividends in cash or
(d) are or become convertible into, or exchangeable for, Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case of clauses (a) through (d), prior to the date that is 91 days after the latest scheduled maturity
date of the Loans and Commitments; provided that if such Equity Interests are issued pursuant to a plan for the benefit of the
Borrower or its Subsidiaries or by any such plan to such officers or employees, such Equity Interests shall not constitute Disqualified
Equity Interests solely because they may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations.

 

“Dollars”
or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.

 

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

 

“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.

 

    12

     

    

 

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

 

“Electronic Record”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Electronic Signature”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 12.9(b)(iii) and (v) (subject
to such consents, if any, as may be required under Section 12.9(b)(iii)).

 

“Employee Benefit
Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA that is maintained for employees
of any Credit Party or any ERISA Affiliate.

 

“Environmental Claims”
means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations,
notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business
and not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation
of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law,
including any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages,
contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged
injury or threat of injury to public health or the environment.

 

“Environmental Laws”
means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits,
licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of public health or
the environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment,
storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.

 

“Equity Interests”
means (a) in the case of a corporation, capital stock, (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, partnership
interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) 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 and (f) any and all warrants, rights or options to purchase any of the foregoing.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder.

 

“ERISA Affiliate”
means any Person who together with any Credit Party or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b),
(c), (m) or (o) of the Code or Section 4001(b) of ERISA.

 

    13

     

    

 

“Erroneous Payment”
has the meaning assigned thereto in Section 11.12(a).

 

“Erroneous Payment
Deficiency Assignment” has the meaning assigned thereto in Section 11.12(d).

 

“Erroneous Payment
Return Deficiency” has the meaning assigned thereto in Section 11.12(d).

 

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

 

“Event of Default”
means any of the events specified in Section 10.1; provided that any requirement for passage of time, giving of notice,
or any other condition, has been satisfied.

 

“Exchange Act”
means the Securities Exchange Act of 1934 (15 U.S.C. § 77 et seq.).

 

“Excluded Subsidiary”
means (a) each CFC, (b) each Subsidiary that is a direct or indirect Subsidiary of a CFC, (c) each CFC Holdco, (d) any
Subsidiary that is prohibited by Applicable Law or by any contractual obligation existing on the First Restatement Effective Date or existing
at the time of acquisition of such Subsidiary after the First Restatement Effective Date (and not incurred in contemplation of such acquisition),
in each case from Guaranteeing the Obligations, but only so long as such prohibition exists and (e) any other Subsidiary with respect
to which the Administrative Agent and the Borrower mutually agree that the cost of providing a Guarantee would be excessive in relation
to the benefit to be afforded thereby.

 

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

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, United States federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request
by the Borrower under Section 5.12(b)) or (ii) such Lender changes its Lending Office, except in each case to the extent
that, pursuant to Section 5.11, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately
before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable
to such Recipient’s failure to comply with Section 5.11(g) and (d) any United States federal withholding Taxes
imposed under FATCA.

 

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“Existing Credit
Agreement” has the meaning assigned thereto in the Statement of Purpose.

 

“Existing Letters
of Credit” means those letters of credit existing on the First Restatement Effective Date and issued pursuant to the Existing
Credit Agreement.

 

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

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the First Restatement Effective Date (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided
that if such rate is not so published for any day which is a Business Day, the Federal Funds Rate for such day shall be the average of
the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.

 

“Fee Letters”
means (a) the separate fee letter agreement dated as of the First Restatement Effective Date among the Borrower, Wells Fargo and
the Arranger and (b) any letter between the Borrower and the Issuing Lender (other than Wells Fargo) relating to certain fees payable
to the Issuing Lender in its capacity as such.

 

“First Restatement
Effective Date” means March 23, 2022.

 

“First Tier Foreign
Subsidiary” means any Foreign Subsidiary, the Equity Interests of which are owned directly by any Credit Party.

 

“Fiscal Year”
means the fiscal year of the Borrower and its Subsidiaries ending on the Saturday closest to January 31 of each year.

 

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

 

“Foreign Lender”
means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person,
a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

 

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

 

“FRB” means
the Board of Governors of the Federal Reserve System of the United States.

 

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

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans, bonds and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental Approvals”
means all authorizations, consents, approvals, permits, licenses and exemptions of, and all registrations and filings with or issued by,
any Governmental Authorities.

 

“Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the
European Union or the European Central Bank).

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance
or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay
such Indebtedness or other obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to
support such Indebtedness or obligation or (e) for the purpose of assuring in any other manner the obligee in respect of such Indebtedness
or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (whether in whole
or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in each case,
in the ordinary course of business, or customary and reasonable indemnity obligations in connection with any disposition of assets permitted
under this Agreement (other than any such obligations with respect to Indebtedness).

 

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“Hazardous Materials”
means any substances or materials (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants,
chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable,
infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to public health or the environment and are or become regulated
by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law or common
law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental
Approval, (e) which are deemed by a Governmental Authority to constitute a nuisance or a trespass which pose a health or safety hazard
to Persons or neighboring properties, or (f) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde
foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

 

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

 

“Hedge Termination
Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed
out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the
date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which
may include a Lender or any Affiliate of a Lender).

 

“Increase Effective
Date” has the meaning assigned thereto in Section 5.13(c).

 

“Incremental Amendment”
has the meaning assigned thereto in Section 5.13(f).

 

“Incremental Facilities
Limit” means $50,000,000 less the total aggregate initial principal amount (as of the date of incurrence thereof) of
all previously incurred Incremental Increases.

 

“Incremental Increase”
has the meaning assigned thereto in Section 5.13(a).

 

“Incremental Lender”
has the meaning assigned thereto in Section 5.13(b).

 

“Indebtedness”
means, with respect to any Person at any date and without duplication, the sum of the following:

 

(a)            all
liabilities, obligations and indebtedness of such Person for borrowed money, including obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments, of such Person;

 

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(b)            all
obligations of such Person to pay the deferred purchase price of property or services of such Person (including all payment obligations
under non-competition, earn-out or similar agreements, solely to the extent any such payment obligation under non-competition, earn-out
or similar agreements becomes a liability on the balance sheet of such Person in accordance with GAAP), except trade payables arising
in the ordinary course of business on customary terms, or that are currently being contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person;

 

(c)            the
Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless
of whether accounted for as indebtedness under GAAP);

 

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

 

(e)            all
Indebtedness of any other Person secured by a Lien on any asset owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether
or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 

(f)            all
obligations, contingent or otherwise, of such Person relative to the face amount of letters of credit, whether or not drawn, including
any Reimbursement Obligation, and banker’s acceptances issued for the account of such Person;

 

(g)            all
obligations of such Person in respect of Disqualified Equity Interests;

 

(h)            all
net obligations of such Person under any Hedge Agreements; and

 

(i)            all
Guarantees of such Person with respect to any of the foregoing.

 

For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is
expressly made non-recourse to such Person. In respect of Indebtedness of another Person secured by a Lien on the assets of the specified
Person, if such Indebtedness shall not have been assumed by such Person or is limited in recourse to the assets securing such Lien, the
amount of such Indebtedness as of any date of determination will be the lesser of (x) the fair market value of such assets as of
such date (as determined in good faith by the Borrower) and (y) the amount of such Indebtedness as of such date. The amount of any
net obligation under any Hedge Agreement on any date shall be deemed to be the Hedge Termination Value thereof as of such date. The amount
of obligations in respect of any Disqualified Equity Interests shall be valued, in the case of a redeemable preferred interest, at the
greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends that are past due.

 

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

 

“Indemnitee”
has the meaning assigned thereto in Section 12.3(b).

 

“Information”
has the meaning assigned thereto in Section 12.10.

 

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

 

“Interest Period”
means, as to any SOFR Loan, the period commencing on the date such SOFR Loan is disbursed or converted to or continued as a SOFR Loan
and ending on the date one (1), three (3), or six (6) months thereafter, in each case as selected by the Borrower in its Notice of
Borrowing or Notice of Conversion/Continuation and subject to availability; provided that:

 

(a)            the
Interest Period shall commence on the date of advance of or conversion to any SOFR Loan and, in the case of immediately successive Interest
Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;

 

(b)            if
any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding
Business Day; provided that if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the
month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business
Day;

 

(c)            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 relevant calendar month at the
end of such Interest Period;

 

(d)            no
Interest Period shall extend beyond the Revolving Credit Maturity Date;

 

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

 

(f)            no
tenor that has been removed from this definition pursuant to Section 5.8(c)(iv) shall be available for specification
in any Notice of Borrowing or Notice of Conversion/Continuation.

 

“Interstate Commerce
Act” means the body of law commonly known as the Interstate Commerce Act (49 U.S.C. App. § 1 et seq.).

 

“Investment”
means, with respect to any Person, that such Person (a) purchases, owns, invests in or otherwise acquires (in one transaction or
a series of transactions), by division or otherwise, directly or indirectly, any Equity Interests, interests in any partnership or joint
venture (including the creation or capitalization of any Subsidiary), evidence of Indebtedness or other obligation or security, substantially
all or a portion of the business or assets of any other Person or any other investment or interest whatsoever in any other Person, (b) makes
any Acquisition or (c) makes or holds, directly or indirectly, any loans, advances or extensions of credit to, or any investment
in cash or by delivery of Property in, any Person.

 

“Investment Company
Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.).

 

“Investment Policy”
means, to the extent relating to the Borrower’s non-qualified deferred compensation plan, the Borrower’s investment policy
as approved by the Borrower’s board of directors from time to time.

 

“IRS” means
the United States Internal Revenue Service.

 

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“ISP” means
the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as
may be in effect at the applicable time).

 

“Issuing Lender”
means Wells Fargo, in its capacity as issuer of any Letter of Credit hereunder.

 

“Joinder Agreement”
means a joinder agreement substantially in the form of Exhibit I hereto or such other form as may be approved by the Administrative
Agent and the Borrower.

 

“Junior Indebtedness”
means, with respect to the Borrower and its Subsidiaries, any (a) Subordinated Indebtedness, and (b) Indebtedness secured by
Liens that are junior to the Liens securing the Secured Obligations.

 

“L/C Commitment”
means, as to the Issuing Lender, the obligation of the Issuing Lender to issue Letters of Credit for the account of the Borrower or its
Subsidiaries from time to time in an aggregate amount equal to the L/C Sublimit, as such amount may be changed after the First Restatement
Effective Date in a written agreement between the Borrower and the Issuing Lender (which such agreement shall be promptly delivered to
the Administrative Agent upon execution).

 

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

 

“L/C Obligations”
means at any time, an amount equal to the sum of (a) the aggregate undrawn and unexpired amount of the then outstanding Letters of
Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.5.

 

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

 

“L/C Sublimit”
means the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving Credit Commitments.

 

“Lender”
means each Person executing this Agreement as a Lender on the First Restatement Effective Date and any other Person that shall have become
a party to this Agreement as a Lender pursuant to an Assignment and Assumption or pursuant to Section 5.13, other than any
Person that ceases to be a party hereto as a Lender pursuant to an Assignment and Assumption. Unless the context otherwise requires, the
term “Lenders” includes the Swingline Lender.

 

“Lending Office”
means, with respect to any Lender, the office of such Lender maintaining such Lender’s Extensions of Credit, which office may, to
the extent the applicable Lender notifies the Administrative Agent in writing, include an office of any Affiliate of such Lender or any
domestic or foreign branch of such Lender or Affiliate.

 

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

 

“Letter of Credit
Documents” means with respect to any Letter of Credit, such Letter of Credit, the Letter of Credit Application, a letter of
credit agreement or reimbursement agreement and any other document, agreement and instrument required by the Issuing Lender and relating
to such Letter of Credit, in each case in the form specified by the Issuing Lender from time to time.

 

“Letters of Credit”
means the collective reference to letters of credit issued pursuant to Section 3.1 and the Existing Letters of Credit.

 

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“Lien”
means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation or encumbrance
of any kind in respect of such asset. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset
which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation
or other title retention agreement relating to such asset.

 

“Loan Documents”
means, collectively, this Agreement, each Note, the Letter of Credit Documents, the Security Documents, the Guaranty Agreements, the Fee
Letters, and each other document, instrument, certificate and agreement executed and delivered by the Credit Parties or any of their respective
Subsidiaries in favor of or provided to the Administrative Agent or any Secured Party in connection with this Agreement or otherwise referred
to herein or contemplated hereby (excluding any Secured Hedge Agreement and any Secured Cash Management Agreement).

 

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

 

“Material Adverse
Effect” means, with respect to the Borrower and its Subsidiaries, (a) a material adverse effect on the results of operations,
business, assets, properties, liabilities (actual or contingent) or financial condition of such Persons, taken as a whole, (b) a
material impairment of the ability of any such Person to perform its obligations under the Loan Documents to which it is a party, (c) a
material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document or (d) an impairment
of the legality, validity, binding effect or enforceability against any Credit Party of any Loan Document to which it is a party.

 

“Material Contract”
means (a) any “material contract” as defined in Item 601 of Regulation S-K of the Exchange Act and (b) any other
contract or agreement, written or oral, of any Credit Party or any of its Subsidiaries, the breach, non-performance, cancellation or failure
to renew of which could reasonably be expected to have a Material Adverse Effect.

 

“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided
to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 105% of the Fronting Exposure
of the Issuing Lender with respect to Letters of Credit issued and outstanding at such time, (b) with respect to Cash Collateral
consisting of cash or deposit account balances provided in accordance with the provisions of Section 10.2(b), an amount equal
to 105% of the aggregate outstanding amount of all L/C Obligations and (c) otherwise, an amount determined by the Administrative
Agent and the Issuing Lender that is entitled to Cash Collateral hereunder at such time in their sole discretion.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer Plan”
means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Credit Party or any ERISA Affiliate
is making contributions to or to which any Credit Party or any ERISA Affiliate has any liability (contingent or otherwise).

 

“Net Worth”
means, at any date, determined on a Consolidated basis in accordance with GAAP, the stockholders’ equity of Borrower and its Subsidiaries.

 

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver, amendment, modification or termination that (a) requires the approval
of all Lenders or all affected Lenders in accordance with the terms of Section 12.2 and (b) has been approved by the
Required Lenders.

 

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“Non-Defaulting Lender”
means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Guarantor Subsidiary”
means any Subsidiary of Borrower that is not a Subsidiary Guarantor.

 

“Non-Wholly-Owned
Subsidiary” means any Subsidiary of the Borrower that is not Wholly-Owned.

 

“Notes”
means the collective reference to the Revolving Credit Notes and the Swingline Note.

 

“Notice of Account
Designation” has the meaning assigned thereto in Section 2.3(b).

 

“Notice of Borrowing”
has the meaning assigned thereto in Section 2.3(a).

 

“Notice of Conversion/Continuation”
has the meaning assigned thereto in Section 5.2.

 

“Notice of Prepayment”
has the meaning assigned thereto in Section 2.4(c).

 

“Obligations”
means, in each case, whether now in existence or hereafter arising: (a) the principal of and interest on (including interest accruing
after the filing of any bankruptcy or similar petition) the Loans, (b) the L/C Obligations and (c) all other fees and commissions
(including attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties
owing by the Credit Parties to the Lenders, the Issuing Lender or the Administrative Agent, in each case under any Loan Document, with
respect to any Loan or Letter of Credit of every kind, nature and description, direct or indirect, absolute or contingent, due or to become
due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees that
accrue after the commencement by or against any Credit Party 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.

 

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

 

“Organizational Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents); (b) with respect to any limited liability company, the certificate or articles of formation or organization
and operating agreement or limited liability company agreement (or equivalent or comparable documents); and (c) 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 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.

 

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

 

“Other Taxes”
means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 5.12).

 

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“Overnight Rate”
means, for any day, the greater of (a) the Federal Funds Rate and (b) an overnight rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation.

 

“Participant”
has the meaning assigned thereto in Section 12.9(d).

 

“Participant Register”
has the meaning assigned thereto in Section 12.9(d).

 

“PATRIOT Act”
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“Payment Conditions”
means, with respect to the consummation of any Acquisition or the making of any Restricted Payment, each of the following: (a) no
Default or Event of Default shall exist or result from such Acquisition or Restricted Payment, and (b) on a Pro Forma Basis, the
ratio of (i) the sum of (A) Consolidated Funded Indebtedness plus (B) three times Consolidated Rental Expense
to (ii) the sum of (A) Consolidated EBITDA plus (B) Consolidated Rental Expense is less than 3.5 to 1.0.

 

“Payment Recipient”
has the meaning assigned thereto in Section 11.12(a).

 

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

 

“Pension Plan”
means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412
of the Code and which (a) is maintained, funded or administered for the employees of any Credit Party or any ERISA Affiliate, (b) has
at any time within the preceding five (5) years been maintained, funded or administered for the employees of any Credit Party or
any current or former ERISA Affiliates or (c) any Credit Party or any ERISA Affiliate has any liability (contingent or otherwise).

 

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

 

(a)            no
less than fifteen (15) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed
to by the Administrative Agent), the Borrower shall have delivered a certificate as to such Acquisition to the Administrative Agent, which
certificate shall (i) include the proposed closing date of such Acquisition, (ii) certify that all of the requirements referred
to in the immediately following clauses (b) through (e) shall be satisfied or will be satisfied on or prior to the consummation
of such Acquisition, and (iii) demonstrate to Administrative Agent’s satisfaction that the Payment Conditions shall be satisfied
or will be satisfied on or prior to the consummation of such Acquisition;

 

(b)            the
board of directors or other similar governing body of the Person to be acquired shall have approved such Acquisition (and, if requested,
the Administrative Agent shall have received evidence, in form and substance reasonably satisfactory to the Administrative Agent, of such
approval);

 

(c)            the
Person or business to be acquired shall be (i) in a line of business permitted pursuant to Section 9.11 or, in the case
of an Acquisition of assets, the assets acquired are useful in the business of the Borrower and its Subsidiaries as conducted immediately
prior to such Acquisition or permitted pursuant to Section 9.11, and (ii) in the case of a Person, organized or incorporated
under the laws of the United States, and in the case of a business or assets thereof, shall be located in the United States;

 

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(d)            if
such Acquisition is a merger or consolidation, the Borrower or a Subsidiary of the Borrower shall be the surviving Person, and such surviving
Person shall become, if required, a Subsidiary Guarantor in accordance with Section 8.14 and no Change in Control shall have
been effected thereby; and

 

(e)            the
Payment Conditions shall be satisfied.

 

“Permitted Distribution
Conditions” means, with respect to the making of any Restricted Payment, each of the following: (a) the applicable Restricted
Payment is lawful and (b) no Default or Event of Default has occurred and is continuing or would result therefrom.

 

“Permitted Liens”
means the Liens permitted pursuant to Section 9.2.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness (the “Refinancing Indebtedness”), the proceeds of which
are used to refinance, refund, renew, extend or replace outstanding Indebtedness (such outstanding Indebtedness, the “Refinanced
Indebtedness”); provided that (a) the principal amount (or accreted value, if applicable) of such Refinancing Indebtedness
(including any unused commitments thereunder) is not greater than the principal amount (or accreted value, if applicable) of the Refinanced
Indebtedness at the time of such refinancing, refunding, renewal, extension or replacement, except by an amount equal to any original
issue discount thereon and the amount of unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees
and expenses reasonably incurred, in connection with such refinancing, refunding, renewal, extension or replacement, and by an amount
equal to any existing commitments thereunder that have not been utilized at the time of such refinancing, refunding, renewal, extension
or replacement; (b) the final stated maturity and Weighted Average Life to Maturity of such Refinancing Indebtedness shall not be
prior to or shorter than that applicable to the Refinanced Indebtedness and such Refinancing Indebtedness does not require any scheduled
payment of principal, mandatory repayment, redemption or repurchase that is more favorable to the holders of the Refinancing Indebtedness
than the corresponding terms (if any) of the Refinanced Indebtedness (including by virtue of such Refinancing Indebtedness participating
on a greater basis in any mandatory repayment, redemption or repurchase as compared to the Refinanced Indebtedness, but excluding any
scheduled payment of principal, mandatory repayment, redemption or repurchase occurring on or after the date that is 91 days after the
latest scheduled maturity date of the Loans and Commitments); (c) such Refinancing Indebtedness shall not be secured by (i) Liens
on assets other than assets securing the Refinanced Indebtedness at the time of such refinancing, refunding, renewal, extension or replacement
or (ii) Liens having a higher priority than the Liens, if any, securing the Refinanced Indebtedness at the time of such refinancing,
refunding, renewal, extension or replacement; (d) such Refinancing Indebtedness shall not be guaranteed by or otherwise recourse
to any Person other than the Person(s) to whom the Refinanced Indebtedness is recourse or by whom it is guaranteed, in each case
as of the time of such refinancing, refunding, renewal, extension or replacement; (e) to the extent such Refinanced Indebtedness
is subordinated in right of payment to the Obligations (or the Liens securing such Indebtedness were originally contractually subordinated
to the Liens securing the Collateral pursuant to the Security Documents), such refinancing, refunding, renewal, extension or replacement
is subordinated in right of payment to the Obligations (or the Liens securing such Indebtedness shall be subordinated to the Liens securing
the Collateral pursuant to the Security Documents) on terms at least as favorable to the Lenders as those contained in the documentation
governing such Refinanced Indebtedness or otherwise reasonably acceptable to the Administrative Agent; (f) the covenants with respect
to such Refinancing Indebtedness, when taken as a whole, are not materially more restrictive to the Borrower and its Subsidiaries than
those in the Refinanced Indebtedness (taken as a whole); (g) in the event that the Refinancing Indebtedness is unsecured Indebtedness
(including unsecured Subordinated Indebtedness) such Refinancing Indebtedness does not include cross-defaults (but may include cross-payment
defaults and cross-defaults at the final stated maturity thereof and cross-acceleration); and (h) no Default or Event of Default
shall have occurred and be continuing at the time of, or would result from, such refinancing, refunding, renewal, extension or replacement.

 

    24

     

    

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA, maintained for employees of the Borrower or
any Subsidiary, or any such plan to which the Borrower or any Subsidiary is required to contribute on behalf of any of its employees or
with respect to which the Borrower has any liability.

 

“Platform”
means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic transmission system.

 

“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate.
Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties
hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not
necessarily be its lowest or best rate charged to its customers or other banks.

 

“Pro Forma Basis”
means:

 

(a)            for
purposes of calculating Consolidated EBIT and Consolidated EBITDA for any period during which one or more Specified Transactions occurs,
that (i) such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period)
shall be deemed to have occurred as of the first day of the applicable period of measurement, and (ii) there shall be included in
determining Consolidated EBIT and Consolidated EBITDA for such period, without duplication, the Acquired EBIT or Acquired EBITDA, as applicable,
of any Person or business, or attributable to any property or asset, acquired by the Borrower or any Subsidiary during such period (but
not the Acquired EBIT or Acquired EBITDA, as applicable, of any related Person or business or any Acquired EBIT or Acquired EBITDA, as
applicable, attributable to any assets or property, in each case to the extent not so acquired) in connection with a Permitted Acquisition
to the extent not subsequently sold, transferred, abandoned or otherwise disposed of by the Borrower or such Subsidiary during such period,
based on the actual Acquired EBIT or EBITDA, as applicable, of such acquired entity or business for such period (including the portion
thereof occurring prior to such acquisition); provided that the foregoing amounts shall be without duplication of any adjustments
that are already included in the calculation of Consolidated EBIT or Consolidated EBITDA, as applicable; and

 

(b)            in
the event that the Borrower or any Subsidiary thereof incurs (including by assumption or guarantees) or repays (including by redemption,
repayment, retirement, discharge, defeasance or extinguishment) any Indebtedness included in the calculations of any financial ratio or
test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business
for working capital purposes), (i) during the applicable measurement period or (ii) subsequent to the end of the applicable
measurement 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 or repayment of Indebtedness, to the extent required,
as if the same had occurred on the first day of the applicable measurement period and any such Indebtedness that is incurred (including
by assumption or guarantee) that has a floating or formula rate of interest shall have an implied rate of interest for the applicable
period determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the relevant date of determination.

 

    25

     

    

 

“Property”
means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
including Equity Interests.

 

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

 

“Public Lenders”
has the meaning assigned thereto in Section 8.2.

 

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

 

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

 

“Reference Period”
means, as of any date of determination, the period of four (4) consecutive fiscal quarters ended on or immediately prior to such
date for which financial statements of the Borrower and its Subsidiaries have been delivered to the Administrative Agent hereunder.

 

“Register”
has the meaning assigned thereto in Section 12.9(c).

 

“Reimbursement Obligation”
means the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters
of Credit issued by the Issuing Lender.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Relevant
Governmental Body” means the FRB and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the FRB and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Removal Effective
Date” has the meaning assigned thereto in Section 11.6(b).

 

“Required Lenders”
means, (a) at any time that more than five Persons are Lenders hereunder, Lenders whose Total Credit Exposure exceed 50% of the Total
Credit Exposure and (b) at all other times, Lenders whose Total Credit Exposure exceed 66-2/3% of the Total Credit Exposure. The
Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Resignation Effective
Date” has the meaning assigned thereto in Section 11.6(a).

 

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

 

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

 

    26

     

    

 

“Restricted Payment”
means any dividend on, or the making of any payment or other distribution on account of, or the purchase, redemption, retirement or other
acquisition (directly or indirectly) of, or the setting apart assets for a sinking or other analogous fund for the purchase, redemption,
retirement or other acquisition of, any class of Equity Interests of any Credit Party or any Subsidiary thereof, the making of any payment
with respect to any earn-out or similar obligation incurred in connection with an Acquisition permitted hereunder or the making of any
distribution of cash, property or assets to the holders of any Equity Interests of any Credit Party or any Subsidiary thereof on account
of such Equity Interests.

 

“Revolving Credit
Commitment” means (a) as to any Revolving Credit Lender, the obligation of such Revolving Credit Lender to make Revolving
Credit Loans to, and to purchase participations in L/C Obligations and Swingline Loans for the account of, the Borrower hereunder in an
aggregate principal amount at any time outstanding not to exceed the amount set forth opposite such Revolving Credit Lender’s name
on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof (including Section 5.13)
and (b) as to all Revolving Credit Lenders, the aggregate commitment of all Revolving Credit Lenders to make Revolving Credit Loans,
as such amount may be modified at any time or from time to time pursuant to the terms hereof (including Section 5.13). The
aggregate Revolving Credit Commitment of all the Revolving Credit Lenders on the First Restatement Effective Date shall be $100,000,000.
The Revolving Credit Commitment of each Revolving Credit Lender on the First Restatement Effective Date is set forth opposite the name
of such Lender on Schedule 1.1.

 

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

 

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

 

“Revolving Credit
Facility” means the revolving credit facility established pursuant to Article II including any increase in such
revolving credit facility pursuant to Section 5.13).

 

“Revolving Credit
Lenders” means, collectively, all of the Lenders with a Revolving Credit Commitment or if the Revolving Credit Commitment has
been terminated, all Lenders having Revolving Credit Exposure.

 

“Revolving Credit
Loan” means any revolving loan made to the Borrower pursuant to Section 2.1, and all such revolving loans collectively
as the context requires.

 

“Revolving Credit
Maturity Date” means the earliest to occur of (a) March 23, 2027, (b) the date of termination of the entire Revolving
Credit Commitment by the Borrower pursuant to Section 2.5, and (c) the date of termination of the Revolving Credit Commitment
pursuant to Section 10.2(a).

 

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

 

    27

     

    

 

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

 

“S&P”
means Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto.

 

“Sanctioned Country”
means at any time, a country, region or territory which is itself (or whose government is) the subject or target of any Sanctions (including,
as of the First Restatement Effective Date, Cuba, Iran, North Korea, Syria, Venezuela, and Crimea).

 

“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including OFAC’s
Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the
United Nations Security Council, the European Union, any European member state, Her Majesty’s Treasury, or other relevant sanctions
authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by, or
acting or purporting to act for or on behalf of, directly or indirectly, any such Person or Persons described in clauses (a) and
(b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s) or
(d) any Person otherwise a target of Sanctions, including vessels and aircraft, that are designated under any Sanctions program.

 

“Sanctions”
means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and anti-terrorism
laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered
by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, any European member state, Her Majesty’s
Treasury, or other relevant sanctions authority in any jurisdiction in which (a) the Borrower or any of its Subsidiaries or Affiliates
is located or conducts business, (b) in which any of the proceeds of the Extensions of Credit will be used, or (c) from which
repayment of the Extensions of Credit will be derived.

 

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

 

“Secured Cash Management
Agreement” means (a) any Cash Management Agreement in effect on the First Restatement Effective Date between or among any
Credit Party or any of its Subsidiaries and a counterparty that is (i) a Lender, (ii) the Administrative Agent or (iii) an
Affiliate of a Lender or the Administrative Agent, in each case as determined as of the First Restatement Effective Date or (b) any
Cash Management Agreement entered into after the First Restatement Effective Date between or among any Credit Party or any of its Subsidiaries
and a counterparty that is (i) a Lender, (ii) the Administrative Agent or (iii) an Affiliate of a Lender or the Administrative
Agent, in each case as determined at the time such Cash Management Agreement is entered into.

 

“Secured Cash Management
Obligations” means all existing or future payment and other obligations owing by any Credit Party or any of its Subsidiaries
under any Secured Cash Management Agreement.

 

    28

     

    

 

“Secured Hedge Agreement”
means (a) any Hedge Agreement in effect on the First Restatement Effective Date between or among any Credit Party or any of its Subsidiaries
and a counterparty that is (i) a Lender, (ii) the Administrative Agent or (iii) an Affiliate of a Lender or the Administrative
Agent, in each case as determined as of the First Restatement Effective Date or (b) any Hedge Agreement entered into after the First
Restatement Effective Date between or among any Credit Party or any of its Subsidiaries and a counterparty that is (i) a Lender,
(ii) the Administrative Agent or (iii) an Affiliate of a Lender or the Administrative Agent, in each case as determined at the
time such Hedge Agreement is entered into.

 

“Secured Hedge Obligations”
means all existing or future payment and other obligations owing by any Credit Party or any of its Subsidiaries under any Secured Hedge
Agreement; provided that the “Secured Hedge Obligations” of a Credit Party shall exclude any Excluded Swap Obligations
with respect to such Credit Party.

 

“Secured Obligations”
means, collectively, (a) the Obligations, (b) any Secured Hedge Obligations and (c) any Secured Cash Management Obligations.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, the Issuing Lender, the holders of any Secured Hedge Obligations, the holders
of any Secured Cash Management Obligations, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant
to Section 11.5, any other holder from time to time of any of any Secured Obligations and, in each case, their respective
successors and permitted assigns.

 

“Securities Act”
means the Securities Act of 1933 (15 U.S.C. § 77 et seq.).

 

“Security Agreement”
means that certain Amended and Restated Security Agreement dated as of the date hereof, executed by the Credit Parties in favor of the
Administrative Agent, for the ratable benefit of the Secured Parties, which shall be in form and substance acceptable to the Administrative
Agent.

 

“Security Documents”
means the collective reference to the Security Agreement and each other agreement or writing pursuant to which any Credit Party pledges
or grants a security interest in any Property or assets securing the Secured Obligations.

 

“Shoe Carnival Ventures”
means Shoe Carnival Ventures, LLC, an Indiana limited liability company.

 

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

 

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

 

“SOFR Loan”
means any Loan bearing interest at a rate based on Adjusted Term SOFR, as provided in Section 5.1(a).

 

“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, (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, and (e) such Person is able to pay its debts and liabilities, contingent obligations
and other commitments as they mature in the ordinary course of business. For purposes of this definition, 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.

 

    29

     

    

 

“Specified Transactions”
means (a) any Permitted Acquisition and (b) any Restricted Payment.

 

“Subordinated Indebtedness”
means the collective reference to any Indebtedness incurred by the Borrower or any of its Subsidiaries that is subordinated in right and
time of payment to the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent.

 

“Subsidiary”
means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%)
of the outstanding Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing
body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly
or indirectly) or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time,
Equity Interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have
or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary”
or “Subsidiaries” herein shall refer to those of the Borrower.

 

“Subsidiary Guarantors”
means, collectively, (a) the Subsidiaries of the Borrower listed on Schedule 7.1 that are identified as a “Guarantor”
and (b) each other Subsidiary of the Borrower that shall be required to execute and deliver a guaranty or guaranty supplement pursuant
to Section 8.14; provided, that, subject to Section 8.14, Shoe Carnival Ventures shall not be required
to become a Subsidiary Guarantor.

 

“Subsidiary Guarantee
Agreement” means that certain Amended and Restated Subsidiary Guarantee Agreement dated as of the date hereof, executed by the
Subsidiary Guarantors in favor of the Administrative Agent, for the ratable benefit and the Secured Parties, which shall be in form and
substance acceptable to the Administrative Agent.

 

“Swap Obligation”
means, with respect to any Credit Party, 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.

 

“Sweep Arrangement”
has the meaning assigned thereto in Section 2.2(a).

 

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

 

“Swingline Facility”
means the swingline facility established pursuant to Section 2.2.

 

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

 

“Swingline Loan”
means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.2, and all such swingline loans
collectively as the context requires.

 

    30

     

    

 

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

 

“Swingline Participation
Amount” has the meaning assigned thereto in Section 2.2(b)(iii).

 

“Synthetic Lease”
means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where
such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with
GAAP.

 

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

 

“Term SOFR”
means,

 

(a)            for
any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on
the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business
Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however,
that if as of 5:00 p.m. (Eastern time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate
has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term
SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government
Securities Business Days prior to such Periodic Term SOFR Determination Day, and

 

(b)            for
any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day,
the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to
such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Eastern
time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the
Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR
will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government
Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as
such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days
prior to such Base Rate SOFR Determination Day.

 

“Term
SOFR Adjustment” means a percentage equal to 0.10% per annum.

 

“Term SOFR Administrator”
means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative
Agent in its reasonable discretion).

 

“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

    31

     

    

 

“Termination Event”
means the occurrence of any of the following which, individually or in the aggregate, has resulted or could reasonably be expected to
result in liability of the Credit Parties in an aggregate amount in excess of the Threshold Amount: (a) a “Reportable Event”
described in Section 4043 of ERISA (excluding those for which the provision for 30-day notice to the PBGC has been waived); (b) the
withdrawal of any Credit Party or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a
Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities;
(d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC; (e) any
other event or condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment
of a trustee to administer, any Pension Plan; (f) the imposition of a Lien pursuant to Section 430(k) of the Code or Section 303
of ERISA; (g) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or plan in endangered or
critical status within the meaning of Sections 430, 431 or 432 of the Code or Sections 303, 304 or 305 of ERISA; (h) the partial
or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan if withdrawal liability is asserted by such
plan; (i) any event or condition which results in the insolvency of a Multiemployer Plan under Section 4245 of ERISA; (j) any
event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC
of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA; or (k) 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 Credit Party or any ERISA
Affiliate.

 

“Threshold Amount”
means $5,000,000.

 

“Total Credit Exposure”
means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such Lender at such time.

 

“Transactions”
means, collectively, (a) the amendment and restatement of the Existing Credit Agreement, (b) the initial Extensions of Credit,
and (c) the payment of all fees, expenses and costs incurred in connection with the foregoing.

 

“UCC” means
the Uniform Commercial Code as in effect in the State of New York.

 

“UCP” means
the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later
version thereof as may be in effect at the applicable time).

 

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

 

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

 

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

 

“United States”
means the United States of America.

 

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“U.S. Government
Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities; provided, that for purposes of notice requirements in Sections 2.3(a),
2.4(c), and 5.2, in each case, such day is also a Business Day.

 

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

 

“U.S. Tax Compliance
Certificate” has the meaning assigned thereto in Section 5.11(g).

 

“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the
sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal
amount of such Indebtedness, in each case of clauses (a) and (b), without giving effect to the application of any prior prepayment
to such installment, sinking fund, serial maturity or other required payment of principal.

 

“Wells Fargo”
means Wells Fargo Bank, National Association, a national banking association.

 

“Wholly-Owned”
means, with respect to a Subsidiary, that all of the Equity Interests of such Subsidiary are, directly or indirectly, owned or controlled
by the Borrower and/or one or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying shares or other shares required
by Applicable Law to be owned by a Person other than the Borrower and/or one or more of its Wholly-Owned Subsidiaries).

 

“Withholding Agent”
means the Borrower and the Administrative Agent.

 

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

 

Section 1.2     Other
Definitions and Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in
such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined,
(b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”,
(e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) the words
 “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights, (i) 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 and (j) 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”.

 

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Section 1.3     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, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited
financial statements required by Section 8.1(a), except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained
herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(b)            If
at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and
either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in
good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP; provided, further
that all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness
of FASB ASC 842 shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for
purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that
such obligations are required in accordance with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as Capital
Lease Obligations in the financial statements.

 

Section 1.4     UCC
Terms. Terms defined in the UCC in effect on the First Restatement Effective Date and not otherwise defined herein shall, unless the
context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers,
as of any date of determination, to the UCC then in effect.

 

Section 1.5     Rounding.
Any financial ratios required to be maintained pursuant to 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 or percentage 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 1.6     References
to Agreement and Laws. Unless otherwise expressly provided herein, (a) any definition or reference to formation documents, governing
documents, agreements (including the Loan Documents) and other contractual documents or 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 not prohibited by any Loan Document; and (b) any definition or reference to any
Applicable Law, including Anti-Corruption Laws, Anti-Money Laundering Laws, the Bankruptcy Code, the Code, the Commodity Exchange Act,
ERISA, the Exchange Act, the PATRIOT Act, the Securities Act, the UCC, the Investment Company Act, the Trading with the Enemy Act of the
United States or any of the foreign assets control regulations of the United States Treasury Department, shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

 

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Section 1.7     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 1.8     Guarantees/Earn-Outs.
Unless otherwise specified, (a) the amount of any Guarantee shall be the lesser of the amount of the obligations guaranteed and still
outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such
Guarantee and (b) the amount of any earn-out or similar obligation shall be the amount of such obligation as reflected on the balance
sheet of such Person in accordance with GAAP.

 

Section 1.9     Covenant
Compliance Generally. For purposes of determining compliance under Sections 9.1, 9.2, 9.3, 9.5 and 9.6,
any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating net income
in the most recent annual financial statements of the Borrower and its Subsidiaries delivered pursuant to Section 8.1(a) or
Section 6.1(f), as applicable. Notwithstanding the foregoing, for purposes of determining compliance with Sections 9.1,
9.2 and 9.3, with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any
basket contained in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after
the time such Indebtedness or Investment is incurred; provided that for the avoidance of doubt, the foregoing provisions of this
Section 1.9 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or Investment
may be incurred at any time under such Sections.

 

Section 1.10     [Reserved].

 

Section 1.11     Rates.
The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the
continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Adjusted
Term SOFR, or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative,
successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any
such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 5.8(c),
will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference
Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation
or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions
that affect the calculation of the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, any alternative, successor or replacement
rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower. The
Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate,
Adjusted Term SOFR, or Term SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof,
in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity
for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses
(whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component
thereof) provided by any such information source or service.

 

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Section 1.12     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 on the first date
of its existence by the holders of its Equity Interests at such time.

 

Article II

 

Revolving
Credit Facility

 

Section 2.1     Revolving
Credit Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations
and warranties set forth in this Agreement and the other Loan Documents, each Revolving Credit Lender severally agrees to make Revolving
Credit Loans in Dollars to the Borrower from time to time from the First Restatement Effective Date to, but not including, the Revolving
Credit Maturity Date as requested by the Borrower in accordance with the terms of Section 2.3; provided, that (a) the
Revolving Credit Outstandings shall not exceed the Revolving Credit Commitment and (b) the Revolving Credit Exposure of any Revolving
Credit Lender shall not at any time exceed such Revolving Credit Lender’s Revolving Credit Commitment. Each Revolving Credit Loan
by a Revolving Credit Lender shall be in a principal amount equal to such Revolving Credit Lender’s Revolving Credit Commitment
Percentage of the aggregate principal amount of Revolving Credit Loans requested on such occasion. Subject to the terms and conditions
hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until the Revolving Credit Maturity Date.

 

Section 2.2     Swingline
Loans.

 

(a)            Availability.
Subject to the terms and conditions of this Agreement and the other Loan Documents and in reliance upon the representations and warranties
set forth in this Agreement and the other Loan Documents, the Swingline Lender shall make Swingline Loans in Dollars to the Borrower from
time to time from the First Restatement Effective Date to, but not including, the Revolving Credit Maturity Date; provided, that
(i) after giving effect to any amount requested, the Revolving Credit Outstandings shall not exceed the Revolving Credit Commitment
and (ii) the aggregate principal amount of all outstanding Swingline Loans (after giving effect to any amount requested) shall not
exceed the Swingline Commitment. Notwithstanding any provision herein to the contrary, the Swingline Lender and the Borrower may agree
that the Swingline Facility may be used to automatically draw and repay Swingline Loans (subject to the limitations set forth herein)
pursuant to cash management arrangements between the Borrower and the Swingline Lender (the “Sweep Arrangement”).  Principal
and interest on Swingline Loans deemed requested pursuant to the Sweep Arrangement shall be paid pursuant to the terms and conditions
agreed to between the Borrower and the Swingline Lender (without any deduction, setoff or counterclaim whatsoever). The borrowing and
disbursement provisions set forth in Section 2.3 and any other provision hereof with respect to the timing or amount of payments
on the Swingline Loans (other than Section 2.4(a)) shall not be applicable to Swingline Loans made and prepaid pursuant to
the Sweep Arrangement. Unless sooner paid pursuant to the provisions hereof or the provisions of the Sweep Arrangement, the principal
amount of the Swingline Loans shall be paid in full, together with accrued interest thereon, on the Revolving Credit Maturity Date.

 

(b)            Refunding.

 

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

 

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

 

(iii)            If
for any reason any Swingline Loan cannot be refinanced with a Revolving Credit Loan pursuant to Section 2.2(b)(i), each Revolving
Credit Lender shall, on the date such Revolving Credit Loan was to have been made pursuant to the notice referred to in Section 2.2(b)(i),
purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount
(the “Swingline Participation Amount”) equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage
of the aggregate principal amount of Swingline Loans then outstanding. Each Revolving Credit Lender will immediately transfer to the Swingline
Lender, in immediately available funds, the amount of its Swingline Participation Amount. Whenever, at any time after the Swingline Lender
has received from any Revolving Credit Lender such Revolving Credit Lender’s Swingline Participation Amount, the Swingline Lender
receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Revolving Credit Lender its Swingline
Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s
participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Revolving Credit
Lender’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline
Loans then due); provided that in the event that such payment received by the Swingline Lender is required to be returned, such
Revolving Credit Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.

 

(iv)            Each
Revolving Credit Lender’s obligation to make the Revolving Credit Loans referred to in Section 2.2(b)(i) and to
purchase participating interests pursuant to Section 2.2(b)(iii) shall be absolute and unconditional and shall not be
affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Revolving Credit
Lender or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (B) the
occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VI,
(C) any adverse change in the condition (financial or otherwise) of the Borrower, (D) any breach of this Agreement or any other
Loan Document by the Borrower, any other Credit Party or any other Revolving Credit Lender or (E) any other circumstance, happening
or event whatsoever, whether or not similar to any of the foregoing.

 

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(v)            If
any Revolving Credit Lender fails to make available to the Administrative Agent, for the account of the Swingline Lender, any amount required
to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.2(b) by the time specified
in Section 2.2(b)(i) or 2.2(b)(iii), as applicable, the Swingline Lender shall be entitled to recover from such
Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the
date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal
to the Overnight Rate, plus any administrative, processing or similar fees customarily charged by the Swingline Lender in connection with
the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute
such Revolving Credit Lender’s Revolving Credit Loan or Swingline Participation Amount, as the case may be. A certificate of the
Swingline Lender submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (v) shall be conclusive absent manifest error.

 

(c)            Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, this Section 2.2 shall be subject to the
terms and conditions of Section 5.14 and Section 5.15.

 

Section 2.3     Procedure
for Advances of Revolving Credit Loans and Swingline Loans.

 

(a)            Requests
for Borrowing. The Borrower shall give the Administrative Agent irrevocable prior written notice substantially in the form of Exhibit B
(a “Notice of Borrowing”) not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan
and each Swingline Loan and (ii) at least three (3) U.S. Government Securities Business Days before each SOFR Loan, of its intention
to borrow, specifying (A) the date of such borrowing, which shall be a Business Day, (B) the amount of such borrowing, which
shall be, (x) with respect to Base Rate Loans (other than Swingline Loans) in an aggregate principal amount of $1,000,000 or a whole
multiple of $500,000 in excess thereof, (y) with respect to SOFR Loans in an aggregate principal amount of $2,000,000 or a whole
multiple of $1,000,000 in excess thereof and (z) with respect to Swingline Loans in an aggregate principal amount of $100,000 or
a whole multiple of $100,000 in excess thereof (or, in each case, the remaining amount of the Revolving Credit Commitment or the Swingline
Commitment, as applicable), (C) whether such Loan is to be a Revolving Credit Loan or Swingline Loan, (D) in the case of a Revolving
Credit Loan whether such Revolving Credit Loan is to be a SOFR Loan or a Base Rate Loan, and (E) in the case of a SOFR Loan, the
duration of the Interest Period applicable thereto. If the Borrower fails to specify a type of Loan in a Notice of Borrowing, then the
applicable Loans shall be made as Base Rate Loans. If the Borrower requests a borrowing of SOFR Loans in any such Notice of Borrowing,
but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. A Notice of Borrowing received
after 11:00 a.m. shall be deemed received on the next Business Day or U.S. Government Securities Business Day, as applicable. The
Administrative Agent shall promptly notify the Revolving Credit Lenders of each Notice of Borrowing.

 

(b)            Disbursement
of Revolving Credit and Swingline Loans. Not later than 1:00 p.m. on the proposed borrowing date, (i) each Revolving Credit
Lender will make available to the Administrative Agent, for the account of the Borrower, at the Administrative Agent’s Office in
funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of
the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative
Agent, for the account of the Borrower, at the Administrative Agent’s Office in funds immediately available to the Administrative
Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse
the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds
to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C
(a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed
upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent
shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to
the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage
of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders
as provided in Section 2.2(b).

 

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Section 2.4     Repayment
and Prepayment of Revolving Credit and Swingline Loans.

 

(a)            Repayment
on Termination Date. The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in
full on the Revolving Credit Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.2(b) (but,
in any event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid interest thereon.

 

(b)            Mandatory
Prepayments. If at any time the Revolving Credit Outstandings exceed the Revolving Credit Commitment, the Borrower agrees to repay
immediately upon notice from the Administrative Agent, by payment to the Administrative Agent for the account of the Revolving Credit
Lenders, Extensions of Credit in an amount equal to such excess with each such repayment applied first, to the principal amount
of outstanding Swingline Loans, second to the principal amount of outstanding Revolving Credit Loans and third, with respect
to any Letters of Credit then outstanding, a payment of Cash Collateral into a Cash Collateral account opened by the Administrative Agent,
for the benefit of the Revolving Credit Lenders, in an amount equal to such excess (such Cash Collateral to be applied in accordance with
Section 10.2(b)).

 

(c)            Optional
Prepayments. The Borrower may at any time and from time to time prepay Revolving Credit Loans and Swingline Loans, in whole or in
part, without premium or penalty, with irrevocable prior written notice to the Administrative Agent substantially in the form attached
as Exhibit D (a “Notice of Prepayment”) given not later than 11:00 a.m. (i) on the same
Business Day as prepayment of each Base Rate Loan and each Swingline Loan and (ii) at least three (3) U.S. Government Securities
Business Days before prepayment of each SOFR Loan, specifying the date and amount of prepayment and whether the prepayment is of SOFR
Loans, Base Rate Loans, Swingline Loans or a combination thereof, and, if of a combination thereof, the amount allocable to each. Upon
receipt of such notice, the Administrative Agent shall promptly notify each Revolving Credit Lender. If any such notice is given, the
amount specified in such notice shall be due and payable on the date set forth in such notice. Partial prepayments shall be in an aggregate
amount of $1,000,000 or a whole multiple of $500,000 in excess thereof with respect to Base Rate Loans (other than Swingline Loans), $2,000,000
or a whole multiple of $1,000,000 in excess thereof with respect to SOFR Loans and $100,000 or a whole multiple of $100,000 in excess
thereof with respect to Swingline Loans. A Notice of Prepayment received after 11:00 a.m. shall be deemed received on the next Business
Day or U.S. Government Securities Business Day, as applicable. Each such repayment shall be accompanied by any amount required to be paid
pursuant to Section 5.9 hereof.

 

(d)            Contingencies.
Notwithstanding the foregoing, any Notice of a Prepayment or voluntary permanent reduction of the Revolving Credit Commitment delivered
in connection with any refinancing of all of the Revolving Credit Loans with the proceeds of such refinancing or of any incurrence of
Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent upon the
consummation of such refinancing or incurrence or occurrence of such other identifiable event or condition and may be revoked by the Borrower
in the event such contingency is not met (provided that the failure of such contingency shall not relieve the Borrower from its obligations
in respect thereof under Section 5.9).

 

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(e)            Limitation
on Prepayment of SOFR Loans. The Borrower may not prepay any SOFR Loan on any day other than on the last day of the Interest Period
applicable thereto unless such prepayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

 

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

 

Section 2.5     Permanent
Reduction of the Revolving Credit Commitment.

 

(a)            Voluntary
Reduction. The Borrower shall have the right at any time and from time to time, upon at least five (5) Business Days prior irrevocable
written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Revolving Credit Commitment
at any time or (ii) portions of the Revolving Credit Commitment, from time to time, in an aggregate principal amount not less than
$1,000,000 or any whole multiple of $1,000,000 in excess thereof; provided, that the Revolving Credit Commitment may not be reduced
to an amount less than $25,000,000, except in connection with a termination of the entire Revolving Credit Commitment. Any reduction of
the Revolving Credit Commitment shall be applied to the Revolving Credit Commitment of each Revolving Credit Lender according to its Revolving
Credit Commitment Percentage. All Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitment
shall be paid on the effective date of such termination.

 

(b)            [Reserved].

 

(c)            [Reserved].

 

(d)            Corresponding
Payment. Each permanent reduction permitted pursuant to this Section shall be accompanied by a payment of principal sufficient
to reduce the aggregate outstanding Revolving Credit Loans, Swingline Loans and L/C Obligations, as applicable, after such reduction to
the Revolving Credit Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit exceeds the Revolving
Credit Commitment as so reduced, the Borrower shall be required to deposit Cash Collateral in a Cash Collateral account opened by the
Administrative Agent in an amount equal to such excess. Such Cash Collateral shall be applied in accordance with Section 10.2(b).
Any reduction of the Revolving Credit Commitment to zero shall be accompanied by payment of all outstanding Revolving Credit Loans and
Swingline Loans (and furnishing of Cash Collateral satisfactory to the Administrative Agent for all L/C Obligations or other arrangements
satisfactory to the Issuing Lender) and shall result in the termination of the Revolving Credit Commitment and the Swingline Commitment
and the Revolving Credit Facility. If the reduction of the Revolving Credit Commitment requires the repayment of any SOFR Loan, such repayment
shall be accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

 

Section 2.6     Termination
of Revolving Credit Facility. The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving
Credit Maturity Date.

 

Article
III

 

Letter
of Credit Facility

  

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Section 3.1        L/C
Facility.

 

(a)       Availability.
Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the Revolving Credit Lenders set forth
in Section 3.4(a), agrees to issue standby or commercial Letters of Credit in an aggregate amount not to exceed its L/C Commitment
for the account of the Borrower or its Subsidiaries. Letters of Credit may be issued on any Business Day from the First Restatement Effective
Date to, but not including the fifth (5th) Business Day prior to the Revolving Credit Maturity Date in such form as may be
approved from time to time by the Issuing Lender; provided, that no Issuing Lender shall issue any Letter of Credit if, after
giving effect to such issuance, (i) the aggregate amount of the outstanding Letters of Credit issued by the Issuing Lender would
exceed its L/C Commitment, (ii) the L/C Obligations would exceed the L/C Sublimit or (iii) the Revolving Credit Outstandings
would exceed the Revolving Credit Commitment. Letters of Credit issued hereunder shall constitute utilization of the Revolving Credit
Commitments.

 

(b)       Terms
of Letters of Credit. Each Letter of Credit shall (i) be denominated in Dollars in a minimum amount of $2,000, in the case of
a commercial Letter of Credit, or $2,000, in the case of a standby Letter of Credit (or such lesser amount as agreed to by the Issuing
Lender and the Administrative Agent), (ii) expire on a date no more than twelve (12) months after the date of issuance or last
renewal or extension of such Letter of Credit (subject to automatic renewal or extension for additional one (1) year periods (but
not to a date later than the date set forth below) pursuant to the terms of the Letter of Credit Documents or other documentation acceptable
to the Issuing Lender), which date shall be no later than the fifth (5th) Business Day prior to the Revolving Credit Maturity Date,
and (iii) unless otherwise expressly agreed by the Issuing Lender and the Borrower when a Letter of Credit is issued by it (including
any such agreement applicable to an Existing Letter of Credit), be subject to the UCP, in the case of a commercial Letter of Credit,
or ISP, in the case of a standby Letter of Credit, in each case as set forth in the Letter of Credit Documents or as determined by the
Issuing Lender and, to the extent not inconsistent therewith, the laws of the State of New York. No Issuing Lender shall at any time
be obligated to issue any Letter of Credit hereunder if (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the Issuing Lender from issuing such Letter of Credit, or any Applicable Law applicable
to the Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction
over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of letters of credit generally
or such Letter of Credit in particular or shall impose upon the Issuing Lender with respect to letters of credit generally or such Letter
of Credit in particular any restriction or reserve or capital requirement (for which the Issuing Lender is not otherwise compensated)
not in effect on the First Restatement Effective Date, or any unreimbursed loss, cost or expense that was not applicable, in effect or
known to the Issuing Lender as of the First Restatement Effective Date and that the Issuing Lender in good faith deems material to it,
(B) the conditions set forth in Section 6.2 are not satisfied, (C) the issuance of such Letter of Credit would
violate one or more policies of the Issuing Lender applicable to letters of credit generally, (D) the proceeds of which would be
made available to any Person (x) to fund any activity or business of or with any Sanctioned Person, or in any Sanctioned Country
or (y) in any manner that would result in a violation of any Sanctions by any party to this Agreement or (E) any Revolving
Credit Lender is at that time a Defaulting Lender, unless the Issuing Lender has entered into arrangements, including the delivery of
Cash Collateral, satisfactory to the Issuing Lender (in its sole discretion) with the Borrower or such Lender to eliminate the Issuing
Lender’s actual or potential Fronting Exposure (after giving effect to Section 5.15(a)(iv)) with respect to the Defaulting
Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as
to which the Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion. The Issuing Lender shall
be under no obligation to amend any Letter of Credit if (x) the Issuing Lender would have no obligation at such time to issue the
Letter of Credit in its amended form under the terms hereof or (y) the beneficiary of the Letter of Credit does not accept the proposed
amendment to the Letter of Credit. References herein to “issue” and derivations thereof with respect to Letters of Credit
shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires. As of the
First Restatement Effective Date, each of the Existing Letters of Credit shall constitute, for all purposes of this Agreement and the
other Loan Documents, a Letter of Credit issued and outstanding hereunder.

 

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(c)       Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, Article III shall be subject to the terms
and conditions of Section 5.14 and Section 5.15.

 

Section 3.2        Procedure
for Issuance and Disbursement of Letters of Credit.

 

(a)       The
Borrower may from time to time request that the Issuing Lender issue, amend, renew or extend a Letter of Credit by delivering to the
Issuing Lender at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter
of Credit Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other
Letter of Credit Documents and information as the Issuing Lender or the Administrative Agent may request, not later than 11:00 a.m. at
least two (2) Business Days (or such later date and time as the Administrative Agent and the Issuing Lender may agree in their sole
discretion) prior to the proposed date of issuance, amendment, renewal or extension, as the case may be. Such notice shall specify (i) the
requested date of issuance, amendment, renewal or extension (which shall be a Business Day), (ii) the date on which such Letter
of Credit is to expire (which shall comply with Section 3.1(b)), (iii) the amount of such Letter of Credit, (iv) the
name and address of the beneficiary thereof, (v) the purpose and nature of such Letter of Credit and (vi) such other information
as shall be necessary to issue, amend, renew or extend such Letter of Credit. Upon receipt of any Letter of Credit Application, the Issuing
Lender shall process such Letter of Credit Application and the certificates, documents and other Letter of Credit Documents and information
delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.1 and
Article VI, promptly issue, amend, renew or extend the Letter of Credit requested thereby (subject to the timing requirements
set forth in this Section 3.2) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise
may be agreed by the Issuing Lender and the Borrower. Additionally, the Borrower shall furnish to the Issuing Lender and the Administrative
Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, renewal or extension,
including any Letter of Credit Documents, as the Issuing Lender or the Administrative Agent may require. The Issuing Lender shall promptly
furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit and the related Letter of Credit Documents and the
Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender,
furnish to such Revolving Credit Lender a copy of such Letter of Credit and the amount of such Revolving Credit Lender’s participation
therein.

 

(b)       The
Issuing Lender for any Letter of Credit shall, within the time allowed by Applicable Laws or the specific terms of the Letter of Credit
following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of Credit. The Issuing
Lender shall promptly after such examination notify the Administrative Agent and the Borrower in writing of such demand for payment if
the Issuing Lender has or will honor such demand for payment thereunder; provided that any failure to give or delay in giving
such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Lender and the L/C Participants with respect to
such payment.

 

Section 3.3        Commissions
and Other Charges.

 

(a)       Letter
of Credit Commissions. Subject to Section 5.15(a)(iii)(B), the Borrower shall pay to the Administrative Agent, for the
account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in the amount
equal to (i) in the case of commercial Letters of Credit, the daily amount available to be drawn under such commercial Letters of
Credit times the sum

 

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of (A) the Applicable
Margin with respect to Revolving Credit Loans that are SOFR Loans and (B) the Term SOFR Adjustment and (ii) in the case of
standby Letter of Credit, the daily amount available to be drawn under such standby Letters of Credit times the sum of (A) the Applicable
Margin with respect to Revolving Credit Loans that are SOFR Loans and (B) the Term SOFR Adjustment (determined, in each case, on
a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter (commencing
with the first such date to occur after the issuance of such Letter of Credit), on the Revolving Credit Maturity Date and thereafter
on demand of the Administrative Agent. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing
Lender and the L/C Participants all commissions received pursuant to this Section 3.3 in accordance with their respective
Revolving Credit Commitment Percentages.

 

(b)       Issuance
Fee. In addition to the foregoing commission, the Borrower shall pay directly to the Issuing Lender, for its own account, an issuance
fee with respect to each Letter of Credit issued by the Issuing Lender in such amount as set forth in the Fee Letter or as otherwise
agreed upon between the Issuing Lender and the Borrower. Such issuance fee shall be payable quarterly in arrears on the last Business
Day of each calendar quarter commencing with the first such date to occur after the issuance of such Letter of Credit, on the Revolving
Credit Maturity Date and thereafter on demand of the Issuing Lender. For the avoidance of doubt, such issuance fee shall be applicable
to and paid upon each of the Existing Letters of Credit.

 

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

 

Section 3.4        L/C
Participations.

 

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

 

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(b)       Upon
becoming aware of any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 3.4(a) in
respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit, issued by it, the Issuing Lender
shall notify the Administrative Agent of such unreimbursed amount and the Administrative Agent shall notify each L/C Participant (with
a copy to the Issuing Lender) of the amount and due date of such required payment and such L/C Participant shall pay to the Administrative
Agent (which, in turn shall pay the Issuing Lender) the amount specified on the applicable due date. If any such amount is paid to the
Issuing Lender after the date such payment is due, such L/C Participant shall pay to the Administrative Agent, which in turn shall pay
the Issuing Lender on demand, in addition to such amount, the product of (i) such amount, times (ii) the Overnight Rate
as determined by the Administrative Agent during the period from and including the date such payment is due to the date on which such
payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days
that elapse during such period and the denominator of which is 360, plus any administrative, processing or similar fees customarily charged
by the Issuing Lender in connection with the foregoing. A certificate of the Issuing Lender with respect to any amounts owing under this
Section shall be conclusive in the absence of manifest error. With respect to payment to the Issuing Lender of the unreimbursed
amounts described in this Section, if the L/C Participants receive notice that any such payment is due (A) prior to 1:00 p.m. on
any Business Day, such payment shall be due that Business Day, and (B) after 1:00 p.m. on any Business Day, such payment shall
be due on the following Business Day.

 

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

 

(d)       Each
L/C Participant’s obligation to make the Revolving Credit Loans and to purchase participating interests pursuant to this Section 3.4
or Section 3.5, as applicable, shall be absolute and unconditional and shall not be affected by any circumstance, including
(i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Credit Lender or the Borrower may have against
the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or
an Event of Default or the failure to satisfy any of the other conditions specified in Article VI, (iii) any adverse
change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by
the Borrower, any other Credit Party or any other Revolving Credit Lender or (v) any other circumstance, happening or event whatsoever,
whether or not similar to any of the foregoing.

 

Section 3.5        Reimbursement.
In the event of any drawing under any Letter of Credit, the Borrower agrees to reimburse (either with the proceeds of a Revolving Credit
Loan as provided for in this Section or with funds from other sources), in same day funds, the Issuing Lender by paying to
the Administrative Agent the amount of such drawing not later than 12:00 noon on (i) the Business Day that the Borrower receives
notice of such drawing, if such notice is received by the Borrower prior to 10:00 a.m., or (ii) the Business Day immediately following
the day that the Borrower receives such notice, if such notice is not received prior to such time, for the amount of (x) such draft
so paid and (y) any amounts referred to in Section 3.3(c) incurred by the Issuing Lender in connection with such
payment. Unless the Borrower shall immediately notify the Administrative Agent and the Issuing Lender that the Borrower intends to reimburse
the Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing
to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan as a Base Rate Loan on the applicable
repayment date in the amount (without regard to the minimum and multiples specified in Section 2.3(a)) of (i) such draft
so paid and (ii) any amounts referred to in Section 3.3(c) incurred by the Issuing Lender in connection with such
payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan as a Base Rate Loan in such amount, the proceeds of which
shall be applied to reimburse the Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit
Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse
the Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by
any circumstance whatsoever, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI.
If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse the Issuing Lender
as provided above, or if the amount of such drawing is not fully refunded through a Base Rate Loan as provided above, the unreimbursed
amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue
from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until paid in full.

 

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Section 3.6        Obligations
Absolute.

 

(a)       The
Borrower’s obligations under this Article III (including the Reimbursement Obligation) shall be absolute, unconditional
and irrevocable under any and all circumstances whatsoever, and shall be performed strictly in accordance with the terms of this Agreement,
and irrespective of:

 

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

 

(ii)           the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower may have or have had against the Issuing Lender
or any beneficiary of a Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the Issuing
Lender or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit
or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)           the
validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent,
forged or insufficient in any respect or any statement in such draft or other document being untrue or inaccurate in any respect; or any
loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)           any
payment by the Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not comply with the
terms of such Letter of Credit;

 

(v)           any
draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement
in such draft or other document being untrue or inaccurate in any respect; or

 

(vi)           any
other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section,
constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.

 

(b)       The
Borrower also agrees that the Issuing Lender and the L/C Participants shall not be responsible for, and the Borrower’s Reimbursement
Obligation under Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of
any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between
or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred
or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender,
the L/C Participants and their respective Related Parties shall not have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit, or any payment or failure to make any payment thereunder (irrespective of any
of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery
of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing
Lender; provided that the foregoing shall not be construed to excuse the Issuing Lender from liability to the Borrower to the
extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by Applicable Law) suffered by the Borrower that are caused by the Issuing Lender’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms
thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing
Lender (as finally determined by a court of competent jurisdiction), the Issuing Lender shall be deemed to have exercised care in each
such determination.

 

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(c)       In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that (i) with respect to documents presented
which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Lender may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information
to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms
of such Letter of Credit, (ii) the Issuing Lender may act upon any instruction or request relative to a Letter of Credit or requested
Letter of Credit that the Issuing Lender in good faith believes to have been given by a Person authorized to give such instruction or
request and (iii) the Issuing Lender may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment
thereto with a certified true copy marked as such or waive a requirement for its presentation. The responsibility of the Issuing Lender
to the Borrower in connection with any draft presented for payment under any Letter of Credit issued by it shall, in addition to any payment
obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered
under such Letter of Credit in connection with such presentment substantially conforms to the requirements under such Letter of Credit.

 

(d)       Notwithstanding
anything to the contrary herein, the Issuing Lender shall not be responsible to the Borrower for, and the Issuing Lender’s rights
and remedies against the Borrower shall not be impaired by, any action or inaction of such Issuing Lender required or permitted under
any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Applicable
Laws or any order of a jurisdiction in which the Issuing Lender or the beneficiary is located, the practice stated in the ISP or UCP,
as applicable, or in the decisions, opinions, practice statements or official commentary of the International Chamber of Commerce Banking
Commission, the Banker’s Association for Finance and Trade (BAFT) or the Institute of International Banking Law & Practice,
whether or not any Letter of Credit chooses such laws or practice rules.

 

Section 3.7        Effect
of Letter of Credit Documents. To the extent that any provision of any Letter of Credit Document related to any Letter of Credit
is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

 

Section 3.8        [Reserved].

 

Section 3.9        Reporting
of Letter of Credit Information and L/C Commitment. At any time that the Issuing Lender is not also the financial institution acting
as Administrative Agent, then (a) no later than the fifth Business Day following the last day of each calendar month, (b) on
each date that a Letter of Credit is amended, terminated or otherwise expires, (c) on each date that a Letter of Credit is issued
or the expiry date of a Letter of Credit is extended, and (d) upon the request of the Administrative Agent, the Issuing Lender (or,
in the case of clauses (b), (c) or (d) of this Section, the Issuing Lender) shall deliver to the Administrative Agent
a report setting forth in form and detail reasonably satisfactory to the Administrative Agent information (including any reimbursement,
Cash Collateral, or termination in respect of Letters of Credit issued by the Issuing Lender) with respect to each Letter of Credit issued
by the Issuing Lender that is outstanding hereunder. In addition, the Issuing Lender shall provide notice to the Administrative Agent
of any change to its L/C Commitment, promptly upon such change. No failure on the part of the Issuing Lender to provide such information
pursuant to this Section 3.9 shall limit the obligations of the Borrower or any Revolving Credit Lender hereunder with respect
to its reimbursement and participation obligations hereunder.

 

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Section 3.10      Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations
of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
 “customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any
rights of the Issuing Lender (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such
Letter of Credit, the Borrower (a) shall be obligated to reimburse, or to cause the applicable Subsidiary to reimburse, the Issuing
Lender hereunder for any and all drawings under such Letter of Credit as if such Letter of Credit had been issued solely for the account
of the Borrower and (b) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety
of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance
of Letters of Credit for the account of any of its Subsidiaries inures to the benefit of the Borrower and that the Borrower’s business
derives substantial benefits from the businesses of such Subsidiaries.

 

Section 3.11      Letter
of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed
to mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of
Credit or the Letter of Credit Documents therefor (at the time specified therefor in such applicable Letter of Credit or Letter of Credit
Documents and as such amount may be reduced by (a) any permanent reduction of such Letter of Credit or (b) any amount which
is drawn, reimbursed and no longer available under such Letter of Credit).

 

Section 3.12      [Reserved].

 

Article IV

 

[RESERVED]

 

Article V

 

General
Loan Provisions

 

Section 5.1        Interest.

 

(a)       Interest
Rate Options. Subject to the provisions of this Section, at the election of the Borrower, (i) Revolving Credit Loans shall bear
interest at (A) the Base Rate plus the Applicable Margin for Base Rate Loans or (B) Adjusted Term SOFR plus the
Applicable Margin (provided that Adjusted Term SOFR shall not be available for three (3) U.S. Government Securities Business
Days after the First Restatement Effective Date unless the Borrower has delivered to the Administrative Agent a letter in form and substance
reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this
Agreement) for SOFR Loans and (ii) any Swingline Loan shall bear interest at the Base Rate plus the Applicable Margin for
Base Rate Loans. The Borrower shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice
of Borrowing is given or at the time a Notice of Conversion/Continuation is given pursuant to Section 5.2.

 

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(b)       Default
Rate. Subject to Section 10.3, (i) immediately upon the occurrence and during the continuance of an Event of Default
under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or
the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event
of Default, (A) the Borrower shall no longer have the option to request SOFR Loans, Swingline Loans or Letters of Credit, (B) all
outstanding SOFR Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin)
then applicable to SOFR Loans until the end of the applicable Interest Period and thereafter at a rate per annum of two percent (2%) in
excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (C) all outstanding Base Rate Loans and
other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%)
in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Obligations arising hereunder
or under any other Loan Document and (D) all accrued and unpaid interest shall be due and payable on demand of the Administrative
Agent. Interest shall continue to accrue on the Obligations after the filing by or against the Borrower of any petition seeking any relief
in bankruptcy or under any Debtor Relief Law.

 

(c)       Interest
Payment and Computation. Interest on each Base Rate Loan shall be due and payable in arrears on the first Business Day of each calendar
quarter commencing with the calendar quarter beginning on April 1, 2022, and interest on each SOFR Loan shall be due and payable
in arrears on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months,
at the end of each three (3) month interval during such Interest Period; provided that (i) in the event of any repayment
or prepayment of any SOFR Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment
or prepayment and (ii) in the event of any conversion of any SOFR Loan prior to the end of the Interest Period therefor, accrued
interest on such Loan shall be payable on the effective date of such conversion. All computations of interest for Base Rate Loans shall
be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest
provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365/366-day year).

 

(d)       Maximum
Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected
pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction
shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received
interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum
rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (i) promptly refund to the Borrower
any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the principal balance of the
Obligations. It is the intent hereof that the Borrower not pay or contract to pay, and that neither the Administrative Agent nor any Lender
receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrower
under Applicable Law.

 

(e)       Term
SOFR Conforming Changes. In connection with the use or administration of Term SOFR, the Administrative Agent will have the right
to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any
amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this
Agreement or any other Loan Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness
of any Conforming Changes in connection with the use or administration of Term SOFR.

 

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Section 5.2        Notice
and Manner of Conversion or Continuation of Loans. Provided that no Default or Event of Default has occurred and is then continuing,
the Borrower shall have the option to (a) convert at any time following the third U.S. Government Securities Business Day after
the First Restatement Effective Date, subject to the notice requirements herein, all or any portion of any outstanding Base Rate Loans
(other than Swingline Loans) in a principal amount equal to $2,000,000 or any whole multiple of $1,000,000 in excess thereof (or such
lesser amount as shall represent all of the Base Rate Loans then outstanding) into one or more SOFR Loans and (b) upon the expiration
of any Interest Period, (i) convert all or any part of any outstanding SOFR Loans in a principal amount equal to $1,000,000 or a
whole multiple of $500,000 in excess thereof (or such lesser amount as shall represent all of the SOFR Loans then outstanding) into Base
Rate Loans (other than Swingline Loans) or (ii) continue any such SOFR Loans as SOFR Loans. Whenever the Borrower desires to convert
or continue Loans as provided above, the Borrower shall give the Administrative Agent irrevocable prior written notice in the form attached
as Exhibit E (a “Notice of Conversion/Continuation”) not later than 11:00 a.m. three (3) U.S.
Government Securities Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective specifying
(A) the Loans to be converted or continued, and, in the case of any SOFR Loan to be converted or continued, the last day of the
Interest Period therefor, (B) the effective date of such conversion or continuation (which shall be a Business Day), (C) the
principal amount of such Loans to be converted or continued, and (D)  the Interest Period to be applicable to such converted or
continued SOFR Loan. If the Borrower fails to deliver a timely Notice of Conversion/Continuation prior to the end of the Interest Period
for any SOFR Loan, then the applicable SOFR Loan shall be automatically converted to a Base Rate Loan. Any such automatic conversion
to a Base Rate Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable SOFR Loan.
If the Borrower requests a conversion to, or continuation of, a SOFR Loan, but fails to specify an Interest Period, it will be deemed
to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted
to a SOFR Loan. The Administrative Agent shall promptly notify the affected Lenders of such Notice of Conversion/Continuation.

 

Section 5.3        Fees.

 

(a)       Commitment
Fee. Commencing on the First Restatement Effective Date, subject to Section 5.15(a)(iii)(A), the Borrower shall pay to
the Administrative Agent, for the account of the Revolving Credit Lenders, a non-refundable commitment fee (the “Commitment Fee”)
at a rate per annum equal to the applicable amount for Commitment Fees as set forth in the definition of Applicable Margin on the average
daily unused portion of the Revolving Credit Commitment of the Revolving Credit Lenders (other than the Defaulting Lenders, if any); provided,
that the amount of outstanding Swingline Loans shall not be considered usage of the Revolving Credit Commitment for the purpose of calculating
the Commitment Fee. The Commitment Fee shall be payable in arrears on the first Business Day of each calendar quarter during the term
of this Agreement commencing with the calendar quarter beginning on April 1, 2022, and ending on the date upon which all Obligations
(other than contingent indemnification obligations not then due) arising under the Revolving Credit Facility shall have been irrevocably
paid and satisfied in full, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Revolving Credit
Commitment has been terminated. The Commitment Fee shall be distributed by the Administrative Agent to the Revolving Credit Lenders (other
than any Defaulting Lender) pro rata in accordance with such Revolving Credit Lenders’ respective Revolving Credit Commitment
Percentages.

 

(b)       Facility
Fee. On the First Restatement Effective Date, subject to Section 5.15(a)(iii)(A), the Borrower shall pay to the Administrative
Agent, for the account of the Revolving Credit Lenders, a non-refundable facility fee (the “Facility Fee”) in the amount
of 0.10% of the Revolving Credit Commitment, regardless of usage. The Facility Fee shall be payable on the First Restatement Effective
Date. The Facility Fee shall be distributed by the Administrative Agent to the Revolving Credit Lenders pro rata in accordance
with the Revolving Credit Lenders’ respective Revolving Credit Commitment Percentages.

 

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(c)       Other
Fees. The Borrower shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts and
at the times specified in their Fee Letter. The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon
in writing in the amounts and at the times so specified.

 

Section 5.4        Manner
of Payment. Each payment by the Borrower on account of the principal of or interest on the Loans or of any fee, commission or
other amounts (including the Reimbursement Obligation) payable to the Lenders under this Agreement shall be made not later
than 1:00 p.m. on the date specified for payment under this Agreement to the Administrative Agent at the Administrative
Agent’s Office for the account of the Lenders entitled to such payment in Dollars, in immediately available funds and shall be
made without any setoff, counterclaim or deduction whatsoever. Any payment received after such time but before 2:00 p.m. on
such day shall be deemed a payment on such date for the purposes of Section 10.1, but for all other purposes shall be
deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m. shall be deemed to have been
made on the next succeeding Business Day for all purposes. Upon receipt by the Administrative Agent of each such payment, the
Administrative Agent shall distribute to each such Lender at its address for notices set forth herein its Revolving Credit
Commitment Percentage in respect of the relevant Credit Facility (or other applicable share as provided herein) of such payment and
shall wire advice of the amount of such credit to each Lender. Each payment to the Administrative Agent on account of the principal
of or interest on the Swingline Loans or of any fee, commission or other amounts payable to the Swingline Lender shall be made in
like manner, but for the account of the Swingline Lender. Each payment to the Administrative Agent of the Issuing Lender’s
fees or L/C Participants’ commissions shall be made in like manner, but for the account of the Issuing Lender or the L/C
Participants, as the case may be. Each payment to the Administrative Agent of Administrative Agent’s fees or expenses shall be
made for the account of the Administrative Agent and any amount payable to any Lender under Sections 5.9, 5.10, 5.11
or 12.3 shall be paid to the Administrative Agent for the account of the applicable Lender. Subject to the definition of
Interest Period, if any payment under this Agreement shall be specified to be made upon a day which is not a Business Day, it shall
be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing
any interest if payable along with such payment. Notwithstanding the foregoing, if there exists a Defaulting Lender each payment by
the Borrower to such Defaulting Lender hereunder shall be applied in accordance with Section 5.15(a)(ii).

 

Section 5.5        Evidence
of Indebtedness.

 

(a)       Extensions
of Credit. The Extensions of Credit made by each Lender and the Issuing Lender shall be evidenced by one or more accounts or records
maintained by such Lender or the Issuing Lender and by the Administrative Agent in the ordinary course of business. The accounts or records
maintained by the Administrative Agent and each Lender or the Issuing Lender shall be conclusive absent manifest error of the amount
of the Extensions of Credit made by the Lenders or the Issuing Lender to the Borrower and its Subsidiaries 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 or the Issuing 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 Revolving Credit Note
and/or Swingline Note, as applicable, which shall evidence such Lender’s Revolving Credit Loans and/or Swingline Loans, as applicable,
in addition to such accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date, amount and maturity
of its Loans and payments with respect thereto.

 

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

 

Section 5.6        Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other than pursuant to Sections
5.9, 5.10, 5.11 or 12.3) greater than its pro rata share thereof as provided herein, then the Lender
receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face
value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable,
so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal
of and accrued interest on their respective Loans and other amounts owing them; provided that:

 

(i)          if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest, and

 

(ii)          the
provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the
application of Cash Collateral provided for in Section 5.14 or (C) any payment obtained by a Lender as consideration
for the assignment of, or sale of, a participation in any of its Loans or participations in Swingline Loans and Letters of Credit to any
assignee or participant.

 

Each Credit Party consents to the foregoing and
agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of each Credit Party in the amount of such participation.

 

Section 5.7        Administrative
Agent’s Clawback.

 

(a)       Funding
by Lenders; Presumption by Administrative Agent. In connection with any borrowing hereunder, the Administrative Agent may assume that
each Lender has made its respective share of such borrowing available on such date in accordance with Section 2.3(b) and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally
agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the Overnight Rate and (B) in the case of a payment to be made by the Borrower,
the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for
the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the
Borrower for such period. If such Lender pays its share of the applicable borrowing to the Administrative Agent, then the amount so paid
shall constitute such Lender’s Loan included in such borrowing. Any payment by the Borrower shall be without prejudice to any claim
the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

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

 

(c)       Nature
of Obligations of Lenders. The obligations of the Lenders under this Agreement to make the Loans, to issue or participate in Letters
of Credit and to make payments under this Section, Section 5.11(e), Section 11.12, Section 12.3(c) or
Section 12.7, as applicable, are several and are not joint or joint and several. The failure of any Lender to make available
its Revolving Credit Commitment Percentage of any Loan requested by the Borrower shall not relieve it or any other Lender of its obligation,
if any, hereunder to make its Revolving Credit Commitment Percentage of such Loan available on the borrowing date, but no Lender shall
be responsible for the failure of any other Lender to make its Revolving Credit Commitment Percentage of such Loan available on the borrowing
date.

 

Section 5.8        Changed
Circumstances.

 

(a)       Circumstances
Affecting Benchmark Availability. Subject to clause (c) below, in connection with any request for a SOFR Loan or a conversion
to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall
be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Adjusted Term SOFR
for the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest Period or (ii) the
Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that Adjusted Term SOFR
does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period and,
in the case of clause (ii), the Required Lenders have provided notice of such determination to the Administrative Agent, then, in each
case, the Administrative Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative Agent to
the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to or continue any
Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative
Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (A) the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected
SOFR Loans or the affected Interest Periods) or, 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 and (B) any outstanding affected SOFR
Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such prepayment
or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts
required pursuant to Section 5.9.

 

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(b)       Laws
Affecting SOFR Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in
the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive
(whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful
or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain
any SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR, or Term SOFR, such
Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the
Borrower and the other Lenders (an “Illegality Notice”). Thereafter, until each affected Lender notifies the Administrative
Agent and the Administrative Agent notifies the Borrower that the circumstances giving rise to such determination no longer exist, (i) any
obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to a SOFR Loan or continue any Loan as
a SOFR Loan, shall be suspended and (ii) if necessary to avoid such illegality, the Administrative Agent shall compute the Base
Rate without reference to clause (c) of the definition of “Base Rate”. Upon receipt of an Illegality Notice, the Borrower
shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent), prepay or, if applicable,
convert all SOFR Loans to Base Rate Loans (in each case, if necessary to avoid such illegality, the Administrative Agent shall compute
the Base Rate without reference to clause (c) of the definition of “Base Rate”), on the last day of the Interest Period
therefor, if all affected Lenders may lawfully continue to maintain such SOFR Loans to such day, or immediately, if any Lender may not
lawfully continue to maintain such SOFR Loans to such day. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 5.9.

 

(c)       Benchmark
Replacement Setting.

 

(i)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition
Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th)
Business Day after the Administrative Agent has posted such proposed amendment to all affected 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. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 5.8(c)(i)(A) will occur
prior to the applicable Benchmark Transition Start Date.

 

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

 

(iii)            Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) the
implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 5.8(c)(iv). Any determination, decision or election that may be made by the
Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.8(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 5.8(c).

 

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(iv)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference
Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator
of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is
not or will not be representative, then the Administrative Agent may modify the definition of “Interest Period” (or any similar
or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if
a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service
for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or
will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition
of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate
such previously removed tenor.

 

(v)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (A) the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to 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 and (B) any outstanding affected SOFR Loans will be deemed to have been converted
to Base Rate Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period or at any time that a tenor
for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such
tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

 

Section 5.9        Indemnity.
The Borrower hereby indemnifies each of the Lenders against any loss, cost or expense (including any loss, cost or expense arising from
the liquidation or reemployment of funds or from any fees payable) which may arise, be attributable to or result due to or as a consequence
of (a) any failure by the Borrower to make any payment when due of any amount due hereunder in connection with a SOFR Loan, (b) 
any failure of the Borrower to borrow or continue a SOFR Loan or convert to a SOFR Loan on a date specified therefor in a Notice of Borrowing
or Notice of Conversion/Continuation, (c) any failure of the Borrower to prepay any SOFR Loan on a date specified therefor in any
Notice of Prepayment (regardless of whether any such Notice of Prepayment may be revoked under Section 2.4(c) or Section 4.4(a) and
is revoked in accordance therewith), (d) any payment, prepayment or conversion of any SOFR Loan on a date other than the last day
of the Interest Period therefor (including as a result of an Event of Default) or (e) the assignment of any SOFR Loan other than
on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 5.12(b).
A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall
be forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error.
All of the obligations of the Credit Parties under this Section 5.9 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

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Section 5.10      Increased
Costs.

 

(a)       Increased
Costs Generally. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the FRB for determining the maximum
reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency
funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the FRB, as amended and in effect from time
to time)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account
of, or advances, loans or other credit extended or participated in by, any Lender or the Issuing Lender;

 

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

 

(iii)        impose
on any Lender or the Issuing Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by
such Lender or any Letter of Credit or participation therein;

 

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

 

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

 

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

 

(d)       Delay
in Requests. Failure or delay on the part of any Lender or the Issuing Lender or such other Recipient to demand compensation pursuant
to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s or such other Recipient’s
right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or the Issuing Lender
or any other Recipient pursuant to this Section for any increased costs incurred or reductions suffered more than 90 days prior
to the date that such Lender or the Issuing Lender or such other Recipient, as the case may be, notifies the Borrower of the Change in
Law giving rise to such increased costs or reductions, and of such Lender’s or the Issuing Lender’s or such other Recipient’s
intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)       Survival.
All of the obligations of the Credit Parties under this Section 5.10 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment,
satisfaction or discharge of all obligations under any Loan Document.

 

Section 5.11      Taxes.

 

(a)       Defined
Terms. For purposes of this Section 5.11, the term “Lender” includes the Issuing Lender and the term “Applicable
Law” includes FATCA.

 

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

 

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

 

(d)       Indemnification
by the Credit Parties. The Credit Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
the Borrower by a Recipient (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf
of a Recipient, shall be conclusive absent manifest error.

 

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(e)       Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any
Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.9(d) relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent
under this paragraph (e).

 

(f)       Evidence
of Payments. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 5.11,
such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

 

(g)       Status
of Lenders.

 

(i)         Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.11(g)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Lender.

 

(ii)        Without
limiting the generality of the foregoing:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Each Lender agrees that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form
or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

(h)       Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 5.11 (including by the payment of additional amounts pursuant
to this Section 5.11), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been
paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information
relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i)         Survival.
Each party’s obligations under this Section 5.11 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

Section 5.12      Mitigation
Obligations; Replacement of Lenders.

 

(a)       Designation
of a Different Lending Office. If any Lender requests compensation under Section 5.10, or requires the Borrower to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.11,
then such Lender shall, at the request of the Borrower, use reasonable efforts to designate a different Lending Office for funding or
booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if,
in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.10
or Section 5.11, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost
or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.

 

(b)       Replacement
of Lenders. If any Lender requests compensation under Section 5.10, or if the Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.11,
and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 5.12(a),
or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice
to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 12.9), all of its interests, rights (other than its existing
rights to payments pursuant to Section 5.10 or Section 5.11) and obligations under this Agreement and the related
Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided that:

 

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(i)           the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 12.9;

 

(ii)          such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations in Letters of
Credit and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 5.9) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts);

 

(iii)         in
the case of any such assignment resulting from a claim for compensation under Section 5.10 or payments required to be made
pursuant to Section 5.11, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)         such
assignment does not conflict with Applicable Law; and

 

(v)          in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the
applicable amendment, waiver or consent.

 

A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

 

Each party hereto agrees that
(x) an assignment required pursuant to this Section 5.12 may be effected pursuant to an Assignment and Assumption executed
by the Borrower, the Administrative Agent and the assignee and (y) the Lender required to make such assignment need not be a party
thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided
that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents
necessary to evidence such assignment as reasonably requested by the applicable Lender or the Administrative Agent, provided, further
that any such documents shall be without recourse to or warranty by the parties thereto.

 

(c)       Selection
of Lending Office. Subject to Section 5.12(a), each Lender may make any Loan to the Borrower through any Lending Office,
provided that the exercise of this option shall not affect the obligations of the Borrower to repay the Loan in accordance with the terms
of this Agreement or otherwise alter the rights of the parties hereto.

 

Section 5.13      Incremental
Increases.

 

(a)       Request
for Incremental Increase. At any time after the First Restatement Effective Date, upon written notice to the Administrative Agent,
the Borrower may, from time to time, request (i) one or more increases in the Revolving Credit Commitments (each, a “Incremental
Increase”); provided that (A) the aggregate initial principal amount of such requested Incremental Increase shall
not exceed the Incremental Facilities Limit, (B) any such Incremental Increase shall be in a minimum amount of $25,000,000 (or such
lesser amount as agreed to by the Administrative Agent) or, if less, the remaining amount of the Incremental Facilities Limit, (C) no
Lender will be required or otherwise obligated to provide any portion of such Incremental Increase and (D) no more than two Incremental
Increases shall be permitted to be requested during the term of this Agreement.

 

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(b)           Incremental
Lenders. Each notice from the Borrower pursuant to this Section 5.13 shall set forth the requested amount and proposed
terms of the relevant Incremental Increase. Incremental Increases may be provided by any existing Lender or by any other Persons (each
such Lender or other Person, an “Incremental Lender”); provided that the Administrative Agent, the Issuing
Lender and/or the Swingline Lender, as applicable, shall have consented (not to be unreasonably withheld or delayed) to such Incremental
Lender’s providing such Incremental Increases to the extent any such consent would be required under Section 12.9(b) for
an assignment of Loans or Commitments, as applicable, to such Incremental Lender. At the time of sending such notice, the Borrower (in
consultation with the Administrative Agent) shall specify the time period within which each proposed Incremental Lender is requested
to respond, which shall in no event be less than ten Business Days from the date of delivery of such notice to the proposed Incremental
Lenders (or such shorter period as agreed to by the Administrative Agent). Each proposed Incremental Lender may elect or decline, in
its sole discretion, and shall notify the Administrative Agent within such time period whether it agrees, to provide an Incremental Increase
and, if so, whether by an amount equal to, greater than or less than requested. Any Person not responding within such time period shall
be deemed to have declined to provide an Incremental Increase.

 

(c)           Increase
Effective Date and Allocations. The Administrative Agent and the Borrower shall determine the effective date (the “Increase
Effective Date”) and the final allocation of such Incremental Increase (limited in the case of the Incremental Lenders to their
own respective allocations thereof). The Administrative Agent shall promptly notify the Borrower and the Incremental Lenders of the final
allocation of such Incremental Increases and the Increase Effective Date.

 

(d)           Terms
of Incremental Increases. The terms of each Incremental Increase (which shall be set forth in the relevant Incremental Amendment)
shall be determined by the Borrower and the applicable Incremental Lenders; provided that:

 

(i)            each
such Incremental Increase shall have the same terms, including maturity, Applicable Margin and Commitment Fees, as the Revolving Credit
Facility; provided that (x) any upfront fees or facilities fees payable by the Borrower to the Lenders under any Incremental
Increases may differ from those payable under the then existing Revolving Credit Commitments and (y) the Applicable Margins or Commitment
Fees or interest rate floor applicable to any Incremental Increase may be higher than the Applicable Margins or Commitment Fees or interest
rate floor applicable to the Revolving Credit Facility if the Applicable Margins or Commitment Fees or interest rate floor applicable
to the Revolving Credit Facility are increased to equal the Applicable Margins and Commitment Fees and interest rate floor applicable
to such Incremental Increase; and

 

(ii)           the
outstanding Revolving Credit Loans and Revolving Credit Commitment Percentages of Swingline Loans and L/C Obligations will be reallocated
by the Administrative Agent on the applicable Increase Effective Date among the Revolving Credit Lenders (including the Incremental Lenders
providing such Incremental Increase) in accordance with their revised Revolving Credit Commitment Percentages (and the Revolving Credit
Lenders (including the Incremental Lenders providing such Incremental Increase) agree to make all payments and adjustments necessary
to effect such reallocation and the Borrower shall pay any and all costs required pursuant to Section 5.9 in connection with
such reallocation as if such reallocation were a repayment);

 

(iii)          each
Incremental Increase shall constitute Obligations of the Borrower and will be guaranteed by the Guarantors and secured on a pari passu
basis with the other Secured Obligations; and

 

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(e)           Conditions
to Effectiveness of Incremental Increases. Any Incremental Increase shall become effective as of such Increase Effective Date and
shall be subject to the following conditions precedent:

 

(i)            no
Default or Event of Default shall exist on such Increase Effective Date immediately prior to or after giving effect to (A) such
Incremental Increase or (B) the making of the initial Extensions of Credit pursuant thereto;

 

(ii)           all
of the representations and warranties set forth in Article VII shall be true and correct in all material respects (or if
qualified by materiality or Material Adverse Effect, in all respects) as of such Increase Effective Date, or if such representation speaks
as of an earlier date, as of such earlier date;

 

(iii)          the
Administrative Agent shall have received from the Borrower, a Compliance Certificate demonstrating that the Borrower is in compliance
with the financial covenants set forth in Section 9.15, in each case based on the financial statements for the most recently
completed Reference Period, both before and after giving effect on a Pro Forma Basis to the incurrence of any such Incremental Increase
and any Permitted Acquisition, refinancing of Indebtedness or other event consummated in connection therewith giving rise to a Pro Forma
Basis adjustment;

 

(iv)          the
Credit Parties shall have executed an Incremental Amendment in form and substance reasonably acceptable to the Borrower and the applicable
Incremental Lenders; and

 

(v)           the
Administrative Agent shall have received from the Borrower, any customary legal opinions or other documents (including a resolution duly
adopted by the board of directors (or equivalent governing body) of each Credit Party authorizing such Incremental Increase).

 

(f)            Incremental
Amendments. Each such Incremental Increase shall be effected pursuant to an amendment (an “Incremental Amendment”)
to this Agreement and, as appropriate, the other Loan Documents, executed by the Credit Parties, the Administrative Agent and the applicable
Incremental Lenders, which Incremental Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the
provisions of this Section 5.13.

 

(g)           Use
of Proceeds. The proceeds of any Incremental Increase may be used by the Borrower and its Subsidiaries for working capital and other
general corporate purposes, including the financing of Permitted Acquisitions and other Investments permitted hereunder and any other
use not prohibited by this Agreement.

 

Section 5.14     Cash
Collateral. At any time that there shall exist a Defaulting Lender, within three Business Days following the written request of the
Administrative Agent, the Issuing Lender (with a copy to the Administrative Agent) or the Swingline Lender (with a copy to the Administrative
Agent), the Borrower shall Cash Collateralize the Fronting Exposure of the Issuing Lender and/or the Swingline Lender, as applicable,
with respect to such Defaulting Lender (determined after giving effect to Section 5.15(a)(iv) and any Cash Collateral
provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

(a)           Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to
the Administrative Agent, for the benefit of the Issuing Lender and the Swingline Lender, and agrees to maintain, a first priority security
interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of L/C
Obligations and Swingline Loans, to be applied pursuant to subsection (b) below. If at any time the Administrative Agent determines
that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent, the Issuing Lender and the Swingline
Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower
will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount
sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

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(b)           Application.
Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Cash Collateral provided under this
Section 5.14 or Section 5.15 in respect of Letters of Credit and Swingline Loans shall be applied to the satisfaction
of the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations and Swingline Loans (including, as to
Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided,
prior to any other application of such property as may otherwise be provided for herein.

 

(c)           Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure of the Issuing Lender
and/or the Swingline Lender, as applicable, shall no longer be required to be held as Cash Collateral pursuant to this Section 5.14
following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status
of the applicable Lender), or (ii) the determination by the Administrative Agent, the Issuing Lender and the Swingline Lender that
there exists excess Cash Collateral; provided that, subject to Section 5.15, the Person providing Cash Collateral,
the Issuing Lender and the Swingline Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure
or other obligations; and provided further that to the extent that such Cash Collateral was provided by any Credit Party, such
Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. If both the Borrower and the Defaulting
Lender have provided Cash Collateral, any Cash Collateral no longer required to be held pursuant to this Section 5.14(c) shall
be returned first to the Borrower until it has received all Cash Collateral provided by it (together with any interest or income accrued
thereon) and second to the Defaulting Lender.

 

Section 5.15     Defaulting
Lenders.

 

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

 

(i)            Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 12.2.

 

(ii)           Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by
the Administrative Agent from a Defaulting Lender pursuant to Section 12.4 shall be applied at such time or times as may
be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to
the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to the Issuing Lender or the Swingline Lender hereunder; third, to Cash Collateralize the Fronting Exposure of the Issuing
Lender and the Swingline Lender with respect to such Defaulting Lender in accordance with Section 5.14; fourth, as
the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan or funded participation in respect
of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro
rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans and funded
participations under this Agreement and (B) Cash Collateralize the Issuing Lender’s future Fronting Exposure with respect
to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 5.14;
sixth, to the payment of any amounts owing to the Lenders, the Issuing Lender or the Swingline Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, the Issuing Lender or the Swingline Lender against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or
Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (1) such payment is a payment of the principal amount of any Loans or funded participations in Letters of Credit or
Swingline Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were made
or the related Letters of Credit or Swingline Loans were issued at a time when the conditions set forth in Section 6.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and funded participations in Letters of Credit or Swingline
Loans owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or funded
participations in Letters of Credit or Swingline Loans owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Revolving Credit
Commitments under the applicable Revolving Credit Facility without giving effect to Section 5.15(a)(iv). Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post
Cash Collateral pursuant to this Section 5.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

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(iii)          Certain
Fees.

 

(A)            No
Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and
the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

(B)            Each
Defaulting Lender shall be entitled to receive Letter of Credit commissions pursuant to Section 3.3 for any period during
which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Credit Commitment Percentage of the stated amount
of Letters of Credit for which it has provided Cash Collateral pursuant to Section 5.14.

 

(C)            With
respect to any Commitment Fee or Letter of Credit commission not required to be paid to any Defaulting Lender pursuant to clause (A) or
(B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swingline Loans that has been reallocated
to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to each the Issuing Lender and Swingline Lender,
as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Lender’s
or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of
any such fee.

 

(iv)          Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment
Percentages (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that such
reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s
Revolving Credit Commitment. Subject to Section 12.23, no reallocation hereunder shall constitute a waiver or release of
any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any
claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

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(v)           Cash
Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first,
repay Swingline Loans in an amount equal to the Swingline Lenders’ Fronting Exposure and (y) second, Cash Collateralize
the Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 5.14.

 

(b)           Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Issuing Lender and the Swingline Lender agree in writing that a Lender
is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified
in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral),
such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other
actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters
of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to
Section 5.15(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will
be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising
from that Lender’s having been a Defaulting Lender.

 

Article VI

 

Conditions
of Closing and Borrowing

 

Section 6.1     Conditions
to Closing and Initial Extensions of Credit. The obligation of the Lenders to close this Agreement and to make the initial Loans
or issue or participate in the initial Letter of Credit, if any, is subject to the satisfaction of each of the following conditions:

 

(a)           Executed
Loan Documents. This Agreement, a Revolving Credit Note in favor of each Revolving Credit Lender requesting a Revolving Credit Note,
a Swingline Note in favor of the Swingline Lender (if requested thereby), the Security Documents to be delivered on the First Restatement
Effective Date and the Subsidiary Guaranty Agreement, together with any other applicable Loan Documents, shall have been duly authorized,
executed and delivered to the Administrative Agent by the parties thereto, shall be in full force and effect and no Default or Event
of Default shall have occurred and be continuing.

 

(b)           Closing
Certificates; Etc. The Administrative Agent shall have received each of the following in form and substance reasonably satisfactory
to the Administrative Agent:

 

(i)            Officer’s
Certificate. A certificate from a Responsible Officer of the Borrower to the effect that (A) all representations and warranties
of the Credit Parties contained in this Agreement and the other Loan Documents are true, correct and complete in all material respects
(except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which
case, such representation and warranty shall be true, correct and complete in all respects) as of the date hereof or, to the extent such
representations and warranties specifically relate to an earlier date, as of such earlier date; (B) none of the Credit Parties is
in violation of any of the covenants contained in this Agreement and the other Loan Documents; (C) after giving effect to the Transactions,
no Default or Event of Default has occurred and is continuing; (D) since January 31, 2021, no event has occurred or condition
arisen, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect; and
(E)  each of the Credit Parties, as applicable, has satisfied each of the conditions set forth in Section 6.1 and Section 6.2.

 

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(ii)            Certificate
of Secretary of each Credit Party. A certificate of a Responsible Officer of each Credit Party certifying as to the incumbency and
genuineness of the signature of each officer of such Credit Party executing Loan Documents to which it is a party and certifying that
attached thereto is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation (or equivalent),
as applicable, of such Credit Party and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority
in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bylaws or governing documents
of such Credit Party as in effect on the First Restatement Effective Date, (C) resolutions duly adopted by the board of directors
(or other governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder and the execution, delivery
and performance of this Agreement and the other Loan Documents to which it is a party, and (D) each certificate required to be delivered
pursuant to Section 6.1(b)(iii).

 

(iii)          Certificates
of Good Standing. Certificates as of a recent date of the good standing or valid existence of each Credit Party under the laws of
its jurisdiction of incorporation, organization or formation (or equivalent), as applicable.

 

(iv)          Opinions
of Counsel. Opinions of counsel to the Credit Parties, including opinions with respect to the laws of the State of New York and each
other State where the Credit Parties are incorporated or organized, addressed to the Administrative Agent and the Lenders with respect
to the Credit Parties, the Loan Documents and such other matters as the Administrative Agent shall request.

 

(c)           Personal
Property Collateral.

 

(i)            Filings
and Recordings. Subject to the limitations and qualifications in the Security Documents, the Administrative Agent shall have received
all filings and recordations that are necessary to perfect the security interests of the Administrative Agent, on behalf of the Secured
Parties, in the Collateral and the Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent
that upon such filings and recordations such security interests constitute valid and perfected first priority Liens thereon (subject
to Permitted Liens).

 

(ii)           [Reserved].

 

(iii)          Lien
Search. The Administrative Agent shall have received the results of a Lien search (including a search as to judgments, pending litigation,
bankruptcy, tax and intellectual property matters), in form and substance reasonably satisfactory thereto, made against the Credit Parties
under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations
under the applicable Uniform Commercial Code should be made to evidence or perfect security interests in all assets of such Credit Party,
indicating among other things that the assets of each such Credit Party are free and clear of any Lien (except for Permitted Liens).

 

(iv)          [Reserved].

 

(v)           [Reserved].

 

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(vi)          Other
Collateral Documentation. The Administrative Agent shall have received any documents reasonably requested thereby or as required
by the terms of the Security Documents to evidence its security interest in the Collateral (including, without limitation, any landlord
waivers or collateral access agreements, bailee or warehouseman letters or filings with any applicable Governmental Authority).

 

(vii)         [Reserved].

 

(d)           Consents;
Defaults.

 

(i)            Governmental
and Third Party Approvals. The Credit Parties shall have received all material governmental, shareholder and third party consents
and approvals necessary (or any other material consents as determined in the reasonable discretion of the Administrative Agent) in connection
with the Transactions, which shall be in full force and effect.

 

(ii)           No
Injunction, Etc. No action, suit, proceeding or investigation shall be pending or, to the knowledge of the Borrower, threatened in
any court or before any arbitrator or any Governmental Authority that could reasonably be expected to have a Material Adverse Effect.

 

(e)           Financial
Matters.

 

(i)            Financial
Statements. The Administrative Agent shall have received the unaudited Consolidated balance sheet of the Borrower and its Subsidiaries
as of October 30, 2021, and related unaudited interim statements of income and retained earnings.

 

(ii)           [Reserved].

 

(iii)          [Reserved].

 

(iv)          Financial
Condition/Solvency Certificate. The Borrower shall have delivered to the Administrative Agent a certificate, in form and substance
reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of the Borrower, that (A) after
giving effect to the Transactions, each Credit Party and each Subsidiary thereof is each Solvent and (B) the financial projections
previously delivered to the Administrative Agent represent the good faith estimates (utilizing reasonable assumptions) of the financial
condition and operations of the Borrower and its Subsidiaries.

 

(v)           [Reserved].

 

(vi)          Payment
at Closing. The Borrower shall have paid or made arrangements to pay contemporaneously with closing (A) to the Administrative
Agent, the Arranger and the Lenders the fees set forth or referenced in Section 5.3 and any other accrued and unpaid fees
or commissions due hereunder, (B) all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel
if requested by the Administrative Agent) to the extent accrued and unpaid prior to or on the First Restatement Effective Date, plus
such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and
disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter
preclude a final settling of accounts between the Borrower and the Administrative Agent) and (C) to any other Person such amount
as may be due thereto in connection with the transactions contemplated hereby, including all taxes, fees and other charges in connection
with the execution, delivery, recording, filing and registration of any of the Loan Documents.

 

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(f)            [Reserved].

 

(g)           Miscellaneous.

 

(i)            Notice
of Account Designation. The Administrative Agent shall have received a Notice of Account Designation specifying the account or accounts
to which the proceeds of any Loans made on or after the First Restatement Effective Date are to be disbursed.

 

(ii)           [Reserved].

 

(iii)          [Reserved].

 

(iv)          [Reserved].

 

(v)           PATRIOT
Act, etc.

 

(A)            The
Administrative Agent and the Lenders shall have received, at least five (5) Business Days prior to the First Restatement Effective
Date, all documentation and other information requested by the Administrative Agent or any Lender or required by regulatory authorities
in order for the Administrative Agent and the Lenders to comply with requirements of any Anti-Money Laundering Laws, including the PATRIOT
Act and any applicable “know your customer” rules and regulations.

 

(B)            If
applicable, the Borrower shall have delivered to the Administrative Agent, and directly to any Lender requesting the same, a Beneficial
Ownership Certification in relation to it (or a certification that such Borrower qualifies for an express exclusion from the “legal
entity customer” definition under the Beneficial Ownership Regulations), in each case at least five (5) Business Days prior
to the First Restatement Effective Date.

 

(vi)          [Reserved].

 

(vii)         Other
Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated
by this Agreement shall be satisfactory in form and substance to the Administrative Agent. The Administrative Agent shall have received
copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the transactions contemplated
by this Agreement.

 

Without limiting the generality of the provisions
of Section 11.3(c) and Section 11.4, for purposes of determining compliance with the conditions specified
in this Section 6.1, the Administrative Agent and 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
First Restatement Effective Date specifying its objection thereto.

 

Section 6.2     Conditions
to All Extensions of Credit. The obligations of the Lenders to make or participate in any Extensions of Credit (including the initial
Extension of Credit) and/or the Issuing Lender to issue or extend any Letter of Credit are subject to the satisfaction of the following
conditions precedent on the relevant borrowing, continuation, conversion, issuance or extension date:

 

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

 

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

 

(c)           Notices.
The Administrative Agent shall have received a Notice of Borrowing, Letter of Credit Application, or Notice of Conversion/Continuation,
as applicable, from the Borrower in accordance with Section 2.3(a), Section 3.2, or Section 5.2,
as applicable.

 

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

 

Each Notice of Borrowing, Letter of Credit Application
or Notice of Conversion/Continuation, as applicable, submitted by the Borrower shall be deemed to be a representation and warranty that
the conditions specified in Sections 6.2(a) and (b) have been satisfied on and as of the date of the applicable
Extension of Credit.

 

Article VII

 

Representations
and Warranties of the Credit Parties

 

To induce the Administrative
Agent and Lenders to enter into this Agreement and to induce the Lenders to make Extensions of Credit, the Credit Parties hereby represent
and warrant to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder,
which representations and warranties shall be deemed made on the First Restatement Effective Date and as otherwise set forth in Section 6.2,
that:

 

Section 7.1     Organization;
Power; Qualification. Each Credit Party and each Subsidiary thereof (a) is duly organized, validly existing and in good standing
(to the extent the concept is applicable in such jurisdiction) under the laws of the jurisdiction of its incorporation or formation,
(b) has the power and authority to own its Properties and to carry on its business as now being and hereafter proposed to be conducted,
except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, and (c) is duly qualified and authorized to do business in each jurisdiction in which the character of its Properties or
the nature of its business requires such qualification and authorization except in jurisdictions where the failure to be so qualified
or in good standing could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The jurisdictions
in which each Credit Party and each Subsidiary thereof are organized as of the First Restatement Effective Date are described on Schedule
7.1. Schedule 7.1 identifies each Subsidiary Guarantor as of the First Restatement Effective Date. No Credit Party nor any
Subsidiary thereof is an Affected Financial Institution or a Covered Party.

 

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Section 7.2     Ownership.
Each Subsidiary of each Credit Party as of the First Restatement Effective Date is listed on Schedule 7.2. As of the First Restatement
Effective Date, the capitalization of each Subsidiary of the Borrower consists of the number of shares, authorized, issued and outstanding,
of such classes and series, with or without par value, described on Schedule 7.2. All of such outstanding shares have been duly
authorized and validly issued and are fully paid and nonassessable and not subject to any preemptive or similar rights, except as described
in Schedule 7.2. As of the First Restatement Effective Date, there are no outstanding stock purchase warrants, subscriptions,
options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise
provide for or require the issuance of Equity Interests of any Subsidiary of the Borrower, except as described on Schedule 7.2.

 

Section 7.3     Authorization;
Enforceability. Each Credit Party and each Subsidiary thereof has the right, power and authority and has taken all necessary organizational
action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party
in accordance with their respective terms. This Agreement and each of the other Loan Documents have been duly executed and delivered
by the duly authorized officers of each Credit Party and each Subsidiary thereof that is a party thereto, and each such document constitutes
the legal, valid and binding obligation of each Credit Party and each Subsidiary thereof that is a party thereto, enforceable in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or
federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability
of equitable remedies.

 

Section 7.4     Compliance
of Agreement, Loan Documents and Borrowing with Laws, Etc. The execution, delivery and performance by each Credit Party and each
Subsidiary thereof of the Loan Documents to which each such Person is a party, in accordance with their respective terms, the Extensions
of Credit hereunder and the transactions contemplated hereby or thereby do not and will not, by the passage of time, the giving of notice
or otherwise, (a) require any Governmental Approval or violate any Applicable Law relating to any Credit Party or any Subsidiary
thereof where the failure to obtain such Governmental Approvals or such violation, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect, (b) conflict with, result in a breach of or constitute a default under the Organizational
Documents of any Credit Party or any Subsidiary thereof, (c) conflict with, result in a breach of or constitute a default under
any indenture, agreement or other instrument to which such Person is a party or by which any of its properties may be bound or any Governmental
Approval relating to such Person, which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
(d) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired
by such Person other than Permitted Liens or (e) require any consent or authorization of, filing with, or other act in respect of,
an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance,
validity or enforceability of this Agreement other than (i) consents, authorizations, filings or other acts or consents for which
the failure to obtain or make could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
and (ii) consents or filings under the UCC.

 

Section 7.5     Compliance
with Law; Governmental Approvals. Each Credit Party and each Subsidiary thereof (a) has all Governmental Approvals required
by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and not subject to review on
appeal and is not the subject of any pending or, to its knowledge, threatened attack by direct or collateral proceeding, (b) is
in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any
of its respective properties and (c) has timely filed all material reports, documents and other materials required to be filed by
it under all Applicable Laws with any Governmental Authority and has retained all material records and documents required to be retained
by it under Applicable Law, except in each case of clauses (a), (b) or (c) where the failure to have,
comply or file could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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Section 7.6     Tax
Returns and Payments. Each Credit Party and each Subsidiary thereof has duly filed or caused to be filed all federal, state, local
and other tax returns required by Applicable Law to be filed, and has paid, or made adequate provision for the payment of, all federal,
state, local and other taxes, assessments and governmental charges or levies upon it and its property, income, profits and assets which
are due and payable (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP have been provided for on the books of the relevant Credit Party). Such returns
accurately reflect in all material respects all liability for taxes of any Credit Party or any Subsidiary thereof for the periods covered
thereby. As of the First Restatement Effective Date, except as could not reasonably be expected to result in a Material Adverse Effect,
there is no ongoing audit or examination or, to the knowledge of each of the Credit Parties and each Subsidiary thereof, other investigation
by any Governmental Authority of the tax liability of any Credit Party or any Subsidiary thereof. No Governmental Authority has asserted
any Lien or other claim against any Credit Party or any Subsidiary thereof with respect to unpaid taxes which has not been discharged
or resolved (other than (a) any amount the validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which reserves in conformity with GAAP have been provided for on the books of the relevant Credit Party and (b) Permitted
Liens). The charges, accruals and reserves on the books of each Credit Party and each Subsidiary thereof in respect of federal, state,
local and other taxes for all Fiscal Years and portions thereof since the organization of any Credit Party or any Subsidiary thereof
are in the judgment of the Borrower adequate, and the Borrower does not anticipate any additional taxes or assessments for any of such
years.

 

Section 7.7     Intellectual
Property Matters. Each Credit Party and each Subsidiary thereof owns or possesses rights to use all franchises, licenses, copyrights,
copyright applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights, service mark, service
mark rights, trade names, trade name rights, copyrights and other rights with respect to the foregoing which are necessary to conduct
its business unless the failure to own or benefit from such valid license could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. To the knowledge of each Credit Party, no event has occurred which permits, or after notice
or lapse of time or both would permit, the revocation or termination of any such rights, and no Credit Party nor any Subsidiary thereof
is liable to any Person for infringement under Applicable Law with respect to any such rights as a result of its business operations
unless such infringement, misappropriation, dilution or violation could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

Section 7.8     Environmental
Matters.

 

(a)           To
the knowledge of the Credit Parties, the properties owned, leased or operated by each Credit Party and each Subsidiary thereof now or
in the past do not contain, and to their knowledge have not previously contained, any Hazardous Materials in amounts or concentrations
which constitute or constituted a violation of applicable Environmental Laws that could reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect;

 

(b)           To
its knowledge, each Credit Party and each Subsidiary thereof and such properties and all operations conducted in connection therewith
are in compliance in all material respects, and have been in compliance in all material respects, with all applicable Environmental Laws,
and there is no contamination at, under or about such properties or such operations that could reasonably be expected to materially interfere
with the continued operation of such properties by any Credit Party or any Subsidiary or materially impair the fair saleable value of
the interest in any such property held by any Credit Party or any Subsidiary;

 

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(c)           No
Credit Party nor any Subsidiary thereof has received any written notice of violation, alleged violation, non-compliance, liability or
potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental Laws that, if adversely determined,
could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, nor does any Credit Party or any Subsidiary
thereof have knowledge that any such notice will be received or is being threatened;

 

(d)           To
its knowledge, Hazardous Materials have not been transported or disposed of to or from the properties owned, leased or operated by any
Credit Party or any Subsidiary thereof in violation of, or in a manner or to a location that could reasonably be expected to give rise
to material liability under, Environmental Laws, nor have any Hazardous Materials been generated, treated, stored or disposed of at,
on or under any of such properties in violation of, or in a manner that could reasonably by expected to give rise to material liability
for any Credit Party or any Subsidiary under, any applicable Environmental Laws;

 

(e)           No
judicial proceedings or governmental or administrative action is pending, or, to the knowledge of the Borrower, threatened, under any
Environmental Law to which any Credit Party or any Subsidiary thereof is or (to the knowledge of any Credit Party) will be named as a
potentially responsible party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders,
or other administrative or judicial requirements outstanding under any applicable Environmental Law with respect to any Credit Party
or any Subsidiary thereof, with respect to any real property owned, leased or operated by any Credit Party or any Subsidiary thereof
or operations conducted in connection therewith that in any case could reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect; and

 

(f)            To
the knowledge of the Credit Parties, there has been no release of Hazardous Materials at or from properties owned, leased or operated
by any Credit Party or any Subsidiary, now or in the past, in violation of or in amounts or in a manner that could give rise to liability
under applicable Environmental Laws that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

Section 7.9     Employee
Benefit Matters.

 

(a)           As
of the First Restatement Effective Date, no Credit Party nor any ERISA Affiliate maintains or contributes to, or has any obligation under,
any Employee Benefit Plans other than those identified on Schedule 7.9;

 

(b)           Each
Credit Party and each ERISA Affiliate is in compliance with all applicable provisions of ERISA, the Code and the regulations thereunder
with respect to all Employee Benefit Plans except where a failure to so comply could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. No liability has been incurred by any Credit Party or any ERISA Affiliate which remains
unsatisfied for any taxes or penalties assessed with respect to any Employee Benefit Plan or any Multiemployer Plan except for a liability
that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

 

(c)           As
of the First Restatement Effective Date, no Pension Plan has been terminated, nor has any Pension Plan become subject to funding based
upon benefit restrictions under Section 436 of the Code, nor has any funding waiver from the IRS been received or requested with
respect to any Pension Plan, nor has any Credit Party or any ERISA Affiliate failed to make any contributions or to pay any amounts due
and owing as required by Sections 412 or 430 of the Code, Section 302 of ERISA or the terms of any Pension Plan on or prior to the
due dates of such contributions under Sections 412 or 430 of the Code or Section 302 of ERISA, nor has there been any event requiring
any disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan;

 

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(d)           Except
where the failure of any of the following representations to be correct could not, individually or in the aggregate, reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect, no Credit Party nor any ERISA Affiliate has: (i) engaged in
a nonexempt prohibited transaction described in Section 406 of the ERISA or Section 4975 of the Code, (ii) incurred any
liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and
unpaid, (iii) failed to make a required contribution or payment to a Multiemployer Plan, or (iv) failed to make a required
installment or other required payment under Sections 412 or 430 of the Code;

 

(e)           No
Termination Event has occurred or is reasonably expected to occur;

 

(f)            There
are no pending or, to the knowledge of the Borrower, threatened or contemplated claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that,
either individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

 

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

 

Section 7.10     Margin
Stock. No Credit Party nor any Subsidiary thereof is engaged principally or as one of its activities in the business of extending
credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined
or used, directly or indirectly, in Regulation U of the FRB). Following the application of the proceeds of each Extension of Credit,
not more than twenty-five percent (25%) of the value of the assets (of the Borrower and its Subsidiaries on a Consolidated basis) subject
to the provisions of Section 9.2 or Section 9.5 or subject to any restriction contained in any agreement or instrument
between the Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness in excess of the Threshold Amount will be
 “margin stock”.

 

Section 7.11     Government
Regulation. No Credit Party nor any Subsidiary thereof is an “investment company” or a company “controlled”
by an “investment company” (as each such term is defined or used in the Investment Company Act) and no Credit Party nor any
Subsidiary thereof is, or after giving effect to any Extension of Credit will be, subject to regulation under the Interstate Commerce
Act, or any other Applicable Law which limits its ability to incur or consummate the transactions contemplated hereby.

 

Section 7.12     Material
Contracts. The Borrower has filed with the SEC all Material Contracts of each Credit Party and each Subsidiary thereof required to
be filed by the Borrower in effect as of the First Restatement Effective Date. Each such Material Contract is, and after giving effect
to the consummation of the transactions contemplated by the Loan Documents will be, in full force and effect in accordance with the terms
thereof. As of the First Restatement Effective Date, no Credit Party nor any Subsidiary thereof (nor, to its knowledge, any other party
thereto) is in breach of or in default under any Material Contract in any material respect.

 

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Section 7.13     Employee
Relations. As of the First Restatement Effective Date, no Credit Party nor any Subsidiary thereof is party to any collective bargaining
agreement, nor has any labor union been recognized as the representative of its employees except as set forth on Schedule 7.13.
The Borrower knows of no pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving
its employees or those of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

 

Section 7.14     Financial
Statements. The unaudited financial statements delivered pursuant to Section 6.1(e)(i) and the audited financial
statements delivered pursuant to the Existing Credit Agreement are complete and correct and fairly present on a Consolidated basis the
assets, liabilities and financial position of the Borrower and its Subsidiaries as at such dates, and the results of the operations and
changes of financial position for the periods then ended (other than customary year-end adjustments for unaudited financial statements
and the absence of footnotes from unaudited financial statements). All such financial statements, including the related schedules and
notes thereto, have been prepared in accordance with GAAP. Such financial statements show all material indebtedness and other material
liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including material liabilities for taxes,
material commitments, and Indebtedness, in each case, to the extent required to be disclosed under GAAP. The projections delivered pursuant
to Section 6.1(e)(iv) were prepared in good faith on the basis of the assumptions stated therein, which assumptions
are believed to be reasonable in light of then existing conditions except that such financial projections and statements shall be subject
to normal year end closing and audit adjustments (it being recognized by the Lenders that projections are not to be viewed as facts and
that the actual results during the period or periods covered by such projections may vary from such projections).

 

Section 7.15     No
Material Adverse Change. Since January 31, 2021, no event has occurred or condition arisen, either individually or in the aggregate,
that could reasonably be expected to have a Material Adverse Effect.

 

Section 7.16     Solvency.
The Credit Parties, on a Consolidated basis, are Solvent.

 

Section 7.17     Title
to Properties. Each Credit Party and each Subsidiary thereof has such title to the real property owned or leased by it reflected
in the financial statements referred to in Section 7.14 or in the most recent financial statements delivered pursuant to
Section 8.1 as is necessary or desirable to the conduct of its business and valid and legal title to all of its personal
property and assets, in each case except for such properties or assets that have been disposed of by the Credit Parties and their Subsidiaries
subsequent to the date of such financial statements in the ordinary course of business or as otherwise expressly permitted hereunder
and except for defects and irregularities that could not reasonably be expected to result in a Material Adverse Effect.

 

Section 7.18     Litigation.
Except for matters existing on the First Restatement Effective Date and set forth on Schedule 7.18, there are no actions, suits
or proceedings pending nor, to its knowledge, threatened against or in any other way relating adversely to or affecting any Credit Party
or any Subsidiary thereof or any of their respective properties in any court or before any arbitrator of any kind or before or by any
Governmental Authority that could reasonably be expected to have a Material Adverse Effect, or in which there is a reasonable likelihood
of recovery of an uninsured amount that exceeds the Threshold Amount.

 

Section 7.19     Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.

 

(a)           None
of (i) the Borrower, any Subsidiary or, to the knowledge of the Borrower or such Subsidiary, any of their respective directors,
officers, employees or Affiliates, or (ii) to the knowledge of the Borrower, any agent or representative of the Borrower or any
Subsidiary that will act in any capacity in connection with or benefit from the Credit Facility, (A) is a Sanctioned Person or currently
the subject or target of any Sanctions, (B) has its assets located in a Sanctioned Country, (C) is under administrative, civil
or criminal investigation for an alleged violation of, or received notice from or made a voluntary disclosure to any governmental entity
regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions by a governmental authority that enforces
Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (D) directly or indirectly derives revenues from investments
in, or transactions with, Sanctioned Persons.

 

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(b)           Each
of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by
the Borrower and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Anti-Corruption
Laws, Anti-Money Laundering Laws and applicable Sanctions.

 

(c)           Each
of the Borrower and its Subsidiaries, and to the knowledge of the Borrower, director, officer, employee, agent and Affiliate of Borrower
and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all respects and applicable Sanctions.

 

(d)           No
proceeds of any Extension of Credit have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or any of its or
their respective directors, officers, employees and agents in violation of Section 8.16(c).

 

Section 7.20     Absence
of Defaults. No event has occurred or is continuing (a) which constitutes a Default or an Event of Default, or (b) which
constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by any Credit
Party or any Subsidiary thereof under (i) any Material Contract or (ii) any judgment, decree or order to which any Credit Party
or any Subsidiary thereof is a party or by which any Credit Party or any Subsidiary thereof or any of their respective properties may
be bound or which would require any Credit Party or any Subsidiary thereof to make any payment thereunder prior to the scheduled maturity
date therefor that, in any case under clause (i) or this clause (ii), could, either individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

Section 7.21     Senior
Indebtedness Status. The Obligations of each Credit Party and each Subsidiary thereof under this Agreement and each of the other
Loan Documents ranks and shall continue to rank at least senior in priority of payment to all Subordinated Indebtedness and all senior
unsecured Indebtedness of each such Person and is designated as “Senior Indebtedness” (or any other similar term) under all
instruments and documents, now or in the future, relating to all Subordinated Indebtedness.

 

Section 7.22     Disclosure.
The Borrower and/or its Subsidiaries have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate
or other restrictions to which any Credit Party and any Subsidiary thereof are subject, and all other matters known to them, that, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial statement, material report, material
certificate or other material information furnished (whether in writing or orally) by or on behalf of any Credit Party or any Subsidiary
thereof to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this
Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken together as a whole, contains
any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that, with respect to projected financial information,
pro forma financial information, estimated financial information and other projected or estimated information, such information was prepared
in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the Lenders that projections are not
to be viewed as facts and that the actual results during the period or periods covered by such projections may vary from such projections).

 

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Article VIII

 

Affirmative Covenants

 

Until all of the Obligations
(other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit
have been terminated or expired (or been Cash Collateralized) and the Commitments terminated, each Credit Party will, and will cause
each of its Subsidiaries to:

 

Section 8.1     Financial
Statements and Budgets. Deliver to the Administrative Agent, in form and detail reasonably satisfactory to the Administrative Agent
(which shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)           Annual
Financial Statements. As soon as practicable and in any event within 120 days (or, if earlier, on the date of any required public
filing thereof) after the end of each Fiscal Year (commencing with the Fiscal Year ended January 31, 2021), an audited Consolidated
and consolidating balance sheet of the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated and
consolidating statements of income, retained earnings and cash flows including the notes thereto, all in reasonable detail setting forth
in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP
and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application
of accounting principles and practices during the year. Such annual financial statements shall be audited by Deloitte & Touche
LLP or another independent certified public accounting firm of recognized national standing reasonably acceptable to the Administrative
Agent, and accompanied by a report and opinion thereon by such certified public accountants prepared in accordance with generally accepted
auditing standards that is not subject to any “going concern” or similar qualification or exception or any qualification
as to the scope of such audit or with respect to accounting principles followed by the Borrower or any of its Subsidiaries not in accordance
with GAAP. The Administrative Agent and the Lenders acknowledge and agree that so long as Borrower is a publicly reporting company, filings
with respect to its financial statements submitted to the SEC within the time periods required by this Section 8.1(a) shall
be deemed to satisfy the requirements for the delivery of such financial statements.

 

(b)           Quarterly
Financial Statements. As soon as practicable and in any event within 45 days (or, if earlier, on the date of any required public
filing thereof) after the end of the first three fiscal quarters of each Fiscal Year (commencing with the fiscal quarter ended on or
about April 30, 2022), an unaudited Consolidated and consolidating balance sheet of the Borrower and its Subsidiaries as of the
close of such fiscal quarter and unaudited Consolidated and consolidating statements of income, retained earnings and cash flows for
the fiscal quarter then ended and that portion of the Fiscal Year then ended, including the notes thereto, all in reasonable detail setting
forth in comparative form the corresponding figures as of the end of and for the corresponding period in the preceding Fiscal Year and
prepared by the Borrower in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or
results of operations of any change in the application of accounting principles and practices during the period, and certified by the
chief financial officer of the Borrower to present fairly in all material respects the financial condition of the Borrower and its Subsidiaries
on a Consolidated and consolidating basis as of their respective dates and the results of operations of the Borrower and its Subsidiaries
for the respective periods then ended, subject to normal year-end adjustments and the absence of footnotes. The Administrative Agent
and the Lenders acknowledge and agree that so long as Borrower is a publicly reporting company, filings with respect to its financial
statements submitted to the SEC within the time periods required by this Section 8.1(b) shall be deemed to satisfy the
requirements for the delivery of such financial statements.

 

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(c)           Annual
Business Plan and Budget. As soon as practicable and in any event within 60 days after the end of each Fiscal Year, a business
plan and operating and capital budget of the Borrower and its Subsidiaries for the ensuing four fiscal quarters, such plan to be
prepared in accordance with GAAP and to include, on a quarterly basis, the following: a projected income statement, statement of cash
flows and balance sheet, with a reasonable disclosure of the key assumptions and drivers with respect to such budget.

 

Section 8.2     Certificates;
Other Reports. Deliver to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance
with its customary practice):

 

(a)            at
each time financial statements are delivered pursuant to Sections 8.1(a) or (b) and at such other times as the
Administrative Agent shall reasonably request, a duly completed Compliance Certificate that, among other things, (i) states that
no Default or Event of Default is continuing as of the date of delivery of such Compliance Certificate or, if a Default or Event of Default
is continuing, states the nature thereof and the action that the Borrower proposes to take with respect thereto and (ii) demonstrates
compliance with the financial covenants set forth in Section 9.15 as of the last day of the applicable Reference Period ending
on the last day of the Reference Period covered by such financial statements, together with a report containing management’s discussion
and analysis of the Borrower’s material quarterly and annual operating results, as applicable, and a report containing management’s
discussion and analysis of such financial statements;

 

(b)           [reserved];

 

(c)           promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of Indebtedness of any Credit Party or any Subsidiary
thereof in excess of the Threshold Amount pursuant to the terms of any indenture, loan or credit or similar agreement;

 

(d)           promptly
after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by any Credit Party or
any Subsidiary thereof with any Environmental Law that could reasonably be expected to have a Material Adverse Effect;

 

(e)           promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the
stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower
may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, or with any national securities
exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; provided, that the
Administrative Agent and the Lenders acknowledge and agree that, solely with respect to any financial statements referred to in this
Section 8.2(e), so long as Borrower is a publicly reporting company, filings with respect to such financial statements submitted
to the SEC within the time periods required by this Section 8.2(e) shall be deemed to satisfy the requirements for the
delivery of such financial statements;

 

(f)            promptly,
and in any event within five (5) Business Days after receipt thereof by any Credit Party or any Subsidiary thereof, copies of each
notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation
or possible investigation or other inquiry by such agency regarding financial or other operational results of any Credit Party or any
Subsidiary thereof;

 

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(g)           promptly
upon the request thereof, such other information and documentation required under applicable “know your customer” rules and
regulations, the PATRIOT Act or any applicable Anti-Money Laundering Laws or Anti-Corruption Laws, in each case as from time to time
reasonably requested by the Administrative Agent or any Lender; and

 

(h)           such
other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary thereof as
the Administrative Agent or any Lender may reasonably request.

 

Documents required to be delivered pursuant to
Section 8.1(a) or (b) or Section 8.2(f) (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;
or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each
Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent); provided that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender
that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative
Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by electronic mail) of the posting
of any such documents and provide to the Administrative Agent by electronic mail electronic versions of such documents. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide copies of the Compliance Certificates required
by Section 8.2 to the Administrative Agent in accordance with the procedures set forth in Section 12.1. Except
for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of
the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request
for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (a) the
Administrative Agent and/or the Arranger may make available to the Lenders and the Issuing Lender materials and/or information provided
by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
the Platform and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive
material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”). The Borrower
hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed
to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which,
at a minimum, means that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower
Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, the Issuing Lender
and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive
and proprietary) with respect to the Borrower or its securities for purposes of United States federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 12.10);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
 “Public Investor;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Investor.”

 

SECTION 8.3     Notice
of Litigation and Other Matters. Promptly (but in no event later than ten (10) days after any Responsible Officer of any Credit
Party obtains knowledge thereof) notify the Administrative Agent in writing of (which shall promptly make such information available
to the Lenders in accordance with its customary practice):

 

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

 

(b)           the
commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any court
or before any arbitrator against or involving any Credit Party or any Subsidiary thereof or any of their respective properties, assets
or businesses in each case that if adversely determined could reasonably be expected to result in a Material Adverse Effect;

 

(c)           any
notice of any violation received by any Credit Party or any Subsidiary thereof from any Governmental Authority including any notice of
violation of Environmental Laws which in any such case could reasonably be expected to have a Material Adverse Effect;

 

(d)           any
labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party or any Subsidiary
thereof;

 

(e)           any
attachment, judgment, lien, levy or order exceeding the Threshold Amount that may be assessed against or threatened against any Credit
Party or any Subsidiary thereof;

 

(f)            any
event which constitutes or which with the passage of time or giving of notice or both would constitute a default or event of default
under any Material Contract to which the Borrower or any of its Subsidiaries is a party or by which the Borrower or any Subsidiary thereof
or any of their respective properties may be bound which could reasonably be expected to have a Material Adverse Effect;

 

(g)           (i) any
unfavorable determination letter from the IRS regarding the qualification of an Employee Benefit Plan under Section 401(a) of
the Code (along with a copy thereof), (ii) all notices received by any Credit Party or any ERISA Affiliate of the PBGC’s intent
to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all notices received by any Credit
Party or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability pursuant to
Section 4202 of ERISA and (iv) the Borrower obtaining knowledge or reason to know that any Credit Party or any ERISA Affiliate
has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within the meaning of Section 4041(c) of
ERISA; and

 

(h)           any
event which makes any of the representations set forth in Article VII that is subject to materiality or Material Adverse
Effect qualifications inaccurate in any respect or any event which makes any of the representations set forth in Article VII
that is not subject to materiality or Material Adverse Effect qualifications inaccurate in any material respect.

 

Each notice pursuant to Section 8.3
shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to
therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 8.3(a) shall
describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

 

Section 8.4     Preservation
of Corporate Existence and Related Matters. Except as permitted by Section 9.4, preserve and maintain its separate corporate
existence or equivalent form and all rights, franchises, licenses and privileges necessary to the conduct of its business, and qualify
and remain qualified as a foreign corporation or other entity and authorized to do business in each jurisdiction in which the failure
to so qualify could reasonably be expected to have a Material Adverse Effect.

 

Section 8.5     Maintenance
of Property and Licenses.

 

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(a)           In
addition to the requirements of any of the Security Documents, (i) protect and preserve all Properties necessary in and material
to its business, including copyrights, patents, trade names, service marks and trademarks; (ii) maintain in good working order and
condition, ordinary wear and tear excepted, all buildings, equipment and other tangible real and personal property; and (iii) from
time to time make or cause to be made all repairs, renewals and replacements thereof and additions to such Property necessary for the
conduct of its business, so that the business carried on in connection therewith may be conducted in a commercially reasonable manner,
in each case of the foregoing clauses (i) through (iii), except as such action or inaction could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(b)           Maintain,
in full force and effect in all material respects, each and every material license, permit, certification, qualification, approval or
franchise issued by any Governmental Authority required for each of them to conduct their respective businesses as presently conducted,
except where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 8.6     Insurance.
Maintain insurance with financially sound and reputable insurance companies against at least such risks and in at least such amounts
as are customarily maintained by similar businesses and as may be required by Applicable Law and as are required by any Security Documents
(including hazard and business interruption insurance). All such insurance shall, (a) provide that no cancellation or material modification
thereof shall be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof (except as a result
of non-payment of premium in which case only 10 days’ prior written notice shall be required), (b) in the case of liability
insurance, name the Administrative Agent as an additional insured party thereunder and (c) in the case of each property insurance
policy, name the Administrative Agent as lender’s loss payee or mortgagee, as applicable. On the First Restatement Effective Date
and from time to time thereafter deliver to the Administrative Agent upon its request information in reasonable detail as to the insurance
then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof
and the properties and risks covered thereby.

 

Section 8.7     Accounting
Methods and Financial Records. Maintain a system of accounting, and keep proper books, records and accounts (which shall be accurate
and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in
accordance in all material respects with GAAP and in compliance with the regulations of any Governmental Authority having jurisdiction
over it or any of its Properties.

 

Section 8.8     Payment
of Taxes and Other Obligations. Pay and perform (a) all taxes, assessments and other governmental charges that may be levied
or assessed upon it or any of its Property and (b) all other Indebtedness, obligations and liabilities in accordance with customary
trade practices; provided, that the Borrower or such Subsidiary may contest any item described in clause (a) of this
Section in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP; provided,
further, that the Borrower or such Subsidiary may pay up to 25% of its aggregate trade payables at any point in time within 90
days after the date such trade payables is due and payable.

 

Section 8.9     Compliance
with Laws and Approvals. Observe and remain in compliance with all Applicable Laws and maintain in full force and effect all Governmental
Approvals, in each case applicable to the conduct of its business except where the failure to do so could not, either individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 8.10     Environmental
Laws. In addition to and without limiting the generality of Section 8.9, (a) comply with, and ensure such compliance
by all tenants and subtenants with all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants
and subtenants, if any, obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits
required by applicable Environmental Laws and (b) conduct and complete all investigations, studies, sampling and testing, and all
remedial, removal and other actions required under Environmental Laws, and promptly comply with all lawful orders and directives of any
Governmental Authority regarding Environmental Laws.

 

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Section 8.11     Compliance
with ERISA. In addition to and without limiting the generality of Section 8.9, (a) except where the failure to so
comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) comply with applicable
provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans,
and (ii) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to
the PBGC or to a Multiemployer Plan, and (b) furnish to the Administrative Agent upon the Administrative Agent’s request such
additional information about any Employee Benefit Plan as may be reasonably requested by the Administrative Agent.

 

Section 8.12     Compliance
with Material Contracts. Comply in all material respects with, and maintain in full force and effect, each Material Contract, except
as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 8.13     Visits
and Inspections. Permit representatives of the Administrative Agent or any Lender, from time to time upon prior reasonable notice
and at such times during normal business hours, all at the expense of the Borrower, to visit and inspect its properties accompanied by
any of the officers or accountants of the Borrower, or their designees; inspect, audit and make extracts from its books, records and
files in the company of any officers or accountants of the Borrower, or their designees, including, but not limited to, management letters
prepared by independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets,
liabilities, financial condition, results of operations and business prospects; provided that excluding any such visits and inspections
during the continuation of a Default, the Administrative Agent shall not exercise such rights at the Borrower’s expense; provided
further that upon the occurrence and during the continuance of a Default, the Administrative Agent or any Lender may do any of the
foregoing at the expense of the Borrower at any reasonable time without advance notice.

 

Section 8.14     Additional
Guarantors and Collateral.

 

(a)            Additional
Subsidiaries. Promptly notify the Administrative Agent of (i) the creation or acquisition (including by division) of a Person
that becomes a Subsidiary (other than an Excluded Subsidiary) and (ii) any Domestic Subsidiary that is an Excluded Subsidiary failing
to constitute an Excluded Subsidiary and, within thirty (30) days after such event, as such time period may be extended by the Administrative
Agent in its sole discretion, cause such Subsidiary to (A) become a Subsidiary Guarantor by delivering to the Administrative Agent
a duly executed Joinder Agreement or such other document as the Administrative Agent shall deem appropriate for such purpose, (B) grant
a security interest in all Collateral (subject to the exceptions specified in the Security Agreement) owned by such Subsidiary by delivering
to the Administrative Agent a duly executed Joinder Agreement and a supplement to each applicable Security Document or such other document
as the Administrative Agent shall deem appropriate for such purpose and comply with the terms of each applicable Security Document, (C) deliver
to the Administrative Agent such opinions, documents and certificates of the type referred to in Section 6.1 as may be reasonably
requested by the Administrative Agent, (D) [reserved], (E) deliver to the Administrative Agent such updated Schedules to the
Security Documents as requested by the Administrative Agent with respect to such Subsidiary, and (F) deliver to the Administrative
Agent such other documents as may be reasonably requested by the Administrative Agent, all in form, content and scope reasonably satisfactory
to the Administrative Agent. Notwithstanding anything to the contrary in this Agreement, Borrower shall not permit more than 20% of the
total assets of Borrower and its Subsidiaries to be owned, at any time, by Subsidiaries which do not constitute Subsidiary Guarantors.

 

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(b)            Additional
First Tier Foreign Subsidiaries and CFC Holdcos. In each case, subject to the limitation set forth in clause (f) below,
notify the Administrative Agent promptly after any Person becomes a First Tier Foreign Subsidiary or a CFC Holdco, and at the request
of the Administrative Agent, promptly thereafter (and, in any event, within forty five (45) days after such request, as such time
period may be extended by the Administrative Agent in its sole discretion), cause (i) [reserved], (ii) such Person to deliver
to the Administrative Agent such opinions, documents and certificates of the type referred to in Section 6.1 as may be reasonably
requested by the Administrative Agent, (iii) such Person to deliver to the Administrative Agent such updated Schedules to the Loan
Documents as requested by the Administrative Agent with regard to such Person and (iv) such Person to deliver to the Administrative
Agent such other documents as may be reasonably requested by the Administrative Agent, all in form, content and scope reasonably satisfactory
to the Administrative Agent.

 

(c)            Merger
Subsidiaries. Notwithstanding the foregoing, to the extent any new Subsidiary is created solely for the purpose of consummating a
merger transaction pursuant to a Permitted Acquisition, and such new Subsidiary at no time holds any assets or liabilities other than
any merger consideration contributed to it contemporaneously with the closing of such merger transaction, such new Subsidiary shall not
be required to take the actions set forth in Section 8.14(a) or (b), as applicable, until the consummation of
such Permitted Acquisition (at which time, the surviving entity of the respective merger transaction shall be required to so comply with
Section 8.14(a) or (b), as applicable, within thirty (30) days of the consummation of such Permitted Acquisition,
as such time period may be extended by the Administrative Agent in its sole discretion).

 

(d)            Additional
Collateral. Comply with the requirements set forth in the Security Documents with respect to any Property constituting Collateral
thereunder.

 

(e)            [Reserved].

 

(f)            Exclusions.
The provisions of this Section 8.14 shall be subject to the limitations and exclusions set forth in the Security Documents.

 

Section 8.15     [Reserved].

 

Section 8.16     Use
of Proceeds.

 

(a)            Use
the proceeds of the Extensions of Credit (i) to finance Capital Expenditures, (ii) pay fees, commissions and expenses in connection
with the Transactions, and (iii) for working capital and general corporate purposes of the Borrower and its Subsidiaries; provided
that no part of the proceeds of any of the Loans or Letters of Credit shall be used for purchasing or carrying margin stock (within
the meaning of Regulation T, U or X of the FRB) or for any purpose which violates the provisions of Regulation T, U or X of the FRB.
If requested by the Administrative Agent or any Lender (through the Administrative Agent), the Borrower shall promptly furnish to the
Administrative Agent and each requesting Lender a statement in conformity with the requirements of Form G-3 or Form U-1, as
applicable, under Regulation U of the FRB.

 

(b)            Use
the proceeds of any Incremental Increase as permitted pursuant to Section 5.13, as applicable.

 

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(c)            Not
request any Extension of Credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors,
officers, employees and agents shall not use, the proceeds of any Extension of Credit, directly or indirectly, (i) in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in
violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that
would result in the violation of any Sanctions applicable to any party hereto.

 

Section 8.17     [Reserved].

 

Section 8.18     Compliance
with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions. (a) Maintain in effect
and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers,
employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions, (b) notify the Administrative
Agent and each Lender that previously received any Beneficial Ownership Certification (or a certification that the Borrower qualifies
for an express exclusion to the “legal entity customer” definition under the Beneficial Ownership Regulation) of any change
in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners
identified therein (or, if applicable, the Borrower ceasing to fall within an express exclusion to the definition of “legal entity
customer” under the Beneficial Ownership Regulation) and (c) promptly upon the reasonable request of the Administrative Agent
or any Lender, provide the Administrative Agent or directly to such Lender, as the case may be, any information or documentation requested
by it for purposes of complying with the Beneficial Ownership Regulation.

 

Section 8.19     [Reserved].

 

Section 8.20     [Reserved].

 

Section 8.21     Further
Assurances. Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions
(including the filing and recording of financing statements and other documents), which may be required under any Applicable Law, or
which the Administrative Agent or the Required Lenders may reasonably request, to effectuate the transactions contemplated by the Loan
Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity
or priority of any such Lien, all at the expense of the Credit Parties. The Borrower also agrees to provide to the Administrative Agent,
from time to time upon the reasonable request by the Administrative Agent, evidence reasonably satisfactory to the Administrative Agent
as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

Section 8.22     [Reserved].

 

Article IX

 

Negative
Covenants

 

Until all of the Obligations
(other than contingent, indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit
have been terminated or expired (or been Cash Collateralized) and the Commitments terminated, the Credit Parties will not, and will not
permit any of their respective Subsidiaries to.

 

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Section 9.1     Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness except:

 

(a)            the
Obligations;

 

(b)            Indebtedness
(i) owing under Hedge Agreements entered into in order to manage existing or anticipated interest rate, exchange rate or commodity
price risks and not for speculative purposes and (ii) in respect of Cash Management Agreements entered into in the ordinary course
of business;

 

(c)            Indebtedness
existing on the First Restatement Effective Date and listed on Schedule 9.1, and any Permitted Refinancing Indebtedness in respect
thereof;

 

(d)            Attributable
Indebtedness with respect to Capital Lease Obligations and Indebtedness incurred in connection with purchase money Indebtedness in an
aggregate principal amount not to exceed, together with any Indebtedness incurred in reliance on Section 9.1(m), $20,000,000
at any time outstanding;

 

(e)            [reserved];

 

(f)            (i) Guarantees
by any Credit Party of Indebtedness of any other Credit Party not otherwise prohibited pursuant to this Section 9.1 and (ii) Guarantees
by any Credit Party of Indebtedness of any Non-Guarantor Subsidiary to the extent permitted pursuant to Section 9.3 (other
than clause (l) thereof); provided further that any Guarantee of Permitted Refinancing Indebtedness shall only be permitted
if it meets the requirements of the definition of Permitted Refinancing Indebtedness;

 

(g)            unsecured
intercompany Indebtedness (i) owed by any Credit Party to another Credit Party, (ii) owed by any Credit Party to any Non-Guarantor
Subsidiary (provided that such Indebtedness shall be subordinated to the Obligations in a manner reasonably satisfactory to the
Administrative Agent) (iii) owed by any Non-Guarantor Subsidiary to any other Non-Guarantor Subsidiary; (iv) owed by any Non-Guarantor
Subsidiary to any Credit Party to the extent permitted pursuant to Section 9.3(b); and (v) between Borrower and Shoe
Carnival Ventures in an amount not to exceed $5,000,000 in the aggregate at any one time outstanding;

 

(h)            Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn against insufficient
funds in the ordinary course of business;

 

(i)            Subordinated
Indebtedness of the Borrower and the Subsidiary Guarantors and any Permitted Refinancing Indebtedness in respect thereof; provided,
that in the case of each incurrence of such Subordinated Indebtedness, (i) no Default or Event of Default shall have occurred and
be continuing or would be caused by the incurrence of such Subordinated Indebtedness, (ii) the Administrative Agent shall have received
satisfactory written evidence that the Borrower shall be in compliance with the financial covenants set forth in Section 9.15
on a Pro Forma Basis as of the most recent Reference Period after giving effect to the issuance of such Subordinated Indebtedness
and use the proceeds thereof, (iii) such Subordinated Indebtedness does not mature, or require any principal amortization or mandatory
prepayment, put right or sinking fund obligation prior to the date that is 180 days after the then latest scheduled maturity date of
the Loans and Commitments; provided that any Indebtedness consisting of a customary bridge facility shall be deemed to satisfy
this requirement so long as such Indebtedness automatically converts into long-term debt which satisfies this clause (iii), and
(iv) the terms of such Subordinated Indebtedness reflect market terms (taken as a whole) at the time of issuance and (other than
pricing, fees, rate floors, premiums and optional prepayment or redemption provisions), taken as a whole, are not materially more restrictive
(as determined by Borrower in good faith) on the Borrower and its Subsidiaries than the terms and conditions of this Agreement, taken
as a whole;

 

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(j)            Indebtedness
under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to workers’ compensation
claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing;

 

(k)            Indebtedness
of Foreign Subsidiaries in an aggregate principal amount not to exceed $2,000,000 at any time outstanding;

 

(l)            [reserved];
and

 

(m)            Indebtedness
of any Credit Party or any Subsidiary thereof not otherwise permitted pursuant to this Section in an aggregate principal amount
not to exceed, together with any Indebtedness incurred in reliance on Section 9.1(d), $20,000,000 at any time outstanding.

 

Section 9.2     Liens.
Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property, whether now owned or hereafter acquired,
except:

 

(a)            Liens
created pursuant to the Loan Documents (including Liens in favor of the Swingline Lender and/or the Issuing Lender, as applicable, on
Cash Collateral granted pursuant to the Loan Documents);

 

(b)            Liens
in existence on the First Restatement Effective Date and described on Schedule 9.2, and the replacement, renewal or extension
thereof (including Liens incurred, assumed or suffered to exist in connection with any Permitted Refinancing Indebtedness permitted pursuant
to Section 9.1(c) (solely to the extent that such Liens were in existence on the First Restatement Effective Date and
described on Schedule 9.2)); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to
cover any additional property or type of asset, as applicable, beyond that in existence on the First Restatement Effective Date, except
for products and proceeds of the foregoing;

 

(c)            Liens
for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of ERISA
or Environmental Laws) (i) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related
thereto has not expired or (ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are
maintained to the extent required by GAAP;

 

(d)            the
claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred
in the ordinary course of business, which (i) are not overdue for a period of more than thirty (30) days, or if more than thirty
(30) days overdue, no action has been taken to enforce such Liens and such Liens are being contested in good faith and by appropriate
proceedings if adequate reserves are maintained to the extent required by GAAP and (ii) do not, individually or in the aggregate,
materially impair the use thereof in the operation of the business of the Borrower or any of its Subsidiaries;

 

(e)            deposits
or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’ compensation,
unemployment insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts
and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance
bonds and other obligations of a like nature incurred in the ordinary course of business, in each case, so long as no foreclosure sale
or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof;

 

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(f)            encumbrances
in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property, which in the aggregate
are not substantial in amount and which do not, in any case, detract from the value of such property or impair the use thereof in the
ordinary conduct of business;

 

(g)            Liens
arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases
entered into in the ordinary course of business;

 

(h)            Liens
securing Indebtedness permitted under Section 9.1(d); provided that (i) such Liens shall be created within 120
days of the acquisition, repair, construction, improvement or lease, as applicable, of the related Property, (ii) such Liens do
not at any time encumber any Collateral nor any other property other than the Property financed or improved by such Indebtedness, (iii) the
amount of Indebtedness secured thereby is not increased and (iv) the principal amount of Indebtedness secured by any such Lien shall
at no time exceed one hundred percent (100%) of the original price for the purchase, repair, construction, improvement or lease amount
(as applicable) of such Property at the time of purchase, repair, construction, improvement or lease (as applicable);

 

(i)            Liens
securing judgments for the payment of money not constituting an Event of Default under Section 10.1(m) or securing appeal
or other surety bonds relating to such judgments;

 

(j)            [reserved];

 

(k)            Liens
on assets of Foreign Subsidiaries; provided, that (i) (i) such Liens do not extend to, or encumber, assets that constitute
Collateral or the Equity Interests of the Borrower or any of the Subsidiaries, and (ii) such Liens extending to the assets of any
Foreign Subsidiary secure only Indebtedness incurred by such Foreign Subsidiary pursuant to Section 9.1(c), (e), (k) or
(m);

 

(l)            (i) Liens
of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in
the relevant jurisdiction, (ii) Liens of any depositary bank in connection with statutory, common law and contractual rights of
setoff and recoupment with respect to any deposit account of the Borrower or any Subsidiary thereof and (iii) Liens arising out
of conditional sale, title retention, consignment or similar arrangements for the sale of any assets or property in the ordinary course
of business;

 

(m)            (i) Liens
of landlords arising in the ordinary course of business to the extent relating to the property and assets relating to any lease agreements
with such landlord, and (ii) Liens of suppliers (including sellers of goods) or customers arising in the ordinary course of business
to the extent limited to the property or assets relating to such contract;

 

(n)            (i) leases,
licenses, subleases or sublicenses granted to others which do not (A) interfere in any material respect with the business of the
Borrower or its Subsidiaries or materially detract from the value of the relevant assets of the Borrower or its Subsidiaries or (B) secure
any Indebtedness and (ii) any interest or title of a licensor, sub-licensor, lessor or sub-lessor under leases, licenses, subleases
or sublicenses entered into by any of the Borrower and its Subsidiaries as licensee, sub-licensee, lessee or sub-lessee in the ordinary
course of business or any customary restriction or encumbrance with respect to the Property subject to any such lease, license, sublease
or sublicense;

 

(o)            [reserved];
and

 

(p)            Liens
securing Indebtedness permitted under Section 9.1(m); provided that such Liens do not at any time encumber any
Collateral.

 

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Section 9.3     Investments.
Make, hold or otherwise permit to exist any Investment, except:

 

(a)            Investments
existing on the First Restatement Effective Date (other than Investments in Subsidiaries existing on the First Restatement Effective
Date) and described on Schedule 9.3 and any modification, replacement, renewal or extension thereof so long as such modification,
renewal or extension thereof does not increase the amount of such Investment except as otherwise permitted by this Section 9.3;

 

(b)            Investments
(i) existing on the First Restatement Effective Date in Subsidiaries existing on the First Restatement Effective Date, (ii) made
after the First Restatement Effective Date by any Credit Party in any other Credit Party, (iii) made after the First Restatement
Effective Date by any Non-Guarantor Subsidiary in any Credit Party, (iv) made after the First Restatement Effective Date by any
Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, and (v) made after the First Restatement Effective Date by any Credit
Party in any Non-Guarantor Subsidiary in the form of any intercompany Indebtedness permitted by Section 9.1(g);

 

(c)            [reserved];

 

(d)            Investments
in cash and Cash Equivalents;

 

(e)            Investments
by the Borrower or any of its Subsidiaries consisting of Capital Expenditures permitted by this Agreement;

 

(f)            deposits
made in the ordinary course of business to secure the performance of leases or other obligations as permitted by Section 9.2;

 

(g)            Hedge
Agreements permitted pursuant to Section 9.1;

 

(h)            purchases
of assets in the ordinary course of business;

 

(i)            Investments
by the Borrower or any Subsidiary thereof in the form of Permitted Acquisitions to the extent that any Person or Property acquired in
such Acquisition becomes a part of the Borrower or a Subsidiary Guarantor or becomes a Subsidiary Guarantor to the extent required by
Section 8.14; and

 

(j)            Investments
in the form of loans and advances to officers, directors and employees in the ordinary course of business in an aggregate amount not
to exceed at any time outstanding $500,000 (determined without regard to any write-downs or write-offs of such loans or advances);

 

(k)            Investments
in the form of Restricted Payments permitted pursuant to Section 9.6;

 

(l)            Guarantees
permitted pursuant to Section 9.1;

 

(m)            Investments
in marketable securities to hedge against the investment earnings of the participants in the Borrower’s non-qualified deferred
compensation plan in accordance with the terms of the Investment Policy;

 

(n)            non-cash
consideration received in connection with Asset Dispositions expressly permitted by Section 9.5; and

 

(o)            Investments
not otherwise permitted pursuant to this Section not exceeding $10,000,000 in the aggregate in any Fiscal Year or any consecutive
12-month period.

 

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For purposes of determining the amount of any
Investment outstanding for purposes of this Section 9.3, such amount shall be deemed to be the amount of such Investment
when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment) less
any amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount invested).

 

Section 9.4     Fundamental
Changes. Merge, consolidate, amalgamate or enter into any similar combination with (including by division), or enter into any Asset
Disposition of all or substantially all of its assets (whether in a single transaction or a series of transactions) with, any other Person
or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except:

 

(a)            (i) any
Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated, liquidated, dissolved, wound up or consolidated with or into the
Borrower (provided that the Borrower shall be the continuing or surviving entity) or (ii) any Wholly-Owned Subsidiary of
the Borrower may be merged, amalgamated or consolidated with or into any Subsidiary Guarantor (provided that when any Subsidiary
Guarantor is merging, amalgamating, liquidating, dissolving, winding up or consolidating with another Subsidiary, such Subsidiary Guarantor
shall be the continuing or surviving entity or the continuing or surviving entity shall become a Subsidiary Guarantor to the extent required
under, and within the time period set forth in Section 8.14, with which the Borrower shall comply in connection with such
transaction);

 

(b)            (i) any
Non-Guarantor Subsidiary that is a Foreign Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into,
any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged, amalgamated
or consolidated with or into, or be liquidated into, any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;

 

(c)            any
Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up, division or otherwise)
to the Borrower or any Subsidiary Guarantor; provided that, with respect to any such disposition by any Non-Guarantor Subsidiary,
the consideration for such disposition shall not exceed the fair value of such assets;

 

(d)            (i) any
Non-Guarantor Subsidiary that is a Foreign Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation,
dissolution, winding up, division or otherwise) to any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that
is a Domestic Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or
otherwise) to any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;

 

(e)            Asset
Dispositions permitted by Section 9.5 (other than clause (b) thereof);

 

(f)            any
Wholly-Owned Subsidiary of the Borrower may merge with or into the Person such Wholly-Owned Subsidiary was formed to acquire in connection
with any acquisition permitted hereunder (including any Permitted Acquisition permitted pursuant to Section 9.3(i)); provided
that in the case of any merger involving a Wholly-Owned Subsidiary that is a Domestic Subsidiary, (i) a Subsidiary Guarantor
shall be the continuing or surviving entity or (ii) simultaneously with such transaction, the continuing or surviving entity shall
become a Subsidiary Guarantor and the Borrower shall comply with Section 8.14 in connection therewith; and

 

(g)            any
Person may merge with or into the Borrower or any of its Wholly-Owned Subsidiaries in connection with a Permitted Acquisition permitted
pursuant to Section 9.3(i); provided that (i) in the case of a merger involving the Borrower or a Subsidiary
Guarantor, the continuing or surviving Person shall be the Borrower or such Subsidiary Guarantor and (ii) the continuing or surviving
Person shall be the Borrower or a Wholly-Owned Subsidiary of the Borrower.

 

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Section 9.5     Asset
Dispositions. Make any Asset Disposition except:

 

(a)            the
sale of inventory in the ordinary course of business;

 

(b)            the
sale, transfer or other disposition of assets to the Borrower or any Subsidiary Guarantor pursuant to any other transaction permitted
pursuant to Section 9.4;

 

(c)            the
write-off, discount, sale or other disposition of defaulted or past-due receivables and similar obligations in the ordinary course of
business and not undertaken as part of an accounts receivable financing transaction;

 

(d)            the
disposition, termination or unwinding of any Hedge Agreement;

 

(e)            dispositions
of cash and Cash Equivalents;

 

(f)            Asset
Dispositions (i) between or among Credit Parties, (ii) by any Non-Guarantor Subsidiary to any Credit Party (provided
that in connection with any new transfer, such Credit Party shall not pay more than an amount equal to the fair market value of such
assets as determined in good faith by the Borrower at the time of such transfer) and (iii) by any Non-Guarantor Subsidiary to any
other Non-Guarantor Subsidiary;

 

(g)            the
sale or other disposition of obsolete, worn-out or surplus assets no longer used or useful in the business of the Borrower or any of
its Subsidiaries;

 

(h)            non-exclusive
licenses and sublicenses of intellectual property rights in the ordinary course of business not interfering, individually or in the aggregate,
in any material respect with the business of the Borrower and its Subsidiaries;

 

(i)            leases,
subleases, licenses or sublicenses of real or personal property granted by the Borrower or any of its Subsidiaries to others in the ordinary
course of business not detracting from the value of such real or personal property or interfering in any material respect with the business
of the Borrower or any of its Subsidiaries;

 

(j)            Asset
Dispositions in connection with Insurance and Condemnation Events;

 

(k)            Asset
Dispositions of property in the form of an Investment permitted pursuant to Section 9.3 (other than clause (n) thereof);
and

 

(l)            Asset
Dispositions not otherwise permitted pursuant to this Section; provided that (i) at the time of such Asset Disposition, no
Default or Event of Default shall exist or would result from such Asset Disposition, (ii) such Asset Disposition is made for fair
market value as determined in good faith by the Borrower and the consideration received shall be no less than 75% in cash, and (iii) the
aggregate book value of all property disposed of in reliance on this clause (l) shall not exceed, in any Fiscal Year, 15% of
Net Worth as of the end of the immediately preceding Fiscal Year.

 

Section 9.6     Restricted
Payments. Declare or make any Restricted Payments; provided that:

 

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(a)            so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower or any of its Subsidiaries
may pay dividends in shares of its own Qualified Equity Interests;

 

(b)            any
Subsidiary of the Borrower may make Restricted Payments to the Borrower or any Subsidiary Guarantor;

 

(c)            (i) any
Non-Guarantor Subsidiary that is a Domestic Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary that is a Domestic
Subsidiary (and, if applicable, to other holders of its outstanding Equity Interests on a ratable basis) and (ii) any Non-Guarantor
Subsidiary that is a Foreign Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary (and, if applicable, to other
holders of its outstanding Equity Interests on a ratable basis);

 

(d)            so
long as the Permitted Distribution Conditions are satisfied, the Borrowers may make Restricted Payments in an aggregate amount not to
exceed $15,000,000 in any fiscal year; and

 

(e)            so
long as the Payment Conditions are satisfied, the Borrower may make additional Restricted Payments.

 

Section 9.7     Transactions
with Affiliates. Directly or indirectly enter into any transaction, including any purchase, sale, lease or exchange of Property,
the rendering of any service or the payment of any management, advisory or similar fees, with (a) any officer, director, holder
of any Equity Interests in, or other Affiliate of, the Borrower or any of its Subsidiaries, or (b) any Affiliate of any such officer,
director or holder, other than:

 

(i)            transactions
permitted by Sections 9.1, 9.3, 9.4, 9.5, and 9.6;

 

(ii)            transactions
existing on the First Restatement Effective Date and described on Schedule 9.7;

 

(iii)            transactions
among Credit Parties not prohibited hereunder;

 

(iv)            other
transactions in the ordinary course of business on terms at least as favorable to the Credit Parties and their respective Subsidiaries
as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in
good faith by the board of directors (or equivalent governing body) of the Borrower;

 

(v)            employment,
severance and other similar compensation arrangements (including equity incentive plans and employee benefit plans and arrangements)
with their respective officers and employees in the ordinary course of business; and

 

(vi)            payment
of customary fees, compensation, and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees
of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the
Borrower and its Subsidiaries or services provided to the Borrower and its Subsidiaries.

 

Section 9.8     Accounting
Changes; Organizational Documents.

 

(a)            Change
its Fiscal Year end, or make (without the consent of the Administrative Agent) any material change in its accounting treatment and reporting
practices except as required by GAAP.

 

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(b)            Amend,
modify or change its Organizational Documents in any manner materially adverse to the rights or interests of the Lenders.

 

Section 9.9     Payments
and Modifications of Junior Indebtedness.

 

(a)            Amend,
modify, waive or supplement (or permit the modification, amendment, waiver or supplement of) any of the terms or provisions of any Junior
Indebtedness in any respect which would materially and adversely affect the rights or interests of the Administrative Agent and Lenders
hereunder or would violate the subordination terms thereof or the subordination agreement applicable thereto.

 

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

 

(i)            in
connection with any Permitted Refinancing Indebtedness permitted by Section 9.1 and in compliance with any subordination
provisions thereof or the subordination agreement applicable thereto;

 

(ii)            so
long as no Default or Event of Default then exists or would be caused thereby, mandatory repayments, repurchases, redemptions or defeasances
of Junior Indebtedness (in each case, except to the extent prohibited by the subordination terms thereof or the subordination agreement
applicable thereto);

 

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

 

(iv)            (A) payments
and prepayments of Junior Indebtedness as a result of the conversion of all or any portion of such Junior Indebtedness into Qualified
Equity Interests of Borrower, and (B) payments of interest in respect of Junior Indebtedness in the form of payment in kind interest
constituting Indebtedness permitted pursuant to Section 9.1; and

 

(v)            the
payment of interest, expenses and indemnities in respect of Junior Indebtedness (except to the extent prohibited by the subordination
terms thereof or the subordination agreement applicable thereto).

 

Section 9.10     No
Further Negative Pledges; Restrictive Agreements.

 

(a)            Enter
into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon its properties
or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for
some other obligation, except (i) pursuant to this Agreement and the other Loan Documents, (ii) pursuant to any document or
instrument governing Indebtedness incurred pursuant to Sections 9.1(d) or (m) (provided that any
such restriction contained therein relates only to the asset or assets financed thereby), (iii) customary restrictions contained
in the organizational documents of any Non-Guarantor Subsidiary as of the First Restatement Effective Date, (iv) customary restrictions
in connection with any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction
contained therein relates only to the asset or assets subject to such Permitted Lien), and (v) customary restrictions contained
in an agreement related to the sale of Property (to the extent such sale is permitted pursuant to Section 9.5) that limit
the transfer of such Property pending the consummation of such sale.

 

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

 

(c)            Create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party
or any Subsidiary thereof to (i) sell, lease or transfer any of its properties or assets to any Credit Party or (ii) act as
a Credit Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except in each
case for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents, (B) Applicable
Law, (C) any document or instrument governing Indebtedness incurred pursuant to Section 9.1(d) (provided
that any such restriction contained therein relates only to the asset or assets acquired in connection therewith), (D) any Permitted
Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates
only to the asset or assets subject to such Permitted Lien), (E) obligations that are binding on a Subsidiary at the time such Subsidiary
first becomes a Subsidiary of the Borrower, so long as such obligations are not entered into in contemplation of such Person becoming
a Subsidiary, (F) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is permitted
pursuant to Section 9.5) that limit the transfer of such Property pending the consummation of such sale, (G) customary
restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long as
such restrictions relate only to the assets subject thereto and (H) customary provisions restricting assignment of any agreement
entered into in the ordinary course of business.

 

Section 9.11     Nature
of Business. Make any material change in the nature of business of the Credit Parties and their Subsidiaries or any material change
in or discontinue any present line(s) of business of the Credit Parties and their Subsidiaries.

 

Section 9.12     [Reserved].

 

Section 9.13     Sale
Leasebacks. Directly or indirectly become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether
an operating lease, a finance lease or a capital lease, of any Property (whether real, personal or mixed), whether now owned or hereafter
acquired, (a) which any Credit Party or any Subsidiary thereof has sold or transferred or is to sell or transfer to a Person which
is not another Credit Party or Subsidiary of a Credit Party or (b) which any Credit Party or any Subsidiary of a Credit Party intends
to use for substantially the same purpose as any other Property that has been sold or is to be sold or transferred by such Credit Party
or such Subsidiary to another Person which is not another Credit Party or Subsidiary of a Credit Party in connection with such lease.

 

Section 9.14     [Reserved].

 

Section 9.15     Financial
Covenants.

 

(a)            Net
Worth. As of the last day of any fiscal quarter, permit Net Worth to be less than $250,000,000.

 

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(b)            Consolidated
Interest Coverage Ratio. As of the last day of any fiscal quarter, permit the Consolidated Interest Coverage Ratio to be less than
3:00 to 1:00.

 

Section 9.16     Disposal
of Subsidiary Interests. Permit any Domestic Subsidiary to be a Non-Wholly-Owned Subsidiary except as a result of or in connection
with a dissolution, merger, amalgamation, consolidation or disposition permitted by Sections 9.4 or 9.5.

 

Article X

 

Default
and Remedies

 

Section 10.1     Events
of Default. Each of the following shall constitute an Event of Default:

 

(a)            Default
in Payment of Principal of Loans and Reimbursement Obligations. The Borrower or any other Credit Party shall default in any payment
of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise) or
fail to provide Cash Collateral pursuant to Section 2.4(b), Section 2.5(d), Section 3.1, Section 5.14
or Section 5.15(a)(v).

 

(b)            Other
Payment Default. The Borrower or any other Credit Party shall default in the payment when and as due (whether at maturity, by reason
of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default
shall continue for a period of three Business Days.

 

(c)            Misrepresentation.
Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Subsidiary
thereof in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is subject
to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or
any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Subsidiary
thereof in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is not subject
to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any material respect when made or deemed
made.

 

(d)            Default
in Performance of Certain Covenants. Any Credit Party or any Subsidiary thereof shall default in the performance or observance of
any covenant or agreement contained in (i) Sections 8.4, 8.13, or Article IX or (ii) Sections
8.1, 8.2(a), (b), (e), or (h), or 8.3, and such default shall continue for a period of fifteen
days.

 

(e)            Default
in Performance of Other Covenants and Conditions. Any Credit Party or any Subsidiary thereof shall default in the performance or
observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in this
Section 10.1) or any other Loan Document and such default shall continue for a period of thirty (30) days after the
earlier of (i) the Administrative Agent’s delivery of written notice thereof to the Borrower and (ii) a Responsible Officer
of any Credit Party having obtained knowledge thereof.

 

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(f)            Indebtedness
Cross-Default. Any Credit Party or any Subsidiary thereof shall (i) default in the payment of any Indebtedness (other than the
Loans or any Reimbursement Obligation) the aggregate principal amount (including undrawn committed or available amounts), or with respect
to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the Threshold Amount beyond the period of grace if any,
provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance
of any other agreement or condition relating to any Indebtedness (other than the Loans or any Reimbursement Obligation) the aggregate
principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value,
of which is in excess of the Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or
any other event shall occur or condition exist, the effect of which default or other event or condition 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) to cause, with the giving of notice
and/or lapse of time, if required, any such Indebtedness to (A) 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 (any applicable grace period having expired) or (B) be cash collateralized.

 

(g)            [Reserved].

 

(h)            Change
in Control. Any Change in Control shall occur.

 

(i)            Voluntary
Bankruptcy Proceeding. Any Credit Party or any Subsidiary thereof shall (i) commence a voluntary case under any Debtor Relief
Laws, (ii) file a petition seeking to take advantage of any Debtor Relief Laws, (iii) consent to or fail to contest in a timely
and appropriate manner any petition filed against it in an involuntary case under any Debtor Relief Laws, (iv) apply for or consent
to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian,
trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign, (v) admit in writing its inability
to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate
action for the purpose of authorizing any of the foregoing.

 

(j)            Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against any Credit Party or any Subsidiary thereof in any court
of competent jurisdiction seeking (i) relief under any Debtor Relief Laws, or (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like for any Credit Party or any Subsidiary thereof or for all or any substantial part of its assets, domestic
or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or
an order granting the relief requested in such case or proceeding under such Debtor Relief Laws shall be entered.

 

(k)            Failure
of Agreements. Any provision of this Agreement or any provision of any other Loan Document shall for any reason cease to be valid
and binding on any Credit Party or any Subsidiary thereof party thereto or any such Person shall so state in writing, or any Loan Document
shall for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on, or security interest
in, any of the Collateral purported to be covered thereby, in each case other than in accordance with the express terms hereof or thereof.

 

(l)            ERISA
Events. The occurrence of any of the following events: (i) any Credit Party or any ERISA Affiliate fails to make full payment
when due of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, any Credit Party or any ERISA
Affiliate is required to pay as contributions thereto and such unpaid amounts are in excess of the Threshold Amount, (ii) a Termination
Event or (iii) any Credit Party or any ERISA Affiliate makes a complete or partial withdrawal from any Multiemployer Plan and the
Multiemployer Plan notifies such Credit Party or ERISA Affiliate that such entity has incurred a withdrawal liability requiring payments
in an amount exceeding the Threshold Amount.

 

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(m)            Judgment.
One or more judgments, orders or decrees shall be entered against any Credit Party or any Subsidiary thereof by any court and continues
without having been discharged, vacated or stayed for a period of sixty (60) consecutive days after the entry thereof and such judgments,
orders or decrees (i) in the case of the payment of money, are individually or in the aggregate (to the extent not paid or covered
by insurance as to which the relevant insurance company has acknowledged the claim and has not disputed coverage), in excess of the Threshold
Amount or (ii) in the case of injunctive or other non-monetary relief, could reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.

 

(n)            Subordination
Terms. (i) Any of the Secured Obligations for any reason shall cease to be “senior debt,” “senior indebtedness,”
 “designated senior debt” or “senior secured financing” (or any comparable term) under, and as defined in, the
documentation governing any Subordinated Indebtedness that is subordinated (in terms of payment or lien priority) to the Secured Obligations,
(ii) the subordination provisions set forth in the documentation for any Subordinated Indebtedness that is subordinated (in terms
of payment or lien priority) to the Secured Obligations 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, or (iii) any Credit Party or any Subsidiary
of any Credit Party, shall assert any of the foregoing in writing.

 

Section 10.2     Remedies.
Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent
may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower:

 

(a)            Acceleration;
Termination of Credit Facility. Terminate the Commitments and declare the principal of and interest on the Loans and the Reimbursement
Obligations at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or
any of the other Loan Documents (including all L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit
shall have presented or shall be entitled to present the documents required thereunder) and all other Obligations, to be forthwith due
and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any
kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to the contrary
notwithstanding, and terminate the Credit Facility and any right of the Borrower to request borrowings or Letters of Credit thereunder;
provided, that upon the occurrence of an Event of Default specified in Section 10.1(i) or (j), the Credit
Facility shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand,
protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or in any other
Loan Document to the contrary notwithstanding.

 

(b)            Letters
of Credit. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time
of an acceleration pursuant to the preceding paragraph, demand that the Borrower shall at such time deposit in a Cash Collateral account
opened by the Administrative Agent an amount equal to the Minimum Collateral Amount of the aggregate then undrawn and unexpired amount
of such Letter of Credit. Amounts held in such Cash Collateral account shall be applied by the Administrative Agent to the payment of
drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been
fully drawn upon, if any, shall be applied to repay the other Secured Obligations in accordance with Section 10.4. After
all such Letters of Credit shall have expired or been fully drawn upon, the Reimbursement Obligation shall have been satisfied and all
other Secured Obligations shall have been paid in full, the balance, if any, in such Cash Collateral account shall be returned to the
Borrower.

 

(c)            General
Remedies. Exercise on behalf of the Secured Parties all of its other rights and remedies under this Agreement, the other Loan Documents
and Applicable Law, in order to satisfy all of the Secured Obligations.

 

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Section 10.3     Rights
and Remedies Cumulative; Non-Waiver; Etc.

 

(a)            The
enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not intended to be
exhaustive and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any
other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or
under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No delay or failure to
take action on the part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof
or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing
between the Borrower, the Administrative Agent and the Lenders or their respective agents or employees shall be effective to change,
modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default.

 

(b)            Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at
law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with
Section 10.2 for the benefit of all the Lenders and the Issuing Lender; provided that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its
capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the Issuing Lender or the Swingline Lender from
exercising the rights and remedies that inure to its benefit (solely in its capacity as the Issuing Lender or Swingline Lender, as the
case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 12.4
(subject to the terms of Section 5.6), or (d) any Lender from filing proofs of claim or appearing and filing pleadings
on its own behalf during the pendency of a proceeding relative to any Credit Party under any Debtor Relief Law; and provided,
further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then
(i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 10.2
and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to
Section 5.6, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and
as authorized by the Required Lenders.

 

Section 10.4     Crediting
of Payments and Proceeds. In the event that the Obligations have been accelerated pursuant to Section 10.2 or the Administrative
Agent or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received on account
of the Secured Obligations and all net proceeds from the enforcement of the Secured Obligations shall, subject to the provisions of Sections
5.14 and 5.15, be applied by the Administrative Agent as follows:

 

First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including attorney
fees, payable to the Administrative Agent in its capacity as such;

 

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

 

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

 

Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Reimbursement Obligations and Secured
Hedge Obligations and Secured Cash Management Obligations then owing and to Cash Collateralize any L/C Obligations then outstanding,
ratably among the holders of such obligations in proportion to the respective amounts described in this clause Fourth payable
to them; and

 

Last,
the balance, if any, after all of the Secured Obligations have been paid in full, to the Borrower or as otherwise required by Applicable
Law.

 

Notwithstanding the foregoing,
Secured Cash Management Obligations and Secured Hedge Obligations shall be excluded from the application described above if the Administrative
Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from
the applicable holders thereof following such acceleration or exercise of remedies and at least three (3) Business Days prior to
the application of the proceeds thereof. Each holder of Secured Cash Management Obligations or Secured Hedge Obligations that, in either
case, is not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed
to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XI for itself
and its Affiliates as if a “Lender” party hereto.

 

Section 10.5     Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent
shall have made any demand on any Credit Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding
or otherwise:

 

(a)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and
all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders, the Issuing Lender and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Lender and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders, the Issuing Lender and the Administrative Agent under Sections 3.3, 5.3
and 12.3) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the Issuing
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders and the Issuing Lender, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due
the Administrative Agent under Sections 3.3, 5.3 and 12.3.

 

SECTION 10.6     Credit
Bidding.

 

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(a)            The
Administrative Agent, on behalf of itself and the Secured Parties, shall have the right, exercisable at the direction of the Required
Lenders, to credit bid and purchase for the benefit of the Administrative Agent and the Secured Parties all or any portion of Collateral
at any sale thereof conducted by the Administrative Agent under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620
of the UCC, at any sale thereof conducted under the provisions of the United States Bankruptcy Code, including Section 363 thereof,
or a sale under a plan of reorganization, or at any other sale or foreclosure conducted by the Administrative Agent (whether by judicial
action or otherwise) in accordance with Applicable Law. Such credit bid or purchase may be completed through one or more acquisition
vehicles formed by the Administrative Agent to make such credit bid or purchase and, in connection therewith, the Administrative Agent
is authorized, on behalf of itself and the other Secured Parties, to adopt documents providing for the governance of the acquisition
vehicle or vehicles, and assign the applicable Secured Obligations to any such acquisition vehicle in exchange for Equity Interests and/or
debt issued by the applicable acquisition vehicle (which shall be deemed to be held for the ratable account of the applicable Secured
Parties on the basis of the Secured Obligations so assigned by each Secured Party); provided that any actions by the Administrative
Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof, shall
be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without
giving effect to the limitations on actions by the Required Lenders contained in Section 12.2.

 

(b)            Each
Lender hereby agrees, on behalf of itself and each of its Affiliates that is a Secured Party, that, except as otherwise provided in any
Loan Document or with the written consent of the Administrative Agent and the Required Lenders, it will not take any enforcement action,
accelerate obligations under any of the Loan Documents, or exercise any right that it might otherwise have under Applicable Law to credit
bid at foreclosure sales, UCC sales or other similar dispositions of Collateral.

 

Article XI

 

The Administrative
Agent

 

Section 11.1     Appointment
and Authority.

 

(a)            Each
of the Lenders and the Issuing Lender hereby irrevocably appoints, designates and authorizes Wells Fargo to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. Except as provided in Sections 11.6 and 11.9 the provisions of this Article are
solely for the benefit of the Administrative Agent, the Arrangers, the Lenders, the Issuing Lender and their respective Related Parties,
and neither the Borrower nor any Subsidiary thereof shall have rights as a third-party beneficiary of any of such provisions.

 

(b)            The
Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including
each holder of Secured Hedge Obligations and Secured Cash Management Obligations) and the Issuing Lender hereby irrevocably appoints
and authorizes the Administrative Agent to act as the agent of such Lender and the Issuing Lender for purposes of acquiring, holding
and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure any of the Secured Obligations, together
with such powers and discretion as are reasonably incidental thereto (including to enter into additional Loan Documents or supplements
to existing Loan Documents on behalf of the Secured Parties). 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 this Article XI for
purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising
any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions
of this Article and Article XII (including Section 12.3, as though such co-agents, sub-agents and attorneys-in-fact
were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

 

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(c)            It
is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term)
with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect
only an administrative relationship between contracting parties.

 

Section 11.2     Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving
as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money
to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking,
trust, financial advisory, underwriting, capital markets or other business with the Borrower or any Subsidiary or other Affiliate thereof
as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice
to or consent of the Lenders with respect thereto.

 

Section 11.3     Exculpatory
Provisions.

 

(a)            The
Administrative Agent, the Arrangers and their respective Related Parties shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents, and its duties hereunder and thereunder shall be administrative in nature. Without
limiting the generality of the foregoing, the Administrative Agent, the Arrangers and their respective Related Parties:

 

(i)            shall
not be subject to any agency, trust, fiduciary or other implied duties, regardless of whether a Default or 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 or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance
of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

 

(iii)            shall
not, have any duty to disclose, and shall not be liable for the failure to disclose to any Lender, the Issuing Lender or any other Person,
any credit or other information relating concerning the business, prospects, operations, properties, assets, financial or other condition
or creditworthiness of the Borrower or any of its Subsidiaries or Affiliates that is communicated to, obtained by or otherwise in the
possession of the Person serving as the Administrative Agent, the Arrangers or their respective Related Parties in any capacity, except
for notices, reports and other documents that are required to be furnished by the Administrative Agent to the Lenders pursuant to the
express provisions of this Agreement; and

 

(iv)            shall
not be required to account to any Lender or the Issuing Lender for any sum or profit received by the Administrative Agent for its own
account.

 

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(b)            The
Administrative Agent, the Arrangers and their respective Related Parties shall not be liable for any action taken or not taken by it
under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as
the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 12.2
and Section 10.2) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court
of competent jurisdiction by final non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default
or Event of Default unless and until notice describing such Default or Event of Default and indicating that such notice is a “Notice
of Default” is given to the Administrative Agent by the Borrower, a Lender or the Issuing Lender.

 

(c)            The
Administrative Agent, the Arrangers and their respective Related Parties shall not be responsible for or have any duty or obligations
to any Lender or Participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made
in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith (including any report provided to it by the Issuing Lender pursuant
to Section 3.9), (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection
or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, (vi) the
satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent or (vii) the utilization of the Issuing Lender’s L/C Commitment (it being
understood and agreed that the Issuing Lender shall monitor compliance with its own L/C Commitment without any further action by the
Administrative Agent).

 

Section 11.4     Reliance
by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, shall be fully protected in relying and shall
not incur any liability for relying upon, any notice, request, certificate, consent, communication, statement, instrument, document or
other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be
genuine and to have been signed, sent or otherwise authenticated by the proper Person, including any certification pursuant to Section 11.9.
The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by
its terms must be fulfilled to the satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such condition
is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent shall have received notice to the contrary from
such Lender or the Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent
may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. Each
Lender or Issuing Lender that has signed this Agreement or a signature page to an Assignment and Assumption or any other Loan Document
pursuant to which it is to become a Lender or Issuing Lender hereunder shall be deemed to have consented to, approved and accepted and
shall deemed satisfied with each document or other matter required thereunder to be consented to, approved or accepted by such Lender
or Issuing Lender or that is to be acceptable or satisfactory to such Lender or Issuing Lender.

 

Section 11.5     Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any
such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent
and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facility as well
as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents
except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative
Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

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Section 11.6     Resignation
of Administrative Agent.

 

(a)            The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lender and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor,
which shall be a bank or financial institution reasonably experienced in serving as administrative agent on syndicated bank facilities
with an office in the United States, or an Affiliate of any such bank or financial institution with an office in the United States. If
no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the
 “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf
of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications set forth above; provided
that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed,
such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b)            If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrower and such Person, remove such Person as Administrative
Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the
 “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on
the Removal Effective Date.

 

(c)            With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Loan Documents,
the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative
Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative
Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent
(other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation
Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions
of this Article and Section 12.3 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring or removed Administrative Agent was acting as Administrative Agent or relating to its duties as Administrative Agent that
are carried out following its retirement or removal, including, without limitation, any actions taken with respect to acting as collateral
agent or otherwise holding any Collateral on behalf of any of the Secured Parties or in respect of any actions taken in connection with
the transfer of agency to a replacement or successor Administrative Agent.

 

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(d)            Any
resignation by, or removal of, Wells Fargo as Administrative Agent pursuant to this Section shall also constitute its resignation
as the Issuing Lender and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
(i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing
Lender, if in its sole discretion it elects to, and Swingline Lender, (ii) the retiring Issuing Lender and Swingline Lender shall
be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor
Issuing Lender, if in its sole discretion it elects to, shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume
the obligations of the retiring Issuing Lender with respect to such Letters of Credit.

 

Section 11.7     Non-Reliance
on Administrative Agent and Other Lenders. Each Lender and the Issuing Lender expressly acknowledges that none of the Administrative
Agent, any Arranger or any of their respective Related Parties has made any representations or warranties to it and that no act taken
or failure to act by the Administrative Agent, any Arranger or any of their respective Related Parties, including any consent to, and
acceptance of any assignment or review of the affairs of the Borrower and its Subsidiaries or Affiliates shall be deemed to constitute
a representation or warranty of the Administrative Agent, any Arranger or any of their respective Related Parties to any Lender, the
Issuing Lender or any other Secured Party as to any matter, including whether the Administrative Agent, any Arranger or any of their
respective Related Parties have disclosed material information in their (or their respective Related Parties’) possession. Each
Lender and the Issuing Lender expressly acknowledges, represents and warrants to the Administrative Agent and each Arranger that (a) the
Loan Documents set forth the terms of a commercial lending facility, (b) it is engaged in making, acquiring, purchasing or holding
commercial loans in the ordinary course and is entering into this Agreement and the other Loan Documents to which it is a party as a
Lender for the purpose of making, acquiring, purchasing and/or holding the commercial loans set forth herein as may be applicable to
it, and not for the purpose of making, acquiring, purchasing or holding any other type of financial instrument, (c) it is sophisticated
with respect to decisions to make, acquire, purchase or hold the commercial loans applicable to it and either it or the Person exercising
discretion in making its decisions to make, acquire, purchase or hold such commercial loans is experienced in making, acquiring, purchasing
or holding commercial loans, (d) it has, independently and without reliance upon the Administrative Agent, any Arranger, any other
Lender or any of their respective Related Parties and based on such documents and information as it has deemed appropriate, made its
own credit analysis and appraisal of, and investigations into, the business, prospects, operations, property, assets, liabilities, financial
and other condition and creditworthiness of the Borrower and its Subsidiaries, all applicable bank or other regulatory Applicable Laws
relating to the Transactions and the transactions contemplated by this Agreement and the other Loan Documents and (e) it has made
its own independent decision to enter into this Agreement and the other Loan Documents to which it is a party and to extend credit hereunder
and thereunder. Each Lender and the Issuing Lender also acknowledges that (i) it will, independently and without reliance upon the
Administrative Agent, any Arranger or any other Lender or any of their respective Related Parties (A) continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any
related agreement or any document furnished hereunder or thereunder based on such documents and information as it shall from time to
time deem appropriate and its own independent investigations and (B) continue to make such investigations and inquiries as it deems
necessary to inform itself as to the Borrower and its Subsidiaries and (ii) it will not assert any claim in contravention of this
Section 11.7.

 

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Section 11.8     No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the syndication agents, documentation agents, co-agents,
arrangers or bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the Issuing Lender
hereunder, but each such Person shall have the benefit of the indemnities and exculpatory provisions hereof.

 

Section 11.9     Collateral
and Guaranty Matters.

 

(a)            Each
of the Lenders (including in its or any of its Affiliate’s capacities as a holder of Secured Hedge Obligations and Secured Cash
Management Obligations) irrevocably authorize the Administrative Agent, at its option and in its discretion:

 

(i)            to
release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties, under
any Loan Document (A) upon the termination of the Revolving Credit Commitment and payment in full of all Secured Obligations (other
than (1) contingent indemnification obligations and (2) Secured Cash Management Obligations or Secured Hedge Obligations) and
the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which
other arrangements satisfactory to the Administrative Agent and the Issuing Lender shall have been made), (B) that is sold or otherwise
disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition to a Person other than
a Credit Party permitted under the Loan Documents, as certified by the Borrower, or (C) if approved, authorized or ratified in writing
by the Required Lenders in accordance with Section 12.2; provided that any release of all or substantially of the
Collateral shall be subject to Section 12.2(l);

 

(ii)            to
subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document to the holder of any Permitted
Lien; provided that the subordination of all or substantially all of the Collateral shall be subject to Section 12.2(l);
and

 

(iii)           to
release any Subsidiary Guarantor from its obligations under any Loan Documents if such Person ceases to be a Subsidiary as a result of
a transaction permitted under the Loan Documents, as certified by the Borrower; provided that the release of Subsidiary Guarantors
comprising substantially all of the credit support for the Secured Obligations shall be subject to Section 12.2(k).

 

Upon request by the Administrative Agent at any
time, the Required Lenders 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 the Subsidiary Guaranty Agreement
pursuant to this Section 11.9. In each case as specified in this Section 11.9, the Administrative Agent will,
at the Borrower’s expense, execute and deliver to the applicable Credit Party such documents as such Credit Party may reasonably
request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents
or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Subsidiary Guaranty Agreement,
in each case in accordance with the terms of the Loan Documents and this Section 11.9 as certified by the Borrower. In the
case of any such sale, transfer or disposal of any property constituting Collateral in a transaction constituting an Asset Disposition
permitted pursuant to Section 9.5 to a Person other than a Credit Party, the Liens created by any of the Security Documents
on such property shall be automatically released without need for further action by any person.

 

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(b)            The
Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien
thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Administrative Agent be responsible or
liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

Section 11.10     Secured
Hedge Obligations and Secured Cash Management Obligations. No holder of any Secured Hedge Obligations or Secured Cash Management
Obligations that obtains the benefits of Section 10.4 or any Collateral by virtue of the provisions hereof or of any Security
Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan
Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral), or to notice of or to consent
to any amendment, waiver or modification of the provisions hereof or of any Guarantee or any Security Document, other than in its capacity
as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Except as expressly provided in Section 10.4,
the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with
respect to, Secured Hedge Obligations and Secured Cash Management Obligations.

 

Section 11.11     Certain
ERISA Matters.

 

(a)            Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any
other Credit Party, that at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I
of ERISA or Section 4975 of the Code) of one or more Benefit Plans with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit or the Commitments or this Agreement;

 

(ii)            the
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975
of the Code such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Commitments and this Agreement;

 

(iii)           (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or

 

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(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 either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a
Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in
the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a
Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being
a Lender party hereto, for the benefit of, the Administrative Agent, the Arranger and their respective Affiliates, and not, for the avoidance
of doubt, to or for the benefit of the Borrower or any other Credit Party, that none of the Administrative Agent, the Arranger and their
respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection
with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related
hereto or thereto).

 

Section 11.12     Erroneous
Payments.

 

(a)            Each
Lender, the Issuing Lender, each other Secured Party and any other party hereto hereby severally agrees that if (i) the Administrative
Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or Issuing Lender or any other Secured Party
(or the Lender Affiliate of a Secured Party) or any other Person that has received funds from the Administrative Agent or any of its
Affiliates, either for its own account or on behalf of a Lender, Issuing Lender or other Secured Party (each such recipient, a “Payment
Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient
were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to
such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates)
(x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment
sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that
was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates)
with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware
was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to
have been made (any such amounts specified in clauses (i) or (ii) of this Section 11.12(a), whether received
as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an “Erroneous
Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt
of such Erroneous Payment; provided that nothing in this Section shall require the Administrative Agent to provide any of
the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or
claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to
any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation
waiver of any defense based on “discharge for value” or any similar doctrine.

 

(b)            Without
limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above,
it shall promptly notify the Administrative Agent in writing of such occurrence.

 

(c)            In
the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the
Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent,
and upon demand from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an
Erroneous Payment on its behalf to), promptly, but in all events no later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency
so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof)
was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from
time to time in effect.

 

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(d)            In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or
an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”),
then at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such
Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments)
with respect to which such Erroneous Payment was made to the Administrative Agent or, at the option of the Administrative Agent, the
Administrative Agent’s applicable lending affiliate in an amount that is equal to the Erroneous Payment Return Deficiency (or such
lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments), the “Erroneous Payment
Deficiency Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of
any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous
Payment Deficiency Assignment. The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall
be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the
provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of Section 12.9
and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other
Person.

 

(e)            Each
party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient
that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to
all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all
amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 11.12
or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall
not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations
owed by the Borrower or any other Credit Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect
to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other
Credit Party for the purpose of making for a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any
way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited,
and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment
or satisfaction had never been received.

 

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

 

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(g)            Nothing
in this Section 11.12 will constitute a waiver or release of any claim of the Administrative Agent hereunder arising from
any Payment Recipient’s receipt of an Erroneous Payment.

 

Article XII

 

Miscellaneous

 

Section 12.1     Notices.

 

(a)            Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by electronic mail in accordance with Section 12.1(b) as
follows:

 

	 	If to the Borrower:
	 	 
	 	Shoe Carnival, Inc.
	 	7500 East Columbia Street
	 	Evansville, Indiana 47715
	 	Attention of: W. Kerry Jackson, Senior Executive Vice President – Chief Financial and Administrative Officer and Treasurer
	 	Telephone No.: 812-867-4037

  E-mail: kjackson@scvl.com

 

	 	With copies to:
	 	 
	 	Faegre Drinker Biddle & Reath LLP
	 	600 E. 96th Street, Suite 600
	 	Indianapolis, Indiana 46240
	 	Attention of: Janelle Blankenship and Nicole Leimer
	 	Telephone No.: (317) 237-0300
	 	E-mail: janelle.blankenship@faegredrinker.com;
  nicole.leimer@faegredrinker.com

 

	 	If to Wells Fargo, as Administrative Agent:
	 	 
	 	Wells Fargo Bank, National Association

  MAC Z3094-250, 1 Independent Drive, FL 25

  Jacksonville, FL 32202
	 	Attention of: Relationship Manager – Shoe Carnival

  Telephone No.: (904) 351-7536
	 	Email.: john.whitner@wellsfargo.com

 

	 	If to any Lender:
	 	 
	 	To the address of such Lender set forth on the Register with respect to deliveries of notices and other documentation that may contain
material non-public information.

 

Notices sent by hand or overnight courier service,
or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by electronic mail shall be
deemed to have been given or received as set forth in Section 12.1(b). Notices delivered through electronic communications
to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

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(b)            Electronic
Communications. Notices and other communications to the Lenders and the Issuing Lender hereunder may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or the Issuing Lender pursuant to Article II
or III if such Lender or the Issuing Lender, as applicable, has notified the Administrative Agent that is incapable of receiving
notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to
accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided
that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return
e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor; provided that, for both
clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours
of the recipient, such notice, email or other communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient.

 

(c)            Administrative
Agent’s Office. The Administrative Agent hereby designates its office located at the address set forth above, or any subsequent
office which shall have been specified for such purpose by written notice to the Borrower and Lenders, as the Administrative Agent’s
Office referred to herein, to which payments due are to be made and at which Loans will be disbursed and Letters of Credit requested.

 

(d)            Change
of Address, Etc. Each of the Borrower, the Administrative Agent, the Issuing Lender or the Swingline Lender may change its address
or other contact information for notices and other communications hereunder by notice to the other parties hereto. Any Lender may change
its address or electronic mail address for notices and other communications hereunder by notice to the Borrower, the Administrative Agent,
the Issuing Lender and the Swingline Lender.

 

(e)            Platform.

 

(i)             Each
Credit Party, each Lender and the Issuing Lender agrees that the Administrative Agent may, but shall not be obligated to, make the Borrower
Materials available to the Issuing Lender and the other Lenders by posting the Borrower Materials on the Platform.

 

(ii)            The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the accuracy
or completeness of the Borrower Materials or the adequacy of the Platform, and expressly disclaim liability for errors or omissions in
the Borrower Materials. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for
a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party
in connection with the Borrower Materials or the Platform. Although the Platform is secured pursuant to generally-applicable security
procedures and policies implemented or modified by the Administrative Agent and its Related Parties, each of the Lenders, the Issuing
Lender and the Borrower acknowledges and agrees that distribution of information through an electronic means is not necessarily secure
in all respects, the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) are not
responsible for approving or vetting the representatives, designees or contacts of any Lender or Issuing Lender that are provided access
to the Platform and that there may be confidentiality and other risks associated with such form of distribution. Each of the Borrower,
each Lender and the Issuing Lender party hereto understands and accepts such risks. In no event shall the Agent Parties have any liability
to any Credit Party, any Lender or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether
in tort, contract or otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of communications
through the Internet (including the Platform), except to the extent that such losses, claims, damages, liabilities or expenses are determined
by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party; provided that in no event shall any Agent Party have any liability to any Credit Party, any Lender, the Issuing
Lender or any other Person for indirect, special, incidental, consequential or punitive damages, losses or expenses (as opposed to actual
damages, losses or expenses).

 

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(f)            Private
Side Designation. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times
have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in
order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable
Law, including United States federal and state securities Applicable Laws, to make reference to Borrower Materials that are not made
available through the “Public Side Information” portion of the Platform and that may contain material non-public information
with respect to the Borrower or its securities for purposes of United States federal or state securities Applicable Laws.

 

Section 12.2     Amendments,
Waivers and Consents. Except as set forth below or as specifically provided in any Loan Document (including Section 5.8(c)),
any term, covenant, agreement or condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders,
and any consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing and approved by the Required Lenders
(or by the Administrative Agent with the consent of the Required Lenders) and delivered to the Administrative Agent and, in the case
of an amendment, signed by the Borrower; provided, that no amendment, waiver or consent shall:

 

(a)            amend,
modify or waive (i) Section 6.2 or any other provision of this Agreement if the effect of such amendment, modification
or waiver is to require the Revolving Credit Lenders (pursuant to, in the case of any such amendment to a provision hereof other than
Section 6.2, any substantially concurrent request by the Borrower for a borrowing of Revolving Credit Loans or issuance of
Letters of Credit) to make Revolving Credit Loans when such Revolving Credit Lenders would not otherwise be required to do so, (ii) the
amount of the Swingline Commitment or (iii) the amount of the L/C Sublimit, in each case without the written consent of the Required
Lenders;

 

(b)            [reserved];

 

(c)            increase
or extend the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 10.2) or increase the
amount of Loans of any Lender, in any case, without the written consent of such Lender;

 

(d)            waive,
extend or postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent
of each Lender directly and adversely affected thereby;

 

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(e)            reduce
the principal of, or the rate of interest specified herein on, any Loan or Reimbursement Obligation, or (subject to clauses (iv) and
(viii) of the proviso set forth in the paragraph below) any fees or other amounts payable hereunder or under any other Loan Document
without the written consent of each Lender directly and adversely affected thereby; provided that (i) only the consent of
the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the rate set forth in Section 5.1(b) during
the continuance of an Event of Default and (ii) only the consent of the Required Lenders shall be necessary to amend any financial
covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on
any Loan or L/C Obligation or to reduce any fee payable hereunder;

 

(f)            change
Section 5.6 or Section 10.4 (or amend any other term of the Loan Documents that would have the effect of changing
Section 5.6 or Section 10.4) in a manner that would alter the pro rata sharing of payments or order of
application required thereby without the written consent of each Lender directly and adversely affected thereby;

 

(g)            [reserved];

 

(h)            except
as otherwise permitted by this Section 12.2 change any provision of this Section or reduce the percentages specified
in the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required
to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written
consent of each Lender directly and adversely affected thereby;

 

(i)             impose
any greater restriction on the ability of any Lender to assign any of its rights or obligations hereunder without the written consent
of the Required Lenders;

 

(j)             consent
to the assignment or transfer by any Credit Party of such Credit Party’s rights and obligations under any Loan Document to which
it is a party (except as permitted pursuant to Section 9.4), in each case, without the written consent of each Lender;

 

(k)            release
(i) all of the Subsidiary Guarantors or (ii) Subsidiary Guarantors comprising all or substantially all of the credit support
for the Secured Obligations, in any case, from the Subsidiary Guaranty Agreement, without the written consent of each Lender; or

 

(l)             release
or subordinate all or substantially all of the Collateral or release or subordinate any Security Document (or any Lien created thereby)
which would have the effect of releasing all or substantially all of the Collateral without the written consent of each Lender;

 

provided
further, that (i) no amendment, waiver or consent shall, unless in writing and signed by each affected Issuing Lender
in addition to the Lenders required above, affect the rights or duties of the Issuing Lender under this Agreement (including Section 11.9(c))
or any Letter of Credit Documents relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent
shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of
the Swingline Lender under this Agreement; (iii) 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 the Administrative Agent under this Agreement or any
other Loan Document or modify Section 12.1(e), Section 12.20 or Article XI hereof; (iv) each
Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (v) each
Letter of Credit Document may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto;
provided that a copy of such amended Letter of Credit Document shall be promptly delivered to the Administrative Agent upon such
amendment or waiver, (vi) [reserved], (vii) the Administrative Agent and the Borrower shall be permitted to amend any provision
of the Loan Documents (and such amendment shall become effective without any further action or consent of any other party to any Loan
Document) if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error, ambiguity, defect
or inconsistency or omission of a technical or immaterial nature in any such provision and (viii) the Administrative Agent (and,
if applicable, the Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any
of the other Loan Documents or to enter into additional Loan Documents in order to implement any Benchmark Replacement or any Conforming
Changes or otherwise effectuate the terms of Section 5.8(c) in accordance with the terms of Section 5.8(c).
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 (A) the Commitment of such Lender may not be increased or extended without the consent of such
Lender, and (B) any amendment, waiver, or consent hereunder which requires the consent of all Lenders or each affected Lender that
by its terms disproportionately and adversely affects any such Defaulting Lender relative to other affected Lenders shall require the
consent of such Defaulting Lender.

 

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Notwithstanding anything in this Agreement to
the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and without further consent of any Lender
(but with the consent of the Borrower and the Administrative Agent), to (x) amend and restate this Agreement and the other Loan
Documents if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended
and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation hereunder
and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement
and the other Loan Documents and (y) enter into amendments or modifications to this Agreement (including amendments to this Section 12.2)
or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate
in order to effectuate the terms of Section 5.13 (including as applicable, (1) to permit the Incremental Increases to
share ratably in the benefits of this Agreement and the other Loan Documents, (2) to include an Incremental Increase, as applicable,
in any determination of (i) Required Lenders or (ii) similar required lender terms applicable thereto); provided that
no amendment or modification shall result in any increase in the amount of any Lender’s Commitment or any increase in any Lender’s
Revolving Credit Commitment Percentage, in each case, without the written consent of such affected Lender.

 

Section 12.3     Expenses;
Indemnity.

 

(a)            Costs
and Expenses. The Borrower and any other Credit Party, jointly and severally, shall pay (i) all reasonable and documented out
of pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and
disbursements of counsel for the Administrative Agent), in connection with the syndication of the Credit Facility, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of
the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out of pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all out of pocket expenses incurred by the Administrative Agent,
any Lender or the Issuing Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender
or the Issuing Lender), and shall pay all fees and time charges for attorneys who may be employees of the Administrative Agent, any Lender
or the Issuing Lender, in connection with the enforcement or protection of its rights (A) in connection with this Agreement and
the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit
issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of
such Loans or Letters of Credit.

 

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(b)            Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the Issuing Lender,
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and
hold each Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including any Environmental
Claims), penalties, damages, liabilities and related reasonable and documented expenses (including the reasonable and documented fees,
charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless, each Indemnitee from, and shall
pay or reimburse any such Indemnitee for, all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee,
incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Credit Party), arising
out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder
or the consummation of the transactions contemplated hereby or thereby (including the Transactions), (ii) any Loan or Letter of
Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter
of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by
any Credit Party or any Subsidiary thereof, or any Environmental Claim related in any way to any Credit Party or any Subsidiary, (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort
or any other theory, whether brought by a third party or by any Credit Party or any Subsidiary thereof, and regardless of whether any
Indemnitee is a party thereto, or (v) any claim (including any Environmental Claims), investigation, litigation or other proceeding
(whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or
in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred to herein
or therein or the transactions contemplated hereby or thereby, including reasonable attorneys and consultant’s fees, provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses (A) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted
from the gross negligence or willful misconduct or breach in bad faith of such Indemnitee, (B) result from a claim brought by Borrower
or any Subsidiary thereof against an Indemnitee for breach in bad faith of such Indemnitee’s funding obligations hereunder, if
Borrower or such Subsidiary has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent
jurisdiction or (C) any dispute solely among Indemnitees, other than any claims against any Indemnitee in its respective capacity
or in fulfilling its role as Administrative Agent or Arranger or any similar role under this Agreement or any other Loan Document, and
other than claims arising out of any act or omission on the part of the Borrower or any Credit Party. This Section 12.3(b) shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)            Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to pay any amount required under clause (a) or (b) of
this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Lender, the Swingline Lender or
any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the
Issuing Lender, the Swingline Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total
Credit Exposure at such time, or if the Total Credit Exposure has been reduced to zero, then based on such Lender’s share of the
Total Credit Exposure immediately prior to such reduction) of such unpaid amount (including any such unpaid amount in respect of a claim
asserted by such Lender); provided that with respect to such unpaid amounts owed to the Issuing Lender or the Swingline Lender
solely in its capacity as such, only the Revolving Credit Lenders shall be required to pay such unpaid amounts, such payment to be made
severally among them based on such Revolving Credit Lenders’ Revolving Credit Commitment Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought or, if the Revolving Credit Commitment has been reduced to zero
as of such time, determined immediately prior to such reduction); provided, further, that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or
any such sub-agent), the Issuing Lender or the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent), the Issuing Lender or the Swingline Lender in connection with such capacity.
The obligations of the Lenders under this clause (c) are subject to the provisions of Section 5.7.

 

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(d)            Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, the Borrower and each other Credit Party shall
not assert, and hereby waives, any claim against any Indemnitee, and neither the Administrative Agent nor any Lender shall assert and
each hereby waives any claim against Borrower, in each case, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof; provided, that nothing in this Section 12.3(d) shall limit the Credit Parties’
indemnity obligations to the extent that such special, indirect, consequential, or punitive damages are included in any claim by a third
party unaffiliated with any Indemnitee with respect to which the applicable Indemnitee is entitled to indemnification under Section 12.3(b).
No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems
in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

 

(e)            Payments.
All amounts due under this Section shall be payable promptly after demand therefor.

 

(f)            Survival.
Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations
hereunder.

 

Section 12.4     Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, the Swingline Lender and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable
Law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any
time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender or
any such Affiliate to or for the credit or the account of the Borrower or any other Credit Party against any and all of the obligations
of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, the Issuing
Lender or the Swingline Lender or any of their respective Affiliates, irrespective of whether or not such Lender, the Issuing Lender,
the Swingline Lender or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such
obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender, the
Issuing Lender, the Swingline Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender or any Affiliate thereof shall exercise any such right
of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance
with the provisions of Section 5.15 and, pending such payment, shall be segregated by such Defaulting Lender or Affiliate
of a Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lender,
the Swingline Lender and the Lenders, and (y) the Defaulting Lender or its Affiliate shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender or any of its Affiliates as
to which such right of setoff was exercised. The rights of each Lender, the Issuing Lender, the Swingline Lender and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender,
the Issuing Lender, the Swingline Lender or their respective Affiliates may have. Each Lender, the Issuing Lender and the Swingline Lender
agree to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure
to give such notice shall not affect the validity of such setoff and application.

 

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Section 12.5     Governing
Law; Jurisdiction, Etc.

 

(a)            Governing
Law. This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort
or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document,
as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance
with, the law of the State of New York.

 

(b)            Submission
to Jurisdiction. The Borrower and each other Credit Party irrevocably and unconditionally agrees that it will not commence any action,
litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the
Administrative Agent, any Lender, the Issuing Lender, the Swingline Lender, or any Related Party of the foregoing in any way relating
to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the
State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate
court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such
courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York
State court or, to the fullest extent permitted by Applicable Law, in such federal court.  Each of the parties hereto agrees that
a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law.  Nothing in this Agreement or in any other Loan Document shall affect any
right that the Administrative Agent, any Lender, the Issuing Lender or the Swingline Lender may otherwise have to bring any action or
proceeding relating to this Agreement or any other Loan Document against the Borrower or any other Credit Party or its properties in
the courts of any jurisdiction.

 

(c)            Waiver
of Venue. The Borrower and each other Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable
Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to
this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

(d)            Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 12.1.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.

 

Section 12.6     Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

 

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Section 12.7     Reversal
of Payments. To the extent any Credit Party makes a payment or payments to the Administrative Agent for the ratable benefit of any
of the Secured Parties or to any Secured Party directly or the Administrative Agent or any Secured Party receives any payment or proceeds
of the Collateral or any Secured Party exercises its right of setoff, which payments or proceeds (including any proceeds of such setoff)
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to
a trustee, receiver or any other party under any Debtor Relief Law, other Applicable Law or equitable cause, then, to the extent of such
payment or proceeds repaid, the Secured Obligations or part thereof intended to be satisfied shall be revived and continued in full force
and effect as if such payment or proceeds had not been received by the Administrative Agent, and each Lender and the Issuing Lender severally
agrees to pay to the Administrative Agent upon demand its (or its applicable Affiliate’s) applicable ratable share (without duplication)
of any amount so recovered from or repaid by the Administrative Agent plus interest thereon at a per annum rate equal to the Overnight
Rate from time to time in effect.

 

Section 12.8     Injunctive
Relief. The Borrower recognizes that, in the event the Borrower fails to perform, observe or discharge any of its obligations or
liabilities under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, the Borrower agrees
that the Lenders, at the Lenders’ option, shall be entitled to temporary and permanent injunctive relief in any such case without
the necessity of proving actual damages.

 

Section 12.9     Successors
and Assigns; Participations.

 

(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Credit Party may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and
no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with
the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of
this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (e) of
this Section (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 paragraph (d) of this Section and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

 

(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Revolving Credit Commitment and the Loans at the time owing to it); provided that,
in each case with respect to any Credit Facility, any such assignment shall be subject to the following conditions:

 

(i)            Minimum
Amounts.

 

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing
to it (in each case with respect to any Credit Facility) or contemporaneous assignments to related Approved Funds (determined after giving
effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate
or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

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(B)            in
any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the
Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Facility, unless
each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents
(each such consent not to be unreasonably withheld or delayed); provided that the Borrower shall be deemed to have given its consent
five (5) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative
Agent) unless such consent is expressly refused by the Borrower prior to such fifth (5th) Business Day;

 

(ii)            Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Loan or the Commitment assigned;

 

(iii)            Required
Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this
Section and, in addition:

 

(A)            the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default
has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; 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 five Business Days after having received notice thereof;

 

(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect
of (i) the Revolving Credit Facility if such assignment is to a Person that is not a Lender with a Revolving Credit Commitment,
an Affiliate of such Lender or an Approved Fund with respect to such Lender or (ii) [reserved]; and

 

(C)            the
consents of the Issuing Lender and the Swingline Lender (such consents not to be unreasonably withheld or delayed) shall be required
for any assignment in respect of the Revolving Credit Facility.

 

(iv)            Assignment
and Assumption. 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 for each assignment; provided that (A) only one such fee will be
payable in connection with simultaneous assignments to two or more related Approved Funds by a Lender and (B) the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if
it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

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(v)            No
Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of its Subsidiaries or Affiliates,
(B) a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a
natural Person) or (C) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in this clause (v).

 

(vi)            Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested,
but not funded by, the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Lender, the
Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Revolving Credit
Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of
such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by
the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.8, 5.9, 5.10, 5.11
and 12.3 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided,
that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of
this Section (other than a purported assignment to a natural Person or the Borrower or any of the Borrower’s Subsidiaries
or Affiliates, which shall be null and void).

 

(c)            Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
in Jacksonville, Florida, a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by the Borrower and any Lender (but only to the extent of entries in the Register
that are applicable to such Lender), at any reasonable time and from time to time upon reasonable prior notice.

 

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(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, the Issuing Lender or the Swingline
Lender, sell participations to any Person (other than a natural Person, (or a holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of, a natural Person), or the Borrower or any of the Borrower’s Subsidiaries or Affiliates)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations
under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Lender, the Swingline Lender and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3(c) with
respect to any payments made by such Lender to its Participant(s).

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in Section 12.2(b), (c), (d) or (e) that directly and adversely affects such Participant.
The Borrower agrees that each Participant shall be entitled to the benefits of Sections 5.9, 5.10 and 5.11 (subject
to the requirements and limitations therein, including the requirements under Section 5.11(g) (it being understood that
the documentation required under Section 5.11(g) shall be delivered to the participating Lender)) to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Section 5.12 as if it were an assignee under paragraph (b) of
this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.10 or 5.11, with respect
to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive
a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that
sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to
effectuate the provisions of Section 5.12(b) with respect to any Participant. To the extent permitted by law, each Participant
also shall be entitled to the benefits of Section 12.4 as though it were a Lender; provided that such Participant
agrees to be subject to Section 5.6 and Section 12.4 as though it were a Lender.

 

Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the Loans or other obligations
under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent
that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form
under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of the United States Treasury Regulations (or, in each case,
any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative
Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
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.

 

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Section 12.10     Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Lender agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to
its and its Affiliates’ respective Related Parties in connection with the Credit Facility, this Agreement, the transactions contemplated
hereby or in connection with marketing of services by such Affiliate or Related Party to the Borrower or any of its Subsidiaries (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 required or requested by, or required to be disclosed to, any
regulatory or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory
authority, such as the National Association of Insurance Commissioners) or in accordance with the Administrative Agent’s, the Issuing
Lender’s or any Lender’s regulatory compliance policy if the Administrative Agent, the Issuing Lender or such Lender, as
applicable, deems such disclosure to be necessary for the mitigation of claims by those authorities against the Administrative Agent,
the Issuing Lender or such Lender, as applicable, or any of its Related Parties (in which case, the Administrative Agent, the Issuing
Lender or such Lender, as applicable, shall use commercially reasonable efforts to, except with respect to any audit or examination conducted
by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, promptly notify the
Borrower, in advance, to the extent practicable and otherwise permitted by Applicable Law), (c) as to the extent required by Applicable
Laws or regulations or in any legal, judicial, administrative proceeding or other compulsory process, (d) to any other party hereto,
(e) in connection with the exercise of any remedies under this Agreement, under any other Loan Document or under any Secured Hedge
Agreement or Secured Cash Management Agreement, or any action or proceeding relating to this Agreement, any other Loan Document or any
Secured Hedge Agreement or Secured Cash Management Agreement, or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in,
or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement and, in each case, their respective
financing sources, (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (iii) an investor
or prospective investor in an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment
in such Approved Fund, (iv) a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in an Approved
Fund in connection with the administration, servicing and reporting on the assets serving as collateral for an Approved Fund, or (v) a
nationally recognized rating agency that requires access to information regarding the Borrower and its Subsidiaries, the Loans and the
Loan Documents in connection with ratings issued with respect to an Approved Fund, (g) on a confidential basis to (i) any rating
agency in connection with rating the Borrower or its Subsidiaries or the Credit Facility or (ii) the CUSIP Service Bureau or any
similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Credit Facility, (h) with the
consent of the Borrower, (i) deal terms and other information customarily reported to Thomson Reuters, other bank market data collectors
and similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection
with the administration of the Loan Documents, (j) to the extent such Information (i) becomes publicly available other than
as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender, the Issuing Lender
or any of their respective Affiliates from a third party that is not, to such Person’s knowledge, subject to confidentiality obligations
to the Borrower, (k) to the extent that such information is independently developed by such Person, (l) to the extent required
by an insurance company in connection with providing insurance coverage or providing reimbursement pursuant to this Agreement or (m) for
purposes of establishing a “due diligence” defense. For purposes of this Section, “Information” means
all information received from any Credit Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or any
of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing
Lender on a nonconfidential basis prior to disclosure by any Credit Party or any Subsidiary thereof. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.

 

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Section 12.11     Performance
of Duties. Each of the Credit Party’s obligations under this Agreement and each of the other Loan Documents shall be performed
by such Credit Party at its sole cost and expense.

 

Section 12.12     All
Powers Coupled with Interest. All powers of attorney and other authorizations granted to the Lenders, the Administrative Agent and
any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan
Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied
(other than contingent indemnification obligations not then due), any of the Commitments remain in effect or the Credit Facility has
not been terminated.

 

Section 12.13     Survival.

 

(a)            All
representations and warranties set forth in Article VII and all representations and warranties contained in any certificate,
or any of the Loan Documents (including, but not limited to, any such representation or warranty made in or in connection with any amendment
thereto) shall constitute representations and warranties made under this Agreement. All representations and warranties made under this
Agreement shall be made or deemed to be made at and as of the First Restatement Effective Date (except those that are expressly made
as of a specific date), shall survive the First Restatement Effective Date and shall not be waived by the execution and delivery of this
Agreement, any investigation made by or on behalf of the Lenders or any borrowing hereunder.

 

(b)            Notwithstanding
any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions
of this Article XII and any other provision of this Agreement and the other Loan Documents shall continue in full force and
effect and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before.

 

Section 12.14     Titles
and Captions. Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Agreement are for
convenience only, and neither limit nor amplify the provisions of this Agreement.

 

Section 12.15     Severability
of Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder
of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any
other jurisdiction. In the event that any provision is held to be so prohibited or unenforceable in any jurisdiction, the Administrative
Agent, the Lenders and the Borrower shall negotiate in good faith to amend such provision to preserve the original intent thereof in
such jurisdiction (subject to the approval of the Required Lenders).

 

SECTION 12.16     Counterparts;
Integration; Effectiveness; Electronic Execution.

 

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(a)            Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and
the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, the Issuing Lender,
the Swingline Lender and/or the Arranger, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 6.1,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)            Electronic
Execution. The words “execute,” “execution,” “signed,” “signature,” “delivery”
and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver,
modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection
with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures
or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for
in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each party hereto agrees
that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other
parties hereto to the same extent as a manual, original signature. For the avoidance of doubt, the authorization under this paragraph
may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic
form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or
retention.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept
an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved
by it; provided that without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept such
Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such
Electronic Signature purportedly given by or on behalf of the executing party without further verification and (ii) upon the request
of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart
thereof.  Without limiting the generality of the foregoing, each party hereto hereby (A) agrees that, for all purposes, including
without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among
the Administrative Agent, the Lenders and any of the Credit Parties, electronic images of this Agreement or any other Loan Document (in
each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as
any paper original, and (B) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents
based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.

 

Section 12.17     Term
of Agreement. This Agreement shall remain in effect from the First Restatement Effective Date through and including the date upon
which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Loan Document
shall have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized)
or otherwise satisfied in a manner acceptable to the Issuing Lender and the Commitments have been terminated. No termination of this Agreement
shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this
Agreement which survives such termination.

 

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SECTION 12.18     USA
PATRIOT Act; Anti-Money Laundering Laws. The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the
requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, each of them is required to obtain, verify and record information
that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will
allow such Lender to identify each Credit Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws.

 

Section 12.19     Independent
Effect of Covenants. The Borrower expressly acknowledges and agrees that each covenant contained in Articles VIII or IX
hereof shall be given independent effect. Accordingly, the Borrower shall not engage in any transaction or other act otherwise permitted
under any covenant contained in Articles VIII or IX, before or after giving effect to such transaction or act, the Borrower
shall or would be in breach of any other covenant contained in Articles VIII or IX.

 

Section 12.20     No
Advisory or Fiduciary Responsibility.

 

(a)            In
connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and acknowledges its Affiliates’
understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length
commercial transaction between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders,
on the other hand, and the Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions
of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof
or thereof), (ii) in connection with the process leading to such transaction, each of the Administrative Agent, the Arrangers and
the Lenders is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any
of its Affiliates, stockholders, creditors or employees or any other Person, (iii) none of the Administrative Agent, the Arrangers
or the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any
of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification
hereof or of any other Loan Document (irrespective of whether any Arranger or Lender has advised or is currently advising the Borrower
or any of its Affiliates on other matters) and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to the
Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents, (iv) the Arrangers and the Lenders and their respective Affiliates may be engaged in
a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates,
and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of any
advisory, agency or fiduciary relationship and (v) the Administrative Agent, the Arrangers and the Lenders have not provided and
will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including
any amendment, waiver or other modification hereof or of any other Loan Document) and the Credit Parties have consulted their own legal,
accounting, regulatory and tax advisors to the extent they have deemed appropriate.

 

(b)            Each
Credit Party acknowledges and agrees that each Lender, the Arrangers and any Affiliate thereof may lend money to, invest in, and generally
engage in any kind of business with, any of the Borrower, any Affiliate thereof or any other person or entity that may do business with
or own securities of any of the foregoing, all as if such Lender, Arranger or Affiliate thereof were not a Lender or Arranger or an Affiliate
thereof (or an agent or any other person with any similar role under the Credit Facilities) and without any duty to account therefor to
any other Lender, the Arrangers, the Borrower or any Affiliate of the foregoing.  Each Lender, the Arrangers and any Affiliate thereof
may accept fees and other consideration from the Borrower or any Affiliate thereof for services in connection with this Agreement, the
Credit Facilities or otherwise without having to account for the same to any other Lender, the Arrangers, the Borrower or any Affiliate
of the foregoing.

 

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Section 12.21     Amendment
and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing Credit Agreement, as amended,
effective from and after the First Restatement Effective Date.  It is the express intent of the parties to this Agreement that (a) the
execution and delivery of this Agreement not constitute a novation or extinguishment of any indebtedness or other obligations owing to
the Lenders or the Administrative Agent under the Existing Credit Agreement but that such indebtedness and other obligations under the
Existing Credit Agreement shall continue, uninterrupted, but on the amended and restated terms set forth in this Agreement and, as applicable,
the other Loan Documents; (b) this Agreement does not supersede the Existing Credit Agreement but, instead, amends and restates the
Existing Credit Agreement on the terms set forth herein; (c) the execution and delivery of any amendment to, or amendment and restatement
of, any Security Document executed or delivered in connection with the Existing Credit Agreement not constitute a novation or extinguishment
of any security interest or Lien created under such Security Document; and (d) all security interests in and Liens on the Collateral
granted under any Security Document executed or delivered in connection with the Existing Credit Agreement shall, upon the execution and
delivery of this Agreement, continue, uninterrupted, to secure the Credit Parties’ indebtedness and obligations under the Loan Documents
(as applicable) on the terms set forth in the such Security Document or, as applicable, any amendment to or amendment and restatement
of such Security Document executed or delivered in connection with this Agreement.  On the First Restatement Effective Date, the
credit facilities described in the Existing Credit Agreement, as amended, shall be amended, supplemented, modified and restated in their
entirety by the corresponding credit facilities described herein, and all loans and other obligations of the Borrower and the obligations
of the other Credit Parties outstanding or existing as of such date under the Existing Credit Agreement are and shall be deemed to be
loans and obligations outstanding under the corresponding facilities described herein, without any further action by any Person, except
that the Administrative Agent shall make such transfers of funds as are necessary for the outstanding balance of such Loans, together
with any Loans funded on the First Restatement Effective Date, to comport with the respective Commitments of the Lenders hereunder (and
each Lender party hereto agrees to cooperate with the Administrative Agent in determining and making such transfers and in accepting such
transfers).  In furtherance of (but not limited to) the foregoing, (i) all interest and fees of the Credit Parties under the
Existing Credit Agreement shall accrue at the rates therefor under the Existing Credit Agreement and shall, on and after the First Restatement
Effective Date, accrue at the rates set forth in this Agreement and be payable on the dates set forth in this Agreement and (ii) all
Letters of Credit issued pursuant to the Existing Credit Agreement and outstanding on the First Restatement Effective Date are and shall
be deemed to be Letters of Credit under this Agreement.

 

Section 12.22     Inconsistencies
with Other Documents. In the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms
of this Agreement shall control; provided that any provision of the Security Documents which imposes additional burdens on the
Borrower or any of its Subsidiaries or further restricts the rights of the Borrower or any of its Subsidiaries or gives the Administrative
Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force
and effect.

 

Section 12.23     Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and
Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

Section 12.24     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such
QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the
regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC
Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated
to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)            As
used in this Section 12.24, the following terms have the following meanings:

 

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

 

“Covered Entity”
means any of the following:

 

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

 

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

 

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

 

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

 

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

 

[Continued on following page.]

 

    125 

     

    

  

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed under seal by their duly authorized officers, all as of the day and year first written
above.

 

	 	SHOE CARNIVAL, INC., as Borrower
	 	 
		By: 	/s/ W. Kerry Jackson
	 	Name: 	W. Kerry Jackson
	 	Title: 	Senior Executive Vice President,
	 	 	Chief Financial and Administrative
	 	 	Officer and Treasurer

 

[SHOE
CARNIVAL—AMENDED AND RESTATED CREDIT AGREEMENT]

 

    

     

    

 

	 	AGENTS AND LENDERS:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative
    Agent, Swingline Lender, Issuing Lender and Lender
	 	 
		By:	      /s/ John A. Whitner
	 	Name:	 John A. Whitner
	 	Title:	 Senior Vice President

 

[SHOE
CARNIVAL—AMENDED AND RESTATED CREDIT AGREEMENT]

 

    

     

    

 

	 	BANK OF AMERICA, N.A., as a Lender
	 	 
		By:	     /s/ Brian D. Smith
	 	Name: 	Brian D. Smith
	 	Title:	 Senior Vice President

 

[SHOE
CARNIVAL—AMENDED AND RESTATED CREDIT AGREEMENT]EXHIBIT 4.2

 

EXECUTION
VERSION

 

AMENDED AND RESTATED SECURITY AGREEMENT

 

This AMENDED AND RESTATED
SECURITY AGREEMENT (this “Agreement”), dated as of March 23, 2022, by and among the Persons listed on the
signature pages hereof as “Grantors” and those additional entities that hereafter become parties hereto by executing
the form of Joinder attached as Exhibit I to the Credit Agreement (as defined below) (each, a “Grantor”
and collectively, the “Grantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
(as successor-by-merger to Wachovia Bank, National Association), in its capacity as Administrative Agent (as defined in the Credit Agreement)
for the Secured Parties (as defined in the Credit Agreement) (in such capacity, together with its successors and assigns in such capacity,
 “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
that certain Amended and Restated Credit Agreement, dated as of the date hereof (as amended, restated, supplemented, or otherwise modified
from time to time, the “Credit Agreement”), by and among Shoe Carnival, Inc., an Indiana corporation (the “Borrower”),
the financial institutions from time to time party thereto (the “Lenders”), and Agent, the Lenders have agreed to make
certain financial accommodations available to Borrower from time to time pursuant to the terms and conditions thereof;

 

WHEREAS, Grantors executed
and delivered that certain Security Agreement dated as of April 16, 2020, in favor of Agent (as amended, restated, supplemented,
or otherwise modified prior to the date hereof, the “Existing Security Agreement”);

 

WHEREAS, Agent has
agreed to act as agent for the benefit of the Secured Parties in connection with the transactions contemplated by the Credit Agreement
and this Agreement;

 

WHEREAS, in order to
induce Agent and the Lenders to enter into the Credit Agreement and the other Loan Documents and to extend the Loans thereunder, to induce
the Secured Parties to enter into the Secured Hedge Agreements and Secured Cash Management Agreements, and to induce Agent and the Secured
Parties to make financial accommodations to the Borrower as provided for in the Credit Agreement, the other Loan Documents, the Secured
Hedge Agreements, and the Secured Cash Management Agreements, each Grantor (other than the Borrower) has agreed to grant to Agent, for
the benefit of the Secured Parties, a continuing security interest in and to the Collateral in order to secure the prompt and complete
payment, observance and performance of, among other things, the Secured Obligations (as defined below); and

 

WHEREAS, each Grantor
(other than the Borrower) is a Subsidiary of the Borrower and, as such, will benefit by virtue of the financial accommodations extended
to the Borrower by Agent and the Lenders.

 

     

     

    

 

NOW, THEREFORE, for
and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.            Definitions;
Construction.

 

(a)            All
initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed
thereto in the Credit Agreement. Any terms (whether capitalized or lower case) used in this Agreement that are defined in the UCC shall
be construed and defined as set forth in the UCC unless otherwise defined herein or in the Credit Agreement; provided, that to
the extent that the UCC is used to define any term used herein and if such term is defined differently in different Articles of the UCC,
the definition of such term contained in Article 9 of the UCC shall govern. In addition to those terms defined elsewhere in this
Agreement, as used in this Agreement, the following terms shall have the following meanings:

 

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

 

(ii)           “Agreement”
has the meaning specified therefor in the preamble to this Agreement.

 

(iii)           “Borrower”
has the meaning specified therefor in the recitals to this Agreement.

 

(iv)           “Collateral”
has the meaning specified therefor in Section 3 hereof.

 

(v)           “Credit
Agreement” has the meaning specified therefor in the recitals to this Agreement.

 

(vi)           “Existing
Security Agreement” has the meaning specified therefor in the recitals to this Agreement.

 

(vii)         “Grantor”
and “Grantors” have the respective meanings specified therefor in the preamble to this Agreement.

 

(viii)        “Joinder”
means each Joinder to this Agreement executed and delivered by Agent and each of the other parties listed on the signature pages thereto,
in substantially the form of Exhibit I to the Credit Agreement.

 

(ix)          “Lenders”
has the meaning specified therefor in the recitals to this Agreement.

 

(x)            “Proceeds”
has the meaning specified therefor in Section 3 hereof.

 

(xi)            “Secured
Obligations” means each and all of the following: (A) all of the present and future obligations of each of the Grantors
arising from, or owing under or pursuant to, this Agreement, the Subsidiary Guaranty Agreement, the Credit Agreement, or any of the other
Loan Documents, (B) all Secured Hedge Obligations and Secured Cash Management Obligations, and (C) all other Obligations of
the Borrower and the Guarantors and all other obligations of each Grantor (including, in the case of each of clauses (A), (B) and
(C), all expenses of Agent and each Lender payable by the Grantors under the Loan Documents and any interest, fees, or expenses that accrue
after the filing of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in
whole or in part as a claim in any bankruptcy, insolvency, receivership or other similar proceeding); provided that, anything to
the contrary contained in the foregoing notwithstanding, the Secured Obligations shall exclude any Excluded Swap Obligation.

 

(xii)         “Security
Interest” has the meaning specified therefor in Section 3 hereof.

 

(xiii)         “URL”
means “uniform resource locator,” an internet web address.

 

(b)            This
Agreement shall be subject to the rules of construction set forth in the Credit Agreement (including Section 1.2 thereof),
and such rules of construction are incorporated herein by this reference, mutatis mutandis.

 

(c)            All
of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

 

    2 

     

    

 

2.            [Reserved].

 

3.            Grant
of Security. Each Grantor hereby unconditionally grants, collaterally assigns, and pledges to Agent, for the benefit of the Secured
Parties to secure the Secured Obligations (whether now existing or hereafter arising), a continuing security interest (hereinafter referred
to as the “Security Interest”) in all of such Grantor’s right, title, and interest in and to the following, whether
now owned or hereafter acquired or arising and wherever located (the “Collateral”):

 

(a)            all
of such Grantor’s Inventory; and

 

(b)            all
of the Proceeds and products, whether tangible or intangible, of the foregoing, including proceeds of insurance or Commercial Tort Claims
covering or relating to any or all of the foregoing, and any and all Accounts, books and records, Chattel Paper, Deposit Accounts, Equipment,
Farm Products, Fixtures, General Intangibles, Inventory, Investment Property, intellectual property, Letters of Credit, Letter-of-Credit
Rights, Instruments, Promissory Notes, Drafts, Documents, Securities Accounts, Supporting Obligations, money, or other tangible or
intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds
of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds
of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage to,
or destruction of the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty, or guaranty
payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”). Without
limiting the generality of the foregoing, the term “Proceeds” includes whatever is receivable or received when Investment
Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary or involuntary, and
includes proceeds of any indemnity or guaranty payable to any Grantor or Agent from time to time with respect to any of the Investment
Property.

 

4.            Security
for Secured Obligations. The Security Interest created hereby secures the payment and performance of the Secured Obligations, whether
now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts
which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent and the Secured Parties or any
of them, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in any bankruptcy, insolvency,
receivership or other similar proceeding involving any Grantor due to the existence of such bankruptcy, insolvency, receivership or other
similar proceeding. Further, the Security Interest created hereby encumbers each Grantor’s right, title, and interest in all Collateral,
whether now owned by such Grantor or hereafter acquired, obtained, developed, or created by such Grantor and wherever located.

 

5.            [Reserved].

 

6.            Representations
and Warranties. In order to induce Agent to enter into this Agreement for the benefit of the Secured Parties, each Grantor makes the
following representations and warranties to Agent and each Secured Party which shall be true, correct, and complete, in all material respects
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof), as of the First Restatement Effective Date, and shall be true, correct, and complete, in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof), as of the date of the making of each Revolving Credit Loan (or other extension of credit)
made thereafter, as though made on and as of the date of such Revolving Credit Loan (or other extension of credit) (except to the extent
that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be
true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof) as of such earlier date) and such representations and warranties
shall survive the execution and delivery of this Agreement:

 

(a)            The
name (within the meaning of Section 9-503 of the UCC) and jurisdiction of organization of each Grantor is set forth on Schedule
1 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).

 

    3 

     

    

 

(b)            The
chief executive office of each Grantor is located at the address indicated on Schedule 1 (as such Schedule may be updated from
time to time to reflect changes resulting from transactions permitted under the Loan Documents).

 

(c)            Each
Grantor’s tax identification numbers and organizational identification numbers, if any, are identified on Schedule 1 (as
such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).

 

(d)            This
Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a security interest therein can be created
under the UCC, securing the payment of the Secured Obligations. Except to the extent a security interest in the Collateral cannot be perfected
by the filing of a financing statement under the UCC, all filings and other actions necessary or desirable to perfect and protect such
security interest have been duly taken or will have been taken upon the filing of financing statements listing each applicable Grantor,
as a debtor, and Agent, as secured party, in the jurisdictions listed next to such Grantor’s name on Schedule 2. Upon the
making of such filings, Agent shall have a first priority (subject only to non-consensual Liens permitted under Section 9.2 of the
Credit Agreement, permitted purchase money Liens, or the interests of lessors under Capital Leases) perfected security interest in the
Collateral of each Grantor to the extent such security interest can be perfected by the filing of a financing statement under the UCC.
All action by any Grantor necessary to protect and perfect such security interest on each item of Collateral has been duly taken.

 

(e)            No
consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority or any
other Person is required for the grant of a Security Interest by such Grantor in and to the Collateral pursuant to this Agreement or for
the execution, delivery, or performance of this Agreement by such Grantor, except (A) for consents, approvals, authorizations, or
other orders or actions that have already been obtained or given (as applicable) and that are still in force, and (B) the filing
of financing statements and other filings necessary to perfect the Security Interests granted hereby.

 

7.            Covenants.
Each Grantor, jointly and severally, covenants and agrees with Agent that from and after the date of this Agreement and until the date
of termination of this Agreement in accordance with Section 23:

 

(a)            Transfers
and Other Liens. Grantors shall not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any
option with respect to, any of the Collateral, except as expressly permitted by the Credit Agreement, or (ii) create or permit to
exist any Lien upon or with respect to any of the Collateral of any Grantor, except for Liens permitted under Section 9.2 of the
Credit Agreement. The inclusion of Proceeds in the Collateral shall not be deemed to constitute Agent’s consent to any sale or other
disposition of any of the Collateral except as expressly permitted in this Agreement or the other Loan Documents.

 

(b)            Name,
Etc. No Grantor will change its name, chief executive office, organizational identification number, jurisdiction of organization or
organizational identity; provided, that any Grantor may change its name or chief executive office upon at least ten days prior
written notice to Agent of such change.

 

8.            Relation
to Other Security Documents. The provisions of this Agreement shall be read and construed with the other Loan Documents referred to
below in the manner so indicated. In the event of any conflict between any provision in this Agreement and a provision in the Credit Agreement,
such provision of the Credit Agreement shall control.

 

    4 

     

    

 

9.            Further
Assurances.

 

(a)            Each
Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments and
documents, and take all further action, that Agent may reasonably request, in order to perfect and protect the Security Interest granted
hereby, to create, perfect or protect the Security Interest purported to be granted hereby or to enable Agent to exercise and enforce
its rights and remedies hereunder with respect to any of the Collateral.

 

(b)            Each
Grantor authorizes the filing by Agent of financing or continuation statements, or amendments thereto, and such Grantor will execute and
deliver to Agent such other instruments or notices, as Agent may reasonably request, in order to perfect and preserve the Security Interest
granted or purported to be granted hereby.

 

(c)            Each
Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and
amendments (i) describing the Collateral as “all inventory of debtor” or words of similar effect, (ii) describing
the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5
of Article 9 of the UCC for the sufficiency or filing office acceptance. Each Grantor also hereby ratifies any and all financing
statements or amendments previously filed by Agent in any jurisdiction.

 

(d)            Each
Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any
financing statement filed in connection with this Agreement without the prior written consent of Agent, subject to such Grantor’s
rights under Section 9-509(d)(2) of the UCC.

 

10.            [Reserved].

 

11.            Agent
Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints Agent its attorney-in-fact, with full authority in the place
and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of Default has occurred and is continuing
under the Credit Agreement, to take any action and to execute any instrument which Agent may reasonably deem necessary or advisable to
accomplish the purposes of this Agreement, including:

 

(a)            to
ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or
in connection with any Collateral of such Grantor;

 

(b)            to
file any claims or take any action or institute any proceedings which Agent may deem necessary or desirable for the collection of any
of the Collateral of such Grantor or otherwise to enforce the rights of Agent with respect to any of the Collateral;

 

To the extent permitted by
law, each Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof. This power of
attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated.

 

12.            Agent
May Perform. If any Grantor fails to perform any agreement contained herein, Agent may itself perform, or cause performance of,
such agreement, and the reasonable expenses of Agent incurred in connection therewith shall be payable, jointly and severally, by Grantors
in accordance with the terms of the Credit Agreement.

 

    5 

     

    

 

13.            Agent’s
Duties. The powers conferred on Agent hereunder are solely to protect Agent’s interest in the Collateral, for the benefit of
the Secured Parties, and shall not impose any duty upon Agent to exercise any such powers. Except for the safe custody of any Collateral
in its actual possession and the accounting for moneys actually received by it hereunder, Agent shall have no duty as to any Collateral
or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.
Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if
such Collateral is accorded treatment substantially equal to that which Agent accords its own property.

 

14.            [Reserved].

 

15.            [Reserved].

 

16.            [Reserved].

 

17.            Remedies.
Upon the occurrence and during the continuance of an Event of Default:

 

(a)            Agent
may, and, at the instruction of the Required Lenders, shall exercise in respect of the Collateral, in addition to other rights and remedies
provided for herein, in the other Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default
under the UCC or any other applicable law. Without limiting the generality of the foregoing, each Grantor expressly agrees that, in any
such event, Agent without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below
of time and place of public or private sale) to or upon any Grantor or any other Person (all and each of which demands, advertisements
and notices are hereby expressly waived to the maximum extent permitted by the UCC or any other applicable law), may take immediate possession
of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby agrees that it will at its own expense
and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it available to Agent at one
or more locations where such Grantor regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral
or any part thereof in one or more parcels at public or private sale, at any of Agent’s offices or elsewhere, for cash, on credit,
and upon such other terms as Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notification of sale shall
be required by law, at least ten days notification by mail to the applicable Grantor of the time and place of any public sale or the time
after which any private sale is to be made shall constitute reasonable notification and specifically such notification shall constitute
a reasonable “authenticated notification of disposition” within the meaning of Section 9-611 of the UCC. Agent shall
not be obligated to make any sale of Collateral regardless of notification of sale having been given. Agent may adjourn any public sale
from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time
and place to which it was so adjourned. Each Grantor agrees that (A) the internet shall constitute a “place” for purposes
of Section 9-610(b) of the UCC, and (B) to the extent notification of sale shall be required by law, notification by mail
of the URL where a sale will occur and the time when a sale will commence at least ten days prior to the sale shall constitute a reasonable
notification for purposes of Section 9-611(b) of the UCC. Each Grantor agrees that any sale of Collateral to a licensor pursuant
to the terms of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including
as to method, terms, manner, and time) within the meaning of Section 9-610 of the UCC.

 

(b)            Any
and all cash proceeds received by Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral
shall be applied against the Secured Obligations in the order set forth in the Credit Agreement. In the event the proceeds of Collateral
are insufficient to satisfy all of the Secured Obligations in full, each Grantor shall remain jointly and severally liable for any such
deficiency.

 

(c)            Each
Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event of Default
shall occur and be continuing Agent shall have the right to an immediate writ of possession without notice of a hearing. Agent shall have
the right to the appointment of a receiver for the properties and assets of each Grantor, and each Grantor hereby consents to such rights
and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security posted
by Agent.

 

    6 

     

    

 

18.            Remedies
Cumulative. Each right, power, and remedy of Agent or the Secured Parties as provided for in this Agreement, the other Loan Documents,
the Secured Hedge Agreements, or the Secured Cash Management Agreements now or hereafter existing at law or in equity or by statute or
otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement,
the other Loan Documents, the Secured Hedge Agreements, and the Secured Cash Management Agreements or now or hereafter existing at law
or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Agent or any Secured Party of any one or more
of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Agent or such Secured Party of any or all
such other rights, powers, or remedies.

 

19.            Marshaling.
Agent shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or
other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of
payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances
of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising. To the extent that it lawfully
may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or
impede the enforcement of Agent’s rights and remedies under this Agreement or under any other instrument creating or evidencing
any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations
is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each Grantor hereby irrevocably waives the
benefits of all such laws.

 

20.            Indemnity.
Each Grantor agrees to indemnify Agent and the Secured Parties from and against all claims, lawsuits and liabilities (including reasonable
attorneys’ fees) arising out of or resulting from this Agreement (including enforcement of this Agreement) or any other Loan Document
to which such Grantor is a party in accordance with and to the extent set forth in Section 12.3 of the Credit Agreement. This provision
shall survive the termination of this Agreement and the Credit Agreement and the repayment of the Secured Obligations.

 

21.            Merger,
Amendments; Etc. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE
PARTIES. No waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be
effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. No amendment of any provision of this Agreement shall be effective unless the same
shall be in writing and signed by Agent and each Grantor to which such amendment applies.

 

22.            Addresses
for Notices. All notices and other communications provided for hereunder shall be given in the form and manner and delivered to Agent
at its address specified in the Credit Agreement, and to any of the Grantors at the notice address specified for Borrower in the Credit
Agreement, or as to any party, at such other address as shall be designated by such party in a written notice to the other party.

 

23.            Continuing
Security Interest: Assignments under Credit Agreement.

 

(a)            This
Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until the Obligations
have been paid in full in accordance with the provisions of the Credit Agreement and the Commitments have expired or have been terminated,
(ii) be binding upon each Grantor, and their respective successors and assigns, and (iii) inure to the benefit of, and be enforceable
by, Agent, and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), any Lender may,
in accordance with the provisions of the Credit Agreement, assign or otherwise transfer all or any portion of its rights and obligations
under the Credit Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof
granted to such Lender herein or otherwise. Upon payment in full of the Secured Obligations in accordance with the provisions of the Credit
Agreement and the expiration or termination of the Commitments, the Security Interest granted hereby shall terminate and all rights to
the Collateral shall revert to Grantors or any other Person entitled thereto. At such time, upon Borrower’s request, Agent will
authorize the filing of appropriate termination statements to terminate such Security Interest. No transfer or renewal, extension, assignment,
or termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document executed and
delivered by any Grantor to Agent nor any additional Loans or other loans made by any Lender to the Borrower, nor the taking of further
security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Agent, nor any other act of Agent and the
Secured Parties or any of them, shall release any Grantor from any obligation, except a release or discharge executed in writing by Agent
in accordance with the provisions of the Credit Agreement. Agent shall not by any act, delay, omission or otherwise, be deemed to have
waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein
set forth. A waiver by Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right
or remedy which Agent would otherwise have had on any other occasion.

 

    7 

     

    

 

(b)            If the
Agent or any Secured Party repays, refunds, restores, or returns in whole or in part, any payment or property (including
any proceeds of Collateral) previously paid or transferred to any of the Agent or such Secured Party in full or partial
satisfaction of any Secured Obligation or on account of any other obligation of any Grantor under any Loan
Document, any Secured Hedge Agreement, or any Secured Cash Management Agreement, because the payment, transfer, or the incurrence of the
obligation so satisfied is asserted or declared to be void, voidable, or otherwise recoverable under any law relating to creditors’
rights, including provisions of the Bankruptcy Code relating to fraudulent transfers, preferences, or other voidable or recoverable obligations
or transfers (each, a “Voidable Transfer”), or because any of the Agent or such Secured Party elects to do
so on the reasonable advice of its counsel in connection with a claim that the payment, transfer, or incurrence is or may be a
Voidable Transfer, then, as to any such Voidable Transfer, or the amount thereof that any of the Agent or such Secured Party elects
to repay, restore, or return (including pursuant to a settlement of any claim in respect thereof), and as to all reasonable costs,
expenses, and attorneys’ fees of Agent or any Secured Party related thereto, (i) the liability of the Grantors with
respect to the amount or property paid, refunded, restored, or returned will automatically and immediately be revived, reinstated, and
restored and will exist, and (ii) Agent’s Liens securing such liability shall be effective, revived, and remain in
full force and effect, in each case, as fully as if such Voidable Transfer had never been made.  If, prior to any of the
foregoing, (A) Agent’s Liens shall have been released or terminated, or (B) any provision of this Agreement shall have
been terminated or cancelled, Agent’s Liens, or such provision of this Agreement, shall be reinstated in full force and
effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect
the obligation of any Grantor in respect of such liability or any Collateral securing such liability.

 

24.            Survival.
All representations and warranties made by the Grantors in this Agreement and in the certificates or other instruments delivered in connection
with or pursuant to 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 and the making of any loans and issuance of any Letters of Credit, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that Agent or any Secured Party may have had notice or knowledge of any Default
or Event of Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue
in full force and effect as long as the principal of or any accrued interest on any loan or any fee or any other amount payable under
the Credit Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired
or terminated.

 

25.            CHOICE
OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.

 

(a)            THE
VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT
TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL
BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(b)            THE
PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE
AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, PROVIDED,
THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS
OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GRANTOR
AND AGENT WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS
OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 25(b).

 

(c)            TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL
OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF 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 A “CLAIM”). EACH GRANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

    8 

     

    

 

(d)            EACH
GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY
OF NEW YORK AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION
OR ENFORCEMENT OF ANY JUDGMENT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY GRANTOR
OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(e)            NO
CLAIM MAY BE MADE BY ANY GRANTOR AGAINST AGENT, ANY LENDER, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE,
AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR
BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY
ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH GRANTOR HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM
FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

 

(f)            IN
THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY
HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN SECTION 25(c) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING,
THE PARTIES HERETO AGREE AS FOLLOWS:

 

(i)            WITH
THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN
ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL REFERENCE
AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA.

 

(ii)            THE
FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS
IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER,
AND (D) TEMPORARY, PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING
ORDERS, OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND
REMEDIES DESCRIBED IN CLAUSES (A) THROUGH (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE
IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER.

 

(iii)            UPON
THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES DO
NOT AGREE UPON A REFEREE WITHIN TEN DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT
A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL OF THE POWERS
PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES.

 

(iv)            EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING
THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF
THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT
REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE
SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY THE
COSTS OF THE COURT REPORTER; PROVIDED, THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY
WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

 

    9 

     

    

 

(v)            THE
REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL
OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT
JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA.

 

(vi)            THE
REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN
ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND
RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE
SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A DECISION
AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A
JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR
ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.

 

(vii)            THE
PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND
NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY
AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES
OUT OF OR IS RELATED TO THIS AGREEMENT.

 

26.            New
Subsidiaries. Pursuant to Section 8.14 of the Credit Agreement, certain Subsidiaries (whether by acquisition or creation) of
any Grantor are required to enter into this Agreement by executing and delivering in favor of Agent a Joinder to this Agreement in substantially
the form of Exhibit I to the Credit Agreement. Upon the execution and delivery of such Joinder by any such new Subsidiary,
such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution
and delivery of any instrument adding an additional Grantor as a party to this Agreement shall not require the consent of any Grantor
hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of
any new Grantor hereunder.

 

27.            Agent.
Each reference herein to any right granted to, benefit conferred upon or power exercisable by the “Agent” shall be a reference
to Agent, for the benefit of the Secured Parties.

 

28.            Miscellaneous.

 

(a)            This
Agreement is a Loan Document. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission
shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart
of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this
Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect
of this Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis.

 

(b)            Any
provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision
in any other jurisdiction. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose
of determining the legal enforceability of any specific provision.

 

(c)            Headings
and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in
each Section applies equally to this entire Agreement.

 

    10 

     

    

 

(d)            Neither
this Agreement nor any uncertainty or ambiguity herein shall be construed against Agent, any Secured Party, or any Grantor, whether under
any rule of construction or otherwise. This Agreement has been reviewed by all parties and shall be construed and interpreted according
to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto.

 

29.            Amendment
and Restatement. This Agreement amends and restates the Existing Security Agreement. It is the express intent of the parties to this
Agreement that (a) no novation or extinguishment of the obligations or liabilities of the grantors under the Existing Security Agreement
shall be deemed to have occurred because of the execution and delivery of this Agreement and that such obligations or liabilities shall
continue, uninterrupted, on the amended and restated terms set forth in this Agreement; (b) this Agreement does not supersede the
Existing Security Agreement but, instead, amends and restates the Existing Security Agreement on the terms set forth herein; and (c) all
security interests in and Liens on the Collateral granted under the Existing Security Agreement shall, upon the execution and delivery
of this Agreement, continue, uninterrupted, to secure the Secured Obligations on the terms set forth in this Agreement.

 

[Continued on following page.]

 

    11 

     

    

 

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

 

	GRANTORS:	 SHOE CARNIVAL, INC., an Indiana corporation

 

		By: 	     /s/ W. Kerry Jackson
	 	Name:	 W. Kerry Jackson
	 	Title: 	Senior Executive Vice President, Chief Financial and Administrative
Officer and Treasurer
	 	 
	 	SCLC, INC., a Delaware corporation
	 	 
		By: 	     /s/ Darryl E. Smith
	 	Name: 	Darryl E. Smith
	 	Title:	 Treasurer and Secretary
	 	 
	 	SCHC, INC., a Delaware corporation
	 	 
		By: 	     /s/ Pamela A. Jasinski
	 	Name: 	Pamela A. Jasinski
	 	Title:	 Secretary and Assistant Treasurer

 

[SHOE CARNIVAL—AMENDED AND RESTATED SECURITY AGREEMENT]

 

     

     

    

 

	AGENT:	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
    banking association
	 	 
		By:	     /s/ John A. Whitner
	 	Name:	 John A. Whitner
		Title: 	Senior Vice President
	 	 

 

[SHOE CARNIVAL—AMENDED AND RESTATED SECURITY AGREEMENT]

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